Islamist militants killed at least 25 people and wounded others in attacks on two villages in Borno state, a hotbed for insurgency, a police source and two residents said on Wednesday.

The militants killed 18 herders grazing their livestock in one village and seven other people in another village, both in Kukawa district of the state that borders neighbouring Chad on Tuesday, the police source said.

Habibu Ardo, a herder in the area, said "ISWAP fighters (riding) on more than 15 motorcycles attacked our people while grazing in Kukawa and beheaded 18 of them without firing a single bullet on them in order to avoid the attention of security forces.”

Bakura Mustapha, a local vigilante who helped bury the dead, said “about 18 of the corpses were recovered in the bush and they have been buried today according to Islamic rites.”

A police spokesperson did not immediately respond to calls to confirm the incident.

Borno state is at the heart of a 14-year Islamist insurgency in Nigeria, which has spilled into neighbouring Chad and Cameroon. The conflict was launched by Boko Haram and later joined by its offshoot ISWAP, a regional affiliate of the Islamic state.

The United Nations estimates that the conflict had killed some 350,000 people by the end of 2020 and has left millions dependent on aid.

Reuters

A US congressional panel has heard testimony from former military servicemen that the American military may know far more about unknown objects spotted in the sky than has previously been disclosed.

The hearing on so-called Unidentified Anomalous Phenomena, or UAPs – a term coined partly to avoid the stigma of “UFO” – featured several witnesses from military career backgrounds sharing stunning testimony about alleged secret military programmes, as well as personal encounters with unknown objects that appeared to defy known physics and engineering principles while flying in US airspace.

One witness was David Charles Grusch, a former US Air Force intelligence officer and whistleblower who recently went public with claims that the American military may be attempting to reverse-engineer recovered craft of no known earthly origin.

Another, retired US Navy Commander David Fravor, gave a detailed account of an encounter he and other pilots had with a UAP over the Persian Gulf in 2004.

“As we looked around, we noticed some white water off our right side. The weather on the day of the incident was as close to a perfect day as you could ask, clear skies, light winds, calm seas (no whitecaps from the waves) so the white water stood out in the large blue ocean. As all four looked down we saw a small white Tic Tac shaped object…

“As we pulled nose onto the object at approximately ½ of a mile with the object just left of our nose, it rapidly accelerated and disappeared right in front of our aircraft. Our wingman, roughly 8,000ft above us, also lost visual. We immediately turned to investigate the white water only to find that it was also gone.

The object, he said, “was far superior in performance to my brand new F/A-18F, and did not operate with any of the known aerodynamic principles that we expect for objects that fly in our atmosphere.”

Out in the open

There is significant political pressure by US lawmakers to investigate the UAP issue in detail while keeping the debate on it as rational as possible. In that spirit, some of the panel’s members sought to frame the hearing as an exposé of possible extraterrestrial visits to Earth, but an inquiry into a possible cover-up.

“We’re not bringing little green men or flying saucers into the hearing,” said Congressman Tim Burchett. “Sorry to disappoint half of y’all.”

Yet other members emphasised that part of the point of the hearing was, in fact, to understand the meaning of the hundreds or thousands of sightings apparently made by military staff and commercial pilots.

In her own opening remarks, during which she mentioned the infamous Roswell incident, Congresswoman Anna Paulina Luna remarked that Congress needs to understand “the magnitude of what this means not just for this nation, but for humanity”.

Thanks to a sporadic sequence of news reports and official disclosures in recent years, beginning with a stunning New York Times story in 2017, there is a greater public understanding than ever about what steps the US has been quietly taking to investigate UAPs, in particular those spotted by military servicemembers.

Millions of dollars of funds quietly allocated by the US Senate are known to have been spent on probing the matter, including via the Unidentified Aerial Phenomena Task Force established in 2020, and its successor, the All-domain Anomaly Resolution Office, for which Grusch worked.

News reports, declassified videos and Congressional testimony have made clear that there have been many more encounters than the public has been made aware of, and that there are striking consistencies across the witness accounts that have been gathered.

And even among those who remain steadfastly sceptical of any suggestion that extraterrestrial aviators are visiting Earth, the string of still-partial revelations has raised serious alarm that advanced technology of some kind might be being used in proximity to American military assets – and that if so, it is not clear who has developed and deployed it.

Wednesday’s hearing, however, marks a new turn in the public story.

Fear and danger

Both Grusch and Fravor specifically alluded to the US government’s possible awareness or even possession of craft originating beyond the Earth’s atmosphere.

Grusch’s most striking testimony was indirect, in that he did not claim to have first-hand knowledge of the supposed objects in question. Instead, he testified that in 2019, he was “informed” of “a multi-decade UAP crash retrieval and reverse engineering program” that was or is operating without Congressional scrutiny.

“I made the decision based on the data I collected, to report this information to my superiors and multiple Inspectors General, and in effect become a whistleblower,” he told the subcommittee.

“As you know, I have suffered retaliation for my decision. But I am hopeful that my actions will ultimately lead to a positive outcome of increased transparency.”

Fravor also voiced concern about the lack of government scrutiny of the reported incidents and the military’s knowledge of them.

“What concerns me is that there is no ‘oversight’ from our elected officials on anything associated with our government possessing or working on craft that we believe are not from this world,” he said in his remarks.

He also reiterated to the committee that the object he and other pilots saw in the Persian Gulf in 2004 was able to perform seemingly impossible manoeuvres that would outpace any US military assert.

“The technology that we faced was far superior than any we had, and you could put that anywhere…it could go someplace, drop down in a matter of seconds, do whatever it wants and leave, and there’s nothing we could do about it.”

Crucially, Grusch and Fravor both stressed that the objects they discussed were not only spotted by pilots visually, but also detected on radar, though that data has not been released.

The strongest running theme of the hearing, however, was that there is currently almost no way for pilots and military personnel to report sightings without attracting the stigma associated with UFO conspiracy theorists – or far darker consequences.

Grusch, for one, confirmed to Luna that he had at times feared for his life since coming forward.

There is also no reporting system at all for civilian aviation pilots. Another witness, former F-18 pilot Ryan Graves, explained that he had helped found the group Americans for Safe Aerospace to support those who had had UAP encounters, and that he had not anticipated how many witnesses would contact him.

The group, he says, has “become a haven for more than 30 UAP witnesses who were previously unspoken due to the absence of a safe intake process. Most do not want to speak publicly. They are afraid of professional consequences. They just want to add their account to the data set.”

Tellingly, the Republican-led subcommittee session featured some of the House of Representatives’ most hardcore right-wing members – Florida’s Matt Gaetz, for instance – along with left-wing figures like Alexandria Ocasio-Cortez.

That is testament to the fact that the issue of UAPs cuts across party lines like few other topics at a time when Washington, and the House of Representatives in particular, is viciously divided.

As Congressman Jared Moskowitz said in his opening remarks, “it shouldn’t take the possibility of non-human origin to bring us together”.

Euro News

RUSSIAN PERSPECTIVE

Russian military repels ‘massive’ Ukrainian offensive – defense ministry

Russian troops have stopped an “intensive” effort by the Ukrainian military to break their defensive lines near the village of Orekhov in Russia’s Zaporozhye Region. The village and its surroundings have been the scene of fierce fighting for weeks, as Ukraine’s floundering counteroffensive drags on.

Kiev’s forces “resumed intensive offensive operations” just south of Orekhov on Wednesday morning, the Russian Defense Ministry said in a statement that evening. Despite the Ukrainian army launching a “massive”assault with three battalions backed by tanks, Russia’s 810th Marine Brigade, and 71st Motorized Rifle Regiment of the 42nd Motorized Rifle Division held their positions and repelled the Ukrainian advance, the ministry said.

During the battle, Ukraine lost 22 tanks, 10 infantry fighting vehicles, and more than 100 men, according to the ministry.

Nearby, Russian troops repelled an attack on the village of Rabotino, and used air and artillery power to hit Ukrainian units near Malaya Tokmachka, Yablokovo and Rabotino.

All of these locations sit within the formerly Ukrainian region of Zaporozhye, where Kiev’s  forces have been attempting for almost two months to penetrate Russia’s multi-layered defensive lines and push south to the Black Sea. If Ukraine were to succeed in this gambit, Russia’s land access to Kherson Region and Crimea would be severed.

However, Ukraine’s efforts have thus far been in vain. Russia has heavily mined the no-man’s-land in front of its defensive lines in this area, and early attempts to push through these minefields have proven disastrous for the Ukrainian military. Photos and videos from the beginning of Ukraine’s counteroffensive in June showed lines of destroyed tanks and armored vehicles sitting in minefields between Malaya Tokmachka and Rabotino, burning after they hit mines, and being targeted by artillery and Russian helicopters.

Ukraine’s 47th Mechanized Brigade – a NATO-trained unit – reportedly lost30% of its US-supplied Bradley Infantry Fighting vehicles in two weeks near Orekhov and Rabotino, while the 33rd Mechanized Brigade lost nearly a third of its 32 German-made Leopard tanks in the same area in a single week.

Across the entire frontline, Ukraine’s summer counteroffensive has already cost Kiev 26,000 troops and 3,000 pieces of heavy military hardware since June, according to the latest figures from Moscow. Russian President Vladimir Putin has described the Ukrainian operation as “suicidal.”

Ukrainian President Vladimir Zelensky has admitted to having difficulties, saying the counteroffensive is developing “slower than desired.” Amid reports that his Western backers are displeased at the pace of the offensive, Zelensky has attempted to shift the blame for the apparent failure to the West, saying that Ukraine did not receive enough munitions, weaponry, or training to succeed.

WESTERN PERSPECTIVE

Ukraine counteroffensive is moving, US says while pledging support

Ukraine's counteroffensive is "not a stalemate" even if it is not progressing fast enough, White House national security spokesman John Kirby told reporters on Wednesday.

Kirby made the remarks when asked about the pace of Ukraine's counteroffensive in a press briefing.

"President Zelenskiy himself has said that he that it's not progressing as fast as he would like and they're not moving as far every day as they would like. The United States is not going to take a position on that," Kirby said.

He added: "That said they are moving, it's not a stalemate. They're not just frozen. The Ukrainians are moving."

The White House national security spokesman said Washington would "make sure that they (Ukrainians) have the kinds of tools and capabilities they need to stay on the move."

More than $43 billion in U.S. military aid has been provided since Russia's invasion began in February 2022. The U.S. Department of Defense announced $400 million in additional security assistance for Ukraine earlier this week, including air defense missiles, armored vehicles and small drones.

U.S. Secretary of State Antony Blinken said on Sunday that while Ukraine has recaptured half the territory that Russia initially seized in its invasion, the counteroffensive was in its early days and would take shape over "several months."

RT/Reuters

Since the ill-fated night of October 20, 2020, the Babajide Sanwo-Olu administration has heavily invested in propagating its version of what went down. One press release issued by the Permanent Secretary in the Ministry of Health, Olusegun Ogboye, to deflate the outrage following the leaked memo revealing that the Lagos State Government planned a mass burial for the 103 victims of the 2020 #EndSARS violence punched a hole in one of their strongest arguments. From the Dis-Information Minister, Lai Mohammed, to state officials who traversed the news media circuits over the Lekki toll gate incident, one of their most vehement defences was that many deaths could not have occurred as claimed without families coming forward to claim their losses. It took only three years for the government to inadvertently confirm that some of us are actually officially faceless, nameless, disconnected from kith and kin, and can be disposed of like nothing.

As one has come to expect of Nigerian bureaucratic riposte to public disquiet, the Lagos press release on the mass burial Ogboye followed the standard format of prefacing the point with feigned anger at a misinformed public, pejoratively schooling people for what they got wrong, finally making the expected point, and rounding off with a scold. Apart from not departing from this pattern, they were also more concerned with responding to those they consider mischief-makers than reflecting on the moral import of 103 people (and likely more) dying in a single day in a single city. The way the government glibly stated that they picked up their bodies in several neighbourhoods around the city, one would be forgiven for thinking these people were merely a herd of cows struck by thunder while grazing.

If the feverish explanations of Lagos State officials fail to convince anyone of their sincerity, it is because we are reeling at the horror of the city as a sprawling necropolis. So many lives can be lost, and the government cannot stretch itself to dignify them by at least finding out their identity and killers? It must be far much easier to stick people in the ground and forget them than to take the trouble to come to terms with the cheapness of life and death under your administrative watch.

Ogboye’s write-up concludes interestingly: The government, therefore, appeals to social media rumour mongers to please allow the hapless families of the unclaimed loved ones a deserved closure. Such self-contradiction! If the whole point of mass burying 103 people is because nobody came forward to claim them, then who are these “hapless families” getting “deserved closure” on whose behalf you are appealing for sensitivity? What kind of emotional closure is possible for the families who are still out there unknowing of the fate of their deceased, and will probably never know now that those people will be undistinguishably buried in an unmarked grave with many others? If the state had truly believed some families out there deserved closure, it would have tried harder.

Of course, they claimed that they sponsored several newspaper advertisements announcing that families missing a loved one should come forward and take a DNA test to ascertain whether they are related to the people lying in the morgues. Whether the people looking for a missing person in Nigeria buy a daily newspaper every single day to get that information and respond accordingly is a question only Lagos State can answer. But waiting for people’s families to respond should not preclude giving the dead a face and getting justice for them.

Funnily enough, the state explained that some of the unfortunate victims were killed in community clashes. Were those combatant invaders from Mars that no one knew any of them in Fagba, Ajah and other communities? For the state to be certain that their deaths were a consequence of community clashes, they must also have some information on who they clashed with, where the clashes happened, who killed who, and who should be charged for murder. As for the ones that they claimed died during a jailbreak at the Ikoyi prison, finding them should not be so hard when there are prison records. Or, are they saying they throw people in jail without adequate records of who they are and to whom they are related? Regularly, we hear of the billions of naira allocated to feeding prisoners. I find it hard to believe that the government spends so much money on their food without recording their existence.

What the reality of over 100 people being unidentifiable in a modern state like Nigeria tells us is that we still do not have a proper accounting system for the humans living within our domains. We are a society where the government votes massive amounts of money to purchase surveillance equipment like CCTV and so on but without a commensurate outcome in securing lives and properties. Despite subjecting people to endless data capture for different purposes, over 100 people can still get lost within a single city and nobody knows anything about them? No wonder bandits in Nigeria make videos without bothering to mask their faces anymore. The fact that a criminal unveils their face before the public glare does not make them un-faceless to the Nigerian government.

Meanwhile, one cannot argue that the means to account for people does not exist. It does. When a young man made a snarky comment about former first lady Aisha Buhari on Twitter, the police managed to track him down to arrest him even though they had to lay in wait for him for about six months. In this Nigeria where over 100 people will be thrust into a mass grave it has never been hard to fish out people for punishment. That is the way of the Nigerian state. When they need to destroy lives, government agents can be madly efficient with their use (and abuse) of institutional resources. When you ask them to use that same ingenuity to improve the quality of life for the people they govern, they have no clue how to summon their wits. They can destroy, not create.

The fate of these poor Lagosians—to be dumped in a mass grave at a cost higher than an annual minimum wage—says so much about the operations of life and death in the Nigerian necropolis. Life and death are not necessarily opposites; they are a continuum. How a society treats death is always indicative of their attitude towards life. People who do not give dignity to the dead will hardly be concerned about life either. One of our biggest failings in this part of the world is the levity with which we take life; it is the reason we trail behind civilisation while the rest of the world soars to unimaginable heights. Everything the societies we call “advanced” have invented, from their technology to ideologies, has been to enhance life. Every use of their God-given thinking faculties has been to give life and more abundantly. Societies without a similar drive towards improving life will either be enslaved to the ones that take life seriously or perish.

 There is a reason, every year, thousands of Africans die in the Mediterranean while trying to cross over to Europe and you never hear from the government of their respective countries. There is hardly outrage at their death and there is almost no likelihood that any actionable plan to prevent a repeat is in the offing. Our leaders are often too busy trying to self-enrich to be bothered that some unfortunate people who have not yet lived are mass-buried in the cold depths of the heartless sea. Our lives never matter enough to warrant any attention. In those instances, it is still Oyinbos who will hold their leaders and institutions accountable for failing to rescue the poor souls.

Punch

HOBBLED PRESIDENCY LAPSES INTO INERTIA: There seems to be something about those who crave a thing so bad before they land it. When they finally get that object of their desire ennui seems to quickly embrace them and squeeze the joy out of their victory. Let’s make a quick checklist: that beautiful lady you chased for years before she said yes. That dream car; that mansion or that job you wanted badly. After you finally get it, you find yourself asking: is this all?
This must be the same feeling now with President Bola Tinubu.  Storied to have craved the presidency of Nigeria for decades, he has had it for only two months and he seems to be at sea now. The excitement is gone of course! A crippling inertia is setting in. Remember  Muhammadu Buhari. He got it on the fourth consecutive time he contested. However,  for six months, Buhari blanked out. He couldn’t form a cabinet, the economy was on autopilot leading to the recession of 2016.

PUNY PRESIDENCY ON A WING: But unlike today, the Buhari presidency was a bit more robust: Abba Kyari, Mamman Daura, Isa Funtua, Ahmed Joda, etc. These were well educated, highly exposed, seasoned civil servants, and arch hegemonists. Even in their villainy, they packed a punch. They were slow but they knew where they were headed. They were crudely nationalistic, if not narcissistic in their economic outlook. And they had a rather annihilatory Fulani/northern agenda. They made no bone about it. This was the Buhari Presidency.
The Tinubu power hub is much puny. Its circle of influence consists of Dele Alake, Femi Gbajabiamila, Wale Edun, George Akume and Vice President Kashim Shettima. As is already apparent, Alake is the power behind the throne today, but he doesn’t have Abba Kyari’s exposure or Machiavellian instincts. Alake is deficit in experience, rigour and range. Leadership is work, propaganda is fun. It’s apparent that Alake doesn’t understand this maxim, otherwise he would have kept quiet about the damming report of European Union Election Observer Mission. It was most embarrassing to see Alake go on and on about sovereignty as if EU plotted a putsch against Nigeria. Election monitoring has long become part of the settled norm in this age. EU had a duty to report its observations after an election duty. It’s obtuse to seek to rebut a report without the requisite facts. Alake made Nigeria look like a banana republic in that poor outing. That’s an unpresidential response.
Gbajabiamila is even less so, and seemingly more given to epicurean pursuits than attending to the gritty side of state affairs. Akume is an outsider and Shettima is four times removed from the epicentre. He may have to gate-crash and win his space in due time but today, he must make do with attending food shows in faraway places.
This current presidency therefore has the least ability to take off or lead. Number one is physically hobbled and mentally feeble. He needs alter- presidents around him. He needs to be surrounded by a surfeit of great minds who are also trusted. Apparently, people like Yemi Osinbajo, Raji Fashola,  Muiz Banire, Wale Oshun, Adebayo Williams, and the like may have been short-circuited already through limited access to the president in the precincts of power. But the point here is that presidency is a mammoth elephant and not a ram to be put in reins and be led by a fellow.

FLIP-FLOP, FLIP-FLOP: That’s how we have rolled since May 29th. The presidency is of lean stature that’s why the country is in a flux and there is much policy paralysis. Look at the palliative palaver – flip-flop. Whoever thought of the eight thousand naira per family, per month as a palliative must be living in the moon. So eight weeks after pronouncing subsidy dead, no initiative, no succour. Instead, pump price jumped astronomically again to over N600 per litre; naira gallops; inflation zooms; anarchy looms.
Fees in public tertiary education institutions have been jacked up. Most government tariffs and fees are rising while the citizenry are being ground into dust. It seems like Tinubu is having fun chasing Nigerians up and down with kumo and kondo…
Deadlines fixed by the presidency for raising a cabinet have been missed repeatedly. And we ask, why can’t an economic adviser be brought on board? Why is there no economic team yet?

FINAL ANALYSIS: The most damnable thing about Tinubu and his ragtag presidency is that they are a most apathetic set of leaders ever to beset the land. Buhari and his cabal didn’t spike subsidy for eight years not because he couldn’t. But because someone in the team had empathy. Someone must have warned that tampering with so-called subsidy would perish the people. But nobody seems to be thinking about the people under Tinubu. Perhaps nobody is thinking at all…
So while the Tinubu presidency flip-flops and doodles,  Nigerians are existing like people in a trance. Most Nigerians cannot feed, they cannot commute, they cannot pay school fees. Our people are like walking dead. Does Aso Rock know? Can Aso Rock discern the magnitude of the pains inflicted on the citizenry these two months? Does Aso Rock realise that catastrophe is near?

Anyone who has forged a career in marketing will tell you it is a fast-paced, challenging and complex profession characterised by the art of problem-solving and understanding human behaviour – with the power of storytelling acting as its beating heart.

Here are four attitudes or factors that will help you to succeed in a marketing career:

1. Be curious: Marketing is primarily about solving problems, then  finding solutions and answers to these challenges. It is essential to do research and understand what the data are saying. That is how you can glean relevant and meaningful insights. Understanding current and emerging trends is also essential because it will help you leverage actionable insights and solutions. Curiosity underpins the ability to turn data and research into value for clients.
2. Be brave: One of the essential ingredients required of people to do work is bravery. This is especially true in a creative field. If you make a mistake on a billboard or in a Tweet, a large number of people are going to know about it – so you’ll need to be brave to be able to handle the pressure. Also, you will get continuous input on your work from different groups of people and stakeholders, so you need to take that feedback constructively. 
3. Be networked: Many jobs in marketing require influencing people’s behaviour and decision-making, and influence comes through relationships. One of the core attributes of a successful career in marketing is building and maintaining relationships and connections.
4. Be versatile: The broad range of skills that marketers require means that anyone working in the industry needs to be flexible and open to learning and growing their skillset throughout their career. A breadth and range of skills will stand you in good stead as you navigate a constantly changing field of media. 

My top tips for young Africans looking to pursue a career in marketing?

• Know yourself: It’s essential to have clarity about what you want, what makes you tick and, equally, what you don’t want – this is what made me switch from studying accounting to marketing while I was at university. I simply didn’t have the passion for accounting that friends studying it did, so I changed to marketing and have never looked back. 
• Have strong thinking partners: These come from mentors, coaches, friends, colleagues, siblings or parents. It’s critical to have people who will ask tough questions, offer feedback and help you achieve your goals.
• Learn and unlearn constantly: We live in a world of rapid change, and marketing is also rapidly evolving, so as you move through the industry and the different facets of marketing. You need to unlearn old habits and pick up new habits and skills to keep up with the pace of change.
• Find your passion: Marketing is a complex field with ever-shrinking budgets, and massive economic and industry pressures. You will need to get to grips with all of that, along with emerging technologies and tools, so it’s vital to love what you do and be energised by it to overcome the challenges in your path.

Above all, do it even if you are afraid. It is scary to figure out your future career, go for interviews and navigate your way through it all. But if you push through and stick to doing what you love, you’ll eventually reap the rewards.

Inc

Central Bank of Nigeria extended its longest phase of monetary tighteningto tame inflation, disregarding a call by President Bola Tinubu for borrowing costs to be lowered.

The monetary policy committee raised the benchmark rate by 25 basis points to a record 18.75%. The median of 17 economists surveyed by Bloomberg expected a 50 basis-point increase.

The meeting was the first presided over by acting Governor Folashodun Shonubi, who last month replaced Godwin Emefiele following his arrest on charges of illegally possessing a firearm. Tinubu, who has implemented several reforms including ending fuel subsidies and liberalizing the foreign-exchange market since he took office in May, has said that high interest rates are stifling economic growth and should be lowered to encourage spending.

The balance of arguments around the need to fight inflation, while also supporting investment and a recovery in economic growth, “leaned in favor of a moderate rate hike to sustain efforts aimed at anchoring inflation expectations, narrow the negative real interest rate gap and improve investor confidence,” Shonubi said in Abuja, the capital.

Nigeria Rate Hike Smallest in Current Tightening Cycle

CBN’s MPC has lifted rates in eight straight meetings

The yield on the nation’s 10-year dollar bonds extended an earlier decline after the decision, falling seven basis points to 10.65% by 5:40 p.m. in Abuja. The rate on the nation’s 2027 debt eased six basis points to 9.92%.

The MPC said it expects the economy to grow 2.66% this year, down from a forecast of 3% in May. Tinubu’s administration is targeting growth of at least 6% a year.

The decision to hike was split. Of the 11 MPC members who attended the meeting, four voted for a 25 basis-point hike, two favored a 50 basis-point increase and the rest preferred a hold.

Rising Inflation

The MPC has increased rates by 725 basis points since May 2022 to rein in inflation that’s been at more than double the top end of its 6% to 9% target range for over a year. Consumer prices rose 22.8% in June — the fastest pace in almost 18 years. The inflation rate has been kept high by rising food prices and is expected to remain elevated for some time.

Money supply rose 32% in June from a year earlier, compared with 14% in May, and gasoline prices have more than tripled since the scrapping of the fuel subsidy. The currency has meanwhile dropped about 40% against the dollar after the easing of foreign-exchange controls last month.

All MPC members also voted to narrow the central bank’s asymmetric corridor, which means the cost at which lenders borrow is at 100 basis points above the monetary policy rate, and the return on their deposits at 300 basis points below the benchmark.

Bloomberg

Central Bank of Nigeria (CBN) says plans to gradually phase out the old N200, N500, and N1,000 naira notes are ongoing, as new notes are still being issued.

Folashodun Shonubi, acting governor of the apex bank, spoke on Tuesday after the monetary policy committee (MPC) meeting at the CBN headquarters in Abuja.

In October 2022, Godwin Emefiele, former CBN governor, announced plans to redesign the N200, N500, and N1,000 naira bills.

Emefiele had asked Nigerians to deposit their old notes before January 31, 2023, when they would cease to be legal tender.

The CBN later said Muhammadu Buhari, the former president, had approved an extension of the deadline for the demonetisaton of the old notes.

But in March 2023, the Supreme Court invalidated the naira redesign policy introduced by the central bank, ruling that the old N200, N500, and N1,000 notes would remain as legal tender until December 31, 2023.

Providing updates on the demonetisation policy on Tuesday, Shonubi said the old notes would “slowly, and overtime be replaced”.

He noted that the old notes were being exchanged for the new ones whenever it was being requested by the commercial banks.

“When a currency is printed and sent out. It is expected that it will go through a number of cycles, and then over time, will become one and then be replaced. That’s what we’re doing,” Shonubi said.

“We had to put out or re-put out old notes. And as they’re coming in, they’re being processed and returned to us as not issuable. We are then bringing out and replacing them with the new notes.

“We believe that we have an optimal level of the currency out there and so much of what’s being done is replacement to keep the level, rather than just putting money out there.

“And that is seen by the fact that the banks, whenever they come to us for notes, we provide it to them. If it wasn’t enough, they will be asking us for more. If it was too much, they’ll be dumping that much more on us.

“So, we will slowly, and over time you will see the old notes replaced out of the system with the new notes that’ll be the norm.

“This will be out of practice, not fanfare, you’ll just see it slowly morph from old to new.”

The Cable

The Department of State services (DSS) has rearrested suspended governor of the Central Bank of Nigeria (CBN), Godwin Emefiele.

The secret police took custody of Emefiele shortly after a face-off with officials of the Nigerian Correctional Service (NSC).

Emefiele, who has been in DSS detention since June, was arraigned in court on Tuesday.

Nicholas Oweibo, the presiding judge, had granted the suspended CBN governor N20 million bail.

The bail condition includes producing a surety with landed property within the jurisdiction of the court in Ikoyi, Lagos, depositing his passport and also producing a Civil servant not below level 16 to perfect bail.

The judge had ordered that Emefiele should be remanded in prison pending the fulfilment of his bail conditions.

But rather than release the top bank chief to prison officials, the DSS attempted to take him away, a move that was resisted.

During the scuffle that broke out, the uniform of a prison official was torn, revealing the singlet underneath.

The DSS operatives who were well armed outnumbered the prison officials, leading to the arrest of a top official of Ikoyi Prisons by the secret service operatives.

The official who was rough-handled and shuffled into the DSS vehicle was later released.

Emefiele is standing trial on a two-counts charge bordering on possession of a single barrel shot gun, as well as possession of 123 rounds of live ammunition without licences.

However, he pleaded not guilty to the charge.

After his plea, defence counsel, Joseph Daudu, who led four other senior advocates, informed the court of a bail application filed on behalf of the defendant.

Daudu told the court that same had been served on the prosecution, adding that there is a stamp of the office of the Attorney General as proof.

But the prosecutor, Mrs N.B Jones, objected to the bail application on the grounds that she had not been served with a copy of the application.

She informed the court that her office had been on the look out for a possible bail application of the defendant but had seen none.

But defence counsel told the court that the prosecutor had no excuse not to proceed today in response to the bail application as the same had been duly served in the prosecution’s office.

He argued that the office of the AGF is a creation of statute, and so cannot exist in a vacuum.

In a short ruling the court agreed with the submission of defence counsel, and urged him to move the defendant’s bail application.

Moving the application, defence counsel urged the court to admit the defendant to bail as he is not a flight risk being, a reputable former Governor of CBN.

He told the court that the defendant had been kept in custody for long and had lost so much weight and so, requires medical attention.

Defence also informed the court that the defendant will be available to stand trial, adding that assuming the prosecutor had produced a witness, the defence would have been ready to proceed.

He therefore, urged the court to grant the defendant bail.

In response, the prosecutor informed the court that she was opposed to the bail application of the defendant as he was a flight risk.

She told the court that the defendant had refused to submit his international passport which indicates such flight risk.

Besides, she also told the court that being a very influential citizen of Nigeria, the defendant could also interfere with the case and evidences intended to be led by prosecution.

She urged the court to refuse bail

In his ruling, Oweibo agreed with the submission of the defence counsel on the grounds that the offence for which the defendant is charged is bailable.

The court held that bail can only be denied where any of the circumstances set out in section 162 of the Administration of Criminal Justice Act, is established.

The court held that the prosecution has not furnished such circumstances before the court.

The court consequently, granted bail to the defendant in the sum of N20 million with one surety in like sum.

The court adjourned the case until November 14 for trial.

Daily Trust

Nigerian Association of Resident Doctors (NARD) on Tuesday night declared an indefinite nationwide strike.

President of the association, Orji Innocent, said the strike will commence at 12 midnight on Tuesday.

He said the strike was declared during the National Executive Council meeting of the association in Lagos.

According to Innocent, the major demands of the association are : immediate payment of the 2023 Medical Residency Training Fund (MRTF), immediate release of the circular on one-for-one replacement, payment of skipping arrears and upward review of CONMESS in line with full salary restoration to the 2014 value of CONMESS.

It had in a communique issued after its virtual extraordinary national executive council (NEC) meeting decried government’s slow response to its demands despite giving it several ultimatums and embarking on a five day warning strike from  May 17th to 21st this year.

 It said, “The resolutions of the conciliatory meeting chaired by the then Minister of Labour and Employment were yet  to be implemented, seven weeks after, despite the set time lines for their implementation.”

NARD said the major demands of the association are: immediate payment of the 2023 Medical Residency Training Fund (MRTF), immediate release of the circular on one-for-one replacement, payment of skipping arrears and upward review of CONMESS in line with full salary restoration to the 2014 value of Consolidated Medical Salary Structure (CONMESS).

Others are payment of the arrears of consequential adjustment of minimum to the omitted doctors , reversal of the downgrading of the membership certificate by Medical and Dental Council of Nigeria (MDCN), payment of MRTF, new hazard allowance, skipping and implementation of corrected CONMESS in State Tertiary Health Institutions and payment of omitted hazard allowance arrears.

Daily Trust