₦airaland Forum

AmazingGenius:
World War I was a time of great military advancement. New to the battlefield were impressive inventions such as armored tanks, machine guns, airplanes, submarines and field telephones.

But the armies of WWI weren’t entirely modernized–they still found utility in the old way of doing things. Perhaps the clearest example of this comes from the story of “Cher Ami,” the legendary messenger pigeon that changed the fortunes of an entire American battalion by delivering the famous message:

“We are along the road parallel to 276.4. Our own artillery is dropping a barrage directly on us. For heavens sake stop it.”

How Cher Ami Saved The ‘Lost Battalion’

Cher Ami was a male homing pigeon born in the spring of 1918 in Norfolk, England. He was one of 600 English-bred messenger pigeons donated to America’s Signal Pigeon Corps—a unit of the U.S Army charged with training and deploying homing pigeons for communication and reconnaissance purposes.

In September of 1918, Cher Ami was among 60 pigeons assigned to support communication efforts of the U.S.’ 77th Infantry Division who were fighting the Germans in the Argonne Forest of northeastern France.

Fate was not kind to the Division—in October, 1918, more than 550 men found themselves trapped behind enemy lines without food or ammunition. The Division’s leader, Major Charles Whittlesey, attempted to send runners to alert allied forces of their desperate position, but they were consistently intercepted by the surrounding Germans. Because allies were unaware of their position behind enemy lines, the Division faced attacks from the Germans as well as an increasing onslaught of friendly fire.

Whittlesey also attempted to alert allies of their position via homing pigeons. One pigeon, carrying the message “Many wounded. We cannot evacuate.” was shot down by the Germans. Other pigeons were stymied in their attempt to sound the alarm.

Cher Ami, however, managed to make it through—though not without taking his licks (the pigeon was shot in the chest and the leg, and lost an eye). One hundred and ninety-four infantrymen were saved due to the instinctual acts of Cher Ami.

Cher Ami was treated as a hero and Army medics worked to save his life. Unfortunately, his wounds were too grave and he died less than a year later in Fort Monmouth, New Jersey. His stuffed body is on display at the Smithsonian Institute in Washington D.C.

DNA Analysis Of History’s Most Famous Pigeon

A hundred years later, in 2021, researchers at the National Museum of Natural History and Smithsonian National Zoo used modern DNA analysis to learn more about the famous war pigeon.

Taking tissue samples from the stub of Cher Ami’s right leg (which had been amputated due to German fire) and the underside of Cher Ami’s left rear toe pad, the researchers were able to determine that the bird was indeed a male, as had been theorized.

Honoring Cher Ami

Cher Ami received the Croix de Guerre Medal for his bravery in carrying crucial messages during his time in service. In 1931, he was inducted into the Racing Pigeon Hall of Fame and, in November 2019, he was posthumously honored with the Animals in War and Peace Medal of Bravery at a ceremony on Capitol Hill in Washington, D.C., becoming one of its first recipients.

In 1921, Washington D.C-based poet Margaret Shanks produced the following poem honoring Cher Ami:

“T’was only a homing pigeon, but he did his duty well. Flashing back and forth the message through a fire of shot and shell.

Maimed and torn, he carried onward. For a glorious cause must win. And it needed brave Cher Ami, flying straight through thick and thin.

Gently lay him ‘neath the banner of the land he died to save. Comrades may our Heart-strings quicken o’er a patriot pigeon’s grave.”

Source: https://www.forbes.com/sites/scotttravers/2025/01/04/a-biologist-tells-the-story-of-cher-ami-the-worlds-most-famous-war-pigeon/

With Mele Kyari set to turn 60 on January 8, 2025, questions are being asked as to whether the current CEO of the Nigerian National Petroleum Company (NNPC) will step down as mandated by public service rules or leverage a loophole in the Petroleum Industry Act (PIA) to retain his position at the helm of Africa’s largest oil company.

Appointed by the then President Muhammadu Buhari in July 2019, Kyari’s position was secured with a five-year mandate.

His tenure as CEO has been the longest in the company’s history since the country’s return to democracy in 1999.

Only two former top executives, Funsho Kupolokun (2003- 2007) and Augustine Oniwon ( 2010-2012), have held the position for extended periods.

Public Service Rule vs. Corporate Status

However, Kyari’s tenure has sparked debates due to a combination of factors, including the recent restructuring of the NNPC and a potential leadership vacuum.

The oil company was restructured in 2021 into a limited liability company under the PIA, aligning NNPC with the Companies and Allied Matters Act (CAMA), which imposes no age or tenure limits on its management.

This restructuring gave Kyari, appointed in 2019, an argument for a fresh five-year term starting from 2021, stretching until 2027, in compliance with Section 59 (2) of the Petroleum Industry Act 2021 which states that, “The composition of the Board of the NNPC Limited shall be determined in accordance with the Companies and Allied Matters Act and its Articles of Association.”

Adewale Adebayo, a Lagos-based energy lawyer, said: “The PIA was designed to introduce greater autonomy for the NNPC. By continuing to allow political appointees to hold executive positions, it undermines the very essence of the reforms the Act was meant to implement.”

Emeka Nwosu, an energy consultant, suggested that there are valid concerns about accountability within the corporation. “While Kyari has overseen some successful projects, there are still unanswered questions about the transparency of NNPC’s dealings, particularly with the security of pipelines in the Niger Delta.”

Kyari’s potential successor is already a subject of fierce discussion, with prominent figures positioning themselves for the role.

Emergence of Ojulari

Multiple sources suggest that Tinubu may be considering Bayo Ojulari, a former managing director of Shell Nigeria Exploration and Production Company (SNEPCO), as Kyari’s successor.

Ojulari, who played a key role in the $2.3 billion purchase of Shell’s onshore assets in Nigeria, is regarded as a leading figure in the oil and gas industry with over 33 years of experience.

The Emergence of Musa Kida as Alternative

In response to the growing clamour from the North, a new contender has emerged: Ahmadu Musa Kida, a former executive of TotalEnergies and a highly respected figure in the oil industry.

Kida, who hails from Borno State in North-East Nigeria, has spent 35 years in the energy sector and holds a postgraduate diploma in petroleum engineering. Kida’s supporters argue that his appointment could offer a compromise solution, appeasing northern stakeholders while also positioning NNPC for continued growth.

Kida’s candidacy has reportedly gained traction, especially following his backing by influential figures such as Gilbert Chagoury, a close associate of President Tinubu. The backing of such influential personalities and Kida’s strong ties to the international oil community may make him a formidable candidate for the role.

Critics’ Argument

However, the possible appointment of Ojulari has sparked controversy, particularly among some northern factions.

Critics argue that the president’s decision to favour Ojulari could deepen concerns over the perceived lopsided distribution of key government appointments, which have increasingly favoured a certain ethnic group.

Recently, Farooq Kperogi, a United States-based Nigerian professor of journalism, called out Tinubu’s relentless Yoruba-centric take-over of the NNPC.

Kperogi, in an article titled, ‘Tinubu’s Buharisation of the NNPC,’ accused President Tinubu of appointing Yoruba people to key positions at the NNPC.

Also, Nasir El-Rufai, the immediate past Governor of Kaduna State, in a post on X, said two wrongs do not make a right, a statement that is believed to be referring to Buhari’s bias for northerners in his appointments.

The former Kaduna governor, however, advocated for sensible inclusion over what he described as ‘arrogant exclusion.’

The post read, “DECEMBER MESSAGE: Two wrongs do not make a right. Sensible inclusion always trumps arrogant exclusion!!.”

In response to Kperogi’s article, Olufemi Soneye, chief corporate communications officer of the NNPC, addressed what he described as ‘misconceptions’ about the company’s operational and leadership structures.

“The NNPC prides itself on being a professional organisation with a diverse leadership lineup that includes individuals from various parts of the world, not just Nigeria. The presence of qualified foreigners in the employ of the NNPC, who have been bolstering the value chain of production and distribution of allied products, is verifiable,” he said.

The spokesperson accused Kperogi of promoting divisive narratives and misrepresenting the NNPC’s achievements and work ethics to malign President Tinubu.

“This editorial preoccupation of Kperogi is nothing but a sheer red herring, ostensibly orchestrated to detract from the President’s disciplined leadership that upholds the freedom of the NNPC as well as the company’s work ethic,” Soneye argued.

However, a follow-up question to confirm the expiration date of the tenure of the GCEO received no reply from the NNPCL’s spokesperson as at press time.

Nigeria, Africa’s leading oil producer, has crossed the 1.5 million barrels per day (bpd) threshold in crude oil production, surpassing its December 2024 quota set by the Organisation of Petroleum Exporting Countries (OPEC).

According to tanker tracking data compiled by Bloomberg, Nigeria’s output rose by 40,000 bpd to reach 1.51 million bpd, marking its highest production level in four years.

The country, which had faced challenges maintaining production, capping at 1.3 million bpd in 2023, closed the year with a significant improvement, exceeding OPEC’s quota.

Despite this achievement, Nigeria’s production still fell short of the 2024 budget projection by 500,000 barrels. This gap has compelled the nation to intensify efforts to diversify its revenue base, relying more on taxes and customs duties to bridge the deficit.

In August 2023, OPEC retained Nigeria’s production quota at 1.5 million bpd as part of its global oil price stabilisation strategy.

Further progress was reported in October when the Nigerian National Petroleum Company (NNPC) Limited disclosed achieving 1.8 million bpd. This milestone was attributed to enhanced security measures aimed at reducing oil theft and curbing pipeline vandalism.

However, the NNPC did not specify whether the 1.8 million bpd figure referred solely to crude oil or included blended and unblended condensates, which are excluded from international sales.

While Nigeria experienced a production boost in December, the overall output of OPEC members saw a notable decline, primarily due to strategic cuts by the United Arab Emirates (UAE) aimed at stabilising global oil prices, as per Bloomberg data.

The UAE scaled back its oil exports to an 18-month low, with state-owned oil company ADNOC reducing crude oil cargo allocations for select Asian customers in January and February.

Iran’s oil production fell by 40,000 barrels per day (bpd) to 3.32 million bpd in December. Despite this drop, the country’s output remains near its highest level in six years, even as potential challenges loom from the incoming U.S. administration.

Libya, however, demonstrated a strong recovery from recent political turmoil, increasing its production by 40,000 bpd to 1.23 million bpd. This marks the country’s highest production level in over a decade.

Heineken Lokpobiri, Nigeria’s Minister of State for Petroleum Resources (Oil), on Monday highlighted key achievements in the oil sector under President Bola Tinubu’s administration.

He emphasised that crude oil production has risen significantly from one million barrels per day (bpd) to 1.8 million bpd, including condensates.

Taking to his official X (formerly Twitter) account, Lokpobiri explained that upon assuming office, President Tinubu issued a directive to boost Nigeria’s crude oil production. The minister noted that this mandate served as the foundation for the ministry’s subsequent accomplishments.

Lokpobiri further stated that within the first 18 months of Tinubu’s administration, the government succeeded in attracting foreign investments and fostering peace in oil-producing communities across the Niger Delta.

Shell has awarded a major engineering, procurement, and construction (EPC) contract to China’s Offshore Oil Engineering Company (COOEC), in a significant move to bolster Nigeria’s gas production.

The agreement, finalised recently, entrusts COOEC with delivering a platform jacket and topsides for the shallow-water HI gas and condensate project in Nigeria’s Offshore Mining Licence (OML) 144.

The HI project, located 50 kilometers offshore in the Gulf of Guinea, is poised to significantly enhance Nigeria’s gas output and condensate production.

Once operational, the project is expected to deliver up to 500 million cubic feet of gas per day to the Nigeria LNG (NLNG) Train 7 facility and export approximately 70,000 barrels of condensate daily at peak production.

Strategic partnership for development

Shell’s decision to partner with the Tianjin-based COOEC follows months of meticulous planning and collaboration.

Multiple sources close to the project told upstreamonline.com that Shell finalised the deal after a series of yard inspections and technical evaluations, ensuring the contractor met the stringent standards required for the offshore development.

COOEC will oversee the construction of a wellhead and processing platform, which will be bridge-linked to an accommodation platform. These structures are vital to the project’s operations, providing the necessary infrastructure for efficient drilling, processing, and export activities.

Innovative Project Scope

The HI project represents a step forward in Shell’s strategy to expand Nigeria’s role in the global energy market. The shallow-water gas field, situated within OML 144, will involve the drilling of six non-associated gas (NAG) wells.

Once operational, gas and some condensate from these wells will be transported via a newly constructed 20-inch pipeline. This pipeline will connect to the Shell-operated Offshore Gas Gathering System (OGGS), a critical infrastructure for integrating Nigeria’s offshore gas production.

The HI project aligns with Nigeria’s broader push to develop its gas resources under the “Decade of Gas” initiative, which aims to increase domestic utilization, export capacity, and environmental sustainability by reducing reliance on more polluting fuels.

Boosting the NLNG Train 7 Facility

A key objective of the HI project is to supply gas to the Nigeria LNG Train 7 facility, which is under construction. Train 7 is expected to increase NLNG’s production capacity by 35 percent, providing a crucial boost to Nigeria’s liquefied natural gas exports. By ensuring a steady supply of feedstock gas, the HI project will support Nigeria’s ambition to remain a competitive player in the global LNG market.

In addition to bolstering exports, the project will create economic opportunities, including job creation during construction and operations. The integration of advanced technology and expertise will also provide local workers with skills and knowledge that can benefit the wider energy sector.

Environmental and Economic Impacts

The development of the HI gas field represents a significant investment in Nigeria’s energy future. By focusing on natural gas, the project aligns with global efforts to transition to cleaner energy sources. Natural gas is considered a key transition fuel, offering a lower-carbon alternative to coal and oil while providing a reliable energy supply.

Moreover, the export of condensate, a valuable byproduct of natural gas production, will enhance Nigeria’s revenue streams. At peak production, the export of 70,000 barrels of condensate daily will provide an additional boost to the nation’s economy.

Lionel Messi releases statement after failing to attend White House ceremony for rare honour.

Lionel Messi was one of 19 people to receive the special honour but was not in attendance at the White House.

Lionel Messi has responded after he failed to attend a ceremony at the White House to receive the highest honour a civilian can receive in the United States.

The eight-time Ballon d'Or winner made the move across the pond in July 2023, signing for David Beckham's Inter Miami in a game-changing transfer.

With 34 goals in 39 games, Messi has led the Herons to triumphs in both the Leagues Cup and MLS Supporters' Shield - and brought a whole of new eyes on the league with his sheer star power.

And the 37-year-old's Michael Jordan-like impact has been commemorated with an impressive accolade. The Argentina legend was one of 19 "great leaders" to receive the Presidential Medal of Freedom.

The medal is given to "individuals who have made exemplary contributions to the prosperity, values, or security of the United States, world peace, or other significant societal, public or private endeavors".

As well as his incredible career on the pitch, Messi has been acknowledged for his work in improving healthcare and education as part of his role as a UNICEF Goodwill Ambassador and his own foundation.

Other names on the list include NBA legend Earvin 'Magic' Johnson, Hillary Clinton, Denzel Washington and Michael J.Fox

Inter Miami said Messi was unable to attend due to scheduling conflicts, with the player himself sending a letter.

As per Fabrizio Romano, Messi said: "It’s a great honor to receive this recognition. I’m truly grateful for it. Unfortunately, I have a prior commitment and won’t be able to attend the ceremony at the White House on January 4. But I deeply appreciate this gesture.”

It is also noted that in the near future, Messi hopes to be able to meet in person in to receive the medal, which was placed around the neck of all members of the exclusive club by 46th US President Joe Biden on Saturday.

In 2019, Barcelona's record goalscorer Messi received the Creu de Sant Jordi (the Saint George's Cross) award in Catalonia, becoming the second footballer after Johan Cruyff to receive the honour from the Catalan government since it was created in 1981.

Akinboboz:
If them said so ,it fit be so....the rate at which people are giving birth this days even with the economy situation.....hmmm,I fear who no fear the country...but then....we want good leader's that will leads this country to the promising land.

She said yearly, Germany is short of at least 400,000 skilled workers.

German authorities have launched an online visa application portal for Nigerians and other applicants worldwide.

This was announced in a statement by Germany’s Federal Foreign Office on January 1.

“The Consular Services Portal is being launched worldwide today, 1 January 2025, enabling people around the world to submit applications for German visas online,” the statement reads.

According to the statement, 28 categories of national visas can now be applied for online by those who want to work, study, or join their families in Germany.

Germany’s Foreign Minister Annalena Baerbock described the online visa application portal as a positive development that will help the country meet its demand for skilled workers.

“Every year, Germany is short of at least 400,000 skilled workers. 400,000 clever minds and even more agile hands to keep our country running – in the skilled crafts sector, in the care sector, in tech companies. Our national economy is also in a global competition to attract trainees, apprentices, and students.

“At times like these, we cannot afford to downright put the best off coming here to roll up their sleeves because of long paper application forms and even longer waiting periods. At times like these, as one of the biggest economies and as a modern country of immigration, we need a national visa process that is state-of-the-art – modern, digital and secure,” Ms Baerbock said.

Nigeria’s Broad Money Supply (M2) soared by 51% year-on-year (YoY) to reach N108.96 trillion in November 2024, fueled by increasing domestic borrowings by the Federal Government, according to the Central Bank of Nigeria (CBN).

This increase represents a sharp rise from the ₦72.03 trillion recorded in the same period of 2023, according to the Central Bank of Nigeria (CBN)’s Money and Credit Statistics released on Monday.

M2 encompasses cash and demand deposits, savings deposits, money market deposits, and time deposits, serving as a broad measure of liquidity in the economy.

While M2 witnessed sustained growth over six consecutive months from April 2024, the trend briefly reversed in October 2024, declining by 1.5% month-on-month (MoM) to ₦107.7 trillion from ₦109.4 trillion in September. However, the supply rebounded by 1.2% in November, reaching ₦108.96 trillion.

Key Components of the Growth

The YoY surge in Broad Money Supply was driven by positive movements in its core components, highlighting a broader liquidity expansion across various financial instruments:

• Quasi Money: Savings deposits, time deposits, and other near-money assets grew marginally by 1.96% YoY, reaching N72.7 trillion in November 2024 from N71.3 trillion in November 2023.

• Demand Deposits: These increased significantly by 34.4% YoY, climbing to N31.6 trillion from ₦23.2 trillion during the same period.

• Currency Outside Banks: A sharp rise of 50.9% YoY brought this figure to ₦4.65 trillion in November 2024 from N3.08 trillion in November 2023.

• Narrow Money (M1): Reflecting an increase in cash and demand deposits, M1 expanded by 38% YoY, growing to N36.3 trillion from N26.3 trillion in November 2023.

Domestic Credit Growth

The CBN data also revealed a notable increase in credit allocation across the government and private sector:

• Credit to the Government: This rose by a staggering 54% YoY, reaching N39.6 trillion in November 2024 compared to N25.7 trillion in November 2023.

• Credit to the Private Sector: Loans and advances to the private sector increased by 27% YoY, amounting to N75.96 trillion from N59.7 trillion in November 2023.

This combined growth in domestic credit resulted in a massive 91% YoY rise in net domestic credit, which soared to ₦115.6 trillion in November 2024 from N60.5 trillion in the corresponding period of 2023.

The surge in money supply reflects increased government reliance on domestic borrowing to finance fiscal deficits, potentially fueling inflationary pressures. While the rising liquidity supports economic activities, it also stresses the need for balanced fiscal and monetary policies to sustain economic growth without exacerbating inflation.

As the Federal Government continues to grapple with fiscal challenges, experts suggest that a cautious approach is necessary to manage the liquidity expansion and its long-term impact on Nigeria’s economy.

Kamaru Usman and Burna Boy: Nigerian Nightmare teams up with African giant in Lagos.

Nigerian Nightmare Kamaru Usman teams up with African giant Burna Boy in Lagos for New Year.

Nigerian-American professional mixed martial artist Kamarudeen Usman is back in the country.

The former Ultimate Fighting Championship (UFC) title holder is in the country on vacation.

Kamaru Usman and Burna Boy team up in Lagos

Usman is in the country after his comments about a return to the UFC in 2025.

The Nigerian Nightmare has also been spotted at several mixed martial events such as the African Knockout Show.

A video has gone viral of Usman in Lagos and with several stars in the Nigerian entertainment industry.

Usman was spotted with Nigerian singer, songwriter, and record producer Damini Ebunoluwa Ogulu MFR, known professionally as Burna Boy.

In the video, Burna Boy is smoking while Usman watches on with MR P or Psquare playing a Guitar.

Usman who is a former UFC Welterweight Champion showed off his style and modelled a jersey in the viral video.

He is expected to return to action in the octagon later in the year.

AmazingGenius:
For actually the earth had no roads to begin with, but when many men pass one way, a road is made. – Lu Xun

On September 27th 2024, a remarkable event occurred quietly and largely unobserved.

The Federal Government of Nigeria achieved a noteworthy milestone with the successful conclusion of its maiden Sovereign Sukuk.

Indeed, it seemed like just yesterday when in September 2017, and with much trepidation, the oversubscribed 7-year instrument made its historic ₦100 billion debut in the capital market.

The fact that the maturity and redemption of this first FGN sukuk passed almost unnoticed indicates several positive things.

First, and most importantly, the projects were successfully completed and the sukuk holders were seamlessly paid their rentals (equivalent to coupons) and their principal at the end of the lease period. Secondly, with 6 FGN Sukuk issuances and over N1.1 trillion raised, Sukuk is no longer strange or news in this market.

This pioneering Sukuk issuance diligently steered by the Debt Management Office (DMO), became a catalyst that transformed the Nigerian Non-Interest Finance Industry and showcased how government financing could be directly linked to specific projects. This element has become a vital component of the country’s funding strategy for infrastructure.

Paving the way towards this feat was the Securities and Exchange Commission, through the establishment of the Sukuk Rules in 2013 and the Non-Interest Capital Market Master Plan in 2015.

Throughout the centuries there were men who took first steps, down new roads, armed with nothing but their own vision – Ayn Rand

The Sukuk al-Ijarah as structured by Lotus Financial Services and other advisers, funded the construction and rehabilitation of 25 critical road infrastructure across all 6 geopolitical zones in the nation. These investments vastly improved transportation networks, enhanced mobility, promoted economic activities, improved access to resources, empowered local businesses and connected previously underserved regions, further stimulating economic activity.

Due to increased safety, significant reduction in travel time and transportation costs, trade and commerce were enhanced, particularly in sectors like agriculture and manufacturing that largely depend on the road network to facilitate the movement of goods.

The positive impact of this game changing Sukuk issuance, extended to the Non-Interest Financial Institutions including Banks, Fund Managers, Takaful (Non-Interest Insurance) companies and Pension Fund Managers, who had long endured a stifling operating environment due to the paucity of ethical liquidity management instruments. These institutions can now manage their balance sheets more efficiently, achieve some treasury requirements and innovate a new range of financial products.

Over the last 7 years, the Nigerian Non-Interest Finance Industry has blossomed with the number of institutions increasing to 4 Non-Interest Banks, 4 Asset Managers, 5 Takaful companies and 15 registered mutual funds.

Similarly delighted to be included with the landmark Sovereign Sukuk were the investors who had been previously excluded from participating in the debt capital markets due to the lack of non-interest instruments. Indeed, many Sukuk subscribers were pleased to invest in a national instrument for the first time, even though they had been eligible for decades.

The overwhelming success of the initial Sukuk demonstrated the strong market appetite for non-interest finance instruments in Nigeria. This laid a solid foundation for future issuances and became a key instrument for infrastructure financing. Since the first ₦100 billion issuance in 2017, the Federal Government has subsequently offered 5 highly over-subscribed Sovereign Sukuk, raising an additional sum of ₦992billion from the capital market. These funds were channeled towards essential road infrastructure across the country, demonstrating the increasing role of ethical finance in addressing Nigeria’s infrastructure deficit.

The expectation is that the Federal Government (through the Debt Management Office) would continue to utilize inclusive financing mechanisms with a calendar of consistent annual Sukuk issuances; and innovate further by expanding its offering to include short-term Sukuk, as well as the much-touted dollar denominated Sukuk.

State and Local Governments as well as corporates are also encouraged to follow suit. Sukuk for infrastructure development has proven successful, and financial inclusion can only expand and develop the addressable market.

As the year 2024 draws to a close and we reflect on what has passed, we who were there seven years ago and played a part in the maiden FGN Sukuk issued in September 2017, would be remiss if we did not note the successful conclusion of this Sukuk, commend the bravery of those that trod the unbeaten path, those that have followed, and declare our gratitude that a Sukuk road was made!

When we invest in roads and bridges, we are investing in our people and our future- Kay Ivey.

Source: https://nairametrics.com/2024/12/30/nigerias-first-sovereign-sukuk-a-road-is-made/

Nigeria’s foreign reserves hit a three-year high of $40.2 billion in 2024, but the naira saw instability for much of the year, with the Central Bank of Nigeria (CBN) tweaking policies to stabilise the foreign exchange (FX) market.

These were some of the highlights of 2024, which challenged Governor Yemi Cardoso to introduce policies, including the Electronic Foreign Exchange Matching System (EFEMS), to stabilise the FX market.

Monetary policy tightening

Escalating inflation driven by currency depreciation and rising food prices pushed an aggressive monetary tightening by the CBN, including interest rate hikes totaling 875 basis points throughout 2024, and a raise in Cash Reserve Ratio of 50 percent.

These measures aimed to tighten liquidity and curb inflationary pressures but they raised concerns about the potential negative impacts of inflation on economic growth and domestic investment.

Inflation peaked at a record 34.6 percent in November, and according to experts, including the International Monetary fund and CBN governor, Yemi Cardoso, this indicates that relying on monetary policy alone is not really enough, even though it has helped in moderating pace of increase.

“The measures implemented to curb inflation, coupled with foreign exchange market reforms, are bolstering Nigeria’s economic growth,” Cardoso said.

“But the case for economic diversification has never been more urgent – reliance on a single sector is simply unsustainable,” Cardoso told bankers at their annual dinner late November.

Foreign exchange market reforms

The CBN streamlined the foreign exchange (FX) market into a single framework, promoting a “willing buyer, willing seller” model, aimed to curb arbitrage, improve transparency, enhance liquidity and reduce market distortions. Its periodic interventions also reduced exchange rate volatility, leading to a calmer market in the latter half of the year
It also took significant steps to clear a $7 billion backlog of valid foreign exchange (FX) forwards, which equally helped to stabilise the exchange rate and boost market confidence.

Those efforts saw average daily turnover in the autonomous FX market increase by 226 percent in the first half of the year, as against same period in 2023. Foreign portfolio inflows rose by over 72 percent within the period, while foreign exchange reserves rose from $32 billion in May 2023 to over $40 billion today, the highest level in nearly three years.

Just recently, the CBN announced the introduction of EFEMS, an electronic FX matching system to further enhance transparency, curb speculation and market distortions, restore confidence, and attract new investments.

The CBN further directed BDCs to integrate their IT systems with its own infrastructure, promoting transparency and better regulatory monitoring, alongside some new corporate governance requirements.

Bank licensing and expansion

In 2024, the CBN approved one bank as a non-operating financial holding company, while another transitioned from a merchant to a national commercial bank. Two banks received Approvals In Principle (AIP) for regional commercial licenses, and one for regional non-interest banking. In the microfinance sector, it licenced 16 new banks and re-licensed 53 of them whose licences were previously revoked. Also, five new approvals were given to finance companies for operations.

Banks’ recapitalisation

Cardoso had hinted late 2023 of a possible bank recapitalization to raise their minimum capital requirements. This was later announced, with March 31, 2026, set as a deadline. The directive, Cardoso said, was to strengthen their resilience and capacity for risk-taking and further stabilise the financial system. It would also enable sufficient bank capital to service the $1 trillion economy by 2030 as proposed by President Tinubu. In 2024, many banks deployed different strategies, including equity issuance and license adjustments to shore up their capital.

“I am pleased to note that a significant number of banks have raised the required capital through right issues and public offerings well ahead of the 2026 deadline,” Cardoso disclosed in November.

Meanwhile, Nigerian banks continued on a resilient path, with the non-performing loan ratio remaining within the 5 percent prudential benchmark, as their liquidity ratio exceeded the 30 percent benchmark, ensuring adequate cash flow in the system.

Market conduct and Transparency

To improve financial system resilience, the CBN prohibited banks from distributing unearned income, including foreign currency revaluation gains, for the financial year ending December 31, 2023. A letter dated March 14, 2024, emphasised the need for banks to exercise prudence and set aside these gains as a counter-cyclical buffer to mitigate potential adverse movements in the foreign exchange rate, while also ensuring that investors receive a clear picture of bank performance.

The CBN also introduced guidelines to improve the management of dormant accounts, unclaimed balances, and other financial assets in July 2024. This was aimed to identify and reunite them with their owners, hold these funds in trust for them, standardise management practices, while establishing procedures for reclaiming warehoused funds.

Suspension of Processing Fees on Cash Deposits

Effective May 6, 2024, the CBN suspended processing fees on cash deposits exceeding N500,000 for individuals and N3,000,000 for corporates until September 30, 2024.

Additionally, a three-month waiver (from January 15 to April 15, 2024) was granted to DMBs for depositing lower denominations (N50 and below) with the CBN at no processing cost. This initiative was targeted at encouraging cash deposits, strengthening financial intermediation, and aiding in the effective transmission of monetary policy.

Naira Instability

In spite of these achievements, the naira was mostly unstable this year, closing the year at N1538/$ on December 30.

Though the naira has seen some stability recently, it was once adjudged one of the worst-performing currencies in the world. It has lost over 70 percent of its value in about one year.

Out of seven surveyed sectors in the Nigerian Exchange Group, two reported foreign exchange gains while five reported losses, as naira devaluation in Africa’s fourth-biggest economy impacted companies, according to an analysis by BusinessDay.

The most significant impact was on companies with dollar-denominated loans, with those with substantial dollar reserves reporting increases in earnings.

Banks top the list of companies that benefited from the naira devaluation, though they reported a 43.9 percent decline in their FX gains amounting to N327.5 billion in the nine months of 2024. They are followed by the conglomerates sector that reported a significant rise in FX gains.

However, some companies, especially fast-moving consumer goods (FMCG) businesses, which rely heavily on imported goods and services to support their production processes, have been badly affected. Other sectors like telecommunication, healthcare, cement makers, and brewing industries saw strong declines in their foreign exchange earnings as caused by naira weakness.

“Nigeria’s dependence on volatile oil prices makes it difficult to predict the future trajectory of the foreign exchange market. The value of the naira will be determined by the balance between the inflow of foreign exchange into the country,” a Lagos-based analyst said.

Nigerian businesses across various sectors rely heavily on imported goods and services to support their production processes. This dependence on imports often exposes them to the risks of foreign exchange fluctuations, particularly when the local currency weakens.

Companies heavily reliant on imported raw materials or components have found themselves bearing the brunt of the FX strains, with their bottom lines taking a significant hit.

“Various firms that rely on imported raw materials had more exposure to foreign exchange, leading to a spike in foreign exchange loss,” Mustapha Umaru, an equity research analyst at CSL Stockbrokers Limited, said.

During its most recent Monetary Policy Committee (MPC) meeting in November, the central bank implemented a 25 basis-point rate hike, raising the monetary policy rate to 25.70 percent.

Despite these efforts, headline inflation climbed for the third consecutive month, reaching 34.60 percent in November, up from 33.88 percent in October, according to the National Bureau of Statistics.

The naira has maintained relative stability in the foreign exchange market, bolstered by inflows from the Nigerian diaspora returning home for Christmas, proceeds from a recent Eurobond issuance, and enhanced market transparency introduced by the CBN.

These factors have contributed to improved liquidity and confidence in the foreign exchange market, with the naira trading within a range of N1,660 to N1,525 per dollar in the official market and remaining stable at around N1,660 in the parallel market.

The naira, on Thursday, December 27th appreciated against the dollar, gaining N5 to close at N1,650/$ at the Nigerian Foreign Exchange Market (NFEM).

The unrelenting volatility of the naira against major global currencies has thrown companies into a state of uncertainty, making it difficult to plan effectively and secure sustainable growth.

Business activities in Nigeria have fallen for the fifth consecutive month in November as inflationary pressures remain elevated.

The latest monthly PMI by Stanbic IBTC Bank showed the headline index declined to 49.6 in November from 46.9 in October, attributing the sustained decline to persistent inflation and muted demand conditions, which have dampened business activity in the private sector.

“The inflationary environment and muted demand conditions meant that business activity continued to fall, the fifth month running in which that has been the case,” the report noted.

Banks

Five banks out of eight surveyed recorded a cumulative unrealised FX gain of N327.5 billion in nine months of 2024, down from N527.5 billion in the same period of 2023.

Access Holdings Plc reported an FX gain of N84.4 billion compared to N50.7 billion in the corresponding period of 2023. Its profit after tax stood at N457.1 billion from N250.4 billion in the same period of 2023.

United Bank of Africa recorded the highest FX gain of N182.4 billion in the nine months of 2024 from N450.3 billion in 2023. Its profit after tax rose to N525.3 billion from N449.2 billion.

Fidelity Bank recorded N8.96 billion gain in 2024 from N24.9 billion in 2023. Its profit after tax increased to N224.6 billion from N91.7 billion.

FCMB Group recorded N37.8 billion from N54.8 billion. Its profit after tax increased to N82.3 billion from N49.1 billion.

Wema Bank recorded N14.2 billion as FX gain as against N3.95 billion a year earlier. Its profit after tax increased to N52.7 billion from N19.24 billion.

However, FBN Holdings, Zenith Bank, and GTCO reported FX losses amounting to N264.3 billion, N1.7 billion, and N1.74 billion, respectively.

Conglomerate

The conglomerate sector took second in the sectors that reported the highest FX gain in the nine months of 2024 amounting to N37.5 billion from N5.72 billion in the same period of 2023.

Custodian Investment Plc one of the listed conglomerates on NGX top the list with an FX gain of N23.9 billion from N8.6 billion. Its after-tax profit rose to N44.6 billion from N11.7 billion.

Followed by UAC Nigeria Plc reporting N10.1 billion in its FX gain as against N3.21 billion. Its after-tax profit rose to N13.6 billion from N8.7 billion.

Transnational Corporation Plc reported N3.5 billion in its FX gain compared to an FX loss of N6.09 billion. Its profit after tax rose to N75.9 billion from N22.7 billion.

Healthcare

Three drugmakers saw their combined FX loss marginally rise to N5.6 billion in the nine months of 2024 as compared to N5 billion in the same period of 2023.

Fidson Healthcare recorded the highest FX loss of N5.41 billion, followed by May and Baker (N192 million). However, Neimeth International didn’t report any amount to FX.

Neimeth recorded a turnaround in profit amounting to N311 million from a loss after tax of N572.2 million. Fidson’s profit after tax fell to N3.4 billion as compared to N3.57 billion and May and Baker with N1.88 billion from N711 million.

Consumer Goods

Five out of six listed FMCG firms recorded FX losses in the first nine months of this year, compared to three in the same period of last year.

Nestle recorded the highest exchange loss of N285.2 billion in the first nine months of 2024 from a loss of N127.5 billion. It recorded a loss after tax of N184.2 billion from a loss of N43.1 billion.

Dangote Sugar recorded an FX loss of N224 billion, in its unrealised FX loss, with no value reported in the corresponding period of 2023. The sugar maker recorded a loss after tax of N184 billion as compared to a loss of N27.0 billion.

NASCON Allied Industries recorded N1.8 billion as an FX loss, up from N69 million. Its profit after tax fell to N8.95 billion from N11.01 billion.

BUA Foods recorded an FX loss of N87.9 billion from N33.28 billion. Its profit increased to N201.3 billion from N105.62 billion.

Cadbury Nigeria recorded an FX loss of N3.86 billion against N20.7 billion reported last year. It posted a loss of N11.8 billion from N10.2 billion.

Unilever Nigeria however recorded an FX gain of N5.14 billion from N2.92 billion last year. It made a profit after tax of N11 billion from N1.67 billion.

Brewers

Nigerian Breweries and Champion Breweries reported an FX loss of N161 billion as compared to N63.3 billion during the period.

However, Champion Breweries reported a gain of N3.84 billion from an FX loss of N39.9 billion.

International Breweries’ after-tax loss rose to N112,8 billion from N28.5 billion, Nigerian Brewery’s after-tax loss rose to N149.5 billion from N57.1 billion and Champion Breweries reported an after-tax profit of N21.4 billion from a loss of N77 billion.

Cement makers

Cement makers collectively recorded N300 billion in their foreign exchange loss from N135.4 billion.

Dangote Cement recorded the highest FX loss of N221.5 billion from N99 billion, followed by BUA Cement (N57 billion) and Lafarge Africa (N20.5 billion).

Dangote Cement recorded N279 billion as its profit after tax, up from N277.6 billion. BUA Cement recorded N48.9 billion as its profit after tax, down from N76.1 billion.

Lafarge Africa recorded N57.2 billion as its profit after tax, down from N39.3 billion.

Telecommunications

MTN Nigeria recorded an FX loss of N904.9 billion. During the period it reported an after-tax loss of N514 billion.

Tariff review: Telecom operators threaten to shut down services in some parts of Nigeria

Telecommunications operators in Nigeria have threatened to shut down their services in some parts of the country next year if their demand for tariff review is not considered by the Nigerian Communications Commission (NCC).

The operators under the aegis of the Association of Licensed Telecommunications Operators of Nigeria (ALTON) stated this in a statement signed by its Chairman, Engr. Gbenga Adebayo, issued on Monday.

According to Adebayo, the survival of the telecom sector demands immediate and bold reform for its sustainability, adding that tariffs must be reviewed to reflect the economic realities of delivering telecom services at a minimum for industry sustainability.

“If nothing is done, we might begin to see in the new year grim consequences unfolding, such as Service Shedding; operators may not be able to provide services in some areas and at some times of the day leaving millions disconnected, there will be significant economic Fallout, because businesses will suffer from a lack of connectivity, stalling growth and innovation.

“There will also be National Economic Disruption where Key sectors like security, commerce, healthcare, and education which rely heavily on telecom infrastructure, will face serious disruptions,” Adebayo said.

Telecom industry is under heavy burden.

Emphasizing that without the tariff review, operators cannot continue to guarantee service availability, the ALTON Chairman said though the challenges being faced by the telcos are not new, they have become more acute and more threatening with this passing year.

• He noted that rising operational costs, skyrocketing energy costs, the relentless pressure of inflation, and volatile exchange rates, amongst others, have all placed an unsustainable burden on network operators.

• Adebayo added that despite these mounting pressures, tariffs have remained stagnant, leaving operators trapped in a financial quagmire.

• According to him, the resources needed to maintain, expand, and modernize telecom networks are no longer available and without intervention, “the future of this sector is at grave risk.”

Keeping the sector afloat

The ALTON Chairman noted that stakeholders have done their best over the years to sustain the sector by upholding the values and importance of telecommunications in society.

“However, let me be clear: our work is far from over. It is not enough to have kept the sector afloat; we must now focus on securing its future. The sustainability challenges we face today are not just a passing storm—they are a clarion call for decisive action to ensure that this industry thrives for generations to come.

“Despite the dire warnings, we still believe that a better 2025 is possible—but only if we act now. Let this be the moment when we come together, acknowledge the urgency of the situation, and commit to saving this sector,” he said.

Backstory

Due to the increasing costs, telecom operators in Nigeria have since last year been clamouring for an increase in tariffs.

In a joint statement by the Association of Licensed Telecom Operators of Nigeria (ALTON) and The Association of Telecommunication Companies of Nigeria (ATCON), the operators said the telecom industry is the only industry that has not reviewed its prices despite the rising inflation in the country and other economic realities that warrant increment.

• They blamed this on the regulatory restraints that have been preventing them from pricing appropriately.

• The Nigerian Communications Commission (NCC) regulates prices in the telecom industry and telecom operators are not allowed to implement any price change without the regulator’s approval.

• The regulator has said a cost-based study is being conducted to determine if it would approve price increments for the operators.

The Niger Delta Development Commission (NDDC) has announced a N30 billion fund aimed at fostering young entrepreneurship in the Niger Delta region.

In a statement released on Saturday, the NDDC revealed that the funds will be channeled through the Niger Delta Chamber of Commerce, Industry, Trade, Mines, and Agriculture (NDCCITMA) to support the growth and development of young entrepreneurs in the region.

NDDC Managing Director, Dr. Samuel Ogbuku, disclosed this during a recent interview.

He emphasized the Commission’s dedication to empowering youths through economic initiatives, including training and support for Small and Medium Enterprises (SMEs).

Supporting Genuine Businesses

• Dr. Ogbuku underscored the importance of verifying and documenting support for genuine businesses, noting that while the government cannot employ everyone, it is committed to creating an enabling environment for entrepreneurship.

• He also spoke about the NDDC Youth Internship Scheme, which aims to provide practical skills by connecting youths with organisations for on-the-job training.

“The consultant managing the application process is working to streamline entries and ensure a coordinated launch of the various skill areas by January 2025,” the statement added.

According to the NDDC, successful applicants will be notified soon.

The initiative said to be is designed to foster economic growth and peace in the Niger Delta by engaging youths in meaningful ventures and promoting entrepreneurship through structured support from NDCCITMA.

What You Should Know

The NDDC was established by the Federal Government in 2000 to drive development in the South-South region of the country.

One of its core mandates is youth training and empowerment.

• The Commission has implemented various empowerment programs over the years.

• For instance, in April 2024, the NDDC announced its Foreign Postgraduate Scholarship Programme for applicants from the Niger Delta region for the 2024/2025 academic session.

• In a statement published on its website, the NDDC explained that the scholarship aims to boost human resource development in the Niger Delta. It noted that the program is designed to “equip young people with relevant training and skills for effective participation in the Federal Government’s local content programme, as well as enable them to specialise in their fields of study and compete globally in various professional disciplines.”

• The scheme targets qualified applicants with Bachelor’s Degrees from recognised universities in professional fields such as Agricultural Science, Engineering, Environmental Science, Geosciences, Information Technology, Medical Sciences, and Law.

• In May 2024, the NDDC announced plans to inaugurate 92 infrastructure projects valued at over N84 billion across five states within two weeks.

This was disclosed by the Commission’s Director of Corporate Affairs, Mr. Pius Ughakpoteni, in a statement issued in Akwa Ibom State.

According to Mr. Ughakpoteni, the Commission is equipped with an innovative and results-oriented roadmap to ensure the holistic and sustainable development of the Niger Delta, transforming it into a region of economic prosperity.

Africa’s wealthiest are shaping not only their industries but also the continent’s economic and cultural landscape, showing that success on the global stage can emerge from the uniquely African blend of resilience, ambition, and innovation.

From telecommunications to diamonds, and retail empires to luxury goods, these billionaires, listed by Forbes, offer a snapshot of Africa’s economic diversity and potential.

Here’s a closer look at the top 20 billionaires in Africa, exploring the industries they lead, their lifestyle choices, and the journeys that brought them to the pinnacle of wealth. Below are the rankings:

1. Aliko Dangote — Nigeria ($15.6 billion)

As Africa’s richest man for over a decade, Aliko Dangote’s business empire spans cement, sugar, and flour production, transforming Nigeria’s industrial landscape.

Starting as a commodity trader, Dangote now leads a conglomerate that is pushing boundaries with projects like the Dangote Refinery, set to reshape Nigeria’s oil industry.

2. Johann Rupert — South Africa ($10.7 billion)

Rupert heads Compagnie Financière Richemont, which owns luxury brands like Cartier and Montblanc.

Though his lifestyle remains understated, his company reflects the taste for high-end elegance and quality. Rupert’s journey began with his father’s tobacco business, which he successfully diversified into a luxury powerhouse.

3. Nicky Oppenheimer — South Africa ($8.4 billion)

Heir to the De Beers diamond empire, Nicky Oppenheimer made headlines in 2012 by selling the family’s 40 per cent stake in the company for $5.1 billion.

Known for his passion for conservation, he has since focused on philanthropy and environmental efforts across Africa.

4. Abdulsamad Rabiu — Nigeria ($8.1 billion)

Founder of BUA Group, Rabiu has grown his family business into one of Nigeria’s largest manufacturing companies.

Despite his considerable wealth, Rabiu maintains a modest lifestyle, and his business model emphasizes sustainable growth in Nigeria’s complex economy.

5. Nassef Sawiris — Egypt ($7.2 billion)

One of Egypt’s most influential investors, Nassef Sawiris manages Orascom Construction and holds a major stake in Adidas. Despite his fortune, Sawiris keeps a low profile, allowing his work in construction and chemicals to speak volumes.

6. Mike Adenuga — Nigeria ($6.1 billion)

Adenuga’s entrepreneurial journey spans oil and telecommunications with his companies Globacom and Conoil. Known for his luxurious lifestyle, Adenuga’s success in Nigeria’s telecom and energy sectors makes him one of the continent’s most recognized business magnates.

7. Issad Rebrab — Algeria ($5.1 billion)

Rebrab’s company, Cevital, is Algeria’s largest privately held conglomerate and one of the world’s largest sugar refineries. His journey from humble beginnings to becoming a top food industry mogul underscores the transformative power of entrepreneurship.

8. Naguib Sawiris — Egypt ($3.3 billion)

With a strong footprint in telecom, Naguib Sawiris diversified into media and political ventures after selling Orascom Telecom to Russia’s VimpelCom. Known for his lively personality, he continues to invest in ventures across Africa and the Middle East.

9. Patrice Motsepe — South Africa ($2.9 billion)

As Africa’s first Black billionaire, Motsepe’s mining company, African Rainbow Minerals, has seen immense success. He has pledged to give away half his wealth to philanthropic causes, underscoring his commitment to social impact.

10. Koos Bekker — South Africa ($2.5 billion)

Bekker transformed Naspers into a global media and tech giant, notably through an early investment in Tencent. Known for his simple lifestyle, his strategic vision has made Naspers a leader in digital innovation.

11. Mohamed Mansour — Egypt ($2.5 billion)

Overseeing the Mansour Group, a major automotive and retail conglomerate, Mansour is a key player in Africa’s consumer markets. His reserved lifestyle contrasts with the family’s widespread business influence.

12. Strive Masiyiwa — Zimbabwe ($1.9 billion)

Founder of Econet, Masiyiwa is a telecom giant and a leading voice in African entrepreneurship. Known for his philanthropy and resilience, Masiyiwa’s journey exemplifies overcoming challenges to achieve continental reach.

13. Mohammed Dewji — Tanzania ($1.5 billion)

CEO of MeTL Group, Dewji has grown a small trading business into Tanzania’s largest conglomerate. Known for his philanthropy, he is Africa’s youngest billionaire, reflecting the new generation of African business leaders.

14. Prateek Suri — Africa ($1.4 billion)

Net Worth: $1.4 billion Sector: Technology, Investments, Diversified

Sector: Consumer Electronics, Investment, Manufacturing

Prateek Suri, founder of Maser Group and MDR Investments popularly known as technology tiger of Africa, made his fortune in the consumer electronics and tech space after valuation crossing $5bn after acquired by SCG, focusing on frontier technologies and large-cap ventures in Africa mining and infrastructure, shipping and AI and the GCC region. Known for his high-energy lifestyle, Suri’s journey highlights innovation in manufacturing and technology, with an eye on transforming Africa’s tech landscape. Suri is Africa’s youngest billionaire with net worth $1.4bn

15. Youssef Mansour — Egypt ($1.1 billion)

Youssef Mansour, a member of the wealthy Mansour family, is a significant player in the African retail space, running Egypt’s largest supermarket chain. He remains low-key while expanding his family’s retail empire.

16. Othman Benjelloun — Morocco ($1.1 billion)

Benjelloun’s BMCE Bank is a cornerstone of North Africa’s finance sector. Known for his classic lifestyle, he has established a banking network with influence across the region.

Others are Michiel Le Roux from South Africa, valued at $1 billion. His Capitec Bank revolutionized South African retail banking by prioritizing accessibility. His relatively simple lifestyle reflects his goal of banking for the people, helping bridge economic divides.

Christoffel Wiese also from South Africa is valued at $1 billion. He is credited for building the Shoprite brand into Africa’s largest retail chain. Though he’s experienced setbacks, Wiese’s retail acumen has solidified his influence on the continent’s shopping sector.

Tanzania’s Youssef Dewji and his Moroccan counterpart Aziz Akhannouch are close to the top 20 list of wealthiest individuals in the continent. They are each valued at $900 with massive investments in manufacturing and oil & gas respectively.

17. Michiel Le Roux - Net worth $1 billion Sector (Banking )

Michiel Le Roux founded Capitec Bank, one of South Africa’s most successful retail banks, revolutionizing affordable banking for the masses. Le Roux enjoys a relatively simple lifestyle, focusing on the banking

18. Christoffel Wiese Net Worth: $1 billion Sector: Retail

Christoffel Wiese, South Africa’s retail giant, made his fortune through Shoprite, the continent’s largest retailer. Known for his lavish lifestyle, Wiese’s journey has seen both remarkable successes and setbacks, but his influence on African retail remains unmatched.

19. Youssef Dewji Net Worth: $900 million Sector: Manufacturing, Real Estate

Youssef Dewji, part of the influential Dewji family in Tanzania, has seen tremendous success in the manufacturing and real estate sectors, expanding his family’s business legacy. His modest lifestyle belies his impressive business acumen.

20. Aziz Akhannouch Net Worth: $900 million Sector: Oil and Gas

Aziz Akhannouch, Morocco’s oil and gas magnate, is also a politician, serving as the country’s Prime Minister. His family owns Akwa Group, a conglomerate focused on petroleum products. Akhannouch maintains a relatively low public profile, balancing his political and business commitments.

Conclusion

Africa’s top billionaires are catalysts for economic transformation, steering investments into pivotal sectors and redefining industries that shape the continent's future. Their remarkable journeys reflect resilience, innovation, and a unified commitment to building a more prosperous and vibrant Africa.

Lagos, Nigeria – Fade Bey’s Decembers are usually packed with activities. In the company of friends and family, she hops from one bar, club and concert to the next, braving Lagos’s notoriously gridlocked traffic to sample cuisines at different restaurants around the city.

But this year, the holidays are bare-bones. Dressed in a T-shirt, the public relations consultant has ceded stylish clothes for more affordable hobbies, she said, as she moves between her couch and bed reading books and catching up on movies she missed during the year.

“I love eating out and buying gifts for the people that I love but that has changed this year because of the economy,” Bey, who is in her late 20s, told Al Jazeera. “I can’t buy for one person and leave other people standing, and I have also refused to receive gifts from people because I don’t want to feel indebted.”

Bey is not the only one abstaining from this year’s “detty December” – a monthlong end-of-year extravaganza popular in Nigeria and across West Africa filled with concerts, carnivals, beach activities, bar and restaurant visits, among others. The phenomenon is popular with the region’s locals as well as the vast diaspora community returning for the holidays and is a chance for people to socialise, reconnect and relax after a busy year.

But recently, the economic downturn in Africa’s most populous country is dampening the beloved tradition. This year, restaurants and bars are not as full as before due to eroding spending power brought on by President Bola Tinubu’s economic measures, experts say.

The country’s inflation, the highest in about three decades at 34.5 percent, has left millions reeling, straining the middle class and making life unbearable for the working class – who have been disproportionately affected – while the minimum wage is capped at a meagre 70,000 naira ($45.30) per month.

For many, basic amenities are now out of reach, forcing them to forgo meals, let alone recreational activities.

According to Lagos-based intelligence firm SBM, it costs 21,300 naira ($13.75) to cook a pot of staple jollof rice, up from 20,274 naira ($13.09) in June. Two in three families go hungry, according to the Nigerian Bureau of Statistics.

“This pricing makes it difficult for many Nigerians to even consider travelling, draining the energy and enthusiasm typically associated with the festive season,” said Adewunmi Emoruwa, the lead strategist at Gatefield, an Abuja-based public strategy group.

“There is despondency in the air, so palpable it feels like you could cut through it with a knife. It’s a stark reminder of how declining purchasing power and inflation are reshaping Nigeria’s social and cultural traditions.”

Detty December

Festivities are popular in cities and towns across Nigeria, with small street carnivals, communal festivals, food and fireworks taking centre stage in many places in December.

But Lagos, the country’s economic and entertainment capital, features the most dynamic itinerary, including concerts, parties, and a host of activities spanning the whole month until the first weeks of the new year.

Restaurants are usually booked out, the beaches filled and concert venues packed. At its peak, the clubs remain in action for 24 hours a day.

Historically, December, which is packed with important holidays, has always been a time of fun and rest. Since 2016, entertainment avenues have expanded even more.

Music played a big role in this, explained OluwaMayowa Idowu, a Lagos-based cultural connoisseur who runs a company focused on African culture and entertainment. As the Afrobeats genre grew and began to gain wider global appeal, the detty December culture expanded – “detty” being a light-hearted derivative of the word “dirty”.

Artists would also target December for the release of their major projects, with concerts, festivals and shows specifically lined up for the holiday period as promoters quickly caught on.

“In terms of when we started to use detty December as an appellation, I think it was in 2016. It came from Mr Eazi when he used it as a hashtag for his concert in Lagos in 2016 and the name just caught on,” Idowu said, talking about the Nigerian singer, adding that the phenomenon soon spread across the region, also helped by the fact that Mr Eazi had a large following in Ghana.

In the years that followed, top artists, like Burna Boy and Wizkid, would hold concerts in December, drawing crowds to the festivities. But many see a change this year, with many big acts not joining in on the action.

‘I Just Got Backs’

One group that has come to be synonymous with detty December is IJGBs – or Nigerians living in the diaspora who return home for visits, and have earned the moniker “I Just Got Backs”.

Every year, IJGBs make a trip back to Nigeria to partake in the festivities and feel the pulse of the season.

This December, 33-year-old Valerie Eguavoen is among the members of the diaspora back in Lagos to satiate an overwhelming desire to be home and spend time with family and friends. Early in the year, she started making plans for her trip, also inviting a few of her friends along.

“They are African Americans and it was their first time on the continent – as you can imagine it was a significant trip for them,” she said, also explaining the work planning their travel, and applying for visas for non-Nigerians.

“It was quite an ordeal and very expensive,” she said, adding that though there is fun to be had, this is also a stressful time to be in Lagos.

Lagos is already bustling. But it comes into full force in December – with roads, especially on the affluent island, regularly blocked and traffic at a standstill for hours. Those who remain mobile are usually government officials and celebrities wealthy enough to afford a convoy that offers protection and clears a path on busy roads using military force.

For visitors like Eguavoen, often using taxis and ride-shares like Bolt and Uber, a 30-minute drive can last two hours, and the prices rise with it – often beyond the means of the average person.

Due to the naira’s weakness compared with the US dollar, British pound and euro, the IJGBs have higher spending power when visiting home. Their foreign currency also helps the country’s economy going into the new year. Capitalising on this, many businesses have been known to inflate the price of goods and services in December.

But this year, inflation has left even IJGBs shocked, despite their dollar advantage. Prices of food and drinks are soaring. Eguavoen was also surprised.

“There is no doubt that there is a ‘December tax’ on top of the existing inflation in the country. I have been taken aback by the cost of meals and clothing at certain places. But, overall, it is not surprising. We’ve all observed the downturn of the Nigerian economy in the last few years and it is only getting worse under the administration,” she said.

Still, the situation has not deterred Eguavoen and her friends from their holiday plans.

The group has been to some “popular overpriced restaurants” and party spots in the city. But “we did not come to Lagos just to party”, she said, adding that they also visited historical sites, markets and local staples.

“Overall, I believe they experienced a very non-traditional detty December,” she told Al Jazeera about her friends. But it is not something she is disappointed about.

A stark reality

While detty December usually caters to the urban elite, the middle class and diaspora Nigerians, the strange outlook this year also points to a stark economic reality for those in the lower rungs of society, according to Adesuwa Giwa-Osagie, a historian and founder of Untold Stories, an online show spotlighting political and historical events.

“What is more frightening, what requires more urgency, is the [fate of the] urban poor and the rural poor. December was a time focused on giving and bounty. Unfortunately, even those who in previous years would share free bags of rice, plantain and chicken can no longer afford to do so. You have more people requiring charity and less people able to give,” she said.

“This means the imbalance in Nigerian society has become more glaring, the gap between the super-wealthy and the poor widening, as Nigeria’s middle class falls from striving to survival.”

Most Nigerians have seen their income erode due to inflation and currency devaluation and the average person spends more than 65 percent of their salary on food, according to the UN. Many cannot even afford to travel home for the holidays because fares have gone through the roof.

“This is the highest globally, and deeply concerning,” Gatefield’s Emoruwa said. “With soaring energy costs, whatever’s left of the disposable income is wiped out by transportation expenses. Nigerians have been reduced to the bare necessities. The simple joys of life, such as dining out or relaxing in a bar, have become luxuries few can afford.”

In Lagos, about eight of Bey’s IJGB friends are in the city this December and have been asking her to hang out with them. Even though she received a 10 percent raise to her monthly salary of 350,000 naira ($226) this year, she knows any socialising will leave a big dent in her finances.

On the other hand, she worries that not seeing friends will put a strain on her relationships. Some of her friends have offered to foot the bill when they go out.

“It obviously bothers me, but I don’t think there is anything I can do about it except to try and earn more next year,” Bey said. “But I still don’t know if earning more would help me. I don’t know how inflation is going to be next year. It has me feeling like I am in a box and [like] I don’t have a choice.”

AmazingGenius:
Mafab Communications, a Nigerian telco that secured a 5G licence in 2021, will begin operations by the end of Q1 2025, the company’s chief operating officer Adebayo Onigbanjo told TechCabal. This will mark the first time Mafab’s services will be commercially available, nearly three years after the company entered the 5G market.

Mafab will launch its 5G services with 102 operational sites in Kano and Abuja and subscribers will need to buy routers to connect to the network. The company is also collaborating with multiple vendors to build out these sites in phases.

Mafab Communications secured its 5G license on the same day as MTN. However, while MTN launched its 5G services just eight months later, Mafab—a newer company—faced delays in deploying its network due to a lack of telecom infrastructure. Compounding the delays, Mafab did not receive its Unified Access Service License (UASL) and numbering plan until July 2022. As a result, the company applied for an extension from the Nigerian Communications Commission (NCC), pushing its rollout deadline to January 2023.

After its January 2023 launch event, the company began advertising the sale of 5G routers on its website, but buyers could not activate the service, TechCabal found. The sale of the routers has since been suspended as the company works to complete its infrastructure buildout.

Although the 5G market is still early in Nigeria, the delays leave Mafab playing catch up with competitors like MTN and Airtel, especially in Lagos, Nigeria’s commercial hub where most of the subscribers are currently located. Mafab is still working on its Lagos sites but has not yet announced when services will go live there.

“As with many telecoms operators, foreign exchange (FX) fluctuations have been a major challenge, leading to increased rollout costs compared to the initial projections,” COO Adedayo Onigbanjo said.

Nigeria’s 5G market has been growing since its commercial rollout in August 2022, led by MTN Nigeria. In October 2024, 5G accounted for 2.33% of the country’s internet subscribers, with MTN Nigeria commanding 79% market share and Airtel Africa holding around 20%. Mafab’s planned Q1 rollout is expected to drive further adoption, especially in cities outside Lagos and Abuja. The company has focused on strengthening its infrastructure and expanding coverage in Kano and Abuja to support broader 5G access, according to Onigbanjo. This includes building out a Radio Access Network (RAN), transport systems, and intelligent networks to connect user devices —such as smartphones and IoT gadgets—to its core telecom network.

Source: https://techcabal.com/2024/12/27/mafab-will-launch-5g-services-in-2025/

Niger’s President Abdourahmane Tchiani is facing a backlash of criticism from his fellow countrymen following his recent allegation of a conspiracy by Nigeria against his country.

Tchiani in a Christmas Day interview claimed, among other things, that Nigeria had provided a base for French soldiers near Lake Chad had established training camps for terrorists in Sokoto, Zamfara and Kebbi states, all aimed at destabilising Niger.

The Federal Government has dismissed the allegations as baseless, with National Security Adviser Nuhu Ribadu and Special Adviser to the President on Policy Communication, Daniel Bwala, being the latest government official to debunk the claims.

Many Nigerien citizens reacting on social media to Tchiani’s claims against Nigeria say there is no credibility whatsoever in the allegations.

Some of them are of the view that the Nigerien leader was only looking for an excuse to hang his failure in office on after 17months of ousting his predecessor, Mohamed Bazoum, in a palace coup.

One Nigerien critic even alleged that loyalists of the Niamey military regime are under instruction to spread falsehood that France in collaboration with Nigeria and other neighbouring countries plans to invade Niger.

A Nigerien commentator, Maidalili Namu, spoke of alleged frustration of the Tchiani regime to stabilise the country as they promised to do after deposing Bazoum.

Namu claimed on Muduba Mugani podcast that the country is being ruined by those he branded 16 generals.

“You have been in power for 17 months, confined to the villa and fed with false information that clouds your judgment,” PR Nigeria quoted Namu as saying of Tchiani in a video recording.

Namu also accused the Nigerien strongman of fostering animosity both regionally and internationally, sowing seeds of discord with Niger’s neighbors and other nations.

He said: “When it was announced that you would address the nation at 8 pm on December 25, 2024, in Hausa, Zabarma and French, the prevailing rumour was that your speech would lack originality, filled only with the usual condemnation of France, ECOWAS, Nigeria and others as our adversaries.

“Some even wagered that they would give goats or cash if you didn’t mention France in your address.

“Nigeriens are fed up with your repetitive statements that yield no progress.

“What is most frustrating is that you vindicated their predictions. Some even began to tally how many times you mentioned France, Nigeria and ECOWAS, suggesting they are conspiring to destabilise Niger.

“You have accused numerous countries, both within and outside Africa, of undermining Niger, leading some to question your mental fitness for leadership.

“Your diplomatic failures are evident. You have insulted numerous leaders from various countries, implicating at least 20 nations in a conspiracy against Niger, many of whom we have no direct relations with.

“The real issues affecting Nigeriens—economic hardship, insecurity, unemployment, fuel scarcity and the rising cost of living—were overlooked.

“Instead, we heard the same old narrative of external threats and unfounded claims of terrorist camps supervised by the French.

“You asserted that camps have been established for training terrorists in Burkina Faso and Niger—concluding that by the end of 2024, at least 400 terrorists will be trained under French supervision.

“If you possess accurate information about these camps, why do you not coordinate efforts to dismantle them instead of using this information merely as a talking point?

“You must recognise that none of the leaders you’ve insulted have retaliated; you have disparaged leaders from countries like Tanzania, Mauritania, Chad and others. If your assertions hold any truth, how can we possibly survive more than 24 hours amidst the threats you mention?

Namu accused the President of disregarding humanitarian crises in the country, including flooding and the displacement of thousands of Nigeriens due to terrorism.

Citing data, Namu highlighted that 4,673,335 people currently face hardships, while 2,312 lives have been lost to terrorist attacks since the coup.

Another popular Nigerien commentator, Hamid Ahmadu, said Tchiani’s statements lacked logic, and cited his reference to Tanzania in East Africa as an example of his lack of understanding of geography.

Like Namu, Ahmadu wondered why Tchiani failed to take action against the terrorist hubs he claimed were set up to destabilise the country despite having intelligence of their precise locations.

Some other citizens called for accountability, transparency and a return to governance that prioritises Niger’s development and security.

Nigerian defence expert Zagazola reported on his X handle @ZagazOlaMakama yesterday of an alleged WhatsApp message purportedly originating from the Nigerien military authorities.

The message, shared in a group with military personnel loyal to the National Council for the Safeguard of the Homeland (CNSP) allegedly outlines instructions to boost support for the junta by spreading claims that France, in connivance with neighboring countries like Nigeria, is planning an attack on Niger.

The message allegedly says: “Go support the CNSP on social networks and audio. Heat up the Facebook. You sleep too much; we feel discouraged. This is not the time.

“Need to make a budget; we have a meeting with the 5 gallon and the gegene. The instruction showed the Pekin population that they want to attack us. Turn on the radio badass.”

No trace of French military base in Borno, says Zagazola

Zagazola, who is embedded in Nigeria’s North East, also reported yesterday that there is no trace of any French military base anywhere in Borno State, contrary to claims by Tchiani.

He said: “The assertion that French forces are operating in areas like Kurnawa, Kangarwa and Dogon Chikun is unfounded. These regions are known to be occupied by ISWAP (Islamic State West Africa Province) terrorists, who have been actively terrorising local populations.”

He said these areas regularly witness clashes between ISWAP and Boko Haram fighters, and there is “no credible evidence supporting the presence of foreign military forces.”

He said none of his well-connected sources even in the terrorist camps could confirm Tchiani’s allegations, adding:”The Governor of Borno State is a man of integrity and will not allow such to happen under his state without raising an alarm.”

Continuing, he said: “Claims that local populations in Monguno and Baga are being recruited into terrorism with the knowledge of Nigerian authorities are misleading.

“While there may be concerns about recruitment into militant groups by the terrorists themselves, attributing this to foreign military involvement lacks substantiation.

“Local dynamics and the influence of terror groups are complex and cannot be oversimplified by suggesting that external forces are responsible.

The areas mentioned by the Nigerien President are currently facing severe environmental challenges, including heavy flooding and insect infestations, which make them largely uninhabitable.

“These conditions further complicate any claims of a stable military presence or recruitment activities in these locations.”

In a fresh perspective on Nigeria’s reaction to the allegation from Niamey, National Security Adviser (NSA) Nuhu Ribadu, yesterday wondered how anyone could claim at this period that Nigeria has offered France a military base.

“Even during colonial times, Nigeria resisted foreign troops within its borders, unlike Niger, which accepted them. Why would we change our stance now?” Ribadu said on the Hausa Service of BBC yesterday.

He asked Tchiani and his men to address their grievances with France without dragging Nigeria in.

Nigeria, he said, was more interested in regional unity and cooperation over foreign interference.

“Our shared enemy is terrorism, not each other. We must work together to secure our communities and resist external interference,” Ribadu stated.

In a separate reaction yesterday, Special Adviser to the President on Policy Communication, Daniel Bwala, described the Niger allegations as baseless propaganda designed to create chaos and incite bad blood in northern Nigeria against President Bola Tinubu.

“The choice of language used by the military leader of Niger is quite instructive of what his intentions are. Probably in cahoots with politicians in Nigeria, you never know.

“But the whole idea is to create chaos and bad blood in the northern Nigeria against the President,” Bwala said in a video message posted on his verified X account.

He added: “The honeymoon is over. He has not been able to address the economic situation in his country. Everything is turning against him, and in a desperate gasp for breath, he decided to resort to cheap lies and propaganda against Nigeria.”

He emphasised Nigeria’s longstanding leadership role in West Africa and its commitment to fostering bilateral relations with neighbouring countries.

“Over the years, Nigeria has maintained its leadership in the West African sub-region… We have been of tremendous help to our neighboring countries,” he added.

Addressing the allegations directly, Bwala categorically denied that Nigeria had ever provided land for a foreign military base.

“Nigeria is a nation that has its own capacity to protect its citizens… We are well capable and able to safeguard our country, and we’re doing it in this administration,” he affirmed.

He urged Nigerians to disregard Tchiani’s claims, labeling them as false and divisive.

“It is lies, and he chose a local language in the North because he wants to rile up the North against the President.

“I don’t think any politician in Nigeria who has absolute interest in the national interest and security of Nigeria will ever take part in that kind of negative rhetoric,” Bwala asserted.

Bwala called Tchiani’s comments a reflection of his regime’s failure to govern effectively.

“It is becoming clear that the honeymoon he had with his people is over. He probably doesn’t have a plan for his people and has resorted to that cheap blackmail.

“It is false, and nobody should take him seriously,” he said.

Information and Orientation Minister Mohammed Idris and Foreign Affairs Minister Yusuf Maitama Tuggar had earlier on Thursday denied the Niger accusations.

The Economic Community of West African States (ECOWAS), on the same day, rose in defence of Nigerian over the allegation.

The two ministers declared that any attempt to blackmail it over ECOWAS’ principled stance against the unconstitutional seizure of power in the Niger Republic was both disingenuous and doomed to fail.

Desperate politicians dragging Nigeria into acrimony with Niger – Arewa Think Tank

The Arewa Think Tank (ATT) said desperate politicians in the country engineered the allegations against Nigeria by General Tchiani.

The Convener of ATT, Muhammad Alhaji Yakubu, said the claims were calculated moves by such politicians to frustrate President Bola Tinubu from giving Nigerians the much needed dividends of democracy.

Arewa Think Tank argued that Nigeria has never engaged in any overt or covert alliance with France or any other country to sponsor terrorist attacks or destabilise Niger Republic.

Nigeria, it said, has a “history of living peacefully with the world” especially its neighbours.

It said: “The election has come and gone, it is time for governance. Politicians should wait until the whistle is blown for another election before they start doing what they want to do for electioneering campaign.

“For now, we want peace in the country so that we can enjoy dividends of democracy.

“These desperate politicians should allow President Tinubu to govern well.

“If they have issues with him, they should meet him for an amicable settlement, but not to rock the boat.

“They should not show their desperation to destabilise the country, because there must be a country before anybody can govern.

“Desperate politicians should not collaborate with foreign enemies to destroy this great country.

“They have been trying to destroy this great country for a long time. We won’t allow them to do it.

“By God’s grace they will not succeed. Tinubu will succeed.

However, the League of Northern Democrats (LND) said the response of the federal government to the allegations was not good enough.

Its spokesman, Dr. Ladan Salihu, said: “A critical analysis of the government’s denial and its supporting arguments reveals significant gaps in logic and veracity.

“The government categorically denies colluding with France to destabilise Niger. However, France’s track record in Africa – supporting insurgencies and covert operations to secure resources – casts doubt on this outright dismissal.

“If Nigeria is fully committed to combating terrorism, as claimed, the government must explain how insurgent groups like Boko Haram and ISWAP continue to acquire sophisticated weapons, including drones, which are typically accessible only through state-sponsored channels or illicit global arms networks.

“Who are the actors facilitating these supplies and why has the government failed to curtail these supply lines for nearly two decades?”

League of Northern Democrats added that the assertion that President Tinubu has demonstrated exemplary leadership as ECOWAS Chairman is contradicted by the deepening tensions among ECOWAS member states; where five states have severed ties with France, leading to three states leaving the regional body.

The Nigerian naira is projected to depreciate to a weighted fair value of N1,804.45 in the coming year as tendency of volatility persists.

This is according to a new report by Lagos-based investment and research firm Afrinvest titled ‘Beyond The Rhetorics: Transforming Reforms to Tangibles.

The research company revealed that while the gross foreign reserves have risen above $40 billion, “we anticipate that exchange rate volatility would persist in 2025 albeit at a modest pace.”

“Our prognosis is hinged on the belief that the CBN would be constrained from adequately meeting market demand on a sustained basis, as the recent FX reserves accretion were largely driven by inflows from inorganic sources, including those with stringent conditions on usability,” it said.

This prediction comes against the backdrop of the nation’s 2025 budget which assumes that the exchange rate would steady at N1,400 against the dollar.

The naira closed on a positive note this week though strengthening from N1,548.40/$1 as at the eve of Christmas to N1,534/$1 on Friday, 27th December, according to data compiled from the FMDQ Securities.

The local currency has had its steepest fall in 2024, plunging to almost N2000 against the greenback on the street in February while trading at about N1,700 on the official window.

This was the aftermath of the radical reforms implemented by the federal government – floating the currency and a two time devaluation of the naira has seen the local unit lose over 40 percent of its value year to date.

In recent times, the market has been relatively stable and transparency has been restored on the back of the FX BMatch introduced in October.

Economists have said the sustenance of the EFEMS and a more expansive net reserves could party ease the pressure on the naira.

Analysts at Afrinvest however stated that the naira may appreciate should there be more inflows and liquidity, especially from crude oil exports and remittances.

“Notwithstanding, we do not rule out the possibility of a significant rebound in the Naira, especially if accretion from organic sources-crude oil & non-crude oil exports, foreign capital flows, and diaspora remittances- takes significant leap,” the report stated.

CodeTemplarr:
Our politicians are not alone then.