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Military threatens to foil planned protest

Mustapha USMAN
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Military threatens to foil planned protest

THE Nigerian military has joined other state actors to threaten organisers of the nationwide protest scheduled for the first week of August this year.

“The Armed Forces on its part will not stand by and allow anarchy to befall our nation,” a Director of Defence Media Operations, Major General Edward Buba, said at a media briefing in Abuja, on Thursday, July 25.

“While citizens have the right to peaceful protest, they do not have the right to mobilise for anarchy and unleash terror,” Buba added, noting that “The level of violence being envisaged can only be described as a stage for anarchy.”

According to him, organisers of the planned protest intend to replicate the recent protest demonstration in Kenya, which led to deaths, destruction and drastic actions from the country’s president.

The ICIR reported how President William Ruto fired his entire cabinet including the attorney general on Thursday, July 11, after weeks of intense protests by Kenyans against the controversial Finance Bill which the citizens believed would hike taxes and worsen the already harsh economic realities. 

The protest also led to the President refusing to sign the Financial Bill into law, while he also promised to further consult with various stakeholders and political groups to form a broad-based government focused on implementing radical programmes to address debt, increase domestic resources, and expand job opportunities, among others.

Meanwhile, Buba, a military general, said although citizens had a right to express their grievances, the military won’t condone any form of violent gatherings or protests.

He further noted that the military had uncovered plots by unscrupulous elements to hijack the protest and turn it into a violent one by attacking innocent Nigerians and their businesses.

“It is easy to see that the contemporary context of the planned protest is to shadow the outrage in Kenya which I must say is violent and remains unresolved. The level of violence being envisaged can only be described as a stage for anarchy.

“The Armed Forces on its part will not stand by and allow anarchy to befall our nation. This is because we have seen wars and have witnessed anarchy in countries with which we have operated, particularly in times of ECOMOG (Economic Community of West African States Monitoring Group) and during our peacekeeping operations in various countries,” he said.

He stated that some people fantasised war, imagining it to be like watching movies, without understanding the devastation that accompanies it.

This declaration came amid growing hardships across the nation as many Nigerians plan to take to the streets to protest and compel President Tinubu’s government to take drastic measures to alleviate their pains.

The military’s stance aligns with the positions of a few other state actors, including the presidency and the police, who have also issued stern warnings against any protest. 

The Inspector General of Police, on Tuesday, July 23, expressed similar sentiments, warning that “some groups of people, self-appointed crusaders and influencers, have been strategising and mobilising potential protesters to unleash terror in the land under the guise of replicating the recent Kenya protests,” he said.

The ICIR reports that some Nigerians, along with a group led by former presidential candidate, Omoyele Sowore, have been mobilising for nationwide protests scheduled for the first week of August.

The posts and tweets on the protest carry different hashtags, ranging from #RevolutionNow, #EndBadGovernanceInNigeria, #TakeItBack, #DaysofRage and #TinubuMustGo.

Meanwhile, the Nigeria Labour Congress had warned the Nigerian government against engaging in a “war-war” situation with Nigerians by trying to suppress citizens’ fundamental right to protest.

ECOWAS disintegration denting Tinubu’s international image – Experts

Harrison EDEH
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ECOWAS disintegration denting Tinubu’s international image – Experts

THE re-election of President Bola Ahmed Tinubu as the chairman of the Economic Community of West African States (ECOWAS) came with concerns over the seeming disintegration of the regional bloc which diplomatic analysts posited has affected his international and regional political image.

Tinubu was re-elected as its chairman during the  Authority of Heads of States and Government session at the Presidential Villa Abuja.

He was first elected to the position on July 9, 2023.

In his re-election address, Tinubu said: “I have agreed to continue to deliver on this service with the great men and women on this democratic journey to serve our interest and build democratic values on the structure we inherited.”

President Tinubu’s re-election is coming in the wake of biting challenges in the West African sub-region, Africa, and the world.

At the time of his first election, the sub-region was confronted with the overthrow of democratic civilian governments in Mali, Niger, and Burkina Faso.

Parallel meetings of ECOWAS  in Abuja on Tinubu’s re-election day and the Alliance of Sahel States (AES) – comprising Burkina Faso, Mali, and Niger – in Niger’s capital, Niamey, exposed growing discontent within the unstable region, pitting neighbours against each other.

The juntas in Burkina Faso, Mali, and Niger announced their intention to leave ECOWAS in January, amid heightening tensions over the bloc’s position on military takeovers.

Diplomatic analysts insist that in foreign policy, countries’ national interest comes before anything else. Nigeria’s interests and others’ should be guaranteed by member nations, which was why ECOWAS was established.

Some of them argued that not having a grip on the region lowers his foreign diplomacy rating at the international level.

“The Sahel is like the melting point for the current crisis and it doesn’t speak well of the president’s political image and foreign policy internationally, given the size and strength of Nigeria as a political leader in the continent,” a professor of political science and  International Relations and director of strategic partnership at Al-Muhibbah University, Abuja, Muhktar Imam told The ICIR.

“Some of these countries particularly Niger, depend largely on Nigeria. It also depends considerably on the International community for it is survival. That’s why the budget is always on deficits and they require international support for budgetary responsibility,” he added.

According to the professor, what is playing out, with the disintegration of the regional bloc, which started under his watch is not good for Tinubu’s image locally and internationally.

He further said that regardless of international partnership with France and the United States, if he fails to hold a grip on ECOWAS politics, it could make his diplomatic relations shaky at the continental and international level.

He suggested the need for the ECOWAS bloc to understand that diplomacy is the only way out of the crisis for the countries that have left the bloc.

Expressing further concerns, he noted that the junta regime of the seceded countries – Burkina Faso, Niger, and Mali had grievances that have not been met by ECOWAS.

He argued further that the unmet needs could spur their inability to rejoin the regional bloc.

“Some of the grievances haven’t been addressed and they’re going to move ahead in establishing that regional team bloc. It is not surprising that the re-election day for President Tinubu was the day the juntas hoisted their session flag,” he said.

As a consequence of that, ECOWAS unanimously voted to impose a wide range of sanctions on the military rulers of the countries involved as part of efforts to force them to restore democratic rule.

Harvest of coups

On July 26, shortly after President Tinubu was elected as chairman of the regional group, which was just after he was inaugurated as president of Nigeria on May 29, 2023, there was another military coup in Niger in which President Mohamed Bazoum was overthrown.

As chairman of the body, President Tinubu was mandated to lead the ECOWAS in compelling the Niger military rulers, along with the other military regimes in the region, to immediately restore democracy or face further sanctions, including military action.

Within the one year of his stewardship of ECOWAS, the military regimes have not only remained recalcitrant, they have continued their defiance by pulling out of the regional body and forming their alternative group, which they called the Association of Sahel States.

In addition to these immediate challenges in the sub-region, Tinubu, as ECOWAS chairman, was confronted with an increasingly fractured world in which the powerful countries are coming head-to-head in their competition for spheres of influence. These conflicts imply that the post-second world war global order is becoming unhinged as emerging powers stake their claims in the global system.

In all these, Africa has continued to not only miss out but to become a pawn in the geo-strategic game going on in the world. In many instances, it has been demonstrated by these powers that Africa is only relevant to them as a treasure trove of the mineral resources it possesses, and as a market to dump their goods.

It is noticeable that as countries in other regions of the world are consolidating their efforts to face the changing global order, African states are mired deep in one conflict and contradiction after the other. Some African countries are at war internally with political and ethnic factions going at each other and externally against their neighbors.

There is also the perennial factor of economic challenges leading to increasing poverty, environmental degradation, and insecurity along with its related issues of displacement of people and their livelihoods.

For a political economist, Katch Ononuju, President Tinubu needs the association and cooperation from Burkina Faso, Mali, and Niger.

“These countries have built a military alliance and have been able to arrest the insecurity in their shores. I think these are the things he needs to do, being newly re-elected since he’s now the leader of the subregion.

According to Ononuju, the creation of the ministry of livestock is not the way to address the insecurity in the Sahel.

“The crisis in the Sahel is not the first time for Nigeria. We faced a similar crisis in 1974. Let President Tinubu learn from that when Maronite Christians who left Lebanon were quartered in Apapa, Kano when they came as destitutes,” he said.

Punctured cultural,economic ties with Niger 

Also, a security and Economic Analyst, Majeed Dahiru, who spoke to The ICIR on the issue, said Nigeria is almost the greatest loser in the countries’ exit because of the strong economic and cultural ties it has with the Niger Republic.

“For many years, Niger has proven to be a strong ally to Niger. It also has strong cultural and economic ties with Nigeria. Also, a war against insurgency will only be won with strong ally forces working together.

“In terms of hydro-power generation, Niger Republic contributes to the West African power pool. All these should have been considered diplomatically before such sanctions were imposed on these countries.”He suggested that Nigeria should initiate a diplomatic meeting with Niger Republic to address some of these key problems and to be headed by the Nigerian minister of Foreign Affairs.

Diplomatic analysts insist that in foreign policy, countries’ national interest comes before anything else. Nigeria’s interests and others’ interests should be guaranteed by member nations, which was why ECOWAS was established.

The ICIR has earlier reported that Nigeria will likely face more security and economic challenges following the exit of Burkina Faso, Mali, and Niger as the country’s fight against insurgency and dwindling economy bite harder.

The three countries were sanctioned by the ECOWAS for enforcing a military regime and severing diplomatic ties with French colonial masters.

 

Ningi, Ndume: Is the Senate penalising President Tinubu’s critics?

Kehinde OGUNYALE
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Ningi, Ndume: Is the Senate penalising President Tinubu’s critics?

IN what appears like enforcing disciplinary measures on legislative members, the leadership of the Nigerian Senate might be punishing its members who criticise the current administration of President Bola Tinubu. 

 

In separate interviews, the ‘disciplined’ senators were reported to have raised questions about unclear financial misappropriations within the government; an action that stirred disagreement within the hallowed chambers.

Essentially, it is within the purview of legislators, beyond making and amending the law, to question the processes of how the law and governance carry out implementation. But since the 10th Senate, under the leadership of Senator Godswill Akpabio, was inaugurated in June 2023, this has barely happened. 

On July 18, Ali Ndume,representing Borno South, was stripped of his role as the Chief Whip of the Senate. The decision was taken following a letter from the national chairman of the All Progressive Congress, (APC), Abdullahi Ganduje, and the  secretary, Bashir Ajibola, which was read during the plenary by the senate president. 

The ICIR reported that Ndume had alleged that ex-President Muhammadu Buhari was a more accessible leader, accused Tinubu of being out of touch with some of the issues plaguing the country and had been “fenced off by plutocrats.”

These statements were interpreted by the APC national leaders as “unguarded utterances” that are “against the federal government”, as contained in the letter. 

Although it was not the first time Ndume would be stripped of a position as a legislator serving for 21 years, the recent sack was the second time the lawmaker would be stripped of the position of a principal officer in the 10th Senate.

Before Ndume, there was Ningi

About five months ago, the Senate also suspended Abdul Ningi, representing Bauchi Central Senatorial District, for three months over the allegation that the National Assembly padded the 2024 budget.

Ningi’s allegation was hinged on  some questionable items of the budget amounting to about N3 trillion. Also, there were allegations of some projects carried out by MDAs without a description and some constituency allocations higher than others. 

Although The ICIR extensively analyzed the allegations introspecting into the budget, Ningi’s claim, however, caused an uproar within the plenary session. He was later recalled from suspension in May.

What both senators have in common

Aside from the fact that both senators are from the North, which is not a factor in their suspension, both senators have been long-serving members of the Senate since 2011 and have equally served as lawmakers in the House of Representatives. This means that they understand lawmaking soundly. 

While Ningi is a member of the opposition party, the People’s Democratic Party, Ndume, who is now a member of APC,  was part of the opposition party until 2014.

Until their suspension, both lawmakers were members of the Appropriations Committee during the 10th senate which looks into the financial expenditure of the executives. While Ndume was the vice-chairman, Ningi was a member of the committee.

Both senators granted interviews to the press raising questions on financial misconduct.  

These unexpected similarities suggest that the upper chamber may be trying to protect the executives from any challenging questions as regards the government’s expenditure.

Recently, the Senate approved the extension of the implementation of the capital component for the 2023 Appropriation Act and the 2023 Supplementary Appropriation Act to December 31, 2024.

This approval, according to The ICIR report, raised several concerns over the potential implications of this unconventional approach to budgeting.

A public affairs analyst Akpo Ebireri told The ICIR that the stifling of Senator Ningi and Ndume has become cultural with the Senate, which means that much cannot be expected of the Akpabio-led Senate.

He said, “The effect of this is that we will continue to see a reckless and untamed executive and further weakening of institutions if this course is not reversed.

“This can be changed when citizens take more active steps towards holding legislators to account such as recalling their representatives through constitutional means, physically protesting locally the actions and conduct of their representatives letting them know they’re watching them or voting them out as was seen in the FCT during the 2023 elections,” Ebireri said.

Abacha’s family drags Tinubu, Wike to court over Abuja property

Bankole ABE
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Abacha’s family drags Tinubu, Wike to court over Abuja property

THE family of Nigeria’s late Head of State, Sani Abacha, has sued President Bola Tinubu, Minister of the Federal Capital Territory (FCT), Nyesom Wike, and two others before the Court of Appeal in Abuja over the revocation of the late General’s landed property in Abuja.

On behalf of the Abacha family, former first lady Mariam Sani Abacha and her son Mohammed Sani are trying to reclaim property they believe was illegally taken from them.

The Federal Government allegedly withheld ownership of the land in Abuja’s Maitama District and sold it to Salamed Ventures Limited, a private corporation, without informing the Abacha family.

The Abacha family is pleading with the Court of Appeal to nullify the ruling by the Federal High Court, Abuja, which dismissed their lawsuit on the land on May 19, 2024.

The Federal Capital Territory (MFCT) Minister, the Federal Capital Development Authority (FCDA), Nigeria’s President, and Salamed Ventures Limited are listed as the first through fourth respondents in the appeal.

In addition, Maryam Abacha and her son are pleading with the appellate court to use Section 15 of the Court of Appeal Act to assume jurisdiction over their legal dispute as a court of first instance and provide fair treatment for the family.

Reuben Atabo, a senior advocate, filed a notice of appeal on their behalf, citing eleven reasons and two significant reliefs.

They asserted, among others, that Justice Lifu committed a legal error when he decided that their claims in the Federal Capital Territory’s High Court (suit No.: FCT/HC/CV/317/2006) and the Court of Appeal (appeal No.: CA/A/197/2010) were rejected, even though they were rejected for lack of jurisdiction.

The hearing has not been assigned a specific date.

The ICIR reported on Monday that a Federal High Court (FHC) in Abuja dismissed a suit initiated against the Federal Government by the Abacha family.

The Judge, Peter Lifu, dismissed the lawsuit in a ruling on the nine-year-old dispute in which the Abacha family is requesting N500 million in damages and the return of their father’s property.

The family said in its statement of claims that between 2004 and 2005, the FCT under Nasir El-Rufai as the minister ordered it to submit the certificate of occupancy for re-certification.

It claimed that Mohammed Sani Abacha, the second plaintiff, complied with the directive by giving the FCDA the C of O and received an acknowledgement copy for the submission.

In his judgment, the judge agreed with Salamed Ventures that the Abacha property was rightfully revoked due to breaches in the right of occupancy, including the erection of structures without first obtaining building plans.

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After dismissing the lawsuit, the judge mandated the Abacha family to pay Salamed Ventures N500,000 for legal fees.

The ICIR reported how subsequent governments in Nigeria recovered funds looted by the late Abacha, including the return of about $723 million from Switzerland, and other sums from other countries allegedly running into $5 billion in total.

However, a Federal High Court in Abuja, on July 3, ordered the Nigerian government to disclose how the $5 billion Abacha loot was spent. 

Investigative Reporters and Editors offers AccessFest 2024

Blessing OTOIBHI
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Investigative Reporters and Editors offers AccessFest 2024

Investigative Reporters and Editors (IRE) is offering and inviting applications to its fellowships and scholarships to attend AccessFest 2024.

AccessFest focuses on expanding IRE’s efforts to provide more accessible training centered on belonging, equity, and inclusion in the newsroom and through better news coverage of inequities in the communities journalists serve.

The conference will be held October 17 to 19, 2024.

Journalists, students and educators of colour are eligible for fellowships to attend a virtual conference.

Successful applicants will receive a one-year IRE membership/renewal and complimentary conference registration.

The deadline for the submission of application is September 9, 2024. Interested applicants can apply here.

Gabon president woos Dangote amid business tycoon’s row with Nigerian government

Ehime ALEX
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Gabon president woos Dangote amid business tycoon’s row with Nigerian government

THE President of Gabon, Brice Oligui Nguema, has invited the Chairman of Dangote Industries Limited, Aliko Dangote, to invest in cement and fertiliser production in his country.

This is even as the Association of Nigeria (MAN) has called for the protection of local businesses following the yet-to-be-resolved feud between the Dangote Refinery and the regulatory authorities in the Nigerian oil and gas sector.

In a statement on Tuesday, July 23, the company said the Gabonese President asked the Dangote chairman to explore potential investment opportunities in the country’s cement and fertiliser sectors, specifically urea and phosphate production.

President Nguema’s invitation comes amid Dangote’s recent decision to halt investment in Nigeria’s steel industry to avoid the accusations of being considered monopolistic.

The meeting focused on how the Dangote Industries could contribute to Gabon’s economic growth by establishing cement and fertiliser plants, which are vital for the country’s infrastructure development and agricultural productivity.

Dangote’s potential investment in Gabon is expected to bolster the country’s industrial landscape, ensuring a steady supply of essential materials for construction and agriculture.

“This development aligns with President Nguema’s vision of transforming Gabon into a diversified and self-sustaining economy,” it stated.

The request by the Gabonese government underscores Dangote Industries’ vision of fostering economic development across the African continent.

However, the Dangote Group boss recently faced an outburst for seemingly exuding a monopolistic tendency in the Nigerian oil and gas market.

The company had been at loggerheads with the Nigerian petroleum regulators over the control of the petroleum downstream market in the past couple of months.

Of particular emphasis recently is the comment by the chief executive officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Farouk Ahmed.

Ahmed alleged petroleum products from the Dangote Refinery were of inferior quality compared to imported products.

His comment sparked criticism and had been interpreted to mean the seemingly demarketing of the Dangote Refinery.

At its plenary session on Tuesday, July 23, the House of Representatives called for the removal of the NMDPRA boss.

While the Gabon government desires Dangote’s investment, the Manufacturers Association of Nigeria (MAN) said the Nigerian government needed to support and protect local businesses.

The director-general of MAN, Segun Ajayi-Kadir, in a statement on Tuesday, July 23, said it was expected that agencies of government providing regulatory oversight functions should promote an enabling business environment for local investments to thrive.

He expressed worries that no regulatory agency should be seen to be casting a shadow over a homegrown investment like the Dangote Refinery, urging the government to clarify the issue.

“The allegations of poor quality, monopolistic tendencies, and non-issuance of licence have since been roundly debunked. There may then be the need to issue a clarification that absolves the Dangote Refinery of the negative perception generated by the news report,” he said.

Ajayi-Kadir noted that local investors including the Dangote Industries played a vital role in driving economic growth, paying taxes, creating jobs, and fostering development within the country.

“As such, it is important that these investors are protected and given the necessary support to thrive in this business environment,” Ajayi-Kadir maintained.

He said particularly that a business tycoon like Dangote, with investments in diverse sectors of the economy and across the African continent, should be accorded all needed support to grow and invest in more sectors and positively impact the well-being of the people.

“There is no gainsaying the fact that Dangote Refinery is deserving of government’s protection and support,” he said.

The 650,000-capacity Dangote refinery described as the largest single-train refinery in the world, will significantly reduce Nigeria’s dependence on imported petroleum products, reduce cost and energy poverty, and boost its energy sufficiency, among other benefits, many industry watchers believe.

“We should never encourage or promote a preference for imported products over local alternatives. This amounts to importing poverty and exporting prosperity.

“As you are aware, the manufacturing sector is beset with multifaceted challenges. They include the high cost of electricity, high cost of compliance with regulatory requirements, lack of access to financing, unfavourable foreign exchange and unfair competition from imported and smuggled products.

“It is therefore imperative that the Nigerian government takes proactive steps to address these binding constraints in order to improve the competitiveness of local industries and enhance their contribution to the GDP,” Ajayi-Kadir added.

Also, Nigerian businessman and billionaire Femi Otedola has likewise urged the government to support local businesses, stressing that supporting Dangote was crucial to the country’s growth and economic development.

Hardship: NLC denies withdrawing from planned mass protest

Itoro ETUKUDO
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Hardship: NLC denies withdrawing from planned mass protest

THE Nigeria Labour Congress (NLC) has debunked reports on its alleged withdrawal from the planned mass protest by some Nigerians against economic hardship.

The president, Joe Ajaero in a statement released on Wednesday, July 24, noted that the NLC could not withdraw from a protest it did not organise.

“A news report of the withdrawal of the Nigeria Labour Congress from the widely discussed national protest has been brought to our attention. The Nigeria Labour Congress debunks such a story as patently false.

“The truth is that the Nigeria Labour Congress cannot withdraw from a protest that it did not organise. It is only the organisers of the speculated national protest that can decide to pull out or continue with the protest,” Ajaero stated.

He further noted that the NLC had a process which it follows for industrial actions such as protests, adding that despite not being the body responsible for the protest, they were aware of the living conditions Nigerians had been subjected to by the harsh economic policies of the government and would stand with Nigerians.

“The Nigeria Labour Congress has internal trade union mechanisms, especially leadership decision-making processes that its industrial actions such as protests pass through before such activities are undertaken.

“Yet, the fact that the Nigeria Labour Congress is not the body organising the protest does not mean that organised labour is oblivious of the dire living conditions Nigerians have been subjected to by the harsh economic policies of government. The Nigeria Labour Congress stands in solidarity with the Nigerian people in these very trying and excruciating times.”

On Monday, July 22, The ICIR reported that the NLC warned the government against engaging in a “war-war” situation with Nigerians by trying to suppress citizens’ fundamental right to protest.

The union noted that it was condescending and dismissive to label the daily harsh struggles faced by Nigerians as a politically motivated dissent, urging the government to negotiate with the protesters instead of taking actions that could undermine citizens’ rights to express their grievances.

The ICIR reports that some Nigerians, along with a group led by former presidential candidate Omoyele Sowore, have been mobilising to start nationwide protests in the first week of August.

The posts and tweets on the protest carry different hashtags, ranging from #RevolutionNow, #EndBadGovernanceInNigeria, #TakeItBack, #DaysofRage and #TinubuMustGo.

NDLEA nabs ‘most wanted Lagos drug baron’

Bankole ABE
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NDLEA nabs ‘most wanted Lagos drug baron’

AFTER years of evading arrest, operatives of the National Drug Law Enforcement Agency (NDLEA) said it had arrested 57-year-old Sulaiman Jimoh (popularly known as Temo).

The NDLEA described him as the overall head of the drug cartel of the Mushin area of Lagos State.

According to the agency, Jimoh was arrested at his enclave after initial resistance from him and his followers.

This was disclosed in a statement released on Wednesday, July 24, by the agency through its spokesperson, Femi Babafemi.

According to the statement, in the last two years, the NDLEA has intercepted large consignments of illicit drugs worth billions of naira owned by Temo but he has remained largely evasive while a few encounters with him and his armed gangs in his Mushin enclave had resulted in gunfight.

The NDLEA said some of the recent seizures of his shipments include 14, 524.8 kilogrammes of Ghana Loud, a strong strain of cannabis sativa smuggled into Lagos from Ghana in two trucks and a J5 bus intercepted at the Ojuelegba area of the state.

Others are two truck-loads of the same substance weighing 8,852 kilogrammes intercepted at Eleko beach, Lekki Lagos on May 4, 2023, and 252 kilogrammes of Loud seized from his enclave in Mushin on Wednesday, July 26 2023.

“The drug kingpin was very notorious for always being on the move to evade arrest but with persistence and determination of the agency, aided by modern tools and intelligence, the concerted effort to get him paid off at 10 am on Monday 22nd July 2024 when NDLEA’s surveillance teams on his trail tracked and pinned him down at Igbarere street, Mushin.

“A reinforcement of about 50 operatives was immediately mobilised to the area while he was attempting to escape in a Mercedes Benz SUV GLE 350 marked 01G-300G.

According to the NDLEA, Jimoh’s attempt to escape by mobilising hoodlums to engage and distract its operatives failed after which he was overpowered and whisked away from the scene.

It added that some of his men surrendered to the superior firepower of the anti-narcotic agents who also succeeded in recovering the Mercedes Benz SUV the suspect was found in.

Lagos has been the hotbed of drug-related issues in recent years.

In 2023, The ICIR reported that the NDLEA seized 8,852 kilograms (8.8 tons) of Canadian Loud, an imported synthetic strain of cannabis, in the Lekki area of  Lagos after a 30-minute gun battle with armed men escorting the consignment loaded in two long trucks.

The NDLEA, in a statement by Babafemi on Sunday, May 7, said acting on credible intelligence, its operatives laid ambush for the traffickers along the Eleko beach road in Lekki at about 4:51 am on Thursday, May 4.

According to him, two long trucks conveying the illicit consignments were flagged down, but rather than stopping, the trucks escorted by armed men sped off, as a result of which there was an exchange of gunfire that lasted 30 minutes.

He added that after they were overpowered by the NDLEA operatives, the truck drivers and their armed escorts escaped into the bush, abandoning the trucks and the drug consignments.

Investors lost N46.7bn in stock trading over CBN’s 26.75% rate hike

Ehime ALEX
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Investors lost N46.7bn in stock trading over CBN’s 26.75% rate hike

FOLLOWING the benchmark interest rate hike by the Central Bank of Nigeria (CBN) on Tuesday, July 23, the Nigerian stock market reacted negatively as investors lost N46.70 billion at the close of the day’s trading.

At the end of its two-day bi-monthly monetary policy committee (MPC) meeting, the apex bank raised the benchmark interest rate by 50 basis points to 26.75 per cent for the fourth consecutive time to fight inflation.

The ICIR reports that the monetary policy rate, otherwise known as the benchmark interest rate, is a tool the apex bank uses to tame inflation which rose to 34.19 per cent in June.

At the close of the trading session on Tuesday, the stock market reversed its gain on Monday, July 22, amid a wide sell-off and negative sentiment from investors.

The Nigeria stock market All-Share Index declined to 100,486.12 points on Tuesday from 100,568.60 points on Monday and the market capitalisation dropped to N56.89 trillion as investors lost N46.70 billion.

Of the 113 transactions that took place on the floor of the Nigeria Exchange Limited (NGX), only 14 companies’ shares gained. While 27 companies’ shares traded at a loss, other companies’ shares remained unchanged.

Trading activity was largely downbeat as the total number of deals, volume, and value declined to 8,403 deals, 280.92 million units, and N3.63 billion market turnover from 8,760 deals, 335.70 volume, and N3.72 billion.

John Holt, Omatek Ventures, Deap Capital Management and Trust, and Secure Electronic Technology were the top losers.

On the contrary, Ikeja Hotel, Linkage Assurance, Caverton Offshore Support Group, and Sovereign Trust Insurance were the companies that topped the gainers’ chart.

On sectoral performance, the bank and insurance stocks declined to 842.15 points from 847.79 points and 377.72 points from 378.27 points, respectively; consumer goods companies’ shares rose to 1,565.47 points from 1,564.51 points; and the oil and gas and industry closed flat.

At the close of Tuesday’s trading activity, Veritas Kapital Assurance trading led the total transaction volume with 22.51 million units, while United Capital led in traded value amounting to N817.09 million.

The CBN Governor Olayemi Cardoso-led monetary committee has hiked the benchmark interest rates four times this year by 800 basis points.

In its first meeting for the year, the committee raised the rate to 26.75 per cent from 18.75 per cent, tightening the cycle in February with a 400 basis point hike. It was followed by additional increases of 200 basis points in March,150 basis points in May, and 50 basis points in July.

“We project the market will continue to witness the seesaw in performance as investors continue to react to the market based on the prevailing micro and macroeconomic indicators,” analysts at GTI Group said.

In April, The ICIR reported that investors lost over N3 trillion in one month after CBN’s rate hike.

An investment and portfolio analyst, Abel Ezekiel, told The ICIR that CBN’s rate hike made investors shift portfolios from higher-risk stocks to the fixed-income market.

“If MPR increases, the rate at which the government wants to borrow money from investors will rise. This will now make investors dump the stock market for the bond market, treasury bill, and other fixed-income assets,” he said.

Introductory workshop on art criticism seeks applications

Blessing OTOIBHI
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Introductory workshop on art criticism seeks applications

The NORD OUEST CULTURES association is organising and seeking entries, with Espace Public Togo, to its introductory workshop on art criticism to offer journalists the opportunity to discover the methodological basis of art criticism.

Through interactive sessions and hands-on activities, journalists will learn to analyse, interpret and write reviews of artworks professionally and ethically.

The organiser says, “This introductory workshop on art criticism offers you the opportunity to discover the methodological bases of art criticism.

Through interactive sessions and practical activities, you will learn to analyse, interpret and write critiques of works of art in a professional and ethical manner”.

Aspiring cultural journalists or content creators looking to deepen their understanding of art criticism are invited to apply.

The deadline for the submission of applications is August 2, 2024. Interested applicants can apply here.

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