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Minimum Wage: Let’s Pay According To Our Ability – Southern Governors 

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Minimum Wage: Let’s Pay According To Our Ability – Southern Governors 

Minimum Wage: Let’s Pay According To Our Ability – Southern Governors

 

Governors from the southern part of Nigeria under the aegis of the Southern Governors’ Forum, have called for the consideration of the cost of living and ability of each state to pay the new minimum wage just as they advocated that each State be allowed to negotiate the new wage with the labour unions.

 

This was contained in a Communique issued at the end of their meeting held on Monday, June 25, 2024, in Abeokuta, the Ogun State capital.

 

In their 16 points Communique, the Forum called for strengthening of fiscal federalism and devolution of powers and expressed concern over current practices where mineral licenses are issued and explorations undertaken without recourse to State governments.

 

It noted that issuing mineral licenses without carrying the states along have resulted in criminal activities, attendant negative environmental impact, ecological degradation, and with no remediation commitment or revenue accruing to the States or the Federal Government.

 

The governors maintained that being the economic and industrial region of the country, there was need to address the inadequate power supply in the region by taking advantage of the recent constitutional amendment that now allows States to regulate, generate, transmit and distribute electricity whilst also considering optional sources like renewables.

 

The southern governors said they have resolved to aggressively embark on energy transition plan from fossil fuels (petrol and diesel) to cleaner energy and specifically CNG (Compressed Natural Gas) and ultimately EV’s (Electric Vehicles) to help reduce the cost of transportation, which would lower the cost of food, goods and services of the citizens and residents.

 

The meeting also called on the Federal Government to rehabilitate, repair and reconstruct Trunk A roads and transfer some roads to States that have expressed interest in taking them over, applauding President Tinubu for conceptualizing and commencing the construction of the Lagos-Calabar Coastal Road, which cuts across eight states of the region.

 

The Communique hinted that the governors have resolved to commission a regional multimodal transport master plan that would prioritise connectivity of rail, road, air and water transportation, to facilitate interstate, intra-regional movement of persons, goods and services and thereby enhancing the ease of doing business.

 

It further stated that Southern States Development Agenda (SSDA), would comprise of a team whose primary responsibility is to outline a holistic plan to foster trade and investment, sustainable growth and development, economic prosperity, social harmony and food security for the region would be set up.

 

The Development Agenda, the governors added would work hand in glove with individual State Investment Promotion and Facilitation Agencies, the Nigeria Investment Promotion Commission (NIPC) and other relevant MDA’s and multilateral agencies as necessary.

 

On issue of state police, the Governors resolved to continue to advocate for the creation of State police against the backdrop of the success of the regional community based security outfits, which have been effective in intelligence gathering.

 

The governors, the communique further stated, resolved to remain united and committed to oneness of purpose, noting that the physical boundaries that divide the people of the south could not be compare to the strong bonds of enterprise, resilience and culture that they share just as they have resolved to be deliberate and intentional about intra region trade, partnerships and investment facilitation and promotion which was agreed would require a structured and coordinated collaborative approach.

 

The members of the Forum commended Mr President Tinubu for the food palliative support to States and the laudable economic recovery reforms and policies through the implementation of the Renewed Hope Agenda pledging to support him in his unwavering resolve to reposition the country and build a greater future for all.

 

It would be recalled that at the end of the meeting, Prince Dapo Abiodun was chosen to provide the needed leadership as Chairman of the Forum, while Professor Charles Chukwuma Soludo, the governor of Anambra State waa appointed as the Vice Chairman.

 

The communique concluded that quarterly meetings of the Forum would be held and rotated among member states.

 

The Communique reads:

 

At the conclusion of the Southern Governors Forum meeting held on Monday, June 24, 2024, and having paid respects to our immediate past Chairman, HE, the late Governor Oluwarotimi Akeredolu; with condolences extended to his family, and appreciating the past Chairman for the solid foundation he laid by putting the forum in good stead; we the Governors resolved as follows:

 

1. Thanked and appreciated all member Governors for their support and commitment to the “Asaba declaration” of 2021, which was a resolve to ensure that Southern Nigeria produced the 2023 Presidential Candidate; we also thanked the Northern Governors’ Forum for their unwavering support for the resolution.

 

 

2. The Forum commended the laudable economic recovery reforms and policies of HE President Bola Ahmed Tinubu GCFR and the implementation of the Renewed Hope Agenda; and unanimously committed to supporting him in his unwavering resolve to reposition the country and build a greater future for us all.

 

3. The Southern Governors applauded the President for conceptualizing and commencing the construction of the Lagos-Calabar Coastal Road, which cuts across eight (8) states. We noted that this will create employment in the construction industry, boost productivity by drastically reducing travel time, promote tourism, and open up and integrate all the Southern States to increased trade and investment opportunities whilst enhancing the ease of doing business.

 

4. The Southern Governors advocated that the Federal Government should rehabilitate, repair and reconstruct Trunk A roads and transfer roads to States that have expressed interest in taking them over.

 

5. The Forum will commission a regional multimodal transport master plan that will prioritise connectivity of rail, road, air and water transportation, to facilitate interstate, intra-regional movement of persons, goods and services and thereby enhancing the ease of doing business .

 

6. Being the economic and industrial region of the country, the Forum highlighted the need to address the inadequate power supply in the region. Member states were encouraged to take advantage of the recent constitutional amendment that now allows States to regulate, generate, transmit and distribute electricity whilst also considering optional sources like renewables.

 

7. The Forum resolved further to aggressively embark on energy transition plan from fossil fuels (petrol and diesel) to cleaner energy and specifically CNG (Compressed Natural Gas) and ultimately EV’s (Electric Vehicles) to help reduce the cost of transportation, which will lower the cost of food, goods and services for our citizens and residents.

 

8. The members of the Forum commended Mr President on the food palliative support to States, and the Governors were also commended for complementing Mr President in their various States through numerous initiatives ranging from food palliatives to transport allowances. We resolved to be more aggressive and intentional about food security and member States were enjoined to intensify their agricultural resurgence/revolution initiatives utilising cash and food crops best suited for each region to ensure food sufficiency, self-reliance and employment generation. States should also consider setting up special agro processing zones to obtain the most value from the agro value chain.

 

9. The Forum discussed the minimum wage issues demanded by labour and unanimously agreed that the minimum wage should be reflective of the cost of living and ability to pay, and each State be allowed to negotiate their minimum wage. This led to the forum’s call for strengthening fiscal federalism and devolution of powers.

 

10. The Governors resolved to continue to advocate for the creation of State police against the backdrop of the success of our regional community based security outfits, which have been effective in intelligence gathering. This will truly enable Governors to be the Chief Security Officers of their respective States in deed.

 

11. Still on fiscal federalism, the Forum discussed the issue of solid mineral exploration and exploitation which remains on the Exclusive List in the constitution. Members expressed concern over current practices where mineral licenses are issued and exploitations undertaken without recourse to State governments. These have resulted in criminal activities, attendant negative environmental impact, ecological degradation and with no remediation commitment or revenue accruing to the States or Federal Government.

 

12. The Forum expressed concern over the controversy of the Local Governments Chairmen tenure in Rivers State and committed to take a common stand in support of position of the law and constitution.

 

13. The Forum members resolved to remain united and committed to oneness of purpose, noting that the physical boundaries that divide us do not compare to the strong bonds of enterprise, resilience and culture that we share and unite us. Member States resolved to be deliberate and intentional about intra region trade, partnerships and investment facilitation and promotion which was agreed will require a structured and coordinated collaborative approach.

 

14. The Southern States Development Agenda (SSDA) will be set up and will comprise of a team whose primary responsibility is to outline a holistic plan to foster trade and investment, sustainable growth and development, economic prosperity, social harmony and food security for our region. They will work hand in glove with individual State Investment Promotion and Facilitation Agencies, the Nigeria Investment Promotion Commission (NIPC) and other relevant MDA’s and multilateral agencies as necessary.

 

15. The Forum unanimously chose HE, Prince Dapo Abiodun CON, to provide the needed leadership as Chairman of the Forum and appointed HE Professor Charles Chukwuma Soludo CFR as Vice Chairman and expressed their support for the newly appointed Chairman and Vice Chairman.

 

16. The Forum concluded that quarterly meetings will be held and rotated among member states.

Former Konga CEO, Nick Imudia takes his own life.

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Former Konga CEO, Nick Imudia takes his own life.

This is the sad tale of how Nick Imudia, a former Chief Executive Officer (CEO), of Konga, one of Nigeria’s e-commerce giants, committed suicide in his home. Nick, who was until his death, the CEO of D.light, a leading innovator in the distribution and financing of residential solar energy solutions and transformational household products, killed himself on the night of Tuesday, June 25, by jumping from the balcony of his Lekki, Lagos apartment.

Before making the jump, he had called his US-based brother to give him instructions on how to distribute his wealth should anything happen to him.

 

He also called his young daughter from a previous relationship and told her he would always be there for her and that all she needed to do was to look in the sky and he would see her.

 

His friends, family and associates are in shock as to why he would commit suicide.

 

No one is sure why he took his own life.

 

From the Ika South local government area of Delta State, Nick was previously married to the mother of his young daughter who was also from the same local government with him.

 

The marriage ended due to irreconcilable differences.

 

He gave love a second chance when he got married to a Caucasian.

 

Everyone assumed he had reached his zen only to wake up to news of his suicide.

 

Before Konga, Nick had stints with TCL/Alcatel as a regional director and Microsoft Device and Services as the GM/MD for West and Central Africa.

 

Credit: The Will.

Banks face tough conditions in recapitalisation drive

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Banks face tough conditions in recapitalisation drive

CBN targets strong banks capable of supporting govt’s $1tr GDP by 2030

Ongoing bank recapitalisation will not be business as usual, Central Bank of Nigeria (CBN) Governor Olayemi Cardoso said yesterday.

 

He hinted that the conditions will be tough to ensure that all banks that scale the hurdles will be strong enough to withstand the headwinds.

 

The banks should be able to drive the economic target of the government, which is to achieve a $ 1 trillion dollar Gross Domestic Product (GDP) mark by 2030.

 

The plan is to strictly scrutinise the financial institutions as they move towards recapitalisation.

 

CBN governor spoke in London at an event by the United Kingdom-Nigeria Chamber of Commerce.

 

His position was presented by Deputy Governor (Financial Systems Stability) Mr. Phillip Ikeazor.

 

Cardoso said: “The CBN will rigorously enforce our fit and proper criteria for prospective new shareholders, senior management and board members of banks.”

 

He added the CBN will ensure banks have sufficient capital to meet their operational needs and manage risks effectively.

 

Cardoso said the apex bank will scrutinise the financial health of the merged entities to ensure a realistic assessment of their financial position.

 

He reiterated that the core objective of the recapitalisation programme is “to trigger the emergence of stronger, healthier and more resilient banks.”

 

This, he said, aims to create a more robust banking sector capable of withstanding economic shocks and supporting the government’s ambitious goal of achieving a $1 trillion Gross Domestic Product (GDP) by 2030.

 

The CBN governor listed the anticipated gains of recapitalisation to include: strong banks that are expected to lend more money to businesses and individuals, stimulating economic growth; a more stable and secure banking system capable of attracting greater foreign investment; and improved financial health which will lead to a more stable foreign exchange market.

 

Others are stronger capital buffers that will allow banks to manage risks more effectively; improved financial health, leading to better credit ratings for Nigerian banks, making it cheaper to borrow money; diversified ownership base as the programme is expected to encourage broader participation in bank ownership; stronger oversight and stricter criteria that could lead to improved decision-making within banks and increased market volume and value that will give rise to a healthier banking sector and ultimately lead to a more vibrant stock market.

 

The CBN clarified that the exclusion of retained earnings from the minimum capital requirement is intended to simplify calculations and enhance transparency.

 

“This aligns with international standards like Basel III, which emphasise core capital elements to promote financial stability,” Cardoso said.

 

He pointed to the successful 2004/5 Banking Sector Reforms as a model for the initiative.

 

Those reforms, Cardoso noted, consolidated the industry, increased capital bases and enhanced resilience during the global financial crisis.

 

He also expressed confidence that the ongoing efforts will build upon the achievements and create a more robust and competitive banking sector in Nigeria.

 

The CBN on March 28 announced a two-year bank recapitalisation exercise which commenced on April 1 and is expected to end on March 31, 2026.

 

Read Also: Tinubu means well for north, says Shettima

The recapitalisation plan requires a minimum capital of N500 billion, N200 billion, and N50 billion for commercial banks with international, national, and regional licenses.

 

The CBN also raised the capitalisation baseline for merchant banks (N50 billion) and non-interest banks (national: N20 billion and regional: N10 billion).

 

The apex bank further set an April 30 deadline for the recapitalising banks to submit recapitalisation plans.

 

Many lenders were able to beat the deadline and a few others are finalising their recapitalisation plans for submission to the regulator.

 

Many banks have already approached the domestic capital markets to raise new funds.

 

The options for the banks include private placement which allows lenders to seek new funds from pre-selected private investors, and rights issue which authorises them to invite existing shareholders to purchase additional new shares at a discounted price relative to the current market price.

 

Some banks are also raising new funds through the Holding Company (HoldCo) option, which allows them to raise debt through their HoldCo which can then be injected as equity capital in the bank.

 

The CBN asked banks to explore other options such as mergers/acquisitions or downgrade their licence.

South Africans cutting DStv cord

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South Africans cutting DStv cord

MultiChoice is struggling to maintain its DStv subscriber base, with years of price hikes making the pay-TV service expensive and unaffordable for many South African residents.

 

The company’s annual results for the 2023/24 financial year revealed that it lost roughly 1.6 million DStv subscribers across all regions in which it operates.

 

While MultiChoice said subscriber losses in the Rest of Africa were primarily to blame for the overall losses, DStv continues to bleed subscribers in South Africa.

 

DStv splits active subscribers into three segments, with each representing a different set of DStv subscriptions as follows:

 

Mass Market — DStv Family, Access, and EasyView subscribers

Mid-Market — DStv Compact and Commercial subscribers

Premium — DStv Premium and Compact Plus subscribers

Combined, the three segments lost roughly 700,000 subscribers in South Africa, with the mid-market segment seeing the most significant decline.

 

DStv Compact and Commercial subscribers in South Africa declined by approximately 400,000 between 1 April 2023 and 31 March 2024.

 

The segment had grown from 2.8 million subscribers in 2018 to 3.1 million in 2021, after which it has only seen declines.

 

The Mass Market segment showed strong growth from 2018 to 2023 before recording its first subscriber decline during the 2023/24 financial year.

 

Combined, DStv Family, Access, and EasyView subscribers sat at 2.5 million in 2018. Between 2018 and 2020, it overtook the mid-market segment, growing to 3.1 million subscribers.

 

The strong growth continued until the Mass Market segment reached 5.3 million subscribers in 2023. The figure dropped to 5.1 million for the 2023/24 financial year.

 

DStv’s Premium segment has only seen subscriber declines since 2018, with some periods when subscriber numbers remained stable.

 

DStv had 1.6 million Compact Plus and Premium subscribers in 2018 but has lost roughly 400,000 over the past six years.

 

The segment lost roughly 100,000 subscribers in South Africa between 2018 and 2019.

 

It lost a further 100,000 subscribers between 2021 and 2022 after remaining at 1.5 million South African users in 2020.

 

DStv’s premium segment lost approximately 100,000 South African subscribers between 2022 and 2023 and again between 2023 and 2024.

 

The chart below tracks DStv’s active subscriber losses across its mass-market, mid-market, and premium segments from 2018 to 2024.

 

 

 

Over the same period between 2018 and 2024, MultiChoice has hiked DStv prices by an average of 21% across all of its packages.

 

Interestingly, DStv’s most expensive package — Premium — has seen the lowest proportional price increase over the period at roughly 15%.

 

DStv Access customers have been the hardest hit, with prices increasing a whopping 40.4% from R99 in 2018 to R139 in 2024.

 

The only package that hasn’t been hit with any price hikes over the period is DStv EasyView, which has remained at R29 per month.

 

Many South Africans, frustrated with the constant price hikes and repeats on MultiChoice’s satellite TV packages, have said they only keep their DStv Premium subscription for the unmatched sports offering.

 

MultiChoice owns SuperSport, which has the rights to broadcast a wide range of sports events, including rugby, soccer, cricket, and motorsport, leaving limited other options for South African sports fans.

 

However, Canal+ Group Chair and CEO Maxime Saada said DStv will not start offering a sports-only package once under his company’s ownership.

 

For context, Canal+ has made a bid to buy the company outright for R125 per share after triggering the mandatory offer clause in the Companies Act when it exceeded 35% shareholding at the start of the year.

 

Canal+ had been gradually buying up MultiChoice shares, increasing its ownership in the local broadcaster after its creeping takeover of MultiChoice began in 2020.

 

It continued to buy MultiChoice shares after tabling its mandatory offer. In its latest public notice, Canal+ said it had acquired a further 7,374,918 shares in the DStv owner, bringing its total ownership of the local broadcaster to 45.20%.

 

Asked about the potential for sports-only and choose-your-own-channel packages once Canal+ takes over, Saada said everyone who has tried has failed.

 

He said there are only two aspects that drive subscriptions, namely, sports and discounted pricing.

 

Saada said Canal+ sees significant subscriber surges when there is a major upcoming sports event that people want to watch. However, he noted that the addition of one big movie won’t drive subscriptions.

 

Therefore, Canal+ won’t launch sports-only packages as it needs the draw of sports to drive subscriber growth for DStv’s existing packages.

What Shoprite exit means for Novare, retail business in Nigeria

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What Shoprite exit means for Novare, retail business in Nigeria

In the next four days, Retail Supermarket Nigeria (RSN) Limited operating under the brand name, Shoprite, will be closing shop at Novare Wuse Central Mall, Abuja, according a recent announcement by its management.

 

This action, in the opinion of retail market watchers in Nigeria, holds implications for both Novare Real Estate Nigeria Limited-owners of the mall – and the retail business in Nigeria which, like other sectors of the country’s economy, has been gasping for breath over bad economic conditions.

 

Folakemi Fadahunsi, RSN’s chief executive officer, explained in statement obtained by BusinessDay that the decision to close the shop on Sunday, June 30, 2024 was made after an evaluation of the store’s financial situation and the current business climate in Nigeria.

 

“We believe this is the best course of action for our organisation’s long-term growth,” Fadahunsi noted.

 

For Novare, this could not have come as cheering news, more so as the company is still smarting from a controversy over the purported sale of its four retail facilities in Nigeria which hit the Nigerian retail market like thunderbolt in the third quarter of 2023.

 

Novare was one of the few institutional investors that took the Nigerian retail market by storm, developing large-size Grade A retail properties in major cities of Nigeria. The firm contributed significantly to what was, arguably, a revolution in that segment of real estate in the country.

 

The company, in a surprise move in 2023, was reported to have announced that its four facilities including the Lekki Mall, Apo Mall Abuja, Novare Central Mall, and Gateway Mall Abuja were up for sale, which was interpreted as its decision to exit Nigeria as a whole.

 

Though the company has since assured that as an investment solutions provider, it remains confident in the Nigerian real estate market and is not exiting the market, experts say the ghost of that announcement has not yet left the company, saying that the planned exit of Shoprite will affect it significantly.

 

Shoprite is the anchor retail tenant at the Wuse Central Mall occupying 7, 178 square metres of retail space on the mall’s ground floor.

 

“Shoprite’s exit will not only affect foot-falls in the mall, but also its overall revenue profile,” Sydney Iwenjora, an Abuja-based real estate consultant, said.

 

Iwenjora added that it will also affect other retailers in the mall, including international and local brands in banking, telecommunication, technology, fashion, food, houseware, pharmacy and cosmetics. “Novare Central is also home to a variety of restaurants and speciality stores that enhance its status as a lifestyle centre,” he said, pointing that all these brands will be affected one way or another.

 

Besides Novare as the landlord or space provider, this exit also has implications for both retail and job markets. As a South African retail chain, Shoprite is a strong brand and its coming into Nigeria is almost synonymous with the growth of retail market in the country.

 

Shoprite is not only a strategic anchor tenant in most of the retail outlets in Nigeria, but also a trade booster to other retailers in a given mall. This is why Cheng Fuller, a retail expert, reasoned that apart from the large number of jobs that would be lost, other stores within the same proximity of the store (Shoprite) could suffer further and this was going to be the case at Novare Central.

 

It is expected that there will also be problem of unemployment as Shoprite engages many people, including skilled, semi-skilled and unskilled labour.

 

Experts are of the view that with the state of the economy, especially at the macro-level where inflation is galloping and exchange rate is high and volatile, the exit of this brand may happen across other locations.

 

Consumer purchasing power is falling on daily basis and even the little they have in their pocket is being eroded by inflation which, in the last eight months, has been on the rise, peaking at 33.95 percent in May, 2024, according to the National Bureau of Statistics (NBS) figures.

 

Before now, analysts had been upbeat on foreign interest in the Nigerian market. “There has been a strong interest from notable international brands (not just the regular South Africa ones) who are eager to come to the Nigerian market and this enhances the take-off of many malls,” Chu’di Ejekam, a former director at Actis, told BusinessDay then.

 

But the market has tumbled which, according to Alpheus Mama, a consumer analyst at a stock broking firm, “is in line with the expectation that foreign retailers will begin to exit the market considering the distortion in economic activities, continued devaluation of the naira and a weak consumer market.”

Russia’s growing influence across Africa requires more balanced partnerships

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Russia’s growing influence across Africa requires more balanced partnerships

Russia influence across Africa needs partnerships balance

Russia’s growing influence across Africa requires more balanced partnerships

As Moscow makes gains through bilateral deals, African states must avoid getting drawn into a global proxy conflict.

In early June, Russian Foreign Minister Sergey Lavrov visited Guinea, the Republic of the Congo and Burkina Faso — his sixth official visit to Africa since 2022. As Russia ramps up its charm offensive, can African states avoid becoming entangled in Moscow’s geopolitical competition with the West?

 

The rivalry intensified with the war in Ukraine, and several European countries have recently accused Russia of a coordinated sabotage campaign across the European Union (EU). The Kremlin says its growing presence in Africa isn’t about competition with the West, but anti-Western rhetoric often follows Russian visits.

 

It’s also clear that the Russo-Ukrainian war has elevated Africa’s importance in Russian foreign policy. While Russia’s 2016 Foreign Policy Concept included minimal engagement with the continent, the 2023 version referred to Africa as a “distinctive and influential centre of world development”.

 

Africa is the largest voting bloc in the United Nations, with 54 out of 193 voting members. Unsurprisingly, Western, Ukrainian and Russian diplomats rushed to secure support from African states early in the war. But the conflict negatively impacted international food, energy and finance systems. Food security became an urgent issue for Africa, and the Kremlin used that to engage with African countries and promote itself as an alternative partner.

 

Yet, despite the pageantry and public declarations, Russia’s initial efforts have fallen short of expectations, for three reasons. First, Russia’s trade volume with Africa in 2022 ($18.4-billion) was lower than the continent’s traditional partners, such as China ($199-billion), Italy ($76.3-billion), France ($67.8-billion), the US ($65.7-billion) and Germany ($45-billion).

 

Even more telling is how low the figures are for African imports from Russia — under 2% — compared to other global trade partners (see chart). These trends may explain why African countries’ initial response to Moscow’s strategic pivot has been tepid. Only 17 African heads of state attended the 2023 Russia-Africa Summit — less than half of those at the 2019 summit.

 

Russia imports

% of African imports from selected global trade partners. (Source: Trade Map, International Trade Centre)

 

Second, Ukraine’s success in ending Russia’s naval blockade eased export restrictions on grain in 2023, and food prices are expected to drop in 2024. Food security remains an important topic for Russian and Ukrainian relations with Africa, but the war no longer has the same urgency for the continent. Some African states, like Morocco, even used the trade disruption to increase their share of the market.

 

Finally, by the 2023 Russia-Africa Summit, most African states had voiced their positions on the war, with many opting for non-alignment. This seems unlikely to change. As a result, global powers are competing to influence and secure African support for specific issues.

 

In this regard, Moscow’s bilateral engagements are bearing fruit. To start with, Russia’s re-connection with Africa was accelerated by geopolitical shifts in the Sahel. These have challenged the dominance of traditional powers and created an economic and security vacuum in the so-called Coup Belt.

 

The Kremlin’s openness to unconditional partnerships helped position Russia as a new favourite and, sometimes, the only international partner for countries facing isolation and sanctions. Two of the three nations Lavrov visited in June — Guinea and Burkina Faso — have experienced recent coups and remain under sanctions, including from the Economic Community of West African States (Ecowas). After Niger’s 2023 coup, Russia warned Ecowas against using military measures in the country.

 

And while Moscow’s actions may weaken Ecowas and the African Union’s responses to coups, Russia has managed to avoid being seen as a disruptor by West African countries. This is an example in Africa, as happened in Syria, of Russia leveraging its growing importance by becoming part of regional peace and security discussions.

 

But Russia’s greatest success comes from bilateral security agreements, including training and weapon supplies. Lavrov’s visit coincided with Russian Deputy Defence Minister Yunus-Bek Yevkurov’s trip to Libya and Niger. Russia is expected to sign security agreements with Chad, Guinea, Congo, Libya and Niger.

 

Africa Corps influence

A new Polish Institute of International Affairs (Pism) report says Yevkurov is now responsible for Africa Corps (formerly Wagner) operations in Africa. Wagner’s activities on the continent have been compared to those of an organised crime group, focusing on illicit activities, smuggling, and money laundering. While the Kremlin claimed a degree of separation, Wagner supported Moscow’s interests.

 

The Pism report notes that under new management, Africa Corps is pursuing Russian strategic objectives more effectively, emphasising formal economic and security cooperation. The specific intent is to displace Western political influence in Africa by establishing alternative security cooperation agreements.

 

Russia’s cooperation with Sahelian states comes at the expense of France, which has been losing influence in the region. A recent report says France is set to drastically decrease its military presence in West and Central Africa, owing partly to the lack of demand for training and security partnerships. Russia is also making gains in Lusophone Africa, with Portugal expressing concerns about its increased influence. All six Portuguese-speaking countries in Africa have signed military agreements with Russia.

 

The strategy is gradually paying off. Bilateral deals with Russia won’t tip the global balance of power in Africa, but will make African states more cautious about their stance on the war in Ukraine, or criticism of Moscow.

 

This was evident in the limited participation of African countries in Switzerland’s Summit on Peace in Ukraine this month. Before the event, Russia and Ukraine lobbied ‘global south’ countries, especially in Africa. Russia criticised the summit and campaigned to dissuade countries from participating. Ukraine sought to ensure global south participation, with President Volodymyr Zelenskyy personally inviting several African leaders.

 

Even though the Summit on Peace’s agenda focused on soft humanitarian issues such as prisoner exchange, the return of Ukrainian children and food security, only 13 African countries participated. Only 10 signed the final declaration.

 

Russia’s growing presence shouldn’t necessarily be seen as a risk, and its increasing footprint may complement Africa’s relations with new and traditional partners. But while African states have become less concerned about the war in Ukraine, the continent has remained a priority for Ukraine, Russia and other major powers. As these global contenders seek Africa’s support or neutrality, countries on the continent must avoid being used or becoming a belligerent in a proxy war. DM

 

Denys Reva, Researcher, Africa in the World, Institute for Security Studies (ISS) Pretoria.

 

 

Let’s Use Public Relations to Forge Unity Across Africa – Information Minister

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Let’s Use Public Relations to Forge Unity Across Africa – Information Minister

The Minister of Information and National Orientation, Mohammed Idris, has stressed the imperative need to leverage the power of public relations in the collective efforts to forge unity, understanding, and shared prosperity across the African continent.

 

According to a statement by Rabiu Ibrahim

Special Assistant (Media) to the Minister of Information and National Orientation, Idris made the remarks in Abuja on Wednesday when he received a delegation comprising the new President of the African Public Relations Association, Mr. Arik Karani, the President of Global Alliance for Public Relations, Mr. Justin Green and the President of Nigerian Institute of Public Relations, Dr. Ike Neliaku.

 

“It’s important that we work together not just to advance the cause of public relations on the continent but also to ensure that we use public relations to forge unity on the continent, understanding and shared prosperity that we all aspire to so that not just Nigeria and Africa but the world will be bound by common humanity,” he said.

 

The Minister, who expressed delight at hosting the President of the Global Alliance for Public Relations, pledged the commitment of the Tinubu Administration to create the enabling environment for the media and public relations to thrive in the country.

 

“I assure you that this administration of President Bola Ahmed Tinubu will continue to provide the enabling environment for everybody within the communication industry and public relations practitioners to thrive in this country,” he said.

 

Idris said President Tinubu is desirous of ensuring that all democratic principles are observed in the country in order to advance the cause of democracy.

 

 

He used the occasion to announce that Public Relations has now been designated as a cadre in the Civil Service and hailed the commitment of the NIPR President, Dr. Neliaku, for championing the elevation of Public Relations in Nigeria.

 

The Minister is hopeful that with the entrenchment of public relations in Nigeria and Africa, the continent would be aspiring to occupy top positions in the Global Alliance for Public Relations.

 

In his remarks, the President of the African Public Relations Association (APRA), Mr. Karani, praised Nigeria for trailing the blaze in public relations as the first country in Africa to enact a law that professionalize public relations practice.

 

He said APRA would copy the example of Nigeria with a view to promoting the enactment of public relations legislations in other African countries.

 

“This is for the longest time the only country in Africa that had a law that professionalize public relations. It was Nigeria that started it on the continent and only last year that Zambia came out with the law. So now we have two countries on the continent and only now in Kenya the bill for professionalizing public relations is at the second reading in parliament. We are also taking note not only in terms of reputation and communication but how we can replicate it across Africa,” he said.

 

On his part, President of Global Alliance for Public Relations, Mr. Green, said he is in Nigeria to celebrate the successes of NIPR in Africa and that the Alliance had signed a Memorandum of Understanding with the Institute to establish a degree-awarding academy for public relations practice in the country.

 

The President of NIPR, Dr. Neliaku used the occasion for formally introduced the newly elected secretary general of the African Public Relations Association, a Nigerian, Omoniyi Ibietan.

Standard Chartered Bank has indicated interest to fund Lagos-Calabar highway, Port-Harcourt-Maiduguri rail line – WaleEdun

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Standard Chartered Bank has indicated interest to fund Lagos-Calabar highway, Port-Harcourt-Maiduguri rail line – WaleEdun

The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun has stated that Standard Chartered Bank has indicated interest to fund key infrastructure projects in the country including the Lagos to Calabar superhighway project, Port-Harcourt to Maiduguri rail line as well as $3 billion financing for NLNG.

 

He stated at the end of a meeting with the global Chief Executive Officer, (CEO) of the bank with President Bola Tinubu at the state house, Abuja according to a statement by the Special Adviser to the President on Media, Ajuri Ngelale.

 

Mr. Wale Edun praised Standard Chartered Bank as a valued partner to Nigeria, highlighting its contributions in financing infrastructure projects, offering guidance on credit ratings, and managing Nigeria’s Eurobond prudently.

 

He also noted that Moody’s positive outlook rating followed the recent announcement of the World Bank’s $2.25 billion financing package for Nigeria, reflecting the positive trajectory of the current administration’s economic reforms.

 

The statement reads, “He disclosed that the Bank has indicated interest to finance key infrastructure projects in Nigeria, including the Lagos-Calabar coastal highway, Port Harcourt-Maiduguri rail line rehabilitation, as well as the provision of $3 billion in innovative financing for the NLNG dividend initiative.”

 

“They are also one of our lead managers for Eurobond issuance, and they advise us on our ratings. I am pleased to note that Moody’s has just completed our rating review and maintained Nigeria’s rating as a positive outlook, which is very encouraging,”

 

Green energy transition to complement oil and gas investment

President Bola Tinubu affirmed Nigeria’s commitment to a balanced approach to energy transition. He emphasized that the country still needs substantial investments in the oil and gas sector to meet its energy demands and economic needs.

 

According to him, a just energy transition that supports vulnerable communities nationwide is what is required. The President emphasized the importance of balancing the mutually beneficial shift to green industrial growth and energy with the immediate energy needs of Nigerians.

 

He said, “As friends, we do not expect you to run away from investments in this sector. We face the future prospect while prudently maximising the present.”

 

“Green industry and energy, yes. We will surely catch up with that. To run a marathon, you need energy today. Nigeria holds the largest reserves of gas in Africa. We know we can make best use of great opportunities that exist in the sector. We do not want you to back away from fossil fuels,”

 

“We must be able to meet our obligations to the vulnerable communities. We are committed to being prudent with our natural resources to bring prosperity to our deserving people.”

 

“As we hold the largest reserves in gas on the continent, we do not want to go backward, we want to move forward, and we welcome deepened partnership with your institution,”

 

He acknowledged that some industry players have made retractions and taken retreat positions. However, he emphasized that for any energy transition to succeed, it is essential that people must live well.

 

Davido marries long-time partner, Chioma, in Lagos

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Davido marries long-time partner, Chioma, in Lagos

Award-winning musician, David Adeleke, aka Davido, has described the day of his wedding with his long-time partner, Chioma Rowland, as the best day of his life.

 

The elated musician was heard in a video clip online saying he felt good about the decision to tie the knot with his lover.

 

“I feel good. It’s the best day of my life. It’s a great day. We are here to receive our wife,” Davido said in the video clip.

 

The wedding, which was staged in Lagos State, attracted dignitaries, including governors, high-profile traditional rulers, and celebrities, among others, who graced the occasion that became the most trending event in the country on Tuesday.

 

Also, part of the side attraction at the momentous event was when a leading automobile company, GAC Motors, gifted Davido, and his newly-wedded wife, Chioma, a brand-new Sport Utility Vehicle.

 

“GAC Motor Nigeria Gift Davido and wife a brand new GAC Motor 2024 GN8 MPV as a wedding gift. #davido #thechefchi Congratulations. On behalf of the Chairman CIG MOTORS GROUP – CHIEF DIANA CHEN,” the company disclosed in a caption attached to a video it shared on Instagram on Tuesday.

Check Out Photos:

7 things to know about Tinubu’s new appointee who has served under every Lagos gov from 1999

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7 things to know about Tinubu’s new appointee who has served under every Lagos gov from 1999

Olatunji Bello, whose appointment as the new Chief Executive Officer/Executive Vice-Chairman of the Federal Competition and Consumer Protection Commission (FCCPC) was approved by President Bola Tinubu on Monday, has served in every Lagos State administration since 1999.

 

Ajuri Ngelale, Special Adviser to the President on Media and Publicity, announced Bello’s appointment, on Monday, saying it is subject to confirmation by the Senate.

 

Conquering the clouds on a journey to Ta Xua with the team – Road Trip Vietnam Team – Nếm TV

Facing lawmakers for screening is nothing new to Bello who was first appointed by Tinubu, first civilian governor of Lagos under the current democratic dispensation. He had served as Head of Lagos Signage and Advertising Agency (LASSA), before he was given a portfolio. A journalist, lawyer, public servant, author, social commentator, below are things to know about Bello, who will replace Adamu Ahmed Abdullahi, who had been occupying the role in acting capacity since the sack of Babatunde Irukera, on January 8, 2024.

 

EARLY LIFE

Olatunji Bello was born July 1, 1961

 

SCHOOL

He has a BSc Degree from the University of Ibadan where he studied Political science and graduated in 1984. He earned his master’s degree in International Law and Diplomacy ML.D in (1987) from the University of Lagos.

 

He also earned a Bachelor of Law degree from the same University of Lagos, Nigeria, in the year 2000.

 

Bello is a Barrister at Law (BL) qualifying from the Nigerian Law School, Lagos In 2001 having graduated with LL.B (Hons.) (Bachelor Of Law).

 

MEDIA CAREER

Tunji Bello started his media career at the defunct Concord Press of Nigeria where he grew to become an Editor. He started out as a Features Writer; was also an Assistant Features Editor. His career in journalism grew so quickly that he became a Politics Editor at the age of 27.

 

He was later promoted to the Editor of the Sunday title and later Editor of the Daily title of the Concord Newspapers Group.

 

He was also appointed Chairman of the Editorial Board of THISDAY Newspaper in 2000. He was a Staff Writer with St. Petersburg Times, Florida, US, and also the US News & World Report, Washington DC in 1992.

 

POLITICAL CAREER

As a student at the University of Ibadan, Tunji Bello was Vice President of the University of Ibadan Students Union. He has always agitated for democracy since the 80s. His mainstream national political career started when he served as the Special Assistant to Bashorun MKO Abiola, winner of the annulled June 12, 1993, Presidential election.

 

NADECO STRUGGLE

After the annulment of the epochal election, Tunji Bello became a member of the Nigerian pro-democracy group, NADECO which fought for the actualisation of Democracy in Nigeria, which was active from 1993 to 1999.

 

After the handing over from the Military rule to the Democratic dispensation in 1999, Tunji Bello joined the then former Governor of Lagos State and current President, Bola Tinubu, in his cabinet where he served as the Head of Signage and Advertising Agency (LASSA) and also the Commissioner for Environment in the Tinubu administration in 2003.

 

In July 2011, he joined Governor Babatunde Fashola’s administration as he was sworn in by the Governor as Commissioner for Environment where he served till May 29, 2015.

 

In 2015, after the swearing in of the former Governor, Akinwunmi Ambode, Tunji Bello was appointed as the Secretary to the State Government on the 29th May 2015 serving till the end of Akinwunmi Ambode’s administration in 2019.

 

In 2019, he joined incumbent Governor Babajide Sanwo-Olu’s administration and was sworn in as the Commissioner for Environment and Water Resources, following the confirmation of his nomination as a cabinet member by the State House of Assembly and he is still in service.

 

FEDERAL APPOINTMENT

On June 24, 2024, Tinubu, whom he started his core political journey with, put him in charge of the agency responsible for protecting market competition and promoting consumer protection. FCCPC is the highest federal competition regulator in Nigeria.

 

PERSONAL LIFE

He is the husband of Ibiyemi Olatunji-Bello, current Vice-Chancellor of Lagos State Uni

versity. Their union is blessed with children.

 

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