The number of vehicles imported into the country fell sharply by 60.4 per cent, year-on-year, YoY, to 10,991 in the first half of this year, H1 2024, reflecting the impact of the naira depreciation and general economic downturn.

This was contained in the report of the just concluded quarterly meeting of the Nigerian Port Consultative Council, NPCC.

The report stated: “Vehicle Traffic shows a total 10,991 units of vehicles was handled during the period under review, indicating a drop of 60.8 per cent from 28,024 units in 2023.”

Following the same trend, the number of ships that called at the nation’s seaports fell by 4.3 per cent, YoY to 251 in H1 2024 from 275 in H1 2023.

But despite the drop in vessel calls, the Gross Tonnage of ships rose 6.9 per cent to 32.614 million metric tons in H1’24 from 30,504, 276 in H1’23

The report added: “The cargo throughput, excluding crude oil, was 21.186 million metric tons against 18.234 million metric tons in 2023 indicating an increase of 16.1 per cent.

“Inward cargo traffic reached 13.563 million metric tons representing a 10.5 of cargo throughput in 2023. Outward cargo traffic was 7.6234 million metric tons, representing 27.7 percent.

Container traffic for the period under review was 398,447 between January and June showing an increase of 2.3 percent from 389,303 Twenty Foot Equivalent Units, TEUs handled in 2023.

“A further analysis of container traffic revealed that import containers accounted for 3.4 per cent with 198,415 TEUs while export container traffic was 195,106 TEUs representing a decrease of 1.2 percent of total container traffic.

“A breakdown of export container traffic revealed that empty containers accounted for about 36.3 per cent of total export container traffic. The average turn-around time of vessels was 4.6 days, compared with 5.1 days in 2023. The significant improvement in average turn-around time for vessels was brought about by the impact of the Lekki Deep Sea Port which achieved an average turn-around of only one day.

“The increase in Gross Registered Tonnage, GRT, despite the drop in the number of vessel calls revealed the berthing of bigger vessels, especially at Lekki Port where the average GRT of vessels is 3,801,191. This further gives credibility to the importance of a deep seaport to the Nigerian maritime or port development.

“Therefore, the collective efforts of all stakeholders are required to ensure that Lekki Deep Seaport does not suffer the same fate as Apapa for ease of cargo evacuation.”

 

Vanguard

The President General of Ohanaeze Ndigbo, Emmanuel Iwuanyanwu, is dead.

This was confirmed in a statement on Thursday by Jide Iwuanyanwu, the son of the late Emmanuel.

According to the statement, the 82-year-old Iwuanyanwu died on Thursday after a brief illness.

“The Iwuanyanwu family of Umuohii Atta, in Ikeduru Local Government Area of Imo State announces the demise of our patriarch, Emmanuel Chukwuemeka Iwuanyanwu-Ahaejiagamba Ndigbo,” the statement read.

“Iwuanyanwu died on Thursday July 25, 2024 after a brief illness. He was aged 82. Iwuanyanwu before his death was President General of Ohanaeze Ndigbo worldwide and President of Owerri Peoples Assembly.”

Iwuanyanwu is survived by his wife, Frances, many children and grandchildren.

The statement stated that the burial details will be announced later by the family after due consultations.

 

CTV

Battered Hamas confounds Israel's bid to declare victory

Senior figures in Israel's government have said it is closing in on its war aims of defeating Hamas militarily and the return of hostages seized on Oct. 7. But Hamas' survival as a guerrilla force and its sway in Gaza may overshadow any deal.

After nine months of pummelling by one of the most powerful militaries in the Middle East, Hamas is much weakened from the force that carried out the cross-border attack on Israel on Oct. 7.

Early in the war, Hamas propaganda videos showed well-drilled fighters in body armour and battle fatigues, their torsos wrapped with ammunition belts. Now, small groups of insurgents in T-shirts and trainers stage hit-and-run attacks in Gaza's bombed-out streets, the videos show.

Reuters spoke with three sources with knowledge of Hamas tactics, two former Hamas militants, three Palestinian officials, two Israeli military sources and an Israeli defence official to shed light on the group's losses and its strategy.

Two Israeli and two Palestinian sources told Reuters that a communications network built by Hamas before the war has been heavily damaged. That has left its command fragmented and reliant on messages delivered in person to avoid Israeli surveillance, the Palestinian sources said.

One Palestinian source with knowledge of Hamas military tactics said personnel losses and the destruction of the communications network meant centralised decision-making had collapsed. Much of the vast tunnel network beneath Gaza has also been destroyed or compromised, the Israeli military has said.

But the guerrilla tactics adopted by Hamas cells in recent weeks are simply aimed at ensuring the group survives, ties down Israeli forces and inflicts losses, according to another Palestinian source with knowledge of Hamas military tactics.

Israeli Defence Minister Yoav Gallant, speaking to soldiers in the city of Rafah in southern Gaza, said on Tuesday that Israel was close to defeating Hamas militarily, according to a statement from his office.

"We're eliminating Hamas as a military organisation," Gallant told the troops. "We're creating a situation that will allow us to make a deal to free our hostages."

Hamas seized around 250 hostages during the Oct. 7 attack and killed 1,200 people, according to Israeli tallies. Hamas and other militants are still holding 115 hostages, around a third of whom have been declared dead in absentia by Israeli authorities.

Prime Minister Benjamin Netanyahu, addressing the U.S. Congress on Wednesday during a trip to Washington, pledged the hostages would be released soon and laid out a post-war vision of a "demilitarized and deradicalised Gaza" led by Palestinians who do not seek to destroy Israel.

Hamas dismissed Netanyahu's comments as "pure lies" and accused the Israeli leader of thwarting negotiations to end the war and reach a ceasefire deal to release the hostages - outlined by U.S. President Joe Biden in May and mediated by Egypt and Qatar.

Netanyahu, who met with Biden on Thursday, has said that victory will only be achieved when the military and governing capabilities of Hamas are eliminated and Gaza poses no further threat to Israel.

Hamas' founding charter in 1987 called for the destruction of Israel and it subsequently directed suicide bombings in Israeli cities and, with Iran's help, built an arsenal of rockets that it has launched into Israel in frequent conflicts.

'VERY FAR' FROM DESTROYING HAMAS

Hamas has insisted that, despite losses, its command structure remains in place, even if weakened.

Senior Hamas official Sami Abu Zuhri told Reuters that Israel's accounts exaggerate the extent of its losses: "Facts on the ground are completely different," he said.

In a statement on July 16 to mark nine months of that war, Israel's military said that it has killed or apprehended at least 14,000 Hamas fighters out of the estimated 30,000 to 40,000 fighters that the group had at the start of the conflict.

By comparison, Israel says just 326 of its soldiers have been killed in Gaza since the start of the ground offensive - just above the roughly 300 killed in a single day during Hamas' Oct. 7 attack.

Crucially, the IDF has also said it had eliminated half of the leadership of Hamas' military wing, the Al-Qassam brigades, and it was pursuing Hamas' top leaders as part of its aim of dismantling the group's capabilities.

An Israeli airstrike on July 13 in a humanitarian area in southern Gaza targetted Hamas' military chief Mohammed Deif, who Israel says masterminded the Oct. 7 attack. The Gaza health ministry said at least 90 Palestinians were killed in the strike.

The Israeli military's chief spokesman, Daniel Hagari, said on July 19 there were increasing signs Deif was killed alongside another senior Hamas commander Rafa Salame, who Israeli officials believe was sitting next to him at the time and was also killed.

Palestinian sources have confirmed the deaths of several leading Hamas military commanders. They include Ayman Nofal, and Ahmed Al-Ghandour, both members of the Higher Military Council, the top decision-making body of Hamas' armed wing. Saleh Al-Arouri, the deputy chief of Hamas, was also killed in Lebanon.

Yet Hamas fighters have drawn Israeli forces back into battle in the same areas of Gaza again and again, such as this week's fighting in Khan Younis, preventing the declaration of victory Netanyahu says he is determined to secure.

Michael Milshtein, a former Israeli military intelligence officer who leads Palestinian studies at Tel Aviv-based Moshe Dayan Center for Middle Eastern and African Studies, said Israel would need more boots on the ground across more areas of Gaza to achieve its aim of eliminating Hamas.

"We are very far from the goal of destroying Hamas' government and military capacities. We are really not close to that," Milshtein said. He noted, however, that a purely military victory would in any case ignore the group's social, political and economic influence.

"We're continuing to treat an enemy who is multi-dimensional in its behaviour as a military threat only."

The IDF did not immediately respond to a request for comment. Israel called up around 300,000 reservists to mount its assault on Gaza, its largest mobilisation in decades. It began releasing them around four months later.

MOP-UP OPERATIONS

Israel's military response to Oct. 7 has turned Gaza into a chaotic wasteland. More than 39,000 people have been killed, according to Palestinian figures.

Hamas' armed wing began the war with 24 battalions. An Israeli military source told Reuters on July 11 that four remaining battalions in Gaza's southern Rafah area, where Israel has focused its most recent offensive, are "close to being dismantled."

To achieve the government's war aims, the Israel Defence Forces planned a three-tier offensive encompassing an initial aerial campaign, followed by a ground offensive and a final phase of mopping up operations.

Most of Gaza has been in phase 3 for around six months. Once the Israeli forces have stamped out Hamas' remaining battalions in Rafah, then all of Gaza will essentially be in phase 3, according to Israeli officials.

Hamas' missile and rocket arsenal, once put at 15,000 to 30,000 has also been heavily depleted. Israel's military estimates 13,000 at least have been fired. It has also seized caches of projectiles as it has swept almost every city in Gaza.

Kobi Michael, of Tel Aviv University's Institute for National Security Studies (INSS), said Hamas was no longer an institutionalised army divided into conventional military units, with weapons manufacturing, training, intelligence and air, naval and cyber forces.

"We need to carry on until Hamas has no ability to rebuild," Michael said, suggesting the Israeli military would need to have access to Gaza even after the war to carry out operations against any remaining militant cells.

"The groundwork is being laid now for the IDF to operate in a similar way to the way it does in the West Bank. We are not there yet," he said.

But one source close to Hamas said the group has been preparing for years for a scenario where it would need to shift to guerrilla-style tactics to survive a conflict with Israel.

Key operations - including a foundry to make bombs and other weapons - were still operational, the source said. New recruits were also constantly joining Hamas' military wing, while the switch to guerrilla tactics had allowed the group to contain its losses, according to another source familiar with Hamas' tactics.

The network of tunnels, even after sections have been destroyed or compromised by Israeli forces, continue to hamper Israel's goal of eliminating Hamas, experts and two sources close to Hamas says.

"They show up from one shaft, destroy a tank, or prepare an ambush for another before they disappear until they reappear at another shaft," said a former Hamas militant familiar with the group's operations.

Some new tunnels, sources close to the group say, are being dug by hand. Reuters was unable to verify this independently.

An Israeli military official on Monday told Reuters that while a lot of Hamas military infrastructure, including tunnels, has been destroyed there was still much more to be done.

 

Reuters

Kalon Gutierrez

Key Takeaways

• For founders, the need for strong advisors early is more pronounced now than ever — given that an increasing number are being funded at notably early stages of their careers.
• A winning advisory team needs to have a combination of capability, applicability and future flexibility.
• To support this team, founders must institute an incentivizing compensation package, proper goal setting and regular communication cycles.

For founders, building the right team is critical to lasting success. But the right one isn't always what we assume it to be, and choosing wrong can prove detrimental at best to a start-up and ruinous at worst. In fact, in his 2021 Harvard Business Review article "Why Start-Ups Fail," Tom Eisenmann, Howard H. Stevenson Professor of Business Administration, notes that "a broad set of stakeholders, including employees, strategic partners and investors, all can play a role in a venture's downfall." Put more bluntly, a "dream team" may end up being a wolf in sheep's clothing.

A critical component of this group should be a war chest of related experience, along with a high degree of self-awareness, emotional intelligence and on-the-ground maturity. Strong advisors will also integrate well with the cultural and leadership dynamics of a start-up — keeping it consistent with founders' visions — and provide a non-biased and knowing perspective when offering direction on integral decisions.

For founders, the need for strong advisors early is more pronounced today than it was even five years ago. A quick look at Forbes 30 Under 30 Venture Capital 2024 makes it clear that many founders are now being funded at notably early stages of their careers, without a host of prior ownership cycles to reference. And there's much on the line: According to Carta, the median early-stage seed check from venture capital firms in 2023 was $3.1 million, requiring greater founder-led financial responsibility earlier. Products, meanwhile, are continuing to become more specialized and complex, requiring a heightened level of subject matter expertise. All of this can increase the progress-based burn rate while shortening the time horizon for success.

All these dynamics make it even more imperative for founders to identify and hire advisory boards early on, and when they do, they must get it right.

Here are key ways of attracting, hiring and retaining the best.

1. Understand the puzzle and identify missing pieces

Every company is unique, with its own strengths and weaknesses. A 20-year-old founder may sport a high level of intelligence yet lack a track record of creating multiple companies and the necessary years of subject-matter-related development. An industry veteran, meanwhile, may be less in touch with next-gen consumer behavior. As a founder, it's vital to assess your company's early-stage landscape — identify areas of strength (the same qualities that likely led others to invest in you), spot the gaps, and hire advisors with particular relevant expertise to address them.

2. Develop an advisor-specific compensation system

A founder's inclination may be to formalize an advisory team only when a company is big enough or far enough along and instead be inclined to form an informal team of familiar colleagues early on who offer services and support free of charge. While this may buy time and save money/dilution in the short term, the reality is that it will ultimately amount to a lower value-added during a critical period of early development. A better move is to create an advisory compensation system — from the start — so that a team feels truly invested in the company and, in turn, can be held accountable. That can include a percentage equity grant and associated timeline (usually one to two years). The amount to grant depends on two factors: the value-add of the advisor (time and expertise) and the stage of the company (the earlier on, the higher the grant).

3. Create a mutually agreed-upon goals list

As a founder, the more clarity you provide to an advisor, the more empowered they will be to add value. So, before signing an agreement, you and a prospective candidate(s) should create a set of goals and expectations. The latter can include an estimated number of hours dedicated per month, required percentage of attendance at meetings and general availability for advice and reference calls. Outlining goals will be more akin to a high-level job description or a position overview. It will also identify critical areas where a candidate plans to add value, along with a map of how they intend to execute accordingly.

4. Introduce advisory team members to each other and communicate frequently

Once your team is identified and hired, it's essential to then host a meeting that allows members to get to know each other. The more each person feels a part, the more they will operate with investment. In addition, it's important to remember that the sum is greater than its parts: a multi-member brain trust usually results in members devising better solutions than if they worked independently.

Also, provide regimented communication cycles (with updates) that offer realistic assessments of the current state of company endeavors. Sugarcoating a challenging experience will only hinder an advisory team from adding critical value.

5. Continue to evaluate your team, and don't hesitate to make changes

As founders, we can become emotionally attached to advisors; after all, they are mentors, advocates and stewards who helped raise and nurture our "baby." But as that infant grows, needs naturally change. A company may increase in size, pivot product category, or align with a new partnership vertical. Some advisors may be capable of growing with you throughout, but others will not, so they need to be assessed on a regimented basis. The right team is not always simply the available one.

As we view today's founder through a 21st-century lens, we are reminded that no one founding person or group of people can do it all. That doesn't change the market demand and associated expectations, however. With make-or-break nearly always on the line, a properly established advisory team is often a foundational ingredient to lasting success, provided it's built the right way.

 

Entrepreneur

The Nigerian Exchange Limited (NGX) reported that foreign transactions totaling N540.48 billion were recorded between January and June 2024. This represents a significant increase from the N145.08 billion reported during the first half (H1) of 2023.

In its 'Domestic & Foreign Portfolio Investment' report released on Wednesday, NGX highlighted that foreign investors liquidated more portfolio investments in the capital market than they purchased over the six months under review.

The report detailed that out of the total foreign transactions, N311.41 billion worth of portfolio investments were liquidated in H1 2024, compared to a foreign outflow of N73.06 billion in the same period in 2023. Foreign investment inflows amounted to N229.07 billion in H1 2024, up from N72.02 billion in the corresponding period last year.

NGX also noted that domestic investors accounted for N2.06 trillion in total transactions during H1 2024, bringing the combined value of domestic and foreign transactions to N2.60 trillion by the end of June.

The report further revealed that domestic investors represented 79.25 percent of the total transactions in H1 2024, down from 90 percent in the same period last year. Conversely, foreign transactions comprised 20.75 percent of the total in H1 2024, up from 10 percent in H1 2023.

Monthly Transaction Drop

The NGX reported a slight decrease in total transactions from N355.38 billion (about $239.56 million) in May to N354.55 billion (about $241.06 million) in June, a marginal decline of 0.23 percent. Comparing June 2024 to June 2023, total transactions decreased by 12.83 percent from N406.75 billion.

In June 2024, domestic investor transactions surpassed those of foreign investors by approximately 54 percent.

Market Performance Over the Last Decade

The NGX provided a summary of market performance over the past 17 years, indicating that domestic transactions decreased by 10.94 percent from N3.556 trillion in 2007 to N3.167 trillion in 2023. Foreign transactions also dropped by 33.28 percent from N616 billion to N411 billion during the same period. In 2023, domestic transactions accounted for about 89 percent of the total, while foreign transactions made up about 11 percent.

Institutional vs. Retail Investors

Analyzing month-on-month data, the NGX reported that domestic institutional investors (58 percent) outperformed retail investors (42 percent) by 16 percent. Between May and June 2024, retail transactions increased by 0.43 percent from N113.53 billion to N114.02 billion. The institutional composition of the domestic market saw a significant rise of 34.68 percent, from N117.57 billion in May to N158.34 billion in June.

The report from the Nigerian Exchange Limited (NGX) reveals significant insights into the behaviour of foreign portfolio investors in the Nigerian capital market during the first half (H1) of 2024. Here are the key points and their implications:

Foreign Liquidations Outpace Purchases

The report underscores that foreign investors liquidated N311.41 billion worth of portfolio investments in H1 2024. This liquidation figure is markedly higher than the N73.06 billion recorded in the same period in 2023. This significant increase in liquidations suggests a few potential factors:

1. Market Sentiment: Increased liquidations indicate growing apprehension or negative sentiment among foreign investors towards the Nigerian market. This could be due to economic, political, or regulatory uncertainties that make the market less attractive.

2. Profit-Taking: Foreign investors might be liquidating their holdings to realize profits, especially given the good performance of the market and fear of volatility in the near future.

3. Global Economic Conditions: Broader global economic conditions, such as rising interest rates in developed markets or geopolitical tensions, might be influencing investors to pull out from emerging markets like Nigeria.

Increase in Foreign Investment Inflows

Despite the high liquidation levels, foreign investment inflows also saw a substantial increase, amounting to N229.07 billion in H1 2024, up from N72.02 billion in H1 2023. This dual movement of significant inflows and outflows highlights a dynamic investment environment:

1. Attraction to New Opportunities: The substantial inflows indicate that foreign investors still find attractive opportunities within the Nigerian market. This could be due to specific sectors showing robust growth or favorable valuations of Nigerian assets.

2. Short-Term Trading Strategies: The simultaneous high levels of inflows and outflows suggests that foreign investors are engaging in short-term trading strategies. This behaviour may have been driven by volatility in the market, where investors buy and sell quickly to capitalize on price movements.

3. Sector-Specific Investments: Certain sectors might be attracting more foreign capital due to their growth potential or resilience. For example, investments in technology, consumer goods, or financial services seem to be driving the inflows, even as investments in other sectors see liquidation.

Comparative Perspective

Comparing the data from H1 2024 with H1 2023 provides a perspective on the trends and shifts in foreign investment behavior:

Magnitude of Change: The liquidation of N311.41 billion compared to N73.06 billion in the previous year represents a more than fourfold increase. Similarly, inflows increasing from N72.02 billion to N229.07 billion shows a strong tripling of investment inflows.

Market Dynamics: These figures highlight the heightened activity and volatility in the Nigerian capital market. The significant differences year-on-year suggest that 2024 has been a year of notable changes and possibly market corrections or responses to external factors.

Implications for the Nigerian Market

The high level of foreign portfolio liquidations, coupled with substantial inflows, has several implications for the Nigerian capital market:

1. Market Stability: Large-scale liquidations can lead to market instability and volatility. The NGX and market regulators need to monitor these trends closely to ensure that market integrity is maintained.

2. Investor Confidence: The substantial inflows indicate that despite the high liquidations, investor confidence in the Nigerian market has not waned entirely. However, maintaining and improving this confidence requires addressing the factors leading to high liquidations.

3. Policy Measures: To attract and retain foreign investments, Nigerian policymakers might need to introduce measures that enhance market stability, improve the investment climate, and address any underlying economic or political uncertainties.

4. Diversification and Growth:  The inflows suggest that there are still growth opportunities within the Nigerian market that are attractive to foreign investors. Focusing on sectors with high growth potential and fostering a conducive environment for these sectors can help sustain and enhance foreign investment levels.

In summary, while the high level of portfolio investment liquidations by foreign investors in H1 2024 raises concerns about market stability and investor sentiment, the concurrent significant inflows indicate that opportunities within the Nigerian market continue to attract foreign capital. Balancing these dynamics will be crucial for the sustained growth and stability of the Nigerian capital market.