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Loan to private sector drops in March amid CBN’s rate hike

Ehime ALEX
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Loan to private sector drops in March amid CBN’s rate hike

BANKS’ credit to the private sector decreased in March amid the policy rate hike by the Central Bank of Nigeria (CBN).

The decrease is expected to continue in the coming months as the CBN tightens its monetary policy rate (MPR) or benchmark interest rate, to control inflation.

After its monetary policy committee (MPC) meeting in February, CBN raised the benchmark rate by 400-basis-point to 22.75 per cent and by 200-basis-point to 24.75 per cent in March.

The increase directly affected interest rates banks use for lending to the private sector.

As interest rates increase, banks will try to limit their credit risk exposures to guard against higher non-performing loans.

Data from the CBN shows that loans to the private sector dropped to N71.21 trillion in March, from N80.86 trillion in February.

The drop could be linked to the effect of the CBN rate hikes to 24.75 per cent in March from 18.75 per cent in July 2024 to achieve price stability, some analysts pointed out.

The ICIR reported that CBN failed to hold its by-monthly MPC meetings in September and November 2023. It also failed to hold it in January 2024 and shifted it to February.

Analysis of the data by The ICIR shows that credit to the private sector consistently rose since CBN’s July 2023 meeting except in November 2023.

The data shows that banks’ loans to the private sector which stood at N56.46 trillion in July 2023, increased to N56.95 trillion in August, N59.51 trillion in September and N63.57 trillion in October.

While it dropped to N59.69 trillion in November, it increased to N62.54 trillion in December, N76.48 trillion in January 2024, and N80.86 trillion in February.

Analysts believe that the full impact of CBN’s policy rate hikes will continue to reflect on the country’s economy as borrowing costs trend higher while businesses seek alternative funding options in the local debt market.

The alternative funding could be through the issuance of commercial papers for the short term to keep their business operations afloat.

Analysts at Cowry Asset Management said, “While we think a continued slow growth in total credit to government and private sector will continue, businesses will explore further funding options amidst rising prices.

“On the other hand, we think the federal government will continue exploring various funding options with lower debt servicing requirements just to meet its project funding and investment obligations.”

Interest rates to remain high – Cardoso

In a Financial Times report on Monday, May 13, the CBN Governor, Olayemi Cardoso, dashed hope and said that interest rates would remain high until inflation is tamed.

The country’s headline inflation has throttled to 33.20 per cent in March this year and is expected to rise further when the figure for April is released by the National Bureau of Statistics.

Cardoso reiterated that the apex bank’s orthodox policies would continue to be implemented to tame inflation.

This indicates that the apex bank is likely to raise the benchmark rate when it meets next week Monday and Tuesday, May 20 and 21 for another MPC meeting.

There is “every indication” that MPC would “do whatever is necessary” to rein in inflation, Cardoso said.

“They will continue to do what has to be done to ensure that inflation comes down. Let’s face it: for a long period of time, the CBN did not embrace orthodox monetary policies.

“We want to go back to using an orthodox method, and it will take us to where we want to go,” he maintained.

He stressed that the apex bank had been ‘reoriented’ to focus on “price and monetary stability.”

Cardoso maintained that raising interest rates had been crucial, hoping that high interest rates would not linger for too long and act as a disincentive to investment and production.

“Hiking interest rates obviously has had a dampening effect on the foreign exchange market, so that has begun to moderate. It’s not a zero-sum game. You lose on one side, you get on the other,” the CBN governor said.

He added inflation was higher than he had hoped, blaming “distortions” mainly due to high food prices, and adding that it was not directly within CBN’s control.

Forensic analysis reveals hate speech, misinformation fueled violence in 2023 polls

Mustapha USMAN
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Forensic analysis reveals hate speech, misinformation fueled violence in 2023 polls

A forensic analysis conducted by Global Rights has revealed how widespread election violence and impunity marred Nigeria’s 2023 election. 

The findings, presented on Monday, May 13, in Abuja, detailed a concerning pattern of electoral malpractice and human rights abuses, across the country, particularly in Lagos, Imo, Ebonyi and and Enugu states.

The report also highlighted the government’s failure to address these violations, with many perpetrators going unpunished.

In her opening remarks, the Executive Director of Global Rights, Abiodun Baiyewu, cited the case of Bago Adenuga, now the Senior Special Assistant to President Bola Tinubu on media, who, despite inciting hate and violence during the pre-election period, escaped the consequences. 

According to her, several Nigerians lost their lives for merely exercising their fundamental human rights to vote for their preferred party.

The forensic analysis found systemic flaws in the electoral process and a culture of impunity that undermines democracy and human rights.

Key findings highlighted in report 

While presenting the forensic analysis of the report, titled ‘In pursuit of justice: Forensic Insights into Nigeria’s 2023 Election Atrocities,’ the Executive Director of We The People/Lead Researcher, Ken Henshaw, highlighted hate speech/fake news, violence and voter suppression and ethnic profiling/discrimination as characterising the poll.

Speaking on the organisation’s findings on hate speech and fake news, Henshaw cited several instances of public and political figures inciting electoral violence and misconduct in their speeches and posts. 

He made an example of how the Lagos State governorship candidate, Gbadebo Rhodes-Vivour, was targeted by various fake news and hate campaigns.

He noted that some of the hate campaigns were done by leveraging on some basic facts about the candidate, including the fact that his mother is Igbo, he has an Igbo middle name, Chinedu, and his marriage to an Igbo woman.

“All these were twisted into a narrative that Mr Gbadebo is an Igbo man, sympathetic to the cause of the outlawed Indigenous People of Biafra, and on a mission to take over Lagos State to promote Igbo interests,” the report stated.

Another instance exposed was how a senator-elect, Okey Ezea, incited ethnic hate in Enugu State ahead of the 2023 governorship election.

“Young men, please, you must prepare yourselves very well. We are going into a war on March lI, and it is a do-or-die game. Nobody can come from outside to Nkanu to intimidate us here,” he quoted the senator-elect telling his supporters in Itchi, Igboeze South LGA of Enugu State.

On violence and voter suppression, the report showed how a community executive council in Umuokpo Amaisii in Abia state, suppressed voters by threatening not to invite opposition candidates to campaign in the community.

The analysis, among others, found the secessionist group, Indigenous People of Biafra (IPOB) guilty of suppressing voters after earlier issuing a warning of ‘No election in Biafraland.’

While highlighting other violence, the report detailed an audio recording from February 2023, where two men threatened ‘non-indigenous residents’ of Gbara, Eti-Osa community, Lagos State, urging them to vote for their political party or leave.

Panelists weigh in on drivers of election atrocities, proffer solutions 

CSOs and media stakeholders at the Global Right unveiling of Forensic Analysis
CSOs and media stakeholders at the Global Right event on documented 2023 election atrocities.


Following the presentation of findings, a panel of experts highlighted the drivers of election atrocities in Nigeria.

The panel included representatives from the International Centre for Investigative Reporting (ICIR), lawyers and human rights researchers, SBM Intelligence, Goodluck Jonathan Foundation, Sustainable Gender Action Initiative and Yar’ Adua Foundation.

They identified hate speech, fake news and the emergence of deep fake and artificial intelligence, violence among the major drivers of election atrocities, particularly during the 2023 election.

Speaking on the impact of misinformation during the 2023 election, The ICIR editor, Bamas Victoria, noted that the coalition of fact-checkers identified over 100 pieces of misinformation intended to mar the election. 

According to her, the spread of fake news is a deliberate effort that extends beyond the individuals spreading it; such information originates from those who finance or direct them, she stated.

Also, Amara Nwankpa of Yar’dua Foundation pointed out that the financial incentives associated with spreading fake news pose a challenge in addressing its negative impact on elections.

He explained how elites utilise Nigerians to disseminate disinformation and misinformation for their gains.

While speaking about the religious and cultural values that go against hate speech, a representative of the Sustainable Gender Action Initiative, Mufuliat Fijabi, said there were misinterpretations of some religious injunctions which had turned out to be misinformation.

She noted that these misinterpretations had affected women’s participation in politics and governance, adding that there was a need for value reorientation.

The panellists, therefore recommended enhancement of basic education, focus on building the next generation with civic duties, and evolution of homegrown methods in solving election violence ahead of the 2027 general election.

They also highlighted the need for media literacy, prebunking of fake news, research and documentation of hate speech, effective implementation of laws and prosecutions of offenders, and effective collaborations among CSOs.

ICIR trains 20 journalists for Open Contract Reporting Fellowship’s final phase

Jonathan Shekwonuzhibo
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ICIR trains 20 journalists for Open Contract Reporting Fellowship’s final phase

The International Centre of Investigative Reporting, with support from the MacArthur Foundation, has completed its two-day workshop and experience-sharing event on procurement fraud with 20 Nigerian journalists.

The journalists who were fellows in the previous cohorts of the Open Contract Reporting Project (OCRP) were drawn from Kano, Sokoto, Abuja, Borno, Cross River, Jigawa, Enugu, Anambra, Osun, Rivers, Bauchi, Lagos and Akwa Ibom, across print, electronic and digital media.

The OCRP is a three-year project funded by the John D. and Catherine T. MacArthur Foundation under its “On-Nigeria Anti-corruption Programme”.

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The Centre’s accountability reporting project promotes fiscal transparency and accountability in Nigeria’s budget and procurement processes.

In the last seven years, the Centre has worked to build journalists’ capacity to investigate and report effectively on budget and procurement issues, thus strengthening open contracting processes and engendering effective service delivery for the welfare of citizens, particularly at the subregional level.

The ICIR trains and provides grants for trained journalists to undertake impact, data-driven, evidence-based reporting on procurement fraud.

The ICIR has trained over 250 journalists in different newsrooms in Nigeria and published more than 300 investigative reports holding power to account.

The Centre spoke with some fellows, Bawas Khadijat Bawas from KAMED TV and Simon Ekimini Enobong, who works with Ripples Nigeria, Enugu at the just-concluded training.

They applauded MacArthur’s Foundation for the initiative through The ICIR for launching them into investigative reporting, which they said had had a significant impact on their career and communities by holding leaders to account.

At the workshop, the Executive Director of The ICIR, Dayo Aiyetan, outlined past investigations and the impacts of the fellowship on procurement and accountability reporting.

He encouraged the fellows to conduct due diligence with evidence-based reporting in producing their work.

Addressing the fellows, the Country Director of Macarthur Foundation, Kole Shettima, emphasised the need for the media to be the watchdog of society by writing compelling and impactful stories which hold leaders accountable.

At the OCRP experience-sharing workshop, a trainer, Yetunde Mosunmola, gave a presentation titled, “Investigating Procurement Fraud: Case Studies One and Two.”

Her session embraced a peer learning approach, drawing insights from stories produced by one of the journalists aimed at dispelling misconceptions surrounding investigations into procurement fraud.

The Executive Director of The ICIR took the fellows on “The Investigative Process: From Start to Finish.”

He explained how journalists could deal with sources, source map their stories, maintain anonymity, engage in evidence-based reporting, navigate challenging sources, and understand the nuanced distinctions between investigative journalism and other forms of reporting.

Mojeed Musikilu, Editor in Chief of Premium Times, took the cohort on “Writing for Impact”, which emphasised the importance of concise writing, effective multimedia utilisation, integrating human narratives with data, iterative rewriting, meticulous fact-checking, crafting compelling beginnings and endings, and steering clear of common pitfalls in impactful journalism and beneficial ownership.

In addressing procurement fraud in Nigeria, Damilola Ojetunde, a data journalist, conducted a session titled “Telling Stories with Data One: Navigating Procurement Data Sources.”

His session explored techniques for enhancing journalists’ proficiency in data analysis, identifying requisite data types, integrating data into their narratives, locating reliable data sources, and turning data into stories.

 

Iraq demands termination of UN aid mission by end of 2025

Itoro ETUKUDO
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Iraq demands termination of UN aid mission by end of 2025

THE government of Iraq has requested the termination of the United Nations Assistance Mission for Iraq (UNAMI), operations by the end of 2025.

According to a statement by the country’s Prime Minister, Mohammed Shia’ Al-Sudani, based on the findings by the UN-formed Independent Strategic Review Team, Iraq’s request for UNAMI to end by 2025 is a timeline sufficient for a responsible closure.

“Unami is no longer required as the Middle East country has made significant progress towards stability and wants to deepen cooperation with other UN organisations.

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“Iraq has managed to take important steps in many fields, especially those that fall under Unami’s mandate,” the prime minister said in his statement.

The prime minister also noted that the government of Iraq anticipated a UN Security Council resolution by the end of May in response to Iraq’s request and the Independent Strategic Review Team’s recommendations.

UNAMI is a special political mission established by the UN Security Council Resolution 1500 in 2003 at the request of the Iraqi government.

Its mandate is to prioritise the provision of advice, support and assistance to the government and people of Iraq on advancing inclusive, political dialogue and national and community-level reconciliation.

It also assists in the electoral process, facilitates regional dialogue between Iraq and its neighbours and promotes the protection of human rights with judicial and legal reforms.

The Mission is also mandated to work with government partners and civil society to coordinate the humanitarian and development efforts of the UN agencies, funds and programmes.

This request by the government of Iraq has elicited a range of responses from politicians and other citizens in the country, with some applauding it and others condemning it.

Family sues Abuja school for N500m over child’s bullying

Ijeoma OPARA
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Family sues Abuja school for N500m over child’s bullying

THE family of Namtira Bwala, a student of Lead British International School, Abuja, who her schoolmates bullied in a video that went viral recently, has sued the institution, demanding N500 million.    

This was disclosed in a statement by the founding partner of the law firm handling the case, Marvin Omorogbe, on Monday, May 13.

The suit demanded that the sum be paid as general damages for negligence and a breach of duty of care which, otherwise, would have prevented the assault and trauma suffered by the student.

The claimant also requested a public apology from the school to be published in two national newspapers.

“Our client hopes that this lawsuit will bring about drastic changes and adequate measures to prevent a reoccurrence of similar issues in the school,” the statement read in part.

In April 2024, videos showing some of the school students bullying their colleagues went viral.

Bwala was recorded being slapped repeatedly by other students in the video, which generated public outrage.

Some social media users alleged that bullying has been one of the biggest issues in the school.

The school was shut for three days following the incident and the school announced that it had commenced investigations into the videos.

A few days after the incident, Bwala threatened legal action against the school via a letter from her legal representatives, if it failed to punish her bullies.

“Sequel to the preceding, we have our client’s instruction to demand the immediate investigation and the pronouncement of the stiffest possible sanctions in the student’s rule book on Ms Maryam Hassan, Miss Faliya and nine other students who have formed a cult of bullies in Lead British International School, Gwarimpa, Abuja.

“Please note that if the school fails to sanction the student bullies within 48 hours of the receipt of this letter, we have our client’s further instruction to seek an immediate and severe legal redress against Lead British International School, Gwarimpa, without further recourse to you,” the letter read.

Cybersecurity levy: No country can tax its way to prosperity – KPMG

Harrison EDEH
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Cybersecurity levy: No country can tax its way to prosperity – KPMG

GLOBAL tax and advisory firm, KPMG has criticised the Nigerian government on its move to implement the 0.5 per cent cybersecurity levy as stipulated in the Cybercrime Amendment Act 2024.

Alhough President Bola Tinubu has suspended the implementation of the levy following public outcry, the global tax firm argued that no country could tax its way into prosperity.

Commenting on the new levy, the company argued that there was empirical evidence proving that higher taxes would not lead to sustainable growth.

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In a tax alert statement it issued on Monday, May 13, through its head, Tax, Regulatory and People’s Services, Wale Ajayi, the firm raised concerns over the timing of the Act’s implementation, considering the country’s prevailing economic conditions.

It further noted that the need for revenue mobilisation in the face of significant challenges warranted the implementation of the levy even though the law had been there since 2015.

“Given this context, the government may go to any length to mobilise the required revenue. However, research has shown that higher taxes do not lead to sustainable growth. No country can tax itself to prosperity! Perhaps, it is in recognition of this that the current administration and the Presidential Committee on Fiscal Reforms have often emphasised that the government will not introduce new taxes,” said KPMG.

Also, the firm criticised the lack of cost-benefit analysis given multiple reports of about N3 trillion to be generated from the levy annually.

It further advised that such levies should be accompanied by an adequate expenditure statement to justify them.

Furthermore, it questioned how the implementation of the Act would drive financial inclusion across the country given the fear that individuals and businesses would resort to other forms of transaction.

New Eagles coach targets World Cup qualification, vows competitive squad selection

Mustapha USMAN
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New Eagles coach targets World Cup qualification, vows competitive squad selection

NEWLY-APPOINTED Super Eagles’ coach, George Finidi has vowed to secure six points in the upcoming World Cup qualifiers against South Africa and Benin.

Finidi said this at his unveiling ceremony as the Super Eagles’ head coach at the MKO Abiola National Stadium, Abuja, on Monday, May 13, adding that he knew what the Nigeria Football Federation (NFF) expected of him.

Finidi, who has led the team to two friendlies after the expiration of the immediate past coach, José Santos Peseiro, said he would only call up players regularly playing for clubs in Nigeria or abroad for international assignments to ensure the Super Eagles’ continued competitiveness.

“My first target is to make sure that we are in line to qualify for the 2026 FIFA World Cup by winning the upcoming two matches against South Africa and Benin Republic. The 2025 AFCON qualifiers will soon start and we must also be prepared for those as well. 

“I know what the NFF wants as it is boldly written in the contract, and I will work very hard to add value to the team and put myself in the position to earn even more than I will be earning from the take-off.”

He also noted that there would be no controversy regarding his relationship with the players, adding that they were professionals who would be given what they are used to in Europe.

“I will try my best to ensure the team starts functioning properly and we start winning games again. There is no pressure on me; I have a tough skin. I just want to call for your support. I know this is not an easy job, but with the support of everyone, we can achieve our objectives,” he said.

On his part, Nigeria’s Minister of Sports Development, John Owan Enoh, applauded the leadership of NFF for settling for an indigenous head coach for the Super Eagles, despite numerous foreign applicants for the position.

He also urged the NFF and all Nigerians to provide full support for the new coach.

The President of NFF, Ibrahim Musa Gusau expressed delight over the “new chapter” in the nation’s senior men’s football team, assuring that the football governing body was determined to fully support George and his assistants to lead the Super Eagles to new heights.

“When we returned from the Africa Cup of Nations in Cote d’Ivoire, we began the search for a new head coach. There was a plethora of foreign applicants, far more than the indigenous applicants. However, we undertook a thorough process that has produced an indigenous coach and we are very happy about that. 

“Finidi George was part of the technical crew that came close to winning the AFCON, and we have faith in him that he will lead the team to the title next time. 

Gusau also disclosed that the Federation granted George autonomy in selecting his assistants.

According to him, Finidi chose Daniel Amokachi and Benjamin James as assistants, along with Olatunji Baruwa as the goalkeepers’ trainer, Chima Onyeike as the Fitness Trainer, and Mehmet Ozturk as the Analyst.

Recall that The ICIR reported that NFF announced the appointment of Finidi as the new head coach of the Super Eagles.

According to a statement released on Monday, April 29, the 52-year-old former Real Betis and Ajax Amsterdam forward was given the reins of the nation’s senior men’s team after the NFF Board approved the recommendation of its Technical and Development Committee the appointment.

Following the Super Eagles’ remarkable run to the final of the 2023 Africa Cup of Nations in Cote d’Ivoire, the Super Eagles gaffer at the tournament, Peseiro, a Portuguese, stepped down, and Finidi George, who had worked as his assistant for 20 months, took over as temporary coach.

Considering George’s remarkable career, the NFF statement highlighted his achievements, which include “gold, silver and bronze medals from the 1992, 1994, 2000 and 2002 AFCON tournaments.”

Application opens for Daphne Caruana Galizia Prize for Journalism

Blessing Amala Muonwe
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Application opens for Daphne Caruana Galizia Prize for Journalism

THE European Parliament is accepting applications for the Daphne Caruana Galizia Prize for Journalism.

The prize rewards outstanding journalism that promotes or defends the core principles and values of the European Union such as human dignity, freedom, democracy, equality, rule of law, and human rights.

The prize is named in honour of Daphne Caruana Galizia, a Maltese journalist who was murdered in a car bomb explosion on Oct. 16, 2017.

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Interested journalists must submit in-depth pieces published or broadcast by media based in one of the 27 European Union member states. Only entries published or broadcast between Sept. 1, 2023, and July 31, 2024 are eligible.

The winner will receive EUR 20,000 (US$21,494) at an awards ceremony in mid-October, coinciding with the anniversary of the assassination of Daphne Caruana Galizia.

The deadline is July 31.

To apply click here

 

Tariff hike: Falana backs picketing of DisCos’ offices, faults NERC

Harrison EDEH
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Tariff hike: Falana backs picketing of DisCos’ offices, faults NERC

HUMAN rights lawyer, Femi Falana, has backed picketing of the Nigerian Electricity Regulatory Commission (NERC) headquarters and offices of the Electricity Distribution Companies (DisCos) across Nigeria over the hike in electricity tariff.

The senior lawyer said the action was justifiable and was provided for in Nigeria’s Labour Act.

Falana stated this on Sunday, May 12, during a monitored interview on Channels Television’s Sunday Politics.

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It would be noted that the organised labour under the auspices of the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) had a few days ago issued NERC a May 12 deadline to reverse the hike in electricity tariff to N65/kwh or risk having its commission and DisCo offices nationwide picketed.

The labour unions directed their state branches and affiliates in a warning letter jointly signed by NLC president, Joe Ajaero, and his TUC counterpart, Festus Osifo, to mobilise their members in readiness for the picketing if the federal government and NERC failed to heed their warning.

NLC Letter to picket Power Distribution Companies
NLC’s letter to picket power distribution companies

The ICIR confirmed on Monday that Abuja, Ikeja, Eko and Benin Distribution companies were picketed following the directive of the labour leaders.

Falana who lent his support for the picketing exercise said  NERC failed to follow due process and did not engage the stakeholders before taking such an unpopular decision.

According to Falana, the Labour Act supports the workers’ action. “They are going to picket the headquarters of NERC and offices of the DISCOs to register their protest against the illegal increase in electricity tariff. This is because the Nigeria Electricity Regulation Commission did not follow due process and didn’t conduct a public hearing as required by the Electricity Act 2023.”

He urged NERC to engage and discuss with the labour movements and work for the reversal of the hike.

“Again, the increase was anchored on the assumption that there would be regular electricity supply for at least 20 hours. But that has not been the case. If DisCos cannot meet the electricity supply, people have no right to pay the increased tariff,” he added.

He expressed concern that it would be unfair and insensitive of any government to supply darkness and expect its citizens to pay for electricity tariffs.

Falana said it was becoming obvious that privatisation had failed ‘woefully’ in Nigeria.

Citing relevant sections of the law, he said, “By Section 116 of the Electricity Act 2023, you can only justify a hike in tariff if you supply the electricity. There must be evidence that there is an improvement in electricity supply.

“But if Nigerians have to power their offices or business premises with generators in the face of epileptic electricity supply, it is difficult to justify. Again when they talk about unbundling, to the best of my knowledge, the majority of the DisCos have been acquired by the government because of their toxic loans.

Falana argued that the distribution companies had been sold since 2013,as such the sector had become self-sufficient and did not need government subsidy any longer.

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He pointed out that if the government considered unbundling again, it must engage and consult widely.

“This is because privatisation has failed woefully in Nigeria. I think the Senate has once called on the government to take back all the DisCos and take firm control.

“We cannot increase tariffs when the majority of our people are supplied with darkness. I am not even talking of those in Band B, C and D. We are only talking of Band A for now and there is no basis for such discrimination,” he stated.

African Fact-Checking Awards open application 

Blessing Amala Muonwe
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African Fact-Checking Awards open application 

Africa Check, a project of the AFP Foundation, is accepting applications for the African Fact-Checking Awards. The awards honour journalism that exposes misleading claims made by public figures and institutions.

Works must be original pieces of fact-checking journalism first published or broadcast by a media house based in Africa between July 1, 2023, and July 14, 2024. Entries may have been published or broadcast in French or English.

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The categories are fact-check of the year by a working journalist, fact-check of the year by a professional fact-checker, and fact-check of the year by a student. The working journalist and professional fact-checker will receive US$3,000, while the runners-up will be awarded US$1,500. The student journalist winner will receive US$2,000 and the runner-up US$1,000.

The deadline is July 14.

To apply click here

 

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