I wish to thank the Chatham House for inviting me to speak today. It is great to be back here, in this globally renowned ideation house, where contemporary issues are debated and discussed.

Ladies and gentlemen,

My last time here was when I was campaigning for the presidency of the African Development Bank in 2015.

A lot has happened since then: I was elected in 2015 and re-elected for a second term in 2020, with 100% of the votes of all 81 shareholder countries, African and non-African.

It is equally auspicious that I am speaking with you few days after the Annual Meetings of the African Development Bank Group, held last week in Nairobi, Kenya. There, our shareholders unanimously approved an additional $117 billion increase in the capital of the African Development Bank.

This follows the earlier general capital increase which raised the capital of the African Development Bank from $93 billion to $201 billion in 2019.

The new capital injection last week brings the capital of the African Development Bank to $318 billion.

We will be bigger, bolder and better.

The historic increase in our financial capacity shows the confidence of the shareholders in African Development Bank’s vision for Africa, and our resolve and commitment to accelerate its growth and development.

They did so because our High 5s priority programs (Light Up and Power Africa; Feed Africa; Industrialize Africa; Integrate Africa; and improve the quality of life of the people of Africa) have already impacted on over 400 million people in the last eight years.

The newly injected capital will allow us to do more.

It is therefore, with excitement of the wind in the sails of the African Development Bank, that I am delighted to speak to you today on “Envisioning Africa’s Economic Prospects”.

Ladies and gentlemen,

The New York Times recently had as its headlines: the future is African.

I agree with New York Times. Africa can no longer be ignored. I fully expect Africa to be the pivotal continent in the world, given its economic prospects.

First, Africa’s population is projected to reach 2.5 billion by 2050 and by then one of four persons on earth will be African. With a rising middle class and projected consumer and business expenditures to reach $7 trillion, this is a formidable market of the future.

Second, with its burgeoning young population of almost a billion people under the age of 35, Africa will boom with talented skills and form the workforce for the world.

Third, with 65% of the uncultivated arable land left on earth being in Africa, what Africa does with its agriculture will determine the future of food in the world to feed the global population of 9.7 billion by 2050.

Fourth, the future of energy transition, for a world powered largely with renewable energy, will depend on Africa. Africa has the largest solar potential in the world, which will be critical for developing green hydrogen and green ammonia that will power green economies of the world towards net zero emissions. Africa also has the largest deposits of green minerals and metals, from platinum, copper, nickel, manganese, chromium, graphite and lithium, that are critical for the manufacturing of solar panels, battery energy storage systems and electric vehicles, a market estimated to rise to $57 trillion by 2050.

Fifth, the African continental free trade area, which brings together all the 54 countries in Africa, with an estimated GDP of $3.4 trillion, is on its way to becoming the largest free-trade zone in the world.

Therefore, economic trends, growth and development of Africa are central as we look to a world where the continent will play a significant role.

Ladies and gentlemen,

Despite challenges of the Covid pandemic, geopolitical risks, high food and energy prices, and rising global interest rates, African countries are showing economic resilience. Africa’s real GDP growth increased from 3.1% in 2022 to 3.7% in 2023 and is projected to reach 4.3% in 2025, according to the African Economic Outlook Report of the African Development Bank.

Africa is the second fastest growing region in the world, second only to Asia, and has 10 of the 20 fastest-growing countries in the world.

As Africa’s economic resilience is bolstered, unlocking its economic prospects requires ensuring structural change of its economies, raising the productivity of agriculture, provision of electricity, accelerating infrastructure investments, supporting faster pace digitalization, unleashing economic and job opportunities for women and youth, and driving industrialization through greater mobilization of the private sector.

Assuring food security in Africa is top on the agenda for the African Development Bank. Over the past 8 years, we have provided close to $10 billion in support of agriculture. Our flagship initiative, Technologies for African Agricultural Transformation (TAAT), has delivered climate smart agricultural technologies for 13 million farmers. Our support of heat tolerant wheat varieties to Ethiopia turned it into a wheat self-sufficient country in under four years.

The African Development Bank is also developing Special Agro-Industrial Processing Zones in eleven countries to support agro-industrialization and value addition and development of agricultural value chains. This is critical to unlocking the value of the food and agribusiness in Africa worth $1 trillion by 2030.

Unlocking Africa’s vast renewable energy sources and assuring energy supply, access and security, is central to Africa’s economic prosperity. Africa still has close to 600 million people without access to electricity.

Since the African Development Bank launched its New Deal on Energy in 2016, much progress has been made, with the share of the population with electricity expanded from 32% to 57%. To expand access to electricity, the African Development Bank is implementing a $20 billion initiative called Desert-to-Power, to develop 10,000 megawatts of electricity from solar across 11 countries to connect 250 million people to electricity.

During the Spring Meetings of the World Bank earlier this year, the President of the World Bank and I launched a bold joint effort to connect 300 million Africans to electricity by the World Bank and the African Development Bank by 2030.

Ladies and gentlemen,

The African Development Bank is investing heavily in human capital to unleash the growth potential of Africa, including tapping into the scientific talents in the diaspora.

We are supporting universities of science and technology, expanding training in science, technology, engineering and mathematics, centers of excellence in biotechnology and material sciences, as well as technical and vocational training. We have committed $700 million for education and skills development, which has supported 4,000 tertiary education and training facilities, and provided 1.7 million African youth with access to education in science, technology, engineering and mathematics.

The African Development Bank is supporting Coding for Employment Programs, providing critical digital skills in computer coding in partnership with Microsoft Philanthropies. This is essential to continue to drive the expansion of the rapidly expanding fintech industries in Africa. Africa has witnessed a tripling in the number of startups, reaching 5,200 between 2020 and 2021, as revenue of fintech companies is estimated to reach over $30 billion annually by 2025. This trend mirrors what Google and the International Finance Corporation estimate that Africa’s internet economy will reach $180 billion by 2025 and $712 billion by 2050.

Unleashing the potential of the digital economy will require large investments in digital infrastructure, including fiber optics, data centers and the expansion of mobile networks to improve connectivity.

To support the businesses of young people in Africa, and drive greater entrepreneurship, the African Development Bank is establishing Youth Entrepreneurship Investment Banks across the continent. These are new financial institutions that will provide tailored financial instruments to build the businesses of young people and build youth-based wealth, which will reduce migration. The first Youth Entrepreneurship Investment Banks have been approved for Liberia ($16 million) and Ethiopia ($32 million), with several more in the pipeline.

We are also focusing on women.

The African Development Bank’s flagship initiative, Affirmative Finance Action for Women in Africa (AFAWA), is de-risking financial institutions to lend to women. AFAWA is delivering. It is working with 169 financial institutions in 43 countries and has so far approved $1.7 billion in financing for 18,300 women-led businesses. Our goal is to mobilize $5 billion for women-led businesses.

Ladies and gentlemen,

To improve regional integration and assure the success of the Africa Continental Free Trade Area, the African Development Bank has provided close to $50 billion in support of infrastructure projects in the past 8 years. This includes the construction of roads, transport corridors, rails, ports, water and sanitation, and digital infrastructure.

To support Africa’s net zero transition, the African Development Bank has launched the Alliance for Green Infrastructure in Africa (AGIA) to mobilize $10 Billion of private financing for green infrastructure in Africa.

The African Development Bank is mobilizing more private sector investments into Africa. We supported the $24 billion LNG project in Mozambique, which will provide over $66 billion in revenue for Mozambique and make it the third largest exporter of LNG in the world. We supported the $19.5 billion Dangote Refinery Complex, which is the largest single train refinery in the world and the largest ammonia plant globally. We supported the $13 billion OCP phosphate company in Morocco, the largest phosphate fertilizer plant in the world.

Ladies and gentlemen,

A major challenge for private sector investments is risk—especially market risks, counterparty risks, exchange rate risks and political risks. To mitigate these, the African Development Bank deploys partial risk guarantees and partial credit guarantees. These are working very well and have become a significant part of our business.

For example, our EUR 195 million partial credit guarantee allowed the Republic of Benin to raise EUR 350 million from international banks and international investors, lengthening maturity from 10 to 12.5 years, at low interest at around 290 basis points below the Eurobond yield curve for similar maturities.

Our partial credit guarantee of $345 million allowed Egypt to access private capital markets, by issuing Panda bond, the first ever Panda bond issued in China by an African Sovereign. The bond issue, with 100% guarantee by the African Development Bank and the Asian Infrastructure Investment Bank, won the Sovereign, Supra and Agency bond deal of the year at the 2024 Bonds, Loans and ESG Capital Markets Awards.

Partial Risk Guarantees are being used successfully to crowd in private investors into projects with governments. The Bank is using up to $800 million in partial credit guarantee to mobilize a commercial loan of $1.35 billion for financing the 6^th lot of the Standard Gauge of the railways from Tanzania, DRC and Burundi, leveraging the Bank’s resources 3.4 times.

Ladies and gentlemen,

A major challenge facing private sector is foreign currency exchange risk, which arises because of the mismatch between foreign currency denominated loans or equity investments and local currency earnings of companies or counterparties.

The Bank provides loans in eleven local currencies and deploys local currency products. In addition, the Bank uses a range of instruments to support local currency lending, including synthetic local currency loans and use of private sector FX hedging institutions such as TCX.

Portfolio managers of global institutional investors shy away from allocations to Africa, due to multiple reasons, the major ones being high-risk perceptions. African countries therefore suffer from high-risk premiums, with the cost of accessing capital on the continent being at least 3 times that of other emerging markets and developing regions.

This “Africa risk-premium” leads to underinvestment by the private sector in Africa.

But perception is not reality.

Moody’s Analytics conducted a 14-year survey on cumulative default rates on infrastructure loans in various regions of the world. The results show that default rate in Africa was 1.9%, while default rates in North America was 6.6%; Latin America, 10%; Eastern Europe, 12%; and Western Asia, 4.3%.

To support the African Development Bank to transfer risks off from its balance sheet to private institutional investors and insurance markets, the UK’s Foreign, Commonwealth Development Office (FCDO) provided the Bank with a $2 billion guarantee, which allowed the African Development Bank to free up $2 billion in new lending to support climate finance. The UK FCDO also provided a guarantee of $1 billion to free up the same level of financing for the African Development Bank to finance just energy transition for South Africa.

The Africa Investment Forum is providing a transparent platform for investors interested in Africa to meet, assess projects, evaluate risks, seek counter risk mitigants, as well as address political risks to investors. Since the establishment of the Africa Investment Forum in 2018, it has attracted investor interests to Africa worth over $180 billion.

Ladies and gentlemen,

There is no doubt that the economic prospects of Africa are strong. However, achieving them will require overcoming some significant headwinds.

At the top of this is building the resilience of the continent to climate change.

The continent loses $7–15 billion, which is expected to rise to $50 billion annually by 2030. From greater frequency and intensity of floods and droughts, no part of Africa is spared. Yet, Africa receives only 3% of global climate finance, with $30 billion annually for climate adaptation, while its needs are $277 billion annually.

The African Development Bank is supporting African countries to tackle climate change. We have significantly increased the share of climate finance in our annual lending from 9% in 2016 to 55% last year. The Bank is implementing a $25 billion initiative, the African Adaptation Acceleration Program—the largest climate adaptation program in the world—in partnership with the Global Center on Adaptation.

Another headwind is rising debt levels, with 22 countries at the risk of high debt distress.

This is especially the case as concessional financing globally has declined, with more countries depending on private commercial creditors and the Eurobond market. With Africa’s debt service payments of $74 billion due this year, up from $17 billion in 2010, urgent actions are needed on comprehensive debt treatment and resolution for Africa.

Ladies and gentlemen,

To address these headwinds, Africa will need significantly more financial resources. and for that the reform of the global financial architecture is critical.

Action is needed in five areas.

First, the G20 Common Framework on debt treatment needs to deliver much faster debt resolution for countries, to avoid a similar the “lost decade” that Africa experienced in the 1990s.

Second, the global financial architecture needs to deliver greater concessional financing for Africa. This is critical to reverse the dependence on commercial debt for development. The African Development Fund, which supports Africa’s 37 low-income countries, will need at least $25 billion for its 17^th replenishment to be bolder, bigger and effective in providing much needed concessional financing for countries.

Third, the global financing system must deliver more for Africa and avoid economic divergences that slow down economic recovery of the continent in cases of global shocks. This disparity in access to financing was evident during the Covid pandemic, when developed countries provided fiscal stimulus of $19 trillion to their economies (18% of global GDP), while Africa was able to provide only $85 billion (4.5% of its GDP).

The African Development Bank is developing an African Financial Stability Mechanism to better shield African economies from liquidity shocks and build economic resilience.

Fourth, the global contingent financing system must deliver more for Africa. The $650 billion Special Drawing Rights (SDRs) issued by the IMF allocated only $33 billion to Africa—or 4.5%—the continent with the greatest need.

The recent approval of the IMF Board for the use of SDRs for hybrid capital, as per the framework developed by the African Development Bank and the Inter-American Development Bank, is a very positive development. The approved $20 billion SDR rechanneling for hybrid capital can be leveraged four times by the African Development Bank, Inter-American Development Bank and others to deliver at least $80 billion of additional financing for Africa and other regions.

Fifth, African countries need fairer access to global capital markets to reduce liquidity pressures and lower debt service payments. Fairer credit ratings for African countries can save at least $75 billion annually in debt service payments, according to the United Nations Development Program.

Ladies and gentlemen,

The trajectory for Africa will be much stronger as we tackle these challenges, as well as improve security, and expand more concessional financing and private sector financing.

At the end of the day, what will make the most difference is the mobilization of domestic resources. This will require continued strong macroeconomic and fiscal management, expanding tax revenues, reducing corruption and illicit capital flows, improving public financial management, and unlocking the huge natural capital wealth of Africa estimated at over $6.8 trillion.

Ladies and gentlemen,

The Africa we want is within reach.

We are making good progress.

With strong political will, global partnerships and regional cooperation, Africa will emerge as the pivotal continent.

An Africa critical to the future of the world.

An Africa, thriving, peaceful and prosperous.

It is a vision Africa deserves.

It is a vision we must do all to achieve.

Thank you very much.

Keynote delivered by Akinwumi A. Adesina, President and Chairman of the Boards of Directors African Development Bank Group at Chatham House, 7 June 2024, London

The National Orientation Agency (NOA) says the official version of the national anthem it issued remains the correct lyrics.

On May 29, President Bola Tinubu signed the national anthem bill 2024 that reintroduced the old anthem, “Nigeria, We Hail Thee,”  into law.

Subsequently, the NOA released the standardised lyrics of the reintroduced national anthem.

However, on Tuesday, Senate President Godswill Akpabio reportedly said what the agency is circulating is different from the new national anthem approved by the upper legislative chamber.

“Take note of what we have here; what we have is different from what the NOA has,” Akpabio was quoted as saying.

“Where we have Nigerians ‘all’ are proud to say, they have Nigerians all and proud to say. Also, where we have ‘though’ tribe and tongue may differ, they have ‘though tribes and tongues.

“Also, at the end, where we have ‘Nigeria shall be blessed’, they have Nigeria ‘may’ be blessed. We are using ‘shall’ which is a compulsion that this country shall be blessed. So tell the National Orientation Agency to drop what they are circulating now.”

But in a statement, Lanre Issa-Onilu, the director general of NOA, said the official version of the national anthem the agency unveiled remains the correct lyrics approved in the Act signed by the president on May 29.

“Mallam Issa-Onilu clarified inquiries from the media on the correct lyrics of the new national anthem, saying as an act of the Parliament, the NOA is duty-bound to only promote the official version,” the statement issued by Paul Odenyi, spokesperson of the agency, reads.

“Believing that the Senate President was misquoted, Mallam Issa-Onilu advised the media to always cross-check their facts before publication.

“He also advised the media to check the Act signed by the President as approved by the National Assembly to confirm the version as released by the NOA.

“The official version that we issued remains the correct lyrics. We are making an effort to standardise the instrumental and audio versions before we release it to the public.”

[TheCable]

In one respect, it was fitting that former President Goodluck Jonathan was invited to make a statement yesterday at the lecture organised by the federal government to celebrate uninterrupted democracy in a quarter of  a century.

The theme of the lecture, delivered by  a former Speaker of the House of Representatives and a former governor of Katsina state, Alhaji Aminu Bello Masari, was “25 Years of Enduring Democracy: Prospects for the Future.”

By the way, since the forum was convened to reflect on the last 25 years of the nation’s democratic journey while looking forward into the future, the participation of other political parties should have been visible. It was a huge deficit in the organisation of the event  that this was lacking. Afterall, APC has been in power cumulatively for only nine of the 25 years of steady  democracy.

The significance  of Jonathan making a statement on democratic culture should not be lost on Nigerians. Jonathan  called for an alternative to  the present   winner-takes-it-all system in order to lessen frictions. He described the prevalent game of politics in Nigeria as “zero-sum” type.  It would be a pity if Jonathan’s proposition does not generate a virile debate in the polity. For instance, how would his idea work in a presidential system?  Jonathan also urged leaders to give democracy content by improving the quality of lives of the people.

Jonathan’s attitude to power   is one of the  good stories in the last 25 years of Nigeria’s experiment with liberal democracy. His decisive  role is a huge rebuke to the comments from some cynical quarters that “there is nothing to celebrate.”

As the votes were being collated in the 2015 presidential election, Jonathan of the Peoples Democratic Party (PDP) called General  Muhammadu Buhari of the All Progressives Congress (APC) to concede defeat.  He relieved   the nation of the poltical anxiety often associated with the prolonged judicial conclusion of the electoral process.  As they say, the final counting of the votes is often done in the courtroom by the tribunal judges.

It is also remarkable that in reciprocation, Buhari has been gracious to admit that the  act of his predecessor would deepen the nation’s democratic culture. At home and abroad Jonathan has continued to receive the applause justifiably  for being a democrat. He ensured a peaceful transfer of power from one party to another one. If you think Jonathan’s action “is no big deal,” juxtapose that heroic moment in 2015  with the extremely bitter atmosphere  which enveloped the political landscape after another election. 

Beyond that, those  who take whatever  happens in the West as the standard for democratic practice may wish to compare Jonathan’s heroism with the attack on the Capitol building in Washington, United States, on January 6, 2021. In what was akin to a coup, a mob of supporters  inspired by President Donald Trump of the Republican Party descended  on the parliamentary  house  in order to disrupt the conclusion of the process of the presidential election won by Joe Biden of the Democratic Party.  Trump wanted to prevent Biden, who was legitimately elected as president, from assuming office. In fact, the Federal Bureau of Investigation (FBI) considered the incident “an act of domestic terrorism.”  In the course of the ensuing violence,  lives were lost and about 140 Capitol and Metropolitan policemen were criminally assaulted.  The damage done to the Capitol building was estimated to be $1.5 million. Meanwhile, the same Trump said the other day that  unless he wins the next presidential election, that  would be the “last”  election in the country regarded as the citadel of democracy. Trumpists  still insist  that Biden “stole” the election despite court rulings to the otherwise.

The American democracy is over 200 years old. In precise terms, some theorists consider the point when the first  American president,  George Washington,  peacefully transferred power to his successor,  John Adams,  as the “real birth” of democracy in the United States in 1793.

Except for those who suffer from incurable inferiority complex, the Jonathan 2015 moment in Nigeria’s democracy was democratically superior to the Trump abortive coup in America in 2021. While 2015 was a high point of Nigeria’s democracy, 2021 was a low point in the democratic history of America.

Another comparison could made between a brilliant episode  of Nigeria’s democracy  and the symptoms of democratic recession in another advanced country, the United Kingdom. Masari, who delivered the Democracy Day lecture, expectedly recalled the story of the failed attempt by some forces  to change the Nigerian  constitution so that the president and governors could have third terms in office. This happened towards the end  of the second term of President Olusegun Obasanjo. After the invidious plot failed, Obasanjo later made a national broadcast denying that he made a bid for a third -term. But those who were actively involved  on both sides of the third- term debate continue to tell  the stories of the highwire political manoeuvrings which took place. Masari was the Speaker of the House of Representatives while Senator Ken Nnamani was the President of the Senate. In an  alliance with some forces cutting across political parties,  the National Assembly deftly moved to  put an end to the third-term  plan. In fact, the whole exercise of constitutional review, which was the pretext for the third-term game,  was jettisoned all  together. Powerful forces  could not force the third-term provision into the constitution. On that  occasion the strength of the parliament was put to test. And the legislative  institution  rose to the occasion valiantly. 

Some years after the third-term debacle in Nigeria, the British parliament was divided on the deal to be struck by the United Kingdom with the European Union on Brexit. Prime Minister Boris Johnson wanted to have his way to quicken the process for his own  political advantage. He longed  for  a place  in history as the prime minister who “got Brexit done.” To realise his dream, all means were fair in the Brexit war.  Fearing that he might  not secure enough votes in parliament to back his position,  Johnson manipulated the process of  “prorogation” of  the parliament.  Prorogation refers to the period between the end of the parliamentary session and the commencement of a new session. In simple terms,  Johnson suspended the British parliament  so as to avoid a proper scrutiny of his Brexit deal. The Speaker of the House of Commons at the time, John Bercow, called it a “constitutional outrage.” Johnson’s act was later ruled as “unlawful”  by the court. The Liberal Party is currently  campaigning to review the Brexit deal.  Yes,  that was what  happened to the “mother of all parliaments,” as the British parliament is often admirably  called.             

So, democracy  can decay.

The  other powerful point made at  yesterday’s occasion was that of  Ambassador  Babagana Kingibe. He  asserted that the  process of democratic growth should be seen as a continuous one. He also shared his experience about the challenges of  democracy.  Kingibe was the running mate to Bahorum Moshood Abiola in the historic June 12, 1993 presidential election. It was 30 years  two days ago  that Abiola declared himself president at Ekotedo in Lagos State in what amounted to the climax of the struggle to reclaim the June 12 mandate. The election was  annulled by the military government of  President Ibrahim Babangida. The military government of General Sanni Abacha incarcerated Abiola until his death on July 7, 1998. Kingibe joined the cabinet of Abacha while Abiola was in jail.

On June 12, 2018 Buhari proclaimed Abiola the elected president and Kingibe the elected vice president based on the results of the June 12, 1993 presidential election. Abiola was posthumously awarded the highest national honour, the Grand Commander of the Federal Republic (GCFR),  while Kingibe was awarded the second highest national honour, the Grand Commander of the Order of Niger (GCON).  The point Kingibe made yesterday about  meeting the challenges of democracy  in Nigeria and making a distinction between “democracy as a system” and “governance as a process” is quite significant. Remarkably, as pointed out in the foregoing, Kingibe also made references to challenges faced by the advanced liberal democracies. He was quite on  point to advocate  that democracy should be defended at all costs  as no alternative to it could be contemplated.

Such is the role of the individual in history with all its contradictions and complexity. The journey is often full of twists and turns. 

Perhaps, Vice President   Kashim Shettima made the most vigorous point about  the role of  the individual in the struggle for democracy. He recalled again the part played by Tinubu as a leader of the struggle for the revalidation of the June 12 mandate. In his view, the verdict of history would be kind to  Tinubu.  Shettima said: “As we celebrate our past, we look to the future with clear and determined vision. Today is not just a day of remembrance, it is a call to action”

Now, the challenges of democracy are immense. They include the weaknesses  of the institutions of democracy such as the parliament, political parties, electoral body, free press, judiciary and the  civil society. 

Voter apathy is also  a serious problem. About 93 million registered to vote in 2023 and 87 million actually collected their voter’ cards. However,  less than  30% of those who registered  actually  turned out at the polling booths on the election day.  Democracy should be widely participatory. 

According to the English liberal philosopher,  John Stuart Mill, “democracy is government by discussion.” Such discussions come as public reasoning. Public reasoning is an essential ingredient needed  in deepening democracy. But the public sphere in Nigeria is too toxic to allow proper public reasoning. Incivility, prejudice  and shallowness  prevail in the media especially the so-called social media.

It’s tempting to look into the horizon and see only the cloud. That would be a wrong thing to do. It is important to seek out deliberately the silver linings in this cloud. In other words, it is only those democratic forces  who elect to have an optimistic outlook while working hard  to deepen democracy that could mobilise the people towards a future of genuine democracy and social justice.

Doubtless, it is quite useful to reflect on the past  as the nation ponders the future.

For clearly understandable reasons, not a few people are disappointed at many stops in the nation’s democratic journey.

Yet, it is important to look into the future with hope.

All told, the earnest hope is that in  another quarter of a century some of the challenges will be overcome in the course of democratic development.

Information reaching us as at 10.05 pm is that one of the coordinators of the #WeAreHungry Protests slated for tomorrow 12 June 2024 has been arrested by security agents in Lagos, following series of threats by the Department of State Services (DSS) and the Nigerian Police Force to clampdown on peaceful democracy day protest.

Around 10 pm, Comrade Sanyaolu Juwon, the National Coordinator of the TIB sent distress messages to members of the movement saying he has been arrested and taken to an unknown location. Efforts to reach him have been futile.
We are not surprised at this strategy of intimidation but the news we have for this tyrannical and ruinous Tinubu regime is that the arrest is rather too late. The veil is off and Nigerians can see through the cluelessness of this government.

We want to state categorically that the tactics of the Nigeria Security apparatus already mobilized by the Presidency, is too late. Nigerian are not deterred as they have resolved to protest against hardship and nothing shall stop them tomorrow.

We also want to advise that instead of wasting time on harassment and arrests, the Police should release him immediately as these acts of human rights violation will be heavily resisted now and beyond.

Our demands, in the midst of the wicked policies of the Tinubu regime, are that hardship must end, gruesome hunger must end, insecurity claiming lives of thousands must end, hike in fees must stop, fuel hike must end etc.

In conclusion, we again urge Nigeria’s longsuffering people not to concede to threat and intimidation. Protest is an alienable right under a democracy. We shall not relent until victory is achieved.

SIGNED
1. Speaker Bright, Coordinator, TakeitBack Movement, North West
2. Peluola Adewale, National Mobilization Officer, Joint Action Front (JAF)
3. Hassan Taiwo Soweto, National Coordinator, Education Rights Campaign
4. Comrade Ayoyinka Oni, Chairman, African Action Congress (AAC), Lagos Chapter
5. Kunle Wizeman Ajayi, National Chair, Socialist Workers League

The former Governor of Jigawa State, Sule Lamido has stated that the Nigeria Government is rich enough to afford any amount as the new national minimum wage.

Recall that Organised Labour, which initially demanded ₦494,000, later reduced its demand to ₦250,000, while the government offered ₦62,000.

Amid the ongoing negotiations, state governors had declared that they couldn’t pay the ₦62,000 proposed by the government.

Reacting to the development on Monday during an appearance on Channels Television, Lamido argued that if the government could spend ₦17 trillion for the Lagos-Calabar Coastal Highway without passing through the National Assembly, then it can afford to pay any amount as minimum wage.

He said, “Nigeria is very rich with resources and can overcome any problem and pay any amount we feel is responsible for Nigerians.

“If the government can embark on an N17 trillion project that is not in the budget, not advertised, not tendered for, or did not go through due process, it means that Nigeria got the money.

“How can a government execute a budget of N17 trillion without a budget or passing through the National Assembly, it means the money is there; there is money in Nigeria.

“If they can carry out such a project then they can pay any minimum wage.”

[NaijaNews]

President Bola Tinubu has ordered security agencies to go after attackers of citizens at Dutsin-Ma and Kankara local government areas of Katsina State, and ensure that they were brought to justice.

The President, who strongly condemned the recent spate of attacks in the areas, described the latest attacks as grisly and sinister.

Tinubu, in a statement by Presidential spokesman, Ajuri Ngelale, on Tuesday, emphasised that more will be done to secure citizens and completely degrade terrorists and other harbingers of death and sorrow in any part of the country.

He condoled with the families of the deceased, as well as the Government and people of Katsina State, and prayed for the repose of the souls of the departed.

LEADERSHIP recalls that bandits stormed the Yargoje and Kankara areas of Kankara local government area of Katsina State late June 9 and early June 10, killing about 25 residents in the sad incidents.

Residents said an unspecified number of people, including children, remained unaccounted.

The attacks followed a similar incident in the Dutsin-Ma and Safana LGAs of the state between June 4 and 6, during which at least 30 civilians were killed by yet-to-be-identified armed gangs.

[Leadership]

Suspected Boko Haram insurgents have abducted passengers along Maiduguri/Kano highway.

Sources told Daily Trust that the insurgents struck between Garin Kuturu and Mannanari village near Auno, which is along Damaturu highway at about 5:50:pm on Monday.

They reportedly blocked the highway before forcefully taking away some passengers.

The incident left hundreds of travelers and commuters stranded on both ends of the ever-busy road.

They had to return to Benishek and Auno respectively.

“There was an incident between Mannanari and Garin Kuturu where some Boko Haram fighters came out to block the upcoming vehicles and some passengers were abducted.”

“We are not sure of the number as we speak but certainly there was an abduction on Monday evening.”

Residents narrated how many commercial drivers took refuge in their community momentarily when the insurgents were operating between Garin Kuturu and Mannanari villages.

“They came out with three wheelbarrow and I believe they were looking for food stuff. We don’t know how many people abducted but some commercial drivers came back and later returned to Maiduguri before reinforcement of military arrived.”

A passenger, who craved anonymity, said he alongside others were stranded for hours.

“We were heading for Kano from Maiduguri when the driver got hinted about the attack and took a detour,” he told Daily Trust.

“We have been waiting for the military to clear the road but we don’t know when. We are stranded here.”

[DailyTrust]

A former Central Bank of Nigeria, CBN, Director of Currency Operations, Ahmed Umar, has disclosed that the immediate past governor, Godwin Emefiele, printed his own design of the naira.

Umar disclosed this while giving evidence at the Federal Capital Territory, FCT, High Court sitting in Maitama.

The former CBN director said the features in the design approved by former President Muhammadu Buhari was different from the one Emefiele ordered to be printed.

Umar said, “The design approved by the President had a QR code, which the currency in circulation does not. The positioning of the portrait was on the right side, that printed by the CBN was on the left and the number scheme approved by the President is different from what the CBN produced.”

The Economic and Financial Crimes Commission, EFCC, had on May 15, arraigned Emefiele on a four count charge before Justice Maryanne Anenih of the FCT High Court.

Emefiele however denied the charge and was admitted to bail in the sum of N300 million.

[DailyPost]