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CBN ends airlines’ FX backlog verification, clears fresh $64.44m

THE Central Bank of Nigeria (CBN) has confirmed the conclusion of the verified backlog owed foreign airlines with an additional $64.44 million release.

The ICIR confirmed that this latest disbursement brings the total verified amount paid to airlines to $136.73 million.

The CBN’s Acting Director of Corporate Communications, Hakama Sidi Ali, in a statement on Tuesday, January 30, affirmed that the CBN governor Olayemi Cardoso and his team were determined to tackle outstanding forex obligations across other sectors.


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Ali added that the CBN aimed for a robust and liquid forex market, warning participants against manipulative activities that could harm the naira.

She, therefore, called for collaborative efforts and adherence to regulations to ensure market forces rightfully determine exchange rates.

Part of the statement reads, “The Governor, Olayemi Cardoso, and his team were doubly committed and would stop at nothing to ensure that the verified backlog of payments across all other sectors was cleared and confidence was restored in the Nigerian foreign exchange market.

“Furthermore, she assured that the CBN was working with stakeholders to ensure liquidity improves within the forex market, thereby reducing pressure on the naira.

“While expressing optimism that the market would respond positively with the latest injection of over $64 million, she admonished actors in the foreign exchange market to guard against speculation as such actions could hurt the naira.”

She further called on the public to support the reforms in the foreign exchange market, adding that the CBN would continue to promote orderliness and professional conduct by all Nigerian Foreign Exchange Market participants to ensure market forces determine exchange rates.

Notably, in the last three months, the CBN successfully cleared over $2.5 billion in overdue foreign exchange forwards, aiming to resolve the backlog of dollars in Africa’s largest economy.

However, this has not impacted Nigeria’s currency market as the naira continues on a downward spiral.

For instance, the naira reached a historic low of N1,348.63 at the official market and N1,450 at the parallel market on Monday, January 29.

The ICIR reported threats by foreign Airlines to exit the country due to a backlog of about $800 million.

Ekiti government confirms abduction of 6 school pupils, 3 teachers

GUNMEN have abducted six pupils and three teachers of a private school in Emure, headquarters of Emure Local Government Area of Ekiti State.

Confirming the abduction on Tuesday, January 30, the Ekiti State Government said the school bus driver was also kidnapped, bringing the total to 10.

A statement by the government quoted the state Governor Biodun Oyebanji as describing the kidnap as callous and unacceptable.

He vowed that his government would deploy everything at its disposal  to rescue the victims.

He also said the security agencies in the state were already on the trail of the abductors with a mandate to bring the pupils and their teachers back safely.

Oyebanji also called on the state residents to remain calm and be vigilant.

Although the state government didn’t disclose the name of the school, a post by a popular local blog that tweets majorly about Ekiti state, Ekititrend on X, indicated that the victims were from Apostolic Faith School, Ekiti.

The incident happened the same day armed men shot dead two traditional rulers in the Oke-Ako axis of Ikole local government area of the state.

The ICIR reports that the rulers were said to have been attacked along Oke Ako – Ipao Ekiti – Aiyedun road on Monday evening, January 29, while coming from a meeting.

The two traditional rulers- the Onimojo of Imojo Ekiti, Oba Olatunde Samuel Olusola and the Elesun of Esun Ekiti, Oba David Babatunde Ogunsola were killed in an ambush by armed men while the  traditional ruler, the Alara of Ara –Ekiti, Oba Adebayo Fatoba escaped the attack.

Reacting to the killing in a separate statement on Tuesday, the state governor said security agents had been dispatched to the area to fish out the perpetrators.

The governor said no stone would be left unturned in the bid to bring the perpetrators to justice, charging the security agencies in the state to remain vigilant and resolute in the efforts to stamp out crime and criminality from the state.

CSO urges Tinubu to declare state of emergency 

Meanwhile, the civil society organisations (CSOs) in Nigeria have appealed to President Bola Tinubu to declare a state of emergency on the nation’s insecurity. 

Expressing concerns over worsening wave of insecurity across the country, the group advised the Federal Government to further recommit to tackling the menace.

The CSOs, under the auspices of Civil Society Joint Action Group, stated this during a world press briefing on Monday, January 29, in the Federal Capital City, Abuja.

The ICIR reports that Nigeria has continued to grapple with cases of insecurity, with many citizens reported dead and over 380 persons kidnapped between December 1, 2023, and January 3, 2024, across the country under President Bola Tinubu.

With the recent cases of kidnapping and ethno-communal clashes in Plateau state, the country has been further plunged into crisis, leading many Nigerians and stakeholders to question the competence of the competence of the Tinubu-led Federal Government.

Insecurity: Resign if you can’t cope, Atiku tells Tinubu

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FORMER Vice President Atiku Abubakar has advised President Bola Tinubu to resign if he could not handle insecurity challenges currently bedevilling Nigeria.

Atiku, who contested the last president election against Tinubu on the platform of the Peoples Democratic Party (PDP), said this in a post on his X handle on Tuesday, January 30.

He decried the numerous incidents of kidnapping and other attacks that had occurred across Nigeria in the past months.


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He accused the President of being a fiddler when the nation was insecure.

“If the shoes are too big for Emilokan, he should step aside. Nigeria does not need another Tourist-in-Chief,” Atiku stated. 

He added: “The country needs 24/7 leadership to confront the pervasive insecurity and collapsing economy,” recalling the various kidnapping episodes in several parts of Nigeria since Tinubu became president on May 29, 2023..

He listed the kidnapping and killing of a nursing mother and grandmother in Abuja for failing to pay N90 million ransom and the killing of two monarchs in Ekiti, among other security issues that needed the President’s intervention.

He added that it’s worrying “to imagine that the Commander-in-Chief is on a so-called private visit while kidnappers kill a nursing mother and grandmother in Abuja for failing to pay N90 million ransom and two monarchs in Ekiti, among other regular tragedies besetting Nigerians.”

President Tinubu came to office with the vow to tackle Nigeria’s insecurity among other agenda,

Insecurity, which takes the forms of armed robbery, kidnapping, and banditry attacks, among others, has been rampant since Tinubu assumed office.

On Monday, January 29, civil society organisations (CSOs) in Nigeria appealed to Tinubu to declare a state of emergency due to the nation’s insecurity. 

They expressed concerns over the worsening insecurity nationwide and advised the Federal Government to further commit to tackling the menace.

The CSOs, under the auspices of the Civil Society Joint Action Group, stated this during a world press briefing on Monday, January 29, in the Federal Capital City, Abuja.

They highlighted the implications of insecurity that had overwhelmed the country, particularly in the northern region.

The ICIR reports that Nigeria has continued to grapple with cases of insecurity, with many citizens reported dead and over 380 persons kidnapped between December 1, 2023, and January 3, 2024, across the country under Tinubu’s watch..

 

Tales of horror and pain in Niger state communities where over 30 military personnel were killed

On August 14 2023, 36 military personnel were reported dead in a series of attacks in Kundu and Chukuba communities in Niger State. This generated public outrage; however, the reactions barely covered the plight of the residents of these communities. How did they fare? What happened, and what were the casualties? These are the questions answered by Mustapha Usman and Olayinka Fatunbi in this report.


If Talba Zainab had known that she would lose her three children to the cold hands of bandits, she would have clung to them tightly and run with them through the same route when the gun-wielding bandits, who often rustle cattle from all the surrounding communities, put Akere town into chaos. 

Akere residents were going on with their daily routines in August when terrorists on motorcycles stormed their town and quickly turned it into a war zone. 

A bullet caught one of Zainab’s sons and six other people. But she was able to join other people and ran for three days inside the forest of the community, situated in Kundu, Zungeru Local Government Area of Niger state.

As most fled through the bushes and the nearby river, some didn’t make it out. They drowned, including two of her other sons. 

Like Zainab, the villagers, running for safety, left their loved ones, who had been hit by a bullet behind.

“We live in the forest; just recently, we spent over four days in the forest, we didn’t drink or eat,” she said. Beyond that, they also lost hundreds of cows during the traumatic attack.

For three days, the terrorists were conducting a house-to-house search for those in hiding. 

It was not the first time bandits would be storming their town to rustle their cattle and inflict pain on them. In fact, this year alone, they have witnessed over 18 attacks. Every day, this community of herders went about their daily activities with one of their eyes opened due to the continuous attacks by bandits. 

Talba Zainab (at the front) mourns the devastating loss of three of her children in the recent attack by cattle rustlers in Akere. Weeks after the incident, the pain of their absence remains palpable. Photo credit: The ICIR

Over the course of three years, bandit attacks occurred approximately every two weeks. However, more recently, they have intensified, happening once a week, resulting in the theft of hundreds of cattle.

“We spend three years without peace, we don’t have enough food to eat, we don’t have shelter,” she continued as she fought hard to stop tears coming out from her eyes.

The community, which is roughly 15 kilometres away from the main town Kundu and would take about two hours on the bike, has been visibly deserted by residents, and the then community of over 5,000 people now battle with extinction.

Aftermath of one of the attacks by bandits in Akere. Most community members, including the owners of this compound were forced to desert their homes. Photo Credit: The ICIR

Zainab’s situation resonates with the sentiments of many other residents who shared their experiences with The ICIR. Forty-five-year-old Muhammed Maryam is one of those who lost their loved ones during one of such attacks. Much like Zainab, Maryam’s husband fell victim to the assault by cattle rustlers in Akere.

On that day, Maryam and her husband sought refuge in a bush and endured two days of sleeping in the rain while also battling hunger. It was when Maryam’s husband, Muhammed, returned to their village to gather food that he met his doom.

Maryam resolves to sell dry fish to take care of her children after the loss of her husband. Photo credit: The ICIR/September

“When we were in the forest, we were very hungry, and he said he would go back to the house and bring us food. On the way to the house, they killed him,” Maryam said while attempting to turn the dry fish over the fire.

Now, she has to fend for her family in spite of the challenges. “When my husband was alive, I did not do any business, but everything he left for us was stolen, including his money,” she stated. 

Cheji’s heartbreaking toll from insecurity 

Cheji is some metres away from Akere and has also witnessed a wave of insecurity attacks by bandits and cattle rustlers. In the past three years, the community, together with other neighbouring communities, have been besieged by continuous attacks from terrorists.

The consequences could be seen, with the community struggling not only with the loss of lives but also the rustling of their livelihood—cattle. Although locals who spoke to The ICIR could not give a specific number of lives lost, people missing and displaced, they all said it’s well over a thousand.

The attack on August 11, 2023, saw over a hundred people leave the community, and about 11 people died, while over a hundred cows were stolen, locals stated. 

The ICIR reports that the cattle rustlers, who carried out attacks in Cheji and neighbouring towns, made off with over 900 cows. Operating in groups during the three-day assault, the bandits moved from one community to another.

Some of the affected communities in that area are Akare Central, Cheji and Pakara.

Amidst the incident, the displaced residents fled for as far as ten kilometres, having to cross the river Kaduna that surrounded the village. This proved to be a tedious task, with many residents who couldn’t swim falling victim to heavy rainfall and drowning.

Ishu Mainmuna, 25, was fighting for her life and that of her child but was unaware that he had taken his last breath. She was beaten by the rain while taking refuge inside the bush. Photo Credit: The ICIR

In one of such attack, twenty-five-year-old Maimuna Ishu was among those forced to flee for their lives into the forest. With rain pouring down relentlessly, her son was not spared. He was beaten by the rain till his last breath.

Maimuna, engulfed by the situation, was unaware that her son had taken his last breath. It was only at dawn the next day, when she felt safe that the reality hit her. “when I was running for safety, my son died on my back, it was raining at that time, I didn’t even realise he died until the following day,” she said.

For three days, Maimuna endured the hardships in the bush and hoped that her remaining four children would be safe with their father. 

Others like Mallam Musa and Abubakar Mohammad lost millions of naira as their cows were taken away from them.  “They stole 14 of my cows,” Musa laments, his voice heavy with resignation. Before, when the news of bandits moving towards their community reached their ears, the community had an escape plan—crossing the surrounding River Kaduna with their cattle.

Mallam Musa lost 14 cows worth millions of naira to the bandits in a recent attack on Ceji village. Unfortunately, this wasn’t the first time he experienced such a loss to these armed terrorists. Photo credit: The ICIR/September

This strategy has proven effective in the past. However, the last encounter with the gun-blazing bandits took another turn. “Before we could even reach the river, they had us surrounded,” Musa said.

Ambushed by bandits, soldiers killed facing off with terrorists

Helmets struck by a bandit’s bullet in Anguwa Adidi, where Nigerian Military officers were ambushed. Photo Credit: The ICIR/September

The sight of the broken soldiers’ helmets and remnants of fallen bandits could still be seen at Anguwa Adidi of Kundu ward, Kagara local government area, where the cattle rustling bandits ambushed the Nigerian Army on Sunday, August 13.

The local security, Abdullahi Adamu, 35, who had led The ICIR crew to the scene, said he learnt about the presence of the cattle rustlers in Akere, Cheji and two other villages through an intelligence source.

Adamu was under his roof, as it was raining heavily on that day, with a few other men in his town, Kundu, Wushishi LGA, when the message came through. He communicated the information to the village head and promptly sought the intervention of the Nigerian Army-based Government Science College, Kadara, in Rafi Local Government. 

They had been informed that the bandits were heading towards Zungeru-Tegina road, where they could easily pass through a bridge with hundreds of cattle. 

Knowing that the soldiers were stationed around the area, the bandits couldn’t cross the road and were about a half kilometre away. 

Here is the battlefield between the soldiers and the bandits. According to local security personnel, the bandits were on the other side of the trees (in the picture), occupying strategic locations and shooting at the soldiers. Some of the military personnel were also able to take cover behind some trees and avoid the shots. Photo credit: The ICIR/September

“When the soldiers arrived, we chased after the bandits. That is how we got ambushed.” Describing how the gun duel went, he continued, “This thing you are seeing is the blood of our people that died; the bandits ambushed us in this forest.”

“We were walking in this forest with army personnel when we got under this tree. One Oga (boss) among the soldiers said we should stop, and we stopped, but we were unaware that the bandits were there already. Before we knew it, they opened fire on us.

The sheer number of bandits and their scattered positioning across the terrain made it a challenging confrontation. Some of the bandits sought refuge behind the cover of trees, as they shot indiscriminately, and rendered the situation even more precarious.

“When the fight got hot, we retreated because the bandits were many, and they lay scattered over the grasses, and some hid behind the trees,” he stated. 

The ICIR gathered that the gun duel lasted for 13 hours, starting around 5 p.m. till around 6 a.m., according to residents who live very close to the area.

A bullet captured at the site of the gunfight.

However, there were casualties, according to Adamu and other vigilantes who spoke to The ICIR. Adamu disclosed that, although they were safe, four out of ten vigilantes who helped in the fight against the cattle rustlers were severely injured.

Adamu was not spared either; he was hit by bullets in the shoulder at first, but the bullet did not pierce through his body until he was hit again in the back while trying to help a colleague. The bullet pierced through his back and got stuck inside a bone. This, he said, could have died if he had not been fortified.

By fortified Adamu is referring to ‘spiritual powers’.

Abdullahi Adamu, 35, was hit by a bullet in the back during a gunfight. Photo credit; The ICIR/September

According to Adamu, only one soldier died at the scene, and a few others who were struck by bullets were later pronounced dead at the Federal Medical Centre Zungeru. On Thursday, August 17, the Defence Headquarters (DHQ), confirmed that three officers and 22 soldiers were killed in the face-off with the bandits.

When asked if there were vigilante casualties, the Kundu village head, Ahmad Musa, confirmed to The ICIR that no vigilante died during the attack. 

“The soldiers actually tried because they killed those bandits. We have been seeing bandits’ corpses in the bush, inside farms, somewhere very close to the river. Everywhere,” he proffered. 

Over 2500 people died in Niger in the past three years

Between July 2020 and June 2023, at least 18 Local Government Areas in Niger State have been affected by insecurity, with more than 2,500 deaths, according to an analysis of reports by The ICIR.

Although there is no specific data to support cases of missing persons and numbers of internally displaced persons over the past four years, several reports suggest that no fewer than 5,000 persons have been displaced by banditry in the state.

Analysing data gathered from the Council on Foreign Relations’ Nigeria Security Tracker (NST), a website that tracks violent incidents related to political, economic, and social grievances directed at the state or other affiliated groups, showed that over 2,500 people have been killed in 264 attacks across the state.

In 2023 alone, the state recorded 376 deaths, while 319 persons were kidnapped between January and June. In 2022, there were 1,176 reported deaths, and 725 persons were abducted by bandits.

The ICIR, however, gathered that the insecurity-related deaths and attacks in both Akere and Cheji only stood far above the reported figure. This discrepancy is attributed to the fact that everyday cases of murder and abductions of ordinary citizens within communities rarely gain significant attention in the country’s newspapers, except for ‘major’ cases.

An infographic showing the numbers of deaths and kidnapped persons from July 2020 to June 2023.


Chukuba: paying multimillion naira for freedom

A Chukuba resident, Usman*, recounts his ordeal with the Dogo Gide’s men.

“From time to time they ask us to raise money weekly or monthly for them if we don’t want them to disturb us, sometimes when they come to our place and rape our wives and children, seize all our cell phones and money,” These were the words of a forty-one-year-old Usman*, who lives in Chukuba, a town that has since been taken over by a terrorist group led by Abubakar Abdallah, popularly known as Dogo Gide.

Dogo Gide is a bandit kingpin known to be very ruthless, terrorising some northern parts of the country, particularly Kaduna and Niger states.

Residents from Chukubu, Kwaki, Kusasu, Kwaki, Gulana, Nakuna, Yanka, Kurebe, Zumba and some other communities in Shiroro LGA have been living under the notorious bandits, paying millions of naira as taxes to carry on with their daily activities.

 

Google earth imgae of Chukuba. The village’s primary healthcare centre, as disclosed by sources, has been transformed into a kidnapping den, thus preventing the provision of healthcare services in the area.

The tax imposed by the bandits is vaaries and is usually demanded whenever they face a shortage of resources, require food, or need to acquire new weapons. According to a few residents of Chukuba and Akere who shared their experiences with The ICIR, they are compelled to make payments to terrorists every month without fail.

“There was a time they asked us to pay them one million naira for us to get peace, sometimes two million naira; there was a time we raised eight million naira and paid them in order to get peace. When they kidnap our people, we sell everything we have in order to pay them ransom and secure the freedom of our brothers.”

While this carried on, the terrorists raped their wives and their daughters with no one to confront them. 

Similar to John’s experience, other individuals residing in the conflict-ridden Shiroro LGA find themselves subjected to forced labour under the control of armed groups.

Although the Nigerian constitution expressly forbids forced labour, with the exception of compulsory labour ordered by a court or imposed as sanctions by armed forces in the execution of their duties, this particular region has seen no impact of the law. Instead, it has been replaced by the harsh and oppressive rule of violent non-state actors.

However, the bandits often operate outside the agreed terms with the communities’ residents, launching attacks or ambushing residents without any ‘specific’ reason.

Luka Samari, a victim of the incessant bandits’ attack in Chukubu, Niger state.

 

Luka Samari was one of those who fell victim to such an attack. On that fateful night of October 29, 2023, around 9 p.m., he encountered Dogo Gide’s men near a river in the community when he was making his way home from a friend’s house.

The terrorists shot Samari in his right leg, resulting in a severe bone fracture and was subsequently moved to Shallon Hospital, Zumba, where he was later discharged to recover at his brother’s residence within Zumba town.

Community pays a heavy price for bandits’ attack on soldiers helicopter

Google Earth image of Kwaki town.

Meanwhile, in the aftermath of the clash between Dogo Gide’s men and the military, Kwaki, another town in Shiroro LGA, bore the brunt. Multiple houses were damaged, and at least six people were injured, with one woman said to have died in an alleged reprisal attack by the Nigerian Army.

Kwaki is a few metres away from Chukuba, where bandits gunned down the NAF helicopter on an evacuation mission. 

The helicopter, on Monday, August 14, was flying back from Zungeru LGA, where the cattle rustlers ambushed the Nigerian soldiers and killed 25 (including three officers), when Bandits’ affiliated Dogo Gide crashed the helicopter in Chukuba according to sources.  

Sources in the town explained that the bandits made a first attempt to take down the helicopter when it was on its way to Zungeru but could not because the helicopter was maintaining enough foot range to avoid attacks from guns.

In the crash were 14 of the previously killed in action personnel in that ambush, seven of the previously wounded in action personnel, two pilots of the helicopter and two crew members.

Although the community and a few nearby communities (including Kwaki) are hideouts of Dogo Gide and his men, there are hundreds of civilians who are still camped in the areas and can’t risk releasing information to the security forces.

Following the attack, the military allegedly dropped what seemed to be an explosive artillery shell, covering the atmosphere with smoke.

The attack led to the death of a woman, Aisha Yahuza, while an eleven-year-old boy, Gambo Jibril, was among the injured civilians.

Ibrahim Madaki.

A resident of the Kwaki/Chukuba ward, Ibrahim Madaki, listed some of the injured victims as Fati Shaba, Rabiatu Jibrin, Hajara Basiru and Alhaji Bala Garba.

Although the Shiroro Council Secretary could not confirm the incident that happened in Kwaki, he, however, explained that the Military led by the Air commander and Chief of Army staff visited the location of the helicopter crash on Tuesday, August 15, to retrieve the remains of the dead soldiers and also launched attacks on the bandits.

Efforts by The ICIR to get the NAF officials and Military authorities to speak on this proved abortive, as calls and SMS were not picked up or returned.

Insecurity in Niger state is long-standing

The Deputy Governor of Niger state Yakubu Garba. Photo The ICIR

The Deputy Governor of Niger state Yakubu Garba, while speaking to The ICIR on the state of insecurity in the state, explained that the issue of insecurity in Niger has been haunting people of the state for so long, adding that the current administration is demonstrating a commitment to significantly reduce the menace and pave the way for a return of normalcy.

 “The issue of insecurity in Niger state is something that has been bedevilling us for a long time, but with the coming of this present administration led by Muhammad Umaru Bago, we are doing everything humanly possible to see that we curtail to the barest minimum.”

Addressing the areas most affected by insecurity, the government bemoaned the situation, confirming that it has led to the abandonment of certain areas. 

The Council Chairman, Alkilu Isiaku Kuta, also explained that out of the 15 wards in Shiroro Local Government Area, eight have been particularly affected by insecurity.

He noted that a significant portion of the population in these troubled wards has been forced to flee their homes, seeking refuge in neighbouring regions such as Biligwari, Ribwa and Kaduna state.

‘As people all know, when we are talking about insecurity, it is not Shiroro as a whole. Shiroro has 15 wards, but the areas where they are facing insecurity are eight wards. And the eight wards are across the rivering side. 

Speaking on villagers paying dues to the bandits, Isiaku stressed that the council has unequivocally stated its stance against supporting payments to bandits, adding that efforts are being made at the local level to mitigate the situation.

Police react

The Niger State Police Command Public Relations Officer Wasiu

Reacting to some of The ICIR findings, the Niger State Police Command Public Relations Officer Wasiu Abiodun, said about four Local governments are constantly facing the menace of insecurity. 

“This challenge is being noticed in about 3-4 LGAs. I think Shiroro, Raffi, area and part of Munya LGA. We have adopted a synergy with other security agencies, the military, the DSS, Civil Defence and other Security agencies, the military, the DSS, Civil Defence and other security outfits in the state.”

He noted the state mostly faces insecurity crises in locations bordering Zamfara and Kaduna state.

When asked about why there are no police officers around Akere, Cheji, Chukuba and other insecurity-prone axis, he stated that most of the places aren’t motorable.

“How do you tend to govern or police ungoverned spaces that are very wide and the forest nature is hilly, swampy nature, that even vehicles cannot penetrate into some of these areas because they are very swampy in nature. 

He, therefore, noted that the state command has deployed officers to some strategic locations  “to serve as an assurance for members of the Public to know that wherever they are, the security men are with them to ensure that they are protected and they are safe.”

Naira depreciates by N456.73 despite CBN $500m FX clearance

THE Nigerian currency lost N456.73 to the dollar on Monday, January 29, to close at N1,348.63/$1 at the official window, despite the Central Bank of Nigeria’s (CBN) clearance of $500 million foreign exchange (FX) backlog.

The plunge was the worst witnessed recently as the naira depreciated by 33.87 per cent from N891.90/$1 on a single day on Monday, January 29.

At the parallel or black market, the naira also depreciated by 2.43 per cent to N1,440 from N1,405 to $1.

On Monday, the CBN acting director of Corporate Communications, Hakama Sidi-Ali, was reported to have said the apex bank released $500 million to various sectors to clear the backlog of “verified” FX transactions.

She reiterated that the move was part of CBN’s plan to improve liquidity in the Nigerian FX markets in the short, medium, and long term.

“As the Governor said, the CBN’s focus is on addressing fundamental issues that have hindered the effective operation of the Nigerian FX markets over the years,” Sidi-Ali said.

She stressed that the FX market reforms were designed to streamline and unify multiple exchange rates, foster transparency, and reduce arbitrage opportunities.

Sidi-Ali believes a stable exchange rate would boost investor confidence and attract foreign investment, stressing that transparency in the market would enable the fair determination of exchange rates and, by extension, guarantee stability for businesses and individuals.

However, the naira has continued to witness a loss in value against the dollar as CBN has been releasing various sums to clear the FX backlog since the beginning of the year.

On January 17, CBN said it had cleared a $2 billion FX backlog to settle outstanding commitments across manufacturing, aviation, and petroleum sectors.

On January 7, the apex bank said it paid an initial $61 million to address the $800 million owed to foreign airlines.

However, the country has about $7 billion in FX forwards that have matured.

This is a significant concern for investors as foreign currency shortages continue to weigh down the naira despite assurances by CBN to clear the backlog.

AFCON 2021 finalists Egypt, Senegal ousted same day via penalties shootout

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THE ongoing 2023 Africa Cup of Nations, AFCON continues to unfold drama as both finalists, Egypt and Senegal of the last edition, were eliminated in the round of 16 knock-out stage matches played on Monday, January 29, 2024.

The last edition was won by Senegal in 2021.

Participating again in the ongoing continental football showpiece, both teams’ road to the knock-out stage saw Egypt finish with three points after drawing their three matches to qualify to the next round, while Senegal convincingly won all their three matches to get the ticket to the next round.

Despite the performance, they both suffered defeats, halting individual teams’ quests to eye the title.

Egypt lost to Congo DR

Egypt began their knock out stage match against Democratic Republic of Congo DR at the Stade Laurent Pokou which ended 1-1 after the regulation time, leading to 30 minutes extra time.

Salah to return to Liverpool, misses Egypt vs Cape Verde match

2023 AFCON: Yemi Alade performs at opening ceremony

After the end of the extra time, the match went straight into penalty shout out which ended 8-7 after Egypt goalkeeper Mohamed Abou Gabal kick hit the crossbar.

Congo DR victory dashed Egypt’s star Mohammed Salah’s hope of returning to the team from Liverpool where he went for medical attention of his injury.

Defending Champion, Senegal ousted by host nation- Cote D’ Ivoire

The 2023 Africa Cup of Nations, AFCON host country Cote D’ Ivoire dusted off their lacklustre performance at the group stage to battled toe-to- toe against Senegal.

They  emerged as one of the best loser countries to the round of 16 on ousted the defending champion Senegal, 5-4 via penalties shootout.

The host, who heaved a sigh of relief after Morocco’s 1-0 win over Zambia to salvage them from the brink of eviction, qualifying as the best loser to the round, expressed high determination into the match against Senegal.

Despite their high determination, Senegal took the lead in the fourth minute after Habib Diallo, assisted by Sadio Mane, latched the ball into the roof of the net.

The early victory ignited the momentum of the match as the host nation increased the tempo in an attempt to level the scoreline.

All their attempt proved abortive as the first half ended 1-0 in favour of Senegal.

The second half saw the host nation scrambling for an equalizer, which paid off as they were awarded a penalty.

Substitute Franck Kessié stepped in to score the penalty, which erupted wild jubilation at the Stade Charles Konan Banny de Yamoussoukro stadium.

The match ended 1-1 after regulation, leading to 30 minutes of extra time.

The winner of the match was decided by a penalty shootout which was 5-4 in favour of Cote D’Ivoire.

FCMB reports nearly N1billion loss to fraud and forgery in 2023

FCMB Group Plc, the parent company of First City Monument Bank, has reported a 637.99 per cent increase in fraud and forgery expenses, from N123.08 million in 2022 to N908.35 million for the financial year ended December 31, 2023.

The bank disclosed this in its ‘unaudited annual report and financial statements for the year ended December 31, 2023’ released on Friday, January 26.

A check by The ICIR showed that the figure represents the highest amount the bank incurred on fraud and forgery issues in the last five years.

It also represents 65.23 per cent of the total N1.39 billion the bank spent on fraud and forgery issues since 2019.

The FCMB has incurred the following amount in fraud and forgery since 2019: N212.26 million (2019), N59.04 million in 2020, N89.86 million in 2021, and N123.08 million in 2022.

The bank did not give details on the fraud and forgery expenses; however, a public affairs commentator and finance expert, Bala Zakka, said banks use fraud and forgery in their financial statement to report cases already confirmed and yet to be ascertained.

“Once it is a fraud case, it has already been confirmed, and the loss must have happened. But forgery is a case of probability until forensic investigation is conducted to ascertain its truth. But once it is true, it is transferred completely to fraud cases,” he explained.

Generally, fraud and forgery expenses are regarded as losses and deducted from banks’ bottom-line profits.

The issue could be linked to corruption, concealment of information or misappropriation of funds by bank staff with the involvement of outsiders, a lecturer of Banking and Finance at the University of Lagos, Abu Noruwa, said.

Over the years, FCMB’s staff had reportedly been involved in fraud operations.

In March 2023, the Economic and Financial Crimes Commission (EFCC) arraigned one Kichime Gomwalk, a branch manager of FCMB, along with two others, before a High Court on a five-count charge bordering on N55 million fraud.

In March 2022, FCMB’s Ikeja GRA branch manager, Tope Munis, was reportedly docked before a High Court for allegedly aiding N1.2 billion fraud along with two other suspects.

In December 2020, the EFCC also prosecuted one Adejare Sonde, a former staff of FCMB, on four counts of stealing. He was sentenced to four years imprisonment.

To control incidents relating to fraud, banks should invest in modern fraud detection technologies that can identify and flag suspicious transactions and patterns, such as machine learning algorithms and artificial intelligence (AI) tools, according to a report by the Financial Institutions Training Centre (FITC).

It stated that regular risk assessments could help identify potential vulnerabilities and threats to the banking system while identifying emerging trends in fraud and updating risk management strategies accordingly.

“Moreover, it is crucial for Nigerian banks to collaborate closely with law enforcement agencies to investigate and prosecute cases of fraud. This entails sharing information on fraudulent activities, promptly reporting incidents, and providing assistance in investigations.

“By collaborating with law enforcement agencies, banks can help to bring fraudsters to justice and deter other potential offenders,” FITC added.

NASS increases capital budget of ministries by 68% to N5.6 trillion

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THE National Assembly added an addition of N2.25 trillion across 45 ministries, and the presidency to spend in 2024, findings by The ICIR have shown.

The amount in the 2024 approved budget is an increase of 67.63 per cent against the initial N3.33 trillion presented by the president as a proposed budget in November 2023. 

In November 2023, President Bola Tinubu presented a budget of N27.5 trillion to the Joint National Assembly of which N8.7 trillion was budgeted as capital expenditure for all Ministries, Departments, and Agencies (MDAs). 

However, following a review by the National Assembly, the president signed 28.7 trillion as the 2024 appropriation bill into law in January, increasing the capital expenditure of MDAs to N9.99 trillion. 

Of this amount, the 45 ministries and the presidency would be spending N5.58 trillion to implement capital projects in the 2024 fiscal year. 

In a previous analysis, The ICIR had reported how some institutions’ allocations might be insufficient for critical interventions promised by the President. The analysis showed that some of these promises which include poverty reduction, job creation, women’s inclusion, and development suffered poor allocations by ministries implementing their capital projects. 

Our findings on the signed budget showed that the capital expenditure of some of these ministries has been increased. For example, the Federal Ministry of Labour and Employment’s capital budget was increased by more than 700 per cent from N10.79 billion to N90.69 billion. Also, the Federal Ministry of Youth’s budget was increased by over 300 per cent from N3.22 billion to N14.42 billion and the Federal Ministry of Innovation, Science and Technology by over 209 per cent from N99.93 billion to N309.36 billion. 

Ministries Proposed Budget Approved budget percentage e increase federal
l Ministry of Labour and Employment 10,786,961,337 90,693,241,499 740.77%
Federal Ministry of Youth 3,222,760,037 14,417,024,381 347.35%
Federal Ministry of Innovation, Science and Technology 99,929,912,264 309,355,735,374 209.57%
Ministry of Humanitarian Affairs and Poverty Alleviation 59,452,251,714 121,223,758,947 103.90%
Federal Ministry of Power 72,612,496,687 146,888,468,670 102.29%
Federal Ministry of Women Affairs 7,602,142,164 12,055,872,258 58.59%
Federal Ministry of Transportation 61,830,993,664 91,175,298,776 47.46%
Ministry of Petroleum Resources 5,872,270,789 8,622,655,505 46.84%

 

Also, the Ministry of Humanitarian Affairs and Poverty Alleviation budget was increased by 104 per cent to N121.22 billion while the budget for the Federal Ministry of Power by 102 per cent to N146.89 billion. 

However, despite the increase in capital expenditure, checks by The ICIR have shown that while some ministries got more than a 200 per cent increase on their previous allocation, the allocation for some ministries remained unchanged.  

These ministries are Infrastructure Concession Regulatory Commission (N281.85 million), National Salaries, Incomes and Wages Commission (172.92 million), Fiscal Responsibility Commission (246.08 million), Federal Capital Territory Administration (17.11 billion) and National Population Commission (1.13 billion).

The Program Coordinator, of the Centre for Inclusive Social Development (CISD), Folahan Johnson told The ICIR that issues around budget come from implementation rather than allocation. He said that while the government may have an intention for the increase, the intention can only be judged by the budget performance.

He said, “If you look at the Q3 performance report, what is the performance level of these particular government agencies, both in terms of recurrent expenditure and capital allocation? In scenarios where you have the capital expenditure performing less than 50 per cent, it means that there is no point in increasing capital allocation now because what it means is that there is no significant improvement in the actual performance of those agencies.”

He also noted that increases must be checked based on allocation to line items and the mandate of the ministries as against the intention of the government.

CSOs urge Tinubu to declare state of emergency on insecurity

CIVIL society organisations (CSOs) in Nigeria have appealed to President Bola Tinubu to declare a state of emergency on the nation’s insecurity. 

Expressing concerns over worsening wave of insecurity across the country, the group advised the Federal Government to further recommit to tackling the menace.

The CSOs, under the auspices of Civil Society Joint Action Group, stated this during a world press briefing on Monday, January 29, in the Federal Capital City, Abuja.

While highlighting the implications of insecurity that had overwhelmed the country, particularly in the northern region, the organisations offered 11-point recommendation for the Federal Government.

The ICIR reports that Nigeria has continued to grapple with cases of insecurity, with many citizens reported dead and over 380 persons kidnapped between December 1, 2023, and January 3, 2024, across the country under President Bola Tinubu.

With the recent cases of kidnapping and ethno-communal clashes in Plateau state, the country has been further plunged into crisis, leading many Nigerians and stakeholders to question the competence of the competence of the Tinubu-led Federal Government.

Briefing journalists on the state of insecurity in the nation, the Executive Director of the Civil Society Legislative Advocacy Centre (CISLAC), Auwal Musa, stated that several forms of insecurity had jeopardised Nigerians’ well-being and progressively deteriorated over the years.

Musa said insecurity had been endemic and longstanding in the last three administrations, noting that in the second term of the Buhari government, no fewer than 24,816 Nigerians lost their lives, and at least 15,597 persons were abducted, according to Mass atrocities, fatality tracking across the country by one of the CSOs – Nigeria Mourns.

He highlighted that the trend had continued despite Tinubu’s assurance at the beginning of his presidency in May 2023 to tackle insecurity. 

“It has now been eight months since President Tinubu took his oath of office and yet, things have failed to improve. Our tracking shows at least 2,423 people have been killed in mass atrocities-related incidents. And at least 1,872 persons were abducted since the beginning of President Tinubu’s administration till January 26, 2024. We are particularly concerned about the upsurge in abductions, noting that at least 230 incidents, in most of which multiple victims were involved, occurred within the first two weeks of January 2024 alone,” the statement added.

“Several communities across the country, including the Federal Capital Territory, the seat of government itself, are under siege, with entire families and, in some cases, communities taken hostage. Residents are being forced to flee due to repeated attacks by terrorists, kidnappers and other organised criminal groups. Kidnapping for ransom demands has become a disturbing norm, without appropriate response from the authorities,” he said

While listing different attacks recorded in the past few weeks, Musa stated that road ambushes made interstate travel more perilous for citizens.

“Reported incidents such as the abduction of 30 passengers near Katari along the Kaduna-Abuja highway and the kidnapping of 45 passengers in Orkam on the Benue-Enugu route underscore the gravity of the situation. Even homes are no longer safe. Homes in rural communities in Northern Nigeria have for over a decade contended with terror pillages, and more recently, urban centres, including the Federal Capital Territory, have witnessed a surge in invasions in which citizens are being abducted for ransom even within the confines of their homes,” he noted.

According to him, many families have resorted to public crowdfunding to pay ransom due to the failure of law enforcement agencies.

In the same vein, the Executive Director of Cedar Seed Foundation stated that the organisation was dismayed with the willingness of some political leaders and politically exposed persons to support ransom payments publicly, adding that their actions and utterances reflect a lack of faith in the system of which they are guardians.

According to her, their stance would embolden perpetrators and further erode citizens’ trust in their government’s capacity and sincerity.

She also pointed out the plight of people living with disabilities, who would be unable to run for safety when faced with insecurity, particularly kidnappings on highways.

“Obtaining education has become a risky venture for learners, teachers, and parents due to school abductions. Businesses are also suffering from the effects of this state of affairs.

“Farming communities are losing their resilience against perennial pillages, and traders can no longer ply roads safely. Foreigners no longer feel safe to visit and invest, and far too many resources that could have been invested in businesses are being paid out as ransoms and fortifying private security,” she said.

Setting agenda for the Federal Government

Meanwhile, the group urged the Federal Government to urgently secure Nigerians’ lives by doing the following:

  • Fulfil its constitutional imperative of safeguarding the lives of all citizens;
  • Declare a state of emergency on kidnapping and other forms of terrorism;
  • Enhance the country’s security infrastructure by conducting an audit of the responsibility matrix within security agencies and departments of government, bolster their capabilities and deploy requisite technology to address the evolving challenges of insecurity effectively;
  • Promptly prosecute the 400 sponsors of terrorism arrested under the Buhari regime and prosecute those responsible for the misappropriation of the $460 million earmarked for the provision of CCTV cameras in the Federal Capital Territory:
  • Implement more decisive measures to secure the release of all abducted victims promptly;
  • Create a register of victims of abductions and other forms of mass atrocities;
  • Recognise and address the floundering economy, corruption and human rights violations as factors exacerbating of Nigeria’s insecurity;
  • Engage citizens on best practices for ending insecurity, including disincentivising the payment of ransoms.
  • Provide holistic psychosocial support for abduction survivors and their families;
  • Promptly investigate and decisively prosecute all individuals implicated in fueling insecurity;
  • Investigate the financial flow of organised criminal groups and identify the sponsors and beneficiaries.

NDLEA declares ex-beauty queen wanted

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THE National Drug Law Enforcement Agency (NDLEA) has declared an ex-beauty queen, Aderinoye Queen Christmas wanted after she fled her residence in Lagos during a raid.

In a statement signed by the agency’s director of media and advocacy, Femi Babafemi on Sunday, January 28, NDLEA operatives had raided her apartment at Oral Estate, Lekki, on Wednesday, January 24, following credible intelligence that deals in illicit substances.

Aderinoye was Miss Commonwealth Nigeria Culture 2015/2016 and founder of the Queen Christmas Foundation. According to Babafemi, the agency had recovered different illicit drugs and other related items from her house.

“Recovered from her home during the search, witnessed by estate officials, were 606 grams of Canadian Loud, a synthetic strain of cannabis, an electronic weighing scale, large quantities of drug packing plastics, a black RAV 4 SUV marked Lagos KSF 872 GQ, and her picture frame, among others”, the statement read in parts.

In a similar vein, the NDLEA had arrested a Brazil returnee, Udechukwu Ekene Theophilus, at the Murtala Muhammed International Airport, MMIA Ikeja, Lagos, for ingesting 60 large wraps of cocaine.

The suspect was arrested on Sunday, January 21 during the inward clearance of passengers on an Ethiopian Airlines flight from Sao Paulo, Brazil, via Addis Ababa, Ethiopia, at the D-Arrival Hall of the Lagos airport.

Initially, he had refused to undergo a body scan, raising health concerns in a desperate bid to evade arrest. However, when offered other options, he agreed to be placed on excretion observation.

Babafemi stated that, shortly after he was ushered into the NDLEA observatory, he excreted the first set of cocaine pellets, after which he expelled a total of 60 wraps of the class. A drug weighing 1.279 kilograms in five excretions.

In the statement, Babafemi also asserted that “Udechukwu claimed he ingested the consignment in Brazil and was to discharge everything at the airport in Addis Ababa but could only excrete 15 pellets, which he handed over to another member of his syndicate before his connecting flight to Nigeria was called.”

In January alone, the agency handled several cases of drug trafficking in various states across the country, including Kano, Yobe, Plateau, and Lagos, among others.