• Importation of devices drops by 45%, says player 
• Companies opt for fairly-used laptops as prices of new units rise by 300%
• Importers express frustrations, lament banks’ indifference to their pains
The protracted foreign exchange (FX) crisis has found expression in computer hardware and software, cutting consumer electronics importation by as much as 45 per cent.

Though there have been pockets of imports in the last four months, The Guardian learnt that the last time a container of computer and related devices were imported into the country was the last quarter of 2022.

A major importer and vendor at the Computer Village, Lagos, with offices spread across Nigeria, said it has been tough to import products, largely because of FX scarcity.

According to the major player, importation has reduced by as much as 45 per cent. He said players, who could fund sole importation previously, now must join forces with others.

The source, who preferred anonymity, said vendors are seriously battling a price crisis, which he said has negatively impacted importation.

With the country’s inflation at close to 30-year in February, according to the National Bureau of Statistics (NBS), major sectors are battling to survive. Prices of some essential commodities have gone up by over 200 per cent since last year.   

Consequently, people rather spend their lean incomes on essential consumption than on luxury items such as computers, smartphones and electronics.

While DataReportal puts smartphone penetration at about 18.9 per cent of the estimated 217 million population of Nigeria, prices have skyrocketed, making Nigerians either settle for fairly-used devices or feature phones. Airtel at a recent event said about 58 million Nigerians use feature phones.

Before the current crisis, the International Trade Centre (ITC) said $1.09 billion was spent on software acquisition and importation of computer services into Nigeria in five years.

Software and computer services worth $123.89 million were imported in 2016, the figure jumped to $216.57 million in 2017, $257.55 million in 2018 and dipped to $159.28 million in 2019, before skyrocketing to $336.43 million in 2020.

Last year, a report by Euromonitor International predicted that consumer electronics would suffer a seven-year low in Nigeria due to FX scarcity.

Consumer electronics are largely imported into Nigeria, Africa’s biggest economy. They include computers, laptops, smartphones, TVs, virtual cameras, air conditioners, dishwashers, refrigerators, washing machines, dryers and microwave ovens.   

Euromonitor said the picture was to be bleak for consumer electronics in 2023 and going forward, with overall volume sales expected to fall, saying the government inherited a sluggish economy, record debt, and shrinking oil output, due to creaking infrastructure.

The report said that the volume of electronics in the formal market could fall for the fifth straight year to 19.8 million units in 2023 from 20.3 million in 2022. Its value was, however, expected to increase by 25.6 per cent (on the back of low naira value) to N1.57 trillion.

The Euromonitor report showed that portable consumer electronics, which contributed the largest share, would fall to 18.1 million from 18.6 million, in-home consumer electronics would reduce to 1.5 million from 1.53 million, in-car entertainment is projected to decline to 26,800 from 26,900 but computers and peripherals to stay at 186,000.

There has been a sharp rise in electronics prices. A 65-inch smart Hisense TV, which was sold for N700000 in December has increased to about N1,050,000. Double-door refrigerators have also moved from N800,000 to about N2.05 million within a month.

Computer and phone devices have seen similar rates of increase in the past few months. Corroborating Euromonitor’s claims, the President of the Computer and Allied Product Dealers Association of Nigeria (CAPDAN), Ahmed Ojikutu, said the FX crisis has reached the rooftop for major players in Computer Village,

Ojikutu, who said prices of computers have increased by as much as 300 per cent, said because of this hike, some corporate organizations are fast settling for used computers, among other things.

“For instance, a laptop previously sold for N500,000 has now gone above N1 million. In that regard, that has not been favourable to the business community. You know the economic principle: the higher the price, the lower the quantity demanded. The level of order has been badly affected to the extent that people are now resulting in buying used products, which is not good for the ecosystem. Nigerians need to use modern systems because of the digital transformation agenda we are enthroning. The ICT sector is not a luxury anymore, it has become a necessity, an enabler for so many things,” he stated.

The CAPDAN president said companies are forced to cut their budgets, “they have approval now to buy used computers. At least, two companies have approached us on that. The issue is how many companies can afford to buy Core i5, the basic one, which was sold for N320,000 but bow offered for N700,000. The Pavilion which was sold for N460,000 in January, is now sold for N1.05. A desktop that was sold for N520,000 now sells above N1 million. Core i4 is above N1.5 million.” Ojikutu, who called for urgent intervention, said smartphones that were sold for cheaper prices then, are now priced above the rooftop.  

According to him, the Federal Government should, as a matter of urgency, stabilise the FX market. He said the implication would be weighty on the sector and the economy if nothing is done to stem the tide.

He said if a market lands a system for N500,000, later sold for N520,000, “the moment you sell and there is a profit of N20,000. If you are to buy the same product back, you will be buying at N600,000. Meaning, you have lost N80,000. Your profit and capital sunk because of the devaluation of the naira. This has affected the traders badly.”

Ojikutu disclosed the jump in price affected all the sub-sectors of the industry including software. He said what is still saving the software sub-sector is because they are not entirely relying on foreign knowledge, but the locals, who are developing products.

“We need to develop the knowledge economy by birthing enough programmers, software engineers, and coders. This will help the local economy and reduce capital flights and foreign expertise. We just need to look inward, same for the hardware sub-sector. We cannot be paying for licenses in dollars yearly or monthly,” he added.

Chairman and Chief Executive Officer, Machito Ebony and Sons Limited, Ikeja, Alaba Davis, said because of the economic situation, the firm delved into sale of used computers, first grades, brought in from UK and American markets used for about seven months to one year, stressing that most firms are not buying new products.

Davis said the forex crisis in the country has greatly impacted sales, where the dollar rose to about N1,800, while the pound sterling moved higher to about N2,300, limiting imports.  

While stressing the need to change the consuming nation tag culture of Nigeria, he said virtually everything done in Nigeria is through the dollar, making it for naira to widen. He said the challenge would linger for a long time because Nigeria cannot produce computers now. After all, no electricity to do that, describing the country as a generator economy.

Davis said before the market can stabilize, it could take another six to 12 months, saying: “The dollar-naira exchange has done more damage. Some of us bought goods when they were expensive. We even bought cash, buying dollars at a higher rate. Those who can enjoy it now are some, who bought on credit because they will be paying at a lower rate. If government can help stabilize the naira for at least the next three months, things will take shape, prices will come down because, we will have sold those we bought at higher rates and started bringing in at a reduced price, and by ending of the year into 2025, things would have been a bit better.”  

While not disputing a significant drop in the importation, the Machito Ebony and Sons Limited boss, said: “I did three imports this year and based on what we do, it could be different from others. We have dealers we buy things from in Nigeria. He imports and we just go and clear. They call it ‘back-to-back’. But there is another one, you can buy directly from wherever you get a good deal. The problem is that shipment is very expensive now. The two importations I did were from the UK. I was charged ‎£5 per kilo and other handling charges. So, if you are carrying goods of about 1000Kg, calculate the charges and then we are buying pounds for about N2,200. It makes everything go up.”

He called on the government to improve on security, especially around crude oil, stressing that most dollars come from that angle. He said Nigeria should secure the oil bases just like Saudi Arabia.

“While we pump about two million barrels per day, Saudi Arabia pumps over nine million barrels a day and they ensure they are not stolen. If we can secure that area, more dollars would come in,” he stated.

He said SMEs should also be helped, saying the players need single-digit loans, stressing that most times credits come from manufacturers and distributors, and they pay more when the economy is not stable.        

From his perspective, CAPDAN Public Relations Officer, Ademola Olaifa, said the importation of goods has been affected seriously by the depreciation of naira.

Olaifa said when we make an order at N1500/$ this week by next week that you planned to get the product, they will tell you it is now N1800/$, “it is that bad. We have faced these crises in the last four to six months. Not producing anything in Nigeria has become a major threat. To make matters worse, the banks are not giving out loans, if they give; it is usually at cutthroat. Government should shut down the black market or merge it with officials. We need a stable forex regime.”

Olaifa posited that the lingering forex scarcity and continuous depreciation of the Naira have left manufacturers bleeding and limited their capacity utilisation since the importation of non-locally produced critical input has become a nightmare.

The Guardian

The Senate, on Wednesday, said it would meet with President Bola Tinubu over the insecurity in Benue State and Nigeria at large.

The resolution of the Senate followed the report of a militia clash in Benue State, which left no fewer than 30 dead on Tuesday.

The Senate resolution followed a motion titled: “Motion On the Continuing Killings by Suspected Terrorists Parading as Herdsmen and Increasing Insecurity in Kwande, Ukum, Logo And Katsina-Ala Local Government Areas in the Benue North-East Senatorial District Of Benue State.”

The motion was brought by Emmanuel Udende, representing Benue North-East, under “Matters Of Urgent Public Importance Pursuant To Orders 41 And 51 of  the Senate Standing Orders 2023 (As Amended).”

Udende, in his lead debate, said that over 50 residents of the Logo and Katsina-Ala area of the state were killed by men who disguised as herders to unleash havoc on the communities.

A militia clash in the Ukum Local Government Area of Benue State on  Tuesday claimed no fewer than 30 lives, including a family of seven.

 The attack was said to have been perpetrated by rival militias led by the dreaded duo simply identified as ‘Full Fire’ and ‘Chain.’

One of the terrorist gang leaders was said to have hired the services of external bandits, invaded the Gbagir community in the Ukum LGA and engaged in a fight to oust another militia gang leader in the area.

It was gathered that most of the dead were members of the rival militia gangs, while about 12 innocent farmers were caught in the crossfire, which also left over 30 persons injured and many others declared missing.

A traditional ruler in the area, who spoke with our correspondent on Wednesday on the condition of anonymity, for fear of being a target, said the bloody fight started Tuesday morning after a Tiv militia leader in Ukum kidnapped another Fulani militia leader, identified as Alhaji Gana.

The monarch said, Gana was kidnapped alongside his family members, who were known for banditry and kidnappings by the rival gang from neighbouring Chinkai community in Wukari LGA of Taraba State.

He said, “After kidnapping them, he asked for N100m ransom but he was given N5m. After collecting the money, he killed the hostages.

“The murder of the hostages sparked outrage among his gang members in Taraba State. This happened over the weekend.

“What followed was that another militia gang leader in Ukum now went and joined forces with the Fulani militia gang in Taraba to help them eliminate the rival gang in Ukum that killed their leader, Gana.

“From what we gathered, over 40 persons who were mainly bandits have been killed, though we have a record of about 12 farmers who were caught in the crossfire. Over 30 others were injured while some are also missing.

“Sadly caught in the crossfire was a family of seven in Tse Adzandeh Mbasaa, Mbajiga, Ityuluv, Torov. They were all members of the Adzandeh family,” the monarch said.

The lawmaker representing Ukum State Constituency in the House of Assembly, Nyiyongo Ezra, said about 20 people were killed.

He said, “For now, I cannot tell you the cause of the attack but the information I got was that about 20 people were killed.”

The Force Commander, Operation Whirl Stroke, Sunday Igbinomwanhia, a major general, confirmed that 30 people were killed in the clash.

Fielding questions from journalists during a press conference held at the old Banquet Hall, Government House, Makurdi, the force commander said, “It was a clash between two militia groups resulting in deaths. We went there and for whatever reason they had the clash, I don’t know.

“But our initial visit revealed that 30 people were killed.”

On his part, the state Commissioner of Police, Emmanuel Adesina, said, “So far, we have recovered five corpses but a search for people is ongoing.”

At the Senate, the lawmaker representing Benue North-East lamented that the attack on the communities had gone unabated since Tuesday.

He said, “No fewer than 50 persons have been killed in fresh attacks on several communities in Kwande, Ukum, Logo and Katsina-Ala Local Government Areas of Benue State by terrorist parading as herdsmen;

 “The affected communities some of which were attacked as recently as yesterday, 5th March 2024 include Tyuluv, Borikyo, Kundav, Ugbaam, Uyam, Udedeku, Yaaiwa, Nyihemba, Tomatar, Menakwagh , Yiase and  Agura all in the Benue North-East Senatorial district of Benue State.

“Residents of the villages and communities now find themselves targeted daily by heavily-armed terrorist-herdsmen, and the toll continues to be staggering as they bear the brunt, with reports of marauders butchering several villagers, leaving many homes completely burnt down and numerous residents still missing while the perpetrators, however, remain elusive and have not been apprehended.”

The Senate, in its resolution, decided that its leadership will  “visit Mr president with all the resolutions on the motion towards ending the continued killings of farmers by armed herdsmen in Benue North-East and Nigeria at large.”

The resolution further read: “Convey condolence of the season to the people of Benue North-East Senatorial District. To lead a delegation to the Governor of Benue State to find out his efforts on the and challenges.”

The Red Chamber also added that “The Chief of Defence Staff,  Chief of Army Staff, Chief of Air Staff, the Inspector General of Police and heads of other security agencies to as a matter of urgency.

“Deploy security personnel to address the continuing and ongoing attacks by armed terrorists parading as herdsmen on communities in Kwande, Ukum, Logo and Katsina-Ala Local Government Areas of Benue State to flush out the herdsmen, stop the killings, and restore normalcy to the affected communities.

“Heighten surveillance and invest in surveillance technology and equipment to detect and prevent future attacks; review the security architecture in the area to forestall the continuous attacks.”

Punch

Pressure grows on Israel to open more aid routes into Gaza by land and sea as hunger spreads

Efforts to get desperately needed humanitarian aid to war-wracked northern Gaza gained momentum Wednesday with the European Union increasing pressure for the creation of a sea route from Cyprus to Gaza and British Foreign Minister David Cameron saying that Israel’s allies were losing patience.

While aid groups say all of Gaza is mired in a humanitarian crisis, the situation in the largely isolated north stands out. Many of the estimated 300,000 people still living there have been reduced to eating animal fodder to survive. The U.N. says that one in six children under the age of 2 in the north suffers from acute malnutrition.

Amid the global pressure to alleviate the crisis, two Israeli officials said Wednesday the government will begin allowing aid to move directly from its territory into northern Gaza and will also cooperate with the creation of the sea route from Cyprus.

Israel would allow 20 to 30 aid trucks to enter northern Gaza from Israel on Friday, the start of more regular deliveries via that route, one of the officials said. It will also begin doing security checks Sunday on aid in Cyprus before it’s delivered via sea to Gaza, the official said. The ship will be part of a pilot project to test the feasibility of the sea route. The aid is UAE-funded and made possible with US involvement.

The officials spoke on condition of anonymity because they were not authorized to discuss the upcoming shipments with the media.

Aid groups have said it has become nearly impossible to deliver supplies within most of Gaza because of the difficulty of coordinating with the Israeli military, the ongoing hostilities and the breakdown of public order. It is even more difficult to get aid to the north.

Trucks carrying humanitarian aid have to drive from the Rafah crossing with Egypt or the Kerem Shalom crossing with Israel, both on the southern edge of Gaza, through the conflict zone to reach the largely cut-off areas in the north.

Last week, an attempt by the Israeli military to facilitate the movement of aid ended in tragedy when more than 100 Palestinians were fatally shot by Israeli forces or trampled to death in a melee.

On Wednesday, hundreds of people ran along a seaside road on the outskirts of Gaza City to collect bags of flour and boxes of water and canned food donated by Turkey and Egypt and were part of a shipment trucked in from southern Gaza.

British Foreign Secretary David Cameron met with Benny Gantz, a visiting member of Israel’s war Cabinet, and pressed him to increase the flow of aid into Gaza.

“We are still not seeing improvements on the ground. This must change,” Cameron said in a statement posted on X, formerly known as Twitter.

South Africa, which filed a genocide case against Israel at the International Court of Justice, asked the court Wednesday to order Israel to allow in aid “to address famine and starvation” in Gaza.

Meanwhile, European Union Commission Chief Ursula von der Leyen will visit Cyprus on Friday to inspect installations at the port of Larnaca, from where aid would leave for Gaza if a sea route is established, Cypriot government spokesman Constantinos Letymbiotis said.

EU spokesman Eric Mamer said the bloc is hopeful the corridor will open “very soon.”

Concerned by the lack of access to food, the United States, Jordan and other nations have begun making air drops of aid in recent days, but aid groups say only a fraction of the needed assistance can be delivered by air.

The war began with a Hamas attack on southern Israel on Oct. 7 in which Palestinian militants killed around 1,200 people and took about 250 hostages. More than 100 of them were released during a weeklong cease-fire in November.

The attack sparked an Israeli invasion of the enclave of 2.3 million people. Gaza’s Health Ministry said Wednesday the Palestinian death toll from the war climbed to 30,717. The ministry is part of the Hamas-run government and maintains detailed casualty records. It does not differentiate between civilians and combatants in its tallies but says women and children make up around two-thirds of those killed.

Israel says it has killed over 13,000 Hamas fighters, without providing evidence.

Aid groups say the fighting has displaced most of the territory’s population and pushed a quarter of the population to the brink of famine.

Meanwhile, efforts to negotiate a cease-fire to start before the beginning of the Muslim holy month of Ramadan in a few days have so far borne no fruit. The U.S., Qatar and Egypt have worked on an agreement in which Hamas would release up to 40 hostages in return for a six-week cease-fire, the release of some Palestinian prisoners and a major influx of aid to Gaza. Hamas has said it wants a full end to the war and Israeli forces’ withdrawal.

AP

WESTERN PERSPECTIVE

Zelensky’s convoy narrowly avoids Russian missile

A Russian missile nearly hit a convoy carrying Volodymyr Zelensky to a meeting with the Greek prime minister in Odesa.

The strike landed “very close” to the Ukrainian president’s motorcade in the southern port city, Kyriakos Mitsotakis told reporters.

A Greek official later said it exploded just 300 metres from the Ukrainian president.

“We saw this strike today,” Mr Zelensky told an open-air news conference outside the ruins of the Transfiguration Cathedral, which was partially reduced to rubble in a Russian missile attack last summer.

“You see who we’re dealing with. They don’t care where they strike. I know there were casualties today. I don’t know all the details yet, but I know there were casualties – dead and wounded.”

Neither leader nor any members of their entourages were injured in the attack, which local media reports suggested was carried out with Iskander or Onyx missiles.

The Ukrainian president added: “Please accept my condolences but you see that they don’t care if these are military, civilians or international guests.

“Whoever it is, these people don’t care. They’ve either lost their minds or they’re completely out of control of what their terrorist army is doing. That’s what we’re seeing.”

Mr Mitsotakis said: “When we heard some sirens and shortly afterwards when we were going to our cars we heard a big explosion.

“For us it is the best reminder that there is a real war going on here. Every day. Which does not only affect the front.

“We didn’t have time to go to a protected place, it’s a very impressive experience,” he added.

The sound of air raid sirens followed by the deafening blast were clearly audible from central Odesa on several video clips shared via social media of the impact of the missile.

In one clip, gasps could be heard from a church congregation as the blast interrupted their service.

A photograph showed a plume of smoke blocking out sunlight over the city.

Five people were killed in the Russian attack on port infrastructure, according to a report by Ukrainska Pravda, citing Dmitry Pletenchuk, a Ukrainian naval spokesman.

Sirens sounded across the wider Odesa region at 10.41am local time, with the explosion rocking the city shortly after. Ukraine’s air force declared a ballistic missile warning four minutes later.

It was not clear whether the attack was aimed at Mr Zelensky, who was visiting the port in Odesa at the time.

The Ukrainian president’s aides did not immediately respond to questions over the strike.

Mr Zelensky has been subjected to at least a dozen failed assassination attempts since the start of the Russian invasion in February 2022, according to Mikhail Podolyak, his senior adviser.

Russia has not shied away from attacking major Ukrainian cities while overseas dignitaries are visiting.

Notably, a barrage of Russian missiles were aimed at Kyiv as a delegation of African leaders arrived in the capital in the hope of brokering peace talks between Russia and Ukraine. 

Earlier this month, Annalena Baerbock, the German foreign minister, cut her visit to the Ukrainian capital short after she was trailed by a Russian drone.

Ursula von der Leyen, the European Commission’s president, condemned the latest strike as “vile”.

“No one is intimidated by this new attempt at terror – certainly not the two leaders on the ground nor the brave people of Ukraine,” she wrote on X, formerly known as Twitter.

Odesa is considered symbolic for Athens after waves of Greeks arrived in the city in the eighteenth century. The Society of Friends, a revolutionary movement, which aimed to free Greece from the Ottoman empire, was later founded there.

Mr Mitsotakis, who has pledged to help rebuild the city, described it as a “vital hub of Hellenism on the shores of the Black Sea”.

Russia later claimed it had hit a hangar housing Ukrainian naval drones. The defence ministry said in a statement: “The goal has been achieved. The target has been hit.” 

05:19 PM

That’s all for today

Thank you for tuning in to today’s live blog. We’ll be back tomorrow bringing you all the latest from the Russia-Ukraine war.

Key moments from today:

Germany has “no need to apologise” for the release of a video call that accidentally leaked details of British “troops on the ground” in Ukraine, the country’s ambassador to the UK has said.

Ukraine has unveiled a new sea drone capable of striking from a distance of more than 1,100km.

Britain is prepared to loan Ukraine all frozen Russian central bank assets in the UK, Lord Cameron has said.

Russia is prepared to lose aircraft in order to continue its advance, a major think tank reported.

The West is “playing with fire” by discussing the idea of sending troops to Ukraine, Moscow has said.

A Russian Shahed drone attack on Sumy has left seven people injured, including a 10-year-old by, reports suggest.

A Ukrainian drone struck a Russian fuel and lubricants warehouse leaving it in flames.

Ukrainian shot down 38 out of 42 Russian drones launched overnight across eight regions of the country, the air force reported.

02:59 PM

Half of shells given to Russia by Kim Jong un are ‘duds’

Half of the 1.5 million artillery shells supplied to Russia by North Korea are duds, a Ukrainian intelligence chief has said.

The shells sent by Kim Jon-un to sustain Vladimir Putin’s war effort are more than half a century old and often do not work, Vadym Skibitsky, the deputy chief of Kyiv’s intelligence directorate, has said.

“As of today, taking into account the available statistics, Russia has already imported 1.5 million rounds of ammunition from the DPRK [Democratic People’s Republic of Korea],” he told Ukrainian media. “However, these shells were made in the 70s and 80s. Half of them do not work and the rest need to be either repaired or checked before being used.

“[North Korea] gives away old stuff … ramps up the domestic production and asks for certain technologies in exchange, particularly missile and submarine technologies with the aim of developing its own defence industry. This proves once again that Russia lacks its own production capacity for a rapid and powerful increase in missile production. If it did not, why would it ask North Korea?”

South Korea’s defence minister warned last month that Pyongyang has sent millions of artillery shells to Russia since Kim Jong Un met with Putin at a summit last September.

02:15 PM

No apology needed for leaking British military secrets, says German ambassador

Germany has “no need to apologise” for the release of a video call that accidentally leaked details of British “troops on the ground” in Ukraine, the country’s ambassador to the UK has said. 

Miguel Berger said that the leak was “a Russian hybrid attack” that aimed to “destabilise the West”, and that some reactions helped to achieve Russia’s aims. 

“We have to be careful not to fall into the Russian trap of creating division and regrettably some media and some people have fallen into this trap,” he told the BBC’s Today programme. 

In the leaked video call, the head of the German air force said Britain has “a few people on the ground [operating] in reachback” – a military term that suggests units deployed deep into Ukraine.

Military experts warned that the revelations put British troops at risk, as their role on the ground was previously assumed to be limited.

Former British Defence Secretary Ben Wallace has hit out at the leak, saying that the incident demonstrated Germany was “neither secure nor reliable”.

01:49 PM

Pictured: Ukraine unveils sea drones

Ukraine has unveiled a new sea drone capable of striking from a distance of more than 1,100km.

The Sea Baby drone, called “Avdiivka” was presented by Ukraine’s security service at an event in Kyiv.

“This is a drone with new, significantly improved seaworthiness and capabilities, which will definitely be able to deliver a payload of more than a ton,” Ukraine’s military counter-intelligence said.

Kyiv has gained the upper hand in the Black Sea in recent months, successfully deploying sea drones to wipe out Russia’s fleet. 

01:29 PM

Britain prepared to loan Ukraine frozen Russian assets, says Cameron

Britain is prepared to loan Ukraine all frozen Russian central bank assets in the UK, Lord Cameron has said.

The British foreign secretary said the assets would be used as surety on the basis that Russia will be forced to pay reparations at the end of the war, the Guardian reported.

Lord Cameron’s comments go further than Europen Union proposals for Ukraine to be given windfall profits from Russian central bank assets held by the West – which are estimated at $4 billion.

“There is an opportunity to use something like a syndicated loan or a bond that effectively uses the frozen Russian assets as a surety to give that money to the Ukrianians knowing that we will recoup it when reparations are paid by Russia,” Lord Cameron told peers.

“That may be a better way of doing it. We are aiming for the maximum amount of G7 and EU unity on this but if we cannot get it I think we will have to move ahead with allies that want to take this action.”

It is the first time the foreign secretary has spoken open;y about details of the proposal, which may prove necessary to implement should US congress continue to delay extending vital aid to Ukraine.

12:55 PM

Russia willing to lose aircraft in order to advance, says think tank

Russia is prepared to lose aircraft in order to continue its advance, a major think tank reported.

Russia is continuing to conduct bombing raids despite having several aircraft shot down in recent weeks, the Institute for the Study of War (ISW) said.

Late last month, The Ukrainian military reported that Russia had lost a total of 11 jets in two weeks, worth nearly £1 billion. 

Russian Su-34 and Su-35 bombers are conducting more than a hundred raids per day in order to bomb Ukrainian positions, media reports suggest.

Meanwhile Russian forces have deployed “more aggressive” air support on the frontlines to aid their advances in eastern Ukraine, the New York Times reported.

“The Russian command may have decided that the positive effects generated by such air operations outweigh the costs associated with flying such missions,” the ISW said.

12:21 PM

Russia warns West is ‘playing with fire’

The West is “playing with fire” by discussing the idea of sending troops to Ukraine, Moscow has said.

Dmitry Peskov, a Kremlin spokesman, said that Moscow is hearing “many contradictory statements” from the West about sending NATO troops to Ukraine and warned “they are all playing with fire.”

French President Emmanuel Macron said last month he could not rule out such a possibility, though other European NATO members and the United States said there were no such plans.

“The very fact of this discussion is dangerous,” said Mr Peskov, adding that a leaked recording of German officers discussing aid to Ukraine could lead to a “further degradation of the situation”, Russian state news agency Tass reported.

11:48 AM

Update: Seven injured in Russian drone strike, including 10-year-old boy

A Russian Shahed drone attack on Sumy has left seven people injured, including a 10-year-old by, reports suggest.

Three drone strikes across the city targeted apartments, a pre-school and 10 vehicles, leaving buildings in rubble.

“Seven people have sought medical assistance, including a 10-year-old boy,” regional officials said.

Elsewhere, a 63-year-old woman died as a result of shelling in Ocheretynsk, Donetsk.

The village came under fire at around 9.30am local time this morning, and the woman died on her way to hospital. 

11:36 AM

Moldova to sign security deal with France amid growing Russian threat

Moldova and France will sign a defence cooperation accord on Thursday as part of the West’s efforts to strengthen the former Soviet state’s capabilities amid increasing interference by Russia.

Moldova, a western neighbour of Ukraine, has a tiny defence budget and has long had tense relations with Moscow, which have worsened since Chisinau backed Ukraine in the war against Russia.

The French presidency said in a statement that defence and economic cooperation accords would be signed when President Emmanuel Macron meets his Moldovan counterpart Maia Sandu in Paris.

The agreement comes after Moldova’s intelligence agency warned that Russia will seek to destabilise the country as it prepares for a presidential election and a referendum on EU membership.

“The details point to strategies for 2024 and 2025 that involve supporting pro-Russian political actors with ties to intelligence services, organized crime groups, and Kremlin leadership,” Alexandru Musteata, the head of the Moldovan intelligence agency, said.

11:10 AM

Russia will destroy US jets in Ukraine, says Moscow

Russia will shoot down American plans in Ukraine, the Kremlin reported.

Dmitry Peskov, a Kremlin spokesman, said that Russia will do everything to ensure that American plans that encroach on Russian territory “burn and crash”. This includes Ukraine, Reuters reported.

Mr Peskov added that that Russia is destroying and will continue to destroy American tanks in its special operations, and the same will happen with American aircraft.

10:49 AM

Nato threats ‘won’t go unanswered’, says Moscow

Russia has warned it will respond to threats made against it by Nato.

Maria Zakharova, a spokeswoman for the Russian Foreign Ministry said that Moscow had never wanted conflict with Nato, the US or Ukraine but that threats made against it “would not go unanswered”.

Her comments come after Emmanuel Macron, the French President, faced criticism from Nato and EU partners after he suggested it might be necessary to send ground troops to Ukraine.

Despite the looming threat of nuclear war should Russia continue its imperial expansion into Nato territory, Dmitry Peskov, the Kremlin spokesman, poured cold water on the prospect today.

Mr Peskov described the “routinisation” of the topic of nuclear war in the West extremely dangerous, Tass, the Russian state news agency, reported.

10:14 AM

Ukrainian drones strikes Russian lubricant warehouse

A Ukrainian drone struck a Russian fuel and lubricants warehouse leaving it in flames on Wednesday morning.

The governor of Russia’s Kursk region, which borders Ukraine, said that no one had been injured and that a fuel tank was on fire in the Kursk region, around 56 miles from the Ukrainian frontier.

Russian Telegram channels published video of a large fire and damage to a building at what they said was an ore refinery in the district, which is known for its iron mines.

Ukrainian attacks have repeatedly hit Russian oil refineries and other energy infrastructure in recent weeks, particularly in the Kursk region.

Ukrainian drones were also downed in Russia’s Belgorod and Voronezh regions, according to local authorities.

The drones downed over Voronezh had been trying to attack a military airbase and an oil depot, locals said.

09:33 AM

Kremlin dismisses ICC arrest warrants for officers

The Kremlin has said it does not recognise the International Criminal Court’s arrest warrants for two Russian officers over their actions in the Ukraine conflict.

“We are not participants” in the court’s founding treaty, Dmitry Peskov, the Kremlin spokesman, told reporters. “We don’t recognise this,” he added, referring to the arrest warrants issued on Tuesday.

09:18 AM

Ukraine in pictures

Here is a roundup of the latest photographs from the frontline Ukraine. 

08:51 AM

Power in Crimea cut off

Large areas of Crimea have had its power supply cut off after a series of Ukrainian drone attacks overnight. 

Locals reported hearing explosions and sounds of active air defence systems, according to the Odessa-based media outlet Dumskaya. 

The Moldavanka district and part of the city centre are without power.

08:26 AM

Putin’s spy chief scolds Macron for extremely dangerous remark on Ukraine

Russian President Vladimir Putin’s foreign intelligence chief has said French President Emmanuel Macron’s refusal to rule out sending European troops to fight Russian soldiers in Ukraine was extremely dangerous and irresponsible.

Mr Macron said last month that there was no consensus on sending European troops to fight in Ukraine but that nothing should be excluded, though the United States and other European members of the alliance have said there were no plans to do so.

Asked about Mr Macron’s remarks, Sergei Naryshkin, the head of Russia’s Foreign Intelligence Service (SVR), the main successor to the KGB’s First Directorate foreign spying section, said they were deeply irresponsible.

“This shows the high degree of political irresponsibility of Europe’s leaders today, in this case, the president of France,” Naryshkin told state television in remarks on Tuesday. “These statements are extremely dangerous.”

“It is sad to see this, sad to observe and sad to understand that the ability of current elites in Europe and the North Atlantic to negotiate is at a very low level,” he said. “They more and more rarely demonstrate any common sense at all.”

08:00 AM

Ukrainian air defence downs 38 of 42 Russian drones

Ukrainian air defence shot down 38 out of 42 Russian drones launched overnight to target eight regions across the country, the air force said on Wednesday.

It is one of the largest Russian drone attacks on the Ukrainian regions in the past several weeks.

The air force said the Shahed kamikaze drones were downed over the south, centre, west, and northeast of the country. Air alerts in some regions lasted for more than two hours.

Regional officials in Sumy in the northeast reported several drone hits in different parts of the city but gave no details on the damage or casualties.

In the Kharkiv region a school building was damaged in the attack and a power line was hit in the Dnipropetrovsk region, regional officials said.

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RUSSIAN PERSPECTIVE

Ukraine plans new counteroffensive – ground forces commander

Ukraine plans to reorganize its troops and launch a new counteroffensive this year, the commander of the country’s ground forces has said.

Speaking to ICTV on Wednesday, Lieutenant General Aleksandr Pavlyuk said that the most pressing goal is to stop the Russian advances and to regroup Ukrainian units so that the battered forces could be pulled back from the front line and replenished. It would then allow to “create a strike group and carry out counter-strike actions.”

“I think we will stabilize the situation shortly,” Pavlyuk said, adding that the command is trying to “do everything possible to prepare the troops for more active actions, and to seize the initiative.”

The Ukrainian army has been losing ground in the Donbass where Russian forces seized the heavily fortified city of Avdeevka last month. The loss occurred amid Kiev’s worsening ammunition shortage and the delays in the deliveries of Western military aid.

Ukraine’s last major counteroffensive ended in a failure, resulting in heavy casualties and the destruction of many of the Western-supplies tanks and other hardware.

The much-anticipated operation began in June 2023 and effectively ground to a halt in the fall of that year, as Ukrainian armored units struggled to cross thick minefields and were ultimately not strong enough to break through Russian fortified positions. More than 166,000 Ukrainian soldiers were killed or wounded during last year’s counteroffensive, according to the estimates by the Russian Defense Ministry.

Ukrainian war effort has been further hampered by the months of in-fighting in US Congress, with Republican legislators blocking the $61 billion worth of additional military aid.

The Telegraph/RT

Here is what happens every single time a Nigerian “big man” and the common man enter a contest of wills: the ethically bereft Nigerian police is more than likely to fight the battles of the rich and powerful than to side with justice or even common sense. We saw that happen in the case of Mrs Aisha Buhari, who was enraged when a random guy on Twitter body-shamed her. We have also seen instances when Christian and Muslim clerics (this column has addressed several cases) use their almighty influence with the police to arrest and detain people over what should have been treated as mere civil cases.

Recently, the police arrested 25 women who were protesting hardship and hunger in Niger State. You wonder, do the issues against which these women are publicly demonstrating not affect even those officers? The police officers are suffering along with millions of Nigerians, yet their response to the protesters of a joint cause was aggression.

Yes, their stated reason for arresting those women was that they attacked the police. Now, it is not only unbelievable that women ranging between 30 and late 50s would “turn violent” against the police, I also find it quite laughable that the police’s report of the “dangerous weapons” on these women—and this is quoting directly from the police statement—are “a bench and a stick used as barricade, three knives, one scissors, one cutlass, one saw blade, one iron pipe, four other sticks, two wraps of Indian hemp, charms, etc.”

Reading that, you question whether those women were truly arrested because they threatened the officers with “dangerous weapons,” or that their public demonstration exploded the political establishment’s insistence that all is well within the country.

The singer Davido frequently shares a disturbing story about his billionaire father using the police to arrest his people to dissuade him from taking up a singing career. It is telling that we live in a jungle when a father uses supposed instruments of justice to oppress people going about their way just to discipline his own son. When a society gets to the point where accounts of outright power abuse like that are narrated without moral compunction, and the media too reports it as entertainment, then you know how much the people lack a sense of justice.

The same impunity is playing out in the ongoing case of Chioma Egodi who wrote a review of a tomato, and the CEO of the company producing the item Eric Umeofia who was slighted by her temerity enough to use the police to hound her. The high-handedness of the police makes you wonder what exactly is in it for them that they turned themselves into the villains in this story. Had the case not involved a big man, would they have deployed so many resources over it?

If the Nigerian police had a sense of justice or even proportion, they would simply have encouraged Umeofia to pursue a civil case. By running the big man’s errands against a fellow Nigerian, they leave you no doubt which God they truly serve. The way they arrested Egodi, transferred her to the FCT, detained her, and later maintained a standoff at her apartment for over 10 hours, you would think they were dealing with a case of terrorism. Our police (including other security agencies like the DSS) can be unethical. Their professional instincts are too raw; their uncultured self constantly grates the refined surface of democracy.

As for those who suggest Egodi should apologise to Umeofia so the case can die, I hope you have thought through what you are encouraging.

First, given our kind of society, we must always be mindful that certain resolutions create precedents. Ours is a country where inept politicians, forever seeking to distract attention from their serial failures, blame social media for all the vices in the land. If you make the mistake of justifying someone’s oppression because of their social media posts, you may be loading the very weapon that the likes of Femi Gbajabiamila—one of those seeking means to launch a malicious social media agenda regulation—will one day put to your head. A case like this will be their reference point on how far they can go to beat down anyone who ruffles their small feathers. And please, do not think anyone is immune from such oppressiveness. Who would have imagined that the police would one day go crazy over a tomato review?

Second, Umeofia does not seem like the kind of person with whom anyone can reason. In his interview with Arise TV, he swore he would rather die than be persuaded to give up his pursuit of Egodi. One cannot but wonder how bored a CEO must be when he has time and ego to commit to such a trivial matter. A more discreet response to Egodi and the matter would have been long dissolved in one of the endless chatters that flow through social media every moment. In any case, my earnest plea to Umeofia is for him not to die. We need him to live so his intransigence can become a metaphor. His fly that listens to no adviser will end up as a social media meme.

As for the ‘both-sideists’ waiting for me to chide Egodi, please know I do not think she did anything wrong. Yeah, this is merely a needless literalisation of an everyday expression. Even if she had used the word “killing” as the man inferred from her Facebook post, taking it as murdering people is merely an overinterpretation. We frequently use the word “kill” in contexts that have little or nothing to do with literal deaths. When we say, “Lagos traffic is killing people,” does that mean they are dropping dead on the highway? Some of us grew up with parents who, in moments of exasperation, shout, “You this child will kuku not kill me!” Were they talking about actual deaths? The famous Fugees song, “Killing me softly,” was it about murder?

Listening to the people overstretching the meaning of Egodi’s Facebook post just to defend police abuse, you wonder if this is a matter of half-education or just another instance of the Nigerian habit of siding with power. The average Nigerian fetishises power so much that our people will argue against their own best interests. Our police, I admit, is a reflection of our social orientation.

For the rest of us, the proper course of action is to donate money toward Ms Egodi’s legal funds. If you believe in justice and democracy, then please support her case through the courts. No one contests that Umeofia has the right to pursue his case even all the way through to the Supreme Court. Let the courts be the ones to determine that we no longer have rights, not the police playing a villainous role in the whole matter. They should stand down all the muscular displays and treat this as if the two people involved in the case are social equals.

We do not need to like Ms Egodi or her opinions but supporting her right to free speech is a moral duty. When Nigeria gets to the point that we can no longer express ourselves because some high-on-power police officers are going to come barging through our doors, then we might as well have returned to living under military rule. No, this is democracy; we should be free to explore the bounds of our freedom. Nigeria’s democracy might not have done much for us in terms of citizenship, but we still have free speech. The messengers of darkness cannot degenerate our economy, politics, and values and still deny us rights. On this, we must maintain our stand on the resolute ground of principle.

Punch

Some executives disconnect from the job, while others rethink their work.

Hello and welcome to Modern CEO! I’m Stephanie Mehta, CEO and chief content officer of Mansueto Ventures. Each week this newsletter explores inclusive approaches to leadership drawn from conversations with executives and entrepreneurs, and from the pages of Inc. and Fast Company. If you received this newsletter from a friend, you can sign up to get it yourself every Monday morning.

Last month Modern CEO highlighted the topic of executive burnout, noting that 19 of the CEOs tracked in Challenger, Gray, and Christmas’s annual turnover report died on the job in 2023. We asked readers for their tips to achieve work-life balance. Some wrote in with advice on how to disengage from work, while others shared advice on how to make their jobs more manageable. Here are four insights that stand out:

Take breaks—and delegate

Beth Hollenberg, cofounder and CEO of education technology company Everspring, says her cofounder left the company due to burnout. To avoid the same fate, she and her husband limit conversations about business at home, and she takes what she calls “mini work vacations”— finding time during business trips to do “something offbeat and fun”—such as exploring a local museum, taking a walk, or visiting a bookstore or restaurant. At work, she delegates. “End every meeting with a ‘next steps’ recap . . . delivered by someone other than you,” she advises. “Delegating the tactical management of large projects and issues helps ‘unclutter’ my desk and my thinking, allowing me to focus on the things that are most impactful and that require my unique attention.”

Be present in your adventures

Paul LaPiana, head of brand, product, and affiliated distribution at insurance and financial services company MassMutual, wrote about his passion for outdoor adventure, highlighting a six-day, 1,000-mile dirt bike ride he took last year. “No matter the outdoor adventure, my favorite part is being present in the moment to reset my mind and body. And being outside is a great reminder that we truly are part of something bigger than ourselves,” he says, adding that the reset helps him “stay in the moment” at work, too.

Share your self-care

Stéphane Lefebvre, CEO of Cirque du Soleil, and Cesar Carvalho, CEO of wellness company Gympass, both recommended publicizing their self-care routines to set good examples for their employees. “If I’m doing a workout, meditation class, or other wellness activity, I treat it with the same level of importance as a board meeting and put a well-being hold on my calendar, and I encourage my entire team to do the same,” Carvalho says.

Lefebvre says: “As CEOs, our actions set the tone for our organization’s culture. By prioritizing your own well-being and openly discussing the importance of self-care, you inspire your team members to do the same.”

Celebrate your wins

Many CEOs feel pressure to deliver sustained high performance at work, which contributes to burnout. When it comes to stress reduction, though, Lefebvre counsels celebrating small wins. “Acknowledge and celebrate the progress you make in prioritizing self-care,” he says. “Whether it’s completing a meditation session or achieving a personal best in your run, take time to recognize and appreciate these accomplishments.”

Fast Company

Boko Haram insurgents have reportedly abducted dozens of female internally displaced persons (IDPs) in Ngala, the headquaters of Gambarou Ngala in Borno State, a local source told Daily Trust.

A security source, who confided in our correspondent, also confirmed the abduction but said, “what we heard is around 113” were abducted

However, a source from the Babban Sansani IDPs camp, told our correspondent that the incident happened last Sunday, when the women went to fetch firewood in the bush for domestic and commercial purposes.

“They were surrounded by the insurgents in Bula kunte bush in the western part of Ngala town. They freed the old-aged and entered the bush with 319 abled young girls and some young boys.

“But, three of the girls who escaped and returned to Ngala said the boys (insurgents) took them to a bush close to Bukar-mairam village in Chad republic.

“They escaped in the dead of night after the insurgents fell asleep, trekking for two days before they arrived in Ngala.

“Most of the IDP girls abducted were from Babban Sansani camp, and the rest from Zulum and Arabic camps.

“They went to the bush to fetch firewood for sale because the food we are getting from the camp is not enough to feed us. Life is so difficult here,” he said.

Another source from the security said they always warned the IDPs against going to some areas in the bush for fear of attack.

“We always warn them to stay within safe areas, but it’s the economic pressure that forces most of them to go. They have no means of livelihood other than cutting off the tree for sale.

“A small measure of corn flour is sold at N2,200 where can they get the money to buy? We can’t stop them if we can’t feed them,” he said.

This is one of the major abductions that took place in Borno, since the kidnapping of 276 girls of Government Girls Secondary School, Chibok, on the night of 14 April 2014.

Daily Trust

Manufacturers Association of Nigeria has said that 767 manufacturers shut down operations while 335 became distressed in 2023.

This came against the backdrop of exchange rate volatility, rising inflation and other economic challenges that have worsened the investment climate.

MAN stated this in a statement in which it condemned the recently introduced Expatriate Employment Levy by the Federal Government.

The association said it was struck with disbelief, seeing that the levy runs contrary to President Bola Tinubu’s Renewed Hope Agenda and the kernel of his Fiscal Policy and Tax Reform initiative.

According to MAN, the unintended negative consequences on the manufacturing sector are humongous and cannot be accommodated at this time of evident downturn in our economy.

The statement read in part, “The imposition of EEL poses a potential impact on the manufacturing sector and the economy at large.

“This will in turn mark an unwarranted and unprecedented addition to the cost of doing business in Nigeria, especially to manufacturers. The manufacturing sector is already beset with multidimensional challenges. In the year 2023, 335 manufacturing companies became distressed and 767 shut down.”

The statement further noted that capacity utilisation in the sector has declined to 56 per cent amid rising interest rates and scarcity of forex needed to import raw materials and machinery.

It added, “Inventory of unsold finished products has increased to N350bn and the real growth has dropped to 2.4 per cent.”

MAN also said it was concerned that the EEL contradicts our international trade agreements and the obligations contained therein.

It argued that Nigeria is a signatory to the African Continental Free Trade Area agreement, which seeks to promote the free movement of skilled labour across the continent, which is complemented by non-discriminatory measures against fellow Africans.

The association expressed worry that the introduction of the levy could trigger retaliatory measures against Nigerians working across Africa and other nations of the world and may also frustrate regional integration efforts and portray Nigeria as a spoiler among her peers.

“We are equally worried that the imposition of such a levy could have far-reaching implications for our national economy and potentially exert pressure on our national currency could be introduced through a Handbook, rather than a law enacted by the National Assembly.

This levy, if not reversed, might expose the Federal Government to a plethora of lawsuits that would  distract Government from the task of salvaging the current dire situation of our economy,” the statement added.

In its recommendation, MAN urged the president to direct that the implementation of the Expatriate Employment Levy be discontinued.

The Expatriate Employment Levy, a new policy introduced by the Federal Government aims to address wage gaps between expatriates and the Nigerian Labor force while encouraging skills transfer and the employment of qualified Nigerians in foreign-owned companies.

The new levy is $10,000 for staff and $15,000 for directors. This represents a significant shift from the $2,000 paid by foreign nationals for the Combined Expatriate Residence Permit and Alien Card.

However, the introduction of the EEL has been met with strong criticism from members of Nigeria’s Organised Private Sector, who argue that the policy may negatively affect Foreign Direct Investments in the country.

In a statement signed by its Director-General, Chinyere Almona the Lagos Chamber of Commerce and Industry said it is concerned about the likely perception by foreign investors that the Nigerian government is not accommodating to foreign workers.

The chamber expressed concern that this perception would be harmful to our drive for Foreign Direct Investments inflows.

The statement read in part, “The Expatriate Employment Levy may cause unintended consequences that may trigger the relocation of foreign companies to neighbouring countries that present a more conducive and less expensive environment for business.

“The imposition of this levy may likely spark retaliatory actions taken by other countries by imposing levies on foreigners and particularly targeting Nigerian workers. This will in turn affect diaspora remittances from Nigerian workers resident in other countries.”

In the same vein, the Centre for the Promotion of Private Enterprise, in a statement signed by its Chief Executive Officer, Muda Yusuf, criticised the new policy directive.

The Centre said that the policy could be a major setback for the continental economic integration vision.

The statement read, “There are serious implications for diaspora Nigerians. The policy may trigger reciprocal actions from other countries and this may affect Nigerians in the diaspora.

“There are currently over 17 million Nigerians in various countries around the world doing extremely well in the fields of education, medicine, health, sports, media & entertainment, leadership & politics, finance, science & ICT, transportation, tourism, industry and agribusiness.”

Punch

Guaranty Trust Bank (GTB) subsidiary in Ghana says it is working with relevant government agencies and customers in the country to resolve the trade-related issues in no time.

On February 4, 2024, the Central Bank of Ghana suspended the foreign exchange (FX) trading licences of two Nigerian-owned banks over “fraudulent documentation” during operations.

The suspension, which is to take effect on March 18, 2023, and last for one month, involves GTBank and First Bank of Nigeria (FBN).

However, in a statement on Tuesday, GTBank assured customers that the suspension would not affect other  services 

“We would like to assure all our esteemed customers and stakeholders that we are currently working with the relevant government agencies and customers with a view to resolving these trade-related issues timely,” GTBank said.

‘’Our customers and stakeholders are our primary responsibility and, Guaranty Trust Bank Ghana would like to clarify that this development does not affect customers’ own deposits and other business segments of our operations.

“All other products and services, Main branches, Agency Banking outlets are available for your convenient use at our regular opening hours and our Mobile Apps and Internet banking are available for your use at any time of the day.

“We further assure our customers that the issue was not a function of willful non-compliance by the Bank, as the Bank has a culture that endeavours to comply with regulations at all times and stringent Anti-money laundering CFT policies which are applied across all our operations.

“We are also in ongoing consultations and discussions with the Central Bank of Ghana to fully resolve all matters raised in the shortest possible time.”

The bank said it remained committed to being a constructive participant in Ghana’s financial markets and to contributing to its developments in the interest of all its customers and stakeholders.

LIKE GTB, FBN ASSURES OF WORKING TO ADDRESS ISSUE 

On its part, FBN Ghana, on Monday, also reaffirmed its willingness to resolve the FX trading licence suspension.

The bank said all branches would be open for operations as usual.

“We refer to the Bank of Ghana’s announcement of the 30-day suspension of our Foreign Exchange Trading Licence effective March 18, 2024,” FBN said.

“We would like to advise our valued customers and esteemed stakeholders that we are working with the Bank of Ghana to remediate the identified trade-related matters.

“FBNBank would like to assure its valued customers that when the suspension kicks in, the Bank’s other business segments and solutions will be fully operational. This will include branch operations, agent banking partners and channels for seamless banking.”

FBN said it will continue to uphold high ethical standards.

The Cable

Cryptocurrency giant Binance has said it will discontinue all its naira services, days after two of its officials were detained in Nigeria.

The world’s biggest cryptocurrency exchange has already told its Nigerian users to either withdraw their naira deposits, trade their assets denominated in the currency or convert their naira holdings into crypto before the discontinuation comes into effect on Friday.

“From 2024-03-08 08:00 (UTC), any remaining NGN balances in users’ Binance accounts will be automatically converted to USDT,” Binance said in a statement posted on its website on Tuesday.

The federal government blocked access to the platform in February, noting that the platform was used to funnel illicit funds to terrorists.

Bayo Onanuga, a spokesman for President Bola Tinubu said Binance could wreck the Nigerian economy if not tamed.

The governor of the Central Bank OF Nigeria, Yemi Cardoso has said that Binance operations in Nigeria have been used to funnel “illicit” funds.

Cardoso also said that $26 billion flowed through Binance Nigeria in one year from unverifiable sources.

The crypto exchange said it will no longer support deposits of naira after “2024-03-05 14:00 (UTC) while the withdrawals of NGN will not be supported after 2024-03-08 06:00 (UTC).”

Binance further said that after March 8 08:00 (UTC), it will convert any remaining NGN balances in users’ Spot and Funding wallets into USDT on behalf of users at a ratio of 1 USDT = 1,515.13 NGN.

It urged users to note that the conversion rate is calculated based on the average closing price of the USDT/NGN trading pair on Binance Spot in the last seven days.

According to the statement, the conversion may take approximately up to 24 hours or longer because USDT tokens will be credited to users’ Spot wallets thereafter, and users can confirm receipt of the tokens via the Convert History page.

It added that if users hold less than 0.00000001 USDT worth of NGN in their Spot and Funding wallets, they will each receive 0.00000001 USDT in their Spot wallets after the conversion.

Binance also announced that it will delist all existing NGN spot trading pairs (i.e., BTC/NGN and USDT/NGN) at 2024-03-07 (March 7) 03:00 (UTC).

It further warned users that all open spot orders with respect to the above trading pairs will automatically be closed when trading ceases in the relevant trading pair.

Binance also called on users to ensure that they have not selected “Hide Small Balances” in all of their wallets to view their assets after trading ceases.

Also according to the statement, Binance Convert will delist NGN and all corresponding pairs at 2024-03-07 02:00 (UTC). Binance P2P had already delisted all NGN trading pairs at 2024-02-28 15:00 (UTC).

Binance Auto-Invest will delist NGN after 2024-03-06 (March 6) 03:00 (UTC). Binance said users may choose to remove the plan(s) beforehand otherwise, the next recurring cycle of the aforementioned token(s) will fail.

Binance further announced that it will remove NGN from the list of supported payment options on Binance Pay at 2024-03-06 03:00 (UTC).

“We thank you for your support as we continue to build the crypto ecosystem in a way that promotes transparency and long-term, sustainable growth,” the Binance Team added.

The Guardian