In a stunning display of economic genius that has left Nobel laureates scratching their heads, the Federal Competition and Consumer Protection Commission (FCCPC) has unveiled its revolutionary strategy to combat Nigeria's skyrocketing inflation: simply telling businesses to charge less money. Who knew it could be so easy?

Led by the visionary Tunji Bello, the FCCPC has boldly declared war on the true villains of Nigeria's economic crisis: small business owners and market traders. These nefarious individuals, with their dastardly plots to "stay in business" and "feed their families," have been put on notice. Their reign of terror, characterized by the audacity to adjust prices in response to increased costs, will no longer be tolerated.

Bello, in a move that surely secures his place in the pantheon of economic reformers alongside Karl Marx, Adam Smith and John Maynard Keynes, has magnanimously given these economic saboteurs a whole month to see the error of their ways. One can only imagine the scenes of jubilation in the streets as petty traders rush to slash their prices, heedless of trivial concerns like "profit margins" or "basic arithmetic."

But the FCCPC's brilliance doesn't stop there. Oh no. They've astutely identified that the root cause of Nigeria's economic woes lies not with minor, inconsequential factors like:

1. The removal of fuel subsidies that has sent transportation costs soaring

2. The free-falling value of the Naira that has made imports prohibitively expensive

3. The bloated salaries and perks of political appointees that drain public coffers

4. The fleet of presidential jets, bulletproof Cadillacs, and yachts that are absolutely essential for effective governance

5. The rampant corruption that treats state treasuries like personal piggy banks.

No, the real problem is clearly that the tomato seller in Lagos Market is charging too much for her wares. Shame on her for not absorbing the increased transportation costs, rising fertilizer prices, and the general economic uncertainty out of sheer patriotism!

When asked about the complaints raised by trade unions regarding electricity tariff hikes, petrol subsidy removal, increased taxes, corruption, and insecurity, Bello reportedly responded, "La la la, I can't hear you," while plugging his ears - a response that perfectly encapsulates the nuanced approach of the FCCPC.

The Commission has also hinted at its next groundbreaking initiative: solving Nigeria's poverty crisis by ordering everyone to be rich. Sources say they're considering a follow-up campaign to end crime by kindly asking criminals to stop breaking the law.

In light of these developments, we can all rest easy knowing that Nigeria's economic future is in the capable hands of bureaucrats who believe complex, systemic issues can be solved with strongly worded letters and vague threats. Bravo, FCCPC! Your commitment to addressing the symptoms while steadfastly ignoring the disease is truly an inspiration to us all.

As for the small business owners and traders facing this crackdown, fear not! You can always fall back on Nigeria's robust social safety net and thriving job market. And if all else fails, perhaps you can secure a lucrative position as a government advisor. After all, with economic strategies this brilliant, surely there's always room for more innovative thinkers in the halls of power.

In conclusion, we eagerly await the economic miracle that is sure to unfold this September. Who needs sound fiscal policy, infrastructure investment, or anti-corruption measures when you have the power of positive thinking and government mandates? Nigeria's future has never looked brighter - just don't look too closely at the details.

Nigeria’s Letter of Credit payments in the first seven months of 2024 have dropped by 57.04 per cent to $391.91m compared to $912.35m in the same period of 2023.

This is according to the weekly International Payments Data provided by the Central Bank of Nigeria on its website.

A Letter of Credit is a mode of payment used for the importation of visible goods.

It is a written undertaking given by s bank (issuing bank) at the request of its customer in which the bank promises in writing to pay the exporter a certain sum within a certain time frame in return for goods, as long as the customer provides the bank with the proper paperwork.

In the period under review, the country’s LCs payment shed about $520.44m, which some analysts have blamed on factors like the exit of multinationals, skyrocketing customs duties, and the unstable foreign exchange, which hampered Nigeria’s foreign trade in the period under review.

An analysis of the CBN data showed that the highest LC payments this year were recorded in February at $102.59m, followed by July at $79.65m and $58.33m in January.

In March, LCs payments were $43.53m compared to $269m in the same month in 2023, rose to $54.02m in April 2024 and dropped to $21.48m in May before rising to $32.26m in June.

Speaking on the trend, the Managing Director of Arthur Steven Asset Management Limited, Tunde Amolegbe, opined that the decline was expected given the unstable exchange rate, skyrocketing customs clearing charges and of course the exit of major international companies and the closure of other manufacturing in the country.

He, however, added that the situation may improve even if it is slightly on the back of the tax waivers given recently for the importation of some essential food products.

“Stability in the FX market and a lower interest rate and harmonised tax regime should also help,” he concluded.

According to Bloomberg, the naira has fallen by about 70 per cent since May 2023 when President Bola Tinubu took office following the devaluation of the currency. Several attempts by the CBN to boost liquidity have yet to yield significant results.

The Director of Research and Strategy at Chapel Hill Denham, Tajudeen Ibrahim, said “Nigerian businesses are paying down on their Letters of Credit. This is an indication of an improvement in the dollar liquidity in the Nigerian financial system, largely on the back of CBN’s policy response to the dollar shortage in the system.

“The CBN at the last RDAS auction did sell some volume of dollars to companies to help them pay down on their foreign currency loans. One of the major companies that has been paying down on their letters of credit is MTN. I reckon they have paid about $300m in LCs, so corporations have been clearing their LCs because of the negative impact it is having on their earnings and balance sheet.

“The outlook in Letters of Credit to my mind is positive because I expect improvement liquidity in US dollars inflow into the economy and I reckon that Nigerian companies will pay down further on their LCs.”

For economy and capital market analyst, Rotimi Fakayejo, dollar liquidity plays a role in the decline recorded in the LCs payments.

He said, “FX availability is inconsistent. At a point, the supply was less and the banks were given the leeway to get whatever they needed, but typical of the banks, they were targeting profit and I believe that slowed down the process. The slow or reduced supply from the CBN has so much impact.

“If importers want to import and there is no access to FX or the express undertaking of Letters of Credit on their behalf is not done, it will affect their business. Also, if what they are importing is becoming increasingly difficult to sell and the market is no longer friendly, then you will also see a reduction in the LCs.

“For instance, the importation of vehicles has reduced, whether new cars or tokunbo. People are buying more Nigerian used cars, but the customs duty we know is subject to the foreign exchange rate and the government is flip-flopping about it. Every time, what we see is an increase, so it has an impact.”

On the exit of the multinationals, Fakayejo posited that it was no longer new in the manufacturing sector and had since moved to the oil & gas sector.

He projected, “I believe with the slowdown in the LCs, the overall effect should be positive for the economy because less of our foreign exchange will be used on importation and local production should be the order of the day. I believe that the overall effect should be positive for us.

“Going forward, I don’t think the impact would be much. It is expected that by September, the local refinery will start producing and Dangote Refinery will start selling to the local market, which should mean more dollar availability because there would be less need to import PMS.

“So, we may see an improvement in the import receipts from the banks and increased LCs accessibility from the banks. I believe the slowdown is just for some time and the situation will improve.”

An Investment Banker and stockbroker, Tajudeen Olayinka, in his submission, opined that it is either that demand for imports is slowing down as a result of the prohibitive cost of imported goods in the country and consumers’ resistance, or importers are exploring other credit means, such as open account; direct remittances; and bills for collection to deal with imports.

“The likelihood of these other credit options is very doubtful, given concerns of foreign exporters to poor credit ratings of local importers. Therefore, high cost of raising naira to finance imports and high exchange rate may be the other reasons for the observed slowdown in letters of credit issuances by Nigerian banks.

“The development has both positive and negative implications: (i)Positive in that it will create scarcity of foreign goods and a new desire to resort to local production to arrest scarcity, with improvement to Nigeria’s Balance of Trade and Exchange Rate of the naira in the long run. Negative, in that it will continue to cause a drag on the economy and high inflationary pressure in the immediate to near term,” he said.

Punch

Massive protests hit Israel after six hostages killed in Gaza

Massive protests swept Israel on Sunday following the death of six hostages in Gaza as frustration mounted over the failure of the country's leadership to secure a ceasefire deal that would free Israeli captives.

Crowds estimated by Israeli media to number up to 500,000 strong demonstrated in Jerusalem, Tel Aviv and other cities, demanding that Prime Minister Benjamin Netanyahu do more to bring home the remaining 101 hostages, about of a third of whom Israeli officials estimate have died.

In Jerusalem, protesters blocked streets and demonstrated outside the prime minister's residence. Aerial footage showed Tel Aviv's main highway filled with protesters holding flags with pictures of the slain hostages.

Israeli television footage showed police directing water canons at demonstrators who had blocked roads. Local media reported 29 arrests.

Labour leaders called a one-day general strike on Monday.

The Israeli military announced the recovery of the bodies from a tunnel in the southern Gaza city of Rafah, as a polio vaccination campaign began in the war-shattered Palestinian territory and violence flared in the occupied West Bank.

The bodies of hostages Carmel Gat, Hersh Goldberg-Polin, Eden Yerushalmi, Alexander Lobanov, Almog Sarusi and Ori Danino were returned to Israel, military spokesperson Daniel Hagari told reporters.

A forensic examination determined they were "murdered by Hamas terrorists in a number of shots at close range" 48-72 hours previously, an Israeli health ministry spokesperson said.

Netanyahu, who faces growing calls to end nearly 11 months of war with a deal for a ceasefire and the release of remaining hostages, said Israel would not rest until it caught those responsible. "Whoever murders hostages - does not want a deal," he said.

Senior Hamas officials said that Israel, in its refusal to sign a ceasefire agreement, was to blame for the deaths.

"Netanyahu is responsible for the killing of Israeli prisoners," senior Hamas official Sami Abu Zuhri told Reuters. "The Israelis should choose between Netanyahu and the deal."

Israel's assault on Gaza began after Hamas and other militants killed about 1,200 people and took about 250 hostages in attacks on Israel on Oct. 7, according to Israeli tallies.

Since then, Israel's offensive has levelled much of the enclave of 2.3 million people, and the Gaza health ministry says at least 40,738 Palestinians have been killed. Displaced people are living in dire conditions with inadequate shelter and a hunger crisis.

'HAMAS WILL PAY,' BIDEN SAYS

Amid mounting public anger, the head of Israel's trades union federation, Arnon Bar-David, on Sunday called for a general strike on Monday to pressure the government into signing a deal, and said Ben Gurion airport, Israel's main air transport hub, would be closed from 8 a.m. (0500 GMT).

Defence Minister Yoav Gallant, who has clashed frequently with Netanyahu, also called for an agreement, and opposition leader and former Prime Minister Yair Lapid urged people to join the demonstration in Tel Aviv.

In a last-ditch bid to stop the demonstrations, Finance Minister Bezalel Smotrich, a hardline member of Israel's security cabinet, asked the attorney general to prohibit the strike.

The Hostage Families Forum called on Netanyahu to take responsibility and explain what was holding up an agreement.

The six hostages brought home on Sunday "were all murdered in the last few days, after surviving almost 11 months of abuse, torture, and starvation in Hamas captivity. The delay in signing the deal has led to their deaths and those of many other hostages," it said.

Netanyahu's office said he had spoken to the family of Lobanov, whose body was among those recovered, apologising and expressing "deep sorrow".

But the family of Gat said they refused to speak to the prime minister and instead called on Israelis to join protests.

"Take to the streets and shut down the country until everyone returns. They can still be saved," Gat's cousin, Gil Dickmann, wrote on X.

U.S. President Joe Biden said he was "devastated and outraged" by the death of 23-year-old Israeli American Goldberg-Polin and the other hostages.

"Hamas leaders will pay for these crimes. And we will keep working around the clock for a deal to secure the release of the remaining hostages," he said in a statement.

Speaking to reporters in Rehoboth Beach, Delaware, he said he was "still optimistic" about a ceasefire deal.

Months of stop-start negotiations mediated by the United States, Qatar and Egypt have so far failed to secure a deal, despite increased U.S. pressure and repeated trips by top officials to the region.

Speaking to Al-Jazeera television, chief Hamas negotiator Khalil Al-Hayya, based in Qatar, on Sunday reaffirmed the group would not sign an agreement unless Israel fully withdrew from Gaza Strip, including the Philadelphi and Netzarim corridors, issues that have been sticking points in the talks.

POLIO VACCINATIONS

Israel and Hamas agreed to pause fighting in areas of Gaza for at least eight hours daily from Sunday to Tuesday to begin vaccinating 640,000 children against polio.

Children, escorted by family members, crowded a UN clinic in the central Gaza city of Deir Al-Balah, according to Palestinian officials. The territory's health ministry said at least 72,611 children were vaccinated the first day.

The campaign comes after the confirmation last month that a baby was partially paralysed by the type 2 polio virus, the first such case in the territory in 25 years.

Israeli forces continued to battle Hamas-led militants in several parts of Gaza, with the Israeli military targeting what it said was a Hamas command centre in a former school in Gaza City. The Palestinian Civil Emergency Service said 11 people had died and medics said many others had been wounded.

In Khan Younis, an Israeli air strike killed two Palestinians and wounded 10 others, according to medics, bringing the day's total death toll in Gaza to 27.

Reuters

WESTERN PERSPECTIVE

Kharkiv struck by missiles after Ukraine launches mass drone attack on Russia

At least 47 people, including five children, were injured on Sunday after Russian missiles struck a shopping mall and events complex in Ukraine's northeastern city of Kharkiv, officials said.

Earlier in the day, Russia said Kyiv had launched one of the biggest drone attacks against it since the full-scale war began, targeting power plants and an oil refinery, while Moscow's forces made further gains towards a key town in eastern Ukraine.

The Kharkiv attack prompted Ukrainian President Volodymyr Zelenskiy to renew calls on allies to allow Kyiv to fire Western-supplied missiles deeper into enemy territory and reduce the military threat posed by Russia.

The fighting comes at a critical juncture in the two-and-a-half year conflict. Russia is pressing an offensive in eastern Ukraine while trying to expel Ukrainian forces that broke through its western border in a surprise incursion on Aug. 6.

Last week, Russia pounded Ukraine with its heaviest airstrikes of the war, hitting targets including energy facilities.

Moscow, which denies targeting civilians, says damaging Ukraine’s energy system is a legitimate military goal. Its drone and missile barrages have killed thousands of civilians since the conflict began in February 2022.

Ukraine, with a rapidly expanding domestic drone industry, has stepped up its own attacks on Russian energy, military and transport infrastructure.

Kyiv is also pressing the United States and other allies for permission to use more powerful Western-supplied weapons to inflict greater damage inside Russia and hit Moscow's abilities to attack Ukraine.

"All the necessary forces of the world must be brought in to stop this terror," Zelenskiy said on his Telegram channel, in response to the Kharkiv attack that Ukrainian officials said involved at least 10 missiles.

"This does not require extraordinary forces, but enough courage on the part of the leaders - courage to give Ukraine what it needs to defend itself."

In Kharkiv, rescue workers and volunteers carried injured civilians to ambulances outside the shopping complex. Shattered glass and debris were strewn across the ground and people fled to a metro station for safety.

Earlier, Russian officials said air defence units had destroyed 158 drones launched by Ukraine overnight, and that debris caused fires at the Moscow Oil Refinery and at the Konakovo Power Station in the neighbouring Tver region.

Kyiv has yet to comment on the drone barrage. Russia rarely discloses the full extent of damage inflicted by Ukraine's air attacks.

RUSSIA'S NUCLEAR DOCTRINE

Zelenskiy said that last week alone Russia had used 160 missiles, 780 guided aerial bombs and 400 attack drones against cities and troops across Ukraine.

He called on Telegram for "a decision on long-range strikes on missile launch sites from Russia, destruction of Russian military logistics, joint shooting down of missiles and drones".

Kyiv's allies are wary of how Russian President Vladimir Putin would respond if their weapons were used against targets far inside Russian territory.

Russia's TASS state news agency cited Deputy Foreign Minister Sergei Ryabkov as saying Moscow would change its nuclear doctrine in response to the West's actions over the conflict. He did not specify what the changes would entail.

Russia's existing nuclear doctrine, set out in a decree by President Vladimir Putin in 2020, says it may use nuclear weapons in the event of a nuclear attack by an enemy or a conventional attack that threatens the existence of the state.

Russia, which accuses the West of using Ukraine as a proxy to wage war against it, has said before it is considering changes.

"The work is at an advanced stage, and there is a clear intent to make corrections", TASS cited Ryabkov as saying.

Some hawks among Russia's military analysts have urged Putin to lower the threshold for nuclear use in order to "sober up" Russia's enemies in the West.

ADVANCES IN EASTERN UKRAINE

In eastern Ukraine, where the heaviest fighting of the war is concentrated, Russian forces continued to advance towards Pokrovsk, a vital military huband transport link to towns and cities further north.

Ukraine had hoped that its surprise incursion into Russia's Kursk region launched last month would force Russia to re-deploy troops and take pressure off besieged forces in the east, but so far it does not appear to have had this effect.

Russia's defence ministry said its forces had captured two more settlements in Donetsk region and were "continuing to advance deep into the enemy defences". One of them, Ptyche, is 21 km (13 miles) southeast of Pokrovsk.

At least three people were killed and nine wounded in Russian shelling of Kurakhove, a town around 35 km south of Pokrovsk, Ukrainian officials said.

Ukraine's army chief, Oleksandr Syrskyi, described the situation as "difficult" around Russia's main line of attack in eastern Ukraine.

Also on Sunday, Ukrainian forces shelled Russia's southern Belgorod region, injuring 11 people, including two children who were seriously hurt, regional governor Vyacheslav Gladkov said.

RUSSIAN PERSPECTIVE

Russia delivers 15 precision strikes at key Ukrainian energy sites, airfields over week

Russia delivered one massive and 14 combined strikes by precision weapons and unmanned aerial vehicles (UAVs) at key Ukrainian energy sites and airfields over the past week in the special military operation in Ukraine, the Russian Defense Ministry reported on Friday.

"On August 24-30, the Russian Armed Forces delivered one massive and 14 combined strikes by long-range precision weapons, Kinzhal hypersonic air-launched ballistic missiles and attack unmanned aerial vehicles, hitting vital Ukrainian energy and aerodrome infrastructure sites, fuel depots, arsenals of Western-made air-launched weapons and artillery munitions," the ministry said in a statement.

The strikes also targeted UAV production workshops, naval drone storage facilities, temporary deployment sites of Ukrainian nationalist formations and foreign mercenaries, it specified.

Ukraine’s army loses 16,910 troops in all frontline areas over week

The Ukrainian army lost roughly 16,910 troops in battles with Russian forces in all the frontline areas over the past week, according to the latest data on the special military operation released by Russia’s Defense Ministry.

The latest data show that the Ukrainian army suffered roughly 3,580 casualties from Russia’s Battlegroup North, more than 3,450 casualties from the Battlegroup West, over 4,840 casualties from the Battlegroup South, 3,720 casualties from the Battlegroup Center, 860 casualties from the Battlegroup East and 460 casualties from the Battlegroup Dnepr.

Russia’s Battlegroup North inflicts 3,580 casualties on Ukrainian army over week

Russia’s Battlegroup North inflicted roughly 3,580 casualties on Ukrainian troops and destroyed four enemy multiple launch rocket systems, including a US-made HIMARS launcher in its area of responsibility over the week, the ministry reported.

"During the week, Battlegroup North units continued destroying Ukrainian armed formations in the Kursk Region. Operational/tactical aircraft and army aviation helicopters, unmanned aerial vehicles and artillery inflicted losses on personnel and equipment of units from four mechanized brigades, a tank brigade and two air assault brigades of the Ukrainian army and three territorial defense brigades. Russian forces also thwarted the enemy’s attempts to deploy reserves from the territory of Ukraine," the ministry said.

In the Volchansk and Liptsy directions, the Battlegroup North units struck formations of a Ukrainian marine infantry brigade, two territorial defense brigades and two National Guard brigades, it specified.

"Over the week, the enemy’s losses in the Battlegroup North area of responsibility amounted to 3,580 personnel, six tanks, 181 armored combat vehicles and 103 motor vehicles. Russian forces also destroyed four multiple launch rocket systems, including a US-made HIMARS rocket launcher, 35 field artillery guns and 12 electronic warfare and counterbattery radar stations," the ministry said.

Russia’s Battlegroup West liberates two communities over week

Russia’s Battlegroup West liberated the settlements of Stelmakhovka in the Lugansk People’s Republic and Sinkovka in the Kharkov Region over the past week, the ministry reported.

"Battlegroup West units liberated the settlements of Stelmakhovka in the Lugansk People’s Republic and Sinkovka in the Kharkov Region as a result of well-coordinated operations," the ministry said.

Reuters/Tass

Seven years after his emergence as Nigeria’s military Head of State, in the third quarter of 1974, Yakubu Gowon placed a telephone call to the then Chief Justice of Nigeria (CJN), Taslim Elias. The subject matter of the call, according to Atanda Fatayi Williams, then a Justice of the Supreme Court (and future CJN) himself, with whom the Chief Justice discussed the matter, was a complaint by the Head of State “about the manner in which the courts in the country were being used for the indiscriminate swearing of affidavits in which allegations of corruption were made against public functionaries.”

Gowon’s agonistes had their origins in events in his home state, Benue-Plateau (as it was then known). First, he had been forced to let go of a trusted minister from his state, Joseph Tarka, after one Godwin Daboh Adzuana deposed to an affidavit with quite damaging allegations of corruption against the minister. Gowon’s call to the CJN followed in the wake of another affidavit sworn to this time by Aper Aku (who later became the first elected governor of Benue State in 1979), accusing the then military governor of Benue-Plateau State and Gowon’s relation, Joseph Gomwalk, of what Fatayi Williams later described as “corruption on a vast scale.”

Rather than address the allegations of corruption, the General sought the help of his Chief Justice to shut down the disclosures. In the then incumbent, Gowon found a Chief Justice who was willing to go beyond the call of the law to fulfill the importuning of his Chief of State. Following consultations with his peers at the Supreme Court, CJN Elias convened a meeting of the Advisory Judicial Committee (AJC), as the apex mechanism for judicial governance was then called. Led by the CJN, the membership of the AJC included the Attorney-General of the Federation, all the Chief Justices (as they were then called) and Grand Khadis of the States, as well as the President of the Federal Revenue Court.

This high judicial conclave decided unanimously that “except in connection with proceedings already pending, the courts would no longer allow affidavits to be sworn in court by aggrieved citizens.” Public reaction was immediate and understandably visceral to a decision which was unconcealed in its design to instrumentalise the judiciary in order to hide inconvenient facts on behalf of the regime in power. To make matters worse, the AJC could not cite any legal authority or basis for its decision. The members were collectively the highest judicial figures in the country and their word represented the law, or so they thought. It was abuse of judicial power on a colossal scale. Judicial authority was shot and it is arguable that it never recovered.

When a new military regime overthrew General Gowon in July 1975, its narrative and rationale harked back to the corruption allegations and the desperation of the regime to procure a cover-up with the ex-cathedraassistance of the judiciary high command. An early casualty of the new regime was Chief Justice Elias, whom it forced to abdicate. It also took the hacksaw to judicial tenure, retiring senior judges compulsorily.

Then, as now, the judiciary in Nigeria has been the author of its own defenestration. The real scandal then was that the decision to foreclose disclosure of inconvenient facts in affidavits occurred without dissent among the AJC. It showed the regimental and cloistered tendencies of the herd at their finest, even one comprising people claiming to be learned.

The best that can be said of the immediate past Chief Justice of Nigeria, Olukayode Ariwoola, is that he well and truly defanged the judiciary. When he was not in Port Harcourt cavorting with Nyesom Wike and his Group of Five Governors so-called, he was in Abuja dreaming us schemes to jump his next available family member or political satrap into a judicial sinecure. The unanimity of sentiment at his departure went beyond shame-faced relief.

Monday Phillips Ekpe writes delicately that the judiciary that Ariwoola left behind made a habit of “rubbishing its own touted image” with “embarrassing and rampant unpredictability of judgments.” Onikekpo Braithwaite complains less delicately of a judiciary overcome by “mounting allegations of corruption, as well as the menace of conflicting judgments.” The Board of Editors of the Punchnewspaper sadly acknowledge the reality of a judiciary characterised by “pervasive corruption” and of courts which “have become houses of rot and victims of state capture…. At 75 per cent, the judiciary and the Independent National Electoral Commission have the lowest public trust among Nigerians.”

On the back of this chastening diagnosis, many senior lawyers have stepped in with a rich and telling bouquet of recommendations for the new CJN, running the gamut from the platitudinous to the patronising, and everything in between. Former president of the Nigerian Bar Association (NBA), Olisa Agbakoba, desires reforms that are both “transformational and radical.” As part of that menu, one of his later successors, Augustine Alegeh, wants attention to “delays in the dispensation of justice and the uncertainty of the judgments of our courts.”

These references to “uncertainty” in or “conflicting”  judgments are coinages deployed by lawyers to avoid saying that some judgments are corrupt on their face. That, sadly, is the state of the courts that the new Chief Justice inherits. Indeed, a panel of the Court of Appeal has recently been constrained to describe as “scandalous,” a High Court shielding former Kogi State Governor, Yahaya Bello, from criminal proceedings.

But that is only a tip of the proverbial iceberg. In this state of transition in the highest judicial office in the land, three words of caution are useful.

First, a CJN in search of a legacy needs clear priorities. Many of the suggestions to the new Chief Justice focus on institutional or administrative re-design. In reality, however, the principal problem that ails Nigeria’s judicial system is that the guardrails and incentives for ethical judicial service have been destroyed by a concert of senior judicial figures, senior lawyers and senior politicians. Reversing this needs a new coalition for public good in the judiciary. Without a re-engineering of the incentive structure, every effort at institutional re-design is bound to collapse. That begins with attention to appointment, preferment, accountability and discipline. Restoring consequences for judicial malfeasance will be key.

Second, a reverse engineering of the political capture of the Nigerian judicial system is essential. Evidence of this political capture is seen daily in the implausible decisions and improbable orders that issue in most cases of partisan political salience; in the speed with which such cases are assigned priority, to the exclusion of the regular judicial docket; and in the improbable consistency in the line-up of judicial actors involved in these judicial concatenations. If politicians find themselves regularly before courts that are no longer beholden to their blandishments, they may be forced to rethink their approach to politics.

Third, a CJN who desires a constructive legacy must know whom to avoid. With some exceptions – such as the aforementioned Olisa Agbakoba and Augustine Alegeh – many senior lawyers who are now crawling out of the woodworks were nowhere to be seen or heard from when the immediate past CJN was busy wreaking havoc. If anything, some of them could be described with some justification as having been part of his enablers. Much of what emanates from these kinds of sources at this time could be at best self-serving. A CJN who desires to succeed needs to seriously avoid occupational intimacy with these kind.

A Chief Justice who seeks to accomplish any of these will encounter challenges. One who desires to accomplish all may even struggle to survive in office. Such could be the extent of the political pushback. But that is why the task of reforming Nigeria’s judicial system is now clearly well beyond the technocratic or professional incest of lawyers and judges. It is now political, and only a Chief Justice willing to enlist citizens in that urgent task can scratch the surface.

** Chidi Anselm Odinkalu, a professor of law, teaches at the Fletcher School of Law and Diplomacy and can be reached through This email address is being protected from spambots. You need JavaScript enabled to view it..

Technically, Sophie Riegel didn’t spend a penny starting her side hustle.

She began with items she already had, searching through her closet for old clothing to sell online. After making $200 off her own used clothes, she turned to some of her favorite places to shop: thrift stores.

“I’ve been a thrifter my entire life, because I don’t like spending money,” says Riegel, 23. “I’d much rather spend $5 than $100 on a pair of pants.”

Since April 2020, she’s turned that habit into a lucrative side hustle. Riegel brought in nearly $123,800 in revenue last year reselling items she bought from thrift stores on online marketplaces like eBay, Mercari and Poshmark, according to documents reviewed by CNBC Make It.

She’s made more than $192,000 in net profit over the past four years, because her costs are minimal: Riegel estimates she’s spent just over $50,000 on the thrifted clothing she’s sold. Other expenses include shipping costs and gas money for driving from thrift store to thrift store. Online marketplaces keep between 10% and 20% of her sales.

Much of her business’ growth came from her dorm room at Duke University, where she graduated last year with a degree in psychology. She’s pursuing a full-time career as a professional writer, speaker and life coach —  and expects her side hustle to comprise roughly 50% of her income this year, she says.

“I started buying things for $5 to $10, flipping them for $50 to $100,” says Riegel. “That seemed to work really well. I had maybe 200 or so items in my dorm room my sophomore year, and now I have 1,300 items [in a storage unit].”

Here, Riegel discusses the work she put in to turn her love of thrifting into a six-figure annual business, along with tips for anyone else to follow in her footsteps.

Riegel: The biggest thing is you’ve got to have fun with it. If you’re not enjoying it, don’t do it.

Start with what you know the most about. If you know a lot about clothing, start with that. It can be really easy to just buy a lot — that’s the fun part — but it doesn’t sell if you don’t list it. So even if your listing is imperfect, get it up, get it out there, because there’s a market for everything.

Keep learning. If you go in with a mindset of “I already know this stuff, I don’t need any resources,” it’s likely that you won’t do as well as if you went in with the mindset of “This is a great opportunity for me to learn more about myself, about brands, and all of that.”

I followed tons and tons and tons of other resellers on YouTube. I spent hours and hours learning brands, learning how to use all of the platforms. I’ve learned the strategies of each of the stores I go to, and figured out when they put out the new shoes when they do X, Y and Z.

The Goodwills in my area put a new color out every week. So, when I go to those stores, I only look for that color.

How much cash do you need to start a thrifting side hustle?

Factoring in shipping and all of that stuff — obviously, you need to pay for gas — $100 makes sense.

[In terms of the thrifting], you can start with as little as $5. You get one good thing for $5 and you’ve got more money already: $5 turns into $20, turns into $100.

If you start with your own stuff, you need $0.

What are the most important traits someone needs to succeed at this?

You’ve got to be consistent and persistent. Right now, I list 10 to 20 items a day. And because I list every day, things are selling constantly.

You’ve got to be organized. You have to be patient — I’m not very good at that, but I’m working on it.

The biggest thing is: You’ve got to be willing to ask for help when you need it. You don’t have to do this all alone. When I first started, my dad helped me with all of my shipping. He helped me move everything from different storage units. I didn’t have to do it alone because I asked for help.

Do you see yourself expanding your side hustle in the future? What would that look like?

I’m pretty happy with where I am. I do see, in the future, potentially having employees do all of the stuff that I know I don’t want to do — like the shipping, listing and photographing. That would be great. It is a lot of work for one person.

But right now, I wouldn’t change it because I love what I do.

CNBC

Yoruba weddings last months, not days. There is a party when families are introduced. A bigger one follows for traditional marriage rites and the presentation, from the groom’s family to the bride’s, of everything from yams to jewellery. Last comes the religious ceremony and a reception. The betrothed can cycle through over ten bespoke outfits during the celebrations. But as a cost-of-living crisis bites, people across Nigeria are learning how to party on the cheap.

For the couple, cramming all these events into a single day is a good start. Even if you insist on the myriad of costume changes, that at least saves on venue fees. Perhaps you do not need Grammy-award-nominated King Sunny Ade to perform his jùjú classics live. A tribute band should sound good enough on the dance floor.

Guests usually buy matching aso ebi (“cloth of the kin”) from the couple’s families. Doing so brings aesthetic cohesion and, crucially, helps raise money to pay for the wedding. But do you really need to buy another pink and royal-blue headtie if you have a mauve and periwinkle set from your nephew’s nuptials last year?

When the waiter takes your order, it may be from a shorter menu. King prawns have been swapped for shrimp. Multiple speciality caterers are no longer the norm. Those hoping to wash everything down with a glass of Moët & Chandon should bring their own.

A chaotic currency redesign last year means cash is hard to come by. So “spraying”, the smothering of celebrants in crisp naira notes as they dance, is less common (a recent high-profile conviction has also reminded Nigerians that the tradition is in fact illegal). Agents with point-of-sales machines will sidle onto the dance floor to help those who still want to offer a discreet financial gift.

In years past, wedding guests would stagger out, weighed down by kettles, coolers, three-tier food steamers and even mobile phones, colourful with stickers bearing the couple’s names. Today, party favours are more likely to be bags of rice, oil and pasta. More modest, but arguably more welcome.

The Economist

A building has collapsed in Nigeria’s megacity, Lagos, once every two weeks on average so far this year.

Whereas the commercial cost can be calculated, a figure can never be put on the value of the lives lost underneath the rubble.

The gaps among the buildings, replaced by piles of debris, represent a failure of governance as well as giving rise to allegations of contractors trying to cut corners to save money.

There are regulations, there are maintenance schedules, there are inspectors – but the system does not work.

Those responsible are never held to account, and so nothing ever changes.

Lagos, dubbed by one expert who spoke to the BBC as " the building-collapse capital of Nigeria", has seen at least 90 buildings falling down in the last 12 years, leaving more than 350 people dead, according to the Council for the Regulation of Engineering in Nigeria.

One of the most notorious incidents was in 2021.

Sunday Femi was just metres away, in the upmarket suburb of Ikoyi, when a 21-storey block of luxury flats under construction collapsed, killing 42 people.

After the loud crashing sound, he was engulfed in dust.

“Like many, I rushed inside trying to see if I could help some of the people trapped. Sadly I knew some of those who died and I think about it every day,” he says, reflecting on what happened nearly three years ago.

The drinks seller had been speaking to some of the construction workers moments before they entered the building site.

He still works nearby and the chatter among the locals often turns to those events and the possible cause.

Metal sheeting protects the site from prying eyes but mounds of broken concrete can still be seen through the gaps in the gate.

Knocking on the entrance to the ill-fated compound, two fierce-looking security guards opened up and said they had instructions not to allow anybody into the premises except state government officials.

Just as the place is sealed to the public so is the official investigation into the collapse – it has been sitting with the state governor since he received it in 2022.

A list of recommendations has reportedly been drawn up by a panel of experts following the investigation but that also has not been made public.

The BBC has repeatedly asked the Lagos state authorities to see the recommendations, and the report into the Ikoyi building collapse, but neither has been made available.

The coroner, however, has had her say and in 2022 she did not hold back.

In a damning judgment on the deaths, Chief Magistrate Oyetade Komolafe, attributed the building collapse to the irresponsibility and negligence of the government agencies that were supposed to approve and supervise the plans and construction.

Lagos’s population is booming and is now estimated to stand at more than 20 million.

As the city grows so does the demand for housing and commercial property, and it can sometimes feel like a giant building site with construction going on everywhere.

Before work can begin, plans need to be approved by Lagos state’s Physical Planning Permit Agency. Then inspectors from the Lagos State Building Control Agency (LASBCA) are supposed to look at the site as well as check the progress at every stage of construction.

And the Standards Organisation of Nigeria should make sure that only suitable building material gets to the market.

But on many occasions the procedures are not followed.

Inside the LASBCA’s offices everything appears calm - there is no sense of the urgency of the problems or challenges it faces.

Spokesperson Olusegun Olaoye acknowledges the criticism but dismisses allegations that officials have been bribed to issue fake certificates and rather blames a lack of resources.

“At the moment we have about 300 building inspectors and supervisors but we are looking to add to that,” he says.

Experts agree that more supervisors are needed.

Muhammad Danmarya, architect and construction expert, says they should number in their thousands.

“Three hundred is just not right for a state like Lagos. Each local government area should have at least 100 inspectors and supervisors and Lagos has 57 of those areas,” he argues.

“There’s always construction going on everywhere you look, so it’s important that inspection and supervision is going on all the time.”

In the absence of that regime across the state, some less scrupulous companies are getting away with violating building codes, using sub-standard materials and employing poorly trained workers – three of the reasons cited for the high frequency of collapses.

“They just come here to pick us up any time they have a job for us and pay us after we are done,” says labourer Habu Isah, who has worked on construction sites for years.

“I have never undergone any training, I just learned everything on the job.”

But even if violations are identified in the wake of a collapse, the state’s building agency does not take any legal action.

“To my knowledge there haven’t been any prosecutions in the past as far as building collapses in Lagos are concerned,” LASBCA’s Olaoye admits.

“I know the statistics are worrying but there are ongoing efforts to halt the trend.”

Alleged political influence is a barrier to pursuing prosecutions.

“If you are connected to people in power, even if you are the culprit in a building collapse case nothing will happen to you,” says a Lagos state politician, who talked to the BBC on the condition of anonymity.

“We’ve seen it so many times, some of the high-profile cases have to do with structures of highly placed people and they are still roaming around freely.

“In Nigeria when you are rich and connected you can avoid problems easily.”

With 19 building collapses already recorded so far this year by the Lagos State Emergency Management Agency, the final total is likely to be the highest in the past decade.

But lessons may still go unlearnt.

The head of the Council for the Regulation of Engineering in Nigeria recently said that the country lacked the capacity to properly investigate what is going on.

“We don’t have the expertise, the equipment, and the resources to do so,” said Sadiq Abubakar.

In the meantime, construction workers and others will carry on paying with their lives.

BBC

Israeli troops, Palestinian militants clash in West Bank

Clashes broke out between Israeli troops and Palestinian fighters in the occupied West Bank on Saturday as Israel pushed ahead with a military operation in the flashpoint city of Jenin.

Israeli troops searched areas around Jewish settlements after two separate security incidents on Friday evening. In Jenin itself, drones and helicopters circled overhead while the sound of sporadic firing could be heard in the city.

Hundreds of Israeli troops have been carrying out raids since Wednesday in one of their largest actions in the West Bank in months.

The operation, which Israel says was mounted to block Iranian-backed militant groups from attacking its citizens, has drawn international calls for a halt.

At least 19 Palestinians, including armed fighters and civilians, have now been killed since it began. The Israeli military said on Saturday a soldier had been killed during the fighting in the West Bank.

The Israeli forces were battling Palestinian fighters from armed factions that have long had a strong presence in Jenin and the adjoining refugee camp, a densely populated township housing families driven from their homes in the 1948 Middle East war around the creation of Israel.

The Palestinian Red Crescent said on Saturday a child had been taken to hospital in Jenin with a bullet wound to the head.

The escalation in hostilities in the West Bank takes place as fighting between Israeli forces and Hamas militants still rages in the coastal Gaza Strip nearly 11 months since it began, and hostilities with the Iranian-backed Hezbollah movement in the Israel-Lebanon border area have intensified.

Late on Friday, Israeli forces said two men were killed in separate incidents near Gush Etzion, a large West Bank settlement cluster located south of Jerusalem, that the military assessed were both attempted attacks on Israelis.

In the first, a car exploded at a petrol station in what the army said was an attempted car bombing attack. The military said a man was shot dead after he got out of the car and tried to attack soldiers.

In the second incident, a man was killed after the military said a car attempted to ram a security guard and infiltrate the Karmei Tzur settlement. The car was chased by security forces and crashed and an explosive device in it was detonated, the military said in a statement.

The two deaths were confirmed by Palestinian health authorities but they gave no details on how they died.

Troops combed the area following the two incidents. Security forces also carried out raids in the city of Hebron, where the two men came from.

Hamas praised what it called a "double heroic operation" in the West Bank. It said in a statement it was "a clear message that resistance will remain striking, prolonged and sustained as long as the brutal occupation's aggression and targeting of our people and land continue".

The group, however, did not claim direct responsibility for the attacks.

Israeli army chief General Herzi Halevi said on Saturday Israel would step up defensive measures as well as offensive actions like the Jenin operation.

Amid the gunfire, armoured bulldozers searching for roadside bombs have ploughed up large stretches of paved roads and water pipes have been damaged, leading to flooding in some areas.

Since the Hamas attack on Israel last October that triggered the Gaza war, at least 660 Palestinian combatants and civilians have been killed in the West Bank, according to Palestinian tallies, some by Israeli troops and some by Jewish settlers who have carried out frequent attacks on Palestinian communities.

Israel says Iran provides weapons and support to militant factions in the West Bank - under Israeli occupation since the 1967 Middle East war - and the military has as a result cranked up its operations there.

Reuters

WESTERN PERSPECTIVE

Ukraine launches drones on Moscow, other regions, Russian officials say

Ukraine launched overnight drone attacks on Moscow and several other targets across Russia on Sunday, regional officials said, as Kyiv presses the United States for permission to use allies-supplied weapons to strike deep inside Russia.

At least five drones flying towards Moscow were destroyed in the region surrounding the Russian capital, Moscow's Mayor Sergei Sobyanin said in posts on the Telegram messaging app.

Some 26 Ukraine-launched drones were destroyed over the border region of Bryansk in Russia's southwest, the region's governor, Alexander Bogomaz, said on Telegram.

More than 10 drones were destroyed over the Voronezh region and several more were downed over Kursk, Lipetsk, Ryazan and Tula regions, governors of the regions said in posts on Telegram.

There were no injuries or damage as a result of the attacks, according to preliminary information. Russia rarely discloses the full extent of damage inflicted by Ukraine's air attacks.

Reuters could not independently verify the reports. There was no immediate comment from Ukraine.

As Ukraine's domestic drone industry grows rapidly, Kyiv has been stepping up its attacks, striking energy, military and transport infrastructure - sectors that are vital to Moscow's war efforts.

Kyiv says, however, that it needs to be allowed to use more powerful Western-supplied weapons to inflict greater damage inside Russia and impair Moscow's abilities to continue with its relentless attacks on Ukraine.

Ukrainian President Volodymyr Zelenskiy's senior officials were in Washington last week, appealing to the United States for what Zelenskiy called, "capabilities to truly and fully" protect the country.

RUSSIAN PERSPECTIVE

Russian missiles wipe out Ukrainian armor column – reports

Russian forces have conducted a coordinated strike against a large gathering of Ukrainian reserve forces across the border from Russia’s Kursk Region, according to new video shared on social media by military bloggers.

Hostilities have been ongoing in the border areas of Russia’s Kursk since Kiev launched a major incursion earlier this month. While Ukrainian forces continue their attempts to push deeper into Russian territory, Moscow has sought to push them back while striking rear targets in Ukraine's adjacent Sumy Region.

On Saturday evening, a new video emerged purportedly showing one such strike targeting a column of Ukrainian reinforcements south of the city of Sumy, approximately 40 kilometers from the Russian border.

Russian surveillance reportedly discovered the enemy's rear reserves earlier in the day but decided to let them accumulate to inflict maximum possible damage, according to the Telegram channel NgP_raZVedka, which first shared the footage.

Reuters/RT