In response to Nigeria's ongoing fuel pricing and supply challenges, the International Monetary Fund (IMF) has called on the Federal Government to prioritize the protection of vulnerable citizens from the impact of rising petrol prices. Speaking in an interview with Arise TV, Christian Ebeke, IMF's Resident Representative in Nigeria, emphasized the importance of accelerating social safety programs to support those hardest hit by economic policies, particularly amid the current inflation and multiple economic shocks.

Ebeke noted that petrol prices in Nigeria remain below market rates, suggesting a potential further increase. This comes on the heels of a similar statement from the Nigerian National Petroleum Company Limited (NNPCL). He expressed concern about the hardships Nigerians are enduring due to a combination of high inflation, food shortages, and the recent floods, all of which are straining the nation's economy.

"The upward adjustment in petrol prices is occurring at a time when Nigerians are already grappling with significant difficulties," Ebeke stated. "The government’s support program, which aims to reach 15 million households, is crucial. However, it needs to be accelerated to cushion the effects of rising fuel prices on the most vulnerable."

Current Fuel Prices and Supply Issues

Ebeke also echoed concerns raised by NNPCL regarding the current non-market-reflective petrol prices, which have contributed to supply shortages and fuel station queues across the country. He stressed the importance of ensuring stability in supply while adjusting fuel prices, but reiterated that the immediate focus should be on mitigating the impact on the poor.

"If these price adjustments stabilize the fuel market, it would benefit many Nigerians, as the ongoing fuel scarcity is hindering the country’s productivity," he added.

Competition and Supply from Dangote Refinery

Addressing the controversy over the distribution of products from the Dangote Refinery, Ebeke highlighted the need for competition in the oil market. He explained that competition ensures better product quality and supply stability, which ultimately benefits consumers.

"Ensuring availability of supply and fostering competition will create a stable market and allow consumers to get the best deals," Ebeke said, advocating for policies that prioritize these principles.

Balancing Economic Reforms with Social Protection

In response to the Federal Government’s stance that its economic reforms are necessary for long-term growth, Ebeke stressed the importance of balancing policy measures. He noted that while reforms like fuel price adjustments are critical for economic stability, they must be implemented alongside social protection programs to ease the burden on the poor.

"When implementing challenging reforms, you must pair them with measures that protect the most vulnerable. It’s not just about price adjustments, but also about ensuring that people have the support they need to cope with these changes," he emphasized.

Outlook for Nigeria’s Economy in 2024

Looking ahead to Nigeria’s economic future, Ebeke acknowledged the government's ambitious plans to transform the economy, stabilize markets, and reduce poverty. However, he stressed that these efforts must be supported by adequate revenue generation, as Nigeria continues to face one of the lowest revenue-to-GDP ratios in the world.

"The government’s ability to raise revenue is crucial for financing infrastructure, healthcare, and education. These are the key areas where growth and development must be promoted," Ebeke noted.

Moniepoint, a financial technology firm (fintech), says 58.9 percent of women-owned businesses in Nigeria struggle to access funding.

Moniepoint, in a report focusing on funding for women-owned businesses in Nigeria, said 40.2 percent of women use their funds and savings to run or start their businesses.

The fintech said while 16.7 percent of women manage to get access to loans from their financial institutions, 83.3 percent are left to rely on family, friends, and personal funds to start or keep their businesses running.

“For many women-owned businesses, sources of funding are few. With a financing gap of 32%, women are either less likely to receive funding, or they receive smaller amounts when they do,” the report reads.

“Our data paints a similar picture, as 40.2% of women use their personal funds and savings to run or start their businesses.

“A closer look at the source of their “external funding”, shows that a greater number of them access this from family and friends, either as loans or cash gifts.

“Only 16.7% of these women are able to get access to the loans their businesses need via financial institutions.”

Moniepoint said although access to funding can positively impact a business’s lifespan, women-owned startups find it relatively harder to get funding compared to “older businesses”.

“Barring a few exceptions, such as family businesses or trust funds, it’s difficult to scale businesses with funds from personal savings or family and friends,” the report said.

“Formal investment sets businesses up for faster growth and expansion. Sadly, not having the right documentation and collateral makes it difficult for small businesses to scale.

“However, the funding gap between women and men-owned businesses persists regardless of size, education level, industry and financial status.”

The report also said businesses that have access to external funding (crowdfunding, government grants, loans from financial institutions, loans from cooperatives, borrowed from families and gifts from friends) are more likely to expand and have multiple stores than those who use personal funds.

Giving reasons for the funding gap, the fintech’s report highlighted issues such as unconscious bias, societal constraints and financial habits, and lack of awareness as major funding challenges women-owned businesses face.

Moniepoint said avoiding bias or discrimination is the first step to bridging the gap.

The report also said providing women with tools to accept payments digitally and quick access to credit facilities without overleveraging them would help in sustaining their businesses.

The Cable

An American businessman, Marco Antonio Ramirez, has been sentenced to 68 years in prison by a Lagos court for defrauding Nigerians of $1.6 million in a fraudulent visa investment scheme.

The ruling was delivered on Tuesday, September 10, 2024, by Mojisola Dada of the Special Offences Court sitting in Ikeja as disclosed by EFCC.

Dada, in her verdict, emphasized the gravity of the offenses, stating, “The prosecution has proven its case beyond a reasonable doubt. Marco Antonio Ramirez’s fraudulent actions have inflicted significant financial harm on his victims.”

She elaborated on the sentencing, noting, “The court has imposed a total sentence of 68 years to reflect the severity of the crimes committed and to serve as a deterrent to others.”

Details of the case 

Ramirez was convicted on a 16-count charge brought against him by the Economic and Financial Crimes Commission (EFCC), including charges of obtaining money by false pretence and stealing.

According to the EFCC, Ramirez and his companies, USA NOW LLC, Eagle Ford Instalodge Group LP, and USA Now Energy Capital Group LP, scammed his victims by promising to process their investments through the United States EB-5 Investor Programme, which was purported to help them obtain green cards.

The EFCC prosecutor, M.S. Owede, expressed satisfaction with the court’s decision, stating, “Today’s judgment is a testament to the EFCC’s relentless pursuit of justice for victims of financial crimes. We are pleased that the court has held Marco Antonio Ramirez accountable for his fraudulent activities.”

Victims 

The court heard how Ramirez dishonourably converted large sums, including $545,000 from Godson Onyemaechi Echegile and $314,800 from Abubakar Umar Sadiq, for personal use under the guise of investment. These funds were meant to be investments in his company, but Ramirez failed to deliver on his promises, leaving his victims without the promised visas or their money.

In addition to the charges related to the EB-5 programme, Ramirez was found guilty of defrauding Gabriel Ogie Edeoghon of $250,000 and Oludare Talabi of $50,281.33 in separate visa scams.

Prosecuting counsel S.O. Daji commented, “The court’s decision today reaffirms our commitment to fighting fraud and ensuring that those who exploit others for personal gain face justice.”

Ramirez’s legal battles spanned several years, with repeated delays due to the absence of his defence counsel, Lawal Pedro. However, on May 8, 2024, the court adopted the final written addresses, setting the stage for the judgment.

Nairametrics

Hamas says ready to implement ceasefire without new conditions

The Palestinian Hamas group said on Wednesday that its negotiators reiterated its readiness to implement an "immediate" ceasefire with Israel in Gaza based on a previous U.S. proposal without new conditions from any party.

The Palestinian group said in a statement that their negotiation team, led by senior official Khalil al-Hayya, met mediators on Wednesday including Qatar's Prime Minister Sheikh Mohammed bin Abdulrahman Al Thani and Egypt's intelligence chief Abbas Kamel in Doha to discuss the latest developments in Gaza.

Talks have so far failed to reach a deal to end the 11-month-old war. Lingering issue include control of the Philadelphi corridor, a narrow stretch of land on Gaza's border with Egypt, persisting.

CIA Director William Burns, who is also the chief U.S. negotiator on Gaza, said on Saturday that a more detailed ceasefire proposal would be made in the next several days.

The previous proposal put forward by U.S. President Joe Biden in June laid out a three-phase ceasefire in return for the release of Israeli hostages.

Advertisement · Scroll to continue

The recent war in Gaza started after Hamas militants attacked Israel on Oct. 7 killing 1,200 people and taking about 250 hostages, according to Israeli tallies. Israel's offensive has thus far killed at least 41,084 Palestinians and wounded 95,029 others, the Gaza health ministry says.

Reuters

RUSSIAN PERSPECTIVE

Russian troops reportedly pushing Ukrainians back in Kursk

Russian forces appear to be pushing Ukrainian troops back in a Kiev-controlled area of Russia’s Kursk Region, footage circulating online purports to show. The Russian Defense Ministry has not confirmed that the counteroffensive has begun.

A pro-Russian Telegram channel released on Wednesday clips that it claims show the achievements of the 51st Guard Regiment of the Russian Airborne Troops near the settlement of Snagost.

Kiev deployed thousands of heavily armed troops for its operation on Russian soil. According to the Russian military, Ukrainian casualties have surpassed 10,000 during the month-long incursion.

The longest video was filmed from a drone and shows what appears to be a battle in a rural area involving multiple armored vehicles.

Another one purports to show a group of Ukrainian POWs walking down a road. Some of them are holding their hands behind their heads while others prop up an injured comrade. 

Snagost has been mentioned by the Russian Defense Ministry as a location where fighting against the invading Ukrainian troops has been taking place on a regular basis. It is located roughly 7km southeast of the Seim River, a notable landmark that helps identify the location in the video.

Ukrainian troops targeted bridges over the Seim further to the west, apparently to make the territory under their control easier to defend from Russian ground attacks.

WESTERN PERSPECTIVE

Three killed, five injured in Russian attacks on east Ukrainian town

Three women were killed and five other people were injured on Wednesday during Russian attacks on the eastern Ukrainian town of Kostiantynivka in the Donetsk region, prosecutors said.

Russian troops shelled a residential part of the town, some 14 km (nine miles) from the active combat zone, and killed two elderly women, the Prosecutor's General Office said on the Telegram messaging app.

Later Russian forces hit another residential area, probably with a self-propelled multiple rocket launcher, killing a middle-aged woman and injuring five other civilians, it said.

The Donetsk region, which Russian troops partially occupy, regularly comes under Russian shelling and airstrikes.

Moscow denies targeting civilians or civilian infrastructure in its invasion of Ukraine, although thousands of people have been killed in its attacks.

RT/Reuters

Young people have been leading large-scale protests in two of Africa’s most influential countries, Kenya and Nigeria. While many of the protesters’ demands are unlikely to be met, the demonstrations highlight the urgent need for fundamental reforms, not only in Kenya and Nigeria, but across Africa.

In Kenya, young people first took to the streets in June to execute “seven days of rage” – massive and largely peaceful protests against a proposed finance bill that would increase taxes on a wide range of goods and services at a time when the cost of living is surging. Thousands stormed Kenya’s parliament, and President William Ruto deployed the military to carry out a violent crackdown that, in the ensuing weeks, left at least 39 dead and nearly 400 wounded. More than 600 protesters have been detained.

Despite initially vowing to quash the protests, Ruto soon conceded that the people had spoken, withdrew the bill, and dissolved his cabinet. Yet the protests – including calls for Ruto’s resignation – continued, with young people demanding action to address deep-seated problems like government corruption, mismanagement of public funds, and inadequate checks on the executive’s authority.

The Kenya protests inspired young Nigerians, who announced ten days of anti-government protests during August. Their grievances, too, are largely related to the economy and poor governance. Fuel costs rose exponentiallyafter President Bola Tinubu scrapped a longstanding subsidy last year. And the naira’s value plummeted following the central bank’s decision to allow market forces alone to determine the exchange rate.

Now, ordinary Nigerians – who already face high unemployment – are being crushed by inflation and food and power shortages. Yet, as in Kenya, their attempts to be heard have been met with state violence – more than 20 are dead, and hundreds more have been arrested – even as political leaders have paid lip service to their demands.

The problems driving recent protests are hardly confined to Nigeria and Kenya. High unemployment is taking a toll on educated urban youth in many parts of Africa. Moreover, many leaders across the continent implement economic reforms that disproportionately burden ordinary citizens, while elected officials continue to enjoy extravagant lifestyles. Many African countries have records of human-rights violations, which go unpunished. Achieving a more stable, prosperous future in Africa requires action in all these areas.

Begin with the prevailing approach to economic reform. Both Ruto and Tinubu would argue that their controversial policy proposals were in their countries’ interest. Ruto’s finance bill was designed to reduce the budget deficit, rein in public debt, and satisfy lenders like the International Monetary Fund (which halted funding to Kenya after the bill was withdrawn). Similarly, Tinubu’s decision to end fuel subsidies aimed to ease pressure on public finances, while the change to the exchange-rate regime was supposed to stabilize the economy and attract investment.

But implementing austerity measures without considering people’s ability to weather them shows a lack of empathy – even disdain. If the terms of a loan agreement are too onerous, it is the government’s job to renegotiate them. Technocrats and responsible politicians must signal to the IMF that demanding reforms that will take an excessive toll on ordinary people leaves countries vulnerable to unrest, while undermining the Fund’s legitimacy – and that of other international institutions – as a partner of African countries.

In any case, if African governments are serious about reducing deficits and debt, they should first look inward. Elected officials in Kenya and Nigeria are not only among the world’s highest-paid; they also benefit significantly from “constituency development funds” – essentially slush funds for politicians. Kenya’s government is particularly bloated.

Curtailing such expenditure is urgent and would be a strong good-faith gesture to young people. A radical increase in transparency – showing how public money is spent at the national and sub-national levels and enabling easier tracking of these expenditures by citizen groups – would also help. Public commitments, such as through the Open Government Partnership, are a good first step, but only if they are quickly backed by action. All of these efforts are prerequisites to reducing corruption.

A third piece of the reform puzzle is ending impunity for state violence. The recent crackdowns are, after all, nothing new in Africa. In Nigeria, the 2020 protests against police brutality were met with yet more violence by security agents, who have faced no accountability whatsoever. Last year’s cost-of-living protests in Kenya were also met with violence, for which no one has been held accountable. Similar stories can be told about many other African countries, where repression is often widespread.

Ending such impunity is an essential first step toward building a peaceful and prosperous civic order. Accountability should start with the individuals who directly inflict the violence, whether police or military, but must also extend to those in command. When protests erupt, government must engage with the demonstrators and find credible ways to respond to their demands. Arrests should be made only when actual crimes are committed, and the accused must be given swift and fair trials.

Despite violent crackdowns, Kenyan youth are still protesting, and their Nigerian counterparts have pledged to return to the streets if their demands are not met. Other countries, such as Uganda, are also facing anti-government and anti-corruption protest movements. As long as governments lean on repressive tactics, rather than undertaking meaningful reforms, such upheaval will continue.

Project Syndicate

The number of verified Bank Verification Number (BVN) holders in Nigeria has soared to 65 million, according to the latest report published by the Nigeria Inter-Bank Settlement System (NIBSS).

The Bank Verification Number (BVN) system was introduced by the Central Bank of Nigeria (CBN) in 2014 as a biometric identification initiative aimed at reducing fraud and enhancing security in the banking industry. The BVN serves as a unique identifier that links bank accounts across multiple financial institutions, ensuring streamlined processes and improved customer verification. Since its inception, the system has grown exponentially, now covering a significant portion of Nigeria’s banked population.

Between April 2024 and July 2024 alone, the number of BVN-registered accounts grew from 61.47 million to 62.7 million, representing an increase of 854,267 in just three months. This upward trend, coupled with the surge to 65 million by August, signifies a growth of more than 4 million new verified BVN holders in 2024; a remarkable achievement in the drive toward full financial inclusion.

The Managing Director and Chief Executive Officerof NIBSS, Premier Oiwoh attributed the growth to continuous technological upgrades and innovation.

While the growth in BVN registration signals progress, industry experts have raised concerns about the 40% of the Nigerian population that remains financially excluded. The Enhancing Financial Innovation and Access (EFInA) Access to Finance (A2F) 2023 survey highlighted that despite the increasing adoption of digital services and urbanisation, many Nigerians still lack access to formal banking services. This gap is especially evident in rural areas, where low financial literacy and deep-seated mistrust of banking institutions persist.

Kurfi Garba, Managing Director of APT Securities, explained, “Many Nigerians remain unaware of the benefits of having a bank account. Financial literacy is still low, and cultural factors, such as mistrust of formal banking institutions, deter a significant portion of the population from participating in the formal financial sector.”

Garba also noted that there is a growing demand for alternative financial services, such as mobile wallets and payment service banks, which require less stringent identification processes compared to traditional banks. These options could potentially bridge the gap and increase financial inclusion, particularly for the unbanked and underbanked segments of the population.

Former Chief Economist at Coronation Merchant Bank, Chinwe Egwim, underscored the need for a holistic approach to increasing financial inclusion. “Improving financial literacy, fostering trust in formal financial institutions, and creating an enabling environment for economic growth are critical steps toward closing the financial inclusion gap. The banking sector must also invest in advanced cybersecurity to protect the BVN database and reassure customers that their personal data is secure.”

Egwim further stressed the importance of ongoing public education efforts, not only to promote the benefits of BVN registration but also to safeguard against fraud and identity theft. “As we continue to expand digital banking services, we must ensure that both urban and rural communities are equipped with the knowledge and tools needed to engage safely with these systems.”

By addressing these challenges head-on, experts note that Nigeria can fully capitalise on the advantages of the BVN system, paving the way for a more inclusive, secure, and technologically advanced financial ecosystem.

Sun

Thousands of residents in Maiduguri have been displaced after a catastrophic flood, caused by the overflow of the Alau Dam, submerged 70% of the city. The flood, which is Borno State's worst disaster in three decades, has also resulted in a jailbreak, with the Nigerian Correctional Service recapturing three escaped inmates, and the death of 80% of animals at the Sanda Kyarimi Park zoo.

The National Emergency Management Agency (NEMA) confirmed the extent of the devastation, reporting that key locations in the city, including the Shehu of Borno’s palace, the state secretariat, and the University of Maiduguri Teaching Hospital, are underwater.

NEMA spokesperson Manzo Ezekiel explained that the flooding began after heavy rainfall caused the Alau Dam to overflow, rapidly inundating large parts of the city. "About 70% of the town is already underwater," Ezekiel said, adding that many residents were trapped as the floodwaters surged while they slept.

The flat terrain of Maiduguri has exacerbated the situation, allowing floodwaters to flow quickly into lower-lying areas. While the exact number of displaced persons remains unclear, NEMA estimates that about 70% of the city’s population of over 800,000 may have been affected.

In an effort to support displaced residents, the federal and state governments have opened three Internally Displaced Persons (IDP) camps, with Bakasi Camp being designated as the primary relocation center. According to NEMA, search and rescue operations are ongoing, and the agency is working closely with the Borno State Emergency Management Agency to provide assistance to those impacted by the disaster.

As the flooding worsened, many institutions and businesses in the city have been forced to shut down, including the University of Maiduguri. The United Nations High Commissioner for Refugees (UNCHR) Nigeria, in a statement on social media, described the widespread damage, noting that homes, schools, and businesses have been submerged.

This disaster comes amid a year of severe flooding in Nigeria, which has already claimed the lives of at least 229 people, displaced over 386,000, and damaged nearly 95,000 houses, primarily in the northern region. Over 125,000 hectares of farmland have also been affected, according to NEMA.

In a chilling echo of Nigeria's darkest days under military rule, President Bola Tinubu's administration has unleashed a wave of repression that threatens to strangle the very democracy he once fought to establish. The recent spate of arrests, detentions, and intimidation of activists, journalists, and civil society organizations paints a grim picture of a government spiraling towards authoritarianism.

The arrest of Joe Ajaero, President of the Nigeria Labour Congress, and the brazen raid on the offices of the Socio-Economic Rights and Accountability Project (SERAP) are not isolated incidents, but part of a broader pattern of governmental overreach. These actions, coupled with the detention of journalists and whistleblowers, reveal a regime increasingly paranoid and intolerant of dissent.

It is a bitter irony that Tinubu, once a stalwart of the pro-democracy movement, now presides over an administration that surpasses even the notorious excesses of military dictatorship. The Department of State Services, acting as the government's attack dog, has embarked on a campaign of intimidation that makes a mockery of Nigeria's hard-won democratic freedoms.

Perhaps most alarming is the government's response to peaceful protests against its economic policies. The mass arrests and ludicrous charges of treason leveled against #EndBadGovernance demonstrators, including minors, represent a dangerous escalation. By criminalizing dissent, Tinubu's administration reveals its fundamental weakness and insecurity.

Instead of addressing the legitimate grievances of a populace struggling under the weight of ill-conceived economic reforms, skyrocketing inflation, and widespread hardship, the government has chosen the path of repression. This short-sighted strategy will only deepen the crisis of legitimacy facing Tinubu's presidency.

The words of former Vice-President Atiku Abubakar ring true: this "siege is anathema to the principles of freedom and justice." Nigeria stands at a crossroads. Will it slide back into the abyss of dictatorship, or will its citizens stand firm in defense of their hard-won democratic rights?

President Tinubu must heed the warnings of groups like Afenifere and reverse course immediately. The immediate release of all detained protesters, an end to the harassment of journalists and civil society organizations, and a genuine engagement with the concerns of the Nigerian people are not just moral imperatives – they are essential for the survival of Nigeria's democracy.

The world is watching, Mr. President. The choice between tyranny and democracy lies in your hands. The legacy of your administration hangs in the balance. Will you be remembered as the leader who extinguished the flame of Nigerian democracy, or as one who had the courage to uphold the principles for which you once fought so passionately?​​​​​​​​​​​​​​​​

Atiku Abubakar, former vice-president, says attacks on media and civil society organisations (CSOs) under President Bola Tinubu’s administration are worse than what occurred during the military era.

Abubakar was reacting to the arrest of Joe Ajaero, president of the Nigeria Labour Congress (NLC), and the alleged invasion of the office of the Socio-Economic Rights and Accountability Project (SERAP) by the Department of State Services (DSS). 

Security operatives have intensified attacks on journalists since the turn of the year.

The Nigeria Police Force National Cybercrime Centre (NPF-NCCC) has also detained several journalists and whistleblowers over alleged petitions filed against them.

In a post on X on Tuesday, Abubakar described the attacks on the media as “profoundly disturbing”.

“The escalating assault on civil society and the media by the Bola Tinubu administration is profoundly disturbing. The level of oppressive control now imposed surpasses even the harshest days of military dictatorship,” Abubakar wrote. 

“The recent arrest of Mr. Joe Ajaero, President of the Nigerian Labour Congress, en route to an official event, epitomizes this regime’s relentless campaign to intimidate and subdue organized labour.

“Just days prior, security forces detained a journalist, only to later claim it was a grievous error. What if the outcome had been fatal? Now, Tinubu’s regime extends its repressive grasp to encroach upon @SERAPNigeria, an action that stands as a grave affront to our democratic values.

“This siege is anathema to the principles of freedom and justice. It is imperative that Tinubu and his security apparatus redirect their fervour and intimidation towards the actual perpetrators of violence — terrorists and bandits — who are inflicting immeasurable suffering upon the Nigerian people.”

During Nigeria’s military era — 1966-1979 and 1983-1999 — attacks on journalists and media houses were widespread, marked by severe repression.

The military regime also witnessed the killings of journalists and activists.

The Cable