Atiku rejects Tribunal verdict, vows to pursue legal appeal

In a significant development following the judgment by the Presidential Election Petition Court on the 2023 presidential election, former Vice President Atiku Abubakar held a press conference to share his official reaction. Atiku, reknowned for his history of political legal battles, in a press conference held earlier today, addressed the world regarding Wednesday’s judgment, emphasizing his faith in the judiciary, referring to it as the “sanctuary of justice.” The former Vice President expressed his decision to challenge the outcome of the presidential election following the declaration by the Independent National Electoral Commission (INEC) that the All Progressives Congress (APC) and its candidate were the winners. “My decision to go to court is anchored in my belief that the court is the sanctuary of justice. The journey of my political career holds so much to the courage and fearless decisions of our judiciary.” “The last presidential election in our country was heavily compromised by INEC and the judgment of the court as rendered by the Presidential Election Petition Tribunal yesterday, failed to restore confidence in our dreams of free and fair elections devoid of human manipulations,” Atiku said. According to Atiku, the court has a duty to address the issues arising from the last presidential election and to restore confidence in the electoral process. “My ultimate goal in this pursuit is to ensure that democracy is further strengthened through the principles and processes of fair hearing.” Though the judgment of the court yesterday is respected, it is a judgment that I refuse to accept. I refuse to accept the judgment because I believe that it is bereft of substantial justice,” he added. He expressed concerns about the management of the last presidential election by INEC, stating that it left behind unfavourable precedents and compromises to the transparency achieved through technology. He mentioned that the recent judgment failed to restore confidence in free and fair elections without human manipulations. He reiterated his ultimate goal in pursuing this legal battle, which is to strengthen democracy through the principles and processes of fair hearing. While he respected the judgment of the Presidential Election Petition Tribunal, he refused to accept it, believing it lacked substantial justice. Atiku announced that he had instructed his lawyers to activate his constitutionally guaranteed rights of appeal to the Supreme Court, the higher court. He expressed his conviction that elections in Nigeria should be free from manipulations and should reflect the wishes of the electorate. In conclusion, Atiku urged his supporters to remain steadfast, drawing inspiration from the late Shehu Yar’Adua’s teachings that losing a battle is less important than losing the war. He added that he remains committed to the cause of credible elections in Nigeria and expressed confidence in the ultimate victory of restoring confidence in the electoral system.

FG to extend social register to fallen soldiers’ families -Minister

The Federal Government of Nigeria has announced plans to broaden the national social register and include the families of wounded and deceased soldiers in its poverty alleviation programs. Dr. Betta Edu, the Minister of Humanitarian Affairs and Poverty Alleviation, revealed this during a meeting with Gen. Christopher Musa, the Chief of Defence Staff, in Abuja. Edu emphasized the importance of supporting military families and stated, “We want to expand our social register to accommodate military personnel who have been wounded or impacted by war, including soldiers who have left their families behind. We need this data from the military so that we can include them in the social register.” The minister’s visit to the defense headquarters aimed to seek the Nigerian military’s cooperation in addressing humanitarian crises nationwide. She emphasized that alleviating humanitarian crises and poverty was a top priority for President Bola Tinubu’s administration. “Our goal is to discuss humanitarian crises across the nation and the need to collaborate with the military to prevent more individuals from falling into the humanitarian bracket. We also aim to effectively reach those affected by humanitarian crises wherever they are, with the military’s support,” Edu explained. In response, Gen. Musa assured the minister of the Nigerian military’s commitment to supporting her in achieving the ministry’s mandate. He acknowledged the direct link between military operations and humanitarian aid, highlighting that successful organizations directly benefit military efforts. Gen. Musa expressed gratitude to the humanitarian ministry for considering the military community’s needs and expressed optimism that the collaboration would yield positive results. The engagement aimed to establish a strong alliance between humanitarian efforts and the military to swiftly address the growing crisis and provide immediate assistance to those affected.

Nigeria tops global crypto data –Report

Nigeria is the most crypto-savvy nation ahead of the United States and European countries, a new survey has shown. According to a new report from YouGov and ConsenSys, Nigeria’s crypto awareness stands at 99 per cent as the country leads in digital asset knowledge and perceived investment drive. 15,158 survey participants aged 18- 65 were polled from 15 countries to determine the global acceptance of Web3 and how its utility and “technicalities” have been broken down to give a clearer insight into the future. Per the data, 99 per cent were fully aware of cryptocurrencies while 70 per cent understood the value, operations, and fundamentals of blockchain technology. Nigerian participants (1,001) also view digital asset investments as viable with 90 per cent considering such investments over the next 12 months despite the country’s top bank’s uncertain crypto stance. The majority of Nigerians have turned to cryptocurrency as a hedge against inflation in recent years after a poor performance of the naira coupled with double-digit inflation. 65 per cent of participants viewed virtual currencies like Bitcoin (BTC) and stable coins as tools against a weakening local currency. On regulation, 50 per cent of participants want the government to provide clarity in the industry with new rules amongst others while 40 per cent called for more laws to protect investors. On ownership, 76 per cent of Nigeria participants own or previously held top assets like Bitcoin (BTC), Ethereum (ETH), USD Tether (USDT), Litecoin (LTC), etc. Globally, both crypto awareness and adoption seem to have surged over the last 12 months. While 78 per cent of Nigerians were blockchain-savvy, South Korea indicated 63 per cent with South Africa at 61%. Brazil and India recorded 59 per cent and 56 per cent respectively. Overall, the survey indicates a positive perception of the digital asset market and related technologies amidst harsh market conditions. Despite the collapse of FTX and the Terra network last year which wiped off billions from the market cap, eight per cent of respondents viewed cryptocurrencies as related to scams while 31 per cent viewed it as the future of money and an alternative to traditional finance. Over 50 per cent of global respondents also view recent bankruptcy declarations by firms as market-induced without affecting their overall trust in the sector. In the United States, over 50 per cent have a clear understanding of digital assets while a similar percentage has owned assets in the past with 43 per cent on course to invest in the industry over the next 12 months. Figures were slightly lower in Germany with 40 per cent having explicit knowledge of the sector with 14 per cent as previous owners while 16 per cent currently own digital assets.Nigeria’s high numbers come against harsh positions from the government and an uncertain regulatory framework. In 2021, the Central Bank of Nigeria prohibited digital asset ownership citing investor protection concerns with the previous government issuing harsh statements on the market before floating its Central Bank Digital Currency (CBDC), the enaira.The recent amendment of the Financial Act (2023) recognizes virtual currencies as a taxable asset class leading to speculations on a potential change in regulatory approach.

Coup in Gabon as Army sacks Ali Bongo over disputed election

*Military generals nullify controversial election results Another coup has happened in Africa after a faction of high-ranking military officials in Gabon took to national television to assert their control, asserting that the recent general election’s legitimacy is questionable. They maintain that they represent the collective security and defense forces of Gabon. In a televised address, the officers proclaimed the nullification of the election outcomes, immediate closure of national borders, and the dissolution of state institutions. The capital city, Libreville, resonated with the echoes of gunshots, as reported by a correspondent from Reuters, right after the televised message was broadcasted. Efforts to reach the government for a response were unsuccessful at the time of reporting. The incumbent leader of Gabon, President Ali Bongo, secured a third term in office through the presidential election, garnering 64.27% of the total votes, according to the Gabonese election centre’s announcement on Wednesday. The general election had been marred by delays, fueling allegations of fraud from the opposition. The Bongo family’s lengthy 53-year reign over Gabon could potentially be terminated if this power shift takes effect. Presenting the results during the early hours, Michel Stephane Bonda, the head of the election committee, disclosed that Albert Ondo Ossa, Bongo’s primary rival, emerged in second place with 30.77% of the votes. Bongo’s team promptly dismissed Ondo Ossa’s claims of electoral improprieties. Tensions had already escalated in the lead-up to the presidential, parliamentary, and legislative elections held on Saturday. While Bongo aimed to prolong his family’s 56-year dominion over Gabon, opposition forces pressed for transformative change in the resource-rich yet economically challenged Central African nation. Apprehensions had escalated due to the absence of international observers, the suspension of foreign broadcasts, and the government’s imposition of internet blackouts and a nationwide curfew following the polls. These actions have raised doubts about the transparency and fairness of the electoral process.

Nigeria’s equity market records N185bn gain

Nigeria’s equity market concluded Tuesday on a positive trajectory, with an impressive gain of N185 billion. This surge was largely attributed to the upward movements in the shares of Flour Mill Nigeria Plc, Dangote Sugar Refinery, Nahco, and other notable companies. Market capitalization of listed equities surged by 0.51%, reaching N36.390 trillion compared to the N36.205 trillion recorded on the previous day, Monday. The NGX All Share Index exhibited growth as well, ascending by 338.96 basis points to attain 66490.34 points from the 66151.38 points registered on the prior day. In-depth analysis of the day’s trading activities reveals Flour Mills Nigeria Plc and Champion Breweries leading the gainers’ table, both achieving a 10% increase to conclude at N33.00 and N3.19 per share respectively. Nascon followed closely, recording a gain of 9.96% to settle at N54.10 per share. Dangote Sugar Refinery marked a 9.95% growth, reaching N57.45 per share, while Nahco clinched a 9.95% increase to close at N22.10 per share. However, on the downside, CWG and Linkage Assurance stood as the top losers for the day, experiencing a decline of 10% each, concluding at N4.05 and N0.90 per share respectively. Chellaram’s value dropped by 9.855%, closing at N3.57 per share, while Prestige Insurance recorded a 9.80% decrease, settling at N0.46 per share. UPL also experienced a downturn of 9.66%, ending at N2.15 per share. The volume of shares traded surged by 125.84 million, marking a 40.45% increase. Investors participated in the trading of 436.956 million shares valued at N7.013 billion across 7932 deals. This figure compared to the previous day’s 311.116 million shares worth N3.915 billion traded in 7193 deals. FBN Holdings Plc took the lead in market activities, with the trading of 55.146 million shares valued at N911.206 billion. Japaul Gold followed suit with 33.110 million shares worth N29.922 million, and United Bank for Africa traded 30.176 million shares at N412.171 million. Additionally, AccessCorp exchanged 25.354 million shares for N414.374 million, while Transnational Corporation of Nigeria traded 18.219 million shares valued at N127.717 million.

Nigeria, Kenya, Angola to attract increased FDIs amid FX challenges -Report

In the face of significant currency depreciations, Citigroup Inc. predicts that countries like Nigeria, Angola, and Kenya are poised to attract higher foreign investment inflows. This assertion emerges shortly after JP Morgan’s revelation that Nigeria’s net forex reserves stand at an estimated $3.7 billion, a stark contrast to the reported figure of $14 billion. This situation further exacerbates the pressure on Nigeria’s foreign exchange market. On June 14, 2023, the Central Bank of Nigeria (CBN) initiated the unification of all segments of the country’s forex market, consolidating various windows into a single one. This step formed part of a comprehensive effort to bolster liquidity and stability within Nigeria’s forex market. George Asante, Citi’s Head of Markets for Sub-Saharan Africa, shared these insights during an interview in Nairobi, highlighting that nations undergoing significant forex adjustments hold attractive investment prospects. Asante stated, “Countries where we’ve seen significant foreign exchange (forex) adjustments are clear winners from an investment perspective. All these, from a local market perspective, offer opportunities.” Following the forex rate unification and the removal of the controversial petrol subsidy, the Nigerian naira’s performance has declined dramatically against the US dollar, reaching a historic low. Asante recognized the removal of the petrol subsidy as a crucial reform for Nigeria. The merging of multiple exchange rates is anticipated to enhance liquidity. He underscored that the government’s subsequent task is to ensure the smooth functioning of the official forex market following these changes. He expressed confidence, stating, “I believe that this will be a significant catalyst for flows back into the Nigerian market.” Regarding the outlook for Eurobond issuance by African nations, Asante mentioned that market favorites such as Ivory Coast and Senegal are likely to garner substantial investor interest when the market reopens. He highlighted both countries’ stable economic growth rates, diversified economic foundations, substantial IMF programs with associated concessional financing, consistent economic reforms, fiscal prudence, and low debt service costs as key factors. Asante concluded, “These two countries have fairly consistently high growth rates, diversified economic bases, large IMF programs with associated concessional financing and a track record for economic reforms and fiscal prudence as well as low cost of debt service.”

NIHSA confirms closure of Lagdo Dam, cautions on possible floods

The Nigeria Hydrological Services Agency (NIHSA) has officially verified the decision made by Cameroonian authorities to halt the release of excess water from the Lagdo Dam. Speaking at a press conference in Abuja, NIHSA Director General, Mr. Clement Nze, emphasized that there is no need for alarm or concern regarding potential flooding within the country. Nze acknowledged that instances of flooding in key urban centers and coastal regions are primarily attributed to escalated rainfall and flash floods, a consequence of climate change. He emphasized that serious flooding and its associated destruction and loss of life could be mitigated by the proactive preparedness of relevant authorities, including preventing construction on flood-prone areas. Each year, neighbouring Cameroon discharges water from the Lagdo Dam in northern Cameroon, flowing downstream into Nigeria, a practice that has led to flooding issues in the country. It’s worth noting that during the dam’s construction in the 1980s, both nations agreed to erect a twin dam on the Nigerian side to manage overflow; however, this second dam was never realized. Nze clarified that releasing excess water from the Lagdo Dam constitutes a standard reservoir operation aimed at averting potential dam failure. He highlighted that water releases are critical to maintaining dam stability and reducing flooding risks for nearby communities. Elaborating on the specifics, he shared, “The Lagdo Dam is situated along the Benue River within the Niger Basin. The Cameroonian authorities initiated the release of excess water from the Lagdo Dam on August 14, 2023, starting at 10:10 AM. The initial water release rate was 200 cubic meters per second, amounting to approximately 18 million cubic meters of water daily. “As of August 25, 2023, water releases from the reservoir were decreased to 50 cubic meters per second, a standard reservoir operation that poses negligible flood risk downstream. Moreover, on August 28, 2023, at 5:16 PM, the Hydrologist in charge of the Dam informed NIHSA’s Director General that they ceased water spilling by 11:00 AM the same day.” Nze assured that NIHSA will maintain continuous monitoring of water levels in rivers Niger and Benue, with readings currently indicating no impending flood threats. He emphasized that NIHSA is tasked with delivering data for sustainable management of Nigeria’s substantial surface and subterranean water resources through collaboration with key stakeholders. The Director General urged states to support the Federal Government’s initiatives by raising awareness about flood disaster prevention among their populace. He stressed that flood prevention is a collective effort and that the government cannot achieve this goal single-handedly. He further urged states to prioritize thorough drainage system upkeep, construction, and enforcement of building codes to forestall calamities. Nze provided updates on the Dasin Hausa Dam in Adamawa state, designed to serve as a buffer against floods during excessive water release from the Lagdo Dam. He disclosed that the project’s study and design phases are complete, and the Federal Ministry of Water Resources and Sanitation is coordinating with consultants to proceed with procurement. Regarding the dredging of rivers Niger and Benue to curtail severe flooding, Nze acknowledged the substantial cost and the requirement for desilting. If executed effectively, this endeavor has the potential to replenish groundwater across numerous areas. It’s noteworthy that 32 states and the Federal Capital Territory (FCT) fall within the Highly Probable Flood Risk Areas. These include Adamawa, Abia, Akwa-Ibom, Anambra, Bauchi, Bayelsa, Benue, Cross-River, Delta, Ebonyi, Ekiti, Edo, Gombe, Imo, Jigawa, Kaduna, Kano, Kebbi, Kogi, Kwara, Lagos, Nasarawa, Niger, Ogun, Ondo, Osun, Oyo, Rivers, Sokoto, Taraba, Yobe, Zamfara, and the FCT.

Nigeria’s Q2 2.51% GDP growth rate, not inclusive –Uwaleke

Professor of Finance and Capital Market at the Nasarawa State University Keffi, Uche Uwaleke, has said that the Gross Domestic Product (GDP) released Friday by the National Bureau of Statistics is not good for a developing economy like Nigeria. According to Uwaleke, the growth failed to address the twin issues of poverty and unemployment. The first Nigerian Professor of the Capital Market said: “In my view, this identified growth pattern, weighted in favour of the services sector, is not healthy for a developing economy such as ours. “Little wonder, economic growth does not appear inclusive, reflecting in rising unemployment and poverty levels (new NBS methodology attempts to mask this).” The NBS in its Q2 2023 GDP report stated that Nigeria’s Gross Domestic Product growth rate slowed to 2.51 per cent year-on-year in the second quarter of this year (Q2 2023) compared to 3.54 per cent recorded in Q2 2022, The former Imo State finance commissioner noted that while the oil sector tanked considerably on account of reduction in crude oil production, growth was driven by the non-oil sector. “The Non-oil sector performance was powered by the Services sector (4.42%) especially by Telecoms, Trade, Financial services,  “Industry sector appeared hugely impacted by rising inflation during the quarter. Growth rate was negative at -1.94% compared to 0.31% in Q1, 2023 “The sudden removal of fuel subsidy in May could be blamed for the plunge in the Transportation sector by over 60 points from Q1 2023. “The Agriculture sector (comprising 4 activities, though dominated by crop production) printed a slightly improved performance over Q1. But, (shy of 2%) is still far from its pre COVID’19 levels, he said. To address the imbalance, Uwaleke insisted that it is “time we reset this faulty economic structure, leveraging technology, in favour of the productive sectors: Industry and Agriculture.”

NDLEA seizes 514,420 pills of suspected hard drugs in 3 states, FCT

The National Drug Law Enforcement Agency (NDLEA) operatives intercepted at least 514,420 pills of suspected hard drugs in Gombe, Adamawa, Ogun and other parts of the federation between August 21 and August 23. Its spokesman, Mr Femi Babafemi stated on Sunday in Abuja that NDLEA officers recovered an abandoned vehicle on Darazo Road in Gombe State containing 373,420 tramadol and diazepam pills on August 21. He added that operatives also recovered 60,000 pills of tramadol from a suspect travelling in a commercial Toyota Starlet car from Kalaa village to Mubi both in Adamawa on August 22. “Operatives raided the home of a drug dealer in Ibafo area of Ogun on August 23 and recovered 81,000 tablets of tramadol weighing 32.4kg. “In the FCT, operatives intercepted two consignments of suspected skunk with a gross weight of 1,242.1kg. “The first consignment of 665.1kgs was seized from a truck in Abuja on August 20, while the second one, weighing 577kg, was recovered during a stop-and-search operation on Lokoja- Abaji Expressway. “The consignment was concealed in an online shopping company’s goods delivery packs conveyed inside a containerised truck. The driver and his assistant were arrested,’’ he stated. Babafemi stated also that NDLEA operatives conducting stop-and-search operation on Jebba-Minna Road linking Kwara and Niger intercepted a commercial truck conveying goods from Lagos to Katsina on August 22. The truck had 37.5kg of suspected Indian hemp hidden among other items inside it, he added. The driver and his assistant were also arrested for investigation. “In Yobe, NDLEA operatives intercepted a vehicle on Potiskum (Yobe)-Gombe Road on August 23 “Three suspects in the vehicle were arrested with 133 blocks of suspected Indian hemp weighing 62kg,’’ Babafemi also stated. 

Nigeria still being fleeced 400,000 barrels of crude oil daily – Ribadu

The National Security Adviser (NSA), Malam Nuhu Ribadu, has disclosed that Nigeria is still losing 400,000 barrels of crude oil daily to local and international thieves despite efforts to end the menace. Ribadu confirmed this when he led a presidential delegation to inspect oil and gas facilities at Owaza in Abia and Odogwa in Etche Local Government Area of Rivers at the weekend. He said the activities of oil thieves and pipeline vandals had impacted negatively on the nation’s economy and were partly responsible for the rising cost of living in the country. “It’s unfortunate that few individuals would steal our common resources, and in the process cause unbelievable loss to both the nation, communities and the people. “Nigeria has the capacity to produce 2 million barrels of crude daily, but we are currently producing less than 1.6 million barrels due to theft and vandalism of pipelines. “So, we are talking about 400,000 barrels of crude oil going to waste with few criminals and economic saboteurs not even getting much out of it,” he said. Ribadu said the operators of artisanal refineries collect a small quantity of crude oil when they broke the pipelines while larger volumes of oil were spilled on the environment. “The value of 400,000 barrels of oil today is about 4 million dollars, and every day, we lose this amount because of this irresponsible behaviour. “If you multiply 4 million dollars by 365 days (one year), you will see that it is a lot of money running into billions of dollars. “Currently, the country is in desperate need of money as the Naira is continuously losing its value because we earn less money. “If we earn more money, it will not only help strengthen our currency but reflect in everything, including cost of living in the country,” he added. The NSA said that the President Bola Tinubu administration was concerned about the development and was already taking actionable steps to address the matter. He said huge investments made by the government in building infrastructures for the common good of all were being destroyed by few individuals, and in the process, destroying the environment. Ribadu called for a united front to tackle oil theft and end decades of attacks on the nation’s oil and gas infrastructures. “We are working hard with the security forces and those employed by the Nigerian National Petroleum Company (NNPC) Limited to secure our facilities and end this madness called oil theft,” he said. On the presidential delegation with the NSA were the Minister of Defence, Baduru Abubakar, and Chief of Defence Staff (CDS), Gen. Christopher Musa. Others included the Chief of Air Staff (CAS), Air Marshal Hassan Abubakar; Minister of State for Defence, Bello Matawalle, and Minister of State (Oil), Petroleum Resources, Heineken Lokpobiri. The Minister of State (Gas), Petroleum Resources, Ekperipe Ekpo, and senior management officials of the NNPCL as well as other top security personnel were part of the team.