The 2024/25 UEFA Champions League (UCL) season begins with 36 teams in a new-look single-table group stage.

In recent years, every edition of the UCL has featured Nigerian footballers. Prominent stars like Finidi George, Kanu Nwankwo, and John Obi Mikel have won the competition, and a host of others have made some mark on Europe’s biggest stage.

Regardless of its twisted format, when the new UCL season kicks off on Tuesday, more Nigerians will be representing their various club across Europe.

TheCable presents all the Nigerian stars set to carry on the torch and possibly set records this season.

ADEMOLA LOOKMAN (ATALANTA)

Lookman has been a key figure for Atalanta, and his hattrick won the Europa League final for the Bergamo side’s first-ever European title. Lookman has continued from where he left off last season and would be needed to maintain top form if Gian Piero Gasperini’s side will shock the elites.

VICTOR BONIFACE (BAYER LEVERKUSEN)

Like Lookman, Boniface was integral to Leverkusen’s unbeaten domestic run last season and has already scored thrice this term. The 23-year-old, who won the 2023/24 Bundesliga Rookie of the Season winner, would look to make big statements this season at UCL.

NATHAN TELLA (BAYER LEVERKUSEN)

Tella, a former Arsenal academy player, continues to claim his place in the Leverkusen team despite fierce competition, and the England-born winger’s versatility continues to be his greatest asset. He has featured in all four of Leverkusen’s five matches this season and will be expected to feature heavily on their UCL sojourn.

RAPHAEL ONYEDIKA (CLUB BRUGGE)

The 23-year-old FC Ebedei product won the Belgian Super League with Brugge last season and is still regarded as an important player for the Bruges-based club despite unsuccessfully pushing for a transfer to Galatasaray. It will be interesting to watch if Onyedika can get his head back in the team and turn the club’s European fortunes around.

PETER OLAYINKA (RED STAR BELGRADE)

The 28-year-old, who was born in Ibadan, is a veteran of the Europa League but stepped up to UCL with Red Star last season. He was sparingly used as the Serbian champions finished bottom of Group G and would look to feature more prominently this term.

VICTOR ELETU (AC MILAN)

The 19-year-old has been with AC Milan since 2018 and plays for its youth team in the third-tier Italian football. The midfielder is one to look out for in the future, and his inclusion in the club’s UCL squad is an indication of potential.

SAMUEL CHUKWUEZE (AC MILAN)

Big things are expected of the dribbling maestro, who mostly flatters to deceive. The 25-year-old, however, has European pedigree as a Europa League winner with Villarreal, and it is hoped he can make an impact this season.

GEORGE ILENIKHENA (AS MONACO)

ELVIS ISAAC (SLOVAN BRATISLAVA)

The 22-year-old winger plays mostly for the club’s Team B in the second division, where he has three goals in four matches. He was on the bench in all eight of Slovan’s UCL qualifying round games and could be an impact player.

VICTOR OLATUNJI (SPARTA PRAGUE)

The Sokoto-born striker has been an important player for the Czech club since joining last year. In his first season, he won the League and Cup double. He was also integral to his club qualifying for the UCL group stage for the first time in 19 years.

[TheCable]

President Bola Ahmed Tinubu announced a disaster relief fund Monday in Maiduguri, Borno State, to assist Nigerian citizens impacted by floods and other disasters.

He said the relief fund is already expedient as the climate becomes more unpredictable and many places in the country are vulnerable to its vagaries.

President Tinubu announced this at the Borno Government House when he visited the state to sympathise with the government and people over the recent flooding from Alau Dam.

He urged the private sector to contribute to the fund.

Senate president Godswill Akpabio, who accompanied the President on the visit, said the National Assembly will collaborate with the executive to establish the Fund.

Tinubu visited the Shehu of Borno, an Internally Displaced Persons camp at the Government Secondary School in Maiduguri and had a drive-through of the areas affected by the disaster.

President Tinubu said: “After my visit to the Shehu of Borno and the IDP camp, I have been reflecting on how to tackle this kind of disaster and the effects of climate change.

“There must be a disaster relief fund. I will invite the private sector to team up with us and help rebuild the affected areas.

“If we take a small percentage from FAAC and put it as disaster relief fund, which will include all of you, we will be activating and strengthening our sense of belonging,” he said.

The President thanked Governor Abdulrahman Abdulrazaq of Kwara State, who is also Chairman of the Nigeria Governors Forum, Bauchi State governor Bala Mohammed, Sokoto State Governor Ahmad Aliyu; and Kogi State governor Ahmed Usman Ododo; and other governors who look beyond party lines to bear the burdens of others.

 He said that Nigeria’s diversity should spur prosperity.

The President extended his sympathy to the government, the people of Yobe State, and all the states affected by flooding and pledged his government's continued support for victims of natural disasters.

“For all the people of Yobe State, I sympathise with you. We will create an outstanding programme for Nigeria to recover from this calamity. We will build our nation together,” the President assured.

The President commended the Governor of Borno State, Professor Babagana Zulum, for prompt intervention and the Theatre Command of the Nigerian military for the evacuation that saved many lives.

“I am glad that Prof. Zulum has been a very active governor. Let me assure you that we will be with you, Borno State and share the burden.

“This disaster was a natural one. It was not the making of anybody. We cannot pass the blame. We pray that the Almighty Allah will receive the souls of the departed and grant them eternal rest.

“May God also overlook their shortcomings and misdeeds on earth," he added.

President Tinubu commended all the ministries, agencies, and security outfits, particularly the military, involved in evacuation and relief and recognised the international organisations working in the state.

The Governor of Borno State thanked the President for the visit and commended the prompt intervention of Federal Government agencies, particularly NEMA and the military's Theatre Command, in evacuating stranded victims.

At the palace, the Shehu of Borno, Abubakar Ibn Umar Garba El-Kanemi, thanked the President for the honour of visiting the state after the Vice President, Sen. Kashim Shettima, had earlier represented him.

The Shehu of Borno urged the President to investigate the cause of the Alua dam collapse and overflow into the town to prevent a recurrence.

Bayo Onanuga

Special Adviser to the President

(Information & Strategy)

“Must the hunger become anger and the anger fury before anything will be done?”

- John Steinbeck

For a President who came into office after a fiercely contested election, winning the votes of less than 10% (8.55m) of the total eligible voters (93.46m) in a country of over 200m, one would have expected that President Bola Ahmed Tinubu would govern with some humility, inclusivity and with milk of human kindness that will help in healing the country.

Instead, he waltzed in with an air of arrogance and a know-it-all attitude never seen in any Nigerian leader. This arrogant streak started on his inauguration day on 29 May 2023 when he impulsively announced the removal of fuel subsidy before even assembling his team to review the country’s financials, consulting anyone or having any backup plans that would mitigate the consequences of this knee-jerk policy decision. President Tinubu, the much-advertised politico-economic maestro who was said to have “built” Lagos and “tamed” the Atlantic Ocean, has so far not lived up to that billing. He brought along with him an overhyped team of economic “wizards” from Lagos that has so far mismanaged the economy, wreaking so much economic chaos and hardships on the citizens. It is now crystal clear that this President and his economic team are not ready for prime time because they have all frozen on the big stage when the lights came on.

President Tinubu blindly accepted and is administering to Nigeria and its citizens a prescription from the World Bank of removal of subsidies on fuel, education and electricity, massive devaluation of the currency in a country that is almost entirely import dependent. No economy, no matter how powerful, can withstand these sudden shocks as were imposed onto Nigeria’s fragile economy.

These rushed and poorly thought-through economic policies have resulted in a cost-of-living crisis, widespread hunger, the worst inflation rate in 28 years, worsening insecurity and social unrest that resulted in youths protesting for an end to bad governance from 1-10 of August 2024.

In a country that is not experiencing drought or officially at war, President Tinubu’s economic policy has resulted in millions of Nigerians, predominantly women and children, going to bed hungry with no certainty of having anything to eat when they wake up. In hospitals all across the country, hunger is now the first diagnosis in children and adult patients regardless of the admitting diagnosis.

Médecins Sans Frontières (MSF), the non-governmental charity organization that provides humanitarian medical care in conflict zones and countries affected by endemic diseases, raised the alarm that in the last year, it has seen a 200% increase in the number of patients admitted for malnutrition and that it’s feeding Centers in northern Nigeria are overflowing with patients mostly women and children being treated on mattresses on the floor.

The catastrophic flooding that engulfed Maiduguri, attributed superficially to the rupture of the Alau dam, is symptomatic of the failure in governance and accountability. Despite the disbursement of multimillion-dollars earmarked for the dam's rehabilitation, years of neglect and decay preceded the disaster.

It is heartbreaking to watch videos of the devastation caused by these floods to a region that is slowly recovering from the ravages of the fight against Boko Haram. Massive humanitarian crisis of washed habitations, livelihoods, loss of lives, hunger, poor sanitation and disease will require serious and substantial involvement of the federal government and help from the international community.

As a result of the widespread hunger in the country, the United Nations is reported to have launched a $306 million appeal for Nigeria’s food crisis relief. These are situations we hear of in drought-affected or war-torn countries like Sudan, Afghanistan or Yemen, not our Nigeria—the land of plenty.

The response by the state and federal governments to this Tinubu-inflicted hunger on Nigerians has been half-hearted and deceitful. Instead of looking at and reviewing the immediate cause, which is the sudden removal of fuel subsidy, President Tinubu has recently doubled down by pushing the knife deeper into the belly of Nigerians by increasing the price of petroleum products again, another cruel policy decision that is worsening hunger and cost of living crisis.

President Tinubu has remained indifferent, insensitive and unresponsive to the sufferings of Nigerians. He has instead been focused on his personal comfort and enriching himself, his family and business associates while throwing crumbs at the governors, members of the National Assembly (NASS) and some Clerics of both faiths to buy their silence.

The mood of the nation is foul. President Tinubu’s policies have united citizens in anger against the government all across the country. From the citizenry to organized labour, civil servants, traditional rulers, the clergy, business community, academicians, media, NGOs, professional organizations, and the rank and file of all arms-bearing security services, no one is in a good mood.

Nigerian youths came out en masse to protest for an end to bad governance from 1-10 August 2024 to draw the attention of the government to the sufferings of the people. Security personnel were drafted from their primary assignments of fighting crime and rampaging terrorists to the streets to violently suppress the constitutionally protected rights of citizens to peaceful protests. Many youths were killed, arrested, detained and subjected to a mass trial. These protests were a harbinger of bad things to come; I liken them to pulling the pin of a live grenade.

Tinubu’s government is getting into an unnecessary, avoidable and unwinnable fight with organized labour. The arrest and detention of Comrade Joe Ajaero, the President of the Nigerian Labour Congress at the airport in Abuja on his way to an international labour meeting in the UK was an embarrassment on the international stage for this government. Organised Labour has the full support of all Nigerians in fighting for a living wage and Justice for all. So, President Tinubu’s Gestapo tactics will be vigorously resisted by all Nigerians.

There is no way of spinning it. The truth is that security has worsened under this government, contrary to the official propaganda and half-truths. President Tinubu and his managers of security are repeating President Muhammadu Buhari’s mistakes of doubling down on continuing militarization of the fight against banditry.

The state and federal governments are in denial of the fact that good governance has a direct relationship to the security of any country and that hunger is an existential threat to a country’s National security. No military, no matter how powerful, can quell the anger of hungry citizens.

In a town hall meeting on Channels TV, General CG Musa, the Chief of Defense Staff (CDS), said that although the military takes out at least 600 terrorists every week, he estimated that 2000 new terrorists get recruited within the same period. No military operation can be considered successful if its actions encourage this level of recruitment into the ranks of the enemy.

At a separate event, Lt. Gen. TA Lagbaja, the Chief of Army Staff, raised the alarm that his troops are getting battle fatigued, resorting to drugs and substance abuse and suffering from high incidence of post-traumatic stress disorder (PTSD). These are worrisome signs of a cry for help from our fighting men that both the political and military leadership must take seriously.

It is no secret that there is a grand swell of discontent and frustration in the rank and file of Nigeria’s Armed Forces, as is demonstrated all over social media by soldiers complaining of hunger in the barracks and the war front, poor welfare, non-payment of entitlements, prolonged tour of duty, inadequate equipment, low morale and lack of motivation.

I watched the infuriating video clips of Bello Turji, the terrorist bandit leader operating around Shinkafi-Zurmi LGAs of Zamfara state, where he and his band of rag-tag child soldiers were celebrating their “capture” and ransacking of 2 armored personnel carriers they claimed they captured in a fight with the military.

The truth is that these vehicles were abandoned by the soldiers when they got stuck in the mud.

This bungled operation provided these terrorists an easy opportunity to win a cheap public relations war against the Nigerian state and the Armed Forces of Nigeria (AFN). ⁠Cruel cynics, including some clerics on Tick-Tock, were saying that the operation was just staged to resupply Turji. Social media is awash with videos and commentaries, making the AFN a butt of jokes on the internet.

Understandably, soldiers, especially those on the war front, felt belittled, humiliated and unappreciated. This has seriously dampened the morale of our fighting men.

I commend the military on its success in taking out Halilu Sububu the notorious bandit leader and mastermind of the abduction and brutal killing of the late Sarkin Gobir, Alhaji Isa Muhammad Bawa. But, the gruesome images circulating on social media of acts of unprintable savagery committed by soldiers, which are reminiscent of the heydays of Boko Haram, are unbecoming of a professional military and bad publicity for the AFN internationally and only serve as a recruitment tool for the terrorists.

We need no reminding that winning the peace will not be on the battlefield and is not the sole responsibility of the military. Failure of both state and federal governments to protect citizens is leading to people picking up arms to protect themselves, leading to the proliferation of small and light weapons. This is a recipe for disaster and anarchy.

The world is watching, there is hunger and anger in the land but our leaders don’t seem to care.

THINGS CANNOT AND MUST NOT BE ALLOWED TO CONTINUE THIS WAY.

Usman Yusuf is a Professor of Haematology-Oncology and Bone Marrow Transplantation.

After much ado, the Nigerian National Petroleum Company Limited (NNPCL) on Sunday 15th September 2024, confirmed lifting fuel from the Dangote Refinery for sale to long-suffering consumers. Many are still wondering, why all the delay, insincerity, avoidable controversy, allegations and counter-allegations in the first place.

On Tuesday, the 3rd of September 2024, Nigerians were supposed to be jubilant that their country would shed decades of an embarrassing nickname of an oil-producing nation that shamelessly imports refined petroleum products coupled with inexplicable shortages.

The Lagos-based Dangote Refinery, the world’s largest integrated private oil refining project worth about US$20 billion with a production capacity of 650,000 barrels per day, rolled out its refined Premium Motor Spirit (PMS) or petrol on that day.

However, the anticipated joy was cut short even before it started. The government in its wisdom chose the same day to announce another increase in the pump price of petrol, adding to the economic hardship sweeping across Africa’s most populous nation, which witnessed nationwide street protests for 10 days in early August.

From less than 200 Naira per litre before President Bola Tinubu assumed office in May 2023, petrol pump prices went up more than three-fold, first to 617 Naira and then to 855 Naira per litre from 3rd September 2024 (1,600 Naira=US$1).

The oil sector provides about 95% of Nigeria's foreign exchange earnings and 80% of its budgetary revenues. Given the erratic public electricity supply, petrol powers the Nigerian economy, transportation of persons and goods and local industries. With the country’s high unemployment rate and the government as the largest employer of labour, self-employment also depends on the availability of fuel.

The infamous “Nigerian factor,” a euphemism for the combination of the enablers of dysfunctionalities including a cesspool of corruption, mismanagement, incompetence, inefficiency and nepotism, has made the country’s four state-run oil refineries non-operational.

By March 2021, President Goodluck Jonathan’s administration had awarded licences to 23 private companies including the Dangote group to set up local oil refineries as part of efforts to free Nigeria from the stranglehold of the “oil Cabal,” which has continued to make a kill from the importation of refined oil products.

The Cabal are powerful individuals, some in government, and profit-driven oil marketers who prioritise profits over Nigeria’s interests, with the government running the industry as a monopoly. Working hand in glove with some public officials the Cabal and their collaborators have ensured that operations and transactions of Nigeria’s oil industry, up-stream and down-stream are governed by conspiratorial opacity and secrecy.

To compound the mystery, several Nigerian presidents, including those from the return to civilian rule in 1999 after prolonged periods of military dictatorship, have combined their exalted office with the petroleum affairs portfolio as is currently the case under President Bola Tinubu’s administration. Junior ministers appointed to the petroleum ministry only play second fiddle to the almighty presidents who wield sweeping political and economic powers with unlimited access to oil money and without accountability. For instance, despite producing no oil, the failed state-owned refineries still gulp millions of dollars annually in purported workers’ remuneration and endless maintenance bills.

Nigeria is a member of the Organisation of Petroleum Exporting Countries (OPEC), however, the rot in the domestic industry has ensured that the country does not meet its OPEC production quota.

The trust level is so low that many do not believe or have confidence in the government. The authorities' reasons for Nigeria’s failure to meet its OPEC quota, include smuggling and oil theft, which do not cut the ice among the sceptical population, who also question the domestic oil consumption figures often quoted by the government.

Corruption has unleashed outlandish tales on Nigerians, some involving animals such as snakes, monkeys and rats swallowing millions of Naira. The oil industry has its share, such as oil tankers reportedly disappearing on the high seas. Beneath the surface is the deal-making by marketers/suppliers, some accused of engaging in round-tripping or rotation of empty oil tanks and getting paid as if they brought in products, with the regulators looking the other way.

The big elephant in the room is the successive governments' claim of oil subsidy payments, which they claim were necessary to make petrol affordable and accessible for Nigerian consumers. Neither of these has happened.

While diesel and kerosene have been deregulated, PMS/petrol remains a hydra-headed monster difficult to tame because of the benefits to the Cabal and various interests involved. Oil subsidy in Nigeria is considered a phantom scheme. What is paid, by whom and to whom is not for public knowledge, yet billions of dollars are taken out of the country’s treasury.

As justification for the increase in the pump price of PMS/petrol, President Tinubu told Nigerians in his inaugural speech “Subsidy is gone,” without any explanations on the alternatives.

Subsequent increases in the pump price of petrol and other government economic policies including the floating of the local currency, the Naira, have left Nigerians reeling in cost-of-living pains with choking spiralling inflation and devalued purchasing power.

After the August #EndHunger and #EndBadGovernance national protests, the Tinubu government insists that the pains are temporary, promising that its economic policies will yield positive results in the long term.

The hypocrisy and unnecessary controversy around the Dangote Refinery, have led to allegations that some powerful interests behind the continued importation of refined petroleum products are out to frustrate Africa’s richest man and others like him trying to seal the leaky pipe of corruption, draining Nigeria’s scare foreign exchange revenue.

First, was the inexplicable decision to deny the refinery of local crude oil, which forced it to resort to import. This was followed by the allegation that the petrol produced by the refinery was of inferior quality.

After much debate, the NNPCL on the directive of President Tinubu is to begin the sale of crude oil in Naira to the Dangote refinery from the 1st of October 2024. It is also reported that the NNPCL is now buying PMS from the refinery in Naira for sale through marketers, even though both sides do not seem to agree on the price.

One key question - was the increase in the pump price of petrol on the 3rd of September a deliberate government action to pre-empt the Dangote refinery’s rollout of PMS? If so, what was the end game, and could the increase not wait until both sides agreed on a pump price?

Why take Nigerians through unnecessary chaos, artificial scarcity and long queues at filling stations with petrol selling for up to 1,400 Naira a litre or more in parts of the country, amid a booming black market? If petrol is deregulated like diesel and kerosene as claimed by the authorities, why would Dangote refinery sell to the NNPCL and not directly to the final consumers?

When will Nigeria’s oil industry be transparent? Even the Lagos land where the Dangote refinery is located has not escaped controversy. While industry sources claim that US$100 million was paid for the land, some state government sources say only US$3 million was the amount paid.

To Alhaji Aliko Dangote, President/Chief Executive of Dangote Group, the largest conglomerate in West Africa with a presence in 17 African countries and the first Nigerian company to join the Forbes Global 2000 Companies list, the refinery project is only part of the diversification of his vast business empire. As an experienced mogul who began business very early in life with a loan from his uncle, Dangote 67, is no stranger to the difficulties of doing business in Nigeria, even though his critics claim he had been enjoying preferential concessions from successive administrations.

Even so, the Kano State-born billionaire from northern Nigeria has made no secret of his frustrations with the controversy trailing the refinery project. The stress has taken its toll with his visible premature grey hairs. Dangote has disclosed being warned by a colleague against building the refinery in Nigeria but may not have expressed any regrets about such a huge investment in his country.

However, the Dangote refinery experience raises critical questions about Nigeria’s sincerity and readiness to attract local or foreign investments. As a philanthropist, who supports humanitarian initiatives, and whose group is arguably the largest private sector employer of labour in his country, Alhaji Dangote is contributing to the building of a better Nigeria and Africa. In 2014 he endowed more than US$1.25 billion to scale up the work of his Dangote Foundation in health, education and economic empowerment. Dangote needs no validation as a successful businessman in Nigeria, Africa or globally, and he can invest his money wherever he chooses.

It would be tantamount to criminal sabotage for greedy, insensitive and profit-driven Nigerians to use their privileged positions to force philanthropists such as Alhaji Dangote to abandon Nigerians, especially the poor and needy already dealt a devastating blow by bad governance, mismanagement and corruption. The World is watching!

Ejime is an Author, Global Affairs Analyst, and Consultant on Peace & Security and Governance Communications

By virtually all performance indices, the Godwin Obaseki-led administration in Edo State has done exceptionally well in nearly eight years. Indeed, without equivocation, the “Heartbeat of the Nation” has joined the league of top-notch states in Nigeria regarding socio-economic development.

This reality, which we can all take pride in, is underpinned by the consistent and appreciable rise in the State’s Internally Generated Revenue coupled with prudence and innovation in managing Edo State’s resources.

Edo State’s Impressive Economic Performance

Specifically, from a mere N24 billion in 2016, Edo State’s IGR grew astronomically to hit N65 billion in 2023, and that was even before the failed monetary policy of the Federal Government bashed the Naira.

This achievement of almost tripling the IGR in seven years is a testament to the Obaseki-led administration’s innovation and creativity in fiscal management. In 2022, Edo State ranked eighth among the 36 States and the FCT, with an IGR of N47.5 billion. The “2023 Fiscal Performance Ranking of the States” by BudgIT (www.budgit.org/) ranks Edo State sixth in the country. This puts the State among those that “have comparatively limited dependence on federally distributed revenue for their operations and thus have greater viability if they were to exist as an independent entity theoretically”.

Alongside this reality, the Edo State Government has, in the past eight years, created a genuinely enabling economic environment that has attracted several private sector investors. Today, Edo State has remained one of the best investment destinations among Nigeria’s 36 states. The State has reduced the cost of governance and almost entirely digitized the process.

The Obaseki Administration’s Strategic Projects

Under the Godwin Obaseki-led administration, Edo State has implemented numerous economically strategic projects, such as the Ossiomo Power Plant, Oil Palm Programme, Ethanol Plant, Modular Refinery, Benin Port, etc. The State has also implemented the most impactful education transformation program (EdoBEST) in West Africa. The latest plank is the recently launched EdoCert, a cutting-edge digital platform designed to streamline certificate issuance and verification in the State.

These accomplishments were undoubtedly a product of transformational leadership anchored on a clear vision and roadmap. This is why, even today, Edo State is yet a “work-in-progress” and needs to be supported by political buccaneers and cowboys at the helm of affairs.

Thus, at this critical moment of Edo 2024, as the electorate votes to elect a new governor on September 21, 2024, they have only one choice: the man with proven capacity and competence. Governor Godwin Obaseki is aware of this absolute minimum requirement for his successor. He is backing a tried and tested candidate who will keep the Edo Flag flying and raise the bar of governance in the State and Nigeria. Thus, Governor Obaseki affirms that “we have set things in order and achieved progress. 

Vision for the Future: Dr. Asue Ighodalo’s Agenda for Edo State

Now, it is time to solidify the reforms and implement projects focused on improving the quality of life of our people. And here comes Dr. Asue Ighodalo, whose vision for Edo State is “a place where every citizen can live a good and secure life.” A distinguished Economist and Lawyer, Ighodalo is in the race with an agenda with five strategic focus areas.

His prosperity agenda is anchored on Security, Law, and Order. He insists, “We will work hard to ensure that security, law, and order are the foundation of our prosperity.”

Under the agenda, Edo State shall support the security forces, adopt technology, establish a security trust, build trust in the people, engage the community, enforce the rule of law, and restore “our values” as a people.

Ighodalo-led administration in Edo State shall also alleviate hardship, provide stable power, provide good jobs, build roads, offer quality, affordable healthcare, access to quality education, and empower the youth and women.

Ighodalo, concerning economic growth, promises that “we will leverage our competitive advantages to grow our economy and create prosperity for all.” This shall be underpinned by Good Governance, under which “we will deliver quality services to our people and ensure that we are transparent and accountable.”

The Edo State environment will also be taken care of, and Ighodalo promises that “we will protect our environment and tackle erosion, flooding, and deforestation.”

In sum, Ighodalo, the boardroom guru, affirms that “it is the Edo spirit of excellence and greatness combined with hard work that will guide us on this pathway to prosperity for all. Let us work together to create an Edo State representing the best of us and what we can achieve.”

Asue Ighodalo’s manifesto is built on an excellent track record of accomplishments in diverse sectors of the Nigerian economy. With two first degrees in two crucial areas of Economics and Law, obtained from top-notch institutions (the University of Ibadan and London School of Economics and Political Science, respectively), Asue has bestrode the Nigerian corporate world like a colossus with giant footprints.

Having been called to the Nigerian Bar since 1985, Asue has core practice areas in corporate and project finance, securities and capital markets, energy and natural resources, and mergers and acquisitions. He co-founded Banwo & Ighodalo, one of Nigeria’s foremost corporate and commercial law firms, with 15 partners and over 100 lawyers.

Until December 2023, Asue was Chairman of the Boards of Sterling Bank Limited, Nigerian Breweries Plc, Edo State Investment Summit, Levene Energy Group Limited, and Global Mix Limited. He is the immediate past Chairman of the Nigerian Economic Summit Group (NESG) and also served on the Board of the Nigerian Sovereign Investment Authority from May 2017 to May 2021.

Asue has lectured on the Roles and Duties of Directors and Corporate Governance at the Lagos Business School (LBS) and the Institute of Directors. He was conferred with an Honorary Doctorate Degree in Economics (D.Litt.) (Honoris Causa) by the Edo State University, Uzairue, in November 2021.

Making the case for the next governor

Therefore, in the spirit of continuity and sustainability, the Godwin Obaseki-led administration is fielding and backing Asue Ighodalo so that Edo State will keep rising to greater heights. Asue has all it takes to expand the frontiers of good governance and move Edo State to the seemingly elusive economic Eldorado. He has the experience, exposure, competence, and capacity to deliver!

• Okeke, a National Daily Columnist, practicing Economist, Business Strategist, Sustainability expert, and ex-chief Economist of Zenith Bank Plc, can be reached via This email address is being protected from spambots. You need JavaScript enabled to view it..

A former Attorney General of the Federation (AGF), Kanu Agabi, has said that politicians who rigged elections have no moral justification to call on God for help when they run into roadblocks.

Agabi stated this during an appearance on Channels Television on Sunday.

He asserted that those who nurse suspicion against elections in Nigeria have justifiable grounds to seek redress in court.

Agabi noted that the problem with Nigeria is not the 1999 constitution but those who are enforcing the laws.

“So, the problem is not with the laws but with “good people to enforce them. We need to reform ourselves as a nation,” he said.

Speaking further, the ex-justice minister said the courts are burdened with electoral cases because Nigeria’s elections come under “justifiable suspicions”.

He said, “We keep talking of reforming the judiciary. We keep attacking the judges, we stigmatise them, we abuse them, we insult but the truth is this: we have very good judges.

“The judiciary is not perfect but it is the best arm of government. The problem is this: On the judges’ lists, there may be 30, or 40 cases a day. How can he cope? As long as they go on struggling with that system, they cannot cope.

“The problem of the judiciary arises from the fact that the judges are overworked.

“Take the elections for instance. Do you know how many percentages of elections are challenged? Why? Because the elections come under justifiable suspicions. Those who suspect the elections are justified but if we reach a point where the elections are not opened to the kind of criticisms and suspicions that they have been suspected, then they can free up the courts.

“Primaries are rigged at the party levels. Giving a spiritual dimension, when you have stolen the office that you are holding, do you expect God to partner with you? Can you pray over that office? Can you use it to do any good? That’s the problem.

“St Paul said I am an Apostle of Jesus Christ by the grace of God. Whatever office you hold, you must be able to say the same thing. You must be able to say, ‘I am a governor by the grace of God’, ‘I am a senator by the grace of God’. If you can’t say that, your prayer in calling upon the name of the Lord in that office is an abomination.”

[NaijaNews]

Nigeria’s foreign exchange (FX) unification policy, implemented by the Central Bank of Nigeria (CBN) in June 2023, aimed to simplify the country’s multiple exchange rate system by consolidating it into a single market-driven rate.

The policy was designed to boost investor confidence, eliminate arbitrage opportunities, and address chronic FX shortages that plagued the economy.

However, one year after the policy’s implementation, the impact on tax revenues reveals an unexpected consequence.

While foreign companies have seen their tax contributions skyrocket, local firms have struggled to keep pace, revealing the deeper challenges facing Nigeria’s domestic economy.

Growth in Foreign CIT 

According to data from the National Bureau of Statistics (NBS), the one-year period following FX unification (Q3 2023 to Q2 2024) saw a rise in foreign Corporate Income Tax (CIT) contributions.

Foreign CIT increased by 140.5%, rising from N1.42 trillion in the pre-unification year (Q3 2022 to Q2 2023) to N3.41 trillion in the year post-unification.

In contrast, local CIT only grew by 35.1%, moving from N2.16 trillion to N2.92 trillion over the same period.

This disparity in growth suggests that naira devaluation has contributed significantly to taxes the Federal Inland Revenue Service (FIRS) gets from foreign firms.

The total CIT collected in the year following FX unification reached N6.33 trillion, a significant increase from the N3.58 trillion collected in the year before the policy change.

However, foreign CIT accounted for 53.8% of this total, up from 39.6% in the pre-unification period.

This indicates that foreign firms are increasingly driving Nigeria’s tax revenue, masking the sluggish growth in local firm contributions.

Local firms struggle under FX Pressures 

While foreign companies have benefited from FX unification, local businesses have faced more challenges.

In February, Nairametrics reported that the naira had lost about 68% of its value, marking a profound downturn since the implementation of the foreign exchange unification policy.

In the first six months of this year, Nigerians and businesses faced prolonged periods of exchange rate volatility, as the naira crashed by 40% between the end of December 2023 and June-ending.

• The devaluation of the naira by as much as 70% following the unification policy resulted in higher costs for local firms, particularly those reliant on imports for raw materials and goods.
• These rising costs have eroded profit margins, making it difficult for domestic businesses to match the growth seen by their foreign counterparts.
• Nairametrics earlier reported some of Nigeria’s leading companies incurred a combined forex loss of N1.7 trillion in the financial year 2023. The size and magnitude of the loss were so significant that it effectively wiped out the shareholder funds of some companies, forcing mega restructuring for others.
• Also, the NBS data shows that local CIT collections, while growing, have been inconsistent.
• After hitting N1.02 trillion in Q2 2023, local CIT dropped to N651.63 billion in Q3 2023 and further to N533.93 billion in Q4 2023.
• By Q1 2024, local CIT had fallen to N386.49 billion, before rebounding to N1.35 trillion in Q2 2024.

This volatility emphasizes the uncertain economic conditions facing local firms, who continue to grapple with inflation, supply chain disruptions, and the increased cost of doing business post-unification.

The Director-General of the Manufacturers Association of Nigeria (MAN), Mr. Segun Ajayi-Kadir, recently noted that the challenges facing the manufacturing sector, particularly due to the current macroeconomic conditions, are exacerbated by the ongoing foreign exchange volatility and high electricity tariffs.

Also, speaking to Nairametrics on the challenges of firms operating in Nigeria face, Olufemi Oyinsan, General Partner at The Continent Venture Partners (TCVP), said: “Companies in Nigeria struggle with dropping consumer purchasing power and the high cost of doing business, especially with energy and logistics. On top of that, they face challenges in repatriating profits due to currency devaluation. This makes it unsustainable for them to operate.” 

He further stressed the need for businesses to be creative and more capital-efficient, cutting unnecessary costs and focusing on optimizing resources.

Ike Ibeabuchi, Chief Executive Officer, MD Services, earlier told Nairametrics that foreign exchange stability could steer firms’ rebound and boost their capacity to create value.

More Insights 

The standard CIT rate in Nigeria is 30% of a company’s taxable profits for large companies (those with annual gross turnover of more than N100 million).

• Medium-sized companies (with turnover between N25 million and N100 million) are charged a CIT rate of 20%. Small companies (those with an annual turnover of less than N25 million) are exempt from CIT.
• The growing disparity between foreign and local CIT contributions raises concerns about the long-term sustainability of Nigeria’s tax base.
• While foreign firms have become the dominant source of CIT revenue, the slower growth of local firms highlights the vulnerabilities within the domestic economy.
• If local businesses continue to struggle under the weight of rising costs and inflation, their ability to contribute meaningfully to tax revenue may be further weakened, placing more pressure on foreign firms to sustain government revenues.
• Also, the reliance on foreign CIT could make Nigeria’s tax base more vulnerable to external shocks.
• Should global economic conditions deteriorate, or should foreign firms reduce their operations in Nigeria, the country’s tax revenues could take a significant hit.
• This highlights the need for policies that support local business growth and enhance the competitiveness of domestic firms in the post-unification economy.

[Nairametrics]

“Scramble for Africa” historically refers to the late 19th and early 20th centuries when European powers colonised and divided the African continent, seeking political, economic, and strategic dominance. Africa was mercilessly exploited, and to date, the scars remain. With its rich resources and sizable population, Nigeria became a prime target of British colonial authorities, a historical fact that underscores its continued strategic importance on the continent. Fast forward to the 21st century, and a new scramble for Africa is underway. This time, global powers compete for influence, resources, and markets rather than territories. Once again, Nigeria plays a central role in these geopolitical and economic dynamics.

In this modern scramble, the dynamics differ considerably. The focus has shifted from territorial to economic conquest wrapped in infrastructure investments, aid and strategic alliances. Leading global actors—such as China, the United States, the European Union, and emerging powers like Russia, Turkey, and India—vie for influence across Africa through diplomacy, trade deals, and development initiatives. While politically independent, Africa remains a stage for intense geopolitical competition, as the world’s most powerful nations recognise the continent’s potential and seek to secure a share of its resources and promising future.

Nigeria is pivotal in Africa’s trajectory as the continent’s most populous country and largest economy. The country is rich in oil reserves, has a rapidly expanding technology sector, and boasts an increasingly youthful and growing population. By 2050, projections indicate that one in four people will be African, and Nigeria is expected to account for a significant portion of that demographic shift. This youthful population, with its energy and potential, presents a promising future, making Nigeria a focal point in global power plays, with its future development and stability crucial for Africa and the world.

However, Nigeria also faces many domestic challenges that complicate its ability to maximise the benefits of this shadow battle for influence by global powers. These issues include endemic corruption, ineffective political leadership, and security concerns. These issues have created a fragile environment for economic growth, even as foreign powers, as part of their grand strategy, seek to invest in the country’s resources and infrastructure to position their countries for influence and economic advantage. 

In recent years, a series of high-profile international summits have been held aimed at solidifying relationships with African nations. These summits, often referred to as an ‘old trick’ in international diplomacy, remain effective in the modern scramble for Africa. They serve as platforms for global powers to compete for influence and partnerships, highlighting the continued importance of Africa in the global geopolitical landscape. 

Unfortunately, Africa has learnt nothing from history. Some notable examples of these partnership summits include the Russia-Africa Summit, the U.S.-Africa Leaders’ Summit, the European Union-African Union (AU) Summit, the Tokyo International Conference on African Development, and China’s Forum on China-Africa Cooperation (FOCAC).

Each of these summits represents a strategic attempt by global powers to strengthen ties, secure economic partnerships, and cement their geopolitical foothold in Africa. For instance, the European Union’s Global Gateway project, announced at the EU-AU Summit, seeks to counter China’s Belt and Road Initiative (BRI) by offering substantial investments in African infrastructure. Likewise, the U.S.-Africa Leaders’ Summit highlighted a $55 billion investment plan over three years, reflecting a renewed focus by Western powers on regaining influence in a continent where China’s presence has become increasingly dominant.

China’s FOCAC remains a crucial pillar of its engagement with Africa. At the 2024 FOCAC summit, China pledged USD 51 billion for 30 infrastructure projects across Africa, positioning Beijing for more significant influence on the continent. Meanwhile, emerging powers like India, Turkey, and the Gulf states are also working to deepen their ties with African nations, creating more comprehensive partnership options for African leaders.

In this evolving global chessboard, the question remains: Is Nigeria a pawn in the hands of international powers, or can it become an active player shaping its destiny? Nigeria’s vast natural resources, demographics, expanding technology sector, and strategic location make it an attractive playground for foreign investment and global geopolitics. However, the country’s ability to benefit from this renewed battle for global influence hinges on its ability to navigate the complex landscape of international diplomacy and partnerships, in addition to the quality of domestic governance , the power of immigration , the rise of Ai and ICT and its positioning in the new global economic order. This is purely a function of leadership that has understanding and requisite navigational skill. 

At present, Nigeria faces a delicate balancing act. On one hand, foreign investments can drive much-needed infrastructure development, job creation, and technological advancement. However, the ever-present risk of economic dependency and the challenge of maintaining sovereignty exists. China’s large-scale infrastructure investments, often funded by loans, have sparked concerns over Nigeria’s rising debt burden and the potential for long-term economic vulnerability. These concerns underscore the need for Nigeria to adopt a cautious approach, ensuring that foreign partnerships do not compromise the country’s sovereignty or its long-term developmental goals. This delicate balance requires strategic decision-making and a clear understanding of Nigeria’s long-term interests in the global geopolitical landscape.

Nigeria’s potential to play an active role in the African continent and emerging global dynamics is inextricably linked to its domestic stability, achieved by strengthening democratic institutions, improving security, promoting inclusive development, and maintaining a favourable investment  environment. Nigeria inevitably must build a strong economy as the foundation for effective foreign policy. We cannot continue to tumble from one economic policy to the next and expect to be given strategic importance in this new war for influence by powerful global nations on the continent.

Nigeria’s leadership is central to its success in this new scramble for Africa. Without visionary and strategic leadership capable of understanding global dynamics and advancing Nigeria’s long-term interests, the country risks being left behind in the race for international influence. The need for such leadership is urgent, as Nigeria’s leaders must prioritise its strategic autonomy, leveraging its vast resources and human capital to negotiate favourable terms with global powers.

Nigeria needs to be more active in a world where geopolitical competition intensifies. Its foreign policy must proactively build alliances with traditional and emerging powers while safeguarding the nation’s long-term interests. The country’s leaders must recognise the importance of actively shaping Nigeria’s future and Africa’s collective destiny. Nigeria, with its potential and resources, has a significant role in shaping the continent’s future. 

So far, sound bites from Nigeria’s foreign affairs minister, Yusuf Maitama Tuggar, seem reasonable, but action is more important. Nigeria is championing the 4D principle, Democracy, Demographics, Development and Diaspora. We led the UN tax reforms but till date we are yet to appoint  a permanent representative in the global body to further advance our agenda items. Nigeria has yet to appoint substantive ambassadors for all our missions in nearly one year, yet we expect the world to take us seriously in diplomatic engagements. Regional leadership in West Africa and the continent should be our natural forte, but we also are not getting it right. 

As one of Africa’s largest economies, Nigeria is uniquely positioned to lead the continent in defining its collective positions in dealings with external powers. However, this requires smart diplomacy and a Pan-African approach, whereby African nations present a united front in their negotiations with global actors. If African nations act as individual entities, they risk being divided and conquered by more considerable powers with far more excellent resources and strategic leverage.

Africa’s ability to thrive in this new era of global competition depends on its capacity to unite as a bloc to secure mutually beneficial deals with external partners. By adopting a coordinated Pan-African strategy, African nations can negotiate from a position of strength, ensuring they benefit from foreign engagement rather than being exploited.

The new scramble for Africa presents both opportunities and risks for Nigeria. Foreign investment offers a pathway to infrastructure development, economic growth, and technological innovation. However, the risk of neocolonialism and economic dependency looms as Nigeria and other African nations rely on external capital for their development. A culture of dependence on aids and foreign capital often creates a disincentive for critical thinking and institutional development. 

Nigeria’s future will depend on its ability to manage these external influences, prioritise national interests, and strengthen its internal governance. With strategic foresight and effective leadership, Nigeria can turn the renewed global scramble for Africa into an opportunity for national development, positioning itself as a key player worldwide. However, if Nigeria fails to navigate these challenges, it risks repeating past mistakes and falling prey to the forces that once sought to dominate it.

The historical and contemporary scrambles for Africa share similarities in the way foreign powers seek to exploit Africa’s resources for their benefit. However, the modern scramble is driven by economic partnerships rather than direct colonisation. With exemplary leadership, Nigeria can be central to this new global competition as one of Africa’s most influential countries. While foreign investments bring growth opportunities, Nigeria must navigate the challenges of dependency, corruption, and internal security issues to ensure that it benefits from the new scramble without repeating past mistakes. Nigeria’s future depends on its ability to manage foreign relations while prioritising its national interests and development.

Borno State Governor, Prof Babagana Zulum, has decried the influx of unaffected persons to the camps of the real victims of the last Tuesday’s flood that devastated the state.

The Governor stated this on Monday while flagging off the distribution of relief materials to victims of the Maiduguri flooding who are taking refuge in about 36 internally displaced persons camps.

The flood which shattered Maiduguri following the overflowing of the Alau Dam, displaced nearly 2 million people within Maiduguri metropolis and environs.

The flag-off ceremony took place on Monday at Bakasi Camp along Damboa Road in Maiduguri.

Relief materials distributed to each victim include a bag of 25kg of rice, a carton of pasta and N10,000 cash.

Speaking to journalists, Governor Zulum decried the influx of people who were not affected by the flood to the IDP camps, thereby making it difficult for smooth operations.

He said, “We observed that it is no more sustainable to continue receiving people in the camps because many people that were not affected are tripping to the camps.”

In addition to distributing relief materials, the governor also announced plans to comprehensively assess the affected areas, which will inform future interventions.

He stated, “So we decided to mobilise the resources and ensure that each affected victim had the relief items.”

“We have also concluded arrangements that we shall do the assessment at the communities to verify the actual number of those that were affected.”

The Director-General of the National Emergency Management Agency (NEMA), Zubaida Umar, highlighted her agency’s interventions for victims of the flood disaster.

She noted that the agency has been providing shelters and mobile water purifiers to provide clean drinking water to those affected since the flooding began.

Meanwhile, Governor Zulum has acknowledged receiving food donation from the Federal Ministry of Agriculture, NEMA, and Nigerian National Petroleum Company Limited (NNPCL) to support the victims of the disaster.

[Leadership]

The Nigerian National Petroleum Company (NNPC) Limited has released an updated breakdown of the estimated price of petrol purchased from the Dangote Refinery.

On Monday morning, the NNPC provided a chart detailing the refined petrol it acquired from the refinery on Sunday.

Payments for the September 2024 petrol supply, according to NNPC, are being made to Dangote Refinery in US dollars, with Naira transactions scheduled to begin on October 1, 2024.

“NNPC Ltd. has released the estimated prices of Premium Motor Spirit (PMS), also known as petrol, sourced from the Dangote Refinery, for distribution at its retail outlets nationwide.

“These prices are based on negotiated terms between NNPC Ltd. and Dangote Refinery, taking into account current international gasoline prices and the prevailing foreign exchange rate, in accordance with the Petroleum Industry Act (PIA) 2021.

“NNPC Ltd. confirms that it is making payments in USD for the September 2024 PMS supply, with Naira payments starting on October 1, 2024.

“We assure Nigerians that any discounts received from Dangote Refinery will be fully passed on to the public,” the statement from NNPC reads.

While the data of the estimated price to be sold around the country remains the same, the analysis of the transaction it had with Dangote Refinery was modified.

In the initial statement released on Monday, a Nigerian Midstream and Downstream Petroleum Regulatory Authority fee of N8.99 was listed, while the revised version showed a fee of N4.495.

The first breakdown included an inspection fee of N0.97, a margin fee of N26.48, and a distribution fee of N15.

However, in the updated release, the inspection and margin fees were removed, and the distribution fee was adjusted to N42.45.

In addition, the second statement introduced a Midstream and Gas Infrastructure Fund fee of N4.495.

[DailyTrust]