The Nigerian National Petroleum Company (NNPC) Ltd is currently scouting for a fresh $2 billion loan in Europe, TheCable understands.

This will be repaid with 35,000 barrels per day over the tenor of the loan, insiders have told TheCable.

Reuters recently reported that Mele Kyari, group chief executive officer (GCEO) of NNPC, was in talks for a new oil-backed loan to finance the firm’s operations.

Given the low number of NNPC’s share of oil production in the country, the proposed deal will significantly affect what is available to the national oil company, which has been mandated to supply crude to Dangote refinery, payable in naira.

Although Nigeria’s current output is estimated at 1.3 million barrels per day, the country’s share of it is thought to be less than half because of the nature of the production sharing contracts (PSCs) that govern offshore production where most of the drilling takes place.

A large chunk of Nigeria’s share is already committed to various loans and crude swap agreements to import petrol which is then sold at averagely N700 per litre, although the landing cost is over N1,000 per litre.

The NNPC has consistently denied suggestions that petrol is still subsidised.

TheCable understands that top NNPC officials are currently in Europe to source the loans and are targeting Standard Chartered Bank in the UK.

There is yet no significant progress, insiders said.

THE AFREXIMBANK DEAL

The latest development is not the first time the national oil firm will be running to lenders for financial support using Nigeria’s most vital economic resource as a repayment plan.

In August 2023, the NNPC secured a $3 billion crude-backed loan from the African Export-Import Bank (Afreximbank) to support the naira and stabilise the foreign exchange (FX) market.

In the deal, the oil company pledged a total of 164.25 million barrels of crude oil — at 90,000 barrels per day — starting from 2024 to repay the loan through Project Gazelle Funding Ltd, a special purpose vehicle (SPV) incorporated in the Bahamas.

In January, Afreximbank announced the first disbursement of $2.25 billion under the crude oil prepayment facility. The lender also paid out an additional $925 million in June.

DANGOTE REFINERY VS OIL INDUSTRY REGULATORS

In the past weeks, Nigerians have witnessed a bitter brawl between the Dangote refinery and industry regulators, drawing stakeholders’ attention across the board.

The refinery has been unable to source crude locally but it has now been resolved that the NNPC should prioritise local refineries, including Dangote.

The refinery will buy the crude in naira and save Nigeria over $610 million in hard currency monthly on fuel imports, according to Zach Adedeji, chairman of the Federal Inland Revenue Service (FIRS).

On July 22, Aliko Dangote, chairman of the refinery, had alleged that some officials of the NNPC, oil traders and terminals have a blending plant in Malta.

An oil blending plant has no refining capability but can be used to blend re-refined oil (a used motor oil that has been treated to remove dirt, fuel, and water) with additives to create finished lubricant products.

The allegation marked the climax of a conflict that was stoked by claims by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) that local refineries — including the Dangote refinery — produce substandard petroleum products.

In his defence, Mele Kyari, the group chief executive officer (GCEO) of NNPC said he does not own a blending plant in Malta. He also denied knowing of any employee of the oil firm that operates such a facility.

The house of representatives joint committee on petroleum resources (downstream and midstream) is currently investigating several claims relating to the dispute — including the alleged production of inferior products by local refineries, the “indiscriminate” issuance of licences, and the importation of substandard petroleum products into Nigeria.

The Cable

Slain Hamas leader Haniyeh buried in Qatar amid vows of revenge against Israel

Hamas' top leader Ismail Haniyeh was buried in Qatar on Friday following his assassination in the Iranian capital Tehran, and his possible succcessor told mourners his death would only make the Palestinian militant group more determined in its struggle against Israel.

Haniyeh's death was one in a series of killings of senior Hamas figures as the war in Gaza between Hamas and Israel nears its 11th month and concern grows that the conflict is spreading across the Middle East.

Hamas and Iran have both accused Israel of carrying out the assassination and have pledged to retaliate against their foe. Israel has not claimed responsibility for the death nor denied it.

Haniyeh was laid to rest in a cemetery in the city of Lusail after a funeral ceremony at the Iman Mohamed Ibn Abd Al-Wahhab Mosque in Qatar's capital Doha.

His coffin, draped in the Palestinian flag, was carried in a procession past hundreds of people along with the casket of his bodyguard, who was killed in the same attack in Tehran on Wednesday.

Mourners at the ceremony included Khaled Meshaal, who is tipped to be the new Hamas leader. Other senior Hamas officials and Qatar's Emir Sheikh Tamim bin Hamad al-Thani also attended.

Speaking at the mosque, where Haniyeh's body was laid for prayers, Meshaal said his death would only make the group more determined to continue its fight for a free Palestine. There would be no concessions over its principles and no recognition of Israel, he said.

"Palestine will remain from the river to the sea...and the Zionists (Israel) have no place on the land of Palestine, regardless of how many they kill of us," Meshaal said in a video released by Hamas.

Haniyeh's death was a big loss to the movement but it would not alter their course, he said.

"Our enemies don't learn the lesson, they have been killing our leaders for over 100 years, what happened? When a leader ascends (to heaven) another leader comes," he said.

Senior Hamas official Sami Abu Zuhri told Reuters by phone: "Our message to the occupation (Israel) today is that you are sinking deep in the mud and your end is getting closer than ever. The blood of Haniyeh will change all equations."

Haniyeh was killed by a missile that hit him directly in a state guesthouse in Tehran where he was staying, senior Hamas official Khalil Al-Hayya said in Tehran.

The strike was one of several recent hits that have killed senior figures in Hamas or the Lebanese movement Hezbollah in a conflict that is now stretching from Gaza to the Red Sea and the Lebanon-Israel border and beyond.

In the United States, U.S. President Joe Biden said Haniyeh's killing was not helpful to international efforts to secure a ceasefire in the war in Gaza.

"It doesn't help," Biden told reporters on Thursday, when asked if the action ruined the chances of a truce.

Qatar has been leading the peace effort along with Egypt and the United States, Israel's main ally.

WIDOW MOURNS

Haniyeh was the face of Hamas' international diplomacy as an Israeli offensive destroyed Gaza.

He was seen by many diplomats as a pragmatist compared to the more hardline members of the Iran-backed group inside Gaza, although some Israeli commentators have said he was considered by some on the Israeli side as an obstacle to a deal.

Three of his sons were killed in an Israeli airstrike in the besieged enclave in April along with four of his grandchildren, Hamas said.

For Palestinian supporters, the Hamas leadership are fighters for liberation from Israeli occupation, keeping their cause alive when international diplomacy has failed them.

To Israelis and Western states, the Iran-backed Hamas, which has directed suicide bombings in Israel and fought frequent wars against it, is a terrorist group bent on Israel's destruction.

Appointed to the Hamas top job in 2017, Haniyeh moved between Turkey and Doha, escaping the travel curbs of the blockaded Gaza Strip.

In May, the International Criminal Court prosecutor's office requested arrest warrants for three Hamas leaders, including Haniyeh, as well as Israeli Prime Minister Benjamin Netanyahu for alleged war crimes. Israel and Palestinian leaders have dismissed the allegations.

Israel has announced that an air strike it mounted last month assassinated Hamas military leader Mohammed Deif in Gaza. Hamas has not confirmed or denied the death of Deif.

Hezbollah said that its senior military commander Fuad Shukr had been killed in an Israeli strike on a building in Beirut on Tuesday and it vowed a "definite" response to his killing.

** Hezbollah resumes steady rocket, artillery fire against Israel

Hezbollah forces on Friday resumed rocket and artillery attacks against Israel, ending the lull along the border following Israel's killing of the Lebanese group's military commander in Beirut.

Hezbollah said it had fired a surface-to-air missile at an Israeli warplane flying in Lebanese airspace overnight and forced it to turn back. Its forces also carried out two artillery attacks and two rocket strikes at military positions in northern Israel, it said.

The Israeli military said in a statement it had successfully intercepted an aerial target coming from Lebanon into the Israeli-occupied Golan Heights.

Israeli airstrikes and artillery fire hit several villages in southern Lebanon on Friday, according to Lebanese state media, a day after an Israeli strike killed at least five Syrian migrant workers in southern Lebanon, according to medics.

The Israeli military also said it had hit two Hezbollah fighters in southern Lebanon.

Hezbollah leader Sayyed Hassan Nasrallah said in an address on Thursday that he had ordered calm along the border following the Israeli airstrike in Beirut on Tuesday that killed military commander Fuad Shukr out of respect for the victims and to consider what the next steps should be.

The strike on the Hezbollah stronghold of Dahiyeh in Beirut's southern suburbs also killed an Iranian military adviser and five civilians.

Nasrallah said Hezbollah would retaliate but it would need to study what their response would be, and would otherwise resume its usual military operations against Israel.

Hezbollah and the Israeli military have been trading fire for nearly 10 months in parallel with the Gaza war, with exchanges mostly limited to the border area.

But strikes since last week have threatened to tip the conflict into a full-scale regional war.

Israel and the United States have accused Hezbollah of killing 12 youths in a July 27 rocket attack on the Israeli-occupied Golan Heights, a claim Hezbollah has denied.

The United Nations peacekeeping force in Lebanon, known as UNIFIL, told Reuters on Friday it had not investigated the incident as the Israeli-occupied Golan is outside its mandated area of operations.

WESTERN PERSPECTIVE

Russian troops inch forward in Ukraine's east with waves of bombs and infantry

Russian assaults are raising pressure on the strategic eastern logistics hub of Pokrovsk, Ukraine said on Friday, as waves of guided bombs and infantry lead to some of Moscow's largest territorial gains since the spring.

The push is fuelling a surge in civilians fleeing, with requests for evacuation in the area increasing about tenfold over the past two weeks, according to a volunteer helping people leave.

Russian forces have been steadily inching forward on several fronts in the eastern Donetsk region, staging particularly fierce attacks near Pokrovsk with Kyiv's troops stretched thin 29 months since Russia's full-scale invasion.

Russia's gains of around 57 square km (22 square miles) in the space of a week are the third largest recorded since April after they made only modest gains in June, Pasi Paroinen, an analyst with the Black Bird Group, told Reuters.

Russian forces are using warplanes and artillery fire to support waves of infantry assaults in the area near Pokrovsk, Ruslan Muzychuk, a spokesperson for Ukraine's National Guard said in televised remarks.

"These assaults are not always supported by armoured vehicles, often it is infantry assaults," he said, flagging the bombing by Russian warplanes as a particular problem.

"It's a significant threat ... because the Pokrovsk and Toretsk fronts are taking a large share of the daily aviation strikes carried out on the positions of Ukrainian defenders."

Russia's Ministry of Defence said its forces had captured five settlements in the Donetsk region in the past week.

Russia's use of warplanes to fire guided bombs was crucial for Moscow's battlefield tactics, said Valeriy Romanenko, a Kyiv-based aviation expert, who compared it to a "conveyor belt".

"The Russians are not piercing our defence, they are pushing it back. They are advancing 100, 150, 200 metres every day using this tactic: dropping guided bombs, then a 'meat assault', (and if those are) repelled, dropping guided bombs again, a 'meat assault' again."

He said the supply of U.S. F-16 fighters to Ukraine could disrupt that dynamic if the jets were able to threaten Russian warplanes, but that such operations were unlikely for now given the risk it would present for the new pilots operating expensive jets.

Paroinen said the Russian offensives around the settlements of Toretsk and Niu York as well as the one to the east of Pokrovsk around the villages of Ocheretyne and Prohres had created a "double crisis" for Ukraine towards the end of June.

That, he said, followed the Russian offensive into the northeastern Kharkiv region, which was halted by Ukraine, but opened a new front and spread the defenders extremely thin.

'THEY ARE DESTROYING EVERYTHING'

Roman Buhayov, an evacuation driver from humanitarian organization East SOS, told Reuters that the number of requests for evacuation in the area had increased about tenfold over the past two weeks.

On Friday, he drove a bus evacuating residents from Novohrodivka, a town with a pre-war population of some 14,000 near Pokrovsk. It now lies around 10 km from the front line, which inches closer each day.

Antonina Kalashnikova, 62, and her disabled son Denys, 34, evacuated their pummelled home by taking Buhayov's bus to Pokrovsk where she spoke to Reuters.

Together with their neighbour, they arrived to the town with all of their possessions reduced to a few market bags before continuing their journey to the southern city of Mykolaiv.

"They started bombing heavily and it became extremely frightening. We didn't sleep all night, and we decided to leave," Kalashnikova said. "They are destroying everything."

RUSSIAN PERSPECTIVE

Russia pounds Ukrainian military enterprises, troop deployment sites over week — top brass

Russian troops delivered 11 strikes by precision weapons and unmanned aerial vehicles (UAVs) against Ukrainian military-industrial enterprises, military trains, troop and mercenaries’ deployment sites over the past week in the special military operation in Ukraine, Russia’s Defense Ministry reported on Friday.

"On July 27 - August 2, the Russian Armed Forces delivered 11 combined strikes by precision weapons and attack unmanned aerial vehicles, hitting Ukrainian military-industrial enterprises engaged in the production and repair of armor, assembly workshops and storage sites of attack UAVs. In addition, the strikes targeted depots storing ammunition, air-launched weapons and missile/artillery armament, military trains and temporary deployment sites of the Ukrainian army and foreign mercenaries," the ministry said in a statement.

Ukrainian army loses 13,570 troops in all frontline areas over week

The Ukrainian army lost roughly 13,570 troops in battles with Russian forces in all the frontline areas over the past week, according to the latest data released by Russia’s Defense Ministry.

The data show that on July 27 - August 2 the Ukrainian army suffered roughly 1,755 casualties from Russia’s Battlegroup North, 3,605 casualties from the Battlegroup West, 4,020 casualties from the Battlegroup South, 2,635 casualties from the Battlegroup Center, 905 casualties from the Battlegroup East and 650 casualties from the Battlegroup Dnepr.

Russia’s Battlegroup North inflicts 1,755 casualties on Ukrainian army over week

Russia’s Battlegroup North repelled 27 Ukrainian army counterattacks and inflicted roughly 1,755 casualties on enemy troops in its area of responsibility over the past week, the ministry reported.

"During the week, Battlegroup North units inflicted damage on manpower and equipment of a mechanized brigade, an assault brigade, a motorized infantry brigade, an air assault brigade and an infantry brigade of the Ukrainian army, a marine infantry brigade, three territorial defense brigades and a National Guard brigade. They repelled 27 enemy counterattacks," the ministry said.

The Ukrainian army’s losses in that frontline area over the week amounted to 1,755 personnel, two tanks, six armored combat vehicles, including a Turkish-made Kirpi armored vehicle and two US-made HMMWV armored vehicles, 12 motor vehicles and 20 field artillery guns, among them five Western-made 155mm howitzers and self-propelled artillery guns, it specified.

In addition, Russian forces destroyed six field ammunition depots of the Ukrainian army over the week, the ministry said.

Russia’s Battlegroup West inflicts 3,605 casualties on Ukrainian army over week

Russia’s Battlegroup West inflicted roughly 3,605 casualties on Ukrainian troops in its area of responsibility over the past week, the ministry reported.

"Battlegroup West units gained more advantageous frontiers and positions and inflicted casualties on formations of three mechanized brigades and an assault brigade of the Ukrainian army, three territorial defense brigades and also nationalists of the Azov brigade [outlawed in Russia as a terrorist organization]. They repulsed 12 counterattacks by enemy assault groups," the ministry said.

The Ukrainian army’s losses in that frontline area over the past week amounted to 3,605 personnel, five tanks, eight armored combat vehicles, 66 motor vehicles, 41 field artillery guns, including 13 Western-and Ukrainian-made 155mm self-propelled artillery systems and howitzers, it specified.

In addition, Russian troops destroyed 10 electronic warfare systems and counterbattery radar stations and 22 field ammunition depots of the Ukrainian army, the ministry said.

Russia’s Battlegroup South inflicts 4,020 casualties on Ukrainian army over week

Russia’s Battlegroup South inflicted roughly 4,020 casualties on Ukrainian troops and destroyed a German-made Leopard tank in its area of responsibility over the week, the ministry reported.

"Battlegroup South units improved their forward edge positions as a result of active operations. They inflicted damage on manpower and equipment of four mechanized, two air assault, two airmobile brigades and an assault brigade of the Ukrainian army. They repelled five enemy counterattacks," the ministry said.

The Ukrainian army’s losses in that frontline area over the past week amounted to 4,020 personnel and two tanks, including a German-made Leopard tank. The Ukrainian army also lost 10 armored combat vehicles, among them three US-made M113 armored personnel carriers, 19 motor vehicles and 68 field artillery guns, including 33 Western-made weapons, it specified.

"Nine electronic warfare systems and counterbattery radar stations and 20 field ammunition depots were destroyed," the ministry said.

Russia’s Battlegroup Center liberates five communities in DPR over week

Russia’s Battlegroup Center liberated five communities in the Donetsk People’s Republic (DPR) over the past week, the ministry reported.

"Battlegroup Center units liberated the settlements of Lozovatskoye, Progress, Yevgenovka, Volchye and Leninskoye in the Donetsk People’s Republic in active operations," the ministry said.

Reuters/Tass

A man in the Indian state of Bihar gave a snake a taste of its own proverbial venom by biting it to death, local media reported on Friday.

According to local reports, Santosh Lohar, a worker employed on a railroad project in Rajouli, was sleeping at his base camp earlier this week when the incident occurred. A snake, presumed to be venomous, decided to snack on the sleeping man, entering the tent and biting him.

Santosh woke up and attacked the reptile, slamming it with an iron rod and biting it back several times. The snake was fatally injured and died on the spot.

The laborer claimed that he responded the way he did in accordance with a local custom.

“In my village, there’s a belief that if a snake bites you, you must bite it back twice to neutralize the venom,” he stated.

Given the dubious reliability of the folk remedy, many locals doubted the reptile was venomous in the first place. Santosh has been hospitalized for his snake bite wound and is now recovering.

Russia Today

A commonly used blood thinner can be used as an antidote to cobra venom, an international study has found, research that a Queenslandexpert has called “really exciting”.

In the study, published in the Journal of Science Translational Medicine on Thursday, Prof Nicholas Casewell described snakebites as the “deadliest of neglected tropical diseases, with its burden landing overwhelmingly on rural communities in low and middle income countries”.

Cobra bites are usually treated using antivenom administered through an intravenous drip, meaning the drug reaches the bloodstream rather than the tissue. Antivenom treatments are therefore ineffective in treating necrosis, the irreversible death of body tissue, which can lead to amputation or a loss of limb function. Treatment is also expensive, and it can take days for patients to get to a hospital.

The lead author of the study, Tian Du from the University of Sydney, said if human trials were successful, heparin – a blood thinner that can directly reach infected tissue – could be used on-site, most likely in combination with other drugs.

Du said after successful human trials, heparin, which is a World HealthOrganization-listed essential medicine, could be rolled out relatively quickly to become a cheap, safe and effective drug for treating cobra bites.

While she said it was unclear at this stage how much heparin would reduce tissue damage, she was hopeful that damage will be reduced by 50% to 100%, depending on the dosage and how quickly the drug is delivered.

The WHO has announced a goal of halving the number of deaths and disability due to snakebites by 2030, having recognised snakebites as a priority among neglected tropical diseases. While the number of people bitten by cobras is unclear, cobra species account for most snakebite incidents in parts of India and Africa.

The research team analysed which genes are targeted by snake venom. They then identified these genes are responsible for producing heparan sulfate on the surface of cells, as well as heparin sulfate, which is released in an immune response. Heparin acts as a decoy antidote binding to and neutralising toxins within the venom which causes tissue damage.

The researchers used the same method to find an antidote to box jellyfish venom in 2019, and are working on finding similar antidotes for Australian black snakes and blue bottle stings.

Associate Prof Bryan Fry, a venom expert at the University of Queensland who wasn’t involved in the study, said the research was “really exciting stuff”.

“Cobra venoms cause profound local tissue damage … it’s like you’ve injected the person with acid,” he said. “This is the first study of its type with this particular toxin class and the action that it has.”

The Guardian, UK

FCT Abuja: The protests in Abuja were marked by roadblocks on major roads, particularly the Zuba-Kubwa expressway, where protesters restricted access except for vehicles with leaves. Security forces struggled to disperse the groups, which kept regrouping. In Asokoro, protesters defied gunshots and teargas, marching towards the seat of power and causing significant disruptions. A PREMIUM TIMES journalist was attacked and injured by police while covering the protests.

Lagos State: Protests in Lagos saw police dispersing crowds with teargas at the Lekki tollgate, a site of significance from the 2020 anti-police brutality protests. Demonstrations occurred in Ikeja, Ojota, and Lekki despite a court order restricting protests to designated parks.

Niger State: Soldiers reopened the Abuja-Kaduna highway after protesters had blocked it for hours. There were reports of deaths and arrests following confrontations between security forces and protesters. Hoodlums set part of the Tafa LGA secretariat on fire, leading to 11 arrests.

Nasarawa State: Thousands of youths blocked the Makurdi/Jos highway, making it difficult for security operatives to manage the situation. Protesters held placards demanding President Tinubu's resignation and the reversal of fuel subsidy removal.

Borno State: A 24-hour curfew was declared in response to a bomb explosion and ongoing protests. The curfew was intended to restore peace and order.

Kano State: Violent protests in Kano resulted in the death of one person and the burning of a filling station and the NCC office. The governor declared a 24-hour curfew to curb the escalating violence.

Yobe State: In Potiskum, protesters set seven buses ablaze, prompting a 24-hour curfew in several towns. Security forces struggled to control the violence.

Katsina State: Protests near former President Buhari's residence involved bonfires and chants against hunger and bad governance. The APC office in Dutsinma was burnt, one protester was killed, and a police officer was injured as protests turned violent. Commercial activities were halted as protesters demanded government action on hunger, insecurity, and fuel subsidy restoration.

Oyo State: Hundreds of young people and residents marched across major roads in Ibadan, protesting poor governance and hunger. They demanded the scrapping of the 1999 Constitution, investment in education, reversal of fuel prices, and food price control. The protests were peaceful, with no injuries or acts of violence reported. The protesters vowed to continue until their demands are met.

Overall, the protests highlighted widespread dissatisfaction with the government, marked by significant disruptions, clashes with security forces, and sporadic violence across multiple states.

Akwa Ibom:

- Low protest turnout due to rain.

- Confusion over protest location, initially set at Plaza but changed to Cenotaph.

- Protesters demand end to bad governance, criticize temporary palliatives.

Delta State:

- Four journalists attacked by anti-protesters in Asaba.

- Protesters in Port Harcourt called for constitutional change and reversal of fuel subsidy removal.

Warri and Surrounding Areas:

- Residents avoided protest due to heavy security presence.

- Limited commercial activities and high fuel prices reported.

- Protests in Ughelli and Sapele started late but remained peaceful.

Rivers State

- Governor Fubara appealed for peace, promising improvements in governance.

- Shops, banks, and public offices shut, reflecting widespread support for the protest.

- Protesters in Bayelsa clashed with youths opposed to the hunger protest but were protected by police.

- In Ughelli North, protesters were teargassed by security agents, leading to tyre burning and road blockades.

Edo State:

- Streets deserted in Benin City as major roads and businesses closed.

- Heavy security presence at government buildings.

- Protesters gathered peacefully, demanding better governance and reduced fuel prices.

- Skirmishes reported in outskirts with hoodlums attempting to hijack the protest.

We the undersigned, Nigerian Baptists home and abroad, read with great interest the recent communication penned by the President of the Nigerian Baptist Convention, Israel Akanji. In the communication addressed to "the entire Nigerian Baptist Convention family", and under the title "On the planned protest", Akanji raised concerns about the nationwide protest being organised by a coalition of Nigerian civil society groups, and scheduled to commence on Thursday 1st August, 2024. The Convention President asserted, inter alia, that the protest was being "awaited" by people desperate to unleash violence on "our beautiful nation". He was also emphatic in his conviction that "the outcome of the protest will draw our nation many decades backward". In one of the more telling passages in this communication, the Convention president, in reference to 1 Timothy 2:1-3, declared that "there is no way one can be steeped in this word of God and other similar Scriptures and continue to advocate for a protest, which one can predict would be hijacked".

We found the intervention of the Convention President to be deeply concerning and unsettling, not least because of the timing and context. We fear that our respected President has regrettably positioned himself on the wrong side of history on this matter. We are sad that the Convention president has not only missed a historic opportunity to identify with longsuffering citizens in their time of distress, but he has doubled down on the hapless citizens, invoking the Scriptures to delegitimise their cries for help. Our Baptist leader appears to have ignored the spirit and intent of the mandate to "seek justice. Defend the Oppressed. Take up the cause of the fatherless; plead the case of the widow" (Isaiah 1:17). In the circumstances, it behoves on us as joint heirs of the Grace of God in Christ Jesus, to raise our considered and conscientious objections to the President's letter, and in support of the rights, nay duty, of citizens to use every peaceful means to call elected leaders to account and demand better governance and improved outcomes for all.

We set out our key positions as follows, in response to the major issues raised by the president:

1. Organised citizens protest is a tried, trusted and effective instrument in a representative democracy: We take exception to the suggestion that organised citizens protest is inherently an invitation or incitement to violence. On the contrary, citizens protest is one of the most effective, peaceful instruments through which citizens can seek accountability and better performance from their elected leaders who derive their mandate from the people in the first instance. This is a cardinal principle of liberal democracy. And it bears emphasizing that, for all the dissatisfaction and anger that precipitates protests, citizen protest is ultimately a fundamental act of faith of citizens that their country can be better, and that elected leaders can do better and must therefore do better. Citizen protest is a patriotic repudiation of mediocrity. Peaceful protest is also a rejection of violence as an instrument of change. It deserves commendation, not condemnation. While understanding that peaceful protests are always at the risk of being hijacked by violent people, it is the government's responsibility to provide security and protection to citizens exercising their fundamental rights to protest.

2. Prayers and protests are mutually reinforcing, not mutually exclusive: Akanji cited 1 Timothy 2:1-3 to support his position that believers who embrace the biblical call to prayer and intercession cannot at the same time be advocates of protests. We consider this to be a regrettable interpretation that does not align with closer and deeper engagement with that and similar Scriptures. Citizens protests are in the finest biblical traditions, and they often go hand in hand with prayers. It was in the place of prayer that Moses was encouraged to confront Pharaoh and make petitions on behalf of the people. The Old Testament prophets were never shy to confront national leaders who did wrong or needed to do better, and Apostle Paul protested his poor treatment in the hands of the Roman authorities when he was jailed (Acts 16:35-39). It is our view that, alongside effective fervent prayers, the peaceful protests of righteous people indeed avails much (James 5:16). Our Baptist history is replete with inspiring examples of this, notably the example of Civil Rights Movement led by the renowned Baptist pastor, Martin Luther King Jr, who originally launched the Southern Christian Leadership Conference (SCLC) to organise the successful Montgomery Bus Boycott. And lest we forget, King was denounced as a rabble rouser by none other than fellow clergymen, who have since stood condemned on the wrong side of history. We pray history is not repeating itself.

3). Peaceful protesters are history makers*: Peaceful protesters, in the mould of King and others like him, are among the world's greatest history makers. They summon us to a vision of the world that can be shaped without violence or shedding blood. They show us that, indeed, power flows not from the barrel of a gun but from the voices of conscious citizens. These patriots risk their necks, driven by the dreams of a better future not just for themselves but also for posterity. At this point we cannot but draw attention to the story of the famine in Samaria (2 Kings 6 &7) cited in your communication. It is indeed true that the situation of the nation in question was turned around overnight, but that was not before four leprous men challenged themselves, saying "why do we sit here until we die?" (2 Kings 7:3). These ordinary people took the risks, approached the camp of the Syrians, and brought about a great turnaround for their country. They are the real heroes, instruments in God's hands, tired of the status quo, and powered by faith in God and their dreams of a better future.

We conclude by saying, sir: citizen protesters are neither the enemy nor the problem of the Nigerian state. They are not insurrectionists, neither are they bandits or armed terrorists, of which Nigeria is not in short supply. The planned protest is, in fact, a teachable moment for Nigeria as a nation. It sends the right and timely message that aggrieved citizens need not take up arms against the State in order to give voices to their dissatisfaction and demand for better governance. They need not be militants or bandits before they can get the audience and ears of government. Therefore, the government of President Bola Tinubu has an important role to play, including through provision and guarantee of security for protesting citizens, to send a clear and unequivocal message, that in "our beautiful country", there will always be room and audience for peaceful citizen protesters. The government should not fluff their lines.

Those who want to protest have the right to do so, just like those who don't want to. Both categories are found in the Nigerian Baptist Convention churches. They should be allowed to exercise their choices.

Signed:

Seun Kolade,  Wolverhampton, United Kingdom

Wale Fatade, Isolo, Lagos Nigeria

Endorsed and co-signed by:

Victor Adebiyi, Texas US

Bola Makinde, Lagos Nigeria

Kunle Adedeji, Oyo Nigeria

Ifeoluwa Alabi, London UK

Olusola Ojediran, Lagos Nigeria

Segun Akindele, Ile Ife, Nigeria

Yinka Kotoye, Lagos Nigeria

Abiodun Egbetokun, Leicester UK

Femi Adeleke, Wolverhampton UK

Tinuke Adeleke, Wolverhampton UK

Ashimije Rufus, Wolverhampton, UK

Recent data from the Central Bank of Nigeria (CBN) has unveiled a striking milestone in the nation’s financial landscape. As of June 2024, the currency in circulation (CIC) reached an unprecedented N4.05 trillion, marking a dramatic 56 per cent increase from N2.6 trillion in the same month the previous year. This figure represents the highest level of CIC ever recorded in Nigeria.

The CIC encompasses both the currency held outside the banking system and the vault cash maintained by banks. Notably, this surge represents a 2 per cent month-on-month growth from May 2024, when the CIC was N3.65 trillion.

The data reveals a staggering 94 per cent of the CIC—amounting to N3.79 trillion—is now held outside the banking sector. This marks more than a fourfold increase in the amount of cash held outside banks over the past year. This dramatic rise highlights a significant trend towards cash hoarding, driven by a combination of factors including public skepticism about the banking sector, inflationary pressures, and a widespread preference for cash transactions.

While an increase in CIC may signal robust economic activity and consumer spending, it also carries notable risks. A surge in cash supply can intensify inflationary pressures. Nigeria’s inflation rate, which reached 34.19 per cent in June 2024, up from 22.79 per cent in the same month the previous year, reflects these growing concerns.

The high rate of cash hoarding is attributed to multiple factors. Public mistrust in the banking system, fears about rising inflation, and a preference for physical cash in daily transactions have all contributed to this trend. The inflation rate has risen sharply, with June 2024’s rate being 11.40 percentage points higher than in June 2023.

On a month-to-month basis, the headline inflation rate climbed to 2.31 per cent in June 2024, a slight increase from May 2024’s rate of 2.14 per cent. If the growth in money supply continues unchecked, it could lead to further inflationary pressures.

Analysts at Coronation Research cautioned that if this increase in money supply is not counterbalanced by a corresponding rise in production, it could erode purchasing power and exacerbate the cost of living, particularly impacting lower-income households. The current economic conditions underscore the need for careful monetary management to mitigate the adverse effects of rising inflation and ensure economic stability.

Meanwhile, the Central Bank of Nigeria (CBN), yesterday, stated that it will collaborate with the Securities and Exchange Commission (SEC) to implement measures that protect foreign investors from devaluation losses.

This initiative, it said, is part of a broader effort to encourage foreign direct investments (FDIs) and bolster confidence in the Nigerian financial system. Its Governor, Olayemi Cardoso, stated this at the Afrinvest 2024 Nigerian Banking Sector Report Launch themed; Bank Recapitalisation: Catalyst for a $1 trillion Economy? which held in Abuja on Wednesday.

Whilst commending Afrinvest for creating a platform where experts and stakeholders can discuss the financial landscape in Nigeria, Cardoso who was represented by the Acting Director, Financial Policy and Regulation Department, John Onoja, noted that although several banks are currently raising funds through the capital market, the apex bank is providing guidance and reviewing their capital plans.

He explained that the CBN remains conscious of imported capital from foreign investors and assured them that they will not face devaluation losses on their investments, with plans in place to work with the SEC to implement these protections.

“They will be able to go back home with their currency and value at which they brought it into the country. We have taken note of that and we are working with the SEC to ensure that that is done”, Cardoso stated.

The CBN Governor also revealed that it is collaborating with other financial institutions, including the Nigeria Deposit Insurance Corporation (NDIC), SEC, Nigerian Exchange Limited (NGX), fiscal authorities, and the National Assembly, to ensure proper oversight while adding that only qualified individuals participate in the ongoing recapitalization exercise.

He said, “We will vigorously enforce our fit and proper person criteria for new shareholders, board members, senior management to ensure that there are no illicit funds that will flow into the system”.

Whilst stating that the apex bank is committed to supporting investments in Nigeria, with an emphasis on creating an inclusive economic growth environment, Cardoso said, “Between 2010 and 2015, records have shown that investments in bank shares yielded an average of 17 per cent per annum and so the recapitalization exercise of the banking sector is a pivotal strategy aimed at strengthening the resilience of the Nigerian banks and promoting sound financial system in Nigeria and support the government’s goal of achieving the $1 trillion economy by 2030.

So, we are glad that the recapitalization drive has already attracted foreign direct investments (FDIs) and improved foreign exchange liquidity as well as boosted sectors in the economy already”.

He further clarified that the recapitalization exercise for Nigerian banks, announced last year, was not unexpected as the banks were given advance notice.

According to him, the recapitalization exercise is designed to strengthen the banking sector’s capacity to absorb economic shocks and enhance their lending abilities.

Sun

Mohammed Deif: Hamas military leader and Oct 7 mastermind  was killed in Gaza airstrike, Israel says

The head of Hamas' military wing, Mohammed Deif, was killed in an Israeli airstrike in Gaza last month, the Israeli military said on Thursday, a day after the group's political leader was assassinated in Tehran.

Deif is believed to have been one of the masterminds of Hamas' Oct. 7 attack on southern Israel that triggered war in the Palestinian enclave.

"The IDF (Israel Defence Forces) announces that on July 13th, 2024, IDF fighter jets struck in the area of Khan Yunis, and following an intelligence assessment, it can be confirmed that Mohammed Deif was eliminated in the strike," the military said.

Hamas neither confirmed nor denied the killing of Deif, but one official, Ezzat Rashaq, said any word on deaths of its leaders was its responsibility alone.

"Unless either of them (the Hamas political and military leadership) announces it, no news published in the media or by any other parties can be confirmed," Rashaq said.

The Israeli announcement came as crowds gathered in the Iranian capital for the funeral procession of Hamas' political leader, Ismail Haniyeh.

Iran and Hamas have blamed Haniyeh's killing on Israel, which has neither denied nor confirmed a role in the assassination. Israel did however confirm it killed a senior commander of the Lebanese Hezbollah movement in Beirut on Tuesday.

Hezbollah and Hamas are backed by Iran. The latest killings have raised concern of a further escalation in hostilities in the Middle East, with threats of revenge against Israel, which has said it does not seek regional war but that it would respond forcefully to any attack.

"Israel is in a state of very high readiness for any scenario – on both defence and offence," Prime Minister Benjamin Netanyau said following a meeting with the Home Command. "We will exact a very high price for any act of aggression against us from any quarter whatsoever."

STRING OF DEATHS

On Thursday, Hamas official Sami Abu Zuhri said Haniyeh's death would not weaken the group's fighters in Gaza.

"Despite the crime, Hamas remains strong and the confrontation in Gaza is continuing," he said.

But his death was the latest in a series that has targeted the group's leaders. Haniyeh's deputy, Saleh al-Arouri, was killed in a drone strike in Beirut in January. In March, Israel said it had killed Marwan Issa, Deif's deputy.

The United States confirmed Issa's death in an Israeli operation. Hamas has neither confirmed nor denied his death.

Israeli Defence Minister Yoav Gallant said Deif's death was a milestone in Israel's goal of destroying Hamas' military wing, known as Al-Qassam Brigades.

"Hamas is disintegrating," Gallant said on X. "Hamas terrorists may either surrender or they will be eliminated."

One of Hamas' most dominant figures, Deif rose through the group's ranks over 30 years, developing its network of tunnels and its bomb-making expertise.

He has topped Israel's most wanted list for decades, held personally responsible for the deaths of dozens of Israelis in suicide bombings. Scores of Palestinians were killed in the airstrike that killed him, medics in Gaza say.

The other mastermind of the Oct. 7 attack, Yahaya Sinwar, is still believed to be directing military operations, possibly from bunkers beneath Gaza, while playing a leading role in indirect negotiations with Israel for a prisoner swap deal.

But now on the 300th day of warfare in Gaza, hopes for a hostage deal and ceasefire have dimmed.

The war erupted when militants led by Hamas stormed southern Israel on Oct. 7, killing 1,200 people, most of them civilians, and taking around 250 hostages back to Gaza, according to Israeli tallies.

The Gaza health ministry says more than 39,400 Palestinians, most of them civilians, have been killed in the subsequent Israeli offensive. The ministry does not distinguish between militants and civilians in its fatality reports.

Israel has lost 329 soldiers in Gaza and says around a third of the Palestinian dead are fighters.

On Thursday, as the Israeli military continued its operations in Gaza, forces hit a school in the area of Shejaia in Gaza City, killing at least 15 people and wounding 29, according to Palestinian emergency services.

The military said it had targeted fighters operating in a compound within the school that it said was used as a hideout for Hamas commanders and fighters. Hamas has denied Israeli accusations it operates from civilian facilities such as schools and hospitals.

Elsewhere in the enclave, strikes against a car and a house in central Gaza killed at least 13 people, while tanks pushed into the Al-Maghazi area, where one of the strikes took place.

Earlier, Israeli authorities released 15 Palestinians whom it had detained in the past months in Gaza. The men arrived for treatment at a Gaza hospital, complaining of abuse during their detention. Israel denies torture and is investigating suspected abuse of detainees.

Reuters

WESTERN PERSPECTIVE

F-16 jets no silver bullet for Ukraine in war with Russia

Ukraine has received a first batch of U.S.-built F-16 fighter jets to help it fight Russian invasion forces, Lithuania's foreign minister and a U.S. official have said.

The long-awaited arrival is a milestone for Ukraine, which has not publicly commented on it for now. The lengthy process to procure the U.S.-designed aircraft and train Ukrainian pilots to fly them has frustrated Kyiv.

Russia has had time to prepare defences to try to nullify the F-16s' impact, and Ukraine has had to survive with a depleted air force that is a fraction of the size and sophistication of its enemy's.

Here are some facts about how the F-16s may help Ukraine and what obstacles still lie in the way of effective deployment.

SMALL NUMBERS

The number of delivered F-16s appears to be small for now. The Times of London cited a source familiar with the matter who put the figure at just six aircraft.

That number is expected to grow, but it is far short of what military analysts say Ukraine needs more than 29 months since Russia launched its full-scale invasion.

Serhii Kuzan, chairman of the Ukrainian Security and Cooperation Center, a non-governmental research group, said at least 60 planes would be needed for significant operations as Ukraine attempts to push Russian aviation back from its borders.

Lawmaker Oleksandra Ustinova, who heads Kyiv's parliamentary commission on arms and munitions, said that Ukraine would need nearer to 120 F-16s to boost its air capability significantly.

While the pilots gain experience in Ukrainian skies and the military builds out its air infrastructure, the initial deliveries could at least help Ukraine strengthen its air shield, some experts say.

"It will provide some air defence and depth capacity, potentially also help intercepting Shaheds (Iranian-built drones) and cruise missiles, although it is a very expensive way of doing that, munitions-wise," said Justin Bronk, senior research fellow for air power and technology at the Royal United Services Institute (RUSI).

Valeriy Romanenko, an aviation expert, said the jets would likely help Ukraine better launch air-to-surface missiles, which it already possesses. Much, he said, would also hinge on what new missiles Ukraine is given with the warplanes.

"If we receive the 95-km range (missiles), F-16s will only engage in air defence tasks and chase Russian attack aircraft or helicopters in the south," he said.

Receiving missiles with 180-km range would allow them to attack Russian warplanes armed with guided bombs and help significantly reduce Russia's offensive opportunities.

Ukraine's military has worked hard to reduce the threat to the arriving F-16s in recent months by attacking Russian air defences, according to Kuzan.

"The formation of the battlefield, especially in the south, is already taking place. Ukraine has the capabilities to systematically strike Russia's foremost air defence complexes."

PILOTS AND MAINTENANCE

Training will be crucial.

"You can have lots of fast jets but if they don't have effective weapons, and air crew able to employ them with effective tactics, then they will just be shot down in large numbers," said Bronk.

The timeline for the training of Ukrainian pilots on F-16s has dominated discussions about deliveries and pledges of more than 70 jets.

By the end of 2024, Ukraine expects to have at least 20 pilots ready to fly F-16s, Ustinova said.

"It is difficult to solicit more planes when you don't have people to pilot them," she said, adding that, at first, Ukraine will have more F-16s than qualified pilots.

"Waiting in line for 10 years before our pilots are trained is not OK."

The Ukrainian Air Force spokesperson declined to comment.

U.S. officials have directed questions on training to Ukraine and noted that pilots can also be trained in Europe. However, Bronk said NATO's capacity was already stretched.

He added that aircraft maintenance is an even more pressing challenge than pilot training.

He said most repairs and maintenance would need to happen inside Ukraine, and that Kyiv would probably have to rely on foreign contractors who know the aircraft.

AIR BASES UNDER THREAT

Russia has intensified its attacks on infrastructure that could be used for the maintenance and deployment of F-16s, according to some experts.

"Russia is striking all airfields, potential F-16 bases, every day, including attempts to damage airstrips and infrastructure. These strikes have not paused for the last two months, at least," Kuzan said.

The targets will become all the more valuable when the aircraft, pilots and maintenance teams arrive. This is likely to force Ukraine to install missile defences to protect them, even though it is short of both air defence systems and ammunition.

"We have to accept the fact that the airfields will be well-protected when civilian objects could be under attack," Kuzan said, adding that each base would need at least two Patriot and two NASAMS batteries to secure it.

"As soon as we (build up our flight capabilities), we will push their planes back and the terror will stop. But these couple of months will be truly difficult."

RUSSIAN PERSPECTIVE

Zelensky says most of world wants him to talk to Russia

The majority of the world believes that diplomatic settlement of the Ukraine conflict is only possible with Russia’s participation in negotiations, and wants to see Moscow take part in a planned second international peace summit scheduled for November, Ukrainian leader Vladimir Zelensky has told French media.  

Russia was not invited to the first peace summit, hosted by Switzerland in June; according to Zelensky, it was deliberately excluded from the gathering. Now Moscow should take a seat at the table, the Ukrainian leader said in an interview published on Wednesday.  

“The majority of the world today says that Russia must be represented at the second summit, otherwise we will not achieve meaningful results,” he said, adding “since the whole world wants them to be at the table, we cannot be against it.” The first conference was snubbed by several countries, including China, which demanded talks that would allow both sides of the conflict to participate.  

Moscow has repeatedly said it is open to negotiations with Kiev, but there are issues that must first be addressed for any meaningful conversation to begin, including Zelensky’s legitimacy as head of state. His term ended in May and elections were not held due to martial law. According to Zelensky, by November Kiev intends to prepare a plan based on the results of the first summit that will include “territorial integrity, sovereignty and so on.”  

Asked whether Ukraine’s return to the borders of 1991 would be a mandatory precondition for peace talks with Russia, Zelensky replied that it is desirable but not obligatory.  

Last month, the Ukrainian leader signaled that he wanted to end the conflict “as soon as possible,” and was now ready to talk with Russia regardless of who is in charge of the country.

In 2022, Zelensky barred his country from any talks with the current leadership in Moscow after four former Ukrainian regions voted overwhelmingly to join Russia in referendums which were summarily dismissed by Kiev and its Western backers.  

The first summit mainly focused on Kiev’s ‘peace formula’, demanding that Russia withdraw its troops from all territory claimed by Ukraine. Moscow has dismissed the plan, calling it “detached from reality.”

Last week, Russian Foreign Ministry spokeswoman Maria Zakharova said that signals sent by Kiev about Ukraine’s willingness to resume peace talks with Moscow are not credible.     

Russian President Vladimir Putin voiced his own peace proposal in June, saying he was ready to start talks once Kiev commits to neutral status and cedes its claims to all six former Ukrainian regions that chose to join Russia in 2014 and 2022. His overture was rejected by Zelensky as an “ultimatum.”

Reuters/RT