How Much Is Nigeria’s External Reserve?

 By Marcel Okeke

The deafening silence of the Central Bank of Nigeria (CBN) since JP Morgan’s very shocking revelation a few weeks ago that Nigeria’s foreign exchange (FX) reserves stood at about US$3 billion as at end-December 2022 is really worrisome. 

According to the American financial services firm, a combination of foreign exchange forwards, securities lending, currency swaps, and outstanding contracts has weakened Nigeria’s net external reserves to an all-time low of US$3.7 billion as of the end of last year. Although data from the CBN had shown that Nigeria’s external reserves stood at US$33.88 billion as of August 10, 2023, down from US$37.08 billion at the end of last year, JP Morgan says the country’s “net forex reserves are significantly lower than previously estimated.”

Counting The Costs Of Electoral Impunity In Africa

 By Chidi Odinkalu

Towards the end of 2022, as his country began preparations towards general elections scheduled to take place in the penultimate week of August 2023, Zimbabwe’s president, Emmerson Mnangagwa, contracted an unusual bout of generosity denominated in United States Dollars. First he disbursed US$500,000 to his ministers, comprising 20 cabinet ministers, 13 deputy ministers, and nine provincial ministers supposedly as housing loans. Next, he doled out US$350,000 to directors of Zimbabwe’s Central Intelligence Organisation, CIO. The 270 members of parliament – both elected and nominated – each received $40,000. 

*Museveni and Mnangagwa

 As Zimbabwe went to the polls on August 23, it was impossible to escape the feeling that the president had bought and paid for another term in office. In locations known to be sympathetic to the opposition, mostly in the urban areas, voting materials failed to materialise, mysteriously showing up instead in very remote rural areas, thought to be sympathetic to the ruling ZANU-PF party of President Mnangagwa.

Nigeria: Ministers Of Noise

 By Ugoji Egbujo

The noise has started. Rather than embrace sobriety, they have begun with talkativeness. Unfortunately, the public is no longer so impressionable. The economic situation is dire and deft footwork of political chancery cannot bring succour. Politicians who had eight years at the state level to reduce poverty but chose sensationalism are now proselytising like development missionaries from distant lands.

The man in Abuja started with threats. He plans to bulldoze houses. Firm town planning regulation is necessary but those who begin by mouthing regulation and breathing fire often end up as crude and cold extortionists. These guys are not new. A loquacious strong man who is weak on principles is only a loud bully. Nothing useful comes out of arbitrariness except self-serving savagery. Ministers of noise pretending urgency.

The FCT lacks a modern transportation system. The city is littered with dehydrated kabukabus running around like taxis. Soaring fuel prices have made Abuja, the land of a million kabukabus, unlivable for many workers. But any man who governed an oil-rich state and didn’t bother to install any order in public transportation can’t come to Abuja with any ideas. That’s why the FCT minister sounds anachronistic.

The new FCT minister knows how to build small overhead bridges that can be christened flyovers and celebrated with feasts and orchestras. Unfortunately, Abuja can’t be seduced by small things. The sort of monkey-post politics and projects that win politicians oversized accolades in some states can’t faze anybody in Abuja. The new minister should keep his band and vuvuzelas aside and begin to think. This is 2023. Those formulae used by young majors who found themselves as military governors to titillate the public have all expired. The issues are real. Abuja is not susceptible to small-time provincial abracadabra and propaganda.

The Demolition of squatter camps is welcome but the real task is affordable mass housing. The minister should insist that building control and town planning regulatory authorities do their jobs diligently. But his focus must be on big ideas. Abuja needs affordable mass house schemes for low-income earners. Abuja must be reconfigured into a smart city. To attain this status, Abuja needs creativity and innovation rather than the brute force of a restless busybody. Environmental protection. Smart transportation. Efficient shelter. Tourism. It will be difficult for an analogue governor to transform into a digital mayor. But Abuja must start to harness technology for its security.  

The Abyss at Oba

The Onitsha-Owerri road is perhaps the busiest in the southeast. The marriage between the Igbo and commerce is well known, so the road that links major business centres in Igbo land will arguably be one of the busiest in the country. The Onitsha-Owerri road should be of such national strategic importance like Lagos-Ibadan and Kano-Kaduna that it should never be allowed to collapse.

At Oba, a huge erosion crater that can swallow a skyscraper has appeared.

The monstrous gully has eaten half of the road. But nobody seems perturbed. Owerri-bound traffic has been casually diverted to the remaining half of the road. Everybody passes and shakes his head at the bottomless pit. 

Many times every week, the traffic mats up and commuters spend long hours around Oba. Since Umahi represents the region and likes road inspections, he needs to visit in a hurry. When he gets Oba, he should stay far away from that site and use a pair of binoculars to view the chasm because though millions of commoners pass through that stricture every day, a minister shouldn’t take such a risk.  

Indeed, if the country observed safety standards that road ought to have been closed. But closing that road would be subjecting millions of people to torture. Yet the real tragedy is that the federal and state governments appear to be waiting for a calamity to happen. If the hole swallows twenty buses and a hundred souls, then somebody might be moved to dig a mass grave and then start work on the road. 

The hole at Oba is hellish. But it is the story of the land. When that gully cuts the road in two, the cost of fixing it might triple. The cost will be borne by the government but some politicians and their contractor friends will benefit. When a road contract sheds the toga of routine repair job for the apron of a big emergency, katakata will ensue. Chaos and frenzy create ample room for contract inflation and embezzlement.  

The hole looks diabolical. Something precipitate is the offing. The governor of the state, Soludo the Solution must have seen it and reminded the federal government officials of their ownership of the road. He has no immediate solution for it. Because at the current exchange rate and cost of cement, that road might swallow a significant portion of the state’s revenues. And the federal government, busy with planning how to distribute cash to cushion the withdrawal of petrol subsidy, is also burdened with fashioning out democracy for the Niger Republic rather than fighting erosion in Oba.

*Egujor is a commentator on public issues

 

Nyesom Wike: In Abuja, Use A Machete, Not A Sword!

By Owei Lakemfa

Minister Ezenwo Nyesom Wike, I join many Nigerians in welcoming you to the Federal Capital Territory, FCT, as its minister. You are no stranger to the country’s capital, having been a minister under the Jonathan administration. You arrived at the FCT last Monday with a bang, and since then, the mass media have not stopped buzzing, with some predicting that with you as Minister, the FCT will be ‘hot’. Brother Wike, do not be a conventional Nollywood character whose notions and moves are predictable. Don’t be an archetypal Patience Ozokwor in Nollywood or Clint Eastwood in Hollywood. Rather, be a governor in the FCT whose primary duties are the well-being and security of all Nigerians.

Portfolios were not previously affixed to ministerial nominees, so nobody would accuse you of not having a plan for the FCT. Therefore, what I advise you to do is sit down with your aides and staff to write a programme, and most importantly, get the buy-in of the people. 

Does Killing Babies In Niger Bring Glory To Our Name?

 By Femi Fani-Kayode

A dear and respected friend of mine who was once our Ambassador to a European country, who has relatives and strong links in and with Niger Republic and who is well versed in security and intelligence matters, told me that up to 40 babies are dying each day in Niger as a consequence of our cutting off electricity supplies to them.

*Tinubu and Fani-Kayode

According to him, these babies die in hospitals and incubators across the country as a consequence of the fact that there is no electricity supply and there is no fuel to power their generators.

This was confirmed by one Dr. Abdoul Djibou, a Nigerien medical practitioner, in an interview with Newsonlineng.com. They wrote, “According to a source in Niger Republic, Dr. Abdoul Djibou, there have been reports from Dosso Regional Hospital and Cominak Hospital about the recent spike in infant mortality.

Bayonets For Democracy

 By Chidi Odinkalu

Democracy is a very evocative notion. In the name of restoring or defending it, presidents have wielded bayonets, levied war, and executed coups. On August 10, 2023 a summit of the Assembly of Heads of State and Government of the Economic Community of West African States, ECOWAS, rose from its convening in Abuja, Nigeria’s federal capital, with an explicit order for “the deployment of the ECOWAS Standby Force to restore constitutional order in the Republic of Niger”.

 The following day, the headline was “West African nations order troops to restore democracy in Niger after military coup.” But, if the idea of “ordering troops” to “restore democracy” sounds like an oxymoron, it’s because it actually is. 

Africa And the Opportunities Of BRICS

 By Charles Onunaiju

Nearly a decade and half, the BRICS platform has become a consequential and formidable multilateral international mechanism, shaping the emerging trend of inclusive global governance. Since after its first summit in the Russian city of Yekaterinburg in 2009, the mechanism has phenomenally grown in consolidating its internal consultative frame work and has extended its outreach activities through the “BRICS plus” effects.

Brazil, Russia, India, China and South Africa are heavy weights in their own respective rights but seized the opportunity and moment of their outstanding performances as significant emerging economies to evolve, shape and consolidate on international mechanism not only to enhance cooperation among themselves but sought to invest the trend of globalisation with the practice of multilateralism and opening new vista for inclusive and participatory global governance.

Crocodile Tears For Victims Of Preventable Accidents

By Andrew Erakhrumen

What used to be unexpected tragedies in the past gradually became clearly regularly expected, unpreventable, acceptable and accepted “disaster-in-waiting” because of past and present governments’ non-responsiveness and irresponsibility coupled with the followers’ complacency, unseriousness, inability, and/or refusal, to confront collective challenges; and when these ‘expected’ disasters occur, all that is done is the predictable, regular, short-lived, mostly valueless, unproductive, mechanical public uproar that dies almost immediately as it starts!

This has always been the pattern and those in government are perfectly aware of it! After all, they are supposed to be from amongst Nigerians! Then, are we – as Nigerians – a serious people? This informed our opinion, concerning the 12-year-old Sylvester Oromoni Jnr., whose death occurred on November 30, 2021, that “...it was as if the ‘unusual’ happened. 

Nigeria: Palliatives Of Zero Effect

 By Adekunle Adekoya

This column had gone to bed last Thursday before the National Economic Council, NEC, a statutory organ of the Federal Government, released palliatives to cushion the effects of subsidy removal. When I saw the measures, which by now, all fellow Nigerians must have heard, a hundred and one emotions coursed through me all at once, but the ones that seemed most dominant were despair, disappointment, and despondence.

First, let it be reiterated that the dire economic situation in which the ordinary Nigerian finds himself now was foisted on him by people he trusted to manage his affairs in a way that he would benefit, not suffer. That means that the hapless Nigerian trusted that those that will be in charge of affairs of the commonwealth would put in sufficient rigour to achieve the best results. Alas, it is now turning out that these were high hopes, as it seemed that very little or no rigour went into deciding the removal of subsidy.

War With Niger? Tinubu Is Playing Reckless Macho Politics

 By Olu Fasan

It is a truism that a country’s foreign policy is the reflection of its domestic circumstances. A country that faces huge economic, political and security crises at home would be foolhardy to prosecute a war abroad. Furthermore, a robust foreign policy depends on domestic support. Thus, it’s utterly reckless and dangerous for a president to take his country into a foreign war without the endorsement of the legislature and understanding of critical domestic constituencies! Yet, that’s what Bola Tinubu, Nigeria’s new and sophomoric president, seems intent on doing in response to the military coup in Niger Republic.

*Tinubu

Since the coup in July, which removed President Mohammed Bazoum from power and installed General Abdourahamane Tchiani as head of state, Tinubu has talked tough, vowing that “all means will be used to restore constitutional order in Niger”. Under his leadership as chairman of the Economic Community of West African States, ECOWAS, the organisation gave the junta a week’s ultimatum to reverse the coup. When that failed, ECOWAS ordered the “deployment” of a “standby force” to invade Niger. Now, it’s said to have agreed a “D-Day” for military action!

Dismantling Of Muhammadu Buhari

 By Ochereome Nnanna

I have just published a book on Amazon titled: Buhari: Tinubu – How They Snatched and Shared Power. It has not yet been formally unveiled, but it will be, very soon. It is an analytical reportage and documentation of the politics and intrigues (which spanned over 30 years) that produced the dethronement of the Peoples Democratic Party, PDP, and emergence of Muhammadu Buhari and Bola Ahmed Tinubu as presidents. 

*Buhari 

When you read this book, you will not be surprised at what is happening to the relationship between President Tinubu and his predecessor and political ally, Buhari. Even before he launched his presidential campaign last year, Tinubu promised to continue Buhari’s legacies. Is he doing so now? On the contrary, Tinubu is dismantling Buhari’s heritage.

Why All Eyes Will Continue To Be On The Judiciary

 By Emeka Alex Duru 

I cannot recall where, between Benin and Kano, that I first came across the hashtag “#AllEyesOnTheElectionTribunalJudges,” powered by Diasporas for good governance. But I read in it that Nigerians had not lost interest on the last general elections and all that played out in the exercise. Indeed, they should not and ought not! That was a particular election that Nigerians of all ages and classes, especially the youth, saw as one that would change many narratives in the country. 

It was one election which the organisers – the President Muhammadu Buhari administration and the Independent National Electoral Commission (INEC) – advertised as the best that would happen to Nigeria. Buhari, in fact, boasted that the success of the election would stand as a legacy and point of reference for his regime. INEC chairman, Professor Mahmood Yakubu, equally assured the whole world of conducting an election that would mark a radical departure from the past that was characterised by manipulations. 

The Hullabaloo Of ‘All Eyes On The Judiciary’

 By Sola Ebiseni

The powers that be in the country seem enamoured of an unimaginable propensity to create problems where none ought to exist or act on impulse to unwittingly add to and magnify a problem in finding solutions thereto. It all has to do with the paternalistic psychology of l’etait cest moi (I am the state) attributed to Louis XIV of France on April 13, 1665, before the Parliament of Paris in his perception and exercise of absolute state powers.

It is such idols that propelled such an off-the-cuff monumental declaration of the removal of fuel subsidy, obviously without rumination or genuine consultations resulting in debilitating socioeconomic problems the nation is not likely to be relieved of soon. It was with the same disdain for the citizens and their representatives that an unprovoked war was declared virtually on our soil before seeking the concurrence of parliament.

Consumption To Production Is Mythical With Neglected Producers

 By Owei Lakemfa

It appears that Nigerians are fairly attuned to the new sing-song that the country needs to move from consumption to production. However, discussions at a conference on Wednesday, August 16, 2023 once again brought to the fore the belief in some government and employers circles that the wilful and conscious deprivation of workers constitutional and human rights would not affect production. In fact, in some cases, they believe that the abridgement of such rights is good for business and governance.

The setting was the 45th Anniversary of the Food, Beverage and Tobacco Senior Staff Association, FOBTOB, held in Lagos, and the immediate trigger was the paper: “Enforcing Workers’ Right In Nigeria” by Mr Andrew Egboh, Director in the Federal Ministry of Labour and Employment.

Tinubu, Beware Of Ouattara!

 By Emeka Obasi

Niger as battle ground is sweet music to the ears of President Alassane  Dramane  Ouattara whose goal is to divert attention from his contentious third term in Cote d’Ivoire and keep war away from his country through neighbouring Burkina Faso, Mali and Guinea respectively.

*Ouattara

When Ouattara boldly announced in Nigeria that ECOWAS leaders were battle ready to restore Mohamed Bazoum to power in Niger he meant every word that came out of his mouth. “We are determined to restore president Bazoum to his functions”, the Ivorian leader said.

I Started By Marketing Lands, Buildings For Companies. Now I Own Several Estates Across Nigeria — Nwachukwu

 

Dr. Ifeanyi Nwachukwu is the self-effacing MD/CEO of Richland Property and Homes (Nig) Ltd. With over 300 youths employed in his company, he is also an ambassador of ECOWAS Youth Council and a recipient of multiple national and international awards based on his track record in property business and helping humanity through philanthropy. His company, Richland Property and Homes, is also into brokerage, consultancy and development. He is directly associated with about 85 estates in Nigeria and several hectares of land in choice locations across the country. Before founding Richland, he was into the entertainment industry as a film producer and a member of the Nigerian Association of Cinematography. Dr Nwachukwu chatted with HENRY AKUBUIRO at his Surulere, Lagos office on his route to social recognition.

It’s surprising you left that glamorous, booming sector like the entertainment industry for a private one like real estate. What happened?

I left the entertainment industry not because it wasn’t good – it’s a good and rewarding industry – but because I needed financial security. I asked myself certain questions: Apart from making money today, what can I do that will be able to earn me money even when I am not working? This is because, in the industry today, you might be relevant, but, as soon as you are out of the screen, you are no longer relevant. I asked again: What else can I go into so that, even when I am not working, I will still be generating good revenue? So putting five and six together, I chose the real estate industry, and that’s where we are today.

Tinubu’s War Drums On Niger Republic

 By Bisi Olawunmi

Bola Ahmed Tinubu’s federal government of Nigeria is rearing to go to war in Niger Republic. Is history repeating itself ? Twelve years ago, in 2011, Nigeria was similarly bullish about going to war in Ivory Coast over the presidential election dispute in that country. That time, President Goodluck Jonathan was the chairman of Economic Community of West African States (ECOWAS), just as President Bola Tinubu is ECOWAS chairman today.

 *Tinubu

There had been a presidential election in Ivory Coast on October 31, 2010 with many candidates in which President Laurent Gbagbo led with 38 percent of the vote, while Alassane Quattara was runner up with 32 percent vote. Because no candidate scored up to 50 percent of the vote, the two leading candidates – Gbagbo and Quattara – had a runoff election on November 28, 2010.

Russia, Ukraine And War Propaganda

 By Patrick Dele Cole

Are we slowly moving to World War III? Can Russia allow NATO to gulp Ukraine? Is this an existential threat to Russia? Can Russia exist with NATO countries surrounding it and a NATO member in its gut? Real politics will suggest that, having now exposed Russian weakness, the West has no alternative but to push on its own advantage. Russia is the heart of the Slavic people, and Ukraine is its soul. A soulless Russia will collapse – this is Putin’s view.

*Zelensky and Putin 

How did Russia lose its preeminent arms producing power? Would anyone contemplate the nation that supplied arms that led to the overthrow of apartheid in South Africa? Iran is now building and selling drones for Russia, and South Africa is supplying arms to Russia. Could Russia be so weak? New information is now available about the link between Russia and Europe, especially how much gas and crude oil Russia exported to Europe, estimated at 40 per cent.

Why Do Nigerian Governors Swear Allegiance To The President?

 By Olu Fasan

This is a subject I have long wanted to address. It first caught my attention when I watched the inauguration of Professor Charles Soludo as governor of Anambra State in March 2022. As he recited the oath of office, I was struck by how many times he mentioned the words “Federal Republic of Nigeria”, “President of the Federal Republic of Nigeria” and “Federal Government of Nigeria”, while he only directly mentioned “Anambra State” once; yes, once!  

*Tinubu meets governors 

The words quoted above, bar Anambra State, are in the governor’s oath set out in the Seventh Schedule of the 1999 Constitution. For instance, it says a governor must exercise the authority vested in him “so as not to impede or prejudice the authority lawfully vested in the President of the Federal Republic of Nigeria”, and “so as not to endanger the continuance of the Federal Government in Nigeria”. It goes on: a governor must “devote” himself “to the service and well-being of the people of Nigeria”. Really? Why?

All The Noise About The Niger Coup

By Sunny Ikhioya

No empire lasts forever. With what is happening now all over the world, it is clear that man has not learned his lessons. Russia is trying to reclaim its former stake in Ukraine, but is finding it very difficult to do so. This has now caused a bitter rivalry between Russia and the rest of Europe, backed by the United States of America.

The rivalry amongst European powers led to the Berlin Conference in 1885, which approved the partitioning of Africa with arbitrary borders that have existed until today. We are not teaching history in our schools today so that corollary assumptions cannot be linked with what is happening in West Africa; but that is the real issue. It is a race for control and dominance over Africa and its resources all over again.