<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/07/WM23DAP7ZZIDHDPYXPH2BB7XJM-820x547.jpg" alt="" class="wp-image-426336" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/07/WM23DAP7ZZIDHDPYXPH2BB7XJM-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/WM23DAP7ZZIDHDPYXPH2BB7XJM-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/WM23DAP7ZZIDHDPYXPH2BB7XJM-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/WM23DAP7ZZIDHDPYXPH2BB7XJM-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/WM23DAP7ZZIDHDPYXPH2BB7XJM-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/WM23DAP7ZZIDHDPYXPH2BB7XJM-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Bola Tinubu, President of Nigeria, arrives for the closing session of the New Global Financial Pact Summit, Friday, June 23, 2023 in Paris, France. Lewis Joly/Pool via REUTERS/File Photo</figcaption></figure>



LAGOS/LONDON, Sept 28 (Reuters) &#8211; Nigerian President Bola Tinubu&#8217;s lightning-fast reform push after taking office in May sparked hope that his administration would be a business-friendly antidote to mounting economic troubles facing Africa&#8217;s biggest economy.



Fast forward to more than 100 days in office, and the key planks of his economic overhaul &#8211; unshackling the naira from its rigid regime, and allowing fuel prices to rise &#8211; are coming loose.



The naira hit a record low of 1,000 to the dollar on the black market this week, widening the gap with the official rate, which stood at 785 on Thursday.



Petrol pump prices, meanwhile, have not budged since July &#8211; despite a more than 30% rise in oil prices.



Some now fear Tinubu will not be able to wean Nigeria off the costly policies that have stymied investment and throttled economic growth.



&#8220;Momentum just seems&#8230;almost in reverse,&#8221; said David Omojomolo, Africa economist at research firm Capital Economics.



Public anger is swelling as inflation spirals higher, however, and Nigeria&#8217;s two biggest workers&#8217; unions are planning an indefinite strike next week to protest over a cost-of-living crisis.



&#8220;Sentiment towards Nigeria has been continuing to sour as the initial reform momentum under President Tinubu&#8217;s administration has faded,&#8221; said Tellimer analyst Patrick Curran.



DOLLAR DELAY



For years, Nigeria has tightly controlled the official naira rate, even amid declines in the price of oil, sales of which bring in 90% of the country&#8217;s foreign currency supply.



But providing dollars at an artificially low rate has led to a yawning gap between official and black market rates, leaving businesses and investors unable to access dollars. The central bank has also created import restrictions aimed at reducing dollar demand.



Tinubu&#8217;s decision to let the official naira rate weaken saw it briefly converge with the black market. Last week, he assured investors they could take money out, touting a &#8220;reliable, one figure exchange rate of the naira.&#8221;



But the gap has widened to nearly 30% this week, and four sources told Reuters it was virtually impossible to get dollars from the central bank on an ad hoc basis.



The incoming central bank chief said on Tuesday that policymakers faced a nearly $7 billion backlog in foreign exchange demand; foreign airlines alone had $783 million in ticket sales trapped, the International Air Transport Association said.



This is one major factor keeping investors from putting money to work in Nigeria.



Another is negative real bond yields and the slow central bank response: 10-year local government bonds yield less than 15% while inflation is running above 25%.



&#8220;What they have done so far is not enough to attract domestic debt holders or foreign investors into their domestic debt market,&#8221; said Carlos de Sousa, portfolio manager at Vontobel Asset Management.



The tattered finances left by the previous administration have also been no help.



In August, the central bank published audited accounts for the first time since 2018, revealing that its $33 billion in FX reserves included a $19 billion commitment in derivatives &#8211; slashing the liquid amount of reserves.



JPMorgan calculated net FX reserves stood at $3.7 billion as of the end of 2022, &#8220;significantly lower&#8221; than prior estimates.



That news sent Nigeria&#8217;s international bond tumbling.



&#8220;Lower net FX reserves reduce the willingness to introduce a flexible exchange rate regime in the near term,&#8221; said JPMorgan&#8217;s Gbolahan S Taiwo.



The central bank has also kept other restrictions that businesses say make life tough, including a ban on using central bank foreign exchange to import 43 items.



&#8220;The government may have intended to make it a free market, but the CBN isn&#8217;t allowing it to be one,&#8221; said a Nigerian private equity investor who did not want to be named.



The delay in scrapping fuel subsidies is exacerbating the dollar crunch. Last year, subsidies cost 2% of gross domestic product, according to Fitch.



Despite being Africa&#8217;s largest oil exporter, Nigeria imports nearly all its fuel as it does not refine nearly enough to meet the demand of its 200 million citizens. In recent years, it has swapped crude for fuel, depriving it again of a source of U.S. dollars.



It is still using oil cargoes now to pay for fuel it imported previously, and a de-facto pump price limit set by state oil company NNPC LTD&#8217;s sale price means it is again the sole petrol importer.



Tellimer said Nigeria&#8217;s gasoline prices would need to rise 73% to align with global prices.



Analyst say Tinubu, elected with the narrowest margin since Nigeria returned to democracy in 1999 and facing inflation at nearly two-decade highs, lacks the social capital and mandate to push any harder.



&#8220;There is the concern that when the going gets tough&#8230;they will walk back on the reforms,&#8221; Omojomolo said.



(Additional reporting by Rachel Savage in Johannesburg; Editing by Hugh Lawson)


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FILE PHOTO: Summit for a new global financing pact takes place in Paris

Nigerian reform drive falters, threatening Africa’s biggest economy

<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/XI6BVC5D2NOH3ML2JQE6YT7CPE-820x461.jpg" alt="" class="wp-image-427724" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/XI6BVC5D2NOH3ML2JQE6YT7CPE-820x461.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/XI6BVC5D2NOH3ML2JQE6YT7CPE-300x169.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/XI6BVC5D2NOH3ML2JQE6YT7CPE-160x90.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/XI6BVC5D2NOH3ML2JQE6YT7CPE-768x432.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/XI6BVC5D2NOH3ML2JQE6YT7CPE-1536x864.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/XI6BVC5D2NOH3ML2JQE6YT7CPE-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: The new logo of the privatised Nigeria oil company is seen at the NNPC Mega Gas Station in Abuja, Nigeria August 30, 2022. REUTERS/Afolabi Sotunde/File Photo</figcaption></figure>



LONDON, Sept 27 (Reuters)&nbsp;&#8211;&nbsp;Afrexim Bank is tapping oil traders to finance a much-needed $3 billion loan to Nigeria&#8217;s state oil company to help shore up the sliding naira currency, three sources told Reuters.



Afrexim approached traders in recent weeks&nbsp;seeking their&nbsp;interest in funding the oil-backed loan to state oil company NNPC LTD, the sources said. It is now working to craft terms that it will offer to the trading houses.



&#8220;There is a lot of interest, but they need to see terms,&#8221; one oil executive close to the talks told Reuters. The executive added that oil prices climbing past $90 per barrel would help drive interest in the deal.



Traders who put up cash would be repaid in physical cargoes of oil. The bank is working to determine what amount of oil to offer those traders in exchange for the financing, one of the sources said.



An NNPC spokesman did not respond to a request for comment. Afrexim did not immediately comment.



The loan, announced by NNPC in August, is a key part of efforts to support the naira, which hit an all-time low of 1,000 to the dollar on the black market on Tuesday. Officials have said that the central bank has a nearly $7 billion backlog in naira forwards. This is limiting the availability of dollars on the official market, forcing businesses and individuals to seek them on the black market.



Shortly after taking office in May, President Bola Tinubu announced long-sought reforms that allowed the official naira rate to fall versus the dollar and fuel prices to roughly triple. In June, the naira was close to the black market level, but the gap has since widened.



Tinubu also allowed pump prices to more than triple, which cut fuel smuggling and took pressure off state oil company NNPC to import petrol. But NNPC is still using oil cargoes to repay some of the oil trading firms that had contracts to supply gasoline in exchange for crude, limiting its immediate access to oil.



(Reporting By Libby George and Julia Payne; editing by Timothy Gardner)

FILE PHOTO: The new logo of the privatised Nigeria oil company is seen at the NNPC Mega Gas Station in Abuja

Afrexim turns to oil traders for $3 billion loan to Nigeria’s NNPC -sources

<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/BONC5UCUH5LEHJAU4NIKT3CVOI-820x547.jpg" alt="" class="wp-image-427697" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/BONC5UCUH5LEHJAU4NIKT3CVOI-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/BONC5UCUH5LEHJAU4NIKT3CVOI-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/BONC5UCUH5LEHJAU4NIKT3CVOI-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/BONC5UCUH5LEHJAU4NIKT3CVOI-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/BONC5UCUH5LEHJAU4NIKT3CVOI-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/BONC5UCUH5LEHJAU4NIKT3CVOI-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A supporter of Ghana&#8217;s presidential candidate Nana Akufo-Addo of the opposition New Patriotic Party (NPP) holds a party flag as she reacts at party&#8217;s headquaters in Accra, Ghana December 8, 2016. REUTERS/Luc Gnago/File Photo</figcaption></figure>



ACCRA, Sept 25 (Reuters) &#8211; Ghana&#8217;s former trade minister said on Monday he would resign from the ruling party and run as an independent candidate during the next presidential election in December 2024, dividing a government faced with dwindling support as it grapples with the worst economic crisis in a generation.



Alan Kyeremanten, who has served twice as trade minister for the New Patriotic Party (NPP), made the announcement at a briefing and said his contributions were not appreciated. He had already resigned from his ministerial role in January.



&#8220;The new movement will be led and powered by the youth,&#8221; he told his supporters at the event.



&#8220;The (NPP) party has been hijacked by a selected group of party leaders and elders,&#8221; he said.



The NPP described Kyeremanten&#8217;s resignation as &#8220;unfortunate&#8221; in a statement.



Hundreds of demonstrators gathered in the Accra last week for three days of anti-government protests linked to economic hardship.



Gold-, oil- and cocoa-producing Ghana&#8217;s worst economic crisis in a generation was brought on by spiralling public debt.



Last year, protests over soaring prices and other economic challenges led to clashes with police and pushed authorities to ask the International Monetary Fund (IMF) for help.



The government has since focused on restructuring debt and reducing its spending to gain access to a $3 billion, three-year IMF loan programme.



But detractors said authorities have done too little to help those struggling to make ends meet as economic growth slows.



The NPP has yet to name its candidate to succeed President Nana Afuko-Addo, who will step down after serving two terms.



Kyeremanten had already withdrawn from an internal contest in November to elect the party&#8217;s candidate over allegations of irregularities in the selection process.



It is widely believed that Vice President Mahamudu Bawumia will be put forward.



Ghana has been ruled by two parties since it transitioned from military to democratic rule in 1992 &#8211; the NPP and the main opposition National Democratic Congress party.



Kyeremanten, 67, served as Akufo-Addo&#8217;s trade and industry minister during both of his terms.



(Reporting by Maxwell Akalaare Adombila; Editing by Sofia Christensen and Grant McCool)

A supporter of Ghana’s presidential candidate Nana Akufo-Addo of the opposition New Patriotic Party holds a party flag as she reacts at party’s headquaters in Accra

Ghana ex-trade minister quits ruling party to run for president

<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/4UNUX7FQ65IZBCL7HMEZC5KRYA-820x547.jpg" alt="" class="wp-image-427655" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/4UNUX7FQ65IZBCL7HMEZC5KRYA-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/4UNUX7FQ65IZBCL7HMEZC5KRYA-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/4UNUX7FQ65IZBCL7HMEZC5KRYA-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/4UNUX7FQ65IZBCL7HMEZC5KRYA-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/4UNUX7FQ65IZBCL7HMEZC5KRYA-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/4UNUX7FQ65IZBCL7HMEZC5KRYA-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Nigeria&#8217;s President Bola Ahmed Tinubu addresses the 78th Session of the U.N. General Assembly in New York City, U.S., September 19, 2023. REUTERS/Eduardo Munoz/File Photo</figcaption></figure>



UNITED NATIONS, (Reuters) &#8211; Nigerian President Bola Tinubu urged the United Nations to become more proactive in addressing his African nation&#8217;s poverty and security issues and helping to fight illicit resource extraction, his spokesman said on Thursday.



Tinubu raised the issues when he met U.N. Secretary-General Antonio Guterres on Wednesday on the sidelines of the U.N. General Assembly in New York, his spokesman Ajuri Ngelale said in a statement.



The Nigerian leader said malign actors who engage in illicit activities, including resource and weapons smuggling, exploit&nbsp;Africa&#8217;s vast mineral wealth and undermine its stability.



&#8220;We are facing the great challenge of scavengers ravaging our lands and oppressing our people on illegal mines, taking our gold and mineral wealth back to developed economies by stealth and violence,&#8221; the statement cited Tinubu as saying.



&#8220;We will now be aggressive and we will question motives. We will stop what is happening,&#8221; he said, urging &#8220;effective collaboration&#8221; with the U.N.



Tinubu called for the United Nations to evolve from a global discussion platform into a proactive coordination centre, highlighting the urgency of addressing poverty and security issues.



In response, Guterres acknowledged the need for comprehensive reform within the U.N. to address institutional weaknesses and improve decision-making power for developing nations, according to the statement.



&#8220;We now recognize the need to reform the institution to represent the world as it is today,&#8221; Guterres was quoted as saying.



In a speech at the U.N. General Assembly on Tuesday, Tinubu, who chairs the West African bloc ECOWAS, assailed military coups that have swept through West Africa and pledged to help re-establish constitutional order in Niger.



(Reporting by Felix Onuah in Abuja; Writing by Elisha Bala-Gbogbo; Editing by Howard Goller)

FILE PHOTO: 78th UNGA General Debate at UN HQ in New YorK

Nigeria’s Tinubu urges UN to help curb exploitation of Africa’s resources

<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/07/YDIKUITJQBO5LKBTKO2ZYRWSXY-820x547.jpg" alt="" class="wp-image-426413" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/07/YDIKUITJQBO5LKBTKO2ZYRWSXY-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/YDIKUITJQBO5LKBTKO2ZYRWSXY-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/YDIKUITJQBO5LKBTKO2ZYRWSXY-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/YDIKUITJQBO5LKBTKO2ZYRWSXY-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/YDIKUITJQBO5LKBTKO2ZYRWSXY-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/YDIKUITJQBO5LKBTKO2ZYRWSXY-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: The Central Bank of Nigeria&#8217;s logo is seen on its headquarters building in Abuja, Nigeria, January 22, 2018. REUTERS/Afolabi Sotunde/File Photo</figcaption></figure>



ABUJA, Sept 21 (Reuters)&nbsp;&#8211;&nbsp;Nigeria&#8217;s central bank said on Thursday that it had delayed an interest rate meeting that had been planned for next week and that it would schedule a new meeting later.



In a statement on its website, the Central Bank of Nigeria did not say why the Sept. 25-26 meeting of its Monetary Policy Committee was delayed and a new date would be set later.



The postponement comes days after President Bola Tinubu nominated a new central bank governor and four new deputy governors. The Senate is yet to hold confirmation hearings for Tinubu&#8217;s picks.



In July, the central bank opted for a small rate hike at the first monetary policy meeting since Tinubu suspended central bank governor Godwin Emefiele.



Emefiele oversaw a much-criticised system of multiple exchange rates used to keep the local naira currency&nbsp;NGN=D1&nbsp;artificially strong and lent directly to businesses to try to boost growth in&nbsp;Africa&#8217;s biggest economy.



Tinubu criticised the central bank&#8217;s policies under Emefiele at his inauguration in May, saying they needed &#8220;thorough house-cleaning&#8221;.



(Reporting by Camillus Eboh; Editing by Alexander Winning and Bernadete Baum)

FILE PHOTO: The Central Bank of Nigeria’s logo is seen on its headquarters in Abuja

Nigeria central bank postpones next week’s policy meeting

<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/06/L6UULG4GG5NIDGTBYMBIPOWQRY-820x547.jpg" alt="" class="wp-image-425798" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/06/L6UULG4GG5NIDGTBYMBIPOWQRY-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/L6UULG4GG5NIDGTBYMBIPOWQRY-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/L6UULG4GG5NIDGTBYMBIPOWQRY-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/L6UULG4GG5NIDGTBYMBIPOWQRY-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/L6UULG4GG5NIDGTBYMBIPOWQRY-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/L6UULG4GG5NIDGTBYMBIPOWQRY-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Nigeria&#8217;s President Bola Tinubu looks on after his swearing-in ceremony in Abuja, Nigeria May 29, 2023. REUTERS/Temilade Adelaja/File Photo</figcaption></figure>



UNITED NATIONS, Sept 19 (Reuters) &#8211; Nigerian President Bola Tinubu said on Tuesday he was seeking to re-establish constitutional order to address political and economic problems in neighboring Niger following a July coup and welcomed any support for the process.



Tinubu is chairman of the main West African bloc ECOWAS, which has been trying to negotiate with the Niger military junta. ECOWAS has said it is ready to deploy troops to restore constitutional order if diplomatic efforts fail.



In a speech at the United Nations General Assembly in New York, Tinubu assailed military coups, which have swept through West Africa in the past few years and are sometimes cheered by citizens.



&#8220;The wave crossing parts of Africa does not demonstrate favor towards coups. It is a demand for solutions to perennial problems,&#8221; Tinubu said.



&#8220;Regarding Niger, we are negotiating with the military leaders. As chairman of ECOWAS, I seek to help re-establish democratic governance in a manner that addresses the political and economic challenges confronting that nation, including the violent extremists who seek to foment instability in our region.&#8221;



The decision by ECOWAS in August to activate a so-called standby force for a possible intervention has raised fears of an escalation that could further destabilize the insurgency-torn Sahel region.



The junta in Niger last month ordered its armed forces to go on highest alert, citing an increased threat of attack.



(Reporting by Felix Onuah in Abuja, writing by MacDonald Dzirutwe, editing by Howard Goller and Stephen Coates)

FILE PHOTO: Nigeria’s President Bola Tinubu looks on after his swearing-in ceremony in Abuja

Nigeria’s Tinubu tells UN he seeks to restore democratic order in Niger

<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="820" height="480" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/WTBJLVS2VZLE7G53QJ2LALCVAM-820x480.jpg" alt="" class="wp-image-427575" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/WTBJLVS2VZLE7G53QJ2LALCVAM-820x480.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/WTBJLVS2VZLE7G53QJ2LALCVAM-300x175.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/WTBJLVS2VZLE7G53QJ2LALCVAM-154x90.jpg 154w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/WTBJLVS2VZLE7G53QJ2LALCVAM-768x449.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/WTBJLVS2VZLE7G53QJ2LALCVAM-1536x898.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/WTBJLVS2VZLE7G53QJ2LALCVAM-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Some of the men charged with public displays of affection with members of the same sex are seen gathered outside a court in Lagos, Nigeria October 27, 2020. REUTERS/Temilade Adelaja/File Photo</figcaption></figure>



YENAGOA, Nigeria, Sept 19 (Reuters)&nbsp;&#8211;&nbsp;A court in Nigeria has released on bail 69 people who were arrested last month in connection with an alleged gay wedding, which is illegal in the country, their lawyer said on Tuesday.



In Nigeria, like in most parts of&nbsp;Africa, homosexuality is generally viewed as immoral on cultural and religious grounds, and the country implemented an anti-gay law in 2014 despite international condemnation.



A court sitting in southern oil-producing Delta state ruled that the suspects could be released from prison detention after their application was heard by the court, lawyer Ochuko Ohimor said.



The suspects did not appear in court, said Ohimor.



&#8220;They are to provide sureties, who will submit their particulars to the court. So, the 69 suspects have been granted bail and I am processing their paperwork,&#8221; Ohimor said.



(Reporting by Tife Owolabi, writing by MacDonald Dzirutwe; Editing by Jon Boyle and Hugh Lawson)

FILE PHOTO: Some of the men charged with public displays of affection with members of the same sex are seen gathered outside a court

Nigerian court frees on bail dozens arrested over alleged gay wedding – lawyer

<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="820" height="539" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/MJHPWSHJTNMMDPLYVD74R5SY6U-820x539.jpg" alt="" class="wp-image-427524" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/MJHPWSHJTNMMDPLYVD74R5SY6U-820x539.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/MJHPWSHJTNMMDPLYVD74R5SY6U-300x197.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/MJHPWSHJTNMMDPLYVD74R5SY6U-137x90.jpg 137w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/MJHPWSHJTNMMDPLYVD74R5SY6U-768x505.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/MJHPWSHJTNMMDPLYVD74R5SY6U-1536x1009.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/MJHPWSHJTNMMDPLYVD74R5SY6U-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A view shows Nigeria&#8217;s Central Bank headquarters in Abuja, Nigeria November 22, 2020. REUTERS/Afolabi Sotunde/File Photo</figcaption></figure>



ABUJA, Sept 15 (Reuters)&nbsp;&#8211;&nbsp;President Bola Tinubu has nominated the former head of Citibank in Nigeria Olayemi Cardoso to serve as the country&#8217;s new central bank governor, days before its next interest rate meeting, a presidential spokesperson said on Friday.



Cardoso would replace Godwin Emefiele who was suspended by Tinubu in June and later detained by the country&#8217;s state security agency. It is not clear whether Emefiele has resigned.



Tinubu sent Cardoso&#8217;s nomination to the Senate for confirmation alongside four new deputy governors, spokesperson Ajuri Ngelale said.



The central bank did not respond to a request for comment on whether Emefiele and its deputy governors had resigned.



&#8220;The President expects the above listed nominees to successfully implement critical reforms at the Central Bank of Nigeria, which will enhance the confidence of Nigerians and international partners,&#8221; Ngelale said in a statement.



The central bank raised rates by a smaller-than-expected 25 basis points in July, contrary to analysts&#8217; expectations, under acting Governor Folashondun Shonubi, one of Emefiele&#8217;s deputies.



The bank is due to set rates again on Sept. 26 and some analysts expect a more hawkish stance.



Tinubu had promised a &#8220;thorough house cleaning&#8221; of monetary policy, during his inauguration in May and said that the central bank should work towards lower interest rates after criticising Emefiele&#8217;s handling of the currency.



The central bank pursued unorthodox policies under Emefiele who kept the currency artificially strong, a policy backed by former President Muhammadu Buhari, which supported government borrowings on the international markets.



Nigeria&#8217;s new government wants to encourage investments rather than rely on borrowing to create jobs as it tries to revive an economy struggling with record debt, a weak currency, double-digit inflation and fragile power supplies.



Cardoso was part of the team that had been working on an economic blueprint for the new government. He was a former commissioner for economic planning and budget in Lagos state when Tinubu was governor between 1999-2007.



(Additional reporting by Camillus Eboh; Writing by Chijioke Ohuocha; Editing by MacDonald Dzirutwe, Richard Chang and Jane Merriman)

FILE PHOTO: A view shows Nigeria’s Central Bank headquarters in Abuja

Nigeria’s Tinubu picks banker Cardoso as next central bank governor

<figure class="wp-block-image size-full"><img decoding="async" loading="lazy" width="800" height="553" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/download-70.jpg" alt="" class="wp-image-427480" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/download-70.jpg 800w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/download-70-300x207.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/download-70-130x90.jpg 130w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/download-70-768x531.jpg 768w" sizes="(max-width: 800px) 100vw, 800px" /><figcaption class="wp-element-caption">A man holds Ghana&#8217;s cedi notes in Accra July 3, 2007. . REUTERS/Luc Gnago</figcaption></figure>



ACCRA, Sept 14 (Reuters)&nbsp;&#8211;&nbsp;Ghana is reopening a debt exchange that was originally settled in February for another 12.9 billion cedis ($1.1 billion) of local bonds, the finance ministry said on Thursday.



The terms of the new invitation are identical to those of the February 2023 exchange, which closed with an 85% participation rate of &#8220;relevant&#8221; bonds, the ministry said in statement.



The exchanges are part of efforts by Ghana to restructure both domestic and external debt &#8211; a condition set by the International Monetary Fund (IMF) for a $3 billion bailout secured in May.



In August, the finance ministry said it had completed a separate swap of 95% of local debt held by pension funds, which had been excluded from the February exchange after labour unions threatened to strike.



Ghana defaulted on most of its $30 billion external debt in December, after its currency tumbled and inflation and debt servicing costs soared.



It is targeting $10.5 billion of external debt service relief from 2023-2026, as it negotiates the restructuring of $20 billion of overseas debt with bilateral creditors including China and Paris Club members and international bondholders.



(Reporting by Christian Akorlie and Maxwell Akalaare AdombilaWriting by Sofia Christensen and Rachel Savage; Editing by Kevin Liffey and Toby Chopra)

download-70

Ghana reopens debt exchange for 12.9 bln cedis of local bonds – fin ministry

<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/JYIDWZRGWVIAJKMD43RPGK5IV4-820x547.jpg" alt="" class="wp-image-427276" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/JYIDWZRGWVIAJKMD43RPGK5IV4-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/JYIDWZRGWVIAJKMD43RPGK5IV4-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/JYIDWZRGWVIAJKMD43RPGK5IV4-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/JYIDWZRGWVIAJKMD43RPGK5IV4-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/JYIDWZRGWVIAJKMD43RPGK5IV4-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/JYIDWZRGWVIAJKMD43RPGK5IV4-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Niger&#8217;s junta supporters take part in a demonstration in front of a French army base in Niamey, Niger, August 11, 2023. REUTERS/Mahamadou Hamidou</figcaption></figure>



DAKAR, (Reuters) &#8211; West Africa&#8217;s Central Bank, BCEAO, hiked its main lending rate on Wednesday in the wake of another military coup that has rocked the region and caused trade blocks between countries.



In Niger, the central bank&#8217;s member state, a military junta seized power on July 26&nbsp;in the&nbsp;seventh military takeover since 2020 in West and Central&nbsp;Africa.



The bank will raise the rate by 25 basis points to 3.25% from Sept. 16&nbsp;against a backdrop of growing regional uncertainty and persistent inflationary pressures,&nbsp;it said in a statement.



&#8220;The increase in key rates is therefore intended to anticipate and contain the impact of these risk factors on the Union&#8217;s macroeconomic outlook,&#8221; the BCEAO said.



Over the coming months, the&nbsp;monetary policy committee will analyse risks surrounding the outlook and, if necessary, take appropriate measures to ensure stability,&nbsp;the BCEAO said.



Following the coup, the bank shut down its branches, citing risks to operations.



The military takeover could further complicate Western efforts to help countries in the Sahel region fight a jihadist insurgency that has spread from Mali over the past decade.



The Central Bank of the eight-nation West&nbsp;African CFA franc zone covers Benin, Burkina Faso, Ivory Coast, Guinea-Bissau, Mali, Niger, Senegal and Togo.



(Reporting by Diadie Ba; Writing by Anait Miridzhanian; Editing by Richard Chang)

Niger’s junta supporters take part in a demonstration in front of a French army base in Niamey,

West Africa Central Bank raises rate following Niger coup

<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/05/5R7VEUJWQ5PBPF3GBAJZSWUISI-820x547.jpg" alt="" class="wp-image-425186" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/05/5R7VEUJWQ5PBPF3GBAJZSWUISI-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/5R7VEUJWQ5PBPF3GBAJZSWUISI-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/5R7VEUJWQ5PBPF3GBAJZSWUISI-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/5R7VEUJWQ5PBPF3GBAJZSWUISI-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/5R7VEUJWQ5PBPF3GBAJZSWUISI-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/5R7VEUJWQ5PBPF3GBAJZSWUISI-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Nigeria&#8217;s President Bola Tinubu looks on, as he takes the traditional ride on top of a ceremonial vehicle, after his swearing-in ceremony in Abuja, Nigeria May 29, 2023. REUTERS/Temilade Adelaja</figcaption></figure>



ABUJA, Sept 6 (Reuters) &#8211; Nigeria&#8217;s presidential election tribunal is due to rule on Wednesday on whether Bola Tinubu should stay as president after two rivals challenged his victory in February&#8217;s disputed vote.



There have been numerous legal challenges to the outcome of previous Nigerian presidential elections but none have succeeded. Most political observers expect the tribunal to uphold Tinubu&#8217;s win.



Atiku Abubakar of the People&#8217;s Democratic Party and Labour Party&#8217;s Peter Obi asked the court to invalidate the election, alleging irregularities and accused the electoral body of breaching the law by failing to use electronic machines to upload polling station results, among other criticisms.



The tribunal, which will deliver its ruling in the capital Abuja, has the power to cancel an election and order a fresh one, among other remedies.



If it upholds Tinubu&#8217;s win, Atiku and Obi can still make a final appeal at the country&#8217;s Supreme Court, the highest court in Nigeria. An appeal should be concluded within 60 days from the date of the tribunal judgment.



Ahead of the ruling, the military set up check-points on major roads into Abuja, randomly searching commuters and vehicles.



Tinubu, who is in India ahead of a G20 Summit, has defended his victory and says he is focused on reviving the economy. He has implemented reforms that include removing a popular but costly petrol subsidy and ending currency controls.



But getting Nigerians to stomach the painful reforms has been hard and the 71-year-old veteran faces opposition from labour unions, who started a two-day strike on Tuesday ahead of an indefinite strike from Sept. 21.



Anaemic growth, high unemployment, the highest inflation rate in two decades, record debt, massive oil theft that has hit government revenues and widespread insecurity are among the issues that Tinubu inherited from predecessor Muhammadu Buhari.



Fixing these pressing problems requires public support but Tinubu garnered 8.79 million votes, the fewest won by a Nigerian president since the country returned to democracy in 1999, limiting the goodwill towards him.



(Writing by MacDonald Dzirutwe; Editing by Alison Williams)

Nigeria’s President Bola Tinubu looks on as he takes the traditional ride on top of a ceremonial vehicle after his swearing-in ceremony in Abuja

Nigerian election tribunal to decide if Tinubu stays as president

<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="820" height="576" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/06/GBWIEXGFANI6VBWXEAZOCTZ7WQ-820x576.jpg" alt="" class="wp-image-425831" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/06/GBWIEXGFANI6VBWXEAZOCTZ7WQ-820x576.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/GBWIEXGFANI6VBWXEAZOCTZ7WQ-300x211.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/GBWIEXGFANI6VBWXEAZOCTZ7WQ-128x90.jpg 128w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/GBWIEXGFANI6VBWXEAZOCTZ7WQ-768x540.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/GBWIEXGFANI6VBWXEAZOCTZ7WQ-1536x1079.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/GBWIEXGFANI6VBWXEAZOCTZ7WQ-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Nigeria&#8217;s President Bola Tinubu waves to a crowd as he takes the traditional ride on top of a ceremonial vehicle, after his swearing-in ceremony in Abuja, Nigeria May 29, 2023. REUTERS/Temilade Adelaja//File Photo</figcaption></figure>



ABUJA, Sept 4 (Reuters)&nbsp;&#8211;&nbsp;A Nigerian election tribunal will on Wednesday deliver its ruling to petitions challenging the result of a presidential vote that brought Bola Tinubu to power, the court registrar said on Monday.



The victory in February for Tinubu, of the All Progressives Congress, is disputed by his two main opponents. Atiku Abubakar of the People&#8217;s Democratic Party and Peter Obi who came second and third in the race, respectively, challenged Tinubu&#8217;s victory in court on the basis of fraud claims.



The tribunal, which started hearing in June, will give its ruling on Sept 6, the registrar said, adding that the judgment will be televised.



Every election result has been contested since Nigeria returned to democracy in 1999, and none has been overturned by the courts, with the exception of the 2015 poll in which Goodluck Jonathan conceded defeat to&nbsp;Muhammadu Buhari.



Most observers expect the tribunal to uphold Tinubu&#8217;s win.



Tinubu, 71, has since been sworn in as Nigeria&#8217;s president, despite the election challenge, and has been under pressure to quickly improve economic and security conditions. He will be in India attending the G20 summit when the ruling is delivered.



Tinubu, a long-standing member of the ruling party, won 37% of February&#8217;s vote, the lowest share since 1999.



The main opposition parties have described the outcome of the election as fraudulent after a new technology that the electoral commission had promised would make the process more transparent malfunctioned, eroding trust.



Voter turnout was also low, even by Nigerian standards. With total votes cast at just under 25 million, out of 87 million people with voter identity cards and eligible to vote, turnout was only 29%. The previous 2019 election saw a 35% turnout.



(Reporting by Camillus Eboh; Writing by Chijioke Ohuocha; Editing by MacDonald Dzirutwe and Mike Harrison)

FILE PHOTO: Nigeria’s President Bola Tinubu waves to a crowd as he takes the traditional ride on top of a ceremonial vehicle after his swearing-in ceremony in Abuja

Nigerian tribunal to rule on presidential vote challenge on Wednesday

<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/07/6JMJAWIW3VL33JISGXMANELY74-820x547.jpg" alt="" class="wp-image-426124" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/07/6JMJAWIW3VL33JISGXMANELY74-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/6JMJAWIW3VL33JISGXMANELY74-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/6JMJAWIW3VL33JISGXMANELY74-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/6JMJAWIW3VL33JISGXMANELY74-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/6JMJAWIW3VL33JISGXMANELY74-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/6JMJAWIW3VL33JISGXMANELY74-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Bola Tinubu, President of Nigeria, arrives for the closing session of the New Global Financial Pact Summit, Friday, June 23, 2023 in Paris, France. The aim of the two-day climate and finance summit was to set up concrete measures to help poor and developing countries whose predicaments have been worsened by the devastating effects of the COVID-19 pandemic and the war in Ukraine better tackle poverty and climate change. Lewis Joly/Pool via REUTERS/File Photo</figcaption></figure>



ABUJA, Sept 3 (Reuters)&nbsp;&#8211;&nbsp;Nigeria is considering applying to become a member of the G20 bloc of major economies after concluding consultations on the risks and benefits, the president&#8217;s spokesperson said on Sunday.



President Bola Tinubu will leave on Monday to attend the G20 summit in India at the invitation of Prime Minister Narendra Modi, spokesperson Ajuri Ngelale said.



South Africa is the only African member of the group of the world&#8217;s 20 most industrialised nations.



&#8220;While Nigeria&#8217;s membership of the G-20 is desirable, the government has embarked on wide-ranging consultations with a view to ascertaining the benefits and risks of membership,&#8221; Ngelale said in a statement.



Tinubu&#8217;s attendance was in part&nbsp;to&nbsp;further Nigeria&#8217;s membership objective, he said.



On Friday, Ngelale said Tinubu will attend the G20 summit to try to promote foreign investment in Nigeria and mobilize global capital to develop infrastructure.



Nigeria&#8217;s new government wants to encourage investments rather than rely on borrowing to create jobs as it tries to revive an economy struggling with record debt, a weak currency, double-digit inflation and skeletal power supplies.



Tinubu has embarked on the boldest reforms in decades, which have been welcomed by investors. However, they have brought additional hardship to Nigerians already dealing with a cost of living crisis.



Tinubu will attend the summit with some of his cabinet members including foreign affairs, finance and trade ministers.



(Reporting by Felix Onuah, Writing by Chijioke Ohuocha, Editing by Andrew Cawthorne and Angus MacSwan)

Summit for a new global financing pact takes place in Paris

Nigeria mulls G20 bloc membership, president to attend summit in India

<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="820" height="615" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/AC6OZXPWMVLGNFLNRU2REQQDNU-820x615.jpg" alt="" class="wp-image-427185" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/AC6OZXPWMVLGNFLNRU2REQQDNU-820x615.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/AC6OZXPWMVLGNFLNRU2REQQDNU-300x225.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/AC6OZXPWMVLGNFLNRU2REQQDNU-120x90.jpg 120w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/AC6OZXPWMVLGNFLNRU2REQQDNU-768x576.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/AC6OZXPWMVLGNFLNRU2REQQDNU-1536x1152.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/AC6OZXPWMVLGNFLNRU2REQQDNU-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Members of the Nigerian Labour Union, holding flags and placards, march during a protest against fuel price hikes and rising costs, in Abuja, Nigeria August 2, 2023. REUTERS/Abraham Achirga/File Photo</figcaption></figure>



ABUJA, Sept 1 (Reuters)&nbsp;&#8211;&nbsp;Nigerian labour unions plan a warning strike on Tuesday and Wednesday next week ahead of an indefinite action in three weeks in protest at the cost of living, after the government scrapped a costly petrol subsidy, the Nigerian Labour Congress (NLC) said on Friday.



The NLC, which represents millions of workers across most sectors of Africa&#8217;s largest economy, including parts of the oil industry, said next week&#8217;s action will &#8220;demonstrate our readiness&#8221; for the indefinite action due to start on Sept. 21.



Unions had been on&nbsp;strike&nbsp;a month ago over the cost of living but suspended their action following an offer of talks with the government, but those talks did not result in concessions sufficient to placate organised labour.



President Bola Tinubu, who has embarked on Nigeria&#8217;s boldest reforms in decades, has been under pressure from unions to offer relief to millions of households and small businesses after he scrapped the subsidy that had kept petrol prices cheap but cost the government $10 billion last year.



While the reforms have been seen positively by some investors, unions say they led to soaring costs at a time when Nigerians are already grappling with the highest inflation in almost two decades.



&#8220;The federal government has refused to engage and reach agreement with organized labour on the critical issues of the consequences of the unfortunate hike in the price of petrol which has unleashed massive suffering on Nigerian workers and masses,&#8221; Union leader Joe Ajaero said.



He said union members nationwide would embark on a &#8220;total and indefinite shutdown of the nation&#8221; later in the month, until steps are taken by the government to address the &#8220;excruciating mass suffering and impoverishment being experienced around the country&#8221;.



Nigeria&#8217;s presidency and labour ministry didn&#8217;t immediately respond to request for comments.



(Reporting by Camillus Eboh; Writing by Elisha Bala-Gbogbo; Editing by David Holmes)

FILE PHOTO: Members of the Nigerian Labour Union protest against fuel price hikes and rising costs, in Abuja

Nigerian unions plan warning strike next week over cost of living

<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="820" height="589" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/GI47PAU5RVNZPAPZ6Y7AJEMXZM-820x589.jpg" alt="" class="wp-image-427166" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/GI47PAU5RVNZPAPZ6Y7AJEMXZM-820x589.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/GI47PAU5RVNZPAPZ6Y7AJEMXZM-300x215.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/GI47PAU5RVNZPAPZ6Y7AJEMXZM-125x90.jpg 125w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/GI47PAU5RVNZPAPZ6Y7AJEMXZM-768x552.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/GI47PAU5RVNZPAPZ6Y7AJEMXZM-1536x1103.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/GI47PAU5RVNZPAPZ6Y7AJEMXZM-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Russia&#8217;s President Vladimir Putin shakes hands with Burkina Faso&#8217;s interim President Ibrahim Traore during a meeting following the Russia-Africa summit in Saint Petersburg, Russia, July 29, 2023. Sputnik/Alexei Danichev/Pool via REUTERS /File Photo</figcaption></figure>



OUAGADOUGOU, Aug 31 (Reuters)&nbsp;&#8211;&nbsp;A Russian delegation held talks with Burkina Faso&#8217;s interim president Ibrahim Traore on Thursday at a meeting that included discussions on possible military cooperation, the Burkinabe presidency said in a statement.



It said the visit, led by Russian Deputy Defence Minister Yunus-Bek Yevkurov, was a follow-up to talks between Traore and Russian President Vladimir Putin at the Russia-Africa summit in St. Petersburg in July.



The junta-led West African country&#8217;s relations with Moscow have been in the spotlight since it booted out French troops in February, fuelling speculation it would deepen security ties with Russia like neighbouring Mali, where Russian Wagner mercenaries operate.



The meeting addressed &#8220;areas of cooperation (which) primarily concern the military domain, including the training of Burkinabe officer cadets and officers at all levels, including pilots in Russia,&#8221; the statement said.



It did not say if Russian military trainers would be sent to Burkina Faso.



The visit could be a further sign that Moscow is seeking to shore up its influence in Africa in the wake of the death of mercenary boss Yevgeny Prigozhin, who through the Wagner Group built up a network of interests across several African countries and beyond.



(Reporting by Thiam Ndiaga; Writing by Alessandra Prentice; Editing by Leslie Adler and Grant McCool)

FILE PHOTO: Russia’s President Putin and Burkina Faso’s interim President Traore meet in St Petersburg

Burkina Faso says leader discussed possible military cooperation with Russian delegation

<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/08/107293616-1693371705428-2023-08-26T102830Z_1534364410_RC2MV2AYXANX_RTRMADP_3_GABON-ELECTION-820x461.jpg" alt="" class="wp-image-427126" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/08/107293616-1693371705428-2023-08-26T102830Z_1534364410_RC2MV2AYXANX_RTRMADP_3_GABON-ELECTION-820x461.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/107293616-1693371705428-2023-08-26T102830Z_1534364410_RC2MV2AYXANX_RTRMADP_3_GABON-ELECTION-300x169.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/107293616-1693371705428-2023-08-26T102830Z_1534364410_RC2MV2AYXANX_RTRMADP_3_GABON-ELECTION-160x90.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/107293616-1693371705428-2023-08-26T102830Z_1534364410_RC2MV2AYXANX_RTRMADP_3_GABON-ELECTION-768x432.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/107293616-1693371705428-2023-08-26T102830Z_1534364410_RC2MV2AYXANX_RTRMADP_3_GABON-ELECTION-1536x864.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/107293616-1693371705428-2023-08-26T102830Z_1534364410_RC2MV2AYXANX_RTRMADP_3_GABON-ELECTION-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Election officials carry ballot boxes as people wait for the opening of a polling office during the presidential election in Libreville, Gabon August 26, 2023. Gerauds Wilfried | Reuters</figcaption></figure>



LIBREVILLE, Aug 30 (Reuters)&nbsp;&#8211;&nbsp;Military officers in oil-producing Gabon said they had seized power on Wednesday and had put President Ali Bongo under house arrest, stepping in minutes after the Central&nbsp;African state&#8217;s election body announced he had won a third term.



The officers who said they represented the armed forces declared on television that the election results were cancelled, borders were closed and state institutions were dissolved, after a tense vote that was set to extend the Bongo family&#8217;s more than half century in power.



One of the officers, Brice Oligui Nguema, who in a video appeared to be hailed as their leader, told French newspaper Le Monde that he and other generals would meet on Wednesday to select someone to head the transitional government.



Hundreds of people on the streets of the Gabonese capital celebrated the military&#8217;s intervention, while France, Gabon&#8217;s former colonial ruler which has troops stationed in the&nbsp;African nation, condemned the coup.



If successful, the Gabon coup would be the eighth in West and Central Africa since 2020. The latest one, in Niger, was in July. Military officers have also seized power in Mali, Guinea, Burkina Faso and Chad, erasing democratic gains since the 1990s.



&#8220;I am marching today because I am joyful. After almost 60 years, the Bongos are out of power,&#8221; said Jules Lebigui, a jobless 27-year-old who joined crowds in Libreville.



The officers said they had detained Bongo, who took over in 2009 from his father Omar, who had ruled since 1967. They also said they had arrested the president&#8217;s son, Noureddin Bongo Valentin, and others for corruption and treason.



Opponents say the family has done little to share the state&#8217;s oil and mining wealth with its 2.3 million people. Violent unrest had broken out after Bongo&#8217;s disputed 2016 election win and there was a foiled coup attempt in 2019.



The Gabon officers, calling themselves The Committee of Transition and the Restoration of Institutions, said the country faced &#8220;a severe institutional, political, economic, and social crisis&#8221;. They said the Aug. 26 vote was not credible.



Republican Guard chief Nguema told Le Monde a leader had not been chosen but a meeting would be held on Wednesday to decide.



&#8220;Everyone will put forward ideas and the best ones will be chosen, as well as the name of the person who will lead the transition,&#8221; he said.



Television images showed a man who appeared to be Nguema held aloft by soldiers shouting &#8220;Oligui president&#8221;, using one of his names.



There was no immediate comment from Gabon&#8217;s government.



<h2 class="wp-block-heading" id="h-french-condemnation">FRENCH CONDEMNATION</h2>



Bongo, 64, was last seen in public casting his vote on Saturday. Before the vote, he had been seen looking healthier than his more frail television appearances after his 2018 stroke.



&#8220;We condemn the military coup and recall our commitment to free and transparent elections,&#8221; French government spokesman Olivier Veran said.



The coup creates more uncertainty for France&#8217;s presence in the region. France has about 350 troops in Gabon. Its forces have been kicked out of Mali and Burkina Faso after coups there in the last two years.



Unlike Niger and other Sahel countries, Gabon, which lies further south on the Atlantic coast, has not had to battle destabilising Islamist insurgencies. But the coup is a further sign of democratic backsliding in the volatile region.



The&nbsp;African Union&#8217;s Peace and Security Council chair called for a meeting on situation with Burundi, Senegal and Cameroon,



China called for a peaceful resolution and Russia said it hoped for a swift return to stability.



&#8220;With the coup leaders claiming to represent all factions of Gabon&#8217;s security apparatus, Mr Bongo is not expected to be able to suppress the uprising,&#8221; wrote Rukmini Sanyal, an analyst at Economist Intelligence Unit, citing &#8220;widespread public discontent&#8221; against Bongo, his family and his ruling party.



Gabon produces about 200,000 barrels of oil a day, mainly from depleting fields. International companies include France&#8217;s TotalEnergies&nbsp;TTEF.PA&nbsp;and Anglo-French producer Perenco.



French miner Eramet ERMT.PA, which has large manganese operations in Gabon, said it had halted operations.



A lack of international observers, the suspension of some foreign broadcasts and a decision to cut internet service and impose a night-time curfew after Saturday&#8217;s election had raised concerns about the vote&#8217;s transparency. Bongo&#8217;s team rejected allegations of fraud.



On Wednesday, internet access appeared to be restored for the first time since the vote.



Shortly before the coup announcement, the election authority had declared Bongo the election winner with 64.27% of the vote and said his main challenger, Albert Ondo Ossa, had secured 30.77%.



Gabon&#8217;s dollar-denominated bonds fell as much as 14 cents on Wednesday before recovering around 2 cents of the losses.



(Additional reporting by Alessandra Prentice, Elizabeth Pineau, Sofia Christensen, Sudip Kar-Gupta and Liz Lee; Writing by Nellie Peyton and Sofia Christensen; Editing by Simon Cameron-Moore and Edmund Blair)

107293616-1693371705428-2023-08-26T102830Z_1534364410_RC2MV2AYXANX_RTRMADP_3_GABON-ELECTION

Gabon officers declare military coup, President Ali Bongo detained

<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/08/I2NUTJPSN5PB5MIGGB73QYVZGU-820x461.jpg" alt="" class="wp-image-427120" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/08/I2NUTJPSN5PB5MIGGB73QYVZGU-820x461.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/I2NUTJPSN5PB5MIGGB73QYVZGU-300x169.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/I2NUTJPSN5PB5MIGGB73QYVZGU-160x90.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/I2NUTJPSN5PB5MIGGB73QYVZGU-768x432.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/I2NUTJPSN5PB5MIGGB73QYVZGU-1536x864.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/I2NUTJPSN5PB5MIGGB73QYVZGU-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Gaboneses nationals prepare to cast their vote at a polling station during the presidential election in Libreville, Gabon August 26, 2023 REUTERS/Gerauds Wilfried Obangome /file photo</figcaption></figure>



Aug 30 (Reuters) &#8211; A group of senior military officers in Gabon announced on national television on Wednesday they had taken power and election results were annulled, just minutes after President Ali Bongo was declared to have won a third term.



If successful the coup would represent the eighth since 2020 in West and Central&nbsp;Africa, a region that in the last decade had made strides to shed its reputation as a &#8220;coup belt&#8221;, only for persistent insecurity and corruption to open the door to military leaders.



Here is a list of some recent coups:



<h2 class="wp-block-heading" id="h-niger">NIGER</h2>



In July 2023, members of Niger&#8217;s presidential guard detained President Mohamed Bazoum inside his palace and appeared on national television saying they were seizing power to end the &#8220;deteriorating security situation and bad governance.&#8221;



Days later the junta declared the head of the presidential guard, Abdourahamane Tiani, the new head of state, raising concerns about the security of a region where Niger has been a key ally of Western powers seeking to contain insurgencies by groups linked to al Qaeda and Islamic State.



The main West&nbsp;African bloc ECOWAS has been trying to negotiate with the coup leaders but said it was ready to send troops into Niger to restore constitutional order if diplomatic efforts failed.



Niger has authorised Mali and Burkina Faso&#8217;s armed forces to intervene on its territory in case of an attack.



<h2 class="wp-block-heading" id="h-burkina-faso">BURKINA FASO</h2>



In January 2022, Burkina Faso&#8217;s army ousted President Roch Kabore, blaming him for failing to contain violence by Islamist militants.



Coup leader Lieutenant Colonel Paul-Henri Damiba pledged to restore security, but attacks worsened, eroding morale in the armed forces that led to a second coup in September 2022 when current junta leader Captain Ibrahim Traore seized power.



<h2 class="wp-block-heading" id="h-guinea">GUINEA</h2>



In September 2021, special forces commander Colonel Mamady Doumbouya ousted President Alpha Conde. A year earlier, Conde had changed the constitution to circumvent limits that would have prevented him from standing for a third term, triggering widespread rioting.



Doumbouya became interim president and promised a transition to democratic elections within three years.



ECOWAS rejected the timeline and imposed sanctions on junta members and their relatives, including freezing their bank accounts.



The military regime later proposed to start the 24-month transition in January 2023, but opposition parties say it has done little to put in place institutions and a roadmap to return to constitutional rule.



<h2 class="wp-block-heading" id="h-chad">CHAD</h2>



In April 2021, Chad&#8217;s army took power after President Idriss Deby was killed on the battlefield while visiting troops fighting rebels in the north.



Under Chadian law, the speaker of parliament should have become president. But a military council stepped in and dissolved parliament in the name of ensuring stability.



Deby&#8217;s son, General Mahamat Idriss Deby, was named interim president and tasked with overseeing an 18-month transition to elections.



The unconstitutional transfer of power led to riots in the capital N&#8217;Djamena that were put down by the military.



<h2 class="wp-block-heading" id="h-mali">MALI</h2>



In August 2020, a group of Malian colonels led by Assimi Goita ousted President Ibrahim Boubacar Keita. The coup followed anti-government protests over deteriorating security, contested legislative elections and allegations of corruption.



Under pressure from Mali&#8217;s West&nbsp;African neighbours, the junta agreed to cede power to a civilian-led interim government tasked with overseeing an 18-month transition to democratic elections to be held in February 2022.



But the coup leaders clashed with the interim president, retired colonel Bah Ndaw, and engineered a second coup in May 2021. Goita, who had served as interim vice president, was elevated to the presidency.



ECOWAS lifted some of the sanctions on Mali after the military rulers proposed a two-year transition to democracy and published a new electoral law. The country is scheduled to hold a presidential election in February 2024 to return to constitutional rule.



Read more: Gabonese military officers announce they have seized power



(Compiled by Hereward Holland)

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