ABUJA, May 9 (Reuters)&nbsp;&#8211;&nbsp;A Nigerian federal high court rejected the central bank governor&#8217;s request to restrain the electoral commission (INEC) and the attorney general from blocking his bid to run for president next year while in office, a court ruling showed on Monday.



Governor Godwin Emefiele may seek the ruling party ticket for the presidential race next year. Critics called on him to resign following reports of his political ambitions.



INEC and the attorney general could force him to resign if he decides to participate in the presidential primaries. The judge ruled that no decision could be made without all parties present.



&#8220;They are to appear in court on May 12 and show cause on why the (Emefiele&#8217;s) request should not be granted,&#8221; Justice Ahmed Ramat Mohammed said.



(Reporting by Camillus Eboh, writing by Julia Payne, editing by Chris Reese)

Nigeria MPC cuts down MPR from 12.5 % to 11.5% (Full Speech)

Nigerian court rejects central bank governor’s restraint order on electoral commission￼

By Felix Onuah



ABUJA, May 6 (Reuters)&nbsp;&#8211;&nbsp;Nigerian central bank governor Godwin Emefiele will seek the ruling All Progressives Party (APC) ticket to run for president next February, a ruling party spokesperson said on Friday.



President Muhammadu Buhari will step down after serving two four-year terms following a February 2023 ballot. His ruling APC has set its primaries to decide on their presidential candidate for May 30-31.



Emefiele will go head-to-head with current Vice President Yemi Osinbajo and former Lagos state governor Asiwaju Bola Tinubu, who are frontrunners in the race to be the next candidate to head Africa&#8217;s top economy.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL5N2W90ZF&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



&#8220;I can confirm that central bank governor bought the APC presidential form today,&#8221; the APC spokesperson said, referring to forms to contest for the party&#8217;s nomination.



A central bank spokesperson did not return calls on whether Emefiele would stay on as central bank governor.



Political parties in Nigeria should pick presidential candidates by June 3, according to the electoral commission, while official campaigning will begin in September.



Emefiele is serving a second term at the central bank where he has pursued dovish policies on interest rates, introduced currency controls and launched a company to help build infrastructure in Nigeria, Africa&#8217;s most populous nation.



The ex-Zenith Bank&nbsp;ZENITHB.LG&nbsp;chief executive has tried to avoid a large currency devaluation that is frustrating foreign investors stuck in Nigeria at the height of a recession triggered by the COVID-19 pandemic.



Political power in Nigeria tends to shift between the oil-rich, largely Christian south and the poorer, mostly Muslim north. Buhari is from northern Katsina state and APC&#8217;s next candidate is expected to come from the south.



Some questioned whether Emefiele will be able to remain at the helm of the central bank while pursuing his political ambitions which would require a strong coalition of supporters with deep pockets to take on opponents.



&#8220;Is his position as central bank governor still tenable?,&#8221; one economist, who is a consultant to the central bank and declined to be named.



News of Emefiele&#8217;s presidential bid sent the naira close to a record low of 591 per dollar on the black market&nbsp;NGNP=, against a range of 413 to 417 naira on the official market&nbsp;NGN=&nbsp;where it has traded this year.



(Reporting by Felix OnuahWriting by Chijioke OhuochaEditing by James Macharia Chege and Raissa Kasolowsky)

Nigeria MPC: CBN Governor Godwin Emefiele retains MPR at 13.5% (full speech)

Nigeria’s central bank governor to seek ruling party ticket to run for president

By Camillus Eboh



ABUJA, May 6 (Reuters)&nbsp;&#8211;&nbsp;Nigerian telecoms regulator said on Friday it had received a letter from the association of mobile phone operators demanding for a certain percentage hike in tariff for services due to the high cost of operations.



Nigerian Communications Commission (NCC) said there could be justifiable reasons for the demand but that no tariff increase will be effected without a cost-based study to determine the appropriate cost for services.



Double-digit inflation has hit virtually every product in Nigeria with consumers feeling the pinch from higher prices while a weaker naira&nbsp;NGNP=&nbsp;currency has added to the costs, for a country which depends on imports for basic goods.



Inflation quickened to 15.92% in March, rising for a second straight month as prices for food and non-food items rose.



The price of diesel, which is used to power generators by most businesses in Nigeria, has more than doubled in the past month while economic analysts say the impact of the Ukraine war on local prices could be felt in the coming weeks.



On Friday, Nigerian airlines said they will stop operations from Monday until further notice due to the high cost of jet fuel.<a href="https://www.reutersconnect.com/all?search=all%3AL5N2WY6MF&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



(Reporting by Camillus EbohWriting by Chijioke Ohuocha; editing by Diane Craft and Marguerita Choy)

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Nigerian telecoms operators approach regulator for tariff hike

LONDON, May 5 (Reuters)&nbsp;&#8211;&nbsp;Britain&#8217;s National Crime Agency (NCA) has recovered more than $23 million stolen from Nigeria by the country&#8217;s late military dictator Sani Abacha, it said on Thursday, the latest in a series of similar recoveries around the world.



Abacha ruled Africa&#8217;s most populous nation and top oil exporter from 1993 until his death in 1998, a period during which he stole up to $5 billion of public money, according to Transparency International. He was never charged.



The money recovered in Britain forms part of a larger pool of funds identified by the U.S. Department of Justice (DOJ) as having been misappropriated by Abacha and his associates, the NCA said in a statement.



&#8220;The NCA is committed to ensuring that the UK is not a safe haven for criminals to launder their proceeds of crime, and civil recovery of assets is a powerful weapon in this fight,&#8221; said Billy Beattie, Asset Denial Senior Manager at the NCA.



Police say about 100 billion pounds ($123 billion) of dirty cash moves through or into Britain every year, buying everything from luxury homes to whole companies.



Leaked troves of financial documents such as the Panama, Paradise and Pandora Papers have documented London&#8217;s role as a global money-laundering hub.



The $23 million were recovered after seven years of litigation and international negotiation pursued by the NCA, at the request of the DOJ, the statement said. The funds will be transferred to the DOJ.



An NCA spokesperson did not immediately respond to a query about whether the funds would ultimately return to Nigeria. In the past, countries including the United States and Switzerland have repatriated Abacha loot there.



(Reporting by Estelle ShirbonEditing by Mark Potter)

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UK recovers $23 mln in loot linked to late Nigerian dictator Abacha￼

OPEC+ likely to agree 432,000 bpd increase in June



OPEC says Chinese lockdowns hitting demand



Formal talks start at 1100 GMT



Updates with analyst



By Maha El Dahan, Ahmad Ghaddar and Alex Lawler



LONDON, May 5 (Reuters)&nbsp;&#8211;&nbsp;OPEC+ is likely stick to its plan for modest oil output increases on Thursday, arguing that the producer group cannot be blamed for global supply disruptions and saying China&#8217;s coronavirus lockdowns threaten the outlook for demand.



Five OPEC+ delegates said the group was set to agree to increase its June output target by 432,000 barrels per day, in line with its existing plan to unwind output curbs made during the worst of the COVID-19 pandemic in 2020.



The Organization of Petroleum Exporting Countries and allies including Russia, which together make up OPEC+, hold formal ministerial talks at 1130 GMT after a meeting of the advisory Joint Ministerial Monitoring Committee.



The meeting comes against a backdrop of surging oil prices, which hit their highest since 2008 at more than $139 a barrel in March after Russia&#8217;s invasion of Ukraine exacerbated supply concerns that were already fuelling a price rally.



&#8220;I do not think a new decision will be made,&#8221; one of the delegates said. Another said it was &#8220;highly expected&#8221; that the meeting would be short and stick to the plan.



The OPEC+ meeting comes a day after the European Union proposed a phased embargo on Russian oil in its toughest measures yet over the war in Ukraine, which Moscow calls a &#8220;special military operation&#8221;.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL5N2WW23E&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



The embargo will likely force Russia to reroute flows to Asia and cut production steeply, while the EU will compete for the remaining available supply &#8211; both factors likely to support elevated crude prices.



&#8220;OPEC+ continues to view this as a problem of the West’s own making and not a fundamental supply issue that it should respond to,&#8221; said Callum Macpherson from Investec.



He said only Saudi Arabia and the United Arab Emirates had capacity to lift supply significantly, adding: &#8220;If they were to do so, the ensuing falling out with Russia could bring an end to OPEC+.&#8221;



OPEC Secretary General Mohammad Barkindo said on Wednesday it was not possible for other producers to replace Russian exports of more than 7 million bpd. &#8220;The spare capacity just does not exist,&#8221; he said.



The Brent crude oil benchmark rose on Thursday to trade above $111.&nbsp;O/R



The United States has repeatedly asked OPEC to raise production, but the Saudi-led organisation has resisted the calls amid strained relations with Washington.



The West&#8217;s energy watchdog, the International Energy Agency, agreed last month to release record volumes of oil stocks to help to cool prices and offset supply disruptions from Russia.



(Reporting by Ahmad Ghaddar, Alex Lawler, Maha El Dahan and Rowena Edwards; Writing by Dmitry Zhdannikov; Editing by David Goodman and Edmund Blair)

Silhouette of oil pump jack on rig

OPEC+ set to stick to modest oil output rise amid price rally

ABUJA, May 4 (Reuters)&nbsp;&#8211;&nbsp;Nigeria expects to become an African hub for transshipment with a new deep seaport set to open in the commercial capital of Lagos before the end of this year, its managing director said on Wednesday.



Du Ruogang, managing director of Lekki Deep Sea Port &#8212; owned 75% by China Harbour Engineering Company and Tolaram group with the balance between Lagos state government and the Nigerian Port Authority, said the port has reached 89% completion.



The multi-billion dollar deep seaport which has been under development for more than a decade and is situated on the edge of Lagos is part of new infrastructure that Nigeria hopes it can use to boost trade.



The new port with 18,000 twenty-foot equivalent unit capacity, has more than four times the capacity that can be handled by existing ports in the country.



&#8220;With this port, Nigeria will become a transshipment hub,&#8221; Information Minister Lai Mohammed said during a site tour.



Mohammed said Nigeria wanted to use the port investment to regain maritime business lost to ports in Togo, Ivory Coast and Ghana, adding that the new facility will give the country an edge on African trade.



African countries launched a continental free trade area, aiming to bring 1.3 billion people together in a $3.4 trillion economic bloc that supporters say will boost intra-African trade, living standards and encourage development.



Ruogang said a second phase of the port development will commence within the next seven years.



(Writing by Chijioke Ohuocha; Editing by Sandra Maler)

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Nigeria’s new seaport aims to become African shipment hub￼

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="740" height="416" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/01/106415584-1582892362326gettyimages-1203910174.jpeg" alt="" class="wp-image-394440" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/01/106415584-1582892362326gettyimages-1203910174.jpeg 740w, https://cms.cnbcafrica.com/wp-content/uploads/2021/01/106415584-1582892362326gettyimages-1203910174-300x169.jpeg 300w" sizes="auto, (max-width: 740px) 100vw, 740px" /><figcaption>A security man administers sanitiser to a visitor to a state hospital in Lagos, on February 28, 2020. PIUS UTOMI EKPEI | AFP via Getty Images</figcaption></figure>



The coronavirus pandemic has sharpened the lens on a substantial health-care spending gap in Africa’s largest economy, and international investors are seeking to fill the void.



When it comes to health care, Nigeria is lagging its comparable African neighbors in terms of expenditure and access.



For example,Nigeria’s public spending on health care amounts to just 3.89% of its $495 billion GDP (gross domestic product), according to the&nbsp;<a href="https://data.worldbank.org/indicator/SH.XPD.CHEX.GD.ZS" target="_blank" rel="noreferrer noopener">latest available figures from the World Bank</a>, compared to 8.25% in South Africa and 5.17% in Kenya.



According to a recent report from real estate consultancy Knight Frank, Nigeria would require 386,000 additional beds and $82 billion of investment in health-care real estate assets to reach the global average of 2.7 beds per thousand people.



Also, Nigeria’s 206 million population is expected to almost double by 2050, according to the U.N., which would see it become the third-most populous country in the world.



All of this — especially combined with the coronavirus pandemic — has sparked an interest in the sector from foreign investors.



A Knight Frank poll of 140 global investors in June found that 80% were considering investment in African health infrastructure in light of the coronavirus crisis. This interest centered primarily around hospital-related real estate and operating companies in collaboration with domestic experts.



As is the case across much of the African continent, Nigeria has managed to keep its coronavirus caseload relatively low given the size of its population, recording 90,080 cases and 1,311 deaths as of Monday morning, according to data compiled by Johns Hopkins University.



<h2 class="wp-block-heading" id="h-international-interest-growing">International interest growing</h2>



Even prior to the pandemic, African health-care assets had begun to generate interest more broadly. The International Finance Corporation, part of the World Bank, partnered with the Investment Fund for Health in Africa-II (IFHA-II) in November 2019 to form a $115 million acquisition vehicle for health-care service businesses in the east and south of the continent.



European development finance organizations such as Swedfund, the Swedish development finance institution, have backed IFHA, along with the likes of Pfizer and the Stichting Social Investor Foundation for Africa, whose backers include&nbsp;<a href="https://www.cnbc.com/quotes/?symbol=AGN-NL">Aegon</a>,&nbsp;<a href="https://www.cnbc.com/quotes/?symbol=HEIA-NL">Heineken</a>,&nbsp;<a href="https://www.cnbc.com/quotes/?symbol=RDSA-GB">Shell</a>&nbsp;and&nbsp;<a href="https://www.cnbc.com/quotes/?symbol=UNAN-MX">Unilever</a>&nbsp;among others.



Since the onset of the pandemic, the Nigerian government has issued 100 billion naira ($254.6 million) in state credit facilities for health care, from pharmaceutical companies and product manufacturers to service providers, which has seemingly spurred greater interest from private investors. The Bank of Industry, a Nigerian development finance institution, is supplying a further 50 billion naira.



“There is a very compelling opportunity for the development of world-class healthcare facilities across Africa, but especially Nigeria,” said Hafeez Giwa, managing partner at HC Capital Properties, which has started to invest in health-care assets in Nigeria.



<figure class="wp-block-image"><img decoding="async" src="https://image.cnbcfm.com/api/v1/image/106818322-1609752391633-Hafeez_Giwa_photo.jpg?v=1609752599&amp;w=678&amp;h=381" alt="Hafeez Giwa, managing partner at HC Capital Properties, has begun to invest in Nigerian health care infrastructure."/><figcaption>Hafeez Giwa, managing partner at HC Capital Properties, has begun to invest in Nigerian health care infrastructure. New Markets Media &amp; Intelligence</figcaption></figure>







“Most of the public hospitals here were constructed over 40 years ago and only a handful have received any investment since then,” Giwa said in a report published Monday by frontier markets consultancy New Markets Media &amp; Intelligence.



Tosin Runsewe, CEO at health-care investment firm AfyACare Nigeria, highlighted another opportunity: obligatory health insurance for federal employees would see insurance costs lowered and the percentage of health-care costs covered could rise to between 20% and 30% by 2030.



As it stands, around 72% of household health-care expenditure is out-of-pocket, compared to the sub-Saharan average of 35%, the Knight Frank report highlighted, and only 5% of health care is covered by insurance.



“If we could attain a critical mass of 40 million to 60 million Nigerians with healthcare cover, the cost of this treatment could be met through health insurance premiums of around only 20,000 Naira ($50) a year, half the current average cost,” Runsewe said.



“There is an array of opportunities for investors in private primary healthcare clinics that can provide services at an affordable cost.”



<figure class="wp-block-image"><img decoding="async" src="https://image.cnbcfm.com/api/v1/image/106465856-1585511566900gettyimages-1208498757.jpeg?v=1585511618&amp;w=678&amp;h=381" alt="Commuters wearing a protective face masks walk on the street of Lagos, as a preventive measure against the spread of the new corona virus, COVIC-19, in Lagos, on March 26, 2020."/><figcaption>Commuters wearing a protective face masks walk on the street of Lagos, as a preventive measure against the spread of the new corona virus, COVIC-19, in Lagos, on March 26, 2020.</figcaption></figure>







Giwa said HC Capital Properties was investing in Nigeria due to both “extreme need” and government initiatives which have rendered it easier to develop high-quality assets that offer affordable care. He suggested that there are two types of investors currently exploring these opportunities.



“On the one hand, there are local institutional investors and local pension funds that, in Nigeria’s case, are Naira investors and do not have any concerns about currency risk,” Giwa said.



“On the other hand, there are development impact investors and institutions that are excited by the prospect of delivering high-quality healthcare to lower- and middle-income Nigerians.”



He anticipates that the pandemic has brought about a “permanent change in thinking” which will place greater emphasis on quality health care at home.



At present, Nigeria loses up to $1 billion per year to outbound health tourism among wealthier Nigerians due to inadequate domestic access, according to a recent PwC report.

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Foreign investors are gearing up to plug Nigeria’s $82 billion health-care gap

Protests which began in opposition to the Nigerian government’s widely unpopular Special Anti-Robbery Squad (SARS) have morphed into a widespread, leaderless movement against police brutality, economic mismanagement, rampant corruption and arbitrary state power.



But as the protests gain traction — both at home and abroad — there are growing concerns about the state’s response to the movement and what all of this could mean for the country’s economy.



The government is under growing pressure to deliver reforms amid the mass civil unrest, but analysts are concerned that the planned fiscally conservative policies, which may have aided the economic recovery, will become increasingly difficult to implement.



What’s more, the heavy-handed nature of the government’s response to protests has damaged its standing both domestically and internationally, heightening political uncertainty as the country looks to emerge from the crisis.



<h2 class="wp-block-heading" id="h-oil-and-economics">Oil and economics</h2>



Africa’s largest economy remains heavily dependent on oil, which constitutes around 80% of its exports, 50% of government revenue and 30% of banking credit, according to the World Bank.



The latest OPEC figures confirm that Nigeria is sticking to supply cut agreements by keeping oil production below 1.5 million barrels per day in September. Combined with low global oil prices, this means tighter foreign exchange liquidity conditions with adverse consequences for businesses importing goods from abroad, according to NKC African Economics Head of Macroeconomic Consulting Cobus de Hart.



“In turn, tight FX liquidity, product shortages, higher fuel prices, and flooding serve to push inflation sharply higher, weighing on consumer demand,” de Hart said in a recent research note.



He suggested that, as the civil unrest shows few signs of abating, some of the government’s planned policies — which were designed to bolster the economy — could be reversed in an effort to avoid further opposition.







“This now raises the likelihood that we could see a reversal in positive policy shifts such as the decision to deregulate fuel prices – the government has already started backtracking on electricity price hikes,” de Hart said.



“Regrettably, many of these reforms should have been implemented at a much earlier stage, along with pro-business policies to drive diversification and growth.”



The social media-fueled #EndSARS protest movement is taking place against the backdrop of the country’s worst economic recession in over 30 years, with inflation rising above 13% and GDP (gross domestic product) contracting by 6.1% in the second quarter.



As such, the hit to the oil sector, combined with the economic disruption from the pandemic and falling remittance payments from abroad, is expected further constrain the government’s ability to deliver social programs and address the grievances of protesters, exacerbating tensions.



<h2 class="wp-block-heading" id="h-what-is-driving-protests">What is driving protests?</h2>



The SARS, accused of decades of brutality, rape and torture, was dissolved on October 11, but protesters have continued to demand broader fundamental reforms. In recent weeks, the demonstrations have descended into violence, coming to a head on October 20, when soldiers allegedly used live ammunition to disperse peaceful protesters at the Lekki toll gate in Lagos, Nigeria’s largest city.



Amnesty International says at least 12 protesters were killed and Lagos Governor Babajide Sanwo-Olu said 25 people were injured, claims the army has dismissed as “fake news.” The incident unleashed a wave of violence and vandalism in Lagos and elsewhere, although protests have since dwindled in Lagos.







Meanwhile, pro-government demonstrations elsewhere in Nigeria have underscored a deep north-south divide and have heightened the risk of worsening violence in the oil-producing Niger Delta region. Supporters in the largely Muslim north, from where President Muhammadu Buhari hails, have accused protesters from the largely Christian south of trying to sow chaos to discredit the administration.



Following global condemnation of the government’s response to the protests, Buhari urged the international community and public figures to “seek to know all the facts” before “rushing to judgment.”



Buhari has also sought to highlight concessions the government has already made and suggest that protests were being hijacked by “subversive elements” to “cause chaos,” while opting to project an overall image of strength and deploy military personnel to key areas.



<h2 class="wp-block-heading" id="h-commercial-disruption">Commercial disruption</h2>



According to a report published last week by political risk consultancy EXX Africa, there are a number of distinct groups involved in the unrest. The first comprises young, educated and progressive reform advocates, many of whom have a strong social media presence. This part of the #EndSARS movement has been able to gain global traction and elicit endorsements from celebrities, political figures and even Twitter CEO Jack Dorsey.



A second, larger group comprises less educated and often unemployed youths lashing out at economic hardship, while a third, smaller section consists of “hardened criminals,” according to the report. On top of this, government supporters have been carrying out attacks along sectarian and ethnic lines.



A key economic risk, according to EXX Africa, is the potential for disruption to commercial assets.







“Assets that are most exposed to opportunistic attacks include cargo in-transit, commercial stores and stationery vehicles. Targeted attacks are largely driven by political, sectarian or ethnic motives,” the EXX Africa report said.



NKC Political Analyst Louw Nel suggested that although Buhari may have an understandable grievance with the international scrutiny of the situation, compared to similar unrest across the continent, he will need to moderate the government response.



“Whatever the case may be, there is a desperate need for the Buhari administration – and governments elsewhere on the continent – to recognize the limits of responding to protests over state brutality with more state brutality,” Nel said in a research note.



“We expect protests will continue, and further repression, or another Lekki toll gate tragedy, will only fan the flames and weaken Mr. Buhari politically.

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As Nigeria’s SARS protests swell, its economic recovery hangs in the balance

LAGOS (Reuters) &#8211; The Nigerian military has offered to deploy in Lagos state if needed to protect key business and government sites amid anti-police protests, the governor said on Thursday.



Unrest has broken out across the state, which is under 24-hour curfew, sparked by protests and the shooting of civilians by security forces on Tuesday evening.



Governor Babjide Sanwo-Olu, in an interview on local station Arise TV, said the chief of defence staff and the chief of army staff had called around midday on Wednesday “to say that if indeed I require for the military to come out, they will deploy them.”



He said the primary concern was the security of key business and government installations, such as Lagos’ ports.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="740" height="416" src="https://www.cnbcafrica.com/wp-content/uploads/2020/04/106415584-1582892362326gettyimages-1203910174.jpeg" alt="" class="wp-image-366654" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2020/04/106415584-1582892362326gettyimages-1203910174.jpeg 740w, https://cms.cnbcafrica.com/wp-content/uploads/2020/04/106415584-1582892362326gettyimages-1203910174-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2020/04/106415584-1582892362326gettyimages-1203910174-696x391.jpeg 696w" sizes="auto, (max-width: 740px) 100vw, 740px" /><figcaption>A security man administers sanitiser to a visitor to a state hospital in Lagos, on February 28, 2020.
PIUS UTOMI EKPEI | AFP via Getty Images</figcaption></figure>



“It’s really just a conversation around security support that we’ve got,” he said.



Sanwo-Olu did not say whether he would accept the offer, but called on leaders to keep young people including protesters off the streets.



Fires burned across the commercial capital on Wednesday as roving groups of young men, some protesters still on the streets, and armed police clashed in some neighbourhoods.



The army has denied soldiers were at the site of the shooting at Lekki toll gate in Lagos, where people had gathered in defiance of the curfew. Four witnesses told Reuters soldiers had fired bullets there and at least two people had been shot. Rights group Amnesty International said the Nigerian army and police killed at least 12 peaceful protesters at two locations in Lagos &#8211; Lekki and Alausa &#8211; on Tuesday.



Sanwo-Olu said he did not send soldiers to the toll gate, and President Muhammadu Buhari, while appealing for calm in a statement on Wednesday, has not directly addressed the incident.



<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" src="https://www.cnbcafrica.com/wp-content/uploads/2020/07/Muhammadu_Buhari_-_Chatham_House.jpg" alt="" class="wp-image-376011" width="493" height="533"/></figure>



Buhari said that CCTV cameras on Lekki Bridge, which social media posts suggested had been removed prior to the incident, were there and working at the time of the shooting and would form part of the state’s investigation into the incident.



He added that he would “absolutely” make the footage public.

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Nigerian military offered to deploy in Lagos if needed: governor

Open Letter to the President and Commander-in-Chief of the Armed Forces of the Federal Republic of Nigeria October 21, 2020 



President Buhari, You appealed to Nigerians to give you a mandate in 2003, 2007 and 2011. In 2015, you walked among the people. Nigerians, young and old, walked with you. On May 29, 2015 we swore you in. You pledged to serve Nigeria, to “celebrate her freedom and cherish her democracy”. You said to Nigerians that, “together we cooperate to surprise the world that had come to expect only the worst from Nigeria.” 



You, saluted Nigerians for waiting long hours in rain and hot sunshine to register and cast their votes and stayed all night if necessary, to protect and ensure their votes count and were counted. You thanked those who tirelessly carried the campaign on social media. President Buhari, this is an urgent call from those who gave you this mandate: tell the armed forces to stand down and stop shooting at or killing unarmed Nigerians. Undeniably, the lives of young Nigerians are being shed in hopes of a better Nigeria, which you chose to serve.



<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" src="https://www.cnbcafrica.com/wp-content/uploads/2020/07/Muhammadu_Buhari_-_Chatham_House.jpg" alt="" class="wp-image-376011" width="694" height="756"/><figcaption>President Buhari</figcaption></figure>



In the last two weeks, Nigeria has seen an intergenerational call for a better country through better governance. It was led by the youth and it was peaceful. Given your experience running for office, where there is a crowd there are opportunists that seek to infiltrate and cause havoc. This was not the protesters, they remained peaceful. However, Mr. President, the democracy, which you choose to uphold, necessitates that the people speak. The rot in the system is undeniable. Nigerians at home and abroad were expressing their displeasure. That same groundswell that gave you a mandate was speaking to you, but our cries were met with a bloody flag. In spite of the denials, we are in a new age of social media, some of us were on ground while some watched on social media what transpired. The world watched alongside with us. Mr. President, the armed forces should never be said to harm or kill its own unarmed people. We appeal to your duty as the Commander-in-Chief, your decision to be the democratically elected President of Nigeria and your role as a Father: stay the bullets of the armed forces. As a democratic nation, Mr. President, we will continue to speak, we will continue to call out the rot in the Nigerian system, we have just one country. The same way you fought for it, we will fight for it. The Undersigned Archbishop Desmond Tutu Leadership Fellows of Nigeria: Abayomi Awobokun Ada Osakwe Adebola Williams Aderonke O. Onadeko Bibi Bakare-Yusuf Bosun Tijani Bowale Adeoye Danladi Verhijen Debisi Araba Emmanuel Ogejuma ‘Gbenga Sesan Ifeoma Malo Jude M.I. Abaga Mezuo Nwuneli Mosunmola Umoru Ogochukwu Ekezie Omoni Oboli Onyinye Ibeneche Avbovbo Sadiq Usman Samson Itodo Serah Zainab Ugbabe Temi Awogboro Tomiwa Aladekomo Toyosi Kolawole The Archbishop Desmond Tutu Leadership Fellows (“Tutu Fellows”), of the African Leadership Institute, are a diverse group of civic, political and business leaders from 40 African countries who are concerned with the governance and development of the African continent.

Muhammadu_Buhari_-_Chatham_House

Opinion: Open Letter to President Buhari of Nigeria

LAGOS (Reuters) &#8211; Police enforced a round-the-clock curfew in Nigeria’s biggest city on Wednesday a day after soldiers reportedly opened fire on civilians protesting against alleged police brutality.https://imasdk.googleapis.com/js/core/bridge3.417.2_en.html#goog_113758745&nbsp;



Fires burned across Lagos and residents of Ebute Mette, Lagos Island and Okota districts reported hearing gunfire on Wednesday as President Muhammadu Buhari appealed for “understanding and calm”.



Police &#8211; some armed, some wearing body armour and many in plain clothes &#8211; set up roadblocks in Lagos, witnesses said.



Tuesday night’s incident at a toll gate in Lekki district was the most serious yet in nearly two weeks of nationwide protests fueled by anger at alleged systematic abuses by police, although details of what happened and the number of casualties remained unclear.



The Lagos state governor said 30 people were hurt in the shooting at the gate, a focal point of the protests. One man had died in hospital from a blow to the head, he said, but it was not known if he was a protester.







The United Nations secretary-general said there had been “multiple deaths” and he urged authorities to de-escalate the situation. Amnesty International said it was investigating “credible but disturbing evidence” of excessive use of force in which protesters had been killed.



Four witnesses said soldiers had fired bullets and at least two people had been shot. Three witnesses said the gate’s lights were turned off before the shooting began. One said he saw soldiers remove bodies.



The Nigerian Army said no soldiers were at the scene.

President Buhari to AfDB President Adesina: “I’ll stand by you”

Lagos locked down, army under scrutiny after civilians fired on

By Wole Soyinka To the affected governors all over the nation, there is one immediate step to take: demand the withdrawal of those soldiers. Convoke Town Hall meetings as a matter of urgency. 24-hr Curfews are not the solution. Take over the security of your people with whatever resources you can rummage. Substitute community self-policing based on Local Councils, to curb hooligan infiltration and extortionist and destructive opportunism.



 I arrived home from external commitments just over a week ago to an extraordinary homecoming gift. It took the form of a movement &#8212; sometimes angry, sometimes entrancing, poignant, sometimes strident, certainly robust in expectations but always moving, visionary and organized. That movement demanded an end to brutality from state security agencies, focusing on a notorious unit known as SARS. But, of course, SARS merely stood for the parasitic character of governance itself in all ramifications. That dimension – albeit not in those very terms of course – was acknowledge by the first formal response of government, delivered through the Vice-President. The movement involved members of the Nigerian Bar Association, Feminist Groups, Professionals, Technocrats, Students, Prelates, Industrial institutions, and Artistes – writers, cineastes, actors, musicians. It was markedly a youthful movement, its energy, creativity and resolve diffused throughout the nation through impressive strategies.



 It was,above all, orderly. In places, one felt vibrations that seemed to echo concert grounds like Woodstock, other times, the massed processions of France’s Yellow vests or waves of Lech Walesa’s Solidarity movement. Even closer, more recently and pertinent, the patient, stoical gatherings in Mali that lasted weeks and, in whose resolution, our own nation played a critical role. As I stated in my Message to Youth at the Freedom Park 10th anniversary events on Saturday, 17th, these youths brought fresh blood into tired veins. It was bliss indeed to be alive, to watch youths finally begin to take the future into their own hands.



 But – and haven’t we been here before? &#8212; suddenly, virtually overnight, it all changed. State security services – which specific branch, we have yet to identify – transported thugs to break up the protests. The videos exist, they have been widely disseminated – sleek motorcades with number plates covered – moved to recruit and disgorge thugs and breeds of hoodlums to break up the peaceful protests. Those mercenaries set fire to the protesters’ vehicles where parked, set upon the gathered youths with cudgels and machetes. 



They broke open at least one prison to let out the inmates. It has since been established that some of those vandals were actually recruited prisoners who, we can only presume, have been paid not only in cash but in kind. Casualties began in single, sporadic numbers, climaxing in the shooting dead last night of a yet undetermined number of protesters in a Lagos sector called Lekki.



 The mood, and climate of protest changed abruptly, and devastatingly with that diabolical intrusion. For the first time, anger and nihilism entered the lists, moving to dominate emotions. Organized militancy has been replaced by vengeful, omni-directional hatred. The capital, Abuja, has been torched in places, including the famous Apo market – that name itself evoking memories of an ancient massacre of youth – known as the APO Six &#8212; by SARS. Yesterday, October 20, I set out to drive to my hometown, Abeokuta, to be on my own turf as the violence was spiraling mindlessly in multiple directions. After negotiating my way through some eight or nine protesters’ road-blocks, I was compelled to turn back. It was all déjà vu – the uprisings in the former Western Region of Nigeria, the anti-Abacha movement etc. etc. etc. The attempt however enabled me to assess the



mood and transformation of the movement. I was better prepared. I rescheduled my trip for the following day ,– that is, this morning. In the meantime, however, that is, within the next eight to ten hours, the tension has become unimaginable! At that earlier mention Lagos sector, Lekki, where most of the affirmative action gatherings had taken place, soldiers opened fire on unarmed demonstrators, killing and wounding a yet undetermined number. One such extra-judicial killing has drenched the Nigerian flag in the blood of innocents – and not symbolically. The video has, in accustomed parlance, ‘gone viral’. I have spoken by phone to eye-witnesses. One, a noted public figure has shared his first-hand testimony on television. The government should cease to insult this nation with petulant denials.



 I resumed my trip to Abeokuta at 6 am, this morning as scheduled, again negotiating road-blocks -– this time somewhere between twelve and fifteen, all distinguished by an implacable state of rage. It was in stark contrast to the inclusivity of the protesting ‘family of common cause’ of earlier days. All inherent beauty of instant bonding and solidarity evaporated. At the block just before the Lagos Secretariat, the protesters proved the most recalcitrant. In the end, they exacted from me just the one offering to the rites of passage – I could sense it coming &#8212; I had to come down from the car and addressed them. I did. Little did they know what was churning in my mind: This is not real. This is Back to Abacha – in grotesque replay!



 It is absolutely essential to let this government know that the Army has now replaced SARS in the demonic album of the protesters. My enquiry so far indicates that the Lagos governor did not invite in the Army, did not complain of a ‘breakdown in law and order’. Nevertheless, the Centre has chosen to act in an authoritarian manner and has inflicted a near incurable wound 6 on the community psyche. Need I add that, on arrival in Abeokuta, my home town, I again had to negotiate a road block? That went smoothly enough. I expected it, and have no doubt that more are being erected as this is being written. It is pathetic and unimaginative to claim, as some have done, that the continued protest is hurting the nation’s economy etc. etc. COVID-19 has battered the Nigerian economy – such as it is for over eight months. Of course it is not easy to bring down COVID under a hail of bullets – human lives are easier target, and there are even trophies to flaunt as evidence of victory – such as the blood-soaked Nigerian flag that one of the victims was waving at the time of his murder. To the affected governors all over the nation, there is one immediate step to take: demand the withdrawal of those soldiers. Convoke Town Hall meetings as a matter of urgency. 24-hr Curfews are not the solution. Take over the security of your people with whatever resources you can rummage. Substitute community self-policing based on Local Councils, to curb hooligan infiltration and extortionist and destructive opportunism. We commiserate with the bereaved and urge state governments to compensate material losses, wherever. To commence any process of healing at all – dare one assume that this is the ultimate destination of desire? &#8212; the Army must apologize, not merely to the nation but to the global community – the facts are indisputable – you, the military, opened fire on unarmed civilians. There has to be structured restitution and assurance that such aberrations will not again be recorded. Then both governance and its security arms can commence a meaningful, lamentably overdue dialogue with society. Do not attempt to dictate &#8212; Dialogue!

wole soyinka

DÉJÀ VU – In tragic vein: Wole Soyinka on Nigeria’s unrest

LAGOS (Reuters) &#8211; Nigeria’s long-awaited oil reform bill would privatise the Nigerian National Petroleum Company (NNPC), amend changes to deepwater royalties made late last year and scrap key regulatory agencies in favour of new bodies, a copy of the bill seen by Reuters showed.



President Muhammadu Buhari has sent the bill to the Senate, two sources told Reuters. It, along with the House of Representatives must sign off on it before it can become law. Nigeria is Africa’s largest crude exporter. [L5N2GJ6E7]



The legislation has been in the works for the past 20 years and looks to revise laws governing Nigeria’s oil and gas exploration not fully updated since the 1960s because of the contentious nature of any change to oil taxes, terms and revenue-sharing.







The bill proposes turning the NNPC into a limited liability corporation into which the ministers of finance and petroleum would transfer NNPC assets.



The government would then pay cash for shares of the company and it would operate as a commercial entity without access to state funds.



The changes would in theory make it easier for the struggling company to raise funds.



The legislation would also amend controversial changes to deep offshore royalties made late last year by cutting the royalty for offshore fields producing less than 15,000 barrels per day (bpd) to 7.5% from 10%.



It would also change a price-based royalty so that it kicked in when oil prices climbed above $50 per barrel, rather than $35.

rig-drilling-drilling-rig-oil

Nigeria would privatise NNPC, amend royalties under draft oil reform bill

LAGOS (Reuters) &#8211; Nigerian labour unions agreed with the government on Monday to suspend a planned strike over fuel and power price rises hours before businesses were due to grind to a halt, the labour minister and trade unions said.



The Nigerian Labour Congress (NLC), which represents millions of workers across most sectors of Africa’s biggest economy, including parts of the oil industry, last week announced its plans to embark on a general strike.



Nigeria cut costly subsidies in September to allow the petrol price to be determined by the market and increased the power tariff. President Muhammadu Buhari had said Nigeria could no longer afford the subsidies but the unions said a reversal of price hikes was needed to avert the strike.







The strike was due to begin on Monday but Labour and Employment Minister Festus Keyamo said in a statement, posted on Twitter, that an agreement was reached between the government and unions at 2:53 a.m. (0153 GMT). “Strike suspended,” he wrote.



He said the deregulation of petrol pump prices would remain in place and the government would roll out a financial support package for workers, and a joint committee comprising of government officials and labour union members would over a two-week period examine the justification for the electricity tariff policy.



A communique issued by the NLC and the Trade Union Congress (TUC) stated that the strike had been suspended and outlined the details outlined by Keyamo.







Africa’s top oil exporter has been under pressure from international lenders such as the World Bank to carry out reforms to qualify for budget support loans after the coronavirus pandemic triggered an oil price crash that slashed the government’s income.



Cheap fuel prices have long been seen by many in Nigeria as a benefit of living in an oil-producing country. Previous attempts to eliminate subsidies were scuppered due to social unrest.

Nigeria’s main unions suspend planned strike after government talks

ABUJA (Reuters) &#8211; Nigeria aims to have 50 mines in operation by 2023 and can make up for time lost because of the impact of COVID-19 on development of the nascent sector, the country’s mining minister said in an interview.



Africa’s largest oil producer is banking on mining to diversify its income and revive its finances following a collapse in crude prices, which earlier this year hit two-decade lows.



“The pandemic has slowed things down, but we can still catch up,” Minister of Mines Olamilekan Adegbite said.



Nigeria hopes mining will grow tenfold in five years to account for 3% of the economy and that Nigeria can process as well as mine, which generates increased profits compared with shipping raw minerals.



In particular, he said Nigeria aimed to process barite, used in drilling for oil and gas, and sell it to countries such as Ghana and South Africa, which need the mineral to exploit new oil discoveries.



In common with other African countries, Nigeria is also seeking to formalise artisanal mining, which could generate tax and royalties from gold.



Adegbite said Nigeria was encouraging small-scale miners to form cooperatives and sell at government-buying centres, where prices are closer to global values than those illegal buyers offer.



While oil prices have been weak because of the impact of the pandemic on movement and industry, which has curbed fuel demand, gold in August hit record highs.



A problem for Nigeria is that its gold lies mostly in the northwest, where, humanitarian organisations say it has helped to fuel violence attributed to armed groups.



Adegbite said security had improved and buying centres would stop artisanal miners dealing with criminals: “By weaning them off the illegal people and (making) sure they sell to government-approved centres, you take off that linkage.”



He also expects more commercial gold miners to be attracted once Thor Explorations’s gold mine in Nigeria’s southwest starts producing. Its first gold is expected in the second quarter of 2021.



Malte Liewerscheidt, vice president of London-based risk consultancy Teneo Intelligence, said the plans were likely to be undermined by “structural challenges pertaining to insecurity and infrastructure deficiencies”.

Central Bank of Nigeria cuts benchmark lending rate to 12.5%

Nigeria says can tap mineral wealth despite COVID, unrest

LAGOS (Reuters) &#8211; Nigeria’s oil ministry will present a long-awaited oil and gas reform bill to the president in the coming days aimed at boosting output and attracting foreign investment, three sources close to the negotiations told Reuters.



The reforms, 20 years in the making, are particularly urgent this year as low oil prices and a shift towards renewable energy have made competition tougher to attract investment from oil majors.



Fiscal uncertainty has delayed a decision&nbsp;<a href="https://reut.rs/3g28DoM">reut.rs/3g28DoM</a>&nbsp;on a multi-billion dollar expansion by Royal Dutch Shell (<a href="https://www.reuters.com/companies/RDSa.L">RDSa.L</a>) and its partners, while Chevron (<a href="https://www.reuters.com/companies/CVX.N">CVX.N</a>), Total (<a href="https://www.reuters.com/companies/TOTF.PA">TOTF.PA</a>) and ExxonMobil&nbsp;<a href="https://reut.rs/348WfAX">reut.rs/348WfAX</a>&nbsp;(<a href="https://www.reuters.com/companies/XOM.N">XOM.N</a>) are selling various Nigerian assets.



A spokesman for the Petroleum Ministry, which led the bill’s drafting, did not reply to a request for comment and the president’s office declined to comment.



Royal Dutch Shell, the largest international operator in Nigeria, said a botched reform effort would be “putting at risk and making unviable most of the planned projects.”



“We hope that the final bill would be one that would unlock potential investments that Nigeria’s rich resource base truly deserves,” a spokesman for Shell companies in Nigeria said.



A draft summary seen by Reuters included provisions that would streamline and reduce some oil and gas royalties. One of the sources described even the government’s reduced take of oil revenues, through taxes, royalties and other fees, as “aggressive” compared with other nations. Some African countries are trying to cut red tape and taxes in order to make developing their oil and gas reserves attractive to companies.



It proposes to boost the amount of money companies pay to local communities and for environmental cleanups.



It would also alter the dispute resolution process between companies and the government, though specifics of the changes were not included in the summary. The bill also included measures aimed at pushing companies to develop gas discoveries and a framework for gas tariffs and delivery.



Commercializing gas, particularly for use in local power generation, is a core government priority.



The bill will be presented in one piece with four chapters, the sources said. An effort to pass reforms by breaking them into several bills in 2018 fell flat; just one portion made it to President Buhari&#8217;s desk, and he never signed it&nbsp;<a href="https://reut.rs/346RIPH.">reut.rs/346RIPH.</a>



Once Buhari signs off on the draft, it will go to the National Assembly, which is controlled by his All Progressives Congress party. The alignment of the presidency and the assembly give the measure the best chance of passage it has had in years.



The law underpinning oil, the financial lifeline for Africa’s biggest exporter, has not been updated since the 1960s.



Pumping its oil has historically been hugely profitable, but changes late last year that hiked Nigeria’s take of oil earnings, and a VAT increase, frustrated companies.

Exclusive: Nigeria’s long-awaited oil reform bill to go to president – sources

(Reuters) &#8211; India has sent technical equipment and a team of specialists to Mauritius to help local authorities deal with an environmental crisis after an oil spill from a Japanese ship, a government official said on Sunday.



A Japanese bulk carrier struck a coral reef off the Indian Ocean island nation on July 25, spilling about 1,000 tonnes of fuel oil and triggering a state of “environmental emergency”.



The carrier split on Saturday, and the oil spill spread over a vast area of endangered corals, fish and other marine life in what some scientists called the country’s worst ecological disaster.



On Sunday, Mauritian authorities said the stern section of the vessel had been completely detached, with the remainder of the ship slowly being towed by two tugs towards high seas.



The country’s National Crisis Committee said that rough weather conditions had made the removal of the remaining oil on the ship risky.



“There is still approximately 30 cubic meter of mixed type of oil in the engine room,” it said in the statement. “In view of the rough sea condition, the salvage company&#8230;has informed that it cannot carry on with the pumping of the remaining oil.”



Authorities said that they have cordoned-off Blue Bay Marine Park, with three layers of booms.



“Deflection booms have been placed to further protect Ile aux Aigrettes from any oil spill. Furthermore, 2 kms of booms have been placed along the shoreline of Pointe d’Esny. Additional booms are being placed this afternoon,” the Crisis Committee said.



Scientists say the full impact of the spill is still unfolding, but the damage could affect Mauritius and its tourism-dependent economy for decades. Removing the ship is likely to take months.



Following a government request for assistance, India dispatched over 30 tonnes of technical equipment and material by aircraft to supplement the country’s salvage operations, the foreign affairs ministry said in a statement said.



Mauritius said that some of these materials are being deployed at Riviere La Chaux, Riviere des Creoles, Riviere Ferney and Grand River South East.



A 10-member team of Indian coast guard personnel trained in oil spill containment measures has also been deployed to Mauritius to provide technical and operational assistance, it said.

Op-Ed: Tourism sector in Mauritius devastated by COVID-19

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DÉJÀ VU – In tragic vein: Wole Soyinka on Nigeria’s unrest

Nigeria would privatise NNPC, amend royalties under draft oil reform bill

Nigeria’s main unions suspend planned strike after government talks

Nigeria says can tap mineral wealth despite COVID, unrest

Exclusive: Nigeria’s long-awaited oil reform bill to go to president – sources

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Nigerian court rejects central bank governor’s restraint order on electoral commission￼

Nigeria’s central bank governor to seek ruling party ticket to run for president

Nigerian telecoms operators approach regulator for tariff hike

UK recovers $23 mln in loot linked to late Nigerian dictator Abacha￼

OPEC+ set to stick to modest oil output rise amid price rally

Nigeria’s new seaport aims to become African shipment hub￼

Foreign investors are gearing up to plug Nigeria’s $82 billion health-care gap

As Nigeria’s SARS protests swell, its economic recovery hangs in the balance

Nigerian military offered to deploy in Lagos if needed: governor

Opinion: Open Letter to President Buhari of Nigeria

Lagos locked down, army under scrutiny after civilians fired on

DÉJÀ VU – In tragic vein: Wole Soyinka on Nigeria’s unrest

Nigeria would privatise NNPC, amend royalties under draft oil reform bill

Nigeria’s main unions suspend planned strike after government talks

Nigeria says can tap mineral wealth despite COVID, unrest

Exclusive: Nigeria’s long-awaited oil reform bill to go to president – sources

India sends team to Mauritius to tackle oil spill

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Nigerian court rejects central bank governor’s restraint order on electoral commission

UK recovers $23 mln in loot linked to late Nigerian dictator Abacha

Nigeria’s new seaport aims to become African shipment hub