Gov. Alex Otti of Abia has clarified the nagging issues surrounding some deductions in the salaries of some civil servants in the state.

Otti made the clarification at the Government House, Umuahia, on Friday night during his monthly media interaction with newsmen.

He said that the government had conducted investigations in response to the complaints by some civil servants about deductions in their salaries.

Otti said that the investigation revealed that the migration from the use of the 2018/2019 tax rate to the current tax rate in deducting the taxes from salaries was responsible for the difference.

“A lot of people who felt their salaries were being reduced, when we investigated those complaints, we found that what actually happened was that before now an old tax rate was being applied.

“The 2018/2019 tax rate was being applied and there was a 2021/2022 tax law, which of course, has come into effect.

“I find it difficult to accept that somebody is pinching salaries, then how do you even do it, because the money leaves the account of the state and hits the account of the beneficiary?

“So, at what point would somebody deduct the salaries, and if you deduct, where do you take it to?”

The governor also said that the government had investigated the complaint about salary disparity in some Local Government Areas of the state and “we found that it is not true”.

Otti also attributed the development to tax deductions, using the current rate.

He said that the government had evolved a policy that allows the payment of overtime allowance to a civil servant that performs “overtime duties”, based on the request of the government.

He said: “If you were getting paid overtime and you were getting some overtime now the government says you are not supposed to work overtime.

“Except if there is a need for that and it is the government that would ask you to do that.

“I think that is what people are mistaking for salary being deducted.”

On minimum wage, Otti said that the government had set up a committee to look into the issue as it awaited more clarifications from the Federal Government on the matter.

He said: “You know the minimum wage announcement was just about the minimum wage of N70,000.

“What that means is that every other person’s salary would go up.

“So, it is not just going to be a minimum wage for civil servants every other salary would be adjusted accordingly.”

According to him, the government and the Nigerian Labour Congress are already interfacing to work out a solution that would be practicable and within the state’s meagre resources.

Otti said that the government had placed the issue of the new minimum wage on the front burner.

(NAN)

Nigerian businessman, Tony Elumelu says the government and security agents in Nigeria should be able to tell Nigerians who steal the country’s crude oil, especially using vessels that move through the territorial waters.

Elumelu stated this in an interview published by the Financial Times on Friday.

Elumelu who dreads oil theft said the menace contributed to the divestment of international oil companies in Nigeria.

He said he discovered first-hand why international oil companies were partly divesting from onshore assets after criminal gangs began stealing crude from his pipelines.

In 2022, when things got to a point where his company had to shut down production, Elumelu took to social media, tweeting: “How can we be losing over 95 per cent of oil production to thieves? Look at the Bonny Terminal which should be receiving over 200,000 barrels of crude oil daily, instead, it receives less than 3,000 barrels, leading the operator Shell to declare force majeure. The reason Nigeria is unable to meet its OPEC production quota is not because of low investment but because of theft, pure and simple!

“Meanwhile, oil-producing countries are smiling as their foreign reserve is rising. What is Nigeria’s problem? We need to hold our leaders more accountable!”

Speaking with Financial Times, Elumelu, expressed optimism, saying, however, that oil thieves still take away 18 per cent of crude from his field.

“42,000 barrels of crude pumped out daily. Theft still takes away about 18 per cent of production, he stated.

Asked who is behind the theft, he replied, “This is oil theft, we’re not talking about stealing a bottle of Coke you can put in your pocket. The government should know, they should tell us. Look at America — Donald Trump was shot at and quickly they knew the background of who shot him. Our security agencies should tell us who is stealing our oil. You bring vessels to our territorial waters and we don’t know?”

The 61-year-old founder of Heirs Holdings recalled how the previous administration of President Muhammadu Buhari allegedly stopped him from acquiring an oilfield.

He disclosed that Heirs Holdings had been looking to purchase the oilfield since 2017, having raised $2.5bn to purchase a different one.

But in a twist, he claimed that former president Buhari and his late Chief of Staff, Abba Kyari, blocked the deal.

He said he was told Nigeria could not allow something of such strategic importance to fall into the hands of a private operator.

“This defied logic,” he added since he would have been purchasing it from a foreign company.

As one of the few Nigerians who made their fortunes outside of oil, Elumelu revealed that his decision to buy a 45 per cent stake in an oilfield three years ago when international oil companies such as Shell, Total and Eni were selling off their shallow water assets in Nigeria was to give the country energy security in the face of low power supply.

“We wanted to become a Fortune 500 company and we estimated what we needed. It’s not naira, it’s huge dollars. Energy security is crucial for a country that doesn’t produce enough electricity for its roughly 200 million citizens,” he added.

Speaking on the japa syndrome, Elumelu declared, “I support it, totally. “I don’t have a problem with people saying ‘I’m going to Canada, UK or US.’

“Joblessness is the betrayal of a generation. You’ve gone to school and come back with your dreams and aspirations and you don’t have the opportunity . For people who decide to find solutions elsewhere, no one should stop them. But for those who decide to stay, they should try to create an impact and build a legacy.”

[Punch]

The crisis rocking Nigeria’s oil and gas sector is far from over as Dangote Refinery said it is yet to receive 26 million barrels of crude allocation facilitated by the Nigerian Upstream Petroleum Regulatory Commission, NUPRC.

The spokesperson of Dangote Group, Anthony Chiejina, disclosed this in a statement on Friday.

The statement was reacting to NUPRC’s claim that it facilitated 26 million barrels of crude oil allocation to Dangote Refinery in the first quarter of 2024.

NUPRC also announced a plan to review its Domestic Crude Supply Obligation Regulations 2023.

However, Dangote Refinery said it is yet to receive the crude allocation.

“We would like to thank them for this allocation but at the same time let them know that we are yet to receive these cargoes.”

According to Dangote Refinery, NUPRC has only facilitated the purchase of one crude cargo from a domestic producer.

“Aside from the term supply we bilaterally negotiated with NNPC, so far NUPRC has only facilitated the purchase of one crude cargo from a domestic producer. The rest of the cargoes we have processed were purchased from international traders,” Dangote Refinery stated.

The company further urged NUPRC to facilitate the implementation of the Petroleum Industry Act which accounted for domestic crude obligation.

“All we are asking for is for refineries in Nigeria to buy crude directly from the companies that produce it in Nigeria rather than from international middlemen. This is specified in the PIA,” the company added.

DAILY POST recalls that Aliko Dangote, the President and Chief Executive of Dangote Group, had accused NUPRC of reluctance to implement domestic supply obligations by International Oil Companies and other refiners in Nigeria.

The feud between Dangote Refinery and NUPRC is a testament that all is not well with the country’s oil and gas sector despite President Bola Tinubu’s recent directive to Nigerian National Petroleum Company Limited, NNPCL, to sell crude to Dangote Refinery and other local refineries in Naira.

The directive is yet to be implemented.

[DailyPost]

Oil refineries are the industrial behemoths that transform crude oil into a myriad of products, are crucial to the global economy.

They are complex facilities that require massive investments and advanced technology.

Here are the top 10 largest oil refineries in the world:

1. Jamnagar Refinery, India
Owner: Reliance Industries
Location: Jamnagar, Gujarat, India
Capacity: 1.24 million barrels per day (bpd)

2. Paraguana Refinery Complex, Venezuela
Owner: Petróleos de Venezuela, S.A. (PDVSA)
Location: Paraguaná Peninsula, Venezuela
Capacity: 940,000 bpd

3. SK Energy Ulsan Complex, South Korea
Owner: SK Energy
Location: Ulsan, South Korea
Capacity: 900,000 bpd

4. Ruwais Refinery, United Arab Emirates
Owner: Abu Dhabi National Oil Company (ADNOC)
Location: Ruwais, United Arab Emirates
Capacity: 827,000 bpd

5. Yeosu Refinery, South Korea
Owner: GS Caltex
Location: Yeosu, South Korea
Capacity: 840,000 bpd

6. Onsan Refinery, South Korea
Owner: S-Oil Corporation
Location: Onsan, South Korea
Capacity: 669,000 bpd

7. Dangote Refinery, Nigeria
Owner: Dangote Industries
Location: Lagos, Nigeria
Capacity: 650,000 bpd

8. Galveston Bay Refinery, United States
Owner: Marathon Petroleum Corporation
Location: Texas City, Texas, United States
Capacity: 631,000 bpd

9. Beaumont Refinery, United States
Owner: ExxonMobil
Location: Beaumont, Texas, United States
Capacity: Approximately 630,000 bpd

10. Port Arthur Refinery, United States
Owner: Motiva Enterprises
Location: Port Arthur, Texas, United States
Capacity: 600,000 bpd

[TheNation]

I am writing this on Friday morning to meet production deadline.

Truth be told, as we approach the finish line of Paris 2024, Nigeria’s name is nowhere near the top of the final medals table. Of course, Nigeria is not a sports superpower.

After the Olympics, Team Nigeria are unlikely to be scored high, in the absence of a last-minute haul of medals to show. 

I still hope that Wrestling and Tobi Amusan(unfortunately, Amusan failed to qualify for final) and any one of the three female jumpers(all three failed as well) underlining the natural ability of Nigerians in the sport, will bring back home the few medals Nigeria deserves from the games.

As usual and before every Olympics, expectation of Nigerians soars to the heavens, an unrealistic exercise based on unearned achievements. The country has surely not invested enough in what are required to become consistent winners of medals at the Olympic Games. Always, the country seeks to harvest from what it never plants.

A close look at the results of the few events Nigeria participated in reveals Nigeria’s huge potentials. To extend that and expect a haul of medals would not do justice to sports and to what is required in order to become champions.

Having said that, Nigeria’s very impressive performances in some specific sports events, must be acknowledged. They confirm the Olympic Movement’s fundamental philosophy that all participants are ‘winners’, and that ‘you do not have to be First to be a winner’.

To be one of the 11,000 athletes that represent the best in the global human population of over 8 Billion people is no mean feat. Olympians are special. They are gods and must be celebrated, Gold or not.
To compete and to leave a good impression in the minds of the global audience of sports’ followers is hard enough. That’s why, sometimes, even a good ‘fight’ is considered as good as Gold, a reward for total commitment and effort!

Such is the case of Team Nigeria 2024, in my humble opinion, far from the unproductive outcry that will come in the aftermath of Paris 2024, unless, of course, if Tobi Amusan pulls out the rabbit from the hat and wins a Gold medal, and soothes the pain of Nigerians up till now. Alas that remains a dream.

As the sprints relays and wrestling events start, there is some hope that a few medals may still come Nigeria’s way to improve the country’s standing on the final table which does not look impressive presently despite some performances that must be considered as good as Gold. Top of that list is the performance of D’Tigress, the female national basketball team. The team has put up a great display in all their matches, showing the clear possibility of basketball also becoming one of Nigeria’s greatest strengths at the Olympics, next to the sprints and long jump events in athletics.

That three girls are representing Nigeria in the finals of the long jump clearly underlines Nigeria’s strength in the event, validating Chioma Ajunwa’s 1996 Gold medal victory. This is an event that Nigeria 

What applies to the long jump event also applies to the short sprints, the relays and the 100m hurdles. These events appear to come naturally to Nigerians.

Nigeria’s wrestlers have also been consistent. Blessing Oborodudu, who missed out on the medal podium by whiskers, must be commended for effort. One or two other wrestlers have just started their competitions at the time I am writing this. They may go far and even win medals.

What must be acknowledged at the end of Paris 2024 is that Nigeria’s performances clearly show that if and when the processes of discovering talented athletes and providing them with the necessary development tools and processes are honed properly, Nigeria will surely become a global force in certain sports.

That is the greatest lesson that I take away. Nigeria must invest more in institutionalised sports development, and strategically pay special attention to some specific sports for which the environment may be a natural breeding ground.

Team Nigeria have done as well as the investment on them. To achieve more would be unrealistic expectation. You do not plant coco-yam and expect a harvest of yam.

Qualifying for the Olympics is difficult. It is a long, hard and torturous journey. To win a medal is the most difficult journey for any athlete. That’s why, the Olympic Games were conceived in the spirit that at the Games there are no ‘losers’, every athlete that participates is a ‘winner’ and goes home with a replica Medal.

In Paris 2024, Nigeria participated in only a few sports. The athletes put up creditable performances but are mostly not enough to win medals this time around. Winning a medal at the Olympics is a Marathon race, not a sprints event.

I hope Nigeria will aim to invest in the development of a proper production line for elite athletes and sports development. It is only then that Nigerians can realistically start to expect a haul of medals at the Olympics.

For now, I commend Team Nigeria. They did well. They remind us that Nigeria is at the periphery….. of greatness, just ahead, in sports.

In fulfilment of their vow to come out for a one million man march as part of the end bad governance protest, the protesters turned up in their numbers on Saturday, August 10, 2024, at two venues, Apo district and Lokogoma district, both in Abuja.

The protesters who strategically skipped the MKO Abiola National Stadium after the City Gate and the Eagle Square, following heavy Police and Military Presence at both venues, streamed to Apo and Lokogoma as early as 7 am.

The protesters who displayed several placards were chanting “End hunger” and “Reverse fuel subsidy removal,” among others.

Recall that the protest which kickstarted on August 1, turned ugly as hoodlums hijacked the process and embarked on massive looting, destruction of critical infrastructure and attack on motorists among others.

In many Northern states including Kano, Zamfara, Kaduna, Bauchi and Kaduna, many of the violent demonstrators resorted to carrying and flying foreign nations flags and calling for a regime change, a call that has been roundly condemned by Nigerians, the armed forces of Nigeria and other security agencies, as well as the organizers of the end governance protest themselves.

[Vanguard]

The country’s hunger protests have brought about a great deal of sorrow, violence, and property destruction, which have taken a toll. Over twenty lives have been lost. These tragedies could have been prevented if better coordination and cooperation had existed between the government, security services, and protesters.

Sadly, if the protest fizzles out without achieving any of its objectives despite the heavy cost it has incurred, blame it on the factors reviewed hereunder.

It is not impossible for peaceful protests to happen in the current situation. Peaceful protests have occurred in Nigeria in recent past. Furthermore, as long as protest stays within the bounds of the law, it is an essential component of any functional democracy. To be clear, the freedom to protest is guaranteed by United Nations Human Rights Charter No. 12, African Union Human Rights Charter No. 9, (all of which Nigeria has ratified) and articles 39 and 40 of the 1999 Constitution (as amended). Protests are therefore morally and legally acceptable, and they even constitute a fundamental human right.

Nonetheless, human rights are not absolute. Rights come with obligations. Anyone participating in a protest advocating for fundamental human rights must do so without violating the rights of others. Protests must also not tolerate criminal actions or acts of treason, such as pushing for regime change. This was what led to the motivation of some protesters to protest against the protest. Some even later protested against protesting against the protest.

Although the government acknowledged the right of Nigerians to protest, it questioned how arson and other criminal activity could be prevented. As a result, security agencies, in particular the police, insisted that the protest organisers reveal their identities. The government was initially alarmed by the organisers’ lack of identity and the protest’s general vagueness, even though a few figures are known—Omoyele Sowore, Deji Adeyanju, and Ebun-Olu Adegboruwa SAN, who wrote the IGP as the protesters’ lawyer—as well as a few others who also appeared but were of a sundry kind based on reputation.

The truth is that there was a glaring lack of leadership and coordination. Omoyele Sowore, for instance, has been abroad in the United States, and Ebun-Olu Adegboruwa, in contrast to Gani Fawehmi, was nowhere to be seen throughout the protests, limiting his involvement to a legal brief. He also never disclosed whether or not he agreed with the demonstrators on any key demands. The only person who could be considered a leader in the Abuja protests was Deji Adeyanju, who led from the front.

That explains why the IGP called the protest organisers “faceless” on multiple occasions. IGP once questioned how he could have delivered the court order to the demonstrators that were hiding on social media and refusing to disclose their identities or addresses.

The majority of Nigerians concurred that the protest was required to emphasise that the country’s levels of hunger and suffering had become intolerable. But the lack of clear leadership and coordination became its undoing, like what happened in the EndSars protest of 2020. For instance, the start and finish points of the protest processions in each area would have been decided upon by the organisers and the security services. This way, the security agencies will be able to deal with the miscreants and criminals who organised their own protests for looting and plundering.

Therefore, those who accuse the security services of trying to suppress the protest needed to have taken into account this serious omission. Though the government equally made a significant mistake in its assessment of the protest. Erring on the side of caution, the protest should not have been permitted at all if the two requirements—knowing the identities of the organisers and reaching an agreement on the routes of the protest processions’ takeoff and finish points—were not agreed. The reason is that controlling the protest would be difficult, if not impossible, as the protest fatally proved soon after takeoff.

The government ought to have filed a lawsuit over those prayers rather than frivolously requesting that the demonstrators be confined inside Moshood Abiola Stadium in Abuja or any other location.

Then there’s the problem of demonstrators’ staccato and shifting demands. The protesters’ vague and confusing demands amply demonstrated the lack of effective organisation. As of the most recent tally, the demonstrators’ demands came in at least six different versions, ranging from “end hunger” to “end bad governance” and “end bad government” (regime change).

It does seem that the various people and CSOs that made up the protest movement each had a unique set of demands based on a variety of motives. This is a tactical error in and of itself. Given the fatality of flaws in the current protest, the organisers should have settled on a set of objectives that are realistic, achievable, and quantifiable rather than allowing shifts to vacuous demands that are beyond the core goal of the protest.

Unfortunately, the ambiguities in their demands escalated to calls for foreign countries to intervene militarily and to replace the Tinubu government. To emphasise their rejection of the Nigerian government as currently constituted, this group flew Chinese and Russian flags. They also directly invited Russia to intervene, as they had done in Burkina Faso and Niger, where the military recently toppled democratically elected governments. Thus they deviated from the primary goal of the hunger protest and shifted to what the government interpreted as treason, rightly or wrongly.

Speaking on behalf of the national security council, Chief of Defence General Chris Musa called this an act of treason after that august body’s meeting on the protest. While flying a foreign flag during protests might not be treason, the government can legitimately argue that advocating for regime change and calling on foreign forces to step in after such forces have committed a similar act in another nation constitute treason.

It is imperative that protests be planned appropriately going forward. The organisers need to take the initiative and decide on the paths for the processions in the future. Both sides need to adopt a new perspective on protest; demonstrators and their organisers need to understand that using violence is not necessary and should be avoided. Peaceful protests have happened in Nigeria on several occasions, including in 2012 during the “Occupy Nigeria” protests and fuel hike protests during the days of Senator Adams Oshiohmole as NLC president.

The government should be more tolerant, especially the IGP, whose PhD thesis, one understands, was on protest management. The police are the most valuable social asset of any nation, and ours must make every effort to remain so in the eyes of the citizens. Nigerians have no other police to call their own.

Furthermore, those protest organisers who are afraid to reveal their faces and lead from the front for fear of whatever should stop organising protests that put innocent Nigerians in harm’s way, as they did again with the ongoing End-Hunger protest, which has so far claimed over 20 irreplaceable lives.

Lastly, protest cannot be suppressed in a real democracy or by a president who himself is a prominent protester and an ace democrat; protest also shouldn’t be permitted in a way that makes its management impossible just because the organisers are anonymous and making demands that aren’t even within the president’s constitutional powers.

Dr. Law Mefor, an Abuja-based forensic and social psychologist, is a fellow of The Abuja School of Social and Political Thought. He can be reached via This email address is being protected from spambots. You need JavaScript enabled to view it.; Twitter: @Drlawsonmefor.

Hauwa ‘Jaruma‘ Muhammad, the self-proclaimed sex therapist, has spoken about her battle with substance abuse. 

In 2023, there were speculations that the entrepreneur was under rehabilitation after a video of her looking distressed went viral.

Tosin Silverdam, the blogger, had claimed Jaruma was rehabilitated in Abuja for substance abuse.

But speaking in an X space organised by NDLEA on Friday, Jaruma revealed that she started to abuse drugs when she came to the limelight.

The sex therapist said a close friend invited her for a hang-out and tried convincing her to take marijuana but she refused.

“I once made a video on YouTube discussing something. It was just a plan; I didn’t know the video would go viral and turn me into the Jaruma everyone knows,” she said.

“I was trying to get a job and earn a regular income. Being in the spotlight, I made some mistakes. I never got involved in drugs during my secondary school and university days because I was my mother’s only child. One day, a friend who I knew was into drugs (marijuana) invited me to hang out. We were chilling together, and she offered me the marijuana, but I refused, saying I was okay.

“She then asked me how I relax since I don’t drink or smoke, mentioning that every celebrity has a way to relieve stress. I told her I can’t do drugs or drink because I’m Muslim. A few days later, I saw them with a balloon, and I wondered what on earth they were doing with it. I had no idea what it was. She said, ‘Let me show you.’ If I had known what the balloon (hard drug) was, I would have refused it, just like I refused the marijuana earlier because I know what weed (cannabis) is, what codeine is, and all that stuff, so when offered, I can say no.”

Jaruma revealed that when she eventually yielded to her friend’s request and inhaled the balloon, her brain function ceased and she started to drool.

“I was on the floor, and then my friend said that’s the initial effect, but after I do it one, two, three, four times, I’ll get used to it, and it will become normal, and I won’t be drooling anymore,” she said.

“This was something I didn’t know. She gave me the balloon, put it in my mouth, and said, ‘Just inhale it,’ and I did.

So, after I regained consciousness, I left because I was so upset. So, I left and never spoke to her again.”

HOW LAGOS-BASED COSMETIC SURGEON INTRODUCED ME TO HARD DRUGS

The entrepreneur, who runs a sex enhancement brand, said she started using hard drugs after she met Anuoluwapo Adepoju, the Lagos-based plastic surgeon.

Jaruma said she was “deceived into believing” that the drugs would help fight off her depression and she kept taking it until she became addicted to substance usage.

The graduate of International Relations and Human Therapy from Istanbul Kultur University, Turkey said she attempted to commit suicide after “I became tired of everything”.

“Then Dr. Anu came. She had told me some things. She said some people have been paid to bring me down and tarnish my image. She said some people are after me. The details are not for here, you can follow me on Instagram or Twitter. I will post more details on that. I reported Dr Anu to my fathers Buba Marwa and Femi Babafemi. They were getting ready. I sued her in court. Sooner, you are going to see the petition with the date and everything. NDLEA were so mad when I told them what happened,” she said.

“… she said ‘let me give you one injection. If I give you that injection, you are going to sleep like you have never slept before. She claimed I was going to forget all my problems. She grabbed my arm and did the injection. The moment it touched my blood. I felt something at the back of my neck onto my shoulders. The body had felt something it had never felt before. As she was pushing I was collapsing. I was falling off my bed until I was completely knocked out.

“I did not know where I was. I did not know what I was doing. I was knocked out completely for like two weeks. When I woke up, my hands and veins were swollen. A few weeks later, when someone started saying something about me, I called and asked if I could get that sleeping injection. One pack was N60,000. I think I paid N720,000 to her.

“She would sometimes send the injections to me or come do it herself. I got nurses who would be injecting me every night. And then at some point, one stopped working for me. I mean one dose. I started using two doses. Two stopped working. I started doing three doses. Sometimes I do five at once. And that was when my body started jacking like I had epilepsy. And then foam was now coming out my months.

“Cocaine makes you hyper. Drugs make you low. After that initial feeling that the injection is sweet. When you wake up you feel one kind of depression. You even feel worse every time you wake up. I feel like crap.

“One time I got fed up and I just wanted to die. I was just tired. I knew what five doses did to me. So, I purposely injected myself with 10 doses. When my workers found me I was not breathing. I did the injection myself and used a very big vein on my wrist. I was becoming unconscious. As I was becoming unconscious, the needle fell out, and the blood from the big vein was gushing out. It was a horrific sight to see.

“Next thing, I just saw myself in a white environment with big machines and doctors around me. Doctors trying to bring me back to life. And I said I am still not dead?”

[TheCable]

Nigeria stands at a pivotal juncture in its economic trajectory, navigating through a myriad of challenges and opportunities. The country’s financial outlook is being shaped by a confluence of factors ranging from regulatory changes and technological advancements to global economic trends and internal policy shifts. 

This piece aims to dissect these elements, drawing insights from the recent Bloomberg Discovery Series (Nigeria) panel session where I had the privilege of participating.

The Current Economic Landscape

Nigeria’s economic landscape is characterised by a complex interplay of growth and stagnation. The National Bureau of Statistics reports growth, which is promising. However, the true metric of economic vitality lies in long-term investment. Unfortunately, Nigeria has been grappling with a significant exodus of multinational companies such as Glaxo, Proctor & Gamble, and PZ Cussons over the past year. This trend underscores a crucial issue: the need for robust domestic investment.

Strengthening Nigeria’s capital markets is paramount. These markets will serve as the bedrock for future investment, ensuring sustainable economic growth. Achieving this necessitates macroeconomic stability, particularly in currency and inflation management. Stability in the naira’s value against the US dollar and controlled inflation are essential for fostering an environment conducive to long-term business planning and investment.

Recent regulatory changes are set to reshape Nigeria’s financial sector significantly. The ongoing bank recapitalisation process, which requires banks to raise over N2.0 trillion in fresh capital, is a transformative initiative. This move mirrors the impactful reforms initiated by Governor Soludo two decades ago, promising rapid consolidation and enhanced borrowing capacity within the banking sector.

Beyond banking, the Nigerian Exchange (NGX) is witnessing a surge in initial public offerings (IPOs), including the highly anticipated NNPC and Aradel IPOs. These developments signal a bustling year ahead, with increased market activity and potential for substantial economic gains.

Technology and Digital Transformation

The impact of technology and digital transformation on Nigeria’s financial services industry is profound. Internally, banks have leveraged technology to streamline processes, enhancing efficiency and customer satisfaction. Externally, technology is broadening financial inclusion, integrating more individuals into the formal financial system.

Start-up internet-only banks are making significant strides, though they have yet to displace established banks. Traditional banks have swiftly adapted, launching their own digital products and leveraging their expertise in liquidity management to maintain a competitive edge. The synergy between fintech innovations and traditional banking institutions is driving a more inclusive and efficient financial ecosystem.

Domestic and Foreign Investment Trends

While the departure of multinational companies highlights a challenging investment climate, Nigeria’s future lies in its capital markets. These markets must be robust enough to attract and sustain both domestic and foreign investments. Controlling inflation is critical to achieving this goal, as inflation undermines business planning and investor confidence. Once inflation is stabilised, consensus on the naira/dollar exchange rate can be established, fostering a more predictable and attractive investment environment.

Central Bank of Nigeria’s Monetary Policies

The Central Bank of Nigeria’s recent shift towards orthodox monetary policies marks a significant development. With Nigerian Treasury Bills yielding around 25.0% for one-year T-bills and OMO bill auction yields reaching 29.0%, there is a renewed attraction for investment in the financial system. These high returns are enticing foreign portfolio investors and bolstering the naira.

However, there are trade-offs. High-interest rates impose a burden on borrowers but simultaneously strengthen the case for saving in naira. This policy approach is crucial for stabilising inflation and, by extension, the currency. As these policies take root, Nigeria can expect a more stable and prosperous financial landscape.

Risks Facing Financial Institutions

Nigeria’s financial institutions are navigating a landscape fraught with risks. High-interest rates, while offering opportunities for profit, also pose significant challenges. Borrowers are under stress, and the valuation of investments must reflect these elevated rates, introducing volatility into financial statements.

The adoption of mark-to-market accounting, championed by the Fund Managers Association of Nigeria, is a crucial step towards mitigating these risks. This accounting method ensures that financial statements accurately reflect current market conditions, fostering transparency and stability in the capital markets.

Sustainable Finance and ESG Considerations

Sustainable finance is gradually taking root in Nigeria, integrating environmental, social, and governance (ESG) considerations into financial activities. Regulatory policies by the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) are paving the way. These policies encompass principles of environmental and social risk management, financial inclusion, and guidelines for green bonds.

Banks and financial institutions are also investing in capacity building and training, equipping themselves to better assess and manage ESG risks. Despite progress, challenges remain. Limited awareness, inadequate regulatory enforcement, and a nascent market for green financial products hinder widespread adoption. However, the global shift towards sustainability presents significant opportunities for Nigeria to leverage its natural resources for sustainable development.

Financing SMEs: Challenges and Opportunities

Small and medium-sized enterprises (SMEs) are the backbone of Nigeria’s economy, yet they face formidable challenges. Limited access to finance, due to high risk, lack of collateral, and inadequate financial records, is a primary barrier. Additionally, many SME owners lack financial literacy and management skills, further impeding their ability to secure loans.

However, there are promising opportunities. Government initiatives, such as the SME Credit Guarantee Scheme and the Youth Entrepreneurship Support (YES) programme, provide much-needed funding. Policy reforms, like the National Collateral Registry, enhance access to finance by allowing movable assets to be used as collateral.

Innovative financing solutions are also emerging. Crowdfunding platforms, angel investors, and venture capital firms are providing alternative sources of capital. Fintech companies are leveraging technology to simplify the loan application process and reduce reliance on traditional collateral. Microfinance banks (MFBs) offer tailored financial products to SMEs, making microloans more accessible.

Global Economic Trends and Their Impact

Global economic trends, particularly commodity price fluctuations and geopolitical tensions, significantly impact Nigeria’s financial sector. While commodity prices are relatively stable, the real concern lies with US bond rates. High yields on US Government bonds are drawing dollars away from emerging markets, including Nigeria. This trend is likely to persist until US bond rates decline.

The Future of Technological Innovations

Technological innovations, particularly blockchain and artificial intelligence (AI), hold transformative potential for Nigeria’s financial industry. Blockchain can enhance security and transparency in financial transactions, while AI can drive efficiency and inclusivity. However, realising this potential requires a supportive ecosystem.

Collaboration among stakeholders – government, financial institutions, technology providers, and academia – is crucial. By fostering such partnerships, Nigeria can harness these technologies to spur innovation, improve financial services, and stimulate economic growth.

Conclusion

Nigeria’s financial outlook is at a crossroads, shaped by a dynamic interplay of internal and external factors. Strengthening capital markets, stabilising the macroeconomic environment, and leveraging technological innovations are essential for sustainable growth. By addressing these challenges and seizing the opportunities, Nigeria can build a resilient and inclusive financial ecosystem, paving the way for a prosperous future.

Protests become legitimate means of social expression when they are structured in such a way that their objectives revolve around the desire to effect useful, and positive, interventions in the society. They may take the form of written correspondence, verbalized and non-violent submissions, or physical displays of discontent; including street matches and the display of placards with inscriptions depicting the issues in contention.

Now, that is different from a riot, wherein aggravated misconduct is the norm; very often with no higher social purpose in view. Most riots are characterized by deeds of madness, with no clear objectives beyond the general and specific acts of vandalism that could acquire a life of their own if unchecked. Even when they are checked, riots are what they are: riots. Unstructured, self-defeating and sometimes driven by that can best be described as motiveless malignity.

The protests of the last week here in Nigeria were no riots in most places. No! But they were taken advantage of by different species of highwaymen, and also highway-children, in some northern states, who set about looting whatever they could lay their hands on. Which is hardly surprising, given the amount of hunger, privation and insecurity in the land.

But let us get real! This nation was born in protest, or even as a protest.

It was the long-drawn “protests” our our founding fathers, in written addresses, in several constitutional conferences and some other means, that eventually birthed an allegedly independent Nigerian in 1960. Just as sceptics had their doubts about the sincerity of the colonialists when they promised us independence, many reasonable Nigerians also doubted the sincerity of the military whenever a ruling junta announced plans to return the nation to civil rule.

Even more sceptics looked on with grave misgivings at the protracted military rule that began in the unconvinced that it was serious when it “threatened” to birth a democratically elected government. Twenty-five years later, and despite the apparent shortcoming, we are making progress; willy nilly if you will. And that progress has more elements of suffering, misgovernment, lack of intraparty cohesion and the absence of a memorable ideological focus from the political class.

As was observed here not too long ago: “Our progress is coming through bitter, mind boggling, morally disorienting and psychologically devastating lessons. The lessons are apparently unscripted, and the teachers are teaching away without Lesson Notes and conventional teaching certificates. And they are exacting and merciless – these teachers. The names of the teachers include the following: (1) Dishonest politicians, (2) Broken promises, (3) The consequences of citizen gullibility, (4) The results of supporting the wrong candidates, (5) The progressive denudation of the capacities of our national defense and security forces, and (6) The increasing inability of the ruling elite to protect itself from its own depredations”.

As was further observed, “President Obasanjo, coming in as the first to hoist the flag of democratic rule after the military, was a quasi-military-civilian president. He did his best to craft good policies and establish institutions that would aid good governance… Presidents Goodluck Jonathan and Muhammadu Buhari were the circumstantial by-products of a system of elite myopia that had prevailed in the land for over 50 years. They were not entirely responsible for the problems they inherited. Their parties, the PDP the APC, were, again, not entirely responsible for everything that went wrong with Nigeria under their watch.

The Nigerian State was taken hostage long ago. For over 50 years now, many powerful individuals and groups have succeeded in pushing personal and limited group interests into the front row of national consciousness; such that, today, 25 years into a now-unsettling experience with a fledgling democracy, we are not sure where we really are as a nation. Those whose interests are at variance with wider and deeper national interests have become the real enemies of Nigeria. They may well have actually constituted themselves into a team of highway men and women who waylay everything that could rescue Nigeria and consolidate our current democratic experiment.

Protests are coming and going, because our “25 years old democracy is being bombarded from all sides by (1) A fundamentally distorted eldership recruitment process, (2) Skewed values, (3) A largely dysfunctional educational system, (4) A flawed national psyche and (5) A youth bulge that is increasingly becoming the biggest unaddressed national crisis. With every passing day, these problems morph into new, and self-replicating, societal challenges”.

The Nzeogwu coup d’état of January 1966, and the counter coup that came some six moths later, set the tone for much of the paralyzing elite impunity that we are living with today. Hell was let loose on Nigeria and Nigerians by that military intervention. This initial coup, and the subsequent ‘retaliatory’ one, banished the nation’s true leaders from the political and leadership playing field”. They lived in silent protest for over a decade.

“The ‘replacement generation’ for the founding fathers and leaders of Nigeria, whom they were grooming along ideological lines for the propagation of specific ideological norms, stagnated for 12 years, until 1979. Zik, Awo and Aminu Kano, who would since have given way to the likes of Tafawa Balewa, Michael Okpara, Bola Ige and others before 1979.

The backlog of two generations of leaders, who were left unfulfilled by the military interventions, did not exercise and fulfil their calling. The petulant idealism and uninformed exuberance of the groups of coup makers trampled upon traditional rulers, traditional values, and almost every other thing that was generally respected as instruments for social control”. So, it has all been series of voiced and unvoiced and unclear protests at every turn.

The many institutional, sociopolitical and axiological problems plaguing the nation today, and which have plagued it for over 50 years now, got all the fillip they needed from the actions and inactions of the past. We got a deluge of prematurely retired military officers within a span of 20 years, precisely because of the negative dynamics of coup making in Nigeria. Many such retired military personnel became frustrated and unfulfilled professionals because of the new character of the Nigerian state after the 1966 military coups. Without intending it, many of them ended up being pushed into areas they would never have contemplated. And their new trajectories naturally elicited protests.

The point was also made here that: “Our nascent 25 years old democracy has thrown up leaders with sudden stupendous wealth from questionable sources. Their wealth has mostly impacted their immediate and extended families, of less than 15 persons, and a few friends. Their local communities, members of their religious congregations, most of their friends and even members of their extended families know how poor or rich they were a few years before they went into politics. The priests, traditional rulers and other supposed custodians of public conscience ask no questions”.

Is this new reality not markedly different from the profile of our very first set of leaders, including traditional rulers, religious leaders, district and village heads, uncles and aunt? Does anyone still ask another the sources of any sudden? Not at all.

Now that the decades-long effects of the overlooked fundamentals of true patriotism and nationhood have caught up with us, we are looking at the immediate causes of problems that have shockingly remote and well-nourished roots.

When Nigeria threw away the chance to rise from the ashes in the name of true democracy in 1993, protests erupted. The voters were sure of the expected outcomes; so, the protests were grounded in some measure of logic. Even then: rioters also poured out in their dozens here and there to take advantage of the situation and make a quick haul through opportunistic criminality.

Yes, riots may accompany protests, not as part of the plans of the protesters. This singular fact makes it imperative that the reasons for he recent national protests are not swept under the carpet because of the misconduct of some equally aggrieved Nigerians who are simply driven by hunger, poverty and lack of survival skills to see any security lapse as their means of livelihood. The lesson from the protests is this: The Federal Government should take a dep look at the hunger in the land and review the impact of the measures he has so far take n to alleviate it.

There should be a rededication to the pursuit of our long-term national interests, so that our young, and reborn, democracy is not asphyxiated by the overwhelming evidence of insensitivity and leadership irresponsibility at all levels of government; especially at the sub-national, level

The security challenges threatening the nation today fuels declining national productivity. Farming communities are being displaced; eve as refugee camps are springing up anew in many places. Can this be right? I think not. Add to the foregoing the historically unparalleled grand larceny in the form of institutional and personal corrupt practices. What does it all portend?

If we count our gains of the last 25 years, they would be found more in the areas of suffering for refusing to learn from our past mistakes. “A lot, in terms of the lessons of life. There are more to lessons to learn, and the teachers are lined up to deliver them; until we come to our senses. Tottering, wobbling and flip flopping, we are being taken on a path of growth which many great nations of today have gone through. It is not yet time for the ideal, because the profane is still tolerated and celebrated. But a time will come when that will also not be possible”.

Yes, the protests are justified. But the purpose would be lost if it only ends as a media event. The specific demands of the protesters should be addressed in a comprehensive and convincing manner.

QUOTE

“Our nascent 25 years old democracy has thrown up leaders with sudden stupendous wealth from questionable sources. Their wealth has mostly impacted their immediate and extended families, of less than 15 persons, and a few friends. Their local communities, members of their religious congregations, most of their friends and even members of their extended families know how poor or rich they were a few years before they went into politics. The priests, traditional rulers and other supposed custodians of public conscience ask no questions”.