Israel's strikes on Iran spark interest in air-launched ballistic missiles

Israel's effective use of air-launched ballistic missiles in its airstrikes against Iran is expected to pique interest elsewhere in acquiring the weapons, which most major powers have avoided in favour of cruise missiles and glide bombs.

The Israel Defense Forces said its Oct. 26 raid knocked out Iranian missile factories and air defences in three waves of strikes. Researchers said that based on satellite imagery, targets included buildings once used in Iran's nuclear programme.

Tehran defends such targets with "a huge variety" of anti-aircraft systems, said Justin Bronk, an airpower and technology expert at London's Royal United Services Institute.

Cruise missiles are easier targets for dense, integrated air defences than ballistic missiles are. But ballistic missiles are often fired from known launch points, and most cannot change course in flight.

Experts say high-speed, highly accurate air-launched ballistic missiles such as the Israel Aerospace Industries Rampage get around problems facing ground-based ballistic missiles and air-launched cruise missiles - weapons that use small wings to fly great distances and maintain altitude.

"The main advantage of an ALBM over an ALCM is speed to penetrate defences," said Jeffrey Lewis, director of the East Asia Nonproliferation Program at the James Martin Centre for Nonproliferation Studies at the Middlebury Institute of International Studies in California. "The downside - accuracy - looks to have been largely solved."

Ground-launched ballistic missiles - which Iran used to attack Israel twice this year, and which both Ukraine and Russia have used since Russia's invasion in 2022 - are common in the arsenals of many countries. So, too, are cruise missiles.

Because ALBMs are carried by aircraft, their launch points are flexible, helping strike planners.

"The advantage is that being air-launched, they can come from any direction, complicating the task of defending against them," said Uzi Rubin, a senior researcher at the Jerusalem Institute for Strategy and Security, one of the architects of Israel's missile defences.

The weapons are not invulnerable to air defences. In Ukraine, Lockheed Martin Patriot PAC-3 missiles have repeatedly intercepted Russia's Khinzhals.

Many countries, including the United States and Britain, experimented with ALBMs during the Cold War. Only Israel, Russia and China are known to field the weapons now.

The U.S. tested a hypersonic ALBM, the Lockheed Martin AGM-183, but it received no funding for the 2025 fiscal year. Because it has a large arsenal of cruise missiles and other types of long-range strike weapons, Washington has otherwise shown little interest in ALBMs.

A U.S. Air Force official, speaking on condition of anonymity, said ALBMs are not used in Air Force operations.

Raytheon's SM-6, an air-defence missile that has been repurposed for air-to-air and surface-to-surface missions, also has been tested as an air-launched anti-ship weapon, said a senior U.S. defence technical analyst, who declined to be identified because the matter is sensitive.

In tests the missile was able to strike a small target on land representing the centre of mass of a destroyer, the analyst said. Publicly, the SM-6 is not meant for air-to-ground strikes.

Because ALBMs are essentially a combination of guidance, warheads and rocket motors, many countries that have precision weapons already have the capability to pursue them, a defence industry executive said on condition of anonymity because of the sensitivity of the matter.

"This is a clever way of taking a common set of technologies and components and turning it into a very interesting new weapon that gives them far more capability, and therefore options, at a reasonable price," the executive said.

Reuters

WESTERN PERSPECTIVE

Russian air attacks on Ukraine's Kharkiv wound at least 15

Russian forces attacked Ukraine's second-largest city Kharkiv and the surrounding region with guided aerial bombs on Sunday, wounding at least 15 people, Kharkiv Regional Governor Oleh Syniehubov said.

Syniehubov, writing on the Telegram messaging app, said the attack damaged two residential buildings and windows of an infrastructure facility, two supermarkets, a cafe, 21 kiosks and a shopping centre.

There were four interior ministry employees among those injured in Kharkiv, the governor said.

The eastern city has become a frequent target of Russian air attacks since Russia launched its full-scale invasion in February 2022.

Syniehubov said Russian forces had badly damaged a five-storey apartment building in Kivsharivka, a small town near Kupiansk, east of Kharkiv.

Volodymyr Tymoshko, head of the regional police, said three residents died in the attack. A woman was rescued overnight, but further such efforts were hampered by ongoing Russian attacks, regional authorities said.

RUSSIAN PERSPECTIVE

Russia hits military and energy facilities in Ukraine – MOD

Russian forces have carried out major strikes against numerous targets in Ukraine, including airfields and energy infrastructure, the Defense Ministry in Moscow reported on Monday.

In a regular update posted on its Telegram channel, the ministry stated its military had struck energy facilities and an oil refinery used by the Ukrainian army.

Russia also targeted UAV workshops and storage sites for unmanned boats.

In addition, the ministry stated, Russian forces had used tactical aviation, drones, missiles and artillery in strikes against various concentrations of enemy forces and military equipment in 132 districts.

The update also revealed that Russia’s air defense systems had shot down four US-made HIMARS multiple launch rocket systems, a French-made Hammer guided aerial bomb, and 42 aircraft-type UAVs.

The ministry had earlier reported that the Russian military had hit a compound used by Kraken, a Ukrainian nationalist unit designated by Moscow as a terrorist organization.

A commando regiment operating under the Ukrainian military intelligence agency HUR, Kraken was established in 2022 by former members of the neo-Nazi Azov Battalion and other intelligence officers.

HUR commander Kirill Budanov has praised its fighters for their motivation “to kill the enemy.”Like the Azov Battalion, the sabotage unit welcomes radical Ukrainian nationalists and neo-Nazis joining its ranks.

Reuters/RT

World Bank officials have stated that it would take 15 years of subsidy removal for the effects to be felt, and that it could take up to 100 years for countries like Nigeria to eradicate extreme poverty. This confirms what some of us have been saying: that economic reforms and gradualism cannot resolve the country’s problems or bring prosperity.

A home is the number one source of wealth in the world — the summum bonum, the ultimate good. Unfortunately, Nigeria has the highest homelessness rate in the world, with 28 million homeless people. Only about 300,000 homes are built annually, while the population grows by around 5 million people each year. Even if the county were to increase the construction of homes by 1000%, which none of the current economic theories or plans can achieve, more people will still fall into poverty every year.

The “Fathers of Classical Economics” – Adam Smith, David Ricardo, and Thomas Malthus – espoused economic theories that supported the supply-side capitalist economic system of wealthy and powerful nations. However, the Russian Revolution of 1917 and the Great Depression of 1929, with millions of poor people threatening the survival of capitalism, forced world governments to recognize that housing was the ultimate good. This led to the adoption of demand-side economics, aimed at building massive suburban housing for the masses.

Maynard Keynes, the father of modern economics and macroeconomics, argued that governments should use deficit budgeting to empower the people through housing and employment. U.S. President Franklin D. Roosevelt’s 1933 New Deal was one of the greatest wealth transfers in history, engaging in massive public works and transitioning workers from low-wage agricultural jobs into higher-paying technical manufacturing roles. Similarly, Chairman Mao’s policies in China elevated a billion poor people into prosperity, the largest non-war-based economic empowerment in history.

This new economic ideology of social welfarism and the “Big Push” development model, which focused on providing housing for the masses, spread throughout the Northern hemisphere in the 1950s. In Africa, leaders like Obafemi Awolowo replicated this model. However, in the late 1970s, these social welfare policies were replaced with neo-liberal economic policies imposed by the IMF, which have entrenched poverty in many African nations, including Nigeria.

Only a “Big Push” development approach, not mainstream economic theories, can lift a people who have been ruthlessly exploited for over 500 years — first through slavery, then colonization, and now neocolonization. The Black race cannot achieve global economic parity without addressing the historical economic and sociopolitical costs of these systems. Economic gradualism, with its low growth rates, is too little and too late to address the rapid population growth and global economic fluctuations.

With the level of poverty in Nigeria, neither demand-side economics nor supply-side economics can systematically uplift a people who have been condemned to low-income primary production since the days of slavery. Yet, global and local economic scholars continue to preach the same plantation-style economics based on cheap labor, which has kept many in poverty due to low wages. Despite Nigeria’s agriculture sector being the fifth largest in the world in terms of value-added, the laws of diminishing returns require a reduction in human labor, replaced by machinery — something that can only be achieved through the multiplier effects of heavy manufacturing, not through imports or assembly.

African leaders, mentally enslaved by Eurocentric education and trapped by the realities of colonization, have been unable to create meaningful economic value. Their economies are built on the production of primary products, while importing processed goods. If countries like Nigeria print money or borrow excessively, the result is inflation, as the money is used to buy foreign imports. The IMF and World Bank financial systems have kept developing nations trapped in a cycle of currency devaluation, reducing wages and withdrawing social contracts that could empower the masses.

The fallacy of devaluation is that it supposedly makes exports cheaper and imports more expensive. However, in countries like Nigeria, which still rely on a single primary product (oil), imports remain inelastic — essential goods that cannot be replaced by local production. Thus, no matter how much the currency is devalued, oil exports won’t increase, and imports won’t decrease significantly. This is economic slavery, as the people are prohibited from creating value outside the colonial economic system, further entrenching poverty.

The coloniality of knowledge and power has sustained the neocolonial system. Even leaders have internalized the slavemasters’ pitch that if a slave works hard enough, producing primary products and buying provisions, he will eventually buy his freedom. Sixty years after independence, Nigeria’s economy remains a colonial one, with local production focused on agriculture and crude oil exports. Despite being one of the largest oil producers, Nigeria cannot process its crude locally, much like it couldn’t process cocoa during colonial times.

In the short window between the 1960s and 1970s, Nigeria and other neocolonial nations began to build manufacturing industries, processing food, beverages, and tobacco, and even assembling cars. However, 80% of raw materials were still imported. International monetary forces and colonial political machinations sabotaged the development of a steel and petrochemical complex that could have made the economy locally sustainable. A heavy manufacturing sector, which would include an arms industry, was seen as a threat to European domination in Africa.

As I outlined in my book The Nigerian Dream, a responsible nationalist government should within 100 days reopen all refineries to end fuel imports, cutting 30% off the import bill, and mandate that all government tiers use locally produced cars, cutting 21% off the import bill. According to Modern Monetary Theory, a government can print as much money as it needs, as long as it is focused on creating real value and not buying imports that fuel inflation. Nigeria should aim to build 5 million homes annually for three years, using 100% locally sourced materials, which would reduce homelessness and redistribute wealth to the masses, boosting the consumer market.

At the same time, Nigeria should construct three major railways — 5,000 kilometers of track — within the next three years. Railways are a massive source of iron and chemicals, which will stimulate growth in heavy manufacturing and transform car assembly plants into full car production facilities with locally sourced materials. These massive housing and railway projects would pull workers from the low-wage agricultural sector, increasing wages across the economy and spurring the development of locally produced agricultural machinery.

It is advisable that the military oversee these projects to reduce costs and protect the national economic interests, much like the U.S. industrial-military complex or China’s Liberation Army. This is the springboard that will lead Nigeria into economic prosperity, shedding the chains of 500 years of economic slavery.

** Justice J. Faloye is the author of The Blackworld Evolution to Revolution, President of the ASHE Foundation think tank, and National Publicity Secretary of Afenifere.

CEOs never get a day off. Oftentimes, their lives can feel like an endless slog from one hard decision to the next. 

Inc.’s 2024 CEO Survey found that many of the leaders of Inc. 5000 companies cite strikingly similar challenges that come along with being the boss.

For Robbie Harrell, founder and CEO of Saint Paul, Minnesota-based sculpture-grade ice company Minnesota Ice, running a company means constantly trying to avoid burnout. Founded in 2013, the company claimed the No. 1,416 spot on the 2024 Inc. 5000 list.

Here are the three hardest things about being a CEO, according to the world’s top CEOs. 

Loneliness

• “It can be lonely at times because most of your friends can’t really identify with your struggles, or celebrations.”
• “Few people understand the difficulties. They think I have it made and I’m so lucky without seeing the struggles, risk, and work that it takes to be a founder.”
• “Your pain is your pain, and it’s very difficult to show others as it may be considered a sign of weakness.”

Pro tip: Build relationships with other CEOs, consultants, and friends in business. Harrell says joining a peer group of other leaders gave him some much-needed perspective. “It’s been quite helpful to hear I’m not the only guy having employee issues,” he says. 

Feeling the weight of the world 

• “I am accountable to 11 family members, including siblings, children, nieces, and nephews. This responsibility weighs heavily on me, often causing anxiety and sleepless nights.”
• “Feeling like I’m carrying the weight of the company by myself, despite having over 100 employees.”
• “Everyone looks to me as having all of the answers and being right 100% of the time. I am far from perfect, and sometimes make decisions without thoroughly considering the full ramifications.”

Pro tip: Give yourself a break by completing a task unrelated to your business. Harrell says to destress, he listens to music while mowing his five-acre property. “When I finish and see all five acres cut, that’s instant gratification,” he says. 

Delegating 

• “The constant challenge for me as a founder has been learning to let go and trust others to replicate my vision. When you start something from inception, it’s hard to let others in.” 
• “Having to be consistent in all things to set an example for other team members.” 
• “Learning to let go of this thing I’ve created so others can help take it to the next level.”

Pro tip: Clearly convey the kinds of problems that should be brought to the CEO and which can be handled without approval. “You have to remember that when an employee comes to you with a problem, they don’t know all the other problems you’re solving,” Harrell says.

Inc

The recent arraignment of 32 minors alongside 76 other individuals for their participation in the #EndBadGovernance protests reveals a chilling reality: President Bola Tinubu’s government is veering dangerously close to authoritarianism. The inhumane treatment of these young detainees, who have been subjected to three months of detention without adequate food or care, highlights not only a blatant disregard for human rights but also an alarming trend toward state repression of dissent.

The charges of treason and other serious offenses against these children—some as young as 14—are not only absurd but indicative of a regime willing to weaponize the law to silence its critics. The criminalization of peaceful protestors, particularly minors, is a grotesque distortion of justice. This administration’s actions paint a stark portrait of a government more interested in quelling dissent than addressing the legitimate grievances of its citizens.

In the courtroom, the sight of these malnourished children, some collapsing from the effects of hunger and neglect, was not just a violation of their rights but a tragic symbol of the government’s moral bankruptcy. That four of them required urgent medical attention during proceedings speaks volumes about the conditions under which they have been held. It is horrifying that in a nation claiming to uphold democratic values, we are witnessing scenes reminiscent of authoritarian regimes where dissent is met with brutal repression.

Nigerians from all walks of life are right to express outrage. The Nigerian Bar Association, civil society organizations, and prominent political figures have condemned this abhorrent treatment. Yet, their voices must not be mere echoes in the wilderness. This is a crucial moment for collective action against the encroaching fascism that characterizes Tinubu’s approach to governance. The portrayal of young protestors as threats to national security is a dangerous narrative that must be challenged.

What we are witnessing is a systematic dismantling of the democratic fabric that should protect citizens, particularly the vulnerable. The refusal to acknowledge the rights of minors in the judicial process starkly contradicts both national and international legal standards. It raises urgent questions about the integrity of the country’s judicial system and the values that underpin it.

Tinubu’s administration must understand that governance is not about suppressing voices of dissent but about listening and responding to the needs of the populace. The economic hardship facing many Nigerians, which sparked these protests, is not going to vanish through intimidation or draconian measures. True leadership requires engagement, empathy, and a commitment to justice—none of which is evident in the current government’s approach.

As we move forward, it is imperative that Nigerians remain vigilant. The treatment of these minors is not an isolated incident; it is a symptom of a broader authoritarian trend that threatens the very foundation of Nigeria’s democracy. We must rally against this tide, demanding accountability and adherence to the rule of law.

The time for complacency is over. The Tinubu government must be called to account for its actions, and the rights of all Nigerians—especially the most vulnerable—must be fiercely defended. If we allow the state to continue down this path unchecked, we risk losing not only our rights but also the essence of what it means to be a civilized society. Let this moment galvanize us into action, for the future of this country depends on the citizens’ ability to confront tyranny wherever it arises.

Twenty-nine children could be facing the death penalty in Nigeria after they were arraigned Friday for participating in a protest against the country’s record cost-of-living crisis. Four of them collapsed in court due to exhaustion before they could enter a plea.

A total of 76 protesters were charged with 10 felony counts, including treason, destruction of property, public disturbance and mutiny, according to the charge sheet seen by The Associated Press.

According to the charge sheet, the minors ranged in age from 14 to 17 years old.

Frustration over the cost-of-living crisis has led to several mass protests in recent months. In August, at least 20 people were shot dead and hundreds more were arrested at a protest demanding better opportunities and jobs for young people.

The death sentence was introduced in the 1970s in Nigeria, but there have been no executions in the country since 2016.

Akintayo Balogun, a private lawyer based in Abuja, said the Child Rights Act does not allow any child to be subject to criminal proceedings and sentenced to death.

“So taking minors before a federal high court is wrong, ab initio, except if the government is able to prove that the boys are all above 19 years,” Balogun said.

The court eventually granted 10 million naira ($5,900) bail to each the defendants and imposed stringent conditions they are yet to meet, Marshal Abubakar, counsel to some of the boys, said.

“A country that has a duty to educate its children will decide to punish those children. These children have been in detention for 90 days without food,” Abubakar said.

Yemi Adamolekun, executive director of Enough is Enough, a civil society organization promoting good governance in Nigeria, said authorities have no business prosecuting children.

“The chief justice of Nigeria should be ashamed, she is a woman and a mother,” Adamolekun said.

Despite being one of the top crude oil producers in Africa, Nigeria remains one of the world’s poorest countries. Chronic corruption means the lifestyle of its public officials rarely mirrors that of the general population. Medical professionals often strike to protest meager wages.

The country’s politicians and lawmakers, often accused of corruption, are some of the best-paid in Africa. Even the president’s wife — her office nowhere in the constitution — is entitled to SUVs and other luxuries funded by taxpayers.

Nigeria’s population of over 210 million people — the continent’s largest — is also among the hungriest in the world and its government has struggled to create jobs. The inflation rate is also at 28-year high and the local naira currency at record lows against the dollar.

On Thursday, Nigeria was classified as a “hotspot of very high concern,” in a report from United Nations’ food agencies, as large numbers of people are facing or are projected to face critical levels of acute food insecurity in the West African country.

CNN

The Northern Elders Forum (NEF) and other advocacy groups have condemned the President Bola Tinubu government for detaining minors who protested against hunger and poor governance.

They described their detention as a violation of constitutional rights and an affront to international human rights standards.

The detained minors, held for over three months without trial, reportedly endured harsh conditions while detained for participating in protests.

While reacting to the situation in a chat with The Guardian, the spokesperson for NEF, Abdul-Azeez Suleiman, said that the federal government’s actions amounted to “shameful and unacceptable impunity.”

Suleiman criticised the arbitrary detention and treason charges against these children, calling it “A grotesque abuse of power and a blatant disregard for fundamental rights.”

He emphasised that treason, by definition, requires intent and understanding that children simply lack, making the charges both “legally dubious and morally reprehensible.”

Suleiman also highlighted the silence of northern state governors and regional leaders, describing it as tacit approval of the federal government’s actions.

He argued that their failure to speak out has contributed to a climate of powerlessness among affected communities and called for the immediate release of all detained minors.

He said: “The detaining and accusing of mostly Northern Nigerian minors for treason amounts to shameful and unacceptable impunity by the federal government.

“This trend is a stark indictment of the state of justice and human rights in the country, where the arbitrary arrest, prolonged detention without due process, and arraignment on charges of treason represent a blatant disregard for the fundamental rights of children.”

Suleiman urged a multi-pronged approach to address this issue, including an impartial investigation into the circumstances of the arrests and a thorough review of treason laws, particularly as they apply to minors.

The Coalition of Northern Groups (CNG) has echoed Suleiman’s condemnation.

CNG’s National Coordinator, Jamilu Aliyu Charanchi, in a statement, emphasised that the detained minors were merely exercising their rights to free expression and assembly, both protected by the Nigerian Constitution.

Charanchi labelled the detentions a ‘gross violation’ of human rights, urging leaders to prioritise citizens’ welfare over punitive measures. “This incident reveals both desperation and indifference to the wellbeing of Nigeria’s most vulnerable citizens, exposing the country to international criticism.”

Charanchi criticised the government’s approach to governance, arguing that rather than fostering constructive dialogue, it has resorted to suppressing young voices.

He pointed out that while power outages, inflation, and soaring fuel prices have worsened quality of life for Nigerians, the government has chosen to clamp down on youth advocacy.

Charanchi asserted that this tactic not only reveals a failure in leadership but also fosters public disillusionment and distrust.

CNG’s demands include immediate release of the detained minors and intervention from civil society and humanitarian organisations to prevent further deterioration of the children’s health.

They assert that hunger and deprivation, used as punitive measures against the youth, reflect a deeper failure in leadership. Charanchi drew a pointed comparison between the detained minors and more serious offenders who, he suggested, face less scrutiny, arguing that the treatment of the minors undercuts faith in governance and highlights a broken system.

Also speaking to The Guardian, President of the Rebuild Arewa Initiative for Development Balarabe Rufai said, “Nigeria’s laws seem to apply only to the downtrodden. This is a national embarrassment and shows a lack of sensitivity on the part of the government to the struggles of its citizens.”

He called for a thorough investigation, saying, “We cannot allow these actions to continue unchallenged. Nigeria must be a leader among black nations, not a place where children are unjustly treated and deprived.”

Rufai called on Nigerians to push collectively for better governance and an end to practices that silence the country’s youth, saying, “This is not just a violation of rights; it is a national crisis that must be addressed for the sake of future generations.”

The combined outcry from NEF, CNG, and other civil society advocates paints a stark picture of the challenges facing Nigeria.

They called for the government’s commitment to human rights, emphasising the need for leadership that supports rather than silences youth voices.

As Nigeria grapples with economic and social challenges, these groups urge the government to prioritise constructive engagement, uphold democratic values, and foster hope among young Nigerians.

The Guardian

Nigeria faces one of its worst hunger crises with more than 30 million people expected to be food insecure next year, a one third jump from this year due to economic hardship, a joint report by the government and United Nations said on Friday.

Nigeria, Africa's most populous nation, is grappling with a cost of living crisis that led to deadly protests in August.

Economic hardship has worsened after President Bola Tinubu started austerity reforms, including devaluing the naira and ending a decades-old petrol subsidy, fuelling inflation.

The analysis, conducted twice a year in 26 states and the federal capital, projected that 33.1 million people would be food insecure by August next year. That compares with 24.8 million by end of this year.

"Several factors are driving this trend, but most prominently are economic hardship coupled with record high inflation, a record rise in food prices and record high transportation costs," a statement accompanying the report said.

Chi Lael, World Food Programme spokesperson in Nigeria told Reuters that "economic decisions to strengthen the country in the long term, in the short term have felt like a direct attack on people's wallets, hitting hardest every time they try to buy food."

Finance Minister Wale Edun said on Thursday 5 million households had so far received cash handouts of 25,000 naira ($15.45), as part of the government's programme to help the most vulnerable families.

High food prices have contributed the most to inflation, which advanced to 32.70% in annual terms in September from 32.15% in August.

Flooding and insecurity in northern states continued to hit agriculture, further driving up food prices beyond the reach of many families.

Last month's floods destroyed an estimated 1.6 million hectares of crops, mainly in the northern food basket states, potentially causing production losses of a combined 1.1 million tonnes for maize, sorghum and rice, the joint statement said.

That is enough to meet the daily food needs of about 13 million people for a year.

In financial terms, the potential cereal crop losses amount to almost $1 billion in economic losses, the statement added.

($1 = 1,618.2600 naira)

Reuters

The Dangote Petroleum Refinery says any oil marketer that sells petrol cheaper than the price it offers is importing substandard products.

In a statement on Sunday, the refinery countered claims by some oil marketers that the cost of the product is higher than that of the imported petrol.

On November 1, the Independent Petroleum Marketers Association of Nigeria (IPMAN) said petrol — also known as premium motor spirit (PMS) — from the refinery was more expensive than buying from other sources.

Yakubu Suleiman, national assistant secretary of IPMAN, speaking on Arise Television’s Morning Show programme, said the group’s members go for more affordable options at other depots across Nigeria than the high logistical costs associated with buying petrol from the Dangote refinery.

Therefore, the oil marketers vowed to import the commodity and sell it below the Dangote refinery price as well as the price being sold by the Nigerian National Petroleum Company (NNPC) Limited.

Responding to these claims, the refinery said its ex-depot price of petrol is N990 per litre for trucks and N960 per litre for ships.

The firm said that the prices are benchmarked against the international prices and the amount the NNPC sold to local marketers.

“We had lately refrained from engaging in media fights but we are constrained to respond to the recent misinformation being circulated by IPMAN, PETROAN, and other associations,” the statement reads.

“Both organisations claim that they can import PMS at lower prices than what is being sold by the Dangote Refinery. We benchmark our prices against international prices and we believe our prices are competitive relative to the price of imports.

“If anyone claims they can land PMS at a price cheaper than what we are selling, then they are importing substandard products and conniving with international traders to dump low quality products into the country, without concern for the health of Nigerians or the longevity of their vehicles.

“Unfortunately, the regulator (NMDPRA) does not even have laboratory facilities which can be used to detect substandard products when imported into the country.”

‘INTERNATIONAL TRADING COMPANY TO BLEND SUBSTANDARD PRODUCTS IN NIGERIA’

The refinery also alleged that an international trading company is planning to blend substandard products close to its plant.

“…an international trading company has recently hired a depot facility next to the Dangote Refinery, with the objective of using it to blend substandard products that will be dumped into the market to compete with Dangote Refinery’s higher quality production,” the company said.

“This is detrimental to the growth of domestic refining in Nigeria. We should point out that it is not unusual for countries to protect their domestic industries in order to provide jobs and grow the economy.

“For example, the US and Europe have had to impose high tariffs on EVs and microchips in order to protect their domestic industries.”

The company said it is committed to providing affordable, good-quality, domestically refined petroleum products for Nigerians.

The refinery called on the public to ignore “deliberate disinformation being spread by those who favour Nigeria continuing to export jobs and import poverty”.

The Cable

Ten Deposit Money Banks raked in N4.20tn in the first nine months of this year, an analysis of their quarterly financial reports has indicated.

The banks listed on the Nigerian Exchange Limited saw their profit for the period climb by 102.81 per cent to N4.20tn from N2.07tn recorded at the end of the third quarter in 2023.

The financial institutions include Tier-1 banks: Zenith Bank, Guaranty Trust Holding Company, AccessCorp, United Bank for Africa and FBN Holdings. Others are Stanbic IBTC Holdings, Sterling Bank, Ecobank, Wema Bank and Jaiz Bank.

This surge in the profits of the banks is coming amid high interest rate

The Central Bank of Nigeria has consistently increased the benchmark interest rate at each of its five Monetary Policy Meetings held this year.

Thus far, the CBN has increased the rate from 18.75 per cent at the start of the year to 27.25 per cent purportedly to rein in inflation and strengthen the devalued naira. Also, record yields on fixed-income securities, mainly taken up by banks, have contributed to the bottom line of the banks.

The lenders that released their financial statements for the period ended September to the NGX showed that interest income was a major driver of the surge in profits.

Over the past two weeks, the country’s four largest banks by market value — GTCO, Zenith Bank, UBA and FBN Holdings, all reported that net interest income had more than doubled. In the case of Access Bank which is the largest bank by assets, net interest income rose by 116.65 per cent to N844.84bn from N389.96bn as of last year.

Of the 10 lenders reviewed, GTCO reported the highest amount of profit at N1.09tn, which is about a 195 per cent increase from its September 2023 figure.

GTCO was followed by Zenith Bank with a profit after tax of N827.28bn, almost double the N434.17bn made in the previous year.

FBNHoldings also saw its profit rise to N533.88bn from N236.42bn. UBA’s profit hit N525.31bn; Ecobank reported a profit after tax worth N491.88bn; and Access Bank came with a N457.75bn profit.

Similarly, Stanbic IBTC Holdings reported N182.87bn from N109.249bn; Sterling Financial Holding Company and Wema Bank recorded double and triple profits of N27.45bn and N52.73bn, respectively. A non-interest bank, Jaiz Bank indicated that its profit after tax jumped by 182.39 per cent to N18.11bn from N6.41bn.

While the banks reap the benefits of a high-interest rate environment, the Organised Private Sector is lamenting the effect of the sustained hike on their activities.

After the MPC announced the fifth rate hike for the year, members of the Organised Private Sector expressed fears that the interest rate hike may worsen bad loans in Deposit Money Banks.

The National President of the Association of Small Business Owners of Nigeria, Femi Egbesola, said it was unfortunate that the increase was coming again when manufacturers and actors in the real sector were still grappling with the high cost of doing business among many other challenges.

He said, “This will definitely push up further the cost of doing business and ultimately, the cost of goods and services. The manufacturing sector may contract more as fund liquidity and profitability will surely reduce.

“The banks or financial institutions may witness more bad debts as many lenders may find it difficult to live up to their loan obligations. This will result in banks being averse to lending to the real sector.”

The Lagos Chamber of Commerce and Industry had earlier voiced similar concerns.

The LCCI urged the government and the CBN to consider a more balanced approach to monetary policy, saying while controlling inflation is crucial, mitigating adverse effects on business operations and economic growth is imperative.

The chamber then suggested that the government release more capital expenditure to reflate business activities and support the contribution to economic growth.

Punch