Nigeria's upstream oil regulator has approved two key onshore assets sale by international oil companies, clearing the way for Oando and new entrant Project Odinmim, to acquire assets, the head of the agency, Gbenga Komolafe, said on Wednesday.

Nigerian Upstream Petroleum Regulatory Commission (NUPRC) greenlit deals by Eni's local unit Nigerian Agip Oil Company (NAOC) to Oando and Equinor to Project Odinmim, Komolafe announced at an energy conference in Abuja, the capital.

The deals had been pending for months as they required sign-off from the petroleum minister under a recently enacted oil industry law. Approvals for Exxon Mobil's $1.3 billion asset sale to Seplat and Shell's divestment to Renaissance remain pending.

"The signing ceremony will be conducted in the next few days," Komolafe said.

Eni had previously announced the sale of its NAOC subsidiary to Oando in September. The deal included interests in four onshore oil mining leases (OML) 60, 61, 62, and 63.

However, Ainojie Alex Irune, Oando's CEO, hinted at further complexities in the deals during the conference.

"We had four transactions; two were approved, one on a yellow flag and the other in abeyance," he said.

The NUPRC chief did not elaborate on the specific OMLs approved for Oando, and Irune did not provide further details.

Oil majors operating in Nigeria have been exiting their onshore fields hampered by theft, vandalism and pollution to focus on deepwater explorations.

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In May, the NUPRC offered faster approvals for pending asset sales by the majors if they took responsibility for spills and compensated communities rather than wait for authorities to apportion liability, which could lead to further delay deals.

Reuters

Business and commercial activities were grounded on Wednesday following a 10-hour downpour in many parts centres of Lagos and Ogun states.

The resulting flooding brought down a two-storey building in the Mushin area of Lagos, grounded vehicular movement on the roads and overwhelmed thousands of residents while pupils could not attend schools in parts of the states.

Though the Lagos State government said the rain lasted for nine hours, in some parts of the state, it started at midnight and did not subside until noon, making it 12 hours.

Such places include Berger, Ikeja, Ogba and in some parts, the rain lasted for 10 hours.

Our correspondents, who visited some affected flooded areas such as Iyana-Oworo, Agege, Ijegun-Isheri Osun, Gbagada and Lagos Island in Lagos State, observed that roads and houses were flooded as a result of long hours of downpour.

Other flooded places in Lagos include Eredo, Bojije, Epe, Sangotedo, Ibeju-Lekki, Awoyaya, Labora, and Abijon.

The PUNCH also visited Atan-Ota, Aseese, Ifo, Sango-Ota, and Ijebu-Ode in Ogun State and observed that major roads were  submerged, making them impassable and leaving passengers stranded.

The heavy showers, which began around 12am, were blamed for the collapse of a two-storey building on Cameroon Road in the Mushin area of Lagos, injuring seven people.

Permanent Secretary of the Lagos State Emergency Management Authority, Olufemi Oke-Osanyintolu, stated that the seven victims were rescued alive from the collapsed structure.

He attributed the collapse of the newly constructed building to the inclement weather.

He said, “Early this morning, seven people were rescued alive from a building in Ewenla, Mushin, that collapsed in the inclement weather.

“Upon arrival of the LRT at the scene of the incident, it was discovered that a newly constructed two-storey building had collapsed. Three females and four males were rescued alive and taken to a nearby hospital for treatment.

“The agency’s search-and-rescue team had searched the rubbles and can confirm that there is no victim underneath the collapsed building. The area has been cordoned off, and operations are still ongoing.”

Non-essential travels

 Due to the unpredictable weather conditions, the LASEMA boss also urged Lagos residents to remain calm and avoid any non-essential travel.

“We are urging the good people of Lagos to remain calm and refrain from any non-essential travel due to the incidence of flash floods across the state,” he added.

Students currently taking exams were affected by the downpour as some schools in White Sand Estate, Isheri-Osun, in the Alimosho Local Government Area of Lagos, closed.

The students were advised to stay home due to the hazardous roads.

The PUNCH reports that White Sand Estate is one of the hardest-hit areas in Lagos, frequently experiencing severe flooding.

Flooding in White Sand Estate is a recurring issue, with the area suffering from poor roads, inadequate drainage systems, and a lack of maintenance.

Wednesday’s downpour once again flooded homes, with water reaching mid-level levels.

Our correspondent observed that many residents were trapped in their apartments, unable even to sit down as their living spaces were submerged.

A parent, identified simply as Atinuke, shared a message from the school with our correspondent, praising the school’s management for their “pragmatic” decision.

The message read, “Good morning, dearest parents, trust your night was splendid. Due to the heavy downpour and a predicted serious rainy weather forecast today, we have decided to close the school and postpone today’s exam. As you can see, almost everywhere is flooded.

“As a school, we prioritise the safety of our geniuses above everything else. Consequently, the school bus will also not operate today. We are extremely sorry for the inconvenience.”

Atinuke called for the state government’s intervention, lamenting that water had flooded her living room, forcing her to remove the furniture.

She said, “The rain has entered my house again; just look at the environment. This is White Sand Estate in Isheri-Osun.”

The area was flooded, making it impossible for cars and motorcycles to navigate, while the pedestrians faced significant risks as the flooding obscured drainage channels.

The Public Relations Officer of the area’s Community Development, Johnson Olabode, expressed his frustration, stating, “We are at it again this year. Everywhere is filled with water. I have been up since 3am when the rain started, and all I could do was watch my house get flooded. We can’t even start removing the water until the rain stops.”

He added that schools have notified parents to keep their children at home due to the severe conditions.

Meanwhile, some residents have called on the Lagos State government to urgently address this ongoing problem in their community.

A resident, identified as John Adewale, decried that the flooding had become a yearly nightmare for them.

He said, “This has become a yearly nightmare for us. Every time it rains heavily, we know our homes will be flooded. We’ve been pleading with the government for better drainage systems, but nothing seems to be happening. We’re stuck inside with water everywhere.”

Flood submerges roads

Major roads such as Majek, Abraham Adesanya, and Awoyaya-Sangotedo were also impacted, with ongoing road construction further worsening the situation.

Commercial vehicles and motorcycles seized the opportunity to hike transport fares.

A resident, Anuoluwapo Atanda, in the Pen Cinema, Agege area of Lagos, said that the flood affected her house due to the blocked drainage in her area.

She revealed that it also impacted all the houses on her street and the adjacent one.

Atanda said, “Flooding is an issue here because residents refuse to clean their drainage systems. The main reason for the flood is the dirty and congested drainage filled with waste.

“The government is trying to create a larger drainage system on the link road to my street, but the work has been slow and rough. I think this season is not the right time to do it.

 “They just dug the drainage, but water is not flowing in it because it hasn’t been completed. Once the water in the gutter fills up, it flows into the road and people’s houses.

“Traffic has been terrible because of the flood. Drivers are being careful so they don’t sink with their vehicles, as it is difficult to identify potholes and gutters when everywhere is flooded. It took me about 45 minutes to get to Oshodi from Agege; everywhere is messed up.”

A resident on X.com who goes by the name, Chu Osakwe, stated, “This is Gbagada to 7up inward 3MB. Stay home if you have no business on the island. #Traffic.’’

“If your route this morning is mainland to the island via 3MB, just forget it. Turn back home or reroute. I just passed by on the opposite side, and the beginning of the Third Mainland (Iyana woro?) is flooded to the car doors. I’ve never seen that on the bridge before,” another X user wrote on Wednesday.

“Please let me adjust my advice. If you live in Lagos, do not even consider coming out of your house today. Everywhere is flooded. I didn’t expect it to be this bad on the mainland. Flooded, and all the roads are blocked in any direction,” the resident added.

Our correspondent who visited Ikeja observed stranded commuters forced to find shelter, while others stood by the roadside waiting for commercial buses to take them to their destinations.

The PUNCH also noted that some commercial buses refused to pick up passengers travelling from Ogba to Ikeja due to the flood and traffic gridlock.

Additionally, broken-down vehicles further compounded the plight of motorists.

A driver identified as Tunji blamed the flooding on the poor drainage system in Ikeja.

He said, “The drainage system in Ikeja is inadequate; there’s nowhere for the water to flow, so it stays in one place, damaging cars and other properties.

“The demand for buses is greater than the supply due to the rain. That is why we don’t have vehicles ready to go to Ikeja. The supply went down because of the flood and gridlock. It is a sad thing, but what can we do?

‘’We can’t force them to spoil their vehicles just because we want to get to work. It is not fair.”

Fare hike

The PUNCH also observed that commercial bus drivers and tricycle riders increased the transport fare from the usual N300 to N700 for trips from Ogba to Ikeja.

A 54-second viral video showed hoodlums extorting residents, demanding a N100 levy before allowing them to access an alternate route under the Trade Fair bridge in the Ojo area, following the flood that submerged much of the area.

Some individuals were arrested by officials of the Lagos State Government for allegedly extorting the residents.

“This is the Trade fair under-bridge; pay N100 before you can take the passage. And we have a president in this country. Look at their faces,” a woman’s voice in a video clip said.

The Commissioner for Environment, Tokunbo Wahab, stated on his X.com handle that the miscreants had been arrested by the Lagos State Environmental Sanitation Corps and assured that they would be prosecuted accordingly.

He wrote, “Following a complaint made by @ARISE0214, miscreants charging people for using the makeshift crossover bridge at Trade fair this morning (Wednesday) have been arrested by the operatives of the Lagos State Environmental Sanitation Corps, @LAGESCOfficial. They will be prosecuted according to the law.”

Devastating floods also struck several communities in Ogun State, including Sango-Ota, Alagbado, Atan, Oju-ore, and Lusada, submerging them.

Residents attributed the flooding to blocked waterways caused by indiscriminate waste dumping and construction on drainage rights-of-way.

Abayomi Rufai, a resident of Atan-Ota, reported that his properties worth several millions of naira were damaged by the rainfall.

He blamed the flooding on improper drainage channelling and construction on drainage rights-of-way in his community.

He lamented, “Currently, I can’t access my house. I have to rely on commercial motorcycles because the road leading to my house is currently cut off from the major road due to the flood. Governor Dapo Abiodun should come to our aid before it is too late.”

Victoria Ojelana, a resident of Oregun in the Ijebu-Ode area, told our correspondent that her entire apartment was flooded, destroying some household items.

She explained, “I was sleeping only for me to wake up and see everywhere flooded. The flood was very bad; it entered our house, our kitchen, and even our neighbour’s house.

“There is a neighbour of ours that, even with the fence, the flood broke down the fence, entered their room, and they had to run out of the house. They waited for three to four hours so that the water could reduce. The water is not flowing, it is just stagnant.”

In response to the situation, the Lagos State Government has called for calm.

Non-stop rain

A statement signed by the Commissioner for Environment and Water Resources, Wahab, explained that Lagos experienced about nine hours of non-stop rainfall since the early hours of Wednesday.

He added that this was coupled with heavy rainfall which the state had been experiencing daily since last week resulting in the level rise of the Lagos lagoon.

Wahab explained that the flash floods which inundated areas like Iyana Oworo linking the Third Mainland and several other areas would recede once the rains abated.

The commissioner added that the state had also deployed officials of the Emergency Flood Abatement Gang to major black spots, including Iyana Oworo, which has been cleared of all blockages.

He urged “All those in low-lying areas, to as a matter of necessity,  relocate to higher grounds at this period to safeguard lives and properties.”

He also admonished residents to desist from wading through floods with their vehicles as they could be swept away, irrespective of the number of occupants.

The commissioner equally advised residents to avail themselves of daily weather reports issued by the State Ministry of the Environment and Water Resources as it serves as a guide to daily itineraries.

Ogun State was also affected by the rainfall with places like Iperu, Governor Dapo Abiodun’s home town, Oju Ore, Joju bus stop along the Abeokuta-Sango Ota Expressway and Sango-Ota under-bridge impacted by flooding.

A Sango-Ota resident, Mrs Adijat Ahmed, stated, “I  observed slight flooding around Joju bus stop, Oju Ore and Sango-Ota under-bridge and this I think is as a result of the rain but it is however nothing so threatening. It is the usual thing during rainy season like this.”

Mr Moses Ayinla also confirmed that there was slight flooding on Iperu-Ilisan Road.

“There was slight flooding on Ilisan-Iperu road due to the downpour but this is not new; the road has always been flooded whenever there is heavy rain, though, the water will later flow away after some hours.

“The problem of that place is drainage and there was a time the government actually worked on the spot but the problem is back, so we plead with Gov Dapo Abiodun to provide the final solution to this problem,” he said.

Owolabi Babalola, a resident of Wawa located just before the long bridge, Lagos-Ibadan Expressway,  said that there was no incident of flooding in the area.

Babalola noted, “The rain is a bit much here too but there is nothing like flooding, even on the long bridge. I just came back home, I never experienced anything of such on the road.

“Though sometimes the place is flooded as a result of excessive rainfall but I didn’t see anything of such when going to work and coming back this evening; probably, it has receded.

“The problem we usually have here in Wawa is not the rain but when the dam is overflowed and it is now opened to empty the water; that is when we used to have issues. We plead for more government support and collaboration to ensure that this challenge becomes a thing of the past.”

Punch

A two-day protest by factory workers at Sumal Foods Limited, Ibadan, Oyo State, has left one of the protesters dead, two others injured and some properties destroyed.

Sumal Foods, with factories located in Oluyole extension, Ring Road Ibadan, Oyo State, produces Yale biscuits and a range of other snacks.

On Monday, scores of casual workers at the company’s ‘Yale 3’ branch in Ibadan, had mobilised to protest unfair labour practices, among other issues. As a result, they declined to work the night shift and suspended production in nine factories.

But, according to a witness who identified himself as Jelili Ismail, while the workers were peacefully expressing their grievances against the company, heavily armed police officers fired tear gas canisters and gunshots at the crowd. The police shootings reportedly killed one protester and injured two others.

“With tears in their eyes, the workers rushed their injured colleagues to a nearby hospital, lifted the corpse and took it to the company’s headquarters at Town Planning, Ring Road, on a motorcycle.

“When they arrived at the headquarters, they found that more armed police officers had been stationed at the premises. The corpse was deposited inside the company,” he said.

Some of the aggrieved workers spoke to PREMIUM TIMES but chose to be anonymous for fear of being victimised.

The first protester claimed that Sumal Foods allegedly withheld palliatives offered to them by the federal government for six months.

He alleged that the federal government gave all workers in both private and public organisations palliatives to cushion the effect of hardship in February and that the organisation refused to give theirs to them.

He claimed that the company posted an internal memorandum denying them membership of the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC), as well as the right to palliatives.

“They said we are not under TUC and NLC, and that we are on our own. At the same time, they added 14 per cent tax to our salary,” he said.

Buttressing the points raised by the first respondent, another factory worker, whose name is withheld, said: “They told us that we were in the private sector (Sumal) and not the government. They offered to add 200 naira to our salary and we refused. The salary cannot even buy two congos of rice and garri,” he said.

Another aggrieved worker, speaking on what transpired on day one of the protests, said heavily armed police officers dispersed the crowd using tear gas and also fired gunshots into the air.

He stated that it was during the confusion that ensued that the deceased was hit by a bullet. He said the company has refused to release the corpse.

Police confirm death

Meanwhile, the Oyo State Police Command, on Tuesday, the second day of the protest, confirmed that the protest that rocked one of the factories belonging to Sumal Foods, Oluyole extension, Ibadan on Monday, turned violent.

“One death was recorded during the violent protest,” the police said in a statement by the state Police Public Relations Officer, Adewale Osifeso.

The police also confirmed the arrest of 12 suspects in connection with the violent protest, stating that normalcy has returned to the affected area with the immediate deployment of the Command’s operational and tactical assets to prevent future recurrence.

The command said that preliminary investigation revealed that the protest was premised on a piece of widespread false information authored and peddled by some of the workers concerning the disbursement of palliative to all private-owned companies and firms in the country.

“Their grouse, however, was that they were being denied the welfare package. Sadly, the protest was hijacked by criminal elements who forced their way into the factory, destroying vehicles and property worth millions of naira,” the statement said.

While the police also confirmed the arrest of 12 persons in connection with the protest, it was silent on the allegation that the deceased was killed when armed police personnel fired gunshots into the air to disperse the protesters.

“Furthermore, the CP has ordered that the entire case be taken up by the Homicide Department of the Criminal Investigation Department with the Deputy Commissioner of Police directly in charge of investigations,” Osifeso said.

Efforts to speak with officials of Sumal Foods Limited were unsuccessful as our correspondent was turned down by security operatives stationed at the company’s premises.

PT

Gaza ceasefire effort shows signs of revival as Israel pounds enclave

Signs of renewed activity emerged on Wednesday in the quest for a ceasefire deal between Israel and Hamas in the nine-month-old war in the Gaza Strip while Israel launched more strikes on the devastated enclave.

After weeks with little public diplomacy, mediators Egypt and Qatar delivered a response from Hamas to a proposal that would include a release of hostages held in Gaza and a ceasefire in the Palestinian enclave.

Israel is studying the document, said a statement released by Prime Minister Benjamin Netanyahu's office on behalf of the Mossad spy agency.

Egypt, Qatar and the United States have been trying for months to secure a truce and the release of 120 remaining hostages in Gaza, but their efforts have repeatedly failed.

Hamas says any deal must end the war and bring a full Israeli withdrawal from Gaza. Israel says it will accept only temporary pauses in the fighting until Hamas is eradicated.

"Israel is examining the response and will respond to the mediators," the Mossad statement said without further details.

Hamas, the Islamist militant group that rules Gaza, said in a statement that its leader Ismail Haniyeh had calls with Qatari and Egyptian mediators around ideas to reach a deal to end the war in Gaza as well as communication with Turkish officials.

The New York Times reported that Israel's top generals want a Gaza ceasefire even if it keeps Hamas in power for the time being, widening a rift between the military and Netanyahu, who has opposed a truce that would let Hamas survive.

The commanders believe a ceasefire would be the best way to secure the release of the remaining Israeli hostages, and they think over-stretched Israeli forces, running low on munitions, need to regroup in case a wider war breaks out with Lebanon's Hezbollah, the report said, citing six current and former Israeli security officials.

An Israeli strike killed top Hezbollah commander Mohammed Nasser in south Lebanon on Wednesday, prompting retaliatory rocket fire by the Iran-backed group into Israel as their dangerously poised conflict rumbled on.

Sparked by the Gaza war, the hostilities with Lebanon have raised concerns about a wider and ruinous conflict between the heavily armed adversaries, prompting U.S. diplomatic efforts aimed at deescalation.

The war in Gaza began when Hamas gunmen burst into southern Israel on Oct. 7, killed 1,200 people and took around 250 hostages back into Gaza, Israel says. The offensive launched by Israel in retaliation has killed nearly 38,000 people, according to the Gaza health ministry, and has left the heavily built-up coastal enclave in ruins.

At a mall in Karmiel, northern Israel, an Israeli soldier was killed on Wednesday and a second person was wounded in a stabbing, police said. Israel's Ynet news said the assailant, who was also killed, came from Nahaf, a town where members of Israel's Arab minority live.

FAMILIES SLEEP ON THE ROAD, RESIDENTS SAY

On the ground in Gaza, at least 12 people were killed in Israeli strikes in central and northern Gaza, health officials said. Israeli forces also carried out new strikes in the south amid fierce fighting with Palestinian militants overnight, residents said. Israel's military said a 21-year-old captain was killed in combat in northern Gaza.

Fighting persisted overnight in two locations in central Rafah, where tanks have seized several districts and advanced further west and north of the city in recent days.

The Israeli military said its forces pursued targeted operations in Rafah, dismantled several military sites and killed Palestinian militants.

An Israeli airstrike also destroyed a U.N. school in Khan Younis in southern Gaza, where displaced Palestinians sheltered. There was no word on casualties from the Gaza authorities.

Smoke rose from the rubble as frantic people rushed in to search for their children and others fled, distraught and wailing. "What is happening to us is unjust. We cannot bear it, we can't," one woman said.

Many Palestinians were seeking shelter after Israel ordered them to evacuate areas of Khan Younis and Rafah on Tuesday, which the United Nations said was the largest such edict since 1.1 million people were told to leave the north of the enclave in October.

Khan Younis residents said many families slept on the road because they could not find tents.

The Gaza health ministry said an Israeli airstrike on a house in Khan Younis killed Hassan Hamdan, head of the burns and plastic surgery department at Nasser Medical Complex, along with all his family members.

Israel's army did not comment on the ministry's statement and Reuters was unable immediately to verify it.

The last functioning hospital in the area, the Gaza European Hospital, which had housed displaced families as well as patients, was also evacuated. An Israeli defence official said on Tuesday that hospital staff and patients were told they could stay.

The ceasefire plan on the table, which was made public at the end of May by U.S. President Joe Biden, entails the gradual release of Israeli hostages held in Gaza and pullback of Israeli forces over two phases.

It also envisages the freeing of Palestinian prisoners, with the reconstruction of Gaza and the return of the remains of deceased hostages in a third phase.

Reuters

WESTERN PERSPECTIVE

At field hospital in Ukraine's battered east, the wounded keep coming

When the first casualty is wheeled into a brightly lit makeshift field hospital on a stretcher, Ukrainian medic Osmach quickly checks to see if he is conscious.

The wounded soldier confirms that he is, and is transferred to a bed at this medical stabilisation point located close to the eastern Ukrainian town of Chasiv Yar, scene of fierce clashes with advancing Russian forces.

The round-the-clock facility is one of dozens on the 1,000-km (around 600 miles) frontline in the east and south of the country where injured fighters are first brought to stabilise their condition before being sent on to hospitals further from the fighting.

"Those are guys that come here and fuel you with their heroism and positive emotions ... you don't have the right to allow yourself to give up, to hang your head," said Osmach, a 37-year-old anaesthetist who goes only by his military call sign.

As he spoke, he put on blue surgical gloves in preparation for a shift during which he and a small team of medics dealt with a steady stream of casualties suffering from various injuries to limbs, shoulder and head.

The blood-stained boots of a badly injured soldier were placed neatly on the floor as medics rushed to cut away his military fatigues before treating his wounds.

Ukrainian forces have begun to receive billions of dollars worth of Western military aid that has eased acute shortages of ammunition and armour, but Russia's bigger army continues to grind out territorial gains at a high cost on both sides.

"Our capabilities for transporting (the wounded) have changed with the armoured vehicles," Osmach said of recent fresh supplies. "We don't have as many as we'd want, but we have at least some. We now work at day and at night."

Kyiv is in the midst of a fresh mass mobilisation drive to replenish its depleted army, as casualties mount and exhaustion grows.

Sanych, a 48-year-old surgeon who also gave only his call sign, said he was treating soldiers for a wide range of injuries, and he fretted over his ability to operate under intense pressure.

"You worry the most about the fact that your own hands have to continue working," he told Reuters during a recent visit to the field hospital. "And about keeping a clear mind even in critical situations, that's what I'm worried about."

In an ambulance taking a soldier from the stabilisation point to a safer location, 24-year-old Halyna said she had never considered becoming a combat medic when she volunteered to join the armed forces.

"The most difficult part is not being at home and not seeing your family," she said, as the vehicle sped along bumpy roads under cover of night. "But here we are like a family and help out each other."

RUSSIAN PERSPECTIVE

Russia destroys another US-made Abrams tank – MOD

Russian forces have destroyed another US-supplied Ukrainian-operated Abrams main battle tank in Donbass, the Defense Ministry in Moscow reported on Wednesday.

The Pentagon has supplied 31 M1A1 Abrams tanks to bolster the Ukrainian army. The latest one to be wiped out was hit by a Russian Krasnopol guided artillery system, according to a statement.

The target was spotted by drone operators near the Russian city of Avdeevka in Donetsk People’s Republic, the ministry said. A 152-mm Msta-S self-propelled howitzer was then deployed to strike it.

One Russian crew member, identified by his callsign ‘Yorzyk’ (Hedgehog), said the first Krasnopol fired at the tank had hit its target. He added that he and his team was not aware that they were firing at an American-made vehicle, which has a reputation for being strongly protected. The artillerists were delighted to confirm that they can “destroy anything in a snap, to put in bluntly,” ‘Yorzyk’ stated.

A video released by the ministry includes the purported moment of the hit, filmed from the air from several directions. The Krasnopol weapon system uses laser guidance for its homing capability, with targeting provided by either an operator on the ground or a drone. The munitions first entered service in the late 1980s and come in several calibers for different guns.

Reuters/RT

African lawmakers and observers should not be surprised that Kenya, one of the region’s most stable democracies, has erupted in deadly “cost of living” protests. They should be asking why it has taken so long for them to happen, and where on the continent the next explosion could take place.

At the core of these demonstrations is the fact that too many Africans have reached a stage where they are barely able to survive on their meager earnings and are ready to strike out at leaders seen as corrupt, uncaring and out of touch with the reality of ordinary people’s struggles.

At least 23 people were killed in widespread protests after President William Ruto’s government tried to proceed with a controversial finance bill that would introduce a tax on internet data, fuel, bank transfers, eggs, sanitary napkins and disposable diapers, and numerous other services. Ruto has now withdrawn the bill.

Only arrogance could have made Ruto and his colleagues fail to see the unrest coming. In July 2023, six people died in anti-government protests following the passing of tax reforms in the “Kenya Finance Bill 2023.” Over the past year, social media chatter has indicated opposition to any austerity measures. How a different outcome was expected just a year later boggles the mind.

Ruto’s finance bill was aimed at cutting the country’s budget deficit and borrowing. Many other African countries face similar challenges of high debt and poor revenue while pressure for infrastructural development and social welfare programs intensifies. For political leaders, it’s worth remembering that in March 2023 South Africa’s radical Economic Freedom Fighters party led cost-of-living marches across the country while its associates and other opposition leaders led similar marches in Kenya, Nigeria and Tunisia. South Africa’s army was deployed to keep a lid on those demonstrations. In Liberia, the cost-of-living crisis — accompanied by protests over more than a year — led to the electoral defeat of George Weah, the previous president, last October.

Many African economies have shown little or no growth since the Covid-19 pandemic; meanwhile youth unemployment is at record levels, inflation has exploded, and corruption and conspicuous consumption by political elites is a major area of discontent.

Take Nigeria, where the naira’s value dropped 70% against the US dollar in the past year. The country’s inflation rate climbed to a 28-year high in May, with consumer prices rising an annual 33.95%, according to the National Bureau of Statistics. In March, food trucks were attacked and seven people killed in a stampede to get rice.

South Africa, like Kenya, faces crippling national debt (74% debt-to-GDP ratio), a weakening currency, and significant increases in the cost of living. Youth unemployment has averaged 56% in the decade between 2013 and 2024, while wealth inequality is consistently among the highest in the world.

Youth dissatisfaction is particularly important. Kenya’s revolt is not led by Raila Odinga, the opposition leader, as happened last year, but by a disparate grouping of social media-savvy young people organizing on TikTok and other platforms. The 2020 #EndSARS protests in Nigeria against the police were fueled by youth anger and fueled by social media. Tactics driving Kenya’s “7 Days of Rage” this week are similar, but more sophisticated. At least 12 influencers and bloggers have been arrested or have disappeared, raising concerns of a government clampdown on influencers. Internet connectivity was throttled.

Kenya’s president Ruto has called the protests “treasonous” and described them as an “existential threat.” He is wrong. The people on the streets of Nairobi and virtually every town and city in Kenya are patriots driven to the edge of starvation. They see no creative solutions by politicians to their suffering except swingeing austerity measures. This is a cry for help, and it is emanating from communities across the continent. Leaders can opt to brand protesters as traitors, or find ways to resolve the real threat for the continent — rampant price increases.

Leaders need to be believable and relatable. Part of the crisis in Kenya is that Ruto has been accused numerous times of living the high life, including hiring private jets to fly overseas and flashing expensive watches, while life for the poorest in his country has become precarious. Even though the president is correct in wanting to slash debt, poor Kenyans are more likely to buy the story that it will all be funneled to corrupt politicians’ pockets.

Such skepticism is what one hears increasingly in Johannesburg, Lagos and other capitals. The events in Kenya this week should serve as a cautionary tale for leaders elsewhere not to try and ram through political and economic programs that are not balanced with deep reflection about their impact on the young and the poor.

Bloomberg

There’s no doubt that being born with a silver spoon in your mouth gives you a leg up in the world — but it can also have its downsides, financially speaking.

Growing up rich has many perks, but it can also hinder a person from learning essential money lessons.

GOBankingRates spoke with people who come from privilege but recognize their upbringing didn’t equip them with the necessary financial skills to set them up for long-term success. Read below for their insights on money lessons they wish they had learned.

Wealthy people know the best money secrets. Learn how to copy them.

Appreciating the Value of Money

“Having grown up in a wealthy family and now working for my own business, I have unique insights into the financial lessons often missed when money is readily available,” said Ben Hilton, founder and managing director of Switch Jam Digital.

“I never felt the need to worry about money as a child, and therefore, I failed to understand its real value. I now wish that someone had inculcated in me an appreciation of the actual work that goes into making money,” he said. “For instance, why did someone waste hours in the pursuit of a better deal or draw up a stringent budget? If I had known better the value of money, perhaps I would have been more enlightened about money management and spending habits.”

“I didn’t have to budget because it wasn’t expected or required in my home, and I’m still unaware of how to properly maintain a budget,” Hilton said. “When I first left home and lived alone, I struggled to balance my expenses and income.”

He noted that making sure a person knows how to set up and maintain a budget is a rather important skill that prevents overspending and helps to uphold and support personal financial stability.

Nischay Rawal, CPA, founder and managing partner of NR Tax & Consulting, shared a similar experience.

“Growing up with wealthy parents, I never learned the value of a dollar or what it meant to budget,” he said. “Money was always there for whatever I needed or wanted. As a result, I didn’t develop key financial skills that most people gain from an early age.

“When I started my own business, I had no idea how to forecast expenses, set financial goals or manage cash flow,” Rawal explained. “The first few years were a crash course in Finance 101. I made many mistakes that could have been avoided if I had a better grasp of basic money management.”

Investing Wisely

“While I had the money, I never learned how to invest early. I lost the basis for generating wealth through investment,” Hilton said. “A clear illustration of this is the fact that I was unaware of compound interest when I was 20 years old, a knowledge that could have significantly increased my financial worth.”

Learning investment principles and how to build wealth is crucial, according to Hilton. “How to invest wisely is a critical lesson for long-term financial growth,” he said.

Financial Independence

“Financial security during childhood is typically already wealth-dependent,” Hilton said. “I wish somebody had taught me about financial independence very early. For instance, in the early days of my career, it became easy to reach out to family for money and support instead of struggling and fighting to succeed financially independently.”

He added that knowing the importance of financial independence teaches a person the value of hard work and personal development.

Finding Purpose and Meaning Outside of Money

Rawal noted that another key lesson he didn’t learn was to find purpose and meaning outside of money.

“My parents’ wealth afforded me opportunities but didn’t give me a sense of direction or fulfillment. I had to discover my own passions and work toward building something meaningful,” he said. “The satisfaction of accomplishing goals through hard work was completely new to me.”

Rawal added that he wasn’t set up for long-term success. “While being raised in an affluent family provided privileges, it didn’t set me up for long-term success,” he said. “The skills I lacked — like budgeting, financial discipline and finding purpose — were much harder to develop as an adult. But going through that process gave me a much healthier perspective on money and a deeper appreciation for what really matters.”

For Rawal and others in his situation, it’s key to gain perspective about what money can and can’t provide. “For those raised in wealth, the biggest lesson is often learning that money alone does not solve life’s challenges or buy happiness. True success comes from within,” he said.

Financial Literacy Based on Modeling

“I grew up in a fairly wealthy family. My father and mother own their own businesses, real estate and were heavily invested in the stock market,” said Jordan Grumet, hospice doctor and author of The Purpose Code.

“What I generally found is that my parents modeled great behavior. They acted like rich people and thus as I got older, I tried to do the same things,” he said. “They saved and invested, so I saved and invested. They owned real estate, so I purchased real estate. They ran their own businesses, so I ran my own business.”

Grumet did see how his parents successfully managed their money but often lacked an understanding of how they did it. “While I think my parents modeled great behavior, they often didn’t tell me the exact how. I knew that investing in the stock market was important, but had no idea what stocks to pick,” he said.

It wasn’t until later that Grumet realized the lessons he didn’t learn. “Once I started buying property and being a landlord, I realized my parents had never really taught me the details needed to be a property owner,” he said. “The same goes for owning a business. My parents provided me with the path but never really taught me how to traverse it.”

Now that Grumet is a parent, he’s trying to teach his children these essential money lessons.

“As a parent myself, I try to teach my kids about money in three important ways,” he said. “Modeling: They see me earning, investing and creating wealth.”

Grumet said teaching is equally important. “I use didactic methods to sit them down and explain exactly what I am doing and why.”

And finally, he noted that experiential learning is vital to teach kids.

“I give them opportunities to manage money, invest and handle debt but in a safe way in which the consequences are minimal,” he said. “A good example is that when they were young we used to give them a yearly allowance and then let them self-budget.”

GoBankingRates

The Nigerian National Petroleum Company Limited (NNPCL) has declared a state of emergency on oil production, aiming to boost the country's crude oil output and grow its reserves. This announcement was made by the Group Chief Executive Officer of NNPCL, Mele Kyari, during his keynote address at the 23rd Nigeria Oil and Gas Conference and Exhibition Week in Abuja on Tuesday.

"We have decided to stop the debate. We have declared war on the challenges affecting our crude oil production. War means war. We have the right tools. We know what to fight. We know what we have to do at the level of assets. We have engaged our partners. And we will work together to improve the situation," Kyari stated.

Kyari highlighted that a thorough analysis of Nigeria's oil assets indicates the country can produce two million barrels of crude oil per day without deploying new rigs. However, the main obstacle to achieving this target is the industry's slow response to necessary actions.

He emphasized that the "war" will enable NNPCL and its partners to quickly address and eliminate all identified barriers to efficient production. This includes overcoming delays in procurement processes, which have been a significant challenge within the industry.

Aliko Dangote, president of the Dangote Group, says the increase of interest rate to almost 30 percent by the Central Bank of Nigeria (CBN) will stifle growth. 

Speaking on Tuesday during a three-day summit organised by the Manufacturers Association of Nigeria (MAN) in Abuja, Dangote said the country is battling “a very high” interest rate. 

In May, the monetary policy committee (MPC) of CBN raised interest rates from 24.75 percent to 26.25 percent

The business tycoon said he understands that the CBN aims to tame inflation by increasing interest rate.

“Right now, at 30 percent, there is no way anybody can create jobs. If the interest rate is 30 percent, there would not be any job creation because we are actually stifling growth,” he said.

“So, interest rates can remain at 30 percent but then no growth will happen unless that interest rate goes down.” 

‘DANGOTE CEMEMT AND TAXES’

The billionaire said Dangote Cement alone paid “more taxes” into the coffers of the government “than the entire banking industry” in 2023. 

Dangote also said protecting industries would not lead to monopoly, adding that it is common knowledge that foreign investors only enter the market when they see that local investors are also doing well.

“I am convinced that when government policy becomes more supportive and protective, investors will be more willing to collaborate and partner with the government in resolving other challenges such as infrastructure deficits, market instabilities and macro-economic issues such as inflation and foreign exchange volatilities,” he said.

The businessman reiterated that Nigeria has all it takes to develop and sustain a globally competitive manufacturing sector.

Dangote called for re-thinking of the country’s industrialisation policy, through learning from leading western and eastern countries that are actively protecting their domestic industries.

The Cable

The recent news of a 210% increase in capital importation to Nigeria in the first quarter of 2024 might, at first glance, seem like a cause for celebration. President Bola Tinubu's administration has been banking on foreign currency inflows to revitalize the struggling Nigerian economy and bolster the beleaguered Naira. However, a closer examination of the data reveals a less optimistic picture that demands a more nuanced approach to economic development.

The National Bureau of Statistics reports that total capital importation reached $3.38 billion, up from $1.09 billion in the previous quarter. While this surge appears impressive, the composition of these inflows raises serious concerns about their long-term impact on Nigeria's economic health.

Foreign portfolio investments (FPI) dominated the influx, accounting for a staggering 61.48% of the total. These short-term investments, while providing a temporary boost to the stock market and financial derivatives, are inherently volatile. They can exit the country as quickly as they entered, potentially leaving economic instability in their wake. The substantial portion of "other investments" (34.99%) likely falls into a similar category of transient capital.

Most troubling is the meager 3.53% share attributed to foreign direct investment (FDI). This paltry figure—amounting to just $119.18 million—represents the only portion of capital importation with the potential for lasting positive impact on the Nigerian economy. FDI is crucial for job creation, technology transfer, and expanding the country's productive capacity. Its absence speaks volumes about the persistent challenges in Nigeria's business environment.

The concentration of inflows in the banking and trading sectors, while neglecting critical areas like manufacturing, further underscores the speculative nature of this capital surge. Moreover, the geographic disparity in investment destinations—with Lagos and Abuja absorbing nearly all inflows—highlights the ongoing struggle to achieve balanced economic development across the nation.

President Tinubu's administration must recognize that chasing high capital importation figures without regard for their composition is a dangerous game. The government needs to pivot its focus towards creating an environment conducive to sustainable, long-term investments. This means addressing fundamental issues such as infrastructure deficits, regulatory inconsistencies, and security challenges that have long deterred serious foreign investors.

Policymakers should prioritize incentives and reforms that specifically target FDI in key productive sectors. Streamlining business registration processes, improving transparency in governance, and investing in human capital development are crucial steps. Additionally, efforts to diversify the economy beyond its traditional reliance on oil exports must be redoubled to create a more attractive and stable investment landscape.

While the headline figures of capital importation may provide a temporary boost to economic indicators, they mask the underlying weaknesses in Nigeria's economic structure. True progress will only come when the nation can consistently attract and retain investments that contribute to real economic growth, job creation, and improved living standards for its citizens.

The government must resist the temptation to celebrate this surge in capital importation as a sign of economic recovery. Instead, it should view these figures as a wake-up call—a clear indication that much work remains to be done in building a robust, diversified, and sustainable Nigerian economy that can compete on the global stage.​​​​​​​​​​​​​​​​