The naira has maintained its downward trend as scarcity of the dollar bites harder, findings by The PUNCH have revealed.

At the parallel market, naira commenced trading at 1,175/$ and closed at 1,190/$ on Friday.

Two weeks earlier, the naira had traded at 1,100/$ at the parallel market.

It, however, appreciated slightly on the Investor & Exporter forex window after it sold at 808.28/$ at the close of trading on Friday, from 810.05/$ on Thursday, according to figures obtained from the FMDQ.

Some Bureau de Change Operators who spoke to The PUNCH noted that the dollar was scarce as many did not have forex to sell to customers.

A BDC operator, Jubril Mutiu, said, “On Friday, the price was 1,175/$, but we don’t even have it. It is not available right now.”

Another BDC operator, Adamu Afeez, said, “We are looking for those to sell to us, but now, we don’t have the dollar to buy. If we don’t have one, we cannot sell.”

Another BDC operator, Ibrahim Abu, said, “We sold for 1,175/$ in the morning till afternoon on Friday. By 2 p.m., it was already selling for 1,190/$. It has been fluctuating. I don’t know what the rate will be on Monday.”

The naira had continued to maintain devaluation following the CBN’s order to the lending institutions to allow the free flow of the country’s exchange rate in June.

Before floating the naira, it traded at the official market on the FMDQ at 471.67/$ and at the parallel market at 765/$ in June.

The President, Association of Bureaux De Change Operators of Nigeria, Dr Aminu Gwadabe, said achieving stable, strong and virile exchange rate in Nigeria would require full participation of BDCs in the retail segment of the forex exchange market.

He said the challenges confronting the nation’s forex market and depreciation of the naira required cooperation from all.

The BDCs, he said, were licensed to play at the retail end of the forex market and should be fully involved in providing lasting solutions to the ongoing volatility in the exchange rate.

Gwadabe said, “The continuous depreciation of the naira in official and parallel markets does not benefit the BDCs and the domestic economy. Hence, steps should be taken to reverse the trend and strengthen the local currency for maximum economic impact.”

He said several measures by the apex bank to bridge the exchange rate gaps showed genuine intentions of the regulator to entrench exchange rate stability, but getting the BDCs involved in the solution recipe would bring the desired results of a highly liquid market and stable rates.

Gwadabe said that, like every other market segment, the market’s illiquidity remained a significant concern to the BDC sector.

He said aside from illiquidity in the market, ABCON was unhappy with the unlicensed forex dealers who were at the centre of speculative activities and attracting a negative image to the sub-sector.

As the Supreme Court today hears the appeals challenging the electoral victory of President Bola Tinubu, the ruling All Progressives Congress has expressed confidence that the President will come out victorious.

Tinubu’s victory in the February 25 presidential poll is being challenged by the Peoples Democratic Party and the Labour Party.

The opposition parties had earlier lost at the Presidential Election Petitions Court where they first challenged Tinubu’s victory.

Displeased with the verdict of the PEPC, both parties and their candidates, Atiku Abubakar (PDP) and Peter Obi (LP) proceeded to the Supreme Court, which has fixed today for hearing.

Speaking on Sunday ahead of today’s hearing, the APC Director of Publicity, Bala Ibrahim, told The PUNCH the opposition would lose again.

He said, “We are expecting justice and I know the Supreme Court Justices are just. They are going to look at the cases on merit. So, we are optimistic that justice is going to be done just as was done earlier on (tribunal judgment).

“We are not expecting anything different from a just and fair ruling. Whatever may be the case, my confidence is in the judicial system of Nigeria. So, I am consoled that justice will be delivered and whoever wins or loses should take it in good faith.

“But as a party, the APC is confident the Supreme Court is going to be just.”

But the PDP expressed optimism that the Supreme Court will sack Tinubu and declare Atiku as winner.

The PDP National Publicity Secretary, Debo Ologunagba, in a statement on Sunday, said, “Nigerians and indeed the whole world look forward to the Supreme Court for justice in the hope that the court will apply the laws, including the express provisions of the Constitution of the Federal Republic of Nigeria, 1999 (as amended), the Electoral Act, 2022 and INEC Guidelines and Regulations in delivering substantial justice in the matter.

“The earnest expectation of Nigerians and lovers of democracy across the world is that the Supreme Court will use this case to firmly validate the maxim that the judiciary is the last hope of the common man.

“Nigerians are, therefore, optimistic that the Supreme Court will dispense substantial justice according to the law and the facts in the appeal.”

Meanwhile, the Allied Peoples Movement also urged the Supreme Court to nullify the election of Tinubu, saying his running mate was not validly nominated.

According to the party, the placeholder nominated by the President, Ibrahim Masari, was not replaced within the 14 days stipulated by Section 33 of the Electoral Act.

The APM also said the tribunal was wrong to have held that the nomination and sponsorship of Tinubu and Kashim Shettima were APC internal affairs.

Over the past two weeks, the volume of imports at Nigeria’s seaports has significantly declined, falling to 65%. According to reliable sources, this downturn is attributed to the instability of the foreign exchange rate and the devaluation of the Naira.

The Tin-Can Island Command of the Nigeria Customs Service (NCS) has reported a notable reduction in cargo throughput at the nation’s seaports, which has posed challenges in achieving targeted revenue.

The exchange rate has been a major concern, with the black market seeing a dollar valued at N1,200, while the official Nigerian Foreign Exchange Market (NAFEM) rate stands at N848. The Naira’s depreciation against the US dollar has been a consistent trend across various market segments, notably since the Central Bank of Nigeria (CBN) lifted the ban on 43 items that were previously restricted from accessing foreign exchange through the Investors’ and Exporters’ (I&E) window, now known as NAFEM.

Seaport reports indicate that berths at Apapa and Tin-Can Island ports are largely vacant, especially in bulk cargo terminals. Truckers have also voiced concerns about a reduction in cargo haulage, particularly at these two busiest ports in the country.

Yusuf Liadi, a truck owner, expressed the difficulties faced in recent weeks, mentioning that the movement of cargo-laden containers had reached an all-time low. He stated, “The last four weeks have been challenging for truck owners. For instance, I have not moved cargoes out of the port in the last two weeks.”

In an exclusive conversation with LEADERSHIP, Dr. Kayode Farinto, the former acting president of the Association of Nigerian Licensed Customs Agents (ANLCA), noted that importation had dwindled to 65%. He attributed this decrease to the exchange rate’s volatility. However, he believed that removing restrictions on the 43 items by the Central Bank of Nigeria (CBN) would stimulate imports.

Farinto emphasized that this policy change would encourage importers to adhere to proper procedures, curbing false declarations, corruption, and the additional costs associated with cargo clearance. He anticipated that the full impact of this change would not be felt until the middle of December 2023 or the first quarter of 2024.

Lucky Amiwero, the president of the National Council of Managing Directors of Licensed Customs Agents (NCMDLCA), echoed the sentiment of a significant drop in imports at the country’s seaports. He emphasized that the current exchange rate, exceeding N1,000 to a dollar, deterred importers from engaging in international trade.

Amiwero explained that the fluctuating exchange rate created uncertainties and added financial burdens to importers who had to pay more if there were changes in the exchange rate before cargo clearance. He emphasized the critical role of foreign exchange in a country heavily reliant on imports like Nigeria.

Amiwero called for confidence-building measures to stabilize the forex market, noting that the current economic dynamics required a consistent, predictable, and transparent exchange rate. He also stressed the need to address issues affecting exports, removing impediments, and introducing subsidies to encourage a balance between imports and exports.

In conclusion, he highlighted the increasing poverty rate and declining purchasing power in Nigeria, which demanded immediate attention and practical solutions from the government to halt the free fall of the Naira.

The facility of the Nigeria Customs Service (NCS) in Geidam, Yobe State was targeted in an attack by suspected Boko Haram terrorists. However, the NCS successfully repelled the attack with timely reinforcement from the Nigerian Army.

In a statement released on Sunday, CSC Abdullahi Maiwada, the National Public Relations Officer of Customs, confirmed the loss of an officer during the encounter.

The statement highlighted the brave response of the NCS and the Nigerian Army in facing the suspected Boko Haram insurgents, emphasizing their unwavering courage and resilience in defending the state against its enemies.

Tragically, Assistant Superintendent of Customs II Ahmed Usman, born on April 2, 1983, and a dedicated member of the NCS since February 24, 2009, sacrificed his life in the incident.

The statement expressed the appreciation of Comptroller General Adewale Adeniyi for the cooperation of sister security agencies and offered condolences to the family of the fallen officer. It also reaffirmed the NCS’s commitment to ensuring robust security at the country’s borders.

The deceased officer, who hailed from Pindiga Town, Akko Local Government Area in Gombe State, is survived by his wife and five children, consisting of three boys and two girls.

On Sunday, the Governor of Kogi state, Yahaya Bello, alleged an assassination attempt on him, but the Defence Headquarters (DHQ) denies that its officers are responsible for the attack.

According to a statement by the state Commissioner for information, Kingsley Fanwo, the attackers, dressed in military uniforms, ambushed the governor’s convoy and opened fire on his vehicle and other vehicles in the convoy.

However, Brig. Gen. Tukur Gusau, the Director, Defence Information, Defence Headquarters, clarifies that the governor’s attackers were criminals wearing fake military uniforms. He emphasizes the need for the police to investigate the incident and bring the culprits to justice. He also emphasizes that military personnel would never attack the governor.

Gusau states, “The attack is unfortunate and we are not happy with what happened. However, the governor did not say it was the military that attacked him. Military personnel will never attack the governor. He said his attackers were in military uniforms. His attackers are criminals. We urged the police to investigate the matter and unravel the circumstances and those involved in the attack.”a

Kogi State governor, Alhaji Yahaya Bello, dismissed reports of assassination attempt on his life.

Kingsley Fanwo, Information Commissioner, had raised the alarm that the governor’s convoy was attacked en route to Abuja, on Sunday evening.

But addressing reporters in Abuja, the governor said there was a minor convoy involving his convoy.

He clarified that there was a minor fracas between men of the Nigerian Police Force attached to his convoy and those of a military unit manning the highways; it was in the course of both units performing their lawful security duties that the incident happened.

The Governor commended the security agencies for their joint contributions to the improved security of lives and property, which he claimed has benefited the citizens of Kogi State immensely,

However, he called on the high command of the agencies involved to investigate overzealousness or unprofessional conduct by any of their men involved in the incident and apply the necessary sanctions”.

The Governor therefore urged the citizens of Kogi State to ignore any attempt by political profiteers to use the incident to unsettle the polity as the state’s 2023 governorship elections slated for November 11 draw nearer”.

He assured the state of both his safety and the adequacy of security arrangements to ensure that the elections are peaceful, free and fair.

With the resurgence of military incursions in politics and the concerning deconsolidation of Western-style democracy in Africa, Benin Republic’s Foreign Minister Olusegun Adjadi Bakari has lent his voice to calls on African countries to adopt effective governance systems consistent with the socio-cultural and ethnic diversities of their people.

“Western-type multiparty democracy is not working for Africa, so the countries must rethink their political framework putting into consideration Africa’s cultural and ethnic diversity,” Bakari told scholars, diplomats, and researchers on African affairs at the British policy Thank-tank, Chatham House, Lonon on 18 October.

In the last five years between April 2019 and August this year, there have been more than a dozen reported failed or successful military coups in African countries - Sudan, Mali, Guinea, Burkina Faso, Niger, Gabon, and Guinea Bissau. There were also rumoured or unreported attempts.

Minus Guinea Bissau, the six listed countries plus Chad are now under military dictatorships, raising the question of whether the continent is sliding back to the dark era before the wave of multiparty democracy swept through Africa in the 1990s.

During the Chatham House interactions moderated by Dr Alex Vines, Director, Africa Programmes, Bakari, who was an advisor to President Faure Gnassingbé of Togo until 2021, and Benin Minister Advisor for Investments before assuming the Foreign Affairs portfolio in April 2022, said the multiplicity of political parties was unhelpful to electoral processes in Africa.

For instance, he said that 200 political parties and dozens of presidential candidates, with many of them scoring less than 1% vote in elections in a country such as Benin with 13 million population, was not his idea of a good governance system for Africa.

On Benin’s commitment to regional cooperation to tackle the rise in violent extremism in the Sahel and broader political instability in West Africa, Bakari, 44, said the country’s unsavoury experiences with military coups, with one to three putsches every year between independence in 1960 and 1972, necessitated some drastic political reforms.

“Our (Benin’s) strong position against the (July 2023) military coup in Niger is informed by our past experiences, and we stand with the ECOWAS (Economic Community of West African States) on the need to restore constitutional order in that country through negotiations,” he said, adding that Africa must strengthen governance institutions through effective leadership.

“I am aware of constitutional and other types of coups (such as leaders altering constitutions to obtain or retain power), but military coup is the worst,” Bakari affirmed, stressing: “if there are differences or disagreements, we should discuss at the table, but not topple government through military coups.”

He said that key political reforms in Benin, included zero-tolerance for military governments in whatever guise, adding that military personnel interested in holding political offices must first resign from the military, while the constitution also has strict provisions limiting presidential term to two in the “lifetime” of any Benin citizen.

Bakari might have struck all the right notes on the need for critical interrogation and re-examination of the democratic practices in Africa, but his boss, President Patrice Talon, a cotton tycoon, has come under severe criticism for some of his political reforms, especially the crackdown on his opponents.

Talon swept to power as an independent candidate in 2016 and won re-election with 86% vote in the 2021 presidential election marred by violence and boycotted by much of the opposition parties.

Once praised as a vibrant multi-party democracy in a politically restive region, tagged the “coup zone,” Benin under Talon, is criticised for “slipping into authoritarianism,” and he is also accused of using a special economic crimes and terrorism court and electoral reforms as tools to sideline his opponents, with some serving jail terms, and others forced into exile abroad.

For instance, Ms Reckya Madougou, a former Justice Minister and presidential candidate in the controversial 2021 elections is serving a 20-year sentence for terrorism offences which her lawyer dismissed as a “political hit job,” while Mr Joel Aivo, another Talon rival is also sentenced to 10 years in prison for plotting against the State and money laundering.

Still fresh in the memories of many is the political crisis that followed a disputed parliamentary election in April 2019, due to a change to the electoral law rammed through that year, which requires presidential candidates to be sponsored by at least 16 deputies or mayors.

Tension erupted into mass street protests broken up forcefully by security forces resulting in several casualties with political parties allied to Talon winning all the legislative seats after opposition groups were effectively banned and only six of the 159 elected officials belonging to an opposition party.

Asked about Benin authorities’ apparent strong-arm tactic against political opponents, Bakari said he could not say much because the cases were before the judiciary. But he insisted that opposition politicians were not above the law and were expected to show examples.

If Bakari is coy in discussing authoritarian tendencies in Benin, President Talon makes no secret of his discomfiture with Western-type democracy.

In a speech on 30^th August 2022 to the French Business community at the Mouvement des Entreprises de France (MEDEF), an annual gathering in Paris, attended by President Emmanuel Macron, the Benin President was quoted as saying: “Democracy can lead to anarchy and paralyze government decisions… and I don’t intend to fully implement it”.

Of course, he is entitled to his opinion, but governance is a product of structured consultations and engagements among stakeholders, including the government, non-state actors, an independent parliament and judiciary, various interest groups, civil society, including the media, which should hold the government accountable to the governed.

Democracy might not be the best system of government, but of all the systems of government tried and tested over the centuries, it remains the preferred option, particularly because it affords the governed, the opportunity to change their leaders through periodic elections.

Also, since democracy is a dynamic process and not an event, its principles can be nuanced or adapted to local conditions or peculiarities, so long as the objectives, rights and responsibilities of government to the governed, with human rights and the rule of law spelt out, upheld and respected.

But is the system or type of government really the problem in Africa or the operators, particularly the politicians, through their dispositions, that have failed the system?

Any governance changes for positive transformation must begin with a solid foundation, a clearly defined constitution and grundnorms.

Even so, just like a good constitution does not necessarily equate to good government, Africa’s governance challenges do not necessarily derive from the name or typology, but the determination, sincerity and commitment of political actors and other stakeholders, including the governed.

An effective governance system is driven by the principles of separation of powers among the three arms of government - the executive, legislature, and the judiciary – which must be independent, such that no arm dominates or controls the other two and with the judiciary serving as the last hope of the common man, a bulwark against impunity and tyranny.

For instance, after 17 years of military rule along Marxist-Leninist lines, Benin was among the African states that initially opened up to multi-party democracy in 1990. Yet, its governance system, like many in others on the continent, is still work in progress and will continue to evolve.

However, a governance system decreed or imposed on the citizens through a process that stifles alternative views or shuts out political opposition is authoritarian/dictatorial, no matter how well-intentioned or benevolent.

The Western-style democracy is not an imposition on Africa, yet, unfortunately, Talon and his Benin examples only mirror experiences in much of Africa.

After more than 60 years of political independence, African countries should be well placed and at liberty to change, adapt or fashion out alternative and best-suited systems to deliver the benefits of good/effective governance to their people.

But this will depend largely on visionary and dynamic leadership with the capacity to leverage the advantages of pluralism, inclusivity, and the continent’s rich socio-cultural and ethnic diversity.

More importantly, caution must be exercised to avoid replacing an existing governance system with a flawed or worse alternative.

In the heat-up to the November 11 gubernatorial election in Kogi State, an alarming piece of news has just hit the stable of Daily Independent on an assassination attempt on Governor Yahaya Bello.

A swift press release signed by Kingsley Femi Fanwo, the State Commissioner for Information and Communications reads:

The Kogi State Government wishes to inform the general public that there was an assasination attempt on the Governor of the state, Alhaji Yahaya Bello, CON, a few kilometres away from Abuja, on his way to an official engagement from Lokoja.The attack occurred at about 4pm on Sunday, October 22, 2023.

The attackers who were dressed in military uniforms waylaid the Governor’s convoy and started shooting sporadically at his vehicle and other vehicles in the convoy. It took the swift intervention of the security personnel attached to the Governor to foil the satanic plans of the unknown soldiers.

The report of these strange attacks has been properly documented at security offices in the state and at the national level for prompt and thorough investigations to avert future occurrences.

We are not oblivious of the fact that certain elements are bent on painting Kogi unsafe ahead of the Governorship Poll slated for November 11, 2023. As an administration, we will spare nothing to ensure our citizens are not subjected to security threats by desperate politicians sponsoring violence and terrorism.

We call on the citizens to remain vigilant and report suspicious movements in the domain to relevant security agencies. It is the responsibility of the Government to ensure security and we want to assure you that the peace we have enjoyed as a state in the last eight years won’t be lost on the altar of violent politics.

Details later...

[DailyIndependent]

Napoli Sporting Director, Mauro Meluso has revealed the club will hold new contract talks with Victor Osimhen in the next few weeks.

Osimhen looks a long way off agreeing a new contract with the Serie A champions after he was furious at the TikTok videos posted by the club.

Napoli were also unhappy after the Nigerian returned from international duty with an injury last week.

Meluso, however, stated that the Partenopei are planning a new round of talks with the 24-year-old’s representatives in the next couple of weeks.

“There will be a meeting between the President and Osimhen’s entourage over the next few weeks. It is part of the game and a little time is needed to think about it,” Meluso was quoted by Calciomercato.com.

The Nigeria international has less than two years on his contract with Napoli.

[nigerianeye]

THE Socio-Economic Rights and Accountability Project has asked the Federal High Court in Lagos State to stop the House of Representatives from procuring and taking delivery of 360 sports utility vehicles amounting to the sum of N57.6 billion for its members, “pending the hearing and determination of the applications for injunction filed by the organisation.”

According to SERAP, its applications for “interim and interlocutory injunction” followed reports that the lawmakers are set to procure and take delivery of the SUVs.

The organisation stated that according to reports, “each of the SUVs would cost taxpayers at least N160 million.”

This was made known by the organisation’s deputy director, Kolawole Oluwadare, in a correspondence.

The statement stated, “In the applications filed last week, SERAP is seeking “an order of interim injunction restraining the National Assembly from procuring, taking delivery and distributing the SUVs to their members, pending the hearing and determination of the motion on notice for an order of interlocutory injunction filed simultaneously in this suit.”

SERAP is also seeking “such further order(s) that the honourable court may deem fit to make in the circumstance of this suit.”

It stated, “It would be recalled that SERAP in August filed the suit number FHC/L/CS/1606/2023 before the Federal High Court challenging “the legality of the spending of billions of naira by the National Assembly to purchase exotic and bulletproof cars for members and principal officials.”

Oluwadaresaid the organisation sent an open letter to President Bola Tinubu urging him to “put pressure on the leadership of the House of Representatives” and stop its members from taking delivery of 360  SUVs, pending the court application for interim injunction.

He said, “In the letter dated 21 October 2023 and signed by SERAP deputy director Kolawole Oluwadare, the organisation also urged the president to “put pressure on the leadership of the Senate and stop members from taking delivery of the planned procurement of bulletproof SUVs, pending the hearing and determination of the application for interim injunction filed before the Federal High Court.”

The letter, read in part: “Allowing the National Assembly to go ahead and purchase and take delivery of the SUVs would prejudice the outcome of the suit pending in court and make a mockery of the rule of law.

“Unless you exercise your executive powers and discharge your constitutional oath of office act as recommended, the lawmakers would go ahead to procure and take delivery of the N57.6 billion vehicles, and thereby present the court with a fait accompli.

“It would invariably hamstring the ability of the court to do justice in the pending suit and applications for an injunction.”

It stated further that stopping the leadership of the HOR from procuring and taking delivery of the SUVs pending the court order “would be entirely consistent with the notions of the rule of law, judicial independence and integrity and the public interest.”

[NaijaTimes]