₦airaland Forum

Nigeria striker Ademola Lookman said that switching his playing nationality from England to the Super Eagles in 2022 was key to his current success.

Lookman, who was born in London and represented the Three Lions at Under 17 level, helping them win their age-group World Cup, acknowledged that the decision to switch to Nigeria turned his career around.

"I think ever since I put on the Super Eagles jersey, it's been fruitful," Lookman said on SportyTV.

"We've been able to achieve a lot as a team and we're still going as a team. But the camaraderie is something that's very special within the squad.

"Ever since I joined the Super Eagles, everything has gone upwards for me."

CAF men's Player of the Year Lookman only made his debut for Nigeria two years ago, in the first leg of the ill-fated World Cup qualifying series against Ghana.

In less than two years, the Atalanta forward has gone from being a so-called Premier League flop, to being named Africa's best player.

Lookman's triumph at the CAF Awards on Dec. 16 hit a number of chords for Nigeria, the most significant of which is that he became the first Nigerian player born outside the country to win Africa's top award.

His accolades: Three goals and two assists which were pivotal to Nigeria reaching their eighth Africa Cup of Nations Final in Cote d'Ivoire in February.

At club level, he scored a European record hat-trick in a 3-0 win to hand Italian side, Atalanta the UEFA Europa Cup at the expense of hot favourites, Bayer Leverkusen in May. The Germans came into the game unbeaten and were as heavy odds-on favourites to win.

He's carried on this season, notching 12 goals and five assists in 19 appearances in all competitions for Atalanta, and scored two goals as Nigeria qualified for the 35th Africa Cup of Nations finals, with two other goals controversially chalked off.

All of these echo the sort of contributions that the likes of Osaze Odemwingie, and Victor Moses before him, brought to the Super Eagles as diaspora-born players.

More recently, Alex Iwobi, Leon Balogun, Ola Aina, Semi Ajayi, Bright Osayi-Samuel and captain William Troost-Ekong, have all come to become stalwarts of the Super Eagles.

"To me it's an incredible moment," Lookman said of his CAF Awards win. "An incredible achievement. It's special to be able to join the list of many great players who have achieved a lot in the game, legends.

"It's not just me but we have a lot of talent, not just in the men's game but also in the women's game, and for us to be able to give motivation to the young kids who want to aspire to be like us is the most important, because if we can set a good example, they have good footsteps to walk into."

Rivers State workers, government employees and retired workers are getting a Christmas gift of N100,000 each from Governor Siminalayi Fubara. The state’s Head of Service, George Nweke, announced this on Tuesday night.

Nweke explained that this money is meant to help people with their Christmas expenses, and it will be paid right away. The bonus will go to workers in all government offices and departments, as well as to people who have retired from government service.

“His Excellency approved this on Monday, 23 December 2024, and has directed its immediate implementation to ensure civil servants have a wonderful yuletide celebration,” Nweke said.

This is the second time Governor Fubara has given workers a N100,000 Christmas bonus, which is more than Nigeria’s minimum wage. What’s special this time is that retired workers (pensioners) are also getting the bonus for the first time.

According to Nweke, this bonus is part of the governor’s ‘Rivers First’ plan, which aims to improve the quality of life for people in Rivers State.

The Nigerian Communications Commission (NCC) has approved a long-pending proposal for telecom tariff hikes, with new rates for calls, SMS, and internet bundles expected to take effect in January 2025. [b]This marks the end of over a decade of lobbying by telecom giants like MTN Nigeria, Airtel, and 9Mobile, who have called for price adjustments to reflect economic realities. Despite soaring operational costs driven by headline inflation, telecom operators have been unable to raise prices for 11 years.

A spokesperson for the Nigerian Communications Commission (NCC) confirmed to TechCabal that further details of the tariff adjustments would be shared in an official announcement.

“This announcement will benefit the subscribers and operators because we have taken into account the proposals from the industry and the public,” an NCC spokesperson told TechCabal.

According to the existing proposals, telecoms tariffs could rise by up to 40%. If adopted, the cost of a phone call will increase from ₦11 to ₦15.40 per minute and SMS charges will rise from ₦4 to ₦5.60. For data plans, the price of a 1GB bundle will increase from ₦1,000 to at least ₦1,400.

Minister of Communications, Innovation and Digital Economy, Dr Bosun Tijani, acknowledged the need for price adjustments, stating: “We think there may be a need for that” in a December 20 interview on Arise TV.

The NCC is responsible for reviewing and approving tariffs adjustments in the telecommunications industry. In October 2024, it rejected Starlink’s application to double subscription fees to ₦75,000. While the commission aims to balance the financial burden on subscribers, it also recognises that the industry’s operational challenges could affect service quality and investment.

Rising food inflation (39.93%) complicates the telecom tariff increase, with concerns that it could reduce internet usage in a country where digital inclusion is a priority. However, the current situation has led to significant financial losses for the telcos.

MTN Nigeria, for instance, reported a ₦137 billion loss in 2023, with losses expanding to ₦514.9 billion in the first nine months of 2024. Airtel Africa also reported losses of $89 million in FY 2024, largely driven by challenges in Nigeria.

Despite the grim outlook in the telecoms sector for much of the year, President of the Association of Licenced Telecommunication Operators of Nigeria (ALTON) Gbenga Adebayo argues that cost-reflective prices will incentivise investment and help improve quality in the long run.

In a country reeling from economic despair, desperation has turned deadly. In the span of just five days, stampedes at food distribution events in Abuja, Anambra, and Ibadan have claimed lives, including at least 35 children. These tragic incidents underscore the harsh realities of hunger and poverty gripping Nigerians, pushing many to risk their lives for basic survival, Temitope Aina writes

In the midst of Nigeria’s spiralling economic crisis, a tragedy unfolded that highlighted the desperation gripping the nation. What was meant to be a routine relief distribution event turned deadly as a few, driven by the unyielding weight of hunger and poverty, surged toward scarce provisions.

A stampede ensued, claiming the lives of several individuals and leaving many others injured. As the dust settled, the painful reality became clear: Nigeria’s deepening economic challenges have not only strained the resources available to its people but also pushed them to extremes in search of basic survival.

Sorrow, tears, blood

The Federal Capital Territory was plunged into mourning on Saturday after a stampede at Holy Trinity Catholic Church, Maitama, left 10 people dead, including four children.

The tragedy unfolded at 6:30 am during a relief distribution event intended for vulnerable groups. According to the state Police Public Relations Officer, Josephine Adeh, over 1,000 people had gathered at the venue, overwhelming organisers.

“Four of the injured have been treated and discharged, while the remaining victims continue to receive medical care,” Adeh said, adding that police had successfully restored order.

Just hours later, another stampede erupted at the Obijackson Centre in Okija, Anambra State, where a crowd gathered for palliatives donated by philanthropist Chief Ernest Obiejesi.

The 39 were killed who had struggled to gain access to food items, including rice, vegetable oil, and cash. As the crowd surged, chaos ensued, leaving many critically injured. Eyewitnesses recounted scenes of collapsed bodies andfrantic efforts to rescue the injured.

In Oyo State, what was meant to be a joyous Christmas Funfair in Ibadan turned catastrophic on Wednesday, leaving 35 children dead. Organised for 5,000 attendees by Prophetess Naomi Shikemi and broadcaster Oriyomi Hamzat, the event drew an unexpected crowd of over 7,500.

The stampede occurred as children pushed toward the gate in a desperate attempt to enter the overcrowded venue. “We were not organized; that’s why the situation got out of control,” an eyewitness admitted. Parents at the scene shared heartbreaking losses. One father mourned, “I lost my child. This should never have happened.”

Public outrage

Individuals, including Chinonso Egemba, popularly known as @aproko_doctor, decried the heartbreaking loss of young lives stating, “Children died struggling for food. Thirty-two children died struggling for food in a stampede. Children died while struggling for food,” he lamented in a tweet. Similarly, @the_beardedsina described the situation as appalling, saying, “Thirty children died and it isn’t trending. Not 30 chickens, not 30 goats… 30 humans dead!!! They died over a stampede for FOOD! HUNGER! In big 2024.”

Other commentators painted a grim picture of the systemic failures leading to the tragedies. @MrMekzy_ noted, “30+ children dead in Ibadan. 20+ adults dead in Okija. Nigerians are losing their lives because they’re trying to get something as basic as food. This is beyond sad.”

Recall that Nigeria’s inflation rate rose to 34.60 per cent in November 2024, marking a 0.72 per cent increase from October’s rate of 33.88 per cent. This latest surge in inflation continues to compound the hardship faced by Nigerians amid rising food and fuel prices. The data was revealed in the Inflation Expectations Survey Report for November published by the Central Bank of Nigeria.

The report from the National Bureau of Statistics further revealed that November 2024’s inflation rate was 6.40 percentage points higher than the 28.20 per cent recorded in November 2023. However, Nigerians are holding out hope that inflation will ease over the next six months, as expressed in the CBN’s survey, which suggests a potential slowdown in the inflationary trend in the coming months.

Additionally, PUNCH reported that Nigeria’s unemployment rate had increased marginally to 5.3 per cent in the first quarter of 2024, compared to 5.0 per cent in the third quarter of 2023. The latest data from the NBS highlights that women are disproportionately affected, with a higher unemployment rate of 6.2 per cent compared to men at 4.3 per cent.

In urban areas, unemployment remained steady at 6.0 per cent, while in rural areas, it stood at 4.3 per cent. Despite the government’s efforts to address the issue, unemployment remains a significant challenge for the Nigerian economy.

Recall that there had been a series of protests in Nigeria due to escalating economic hardships. Organizers of the #EndBadGovernanceInNigeria protests have vowed to continue their campaign, despite treason charges against those arrested during demonstrations. The protesters remain resolute in their demands, urging the government to prioritise the welfare of Nigerians amidst rising poverty and economic difficulties.

Tinubu, others react

Reacting to the tragedy, President Bola Tinubu cancelled all his official events in Lagos on Saturday, including his attendance at the 2024 Lagos Boat Regatta in honour of the stampede victims in Abuja and Okija, Anambra State.

Ex-Presidential aspirant Peter Obi, in a statement, described the stampedes as reflections of systemic failures.

“I am deeply saddened and distressed by the tragic loss of lives in desperate searches for food. A few days ago, about 35 people, mostly children, lost their lives in a stampede at a Christmas Funfair in Ibadan, Oyo State. This morning, reports emerged of at least 10 people losing their lives in Abuja while scrambling for palliatives, with many others injured. Now, I just heard that about 19 more lives were lost in another stampede in Okija, Anambra State, as people struggled to receive food items,” Obi said.

“How do we explain that in a nation blessed with abundant resources, our people are dying of hunger in such numbers? My heart bleeds. May God grant the affected families strength to bear these painful losses.”

The Governor of Lagos State, Babajide Sanwo-Olu, “sympathised with families whose loved ones were involved in the stampede that led to the loss of lives in some States.”

Former Vice President Atiku Abubakar also mourned the victims of the stampede in Ibadan. “I am deeply pained by the loss of innocent children in the unfortunate incident at the funfair. My heart goes out to their families and loved ones in this tragic time,” Atiku said.

The former Governor of Ekiti State, Kayode Fayemi, in a statement through Ahmad Sajoh, his media head, described the incident as heartbreaking.

“The death of 35 children in a stampede in Ibadan is a tragedy that has cast a pall of sadness over the Christmas celebrations. I extend my deepest condolences to the families of the victims and the government of Oyo State,” Fayemi stated.

Speaker of the House of Representatives Abbas Tajudeen expressed his sorrow over the deaths, saying, “The death of these innocent children is a huge loss to their families, Oyo State, and Nigeria as a whole. I pray that God grants the affected families the fortitude to bear this irreparable loss.”

Analysts blame economy

An economist and investment specialist, Vincent Nwani, has stated that the recent stampedes in Ibadan, which have resulted in tragic loss of lives, are part of a worrying trend over the last 18 months, with over 200 Nigerians falling victim to similar incidents.

According to Nwani, the root cause of these stampedes is the hunger that grips the nation, leading desperate people to engage in chaotic and unsafe behaviour. He criticised the organisers of these events for their poor crowd control, adding that these tragic incidents are consistently linked to hunger and continue to tarnish Nigeria’s global image.

“This is not the first time it has happened in Ibadan. Over the last 18 months, about 200 Nigerians have been trampled in relation to food distribution. The root cause is hunger, and the people don’t have energy. The people organising are not doing a good job in crowd control. Nigerian stampedes are always related to hunger, and it keeps painting Nigeria in a bad light,” Nwani explained. He further emphasised that the solution to the issue lies not in temporary fixes but in comprehensive economic reforms that address the root causes of hunger and poverty in the country.

“To correct the situation in Nigeria is not about rice but proper economic reform, and the government should still provide temporary solutions,” he concluded.

A financial analyst, Ambrose Omorodion, highlighted the worsening economic situation in Nigeria, pointing out that the current economic hardship is making life increasingly difficult for many citizens. He emphasized that poverty is rapidly spreading across the country, leading to growing impatience among the populace. This frustration, he noted, is further exacerbated by the lack of adequate resources, leaving people struggling to meet their basic needs.

Improved planning

In a phone interview with the President of the Committee for the Defence of Human Rights, Debo Adeniran, emphasised the importance of thorough planning when organising public events, especially large-scale ones.

Adeniran explained that event organisers must consider the number of guests, ensure proper provisions for minors, and guarantee that accompanying adults are well accounted for. He also pointed out that when events draw larger crowds than anticipated, more security personnel should be deployed, and crowd control measures should be in place. Additionally, he highlighted the role of the Ministry of Youth and Social Development in providing recommendations and overseeing the safety of such events.

“Whatever public events that people want to organise has to start with planning, keeping in mind the number of guests. If those invitees are minors, they are not expected to travel alone, and provisions should be made for those who would accompany the minor. Once the number exceeds what was planned for, more security personnel should be deployed, knowing that the venue cannot accommodate the number of people. Beyond that, there should be a control system because we have the Ministry of Youths and Social Development. The Ministry of Social Welfare should be aware and make recommendations on what should be done.”

Adeniran also suggested that those detained in relation to the stampede should face appropriate reprimands, which would serve as a deterrent and teach others to be more cautious in the future. He drew attention to a past incident where a similar lack of crowd management led to the deaths of many, noting that if those responsible had been reprimanded, valuable lessons could have been learned, potentially preventing future tragedies.

The Biden administration has finalised a new rule to modernise the H-1B visa program, with changes aimed at streamlining approvals and enhancing employers’ ability to hire international talent while cracking down on misuse.

Announced on December 17, the rule will take effect on January 17, 2025.

The updated regulations introduce additional protections for F-1 students transitioning to H-1B status to prevent disruptions in employment authorization.

They also refined the definition of an H-1B “specialty occupation,” among other updates.

“American businesses rely on the H-1B visa program for the recruitment of highly skilled talent, benefitting communities across the country,” said Alejandro N. Mayorkas, Secretary of Homeland Security.

“These improvements to the program provide employers with greater flexibility to hire global talent, boost our economic competitiveness, and allow highly skilled workers to continue to advance American innovation.”

First proposed in October 2023, the rule represents one of the Department of Homeland Security’s (DHS) most significant immigration measures during President Biden’s tenure.

It has been widely praised by stakeholders as a “significant step forward for higher education institutions, US employers and the national economy, as well as current and future American-trained students,” according to Miriam Feldblum, executive director of the Presidents’ Alliance on Higher Education and Immigration.

The rule’s extension of the “cap gap” provision for F-1 students transitioning to H-1B status has been particularly well-received, with many believing it will encourage more American-trained students to pursue employment in the United States.

“The final rule includes a mix of protection for workers, shoring up the integrity of the program, and making clearer which employers qualify for exemptions from the H-1B lottery,” said Dan Berger, an immigration lawyer and member of the Presidents’ Alliance Legal Advisory Council.

“International students and scholars, and their employers, will benefit from having clear guidance on a complex topic like the H-1B.”

Currently, some companies and educational institutions can apply for H-1B visas outside the annual DHS cap. This exemption has been modestly expanded to include additional nonprofits and government research organizations.

However, not all aspects of the rule have been met with unanimous support. Concerns have been raised over the revised definition of a “specialty occupation,” which now requires a minimum entry-level qualification of a “directly related” bachelor’s degree.

The Presidents’ Alliance criticized this requirement, arguing that it could lead to “counterproductive matching exercises” between degrees and occupations, potentially preventing graduates from applying their skills across various roles.

“The proposed rule’s matching exercises between degrees and occupations will be arbitrary because they simply will not reflect the reality of the skills required to fill specialized positions, instead forcing round pegs in square holes,” Feldblum wrote in a letter to the United States Citizenship and Immigration Services (USCIS) and DHS.

The Alliance has urged the removal of the “specialty occupation” definition, the “directly related” standard, and the exclusion of general degrees such as business administration and liberal arts, which are currently not considered sufficient under the new criteria.

Saipem, in a consortium with two Nigerian companies, has secured an offshore contract worth around $1 billion with Shell for a deepwater oil and gas project off the coast of Nigeria, Offshore Energy magazine has reported.

As part of the contract with Shell Nigeria Exploration and Production Company Limited (SNEPCo), Saipem will deliver the Engineering, Procurement, Construction and Installation (EPCI) of risers, flowlines, subsea umbilicals, and associated subsea structures for the Bonga North Project, located 130 kilometres offshore Nigeria.

Design and fabrication activities will be carried out locally, also involving Nigerian suppliers and subcontractors, the report added.
The contract was secured in a consortium with KOA Oil & Gas and AVEON Offshore, and has an overall value of about $1 billion, while Saipem’s share amounted to approximately $900 million.

According to the report, TechnipFMC will also supply Subsea 2.0 production systems for the development, including the design and manufacture of subsea tree systems, manifolds, jumpers, controls, and services.


With water depths exceeding 1,000 meters, Bonga North will be tied back to the Shell-operated FPSO Bonga in OML 118, where production began in 2005. The FPSO, which can produce 225,000 barrels of oil per day, reached a production milestone in 2023, thanks to its one-billionth barrel of crude oil.

According to Shell, the project encompasses the drilling, completion, and start-up of 16 wells, of which half are production ones and the remaining half water injection wells, modifications to the existing FPSO Bonga Main, and the installation of new subsea hardware tied back to the unit for which Akselos provided a structural digital twin in 2020.

Defined as substantial, meaning it is worth between $250 million and $500 million, the TechnipFMC contract covers the design and manufacture of subsea tree systems, manifolds, jumpers, controls, and services.
President of Subsea at TechnipFMC, Jonathan Landes, , said, “Shell was the first to adopt our Subsea 2.0 configure-to-order solution, and continues to deploy it across multiple basins, underscoring its commitment to the technology globally. This award further positions us for future deepwater opportunities in the region.”

The award will be included in TechnipFMC’s inbound orders this quarter of 2024.

Last week, SNEPCo, a subsidiary of the UK-headquartered Shell, made a Final Investment Decision (FID) for a deepwater oil and gas project off the coast of Nigeria, which will be developed as a subsea tie-back to an existing floating production, storage, and offloading (FPSO) unit.

Shell’s investment in the Bonga North project is expected to generate an Internal Rate of Return (IRR) over the hurdle rate for the firm’s upstream business, which continues to look for ways to boost performance through near-field opportunities, like Bonga North, leveraging technical expertise, strong partnerships, and a model built on simplification and replication.

Shell believes Bonga North will help ensure its integrated gas and upstream business continues to drive cash generation into the next decade. The operator expects the project to sustain oil and gas production at the Bonga facility because of its estimated recoverable resource volume of over 300 million barrels of oil equivalent (boe).

The Bonga North project’s peak production is forecast to be 110,000 barrels of oil per day, with the first oil anticipated by the decade-end, it said.

SNEPCo (55 per cent) operates the Bonga field in partnership with Esso Exploration and Production Nigeria (20 per cent), Nigerian Agip Exploration (12.5 per cent), and TotalEnergies Exploration and Production Nigeria (12.5 per cent), on behalf of the Nigerian National Petroleum Company Limited (NNPC).

Shell’s Integrated Gas and Upstream Director, Zoë Yujnovich, had said, “This is another significant investment, which will help us to maintain stable liquids production from our advantaged upstream portfolio.”

This comes after Shell made arrangements in January 2024 to divest its interest in the Shell Petroleum Development Company of Nigeria Limited (SPDC) joint venture (JV), with a net book value of around $2.8 billion, aiming to turn all its attention to deepwater and integrated gas businesses in the African country.

Seplat Energy Plc has revealed plans to revive hundreds of idle Nigerian oil wells after completing its purchase of Exxon Mobil Corp’s onshore oil and gas assets in the West African nation.

A report by Bloomberg on Friday stated that the oil company is revitalizing idle wells and bringing them back into production. The report highlighted that only 200 of its 600 oil wells are currently active.

“Our immediate focus is rig intervention, short-term oil-generation activities, rejuvenating idle wells, and bringing them back to production. Only 200 of about 600 oil blocks are producing,” Chief Operating Officer Samson Ezugworie said in an interview.

On Thursday, Seplat announced the finalisation of the $1.28bn acquisition of Mobil Producing Nigeria Unlimited from ExxonMobil.

This was after the Nigerian Upstream Petroleum Regulatory Commission approved Exxon’s sale of the assets to the independent energy supplier in October.

The deal took advantage of foreign companies exiting Africa’s largest oil producer.

The report added that the oil firm paid $800m of the purchase price this week, following an initial $128m paid when the deal was signed in 2022.

It also deferred the transfer of a further $257.5m to December 2025 due to certain decommissioning, abandonment, and joint venture costs, the company noted.

“It’s just a little over half of the EBITDA for the full year, so it pays back itself very quickly,” said Chief Financial Officer Eleanor Adaralegbe, referring to earnings before interest, taxes, depreciation, and amortization, which rose 25 per cent to $383m for the nine months through September from a year earlier.

Seplat, which is listed in Lagos, Nigeria, and London, views the acquisition as a good deal in terms of costs and returns.

The company also sees the deal doubling its production and said it boosts combined assets to 11 blocks in onshore and shallow water Nigeria, 48 producing oil and gas fields, five gas-processing facilities, and three export terminals.

Seplat’s goal is to lift output to more than 200,000 barrels a day, from about 71,000 barrels of oil equivalent daily now, Chief Executive Officer Roger Brown said in the same interview, without adding how quickly this would happen.

“In the portfolio, we have significant gas opportunities,” Brown also said. “There is a huge opportunity in LNG and the domestic gas space.”

Rivers state governor, Siminalayi Fubara, has handed six gunboats to the Nigerian Navy to enhance the security of oil installations and tackle sea piracy along the waterways.

Fubara said that securing steady growth of the national economy, dependent largely on crude oil production and sales, demanded sustained support to the security agencies to enable them win the fight against crude oil theft, illegal bunkering and pipeline vandalism

Fubara spoke shortly before handing over six security surveillance 400 horse-powered gunboats and three separate units of bungalows for Senior Officers’ Quarters and rating Bofor’s accommodation donated by his administration to the Nigerian Navy on Friday.

The event, which took place at the NNS Pathfinder, Rumuolumeni in Obio/Akpor Local Government Area, had the Chief of Naval Staff, Vice Admiral Emmanuel Ikechukwu Ogalla present to receive the donation of the government.

Namaster:
A waste of time!

The emergence of Trump marks the rise of ANTI-IMMIGRANT and White Supremacist Ideologies.

California is the LARGEST economy in the US. Its economy is larger than that of MOST country in the World.

That's like someone from Uganda wanting to be the Governor of Lagos.

It's SILLY!

Americans are NOT that liberal.

Plus, it's kind of insulting for a NIGERIAN-BORN black man to want to seize control of the LARGEST economy in the US.

Immigrants, know thy place!

According to the National Bureau of Statistics, the United Kingdom has consistently emerged as Nigeria’s top investment partner, contributing a substantial $3.43 billion between January to September 2024.

• Business Insider Africa presents the top 10 countries fueling Nigeria's economy through foreign investments (Jan-Sep)

• The list is courtesy of the National Bureau of Statistics.

• The United Kingdom has consistently emerged as Nigeria’s top investment partner, contributing a substantial $3.43 billion between January to September 2024.

Capital importation is like fuel for Africa’s economy, bringing in the cash needed to drive growth and development across the continent.

For many African nations, attracting foreign investments is not just a strategy for growth, it is a necessity to address infrastructure deficits, stimulate job creation, and diversify economies that often rely heavily on natural resources.

However, achieving this has proven to be a daunting task, especially in regions grappling with political instability, policy uncertainty, and global economic shocks.

In Nigeria, the story is both hopeful and challenging. As Africa's most populous nation and its fourth-largest economy, Nigeria has immense potential to attract capital, and the government has made this a cornerstone of its economic agenda.

The administration has been working on reforms to improve infrastructure, and bring some calm to an otherwise turbulent economy. But challenges like inflation and a volatile currency remain hurdles in the race to attract big money.

According to the National Bureau of Statistics, the United Kingdom has consistently emerged as Nigeria’s top investment partner, contributing a substantial $3.43 billion between January to September 2024.

South Africa ranks second, contributing $1.02 billion. This significant figure highlights the growing intra-African investment ties, with South African businesses playing a key role in Nigeria's retail, telecommunications, and banking industries.

The Netherlands, with investments totalling $781.82 million, ranks third.

The defendants — Augustine Chibuzo Onyeachonam, 30, Stanley Asiegbu (also known as "Stanislaus Asiegbu", 37, and Chukwuebuka Nweke-Eze, 29 — were charged with multiple offenses, including wire fraud conspiracy, securities fraud conspiracy, and aggravated identity theft.

The United States Attorney’s Office for the District of New Jersey has unsealed charges against three Nigerian nationals accused of orchestrating a multi-million dollar transnational internet-enabled investment fraud scheme, U.S. Attorney Philip R. Sellinger announced on Wednesday.

The defendants — Augustine Chibuzo Onyeachonam, 30, Stanley Asiegbu (also known as "Stanislaus Asiegbu", 37, and Chukwuebuka Nweke-Eze, 29 — were charged with multiple offenses, including wire fraud conspiracy, securities fraud conspiracy, and aggravated identity theft.

The indictment alleges that the suspects defrauded victims by impersonating licensed financial representatives, spoofing legitimate websites, and misappropriating the seal of the U.S. Securities and Exchange Commission (SEC) to lend credibility to their fraudulent activities.

“These defendants not only defrauded dozens of victims out of millions of dollars of their hard-earned money, but they also impersonated licensed FINRA representatives, spoofed their websites, and misappropriated the seal of the SEC to carry out their fraud,” U.S. Attorney Sellinger stated in a press release.

The indictment accuses the suspects of exploiting the internet to lure unsuspecting investors into fake investment opportunities.

Victims were reportedly targeted with fabricated documents and were persuaded to transfer substantial sums of money under false pretenses.

Each defendant faces charges across multiple counts: one count of wire fraud conspiracy, two counts of wire fraud, one count of securities fraud conspiracy, one count of identity theft conspiracy, and four counts of aggravated identity theft.

“My office will continue to work with our law enforcement partners to pursue these kinds of scammers no matter where in the world they are and seek justice for their victims," Sellinger said.

According to the Indictment, from at least as early as in or around 2018 through the present, Onyeachonam, Asiegbu, Nweke-Eze, and others (the “Conspirators”) orchestrated an internet-enabled fraud scheme that targeted victims throughout the United States, including in the District of New Jersey.

According to Sellinger, as part of the fraud scheme, the Conspirators impersonated dozens of individuals registered as broker-dealers with the Financial Industry Regulatory Authority (“FINRA”) and used those stolen identities to solicit investments from members of the public through fraudulent public-facing websites.

The fraudulent, or “spoofed”, websites were registered in the names of the impersonated victim brokers and often included genuine credentials, such as CRD numbers, associated with the victim brokers.

"At times, the spoofed websites also included links to: (1) the FINRA website associated with the victim brokers that allowed any member of the public to view the victim brokers’ employment history, certifications, licenses, or prior violations; and (2) fake social media accounts created by the Conspirators in the names of the victim brokers.

"At times, the spoofed websites also displayed, without authorization, the seal of the U.S. Securities and Exchange Commission (“SEC”). The Conspirators would further use the SEC seal in email communications with victims.
Sellinger explained that the Conspirators lured victims of the fraud scheme to the spoofed websites by touting the services of the victim brokers in the comment sections of online articles or videos discussing financial and cryptocurrency investment-related topics. At times, the Conspirators would include links to one or more of the spoofed websites.

"When a fraud victim visited a spoofed website, he or she was directed to communicate with an individual they believed to be a legitimate broker-dealer by contacting a telephone number or email address listed on the spoofed website.

"The Conspirators, posing as the victim brokers, then communicated with fraud victims and, among other things: (1) told fraud victims that their money would be invested in various stocks and cryptocurrencies; and (2) guaranteed fraud victims returns on their investments of up to 25%."

The U.S. Attorney said that the Conspirators used voice-changing software applications to impersonate certain female victim broker dealers when communicating by telephone.Conspirators.

According to the statement, "When a fraud victim decided to invest money with one of the Conspirators posing as a victim broker, the fraud victim was told to: (1) open an account at a particular cryptocurrency trading platform; (2) purchase cryptocurrency assets through that platform; and (3) send the cryptocurrency assets to a particular cryptocurrency wallet address for the purpose of investment.

"In reality, the funds transferred by the fraud victims to the Conspirators were not invested but were stolen by the Conspirators.

"At times, fraud victims’ funds were stolen directly from the account(s) opened by them at a particular cryptocurrency exchange.
Sellinger stated that as part of the fraud scheme, the Conspirators further created fraudulent online investment platforms that falsely displayed monthly returns associated with the fraud victims’ investments.

"A fraud victim visiting one of the fraudulent investment platforms typically would observe substantial returns on their investment.

"At times, when a fraud victim requested to withdraw funds from their account, they would be asked by the Conspirators to pay additional money in fees or taxes to withdraw the funds. After paying these fees, the funds would still not be released," U.S. Attorney said.

Sellinger said, "In total, the Conspirators caused dozens of fraud victims to transmit funds that they believed to be for investments in the aggregate amount of at least approximately $3 million.

"The wire fraud conspiracy charged in Count One carries a maximum potential penalty of 20 years in prison and a $250,000 fine; the wire fraud charged in Counts Two and Three of the Indictment each carry a maximum potential penalty of 20 years in prison and a $250,000 fine, the conspiracy to commit securities fraud charged in Count Four of the Indictment carries a maximum potential penalty of 20 years in prison and a $250,000 fine; the conspiracy to commit identity theft charged in Count Five of the Indictment carries a maximum potential penalty of 15 years in prison and a $250,000 fine; and the aggravated identity theft counts charged in each carry a mandatory minimum sentence of two years and a $250,000 fine."

AmazingGenius:
Nigeria’s total import from Malta rose was N766.81 billion in the third quarter of 2024, according to an analysis of the foreign trade statistics reports released by the National Bureau of Statistics (NBS).

Although the specific product imported from Malta was not disclosed by the NBS, there were earlier controversies on the sudden increase in Nigeria’s import from the small Southern European country, following an accusation by Aliko Dangote, chairman of Dangote Industries Limited, against Nigerian National Petroleum Company Limited (NNPCL).

Nairametrics observed that there was no record of import from Malta in the first and second quarters of 2024.

However, by the Q3 2024, the import from this country accounted for 5.23% of Nigeria’s total import of N14.67 trillion.

Malta was Nigeria’s fifth largest import trading partner in this quarter, according to the NBS.

The report read, “Analysis by trading partners reveals that imports from China were valued at N3,574.79 billion, representing 24.36% of total imports. This was followed by imports from India with N1,662.68 billion (11.33% of total imports), Belgium with imports valued at N1,632.89 billion or 11.13% of total imports, United States of America with goods valued at N1,024.44 billion (6.98% of total imports) and goods from Malta valued at N766.81 billion or 5.23% of total imports.”

Highest import from Malta on record

Nairametrics further observed that the figure recorded in Q3 2024 is the highest value of import from Malta on record.

• The N766.81 billion recorded in only Q3 2024 is 74.1% of the total imports from Malta recorded in three quarters of 2023.

• However, this may be largely due to naira devaluation, which has increased the value of imports in naira terms.

• Nairametrics earlier reported that Nigeria’s total import from Malta rose from zero to about N1.03 trillion in 2023, according to an analysis of the foreign trade statistics reports released by the NBS.

• A cursory review of the NBS reports show that Nigeria’s total import for 2023 was N35.92 trillion, which indicates that about 2.87% of Nigeria’s total imports were from Malta, despite no record of any international trade between the two countries in 2022.

Nairametrics further observed that the import from Malta was 8.41% of the total import from Europe, which was about N12.25 trillion in 2023.

In the first quarter of 2023, Nigeria’s imports from Malta recorded a value of zero, representing 0% of the total imports for that period. This lack of imports set a stark contrast for the subsequent quarters.

By the second quarter, import from Malta was N181.55 billion, accounting for 3.17% of Nigeria’s total imports for the period.

• The upward trend continued into Q3 2023, with imports from Malta soaring to N561.37 billion, representing a 6.64% share of the total imports for the quarter, showcasing a significant increase of 209.20% when compared to the previous quarter.

• However, by Q4 2023, there was a sharp decline in the value of imports from Malta. The imports dropped by 48.01% to N291.98 billion, contributing to only 2.07% of Nigeria’s total imports for the quarter.

• Since there was no import from Malta in the first quarter of 2023, it likely means that importation from this Southern European country started in Q2 to Q4 2023.

For these three quarters, Nigeria’s total imports was N29.45 trillion, which further suggest that the percentage of imports from Malta was about 3.5% of total imports within that period.

What you should know

The unexpected spike in imports from Malta, a country not typically known for its prominence in global oil markets, caused a stir and spurred speculation.

• Aliko Dangote, chairman of Dangote Industries Limited, alleged that personnel from the Nigerian National Petroleum Company Limited (NNPCL), along with oil traders and terminal operators, have established a blending facility in Malta.

• This plant, which lacks refining capabilities, produces finished motor gasoline by blending oxygenates with motor gasoline and other components.

• Dangote publicly accused the owners of the Malta blending plant of undermining Nigeria’s oil production potential.

• In response to these claims, Mele Kyari, the group chief executive officer of NNPCL, categorically denied any association with the blending plant, except for a minor local agricultural venture.

He also dismissed any knowledge of NNPCL employees being involved in such activities. Kyari asserted that the blending plant in Malta, or any similar facility worldwide, has no impact on NNPCL’s operations or strategic decisions.

Source: https://nairametrics.com/2024/12/10/nigerias-import-from-malta-reaches-new-high-of-n766-81-billion-despite-controversy/

The United States Embassy in Nigeria has reviewed its immigration visa processes for immigrants starting from January 1, 2025.

According to the embassy, applicants with interviews will now visit the Consulate General in Lagos at least twice during the process.

The directive was announced on its official X page on Tuesday.

It read, “For applicants with interviews scheduled after January 1, 2025, you are required to visit the Consulate General in Lagos at least twice during the immigrant visa process.

“This new process is designed to help you prepare for your visa interview and to prevent significant delays in processing your immigrant visa.”

Further checks on the embassy’s website revealed that the first visit to the US Consulate in Lagos would be for an ‘In-Person Document Review’ with a consular staff member, adding, “This review ensures that applicants are prepared for their visa interviews.

It continued, “The review allows applicants to retrieve any missing documents ahead of their visa interviews, helping to avoid delays in application processing.

“The second interview, on the other hand, is with a Consular Officer. The date for this interview will be scheduled for applicants by the National Visa Center (NVC).

“If you do not complete the In-Person Document Review before your visa interview, you will be required to reschedule your appointment.”

On July 2024, The PUNCH reports that the embassy announced its operation in its Abuja and Lagos consulates will be handled by a new visa services provider, starting August 26, 2024.

The decision was announced on the official website and verified social media pages of the American embassy.

The Nigerian striker's boots have proven too big for Romelu Lukaku to fill at Napoli

Romelu Lukaku's struggles in a Napoli shirt have reached a boiling point, with fans growing increasingly frustrated after his ineffective display in the team's 1-0 loss to Lazio at the Stadio Diego Maradona.

The Belgian striker, who was brought in as a marquee signing to replace Victor Osimhen, has failed to fill the void left by the Nigerian star, sparking questions about Napoli’s decision-making in the transfer market.

Lukaku underwhelms after Napoli move

Lukaku's lack of impact was glaring against Lazio. He managed just 15 touches in 90 minutes, completed 10 passes, and failed to register a single shot on target.

Substituted in injury time for Giovanni Simeone, Lukaku was met with a chorus of boos from the home crowd, reflecting the mounting discontent with his performances.

This disappointing outing adds to a troubling pattern for the 31-year-old. While he has scored five goals in 13 Serie A appearances, only three have come in the last two months.

Lukaku’s uninspired performances in key matches against Juventus, Atalanta, and Inter have left Napoli’s attack looking toothless, forcing manager Antonio Conte to substitute him in all those games.

Napoli fans long for Osimhen

The contrast between Lukaku and his predecessor, Victor Osimhen, has not gone unnoticed. While Osimhen consistently delivered match-winning performances, Lukaku has struggled to replicate that level of impact.

The decision to replace Osimhen with Lukaku, a player who commands significant wages but has shown inconsistent form, is now being widely questioned by both fans and analysts.

While Lukaku continues to struggle in Serie A, Osimhen has been thriving in the Turkish Super Lig, scoring seven goals and providing three assists in nine games.

For a player of Lukaku’s pedigree, expectations were sky-high. However, as boos echo around the Stadio Maradona, it’s clear that his performances have fallen far short of what Napoli fans had hoped for—and that the shadow of Victor Osimhen continues to loom large.

Seplat Energy Plc, a Nigerian energy company, is on the brink of completing $800m acquisition of Mobil Producing Nigeria Unlimited.

In a notice signed by the Chief Executive Officer of Seplat Energy Plc, Roger Brown, on Monday, the deal, expected to close on December 12, marks a step for Seplat in the country’s energy sector.

The company disclosed that the transaction will involve a final cash consideration of $672m payable to ExxonMobil at closing, with $128m already paid as a deposit in 2022. An additional $257.5m is deferred until December 2025, covering decommissioning, abandonment, and certain joint venture costs.

The funding for the $672m payment will be sourced from a $350m revolving credit facility, a $300m advance payment from ExxonMobil, and $22m from Seplat’s balance sheet cash.

“The $672 million payable on closing the transaction will be funded by $350 million drawn under the RCF, $300 million new 3-year Advance Payment Facility with ExxonMobil, and $22 million balance sheet cash,” the statement added.

This acquisition is set to more than double Seplat’s production capacity to about 120,000 barrels of oil equivalent per day (kboepd), enhancing its operational scale. The company’s proven and probable (2P) oil and gas reserves will increase by 86 per cent to 887 million barrels of oil equivalent (MMboe), while its combined 2P and 2C reserves will rise by 124 per cent to 1,210 MMboe.

“These assets, which include a 40 per cent interest in key OMLs and the Qua Iboe terminal, are strategically aligned with our growth ambitions,” the statement added.

On the financial side, the transaction will deliver a boost to Seplat Energy’s revenue and profitability. On a pro forma basis for the first half of 2024, revenue will increase by 245 per cent to $1.46bn, compared to Seplat’s standalone revenue of $422m. Adjusted earnings before interest, taxes, depreciation, and amortisation are expected to grow by 199 per cent to $800m over the same period.

The deal includes a 40 per cent operated interest in four Oil Mining Leases (OMLs 67, 68, 70, and 104) and the Qua Iboe export terminal. Additionally, the acquisition will bring approximately 1,000 staff and 500 contractors from MPNU into Seplat’s fold, further expanding its workforce.

Seplat’s combined production with MPNU for the first half of 2024 averaged 119.8 kboepd, representing a 148 per cent increase from its standalone production of 48.4 kboepd. This expanded output capacity positions the company to meet growing energy demand both locally and globally.

The acquisition, classified as a reverse takeover under UK Financial Conduct Authority rules, requires a relisting of Seplat Energy’s shares. Upon completion, the company plans to engage with investors and analysts in a post-acquisition conference call.

The PUNCH reported that the Nigerian National Petroleum Company Limited has applied to a High Court of the Federal Capital Territory, Abuja, to stop its ongoing legal action against several subsidiaries of Mobil Nigeria and the Nigerian Upstream Petroleum Regulatory Commission.

The naira devaluation has increased Nigeria’s external debt by about N30.03 trillion between 2023 and June 2024, which is considered in naira terms.

When calculated using the current exchange rate, Nigeria’s debt in dollars has made the country’s foreign debts more expensive in the local currency.

The impact of naira’s crash on Nigeria’s debt

Data from the Debt Management Office (DMO) shows that as of June 1, last year, Nigeria’s external debt was $43.16 billion.

The exchange rate of N770.30 to a dollar amounted to N33.25 trillion.

However, by June 1, 2024, the naira depreciated by over 47%, with the FX rate hitting N1,470.19 per dollar.

Due to the naira crash, Nigeria’s external debt, which was reduced to $42.90 billion, now equals N63.07 trillion in naira terms.

Nigeria’s external debt declined by 0.60% in dollars or $258.18 million between June 2023 and the same month in 2024.

In naira terms, there was a spike of over 89% or N29.82 trillion in the same period.

Findings reveal that if the June 2023 exchange rate were used, Nigeria’s external debt would have been N33.05 trillion.

The development further shows that the naira devaluation added N30.02 trillion to the country’s external debt in one year as Nigeria battles weak currency and rising debt.

While the nominal value of Nigeria’s foreign debt in dollars has been stable, the naira depreciation has raised the naira equivalent.

Further findings showed that external debt accounted for 46.96% of Nigeria’s external debt as of June 2024, from 38.05% reported in the same period in 2023.

Nigeria’s debt to organisations

Also, multilateral lenders remain Nigeria’s largest creditors, amounting to half of the country’s debt as of June 2024.

The creditors include the International Monetary Fund (IMF), the World Bank Group, the African Development Bank Group (AfDB), the Islamic Development Bank (IDB) and others.

Punch reports that Nigeria owes the IMF about $1.61 billion, representing 3.75% of the total external debt.

Nigeria is indebted to the World Bank Group for $16.32 billion, with the majority owed to the International Development Association (IDA), accounting for $16.32 billion, 38% of Nigeria’s total foreign debt.

The Nigerian government owes $484 million to another arm of the World Bank, the International Bank for Reconstruction and Development.

Nigeria’s debt to AfDB is $3.87 billion, representing 9.03% of the total external debt.

Nigeria is indebted to the Arab Bank for Economic Development in Africa about $4.97 million, representing 0.01% of the country’s external debt.

Nigeria’s debt to IsDB is about $241.84 million, while its debt to the International Fund for Agricultural Development is $273.51 million.

Nigeria’s debt to China and other countries

Bilateral lenders like China and France have given Nigeria $5.89 billion in credit financing.

According to reports, China remains Nigeria’s largest bilateral lender, with $5.07 billion owed to the Exim Bank of China.

Nigeria is indebted to France about $623.55 million and $52.18 million to Japan.

Nigeria’s indebtedness to India stands at $22 million and Germany $115.81 million.

Meanwhile, commercial creditors via Eurobonds form much of Nigeria’s external debt.

The country owes about $15.12 billion in Eurobonds, which accounts for 35.24% of Nigeria’s foreign debt.

Sovereign debt servicing dips from 97% to 65% in Nigeria

Legit.ng earlier reported that in response to the recent decline in sovereign debt servicing from 97% to 65% of government revenue, President Bola Tinubu said the change indicated the country's economic recovery.

During Monday's swearing-in ceremony for seven new ministers in Abuja, Tinubu declared war on looters and promised to take innovative measures to protect the country's wealth from theft.

He also emphasised these leaders' vital role in helping Nigeria navigate its economic difficulties, highlighting the significance of their commitment and foresight during this crucial time.

The Central Bank of Nigeria (CBN) has outlined key initiatives for 2025 aimed at advancing the country’s financial services sector.

Speaking at the Bankers’ Committee Annual Dinner held on November 29, 2024, CBN Governor Olayemi Cardoso revealed plans to implement the open banking framework, promote contactless payment systems, and expand the regulatory sandbox.

These initiatives, he noted, are central to deepening financial inclusion and enhancing Nigeria’s payment ecosystem.

CBN Key Initiatives

What Cardoso is saying

“In 2025, we will prioritize initiatives including implementing our open banking framework, advancing contactless payment systems, and expanding our regulatory sandbox.

Additionally, we will issue revised guidelines for agency banking and continue to strengthen electronic payment channels.”

Open Banking : [/b]Cardoso highlighted the implementation of the open banking framework as a top priority for the coming year.

- Open banking, which enables secure sharing of financial data between banks and third-party service providers, is expected to spur innovation and create new opportunities within the financial technology (fintech) space.

- With open banking gaining traction globally, Nigeria’s adoption of this framework is anticipated to catalyze the development of new financial products, improve service delivery, and enhance customer experience across the industry.

[b]Advancing Contactless Payments: As part of its vision for a more seamless payment system, the CBN plans to advance contactless payment solutions in 2025.

- Cardoso emphasized the need to align with global trends, where contactless payment systems are fast becoming the norm for retail transactions.

- The initiative is expected to drive the adoption of modern payment technologies, reduce transaction times, and promote cashless transactions, particularly among Nigeria’s growing youth and tech-savvy population.

Regulatory Sandbox for Innovation: [/b]Cardoso also announced plans to expand the CBN’s regulatory sandbox, a controlled environment where fintech companies can test innovative products under the supervision of the regulator.

- The sandbox expansion is expected to encourage startups and established financial institutions to experiment with novel solutions in areas such as blockchain, artificial intelligence, and digital currencies.

- Another priority area for the CBN in 2025 is bolstering the robustness of Nigeria’s electronic payment infrastructure.

- Cardoso stressed the importance of strengthening these channels to support a more cashless economy and ensure resilience against cyber threats.

[b]Revised Agency Banking Guidelines

The CBN will also issue revised guidelines for agency banking, a critical tool in extending financial services to underserved and rural communities. Cardoso explained that these updates are aimed at enhancing the operational efficiency and security of agency banking networks, ensuring they remain a reliable channel for financial inclusion.

The outlined initiatives align with the CBN’s broader vision of fostering a modern, resilient, and inclusive financial system. By prioritizing innovation, regulatory advancements, and infrastructure upgrades, the apex bank seeks to position Nigeria as a leader in digital finance within Africa.

The cost of staple foods like rice, yam, plantains, and beans significantly increased in October 2024, as Nigeria’s headline inflation rate rose to 33.88%, up from 32.7% in September, marking a 1.18 percentage point increase.

According to the National Bureau of Statistics Consumer Price Index report, the rise in inflation can be largely attributed to increased transportation costs and higher food prices. This represents a significant economic challenge, as inflation remains a persistent issue, deeply impacting the cost of living for millions of Nigerians.

These sharp price increases in staple foods have significantly strained households, particularly those in lower-income brackets.

In October 2024, Nigeria’s headline inflation rate rose to 33.88%, up from 32.7% in September, marking a 1.18 percentage point increase.

According to the National Bureau of Statistics Consumer Price Index report, the rise in inflation can be largely attributed to increased transportation costs and higher food prices. This represents a significant economic challenge, as inflation remains a persistent issue, deeply impacting the cost of living for millions of Nigerians.

In particular, the price of staple foods has continued to rise sharply, reflecting broader economic challenges.

Among the ten most expensive staple foods in Nigeria in October 2024, significant price increases were recorded in several key items:

1. Local Rice (Sold Loose):

Local rice saw a remarkable price increase of 137.32% year-on-year. The average price in October 2024 reached N1,944.64, compared to N819.42 in October 2023. This price surge reflects ongoing inflationary pressures and supply chain challenges. Additionally, local rice experienced a 1.56% month-on-month increase, with regional price variations ranging from N1,267.25 in Benue to N2,693.41 in Kogi.

2. Agricultural Rice (Sold Loose):

Agricultural rice, commonly sold by local farmers, also saw a significant price hike of 138.90% year-on-year. In October 2024, the average price was N2,023.68, up from N847.08 in the previous year. The increase was further compounded by a 2.95% month-on-month rise, with prices across states showing substantial variation. The highest price was recorded in Nasarawa, where the average cost reached N3,120.49.

3. Ripe Plantain:

Ripe plantain, a staple in many Nigerian households, saw a price increase of 140.19% year-on-year, bringing the average price to N1,507.21 in October 2024, up from N627.50 in the previous year. Month-on-month, the price rose modestly by 0.45%, from N1,500.43 in September 2024. The price of ripe plantain varied greatly across Nigeria, with Edo State having the highest price at N2,245.33, and Taraba recording the lowest at N600.

4. Medium-Sized Agric Eggs:

Eggs, a critical source of protein in Nigeria, saw an exceptional price increase of 140.21% year-on-year, with the average price reaching N2,671.60 in October 2024, up from N1,112.22 in October 2023. The price surge was especially notable in the month-on-month comparison, with a 7.42% increase, rising from N2,487.04 in September 2024. Bauchi had the highest price for medium-sized eggs at N3,450.00, while Adamawa recorded the lowest price at N2,050.00.

5. Imported High-Quality Rice (Sold Loose):

Imported high-quality rice, known for its superior quality, saw a 143.21% increase in price, rising from N1,016.12 in October 2023 to N2,471.28 in October 2024. This surge reflects both local inflationary pressures and volatility in global rice markets, which have been exacerbated by the weak naira. Prices of imported rice also increased 2.80% from N2,403.86 in September 2024, with Kogi State recording the highest price of N3,187.35, and Niger having the lowest at N2,017.04.

6. Yam Tubers:

Yam tubers, a core food item in Nigerian cuisine, saw a substantial price rise of 148.02% year-on-year, with an average price of N1,705.58 in October 2024, compared to N687.68 in the previous year. This dramatic increase was driven by a variety of factors, including high transportation costs and disruptions in yam farming caused by adverse weather conditions. The price increased 2.22% month-on-month, from N1,668.49 in September 2024. Kwara State had the highest price for yam tubers at N4,011.57, while Adamawa recorded the lowest price at N775.00.

7. Unripe Plantain:

Unripe plantain, another popular staple, saw an eye-watering price increase of 152.26% year-on-year. The average price in October 2024 was N1,539.66, up from N610.34 in the previous year. Prices rose 1.89% month-on-month, from N1,511.09 in September 2024. The highest price for unripe plantain was reported in Akwa Ibom, where the price reached N2,220.14, while Borno had the lowest price at N822.01.

8. Broken Rice (Ofada Rice):

Local varieties of rice, particularly Ofada rice, experienced an extraordinary price surge of 199.16% year-on-year, with the average price rising from N811.83 in October 2023 to N2,428.65 in October 2024. The price increased 2.93% month-on-month, from N2,359.47 in September 2024. Osun State reported the highest price for broken rice at N3,400.00, while Adamawa had the lowest price at N1,425.00.

9. White Beans (Black Eyed):

The price of white beans (black-eyed beans) surged by 238.04% year-on-year, reaching an average price of N2,603.32 in October 2024, up from N770.13 in October 2023. Month-on-month, the price increased slightly by 0.94%, from N2,579.02 in September 2024. The highest price for white beans was reported in Akwa Ibom at N3,199.58, while Yobe had the lowest price at N1,643.62.

10. Brown Beans:

Brown beans, the most expensive staple in Nigeria in October 2024, experienced a staggering 254.23% price increase year-on-year, with an average price of N2,798.50 in October 2024, compared to N790.01 in October 2023. This is the highest price increase of all the food items listed. Brown beans also saw a 2.19% month-on-month rise, from N2,738.59 in September 2024. Bauchi State reported the highest price for brown beans at N3,750.00, while Yobe had the lowest price at N1,749.52.

The sharp price increases in staple foods like rice, yam, plantains, and beans have placed significant strain on households, particularly those in lower-income brackets. Factors contributing to the rising food prices include high transportation costs, inflation in the agricultural sector, and climatic disruptions affecting local food production.

The rising inflation in Nigeria continues to challenge the economic stability of millions of households. With food prices sharply increasing and essential goods becoming increasingly unaffordable for many, the government must prioritize measures to curb inflation and provide support for vulnerable populations.

CBN tells Nigerians to report cash withdrawal issues from December 1, banks to face penalties

The Central Bank of Nigeria (CBN) urges bank customers to report ATM and branch cash withdrawal difficulties starting December 1, 2024, through designated state-specific phone numbers and email addresses.

The CBN Governor Olayemi Cardoso announced this directive during the 2024 Annual Bankers Dinner organized by the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos.

Cardoso acknowledges cash availability issues at ATMs, which impact ordinary Nigerians. To address this, the apex bank will conduct spot checks on Deposit Money Banks (DMBs) and penalize underperforming institutions

“We recognize the ongoing challenges with cash availability at ATMs, which disproportionately affect ordinary Nigerians.

“To address this, we are conducting spot checks across Deposit Money Banks (DMBs) and will impose penalties on underperforming institutions.

“Effective December 1, 2024, customers are encouraged to report any difficulties withdrawing cash from bank branches or ATMs directly to the CBN through designated phone numbers and email addresses for their respective states,” he stated

He assured that guidelines with reporting procedures will be widely distributed to raise public awareness.

Regulatory compliance and penalties

Cardoso emphasized the need for compliance from all stakeholders, including Deposit Money Banks (DMBs), Mobile Money Operators, and PoS agents, to enhance service delivery.

“I repeat, financial institutions found engaging in malpractices or deliberate sabotage will face stringent penalties,” he warned

The governor added that the apex bank would maintain a robust cash buffer to meet demand during high-pressure periods like the festive season.

To foster digital transactions and trust, Cardoso reiterated CBN’s commitment to addressing payment delays, particularly for vulnerable populations.

He explained that trust is fundamental to fostering digital transactions, and the CBN must take every necessary step to preserve that trust in payment systems.

Cardoso assured that Payment gateways for financial transactions will become better in 2025. Key initiatives under the Payment System Vision 2025 include:

- Implementing an open banking framework.

- Advancing contactless payment systems.

- Expanding the regulatory sandbox.

- Issuing revised guidelines for agency banking.

“Additionally, we will issue revised guidelines for agency banking and continue to strengthen electronic payment channels,” he stated

Anti-money laundering and financial system reforms

- Cardoso disclosed that Nigeria aims to exit the Financial Action Task Force (FATF) grey list by Q2 2025.

- He outlined plans to combat money laundering, cybercrime, fraud, and corruption, ensuring a sound financial ecosystem.

- Prof. Pius Deji Olanrewaju, President/Chairman of CIBN, praised the resilience of Nigeria’s economy and banking sector despite macroeconomic challenges. He highlighted steady GDP growth from Q1 to Q3 of 2024, attributing it to government policies and CBN initiatives.

“For example, the Nigerian economy continues to be more resilient and agile as shown in the steady growth from 2.98 per cent in Q1 to 3.19 per cent in Q2 and now 3.46 per cent in Q3 of 2024.

“The bank recapitalization exercise also attests to the fact that we are well on our way towards not only strengthening the financial sector but also supporting a $1 trillion economy envisaged by 2030,” he said.

Olanrewaju noted that the Nigerian banking industry has demonstrated resilience this year despite macroeconomic challenges, including rising inflation and exchange rate fluctuations.