TIG Post

Tag: 2023 Nigeria elections

  • Nigeria hits milestone with T-Bills debt reaching N10.4 trillion

    Nigeria hits milestone with T-Bills debt reaching N10.4 trillion

    Nigeria’s Treasury Bills (T-Bills) debt has soared to N10.4 trillion, marking a 60% increase in just three months, according to the Debt Management Office (DMO) data.

    This sets a new record for Nigeria’s highest T-Bills debt balance since at least 2010, based on Nairalytics’ analysis of central bank records.

    The DMO, through the central bank, has conducted multiple Treasury Bills auctions in the first half of 2024. These auctions are crucial for managing inflation and financing short-term government expenditures.

    Under the All Progressives Congress (APC) government, T-Bills have become a primary source of short-term funding, expanding significantly from N2.8 trillion during the Peoples Democratic Party (PDP) era under Goodluck Jonathan to the current N10.4 trillion.

    As of December 2023, Nigeria’s Treasury Bills stood at N6.5 trillion, representing 11% of the domestic debt portfolio. By March 2024, this figure surged to N10.4 trillion, comprising 16% of the total domestic debt.

    This translates to T-Bills debt accounting for 4.37% of Nigeria’s Gross Domestic Product (GDP).

    In the first quarter of 2024 alone, the central bank offered N2.1 trillion in Treasury Bills, attracting a massive subscription of N21.7 trillion from yield-seeking investors.

    Despite offering N5.64 trillion in total, yields spiked up to 21.1% in Q1 2024, prompting investors to shift funds from equities to fixed-income securities.

    A further N1.64 trillion in Treasury Bills auctions was scheduled for Q2 2024, mainly to roll over maturing bills, ensuring continuity rather than repayment.

    Under the Bola Tinubu administration, Nigeria has increasingly relied on domestic debt markets, especially T-Bills, for short-term funding, contrasting with the previous administration’s preference for Central Bank’s Ways and Means Advances.

    The fiscal shortfall in government revenues has exacerbated reliance on public debt, with the central bank, under Yemi Cardoso, employing high interest rates to attract T-Bill buyers.

    Despite oversubscriptions in most auctions, concerns persist over the rising cost of servicing Nigeria’s domestic debt, with actual yields nearing 30% per annum.

    Moreover, Nigeria’s total domestic debt climbed to N65.6 trillion in Q1 2024, up 11% from December 2023, while external debt slightly declined to $42.1 billion due to reduced IMF debt.

    Overall, Nigeria’s public debt amounts to N114.7 trillion in naira terms or $92.2 billion in dollar terms, surpassing the self-imposed debt-to-GDP limit of 40%.

    The DMO attributes much of the debt surge in naira terms to currency devaluation, with only N7.71 trillion borrowed domestically in Q1 2024.

    Rising debt levels have raised concerns about increased interest payments, potentially consuming a larger share of Nigeria’s declining revenue, as highlighted by Moody’s and PricewaterhouseCoopers (PwC) warnings on the country’s debt trajectory.

  • Nigeria receives $4.95bn in loans from World Bank

    Nigeria receives $4.95bn in loans from World Bank

    Under President Bola Tinubu’s administration, Nigeria has secured a total of $4.95 billion in loans from the World Bank, raising concerns about the country’s increasing external debt servicing costs.

    At least six loan projects have been approved, including funding for power ($750 million), women’s empowerment ($500 million), girls’ education ($700 million), renewable energy ($750 million), economic stabilization reforms ($1.5 billion), and resource mobilization reforms ($750 million), as reported by Nairametrics.

    Loan Breakdown

    $750 Million for the Power Sector: Approved on June 9, 2023, this loan aims to enhance Nigeria’s power sector, providing additional financing for the power sector recovery performance-based operation.

    $500 Million for Women’s Empowerment: On June 27, 2023, the World Bank approved this loan to support Nigeria’s efforts in women’s empowerment, scaling up financing for the Nigeria for Women Program.

    $700 Million for Educating Adolescent Girls: In September 2023, a $700 million loan was approved to improve educational opportunities and empowerment for adolescent girls in Nigeria, supporting the ongoing ‘Adolescent Girls Initiative for Learning and Empowerment’ (AGILE) project.

    $750 Million for Renewable Energy: Approved on December 14, 2023, the $750 million Distributed Access through Renewable Energy Scale-up (DARES) project aims to provide over 17.5 million Nigerians with better access to electricity through distributed renewable energy solutions.

    $1.5 Billion for Economic Stabilization Reforms: On June 13, 2024, the World Bank approved a $2.25 billion financial package, including $1.5 billion for the Nigeria Reforms for Economic Stabilization to Enable Transformation (RESET) Development Policy Financing Program. This project focuses on increasing fiscal oil revenues, boosting non-oil fiscal revenues, expanding social safety nets, and raising the import value of previously banned products.

    $750 Million for Resource Mobilization Reforms: Also approved on June 13, 2024, this loan supports the Nigeria Accelerating Resource Mobilization Reforms (ARMOR) Program-for-Results. The program aims to enhance non-oil revenues and protect oil and gas revenues from 2024 to 2028 through significant tax, excise, and administrative reforms.

    Additional Insights

    The World Bank disclosed that Nigeria was the top recipient of its fresh loans in 2022, with about $2.9 billion released to the country, followed by Tanzania with $2.7 billion.

    According to the external debt stock report from the Debt Management Office (DMO), Nigeria owed the World Bank a total of $15.45 billion as of December 31, 2023.

    The increase in debt stock has sparked concerns over rising debt service costs. Nigeria’s foreign debt servicing costs surged by 96%, reaching $2.19 billion in the first five months of 2024, compared to $1.12 billion in the same period in 2023.

    The escalating costs of servicing foreign debt pose significant challenges for Nigeria’s economy, potentially diverting resources from critical sectors such as healthcare, education, and infrastructure, thus exacerbating socio-economic issues.

  • Guinness to leave Nigeria after 75 years of operations

    Guinness to leave Nigeria after 75 years of operations

    Guinness is set to join a growing list of multinationals exiting Nigeria due to an increasingly hostile economic environment.

    Companies like GlaxoSmithKline and Microsoft have already left the country for similar reasons.

    After operating in Nigeria since 1950, Guinness has announced its departure, attributing the decision to the severe economic conditions exacerbated by President Bola Tinubu’s administration.

    On Tuesday, Guinness revealed plans to sell its controlling shares to the Singaporean conglomerate Tolaram Group.

    The brewery brand reported a substantial N61.9 billion loss after tax from July 2023 to March 2024, following President Tinubu’s decision to float the naira in an attempt to unify the currency’s value on both official and parallel foreign exchange markets.

    This policy move backfired, causing significant financial setbacks for many multinational companies, including Guinness Nigeria, which saw its N61.7 billion loss after tax in Q3—a stark contrast to the N5.9 billion profit reported in the same period the previous year.

    The continued depreciation of the naira likely influenced Diageo, Guinness’ parent company, to sell its 58.02 percent majority stake to Tolaram Group.

    “Under the terms of an agreement signed today, 11 June 2024, Tolaram will acquire Diageo’s 58.02% shareholding in Guinness Nigeria royalty agreements for the continued production of the Guinness brand and its locally manufactured Diageo ready-to-drink and mainstream spirits brands,” the company said in a statement Tuesday.

    Guinness Nigeria Plc, listed on the Nigerian Stock Exchange, was incorporated on April 29, 1950, initially importing Guinness Stout from Dublin. With Tolaram’s acquisition expected to conclude by 2025, Guinness will have marked 75 years in Nigeria.

    In their statement, Guinness confirmed it would leave Nigeria next year, transitioning operations to a third-party venture.

    “The transaction is expected to be completed during fiscal 2025, subject to obtaining the requisite regulatory approvals in Nigeria,” said the statement signed by Abidemi Ademola, Guinness’s legal director.

    Diageo emphasized that this sale would not affect its ownership of the Guinness global brand. The company “will retain ownership of the Guinness brand, which will be licensed to Guinness Nigeria for the long term.”

    Diageo’s departure adds to a list of multinationals like GlaxoSmithKline and Microsoft that have exited Nigeria in recent years, citing unprofitable business conditions due to the challenging economic climate.

    Diageo “will retain ownership of the Guinness brand, which will be licensed to Guinness Nigeria for the long term.”

    Popular Diageo brands in Nigeria include Smirnoff Ice, Smirnoff Vodka, Orijin Bitters, Malta Guinness, Gordons Orange Sunset, and Dubic Malt.

  • Nigeria launches $10bn diaspora fund to foster dollar inflows

    Nigeria launches $10bn diaspora fund to foster dollar inflows

    The Federal Ministry of Industry, Trade, and Investment (FMITI) has issued an invitation for eligible firms to express interest in providing services as Nigeria Diaspora Fund managers.

    Minister of Industry, Trade, and Investment, Doris Nkiruka Uzoka-Anite, announced this on Thursday via her X account.

    According to the minister, these appointed fund managers will oversee the development and establishment of a multi-sectoral, multilateral, private sector-led investment fund, aiming to create the $10 billion Nigeria Diaspora Fund.

    She highlighted the ministry’s efforts to foster private sector and foreign direct investments into the Nigerian economy, stating that a committee has been formed to conceptualize and structure the Nigeria Diaspora Fund.

    The call for Expression of Interest (EOI) marks a significant step toward engaging competent fund managers to lead the establishment and management of the private sector-led investment fund, she noted.

    Eligibility criteria for Nigerian firms include providing detailed information such as company registration, regulatory certifications, prior experience with the Nigerian government, asset management expertise, proposed fund offerings, fee structures, and strategies for fund management and diaspora investor engagement.

    The responsibilities of the fund manager will encompass designing and establishing the fund’s legal, operational, financial, and administrative frameworks, as well as managing all business affairs and investment decisions. Additionally, they will play a crucial role in fundraising, investor management, risk management, and reporting.

    The Nigeria Diaspora Fund aims to utilize remittances, attract investments, and support critical sectors such as infrastructure, healthcare, education, and entrepreneurship in Nigeria. It also seeks to strengthen ties with the diaspora community, promote national development, and harness the potential of diaspora members as catalysts for positive change.

    Interested firms, including joint ventures and greenfield funds, are encouraged to apply, with a submission deadline set for May 6th, 2024. Detailed application instructions and further information can be obtained from the Federal Ministry of Trade, Industry, and Investment, she concluded.

  • Locally produced foods in Nigeria more expensive than imports – Survey

    Locally produced foods in Nigeria more expensive than imports – Survey

    A recent Nairametrics survey conducted across Lagos food markets has unveiled contrasting trends in food prices.

    The survey, spanning from March 12th to April 11th, observed a decline in prices of foreign-produced foods alongside a noticeable rise in locally sourced items.

    Notable drops were observed in the prices of foreign rice, with Igando Market selling a bag for N78,000 compared to N88,000 two weeks earlier, and Iyana Ipaja Market offering it for N79,000 from N90,000 three weeks prior.

    Similarly, a box of super pack Indomie, which surged to N17,000 in March, plummeted to N13,800 by April 11th.

    This downward price trend was also evident in supermarkets, where items like canned beans and beans flour experienced price reductions.

    Conversely, locally produced staples such as garri and yams witnessed significant price hikes.

    For example, a paint bucket of garri surged from N2,500 to N3,400 in Igando Market, while yam prices rose from N2,500 to N3,500.

    Traders attribute the decline in imported food prices to the strengthening of the naira, making foreign imports more affordable.

    Janet Ogbuefuna, a shop owner, noted a drop in Indomie prices, attributing it to falling prices of foreign inputs.

    However, experts like Sola Akhomolafe, an agronomist, and Dr. Muda Yusuf, CEO of the Center for the Promotion of Private Enterprise (PPE), point to insecurity hindering farming activities, high transportation costs, seasonality, and inadequate storage facilities as factors driving up local food prices.

    Wholesale yams dealer Alhaji and cattle dealer Sani also highlighted transportation costs, with Sani mentioning the burden of illegal tax collectors on highways.

  • Govt waiting for a former footballer to build a national airline – Bright Simons

    Govt waiting for a former footballer to build a national airline – Bright Simons

    The Vice President of IMANI Africa, Bright Simons, has characterized Ghana as a nation prone to dependency and being reliant on external aid. 

    Taking to the X platform, he highlighted the contrasting approaches taken by Ghana and Nigeria in various endeavors, including the establishment of national airlines.

    According to him, both Ghana and Nigeria have invested significant time and financial resources over the years in attempts to launch national airlines.

     However, the outcomes have varied considerably.

    In Nigeria, Mr Simons noted that the government’s efforts to establish a national carrier ended in farce. 

    Despite considerable investments, bureaucratic obstacles, financial mismanagement, and operational inefficiencies plagued the project, ultimately leading to its failure. 

    In contrast, the success story of Air Peace, a fully private Nigerian airline, stands in stark contrast to Nigeria’s aviation struggles. 

    Operating independently of government of Nigeria  support, Air Peace successfully launched flights to Europe, showcasing the resilience and potential of private enterprise within Nigeria’s aviation industry.

    Yet, in Ghana, the government is placing its hopes on a former footballer to resolve the issue.

    “Ghana & Nigeria have spent years & $millions trying to launch a “national airline”. In Nigeria’s case, it descended into farce. A fully private Nigerian airline, Air Peace, has on its own launched flights to Europe. In Ghana, the govt hopes a former footballer will save the day,” he wrote.

  • Nigeria records surge in access to financial products and services

    Nigeria records surge in access to financial products and services


    Nigeria has witnessed remarkable strides in financial inclusion, largely driven by enhanced accessibility and equity in accessing financial products and services.

    Recent data indicates promising progress towards the nation’s financial inclusion objectives.

    At the Citi-CEEMA conference in London, Muhammad Sani Abdullahi, Deputy Governor of the Economic Policy Directorate at the Central Bank of Nigeria (CBN), disclosed that as of 2023, three out of every five Nigerians were financially included, as per data sourced from Enhancing Financial Innovation and Access (EFIna), a leading financial sector development organization.

    EFIna’s latest survey highlights a notable increase in the proportion of financially included individuals, rising from 68% in 2020 to 74% by December 2023.

    This surge is attributed to the rapid advancements in financial technology (fintech) solutions and the proliferation of digital assets, which have expedited the growth of financial inclusion.

    Formal financial inclusion has experienced significant growth, escalating from 56% in 2020 to 64% in 2023, driven by modest increases in banked populations and substantial gains in the adoption of non-bank formal services.

    Despite these strides, approximately one-quarter of Nigerian adults still remain financially excluded. However, the reliance solely on banking services is diminishing, indicating a shift in the financial ecosystem towards diversified service providers, with technology playing a pivotal role in enhancing accessibility.

    Although there have been substantial improvements, disparities persist, particularly in the North-East and North-West regions, where exclusion levels exceed the national average. Efforts to bridge these gaps should focus on leveraging the successes observed in other regions to ensure comprehensive inclusion across all states.

    The report also underscores the significance of addressing income-related challenges, which have emerged as a notable barrier to financial inclusion, alongside emphasizing the growing importance of mobile phones in facilitating access to financial services.

    From 2016 to 2023, Nigeria has witnessed a significant transformation in its financial inclusion landscape, with formal financial service usage nearly doubling. The utilization of financial service agents has surged dramatically, and there has been a notable rise in the adoption of informal financial service providers, particularly in the South East.

    Moreover, there has been an uptick in the usage of various financial services, including transaction accounts, savings, remittances, credit, and insurance, indicating a deepening of financial inclusion. However, challenges such as fraud, high banking costs, and inadequate financial literacy persist, hindering broader impact.

    With Nigeria nearing its NFIS targets for 2024, there is a pressing need to intensify efforts to enhance the quality and efficacy of financial inclusion initiatives. While innovation has propelled growth in the payment ecosystem, translating this growth into more comprehensive financial services remains a critical challenge requiring urgent attention.

    The NFIS aims to ensure access to and usage of financial products and services by 95% of adults by 2024, with a recommended financial exclusion target of 25% by the same year. However, achieving these targets necessitates concerted efforts, considering population growth and the current status of enabling factors.

    “Nigerians continue to rely on physical financial coping mechanisms to meet their goals, address liquidity distress and cope with shocks. Both active physical mechanisms, such as taking on additional work and cutting back on expenses, and passive physical mechanisms, like doing nothing, remain prevalent choices.

    “With over one-third of adults reporting low financial capability and relatively low access to formal, efficient mechanisms to meet financial needs, Nigeria reports a 12% point drop in the proportion of financially healthy adults.

    “Nigeria is just 1% point away from achieving the 2022 NFIS recommended targets for 2024 and must now pay equal attention to deepening the quality and impact of inclusion.

    “While innovation has catalysed growth in the payment ecosystem, translating the growth in payment services into broader, impactful financial services remains a significant challenge that urgently requires attention,”

  • Naira declines by 0.7% against dollar

    Naira declines by 0.7% against dollar

    The Nigerian Naira has seen a modest decline in value on the official market, trading at N1,309.39 per dollar on Thursday.

    According to data from the FMDQ’s official trading platform, the Naira weakened by N8.96 or 0.69 percent compared to the previous day’s rate of N1,300.43 against the dollar.

    However, the total turnover increased to $857.78 million on Thursday, rising from $416.10 million recorded on Wednesday.

    Meanwhile, at the Investor’s and Exporters’ (I&E) window, the Naira fluctuated between N1,392 and N1,250 against the dollar.

  • I have a soft spot, I’m just abusive on screen – Actor Deyemi

    I have a soft spot, I’m just abusive on screen – Actor Deyemi

    Renowned Nollywood actor, Deyemi Okanlawon has denied allegations of being abusive, emphasizing his firm stance against domestic violence.

    In a recent interview with Pulse Nigeria, the actor dismissed claims that linked him to abusive behavior, attributing such misconceptions to his portrayal of specific characters.

    He went on to label these notions as “the most ridiculous” he has encountered about himself, asserting their baselessness in reflecting his personal life outside of acting.

    Contrary to these misconceptions, Okanlawon expressed unwavering opposition to domestic violence, highlighting his deep-seated aversion to any form of abuse.

    During the interview, he stated, “I have a soft spot that does not allow me to even tolerate domestic violence, let alone be associated with it as an abuser.”

    In addition to his acting career, the esteemed actor revealed an alternative path he might have pursued if not for the entertainment industry.

    He disclosed that he would have considered becoming a pastor, describing it not as a career path but more of a calling, “I don’t think I can call it a career path, it would have been more of a calling. I think I would have been a pastor [if I wasn’t an actor]”.

  • Endorsing vote buying paves way for unqualified MPs to dominate parliament – ACEPA Boss to Ghanaians

    Endorsing vote buying paves way for unqualified MPs to dominate parliament – ACEPA Boss to Ghanaians

    The Executive Director of the African Center for Parliamentary Affairs (ACEPA), Dr. Rasheed Draman, has expressed concern over the increasing prevalence of vote buying by politicians during elections.

    Vote buying involves contestants in an election using monetary or other incentives to sway the electorate in their favor.

    According to Dr. Draman, it is evident that individuals with substantial financial resources are winning over voters, sidelining experienced and competent candidates. He believes this trend is detrimental to democracy.

    “I can tell you on authority that some of the people who have decided not to contest, some of them lament that those who have come with big moneys to replace them, are people who perhaps are ill-prepared, with very little no education to go into parliament. You get them in there, and certainly quality is going to be affected.

    Dr. Draman highlighted that some individuals who opt not to run for office lament that those with significant financial backing replacing them may lack adequate preparation and education for parliamentary duties. This, in turn, could compromise the overall quality of parliamentary proceedings.

    Speaking on Ghana Tonight on TV3 with Alfred Ocansey on January 29, Dr. Draman warned of the potential infiltration of drug money into the democratic system if vote buying is not addressed.

    He emphasized that allowing democracy to become a bidding war may lead to funds from illegitimate sources influencing the political landscape, posing significant national security implications.

    Expressing concern for the future, Dr. Draman predicted a crisis in the next two election cycles if the issue is not tackled promptly.

    He envisioned a scenario where financially well-endowed individuals dominate parliamentary seats, potentially sidelining experienced MPs who lack substantial financial backing.

    Dr. Draman called for scrutiny into the funding sources of these wealthy candidates and questioned the motives behind such financial support, emphasizing the need to assess its impact on the quality of democracy.

  • Public fury over ‘Tinubu’s budget’: SUVs for him and wife, a yacht and villa renovation

    Public fury over ‘Tinubu’s budget’: SUVs for him and wife, a yacht and villa renovation

    The Nigerian populace is grappling with a tempest of discontent following the unveiling of President Bola Tinubu‘s first supplementary budget.

    Amidst a nationwide cost of living crisis, the proposal starkly includes a lavish array of vehicles for the president and his spouse, alongside opulent expenditures such as a presidential yacht and extensive renovations to his villa.

    This supplementary budget, seeking funds over and above the previous year’s allocation sanctioned by Tinubu’s predecessor, arrives at a time when the Nigerian government is urging its citizens to endure hardships partially precipitated by the president’s sweeping economic reforms.

    The nation, Africa’s most densely populated, is currently beset by rampant joblessness, skyrocketing food costs and a currency in freefall.

    At the heart of the controversy is a staggering 1.5 billion-naira allocation earmarked for the procurement of SUVs for the office of the First Lady, Oluremi Tinubu – a sum that overshadows the budgets of several federal colleges.

    Additionally, the budget outlines an allocation of nearly 6 billion naira for presidential SUVs, a figure that dwarfs the proposed funding for a student loan programme aimed at aiding impoverished families.

    The presidency’s spokesman, Temitope Ajayi, has refuted claims of extravagance and decried the media’s portrayal of the budget, stating in a column published by a local news outlet that the “public attack” stems from a “very simplistic way some of the line items are described by civil servants who prepare the budget.”

    Ajayi insists that the new vehicles are designated for use by aides and civil servants, not President Tinubu himself.

    Notwithstanding, federal lawmakers have yet to consent to the budget items, which include the contentious 5 billion-naira presidential yacht listed under the navy’s planned expenditures.

    It’s worth noting that the legislature itself has not been immune to criticism, having previously been condemned for acquiring an array of expensive SUVs.

    President Tinubu, who assumed office in May, has terminated a popular fuel subsidy and removed currency controls, resulting in an acute spike in prices and significant devaluation of the naira.

    Consequently, many Nigerian households find themselves struggling to make ends meet in a country where a stark 40% of its over 200 million citizens subsist in extreme poverty.

    The previous year saw Nigeria allocate roughly 96% of its revenue to debt servicing, and the government is currently poised to raise 9 trillion naira to finance the forthcoming year’s budget. With the nation in the throes of financial strain, the proposed opulence in the supplementary budget is inciting public ire.

  • Nigeria’s Supreme Court considers appeal to overturn Tinubu’s February election victory

    Nigeria’s Supreme Court considers appeal to overturn Tinubu’s February election victory

    Nigeria’s Supreme Court commenced the appeal process on Monday, as an opposition candidate seeks to overturn a court’s decision that upheld President Bola Tinubu’s victory in the February elections.

    After an extended period of deliberation, a court in September dismissed the applications by Atiku Abubakar of the People’s Democratic Party and Peter Obi of the Labour Party, which sought to annul Tinubu’s victory based on allegations of fraud and irregularities.

    Abubakar, who came in second, filed an appeal, contending that the judiciary had made a “serious error” in its judgment.

    The seven judges of the Supreme Court are anticipated to render their verdict in the weeks ahead regarding this latest challenge. The Supreme Court holds the ultimate authority in presidential election petitions.

    In the February polls, nearly 25 million Nigerians cast their votes in an election that was generally peaceful but marred by counting delays and electronic result transfer failures.

    The international community widely accepted the final results, which declared Tinubu as the winner with 37 percent of the vote.

    In Nigeria, no legal challenge to a presidential election’s outcome has succeeded since the nation’s return to democracy in 1999.

  • Africans fought WWII for you, it is time to help us fight coups – Akufo-Addo tells international community

    Africans fought WWII for you, it is time to help us fight coups – Akufo-Addo tells international community

    Ghana’s President Nana Akufo-Addo has appealed to the global community to support Africa in its efforts to address the challenges of terrorism in the Sahel region and the resurgence of coups across the continent.

    Speaking at the 78th Session of the United Nations General Assembly in New York, Akufo-Addo highlighted the significant impact of instability in the Sahel, which has placed political and economic burdens on West African nations. He urged the international community to provide immediate assistance to aid in the region’s recovery and enhance the quality of life for the affected citizens.

    “Instability in the Sahel and widespread terrorist activities have put West African countries under severe political pressure and economic strain. Several countries in the region have lost vast stretches of territory to the rampaging terrorists,” he said.

    According to a report by Vision of Humanity, the Sahel region has become the new epicentre of terrorism, with deaths rising ten times between 2007 and 2021. The report also noted that groups such as Islamic State (IS) and al-Qaeda continue to wage a violent campaign in the region, accounting for 35% of global total of terrorism deaths in 2021.

    Akufo-Addo said that West African countries are trying their best to deal with the situation, but they need more support from the international community, especially from Europe and its allies. He reminded them of the historical ties between Africa and the Allies in World War II, when Africans fought and died in defence of Europe’s freedom and prosperity.

    “Africans fought and died in the Second World War in defence of Europe and her Allies, who reset the world towards the path of peace and prosperity that their nations and citizens have enjoyed for decades now. It is surely time for the world to reciprocate in our time of need,” he said.

    He also expressed concern about the “misconception” that coups are the solution to the threats that confront some African nations. He said that coups undermine democracy and development, and create more problems than they solve.

    “Coup d’états have reemerged as what some mistakenly hope would be the solution to the threats that confront their nations,” he said.

    Akufo-Addo called on the international community to respect and support the efforts of regional and continental organisations, such as ECOWAS and AU, to resolve conflicts and restore stability in Africa. He also reaffirmed Ghana’s commitment to democracy, human rights, rule of law, and good governance.

    “Ghana remains firmly committed to democracy as a system of governance that best serves our interests as a people. We will continue to work with our partners across Africa and beyond to promote democracy, human rights, rule of law, and good governance on our continent,” he said.

  • French ambassador has 48 hours to leave Niger – military junta orders

    French ambassador has 48 hours to leave Niger – military junta orders

    Niger‘s group of military leaders told the French ambassador in Niamey to go away from the country within two days, according to Niger’s Foreign Ministry.

    According to a statement from state-run broadcaster ORTN, the Nigerien Foreign Ministry said that the ambassador, Sylvain Itte, declined to go to a meeting that was planned for Friday with the foreign minister of the country.

    The government of Niger has taken away Itte’s credentials because he refused to do something. They also mentioned that the French government has done other things that are not good for Niger.

    “France has acknowledged the request of the coup plotters,” said the French Foreign Ministry to AFP on Friday evening.

    “The ministry said that the putschists don’t have the right to make this demand. The approval of the ambassador comes only from the rightful, elected authorities in Niger. ”

    CNN has contacted the French Foreign Ministry to get their opinion or statement.

    The US State Department said that Niger’s Ministry of Foreign Affairs informed them that there were letters circulating on the internet asking certain American diplomats to leave.

    But, it said that these documents were not given out by the government department, and that they have not asked the US government for such a thing.

  • Spain defeats England’s courageous Lionesses in World Cup final in spite of Mary Earps’ valiant efforts

    Spain defeats England’s courageous Lionesses in World Cup final in spite of Mary Earps’ valiant efforts

    After losing to Spain in the World Cup final in Sydney, England’s thrilling World Cup odyssey came to a disappointing conclusion.

    In the first half, Sarina Wiegman’s team performed far below expectations, and Spain deservedly took the lead through Olga Carmona on the half-hour mark.

    Salma Paralluelo attempted to score from close range but somehow missed, despite Mary Earps’ spectacular save keeping the score even.

    The finest opportunity for the Lionesses in the first half fell to Lauren Hemp, but her curving shot from the edge of the box was stopped by the woodwork.

    On the verge of halftime, Paralluelo came near to extending Spain’s lead but the post stopped her.

    At the half, Wiegman changed England’s formation from a 3-5-2 to a conventional 4-4-2 thanks to that error.

    Alessia Russo and Rachel Daly were replaced at halftime by Chloe Kelly and Lauren James, who had been suspended for the previous two games following her red card against Nigeria in the last-16.

    This offered England greater width, and it nearly immediately paid off when Kelly sent a beautiful cross towards Hemp, but the Manchester City attacker missed the target.

    The pressure from Spain had been reduced thanks to Wegiman’s adjustments, and England’s performance after the half greatly improved.

    However, just as England began to gain control of the game again, the Lionesses let up a contentious penalty when Kiera Walsh was found to have handled in the area following a VAR review.

    With 20 minutes remaining, Jenni Hermoso had the opportunity to give Spain their first World Cup victory, but Earps stood in her way as she made the correct judgement call to stop Hermoso’s effort.

    After Cata Coll made the save, England gained momentum, and James immediately tested the Spanish goalie. Coll made a deft save at the front post to preserve England’s lead.

    The ball was hardly in play for the final 10 minutes of regulation time due to Alex Greenwood’s injury and a string of incidents that stopped play.

    Fortunately, there was 13 minutes of stoppage time, during which England gave the Spanish everything they had in an effort to draw level.

    However, despite pressing Millie Bright into attack, England was unable to create the kinds of opportunities they had hoped for.

    In actuality, this simply gave Spain more room, and they had multiple opportunities to seal the victory, but Earps once more stood in their way.

    It was not to be for England, who battled through every obstacle on their route to the final and faced a fantastic Spain team.

  • Tinubu accused of hacking phones of opponents during 2023 elections

    Tinubu accused of hacking phones of opponents during 2023 elections

    It has been alleged that the Director General of Nigeria’s Department of State Services (DSS), Yusuf Bichi, enlisted the assistance of hackers to breach WhatsApp and gain access to the messages of President Bola Tinubu’s political opponents during and after the 2023 presidential election.


    These hackers were reportedly brought in from Cape Verde under the direction of the DSS boss.

    During the 2023 presidential election, Bola Tinubu, the candidate of the ruling All Progressives Congress (APC), emerged as the winner.


    However, his victory is currently being contested at the Presidential Election Petition Tribunal by the Peoples Democratic Party (PDP) and the Labour Party, along with their respective candidates, Atiku Abubakar and Peter Obi.


    “The DG of DSS brought hackers from Cape Verde to help Tinubu break into WhatsApp messages of his opponents during the elections and afterwards,” one of the sources said.


    In June, President Tinubu made a significant decision by authorizing the immediate retirement of various key officials, including the Service Chiefs, the Inspector-General of Police, Advisers, and the Comptroller-General of Customs.

    These retirements took effect immediately, and President Tinubu also announced their respective replacements.


    Additionally, Chairman AbdulRasheed Bawa of the Economic and Financial Crimes Commission (EFCC) was indefinitely suspended from his position by President Tinubu.


    “But guess who was spared from being axed! Yusuf Bichi. That is the reason why Tinubu retained Bichi after firing all the heads of security agencies,” one of the sources said.


    The Director of Information in the Office of the Secretary to the Government of the Federation, Willie Bassey, in a statement, disclosed that the suspension would allow investigations into “weighty allegations” of abuse of office against the suspended chairman of the anti-corruption body.


    “President Tinubu has approved the indefinite suspension from office of AbdulRasheed Bawa, CON, as the Chairman, Economic, and Financial Crimes Commission to allow for proper investigation into his conduct while in office. This follows weighty allegations of abuse of office levelled against him.


    “Bawa has been directed to immediately hand over the affairs of his office to the Director, Operations in the Commission, who will oversee the affairs of the Office of the Chairman of the Commission pending the conclusion of the investigation,” the statement read.


    Bawa was appointed by then President Muhammadu Buhari in February 2021 as the EFCC chairman following the removal of Ibrahim Magu, his predecessor, over allegations of corruption.


    Bawa was subsequently invited for questioning by the DSS and has been in the custody of the secret police since then.


    On June 28, SaharaReporters exclusively reported that Bawa had been moved from the headquarters of the secret police to a private facility.


    Sources told SaharaReporters that Bawa was moved to another facility to have total control over him after he refused to write any statements in custody.


    SaharaReporters also exclusively reported on Wednesday, June 21, 2023, that Bawa had refused to write statements at the secret police’s facility. It was learnt that Bawa told investigators that the DSS had no right to detain him without charges, hence his refusal to write any statements in custody.


    “They’ve taken Bawa from DSS headquarters to one of their private facilities to have total control over him after he refused to write statements requested from him,” a top security source had said.


    Following their suspension from their respective offices by President Tinubu’s administration due to corruption allegations and abuse of office, both AbdulRasheed Bawa, the Chairman of the Economic and Financial Crimes Commission (EFCC), and Godwin Emefiele, the suspended governor of the Central Bank of Nigeria, have been detained.

    SaharaReporters previously reported that Emefiele implicated Bawa as an accomplice in the Naira redesign scandal that shook the country some months ago.


    Bawa’s invitation and subsequent interrogation by the Department of State Services (DSS) occurred shortly after Emefiele’s arrest and transfer from Lagos to Abuja for alleged corruption and abuse of office.


    On November 23, 2022, then-President Buhari and Emefiele unveiled new Nigerian currency notes with denominations of N200, N500, and N1,000.

    Emefiele clarified that the old notes would no longer be considered legal tender after January 31, 2023. Emefiele emphasized that the move was not aimed at any specific individual, although there were speculations that it was influenced by the influential group within the Presidency to hinder the chances of Bola Tinubu, who was the presidential candidate of the ruling All Progressives Congress (APC), from winning the election held on February 25, 2023.


    This policy resulted in significant hardships for Nigerians due to the scarcity of new currency notes. The Central Bank of Nigeria (CBN) struggled to meet the demand, leading to cash shortages and long queues at banks and ATMs.

    Furthermore, Emefiele disregarded a Supreme Court ruling that extended the validity of the old notes until December 31. Former President Buhari distanced himself from the non-compliance with the court order.


    According to the Independent National Electoral Commission, Bola Tinubu emerged as the winner of the election, defeating 17 other candidates with a total of 8,794,726 votes. Atiku Abubakar of the People’s Democratic Party (PDP) secured second place with 6,984,520 votes, while Peter Obi of the Labour Party came third with 6,101,533 votes. Rabiu Kwankwaso of the New Nigeria People’s Party came fourth with 1,496,687 votes.