₦airaland Forum

The Ogun state government says it will enact a law that will punish people engaged in cult activities in the state with the death penalty.

The south-west state, next door to Nigeria’s commercial capital Lagos, has been hit by a wave of gang wars resulting in deaths.

A clash on Sunday between two notorious cult groups – Eiye and Aye Confraternity groups in the Sagamu area of the state resulted in the death of multiple deaths.

Police said seven suspects were arrested and weapons recovered. Local authorities imposed a curfew in the area.

Murderers, not cultists
Gov. Dapo Abiodun met with the paramount ruler of Remoland, Oba Babatunde Ajayi, at the Akarigbo Palace in Sagamu on Tuesday. He said the state considers cultists as murderers.

“It is within my powers as the governor of
this state to pronounce the death penalty on people and we are going to ensure that we enact that because when people appreciate and understand the consequences of their behaviours, perhaps they will begin to have a rethink,” he said.
“We will rely on our
https://pluboard.com/2023/09/20/security/ogun-is-seeking-death-penalty-for-cultists/

Fossil-fuel subsidies reached a record $7 trillion last year as governments supported consumers and businesses during the global spike in energy prices caused by Russia’s invasion of Ukraine and the economic recovery from the pandemic, according to the International Monetary Fund.

Fossil-fuel subsidies rose by $2 trillion over the past two years as explicit subsidies (undercharging for supply costs) more than doubled to $1.3 trillion. The IMF provided data on explicit and implicit subsidies (undercharging for environmental costs and forgone consumption taxes) across 170 countries.

Nigeria paid $4.7 billion as explicit subsidies, covering petroleum and electricity subsidies. It paid $18.2 billion as implicit subsidies in 2022.

Nigeria scrapped petrol subsidy in May, causing prices to rise more than three fold. The Fund said the huge amount paid as fuel subsidies globally threatens the environment and ending
https://pluboard.com/2023/09/20/headline-1/imf-seeks-more-fuel-subsidy-cuts-says-climate-above-consumer-pain/

The Norwegian FPSO leasing firm BW Offshore says it has closed a transaction for the sale of the Abo FPSO to a Nigerian company.

BW Offshore will sell the Floating Production Storage and Offloading vessel to STAC Marine Offshore Limited, a member of the Nigerian Transport Group (STAC) for $20 million. The vessel is used for loading and storing crude oil.

The Abo FPSO has been operating for Eni’s Agip in Nigeria for years. The sale comes after several short-term charter extensions.

“As part of the transaction, BW Offshore has entered into a bareboat charter with STAC to allow for uninterrupted operations for the client during a transition period of maximum two months. Upon expiry of the bareboat charter, STAC will assume responsibility for operations of the unit,” BW Offshore said in statement.

“Originally recognized as the “Gray Warrior”, a Suezmax tanker constructed in 1976, the vessel underwent conversion at
https://pluboard.com/2023/09/16/companies/norways-bw-offshore-sells-oil-storage-vessel-for-20m-to-nigerian-buyer/

Nigeria will see through a railway project from the northern state of Kano to Maradi in neighbouring Niger, started by the administration of former President Muhammadu Buhari, the country’s new transport minister has said.

The minister, Ahmed Alkali, said he was satisfied with the level of work on the standard gauge rail and the government was committed to its timely completion.

“We are fully committed in ensuring timely completion of the ongoing Kano – Jigawa – Maradi rail line project, aimed at boosting the economy of the Nigeria and Niger republic,” Alkali told journalists Friday at Dadin Kowa in Kazaure local government area of Jigawa shortly after inspecting the project.

The $2 billion project has been criticised by some in Nigeria who question the economic importance of building a costly rail to another country when Nigeria’s own domestic lines remain underdeveloped.

A signature project of the Buhari government, the plan was dogged by lack of funding after Chinese funders dithered.

In July, Portuguese construction company Mota-Engil said it signed a contract for the supply and financing of the 400-km railway’s
https://pluboard.com/2023/09/16/politicsandpolicy/tinubu-govt-sticks-with-2-billion-rail-line-to-niger-republic/

Regulators in EU countries have have opened investigations after France banned the sale of Apple’s iPhone 12 due to concerns about its radiation levels.

France’s National Frequency Agency (ANFR) said on Tuesday that the iPhone 12 exceeds European exposure limits for radiofrequency energy. The agency warned that Apple could be forced to recall the phones if it does not comply with the regulations.

Labs commissioned by ANFR found absorption of electromagnetic energy by the body at 5.74 watts per kilogram in test simulations. The European standard absorption rate is 4.0 watts per kilogram.

Apple has disputed the ANFR’s findings, saying that the iPhone 12 is safe.

The Dutch digital watchdog, the Nederlandse Rijksinspectie Digitale Infrastructuur (RDI), told news outlet Algemeen Dagblad it will

Agricultural commodities trader Olam Group has confirmed it paid a bond to secure the release of its director in Nigeria.

The company said Olam Nigeria had informed the group that it had posted a bond for its senior vice president, Prakash Kanth, in relation to allegations that the company was involved in forex fraud in Nigeria.

“The Company wishes to inform that it has been notified by Olam Nigeria that it has posted a bond for Mr. Kanth on or about 5.00 p.m. Nigeria time (midnight Singapore time), to secure the continued cooperation of Mr. Kanth with any legitimate requests from relevant Nigerian authorities for information or assistance,” it said in a statement to the Singapore Stock Exchange where the company is listed.

The investigation was first reported by

The Beninese economy is facing headwinds after next-door neighbour Nigeria scrapped petrol subsidy, followed by political unrest in Niger Republic, the International Monetary Fund has said.

Benin depends on Nigeria for most of its export and its economy is primarily based on informal trade with Nigeria.

The Beninese economy grew 6.3% in the first half of 2023. But smuggled petrol from Nigeria, a mainstay for the country, has risen 60% since Nigeria removed fuel subsidy in May, exerting inflationary pressure on the country’s economy.

“After strong performance in the first half of the year, the Beninese economy faces headwinds from Niger border closure amidst regional sanctions after the recent coup and higher prices of gasoline following pump price hikes in Nigeria,”
https://pluboard.com/2023/09/13/africa/imf-ties-beninese-economic-trouble-to-nigeria-and-niger/

Olam Group Ltd. shares fell to their lowest level in almost 15 years on Tuesday after the agricultural commodities trader denied allegations of a multibillion-dollar fraud in Nigeria and ordered a review into the matter.

The company, which has presence in 67 countries, said on Monday in a filing to the Singapore exchange where it is listed that it had done nothing wrong, but it was cooperating with Nigerian authorities.

“The Company notes that Olam Nigeria have responded to various legitimate requests for information by the relevant Nigerian authorities, and will cooperate with any legitimate requests for information or assistance from relevant Nigerian authorities,” it said.

The group’s shares closed at 1.15 Singapore Dollars on Tuesday, the lowest since November 2008. The price was 10.9% lower than the closing price on Friday when Daily Nigerian, a newspaper, reported that Olam was being probed by the country’s secret police for alleged foreign exchange round-tripping.

The paper said Olam was investigated
https://pluboard.com/2023/09/12/companies/olam-shares-fall-to-15-year-low-after-nigeria-forex-fraud-allegation/

Gov Bassey Otu of Cross River has reduced workdays for civil servants in the state from five days to three to cushion the effect of petrol subsidy removal.

The state has joined its counterparts – Kwara, Edo and others states who had earlier taken similar measures to alleviate the suffering unleashed on workers after the federal government scrapped petrol subsidy, causing prices to rise more than three folds.

The Cross River government said it will also pay N10, 000 allowance to each worker in the state for the next six months beginning from September and re-introduce mass transit system for inter-city travel at subsidised rates for all citizens.

Andrea Inyang, aide to the governor on new media disclosed this in a statement posted on Facebook. Gov Otu’s spokesperson, Emmanuel Ogbeche confirmed this to this newspaper.

Lingering hardship
Nigerians have faced severe hardship after President Bola Tinubu declared an end to petrol subsidy during his inaugural address on May 29.

After the declaration, the retail price of petrol rose from N189 to N550. The price further jumped to N617 in July after
https://pluboard.com/2023/09/13/nation/subsidy-hardship-cross-river-cuts-workdays-to-three/

The United Arab Emirates (UAE) has lifted its visa ban imposed on Nigerian travellers after nearly one year.

The decision was taken after President Bola Tinubu met with Mohamed bin Zayed Al Nahyan, UAE leader in Abu Dhabi, Mr Tinubu’s office said on Monday.

The middle east country imposed a visa ban on Nigerians in October 2022 after a diplomatic row.

In 2021, the UAE and Nigeria engaged in a diplomatic row over flight allocations and travel bans. In December of that year, the UAE banned airlines from flying Nigerian passengers into the country, citing the surge in COVID-19 cases.

However, the UAE’s General Civil Aviation Authority (GCAA) had previously approved a slot of three weekly flights from Nigeria to Sharjah Airport for Air Peace.

In retaliation, the Nigerian government reduced Emirates’ flight slots from 21 to one, which led the Dubai-based airline to suspend all flights to

Nigerian stocks fell Monday after equities market index and benchmark provider FTSE Russell said it downgraded Nigerian equities from “frontier market” to “unclassified market”, citing the country’s foreign exchange problems.

The announcement sent Nigerian stocks tumbling by 1.24%. Year-to-date returns plummeted 31.11%.

UK-based FTSE Russell said forex reforms by the Nigerian government, which has seen the naira devalued, have not eased the crisis to allow investors repatriate capital. The reclassification takes effect September 18.

“Consequently, as index changes for Nigeria within FTSE Russell equity indices have been suspended since September 2022 and with no improvement in the ability of international institutional investors to repatriate capital at a foreign exchange rate that would be used in FTSE Russell equity indices, following ratification by the FTSE Russell Index Governance Board, FTSE Russell announces that the FTSE Equity Country Classification status of Nigeria will be downgraded from Frontier to Unclassified market status…,” it said in a statement.

Rival index provider MSCI said in June that it would defer its plan to remove Nigeria from its frontier markets list, to allow a review of the impact of foreign exchange reforms introduced by President Bola Tinubu.

The index provider had considered reclassifying Nigeria as a “standalone country” in response to difficulties foreign investors faced accessing the Nigerian equity market and repatriating their

Rescue teams from Spain, UK and Qatar began supporting Moroccan rescuers in areas that were affected by the powerful earthquake that struck the North African country, Moroccan news agency MAP reported on Monday.

Britain sent 60 search and rescue experts, along with equipment and four search dogs to support the Moroccan-led operations, British Ambassador Simon Martin said in a post published early Monday.

Mr Martin said this on the social media platform X, formerly Twitter.

Morocco on Sunday said it responded to support offers made by Spain, Qatar, Britain and the UAE, which had proposed mobilising a group of research and rescue teams.

Rabat said it could later accept support offers made by other countries.

Learn more
Some 2,122 people have been killed since the quake rattled several parts of the country on Friday.

The magnitude 6.8 earthquake, the strongest to hit the area in 123 years, struck about 11:11 p.m. local time (11:11 p.m. Nigerian time) in the
https://pluboard.com/2023/09/11/africa/foreign-teams-join-morocco-earthquake-search-as-death-toll-tops-2100/

Retired military head of Kaduna state Abubakar Dangiwa Umar has characterised the outgone Buhari administration as Nigeria’s most corrupt, while defending the separatist effort of the Indigenous People of Biafra (IPOB).

In an interview with the Sun Newspaper, the fiery ex-military officer said the former president elevated “personal interest above national interest.”

“President Buhari had the opportunity to declare his assets publicly before and after his Presidency as he promised to do while campaigning for the office. He failed to do so. His assets declaration to the Katsina farmers is meaningless and doesn’t meet the legal requirements and expectations of the general public. It also does not matter if he left the Presidency poorer. Truth is that he presided over the most corrupt administration in the history of this country,” he said.

Mr Umar spoke of “moral corruption” of the former president in allowing government ministers to disproportionately allocate several federal projects to his home town of Daura in Katsina state.

“Consider, for example, the siting of over 20 major Federal Government’s projects in the President’s hometown, Daura. Senior members, including ministers and military Service Chiefs, engaged in very embarrassing and unethical acts to appease and ingratiate themselves to the president by gifting him projects from their ministries, departments, agencies and services. These were accepted with gratitude. It was the height of ethical and moral corruption that the president accepted a gift of an Air Force Reference Hospital from his Chief of Air Staff when Daura does not even have a landing strip,” he said.

“The rail line from Kano to Maradi was only approved because it passes through Daura and not for any socio-economic value. It ranks lowest in the nation’s infrastructural priorities. Less so that it is being financed with a $1.9 billion Chinese loan. This project must be discontinued. Work so far done should remain a monument of corruption. The two federal roads leading to Daura from Kano and Katsina are being dualised, while all roads leading to the Federal Capital Territory, Abuja, are yet to be completed.

“The Lagos-Ibadan expressway connecting the North with the two South Western ports is still under construction. Construction of the
https://pluboard.com/2023/09/11/security/nnamdi-kanus-cause-is-just-col-umar-says-in-rebuke-of-buhari/

The African Export-Import Bank has signed an agreement with Anambra state to collaborate on state development efforts through the provision of project preparation and advisory services, including a potential debt financing programme of up to US $200 million.

Key details of the agreement
Under the pact, Afreximbank and Anambra will prioritize projects for preparation and funding, collaboratively evaluating each project to formulate a time-bound work programme for effective execution.

Afreximbank, a multilateral financial institution mandated to finance and promote intra-and extra-African trade, said it will work with the state government to establish bankability for key projects, including the Ikenga Mixed-Use Industrial City, the Anambra Export Emporium and the Akwaihedi Unubi Uga Automotive Industrial Park, as well as any other project agreed upon by the parties.

The two parties will also conclude all actions necessary for securing a credit of up to $200 million from Afreximbank and its affiliated entities for the projects.

The memorandum was signed by Kanayo Awani, Afreximbank’s executive vice president, intra-african trade bank, and Gov. Charles Soludo, during the Anambra Investment Summit.

Learn more
In addition, the MOU provides for the parties to collaborate on trade and investment promotion in Anambra State through the African Sub-Sovereign Governments Network (AfSNET) and facilitate the implementation of the African Continental Free Trade Agreement.

Other areas of collaboration covered in the MOU include the provision of transaction advisory services aimed at facilitating the procurement of debt and equity capital. It will also focus on export development advisory, twinning services, and senior debt structuring.

“Just as we have championed the transformative potential of industrial parks and special economic zones across Africa through public and private sector collaboration, committing over US$1.5 billion so far to the realization of these projects, Afreximbank is ready to support Anambra State, as it is doing in Ogun and Abia States (Enyimba Industrial City), to promote similar projects here,” Mrs Awani said on behalf of Benedict Oramah, chairman of the Afreximbank board.

“With peace and security gradually returning to the state, with our youth beginning to realize that their future cannot thrive in an environment of widespread insecurity, we can look forward to a similar US$400 million industrial park project in collaboration with the State. It makes business sense to do so, and we have advanced discussions with Anambra State Investment Promotion and Protection Agency (ANSIPPA) to implement creating over 10,000 jobs while bringing export-oriented businesses to Anambra state.

Nigeria projects
Afreximbank said it has invested over US$36 billion in the Nigerian economy since its creation in 1993. Its ongoing projects include the US$300-million 500-bed Africa Medical Centre of Excellence in Abuja in partnership with
https://pluboard.com/2023/09/11/banks/afreximbank-looks-to-200-million-credit-to-anambra-state/

African leaders have called for more global taxes to fund climate action, saying that the continent needs more resources to adapt to the effects of climate change.

The demand was made Wednesday in a declaration that will form the basis of Africa’s negotiating position at the upcoming COP28 summit in the United Arab Emirates.

The Nairobi Declaration was announced by Kenyan President William Ruto, who hosted the inaugural Africa Climate Summit, attended by leaders from over 50 countries.

Why this matters
The declaration acknowledged that Africa is already bearing the brunt of climate change, with more frequent and severe weather events, such as floods, droughts, and heat waves. It called for a “significant increase” in climate financing for Africa, including through a global carbon tax.

The declaration also called for reforms to international financial institutions to make it easier for African countries to borrow at affordable rates.

“This declaration will serve as a basis for Africa’s common position in the global climate change process,” read the document. “No country should ever have to choose between development aspirations and climate action.”

It added: “Decarbonizing the global economy is also an opportunity to contribute to equality and shared prosperity.”

$23 billion commitment
Governments, development banks, private investors, and
https://pluboard.com/2023/09/07/environment/climate-change/african-leaders-want-more-global-taxes-to-fund-climate-action/

FCT Minister Nyesom Wike will flag off road repairs in Abuja on Monday, but the city’s broken and heavily populated suburbs will not feature in the minister’s first round of projects targeting 135 roads, his office said.

The former Rivers state governor took office last month as a federal cabinet member promising to steer the capital from “business as usual”.

Abuja has a population of over 5 million people, with most of them living in the suburbs. The city has faced severe infrastructure problems, made worse by the lack of adequate investment and maintenance in the past eight years.

Satellite towns such as Lugbe, Kubwa, Bwari, and Gwagwalada are particularly affected by these problems. Roads in these areas are often poorly maintained or nonexistent, making it difficult and dangerous to travel.

There is also no mass transit system, which makes it even
https://pluboard.com/2023/09/11/infrastructure/abuja-broken-suburbs-not-in-wikes-first-roadworks-targeting-135-roads/

Telecoms company MTN Group Ltd. said American Tower Corp. will take over its Nigerian tower operations from IHS Holding Ltd. from 2025.

The company said its contract with IHS Holding on the management of 2,500 of its network sites in Nigeria, which is its largest market, will expire in 2024 and 2025.

“Following a review of the bids received for tower services for the affected sites, ATC Nigeria Wireless Infrastructure Solutions Limited (ATC) was selected as the preferred tower company for those sites based on its superior submission,” MTN secretary Uto Ukpanah said in a statement Thursday.

Learn more
The shift in partnership follows a souring of relations between MTN and IHS. Last year, MTN completed a sale-and-leaseback deal with
https://pluboard.com/2023/09/08/companies/mtn-nigeria-dumps-tower-manager-ihs-for-american-tower/

The Cross River government has secured a private sector investment of $15 million for the Ayip Eku Oil Palm Estate in Akamkpa Local Government Area of the state, Gov. Bassey Otu said.

The governor, who came to office in May, said the state plans to leverage on the state’s comparative advantage in agriculture to provide the needed employment opportunities and also to guarantee food security.

The state has developed a six-year N30 billion agriculture guarantee fund for rice, maize, fisheries and livestock farmers, he told journalists Friday in the capital Calabar to mark his 100 days in office.

He did not give say who the investors are. Ayip Eku was set up as a federal company in 1979 but has struggled for years as ownership changed.

Rich but poor
Cross River has reserves of limestone and https://pluboard.com/2023/09/09/nation/cross-river-says-it-secured-15m-oil-palm-investment/

The death toll from an earthquake that struck Morocco late Friday surpassed 1,000 on Saturday as rescue workers continued to comb through the rubble, the country’s interior ministry said.

The magnitude 6.8 earthquake, the strongest to hit the area in 123 years, left at least 1,200 people were injured, the government said. Officials warned the death toll was expected to rise.

The quake struck about 11:11 p.m. local time (11:11 p.m. Nigerian time) in the province of Al Haouz and was felt in Marrakesh, Casablanca, Rabat, Fez and other cities. Al Haouz is about 43 miles south of Marrakesh, a UNESCO World Heritage site, according to local media.

Homes and buildings collapsed or were damaged.

“I still can’t sleep in the house because of the shock and https://pluboard.com/2023/09/09/africa/death-toll-exceeds-1000-from-morocco-earthquake/

Mining firms shipped more than 38,000 tons of solid minerals from Nigeria and were apparently allowed by the customs service without required permit from the mines ministry – a pointer to revenue loss to the country, a government audits says.

The 2021 solid minerals audit report by the Nigerian Extractive Industry Transparency Initiative (NEITI) said the difference in the amount of exported minerals reported by the Nigeria Customs Service and the Ministry of Mines and Steel Development showed shipments were allowed without permits from the ministry.

“The report noted a significant variance of 38,145.85 tons between solid minerals export data reported by NCS and MMSD-MID,” it said in the report released this week.

While the quantity involved is far less than the total 142.5 million tons officially exported from Nigeria that year, it indicated that companies were exporting without paying royalties to the government, the report said.

“This variance is as a result of non-collaboration between the NCS and MMSD and implies that some companies are exporting without obtaining relevant permit from the MMSD and payment of royalties on the minerals exported,” it noted.

The report urged, “The NCS should enforce compliance on export permits from MID prior to mineral export,” referring to the ministry’s Mines Inspectorate Department.

Struggling industry
Nigeria’s effort to develop its solid minerals industry and increase revenue from the sector has been impaired by illegal mining and shipments of minerals. The lack of required infrastructure has
https://pluboard.com/2023/09/06/economy/audit-finds-38000-ton-discrepancy-in-nigerian-mineral-shipments/

Consumer goods maker PZ Cussons has confirmed it plans to delist its Nigeria unit from the Nigerian stock exchange after buying out 26.73% stake in the company held by minority shareholders.

Delisting means the company will be wholly-owned by its parent company and will no longer be publicly traded.

The UK-headquartered company is offering all other shareholders ₦21 per share. The firm said in a statement on Tuesday that it believed the offer to be attractive for minority shareholders in Nigeria, particularly given the “recent macroeconomic developments and foreign exchange challenges.”

“The Group believes the transaction will significantly simplify and strengthen its business in Nigeria, putting in place a sustainable structure and platform to maximise long-term growth and value,” it said.

The buyout will cost the company £22.8 million (N21.7 billion) in cash and funding for the transaction is expected to https://pluboard.com/2023/09/05/companies/pz-cussons-confirms-its-delisting-nigeria-unit-amid-forex-woes/

Bank customers went into a frenzy on Tuesday after learning some banks had set up platforms to allow depositors electronically convert their dollars to naira above black-market rates without having to withdraw cash.

At least two banks are confirmed to have begun the online conversion by Tuesday, and at least one bought the dollar at N770.5, more than what street traders offered, according to multiple customers.

For years, holders of dollars and other foreign currencies in Nigeria preferred to chase higher exchange rates at the black market as Nigeria faced chronic shortage of foreign currencies.

Earlier this month, the Central Bank of Nigeria removed controls on the naira, allowing it to trade freely against other currencies, a move that resulted in the biggest slump in the value of currency.

The government says it hopes to attract foreign investors who left due to difficulties in repatriating their money. But the policy is expected to stoke inflation as imports become more expensive and con
https://pluboard.com/2023/06/28/banks/customers-in-frenzy-as-banks-allow-dollar-conversion-online-at-attractive-rates/

The presidency says President Bola Tinubu has not approved a recommendation for political and judicial office holders to receive higher pay, after the revenue agency RMAFC said it approved a 114% increase taking effect January.

The adjustment by the Revenue Mobilisation, Allocation and Fiscal Commission (RMAFC), widely reported in the media, has not been passed into law and not approved by the president, spokesperson Dele Alake said Thursday.

– Key points to note

A senior official of RMAFC said on Tuesday in Kebbi state that the agency had more than doubled the wages of elected political office holders, judicial and other public office holders as there had been no review for 16 years.

Those included are the president, vice president, governors, deputy governors, ministers, commissioners, special advisers, legislators and other related officials. She said the amendment of relevant laws were needed for implementation.

According to the state-run News Agency of Nigeria, Rakiya Tanko-Ayuba, a federal commissioner in the agency, while presenting the reports of the reviewed remuneration to Gov. Nasir Idris of Kebbi, on behalf of the chairman of the body, Muhammadu Shehu, said a review for this class of officials was last done in 2007.

“Sixteen years after the last review, it is imperative that the remuneration packages for the categories of the office holders mentioned in relevant Sections of the 1999 Constitution (as amended) should be reviewed,” she said.

– Why this matters

The remarks sparked outrage at a time Nigerians are facing rising living costs. Inflation rose 22.4% in the https://pluboard.com/2023/06/22/politicsandpolicy/tinubu-hasnt-approved-pay-increase-for-president-others-presidency/

Nigerian judges will receive three new allowances if a new amendment to their remuneration is eventually implemented.

One of those will be for “restricted or forced lifestyle”.

The benefits are a part of adjustments made to the wages of elected political office holders, judicial and other public office holders announced by the Revenue Mobilisation, Allocation and Fiscal Commission (RMAFC) on Tuesday.

They have an implementation date of January 1, 2023, but require amendment of relevant legislations to be implemented.

– Only judges get allowances

The commission increased the remuneration of the president, vice president, ministers, governors and judges by 114%. It sahttps://pluboard.com/2023/06/21/politicsandpolicy/nigerian-judges-to-get-restricted-or-forced-lifestyle-allowance/

Ondo 25.84
Kogi 25.7
Rivers 25.02
Bayelsa 24.66
Ebonyi 24.43
Lagos 24.33
Anambra 24.05
Oyo 23.99
Delta 23.81
Edo 23.7
Yobe 23.50
Kaduna 23.39
Osun 23.20
Akwa Ibom 23.08
Abia 22.98
Benue 22.98
Niger 22.85
Kebbi 22.56

Cross River 22.12
Katsina 22.04
Ogun 22.01
Imo 21.86
Jigawa 21.81
Zamfara 21.78
Gombe 21.73
Enugu 21.69
Bauchi 21.66
Kano 21.41
Ekiti 21.33
FCT 21.24
Adamawa 20.88
Nasarawa 20.74
Kwara 20.61
Borno 20.19
Plateau 19.89
Sokoto 19.56
Taraba 19.55

Pluboard (https://pluboard.com/.../may-inflation-report-no-relief.../)

Nigeria’s dollar bonds rose on Monday after Friday’s suspension of Central Bank of Nigeria governor, Godwin Emefiele.

The 10-year dollar-denominated bonds or Eurobonds surged 2.6 cents before falling slightly.

The debt maturing in 2051 saw the biggest gain, rising 2.327 cents to 72.526 cents a unit at 0829 GMT, according to Tradeweb data cited by Reuters.

The premium investors demand to hold Nigerian debt over US debt fell 46 basis points to 710, the biggest drop this year, Bloomberg aslo reported citing JPMorgan index.

Mr Emefiele who was suspended by President Bola Tinubu after the markets closed on Friday. The State Security Service said on Saturday he was detained for unexplained “investigative reasons.” Folashodun Shonubi, a deputy governor in charge of operations at the bank, took over in an acting capacity.

– Why this matters

The performance of the bonds is a sign that international investors welcomed the removal of Mr Emefiele whose monetary policies, including the use of multiple exchange rates, were well criticized.

Nigeria faces severe dollar shortages and for foreign investors, a multiple-exchange rate policy means it could be difficult to get invested dollars back, a problem for foreign direct investment.

The International Monetary Fund has cited central bank interventions in Nigeria’s foreign-exchange market as a hindrance to capital inflows. Nigeria’s FDI fell 52% to $698 million in the six years through 2021.

Mr Emefiele’s central bank also handed the government of former President Muhammadu Buhari N22.7 trillion naira ($49 billion), helping to push public debt to a record N77 trillion. Lenders are also wary of governments that are heavily indebted.

President Tinubu has said his government will unify the exchange rates to allow naira trade freely. Wale Edun, speculated to be named CBN governor under the new government, told Bloomberg Monday that the unification will happen soon, likely within the next quarter.

– What analysts think

“This could spell the end of unorthodox and often conflicting and confusing monetary policies that held back economic growth and destroyed local and foreign investor confidence,” Ayodeji Dawodu, head of Africa sovereign and corporate credit research at BancTrust & Co. in London, told Bloomberg.

Barclays economist Michael Kafe said in a note to clients on Monday that, “We believe the changes signal a new era of focused, predictable monetary policy and a shift towards non-interventionism in the foreign-exchange regime.”

“The markets will respond positively to an administration it believes to be more market oriented,” Yemi Kale, chief economist for Nigeria at KPMG LLP and former statistician general, told said.

– Bonds? What it all means Nigerians?

When a country’s dollar bonds go up, it means the value of those bonds has increased. But what does that really mean for Nigeria and Nigerians and why is it important? Let’s start with what a bond is.

A bond is a type of investment where an investor lends money to a government or a company in exchange for periodic in https://pluboard.com/2023/06/12/economy/nigerias-eurobonds-up-after-emefieles-removal-heres-what-it-means/

Romania says it is recalling its ambassador to Kenya after he referred to African diplomats as “monkey”.

Ambassador Dragos Tigau was meeting with diplomats in Nairobi on April 26 when a monkey appeared at a window of the conference room.

“The African Group has joined us,” he said, according to a note from the South Sudanese embassy in Kenya seen by the AFP news agency.

African diplomats condemned the comment and threatened to walk out of meetings attended by the ambassador.

“The African Group would like to condemn in strongest terms possible the insulting, racist and degrading utterances,” wrote Chol Ajongo, South Sudan’s ambassador to Kenya who leads African diplomats in Nairobi, in a letter demanding an apology.

One document said Russia’s deputy ambassador “reprimanded” the Romanian official who apologized “after some hesitation”, according to CNN.

– Learn more

Mr Tigau later sent two apology letters to the diplomats. He initially said his comments were an attempt at “relaxin https://pluboard.com/2023/06/12/africa/romania-ambassador-to-kenya-calls-africans-monkey-and-is-fired/

Godwin Emefiele, governor of the Central Bank of Nigeria, who for years poured out loans to the federal government above the allowed limit in violation of the law, oversaw a messy naira redesign that led to unprecedented suffering, and tried to run for president while still in office, was suspended from office Friday.

President Bola Tinubu removed Mr Emefiele to allow investigations into his tenure, according to a statement from the office of the secretary to the government of the federation.

“This is sequel to the ongoing investigation of his office and the planned reforms in the financial sector of the economy,” the statement said.

Reports Mr Emefiele was arrested on Friday was not confirmed. The State Security Service did not respond to inquiries on the matter.

– Controversial tenure

The suspension came two weeks after President Tinubu took office with a promise to reform Nigeria’s monetary policy, an indication the new president was dissatisfied with the performance of Mr Emefiele, who has completed nine years as the second-longest serving CBN governor, beaten only by Abdulkadir Ahmed, who served four governments between June 1982 and September 1993.

“Monetary policy needs thorough housecleaning,” Mr Tinubu said.

Mr Emefiele oversaw some of the most controversial monetary policies in the history of the bank, drawing criticisms from experts, including his predecessor and former members of the bank’s monetary policy committee. Doyin Salami, once a member of the MPC, accused him of turning the bank to the federal government’s “piggy bank.”


President Buhari and Mr Emefiele at President Tinubu’s inauguration dinner
While the law said the CBN should not provide loans to the federal government above 5% of the previous year’s actual revenue of the federal government, Mr Emefiele persistently pushed the limit. In eight years of the Buhari administration, he handed the government N23.7 trillion, 2900% above what he met. As the handouts stoked inflation, the central bank hiked interest rate frustrating many businesses.

Mr Emefiele’s tenure stood out for many controversial reasons. He banned cryptocurrency transactions in Nigerian banks, froze the accounts of citizens who protested against police brutality, and closed a news site that reported naira rates in the parallel market in a strange effort to fight the currency’s loss of value.

Two of his final acts as governor stood perhaps as the most condemned: Mr Emefiele’s attempt to run for president of Nigeria while still in office as the central bank governor, a move tolerated by President Muhammadu Buhari, and a deceptive currency redesign effort he led.

Months before the 2023 general elections and the end of the Buhari administration, he introduced the redesign of the naira, asking citizens to hand over old notes for new ones. Very little new notes were provided, and for months millions had no cash to buy food and water and pay fares. Then candidate Tinubu accused the bank of a deliberate attempt to frustrate his campaign.

– IT-focused career


Folashodun Shonubi is the acting governor of the CBN
Mr Emefiele’s removal appeared timed for the weekend to minimise any impact on the financial market.

The government’s statement said Mr Emefiele was directed to immediately hand over to the deputy governor (operations directorate), who will act as governor pending the conclusion of investigation and the reforms.

The new man is Folashodun Shonubi, appointed deputy governor in charge of operations in July 2018 to re
https://pluboard.com/2023/06/10/economy/the-cbn-man-replacing-suspended-emefiele-has-an-interesting-profile/

Steve Adcock, an American finance expert, who blogs about how to achieve financial independence, recently shared some tips on how he made money early without cutting corners. It should interest you.

A former software developer, Mr Adcock retired early at the age of 35. He produces the Millionaire Habits newsletter. He shared 16 tips he said worked for him. Read and you might just find something new to learn.

Disclaimer: The ideas are entirely his not Pluboard’s. There is no guarantee they all work. We share so you could pick what you believe might work for you and discard the rest.

Here are 16 choices that made Adcock rich:

1) I chose a high-paying career field (information technology), not liberal arts.

2) I cut out the losers. All you wanna do is drink? Bye.

3) I ignored the haters.

4) I never paid a single dollar in credit card interest in my life.

5) I was one of the first ones in the office, every day (this works more than you think).

6) I never watched the news. The news is built around negativity. That’s not what makes us rich. (You can discard the news but follow Pluboard to learn more.)

7) Rather than hating millionaires, I learned from them. I took notes. Rich people are great teachers.

I switched compan
https://pluboard.com/2023/06/10/personal-finance/16-tips-that-helped-me-make-1-million-in-my-30s-no-inheritance-no-tricks/

Nigerian economy will grow at a slower pace in 2023 than projected six months ago, the World Bank says.

Low oil production, foreign exchange restrictions, high living costs, and insecurity will slow growth to 2.8% from 2.9% predicted in January, the bank said.

The forecast translates to growth in income for each citizen (per capita) of only 0.4% — far slower than that needed to make significant gains in fighting extreme poverty.

“The surest way to reduce poverty and spread prosperity is through employment—and slower growth makes job creation a lot harder,” World Bank Group president Ajay Banga said in the group’s latest Global Economic Prospects released Tuesday. The bank warned that global growth had slowed sharply and the risk of financial stress in emerging market and developing economies is intensifying am https://pluboard.com/2023/06/08/economy/world-bank-cuts-nigerian-economy-growth-forecast-again/

The Central Bank of Nigeria has denied devaluing the naira in a fresh attempt to unify the exchange rate.

The bank said a report by Daily Trust was “fake news” and was “speculative and calculated at causing panic in the market.”

Analysts expect a devaluation after President Bola Tinubu said the central bank must work towards a unified exchange rate. Mr Tinubu met with the bank’s governor, Godwin Emefiele, on Wednesday.

Daily Trust reported Thursday that the CBN changed the exchange rate to N631 a dollar, from N461.6 at the Importers and Exporters (I&E) window, one of the platforms for foreign exchange trading.

The paper quoted a customer who said the central bank sold dollars to banks on behalf of their customers at N631 as against N461.6.

The CBN spokesperson Isa AbdulMumin said on Thursday the report was replete with “outright falsehoods and destabilizing innuendos”. He said the rate stood at N465 by Thursday morning.

– A pattern?

Pluboard has not confirmed the Daily Trust report – our review of rates on FMDQ, where foreign currencies are officially traded, showed that naira closed against the dollar at 464.67 on Wednesday.

But the CBN has a history of denying devaluations even when they have taken place.

In March 2020, the bank devalued the currency as the COVID crisis began to N380 a https://pluboard.com/2023/06/01/economy/cbn-denies-devaluing-naira-it-denied-previous-devaluations-too/

The Nigerian National Petroleum Company Limited has confirmed increasing the price of petrol across the country.

The state oil firm said it was acting in response to “current market realities”, apparently referring to the removal of fuel subsidy announced by President Bola Tinubu on Monday.

“NNPC Limited wishes to inform our esteemed customers that we have adjusted our pump prices of PMS across our retail outlets, in line with current market realities,” company spokesperson Garba Muhammad said in a statement on Wednesday, referring to the product by the government-preferred name, Premium Motor Spirit.

– Why this matters

The removal of subsidy means the price of petrol will be determined by crude oil price and the cost of shipping refined product into Nigeria. Non-NNPC stations are likely to sell even higher.

“As we strive to provide you with the quality service for which we are known, it is pertinent to note that prices will continue to fluctuate to reflect market dynamics,” Mr Muhammad said.

Mr Tinubu’s announcement that “subsidy is gone” in his inaugural speech has already foisted hardship on Nigerians with petrol selling in some cities above N1000, from about N200.

The NNPC did not confirm its new pricing. It did not also confirm ownership of a price template for all state capitals circulating online, with rates between N488 to N557 a litre. In Abuja and Lagos, however, several NNPC stations sold petrol between N511 and N537 on Wednesday, up from N194.

The increase margin stands at 177%, the highest in 30 years. The only margin wider https://pluboard.com/2023/05/31/economy/at-n557-a-litre-margin-of-petrol-price-increase-widest-in-30-years/