<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" 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="auto, (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 loading="lazy" decoding="async" 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="auto, (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 loading="lazy" decoding="async" 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="auto, (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 loading="lazy" decoding="async" 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="auto, (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 loading="lazy" decoding="async" 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="auto, (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 loading="lazy" decoding="async" 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="auto, (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 loading="lazy" decoding="async" 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="auto, (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 loading="lazy" decoding="async" 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="auto, (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)

Gabon votes as president Bongo seeks to extend 56-year family dynasty

Recent coups in West and Central Africa

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/08/PFQVUIHS5VNY3KSEWOEPGSYTEM-820x547.jpg" alt="" class="wp-image-427104" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/08/PFQVUIHS5VNY3KSEWOEPGSYTEM-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/PFQVUIHS5VNY3KSEWOEPGSYTEM-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/PFQVUIHS5VNY3KSEWOEPGSYTEM-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/PFQVUIHS5VNY3KSEWOEPGSYTEM-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/PFQVUIHS5VNY3KSEWOEPGSYTEM-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/PFQVUIHS5VNY3KSEWOEPGSYTEM-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">EU Foreign Policy Chief Josep Borrell delivers a speech on the situation in Afghanistan during a plenary session at the European Parliament in Strasbourg, France, September 14, 2021. Julien Warnand/Pool via REUTERS</figcaption></figure>



TOLEDO, Spain, Aug 30 (Reuters)&nbsp;&#8211;&nbsp;European Union defence ministers are to discuss the situation in Gabon, foreign policy chief Josep Borrell said on Wednesday, adding that a coup, if confirmed, would heap more instability on the region.



A group of senior Gabonese military officers appeared on national television in the early hours of Wednesday and said they had taken power, after the state election body announced President Ali Bongo had won a third term.



&#8220;If this is confirmed, it is another military coup which increases instability in the whole region,&#8221; said Borrell, speaking at a meeting of EU defence ministers in Toledo.



&#8220;The whole area, starting with Central African Republic, then Mali, then Burkina Faso, now Niger, maybe Gabon, it&#8217;s in a very difficult situation and certainly the ministers &#8230; have to have a deep thought on what is going on there and how we can improve our policy in respect with these countries,&#8221; he said.



&#8220;This is a big issue for Europe,&#8221; he added.



The signs of a coup in Gabon come just weeks after members of the presidential guard in Niger seized power and established a junta.



(Reporting by Andrew Gray, Sabine Siebold, Benoit Van Overstraeten; Writing by Sudip Kar-Gupta; Editing by Conor Humphries)

European Parliament’s plenary session in Strasbourg

Situation in Gabon, West Africa a big issue for Europe – EU’s Borrell

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/08/Gabonese-military-officers-announce-they-have-seized-power-820x461.jpg" alt="" class="wp-image-427100" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/08/Gabonese-military-officers-announce-they-have-seized-power-820x461.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/Gabonese-military-officers-announce-they-have-seized-power-300x169.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/Gabonese-military-officers-announce-they-have-seized-power-160x90.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/Gabonese-military-officers-announce-they-have-seized-power-768x432.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/Gabonese-military-officers-announce-they-have-seized-power-1536x864.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/Gabonese-military-officers-announce-they-have-seized-power-scaled.jpg 2048w" sizes="auto, (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 REUTERS/Gerauds Wilfried Obangome</figcaption></figure>



LIBREVILLE, Aug 30 (Reuters) &#8211; A group of senior Gabonese military officers appeared on national television in the early hours of Wednesday and said they had taken power, minutes after the state election body announced President Ali Bongo had won a third term.



Appearing on television channel Gabon 24, the officers said they represented all security and defence forces in the Central African nation. They said the election results were cancelled, all borders closed until further notice and state institutions dissolved.



Loud sounds of gunfire could be heard in the capital Libreville, a Reuters reporter said, after the television appearance.



There was no immediate comment from the government of the OPEC-member nation. There were no immediate reports on the whereabouts of Bongo, who was last seen in public when he cast his vote in the election on Saturday.



&#8220;In the name of the Gabonese people … we have decided to defend the peace by putting an end to the current regime,&#8221; the officers said in a statement.



As one officer read the joint statement, around a dozen others stood silently behind him in military fatigues and berets.



The servicemen introduced themselves as members of The Committee of Transition and the Restoration of Institutions. The state institutions they declared dissolved included the government, the senate, the national assembly, the constitutional court and the election body.



If successful, the coup would represent the eighth in West and Central Africa since 2020. Coups in Mali, Guinea, Burkina Faso, Chad and Niger have undermined democratic progress in recent years.



Last month, the military snatched power in Niger, sending shockwaves across the Sahel and sucking in global powers with strategic interests at stake.



Tensions were running high in Gabon amid fears of unrest after Saturday&#8217;s presidential, parliamentary, and legislative vote, which saw Bongo seeking to extend his family&#8217;s 56-year grip on power while the opposition pushed for change in the oil and cocoa-rich but poverty-stricken nation.



A lack of international observers, the suspension of some foreign broadcasts, and the authorities&#8217; decision to cut internet service and impose a night-time curfew nationwide after the poll had raised concerns about the transparency of the electoral process.



Gabon foiled an attempted military coup in January 2019 after soldiers briefly seized the state radio station and broadcast a message saying Bongo, who had suffered a stroke months earlier, was no longer fit for office.



The situation was restored hours later after two of the suspected coup plotters were killed and others arrested.



IN POWER SINCE 2009



The Gabonese Election Centre said earlier on Wednesday Bongo won the election with 64.27% of the vote and that his main challenger, Albert Ondo Ossa, had come in second place with 30.77%.



Bongo, 64, who succeeded his father Omar as president in 2009, had contested against 18 challengers, six of whom backed Ondo Ossa in an effort to narrow the race.



The government has said the web blackout and curfew are necessary to prevent the spread of fake news and to protect public safety. Bongo&#8217;s disputed 2016 election win provoked violent protests that saw the parliament building torched.



His team have rejected allegations of fraud by Ondo Ossa and his opposition alliance after a vote marred by numerous polling stations opening several hours late.



The alliance Alternance 2023 also reported other alleged irregularities including that ballot slips for its candidates had not been deployed correctly in some areas. Reuters could not independently verify the claim.



The European Union was not invited to observe this election. EU monitors previously questioned the validity of Bongo&#8217;s narrow victory in the 2016 presidential vote.



On Monday, media watchdog Reporters without Borders (RSF) voiced concern about the internet block and Gabon&#8217;s temporary suspension of broadcasts by French international news outlets RFI, France 24, and TV5 Monde.



&#8220;RSF denounces a series of attacks on press freedom and information pluralism, facts likely to compromise (the) general election&#8217;s transparency,&#8221; it said in an online post.



The opposition has disputed both of Bongo&#8217;s previous electoral victories, citing fraud. He first came to power in a 2009 vote following the death of his father Omar Bongo before being re-elected in 2016.



(Reporting by Gerauds Wilfried Obangome and Alessandra Prentice; Writing by Raju Gopalakrishnan; Editing by Simon Cameron-Moore)

Gabonese military officers announce they have seized power

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/08/COUQ2IDTUNOELBNXXUCA5G6DWQ-820x547.jpg" alt="" class="wp-image-427024" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/08/COUQ2IDTUNOELBNXXUCA5G6DWQ-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/COUQ2IDTUNOELBNXXUCA5G6DWQ-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/COUQ2IDTUNOELBNXXUCA5G6DWQ-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/COUQ2IDTUNOELBNXXUCA5G6DWQ-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/COUQ2IDTUNOELBNXXUCA5G6DWQ-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/COUQ2IDTUNOELBNXXUCA5G6DWQ-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A No Parking road sign is seen in front of a shopping complex in an open market, ahead of Nigeria&#8217;s Presidential election in Awka, Anambra state, Nigeria February 23, 2023. REUTERS/Temilade Adelaja</figcaption></figure>



ABUJA, Aug 25 (Reuters)&nbsp;&#8211;&nbsp;Nigeria&#8217;s annual economic growth rate slowed to 2.51% in the second quarter, data showed on Friday, hurt by a fall in oil production amid a series of reforms by new president Bola Tinubu aimed at reviving Africa&#8217;s largest economy.



The data, which marks the 11th consecutive quarter of growth, is the first release since Tinubu embarked on country&#8217;s boldest reforms in decades to try to boost output which has been sluggish for several years.



&#8220;This growth rate is lower than the 3.54% recorded in the second quarter of 2022 and may be attributed to the challenging economic conditions being experienced,&#8221; the National Bureau of Statistics (NBS) said.



Tinubu has scrapped a popular but costly petrol subsidy and lifted foreign exchange trading restrictions. But the action has worsened inflation currently in double-digits, fuelling anger and frustration for a population grappling with a cost of living crisis.



Tinubu at his inauguration in May vowed to expand the economy by at least 6% a year, lift barriers to investment, create jobs and unify the exchange rate, while also tackling rampant insecurity.



He inherited a struggling economy with record debt, shortages of foreign exchange and fuel, a weak naira currency, inflation at a near two-decade high, skeletal power supplies and falling oil production due to crude theft and underinvestment.



Nigeria, Africa&#8217;s top oil producer, recorded average daily oil output&nbsp;NGOIL=ECI&nbsp;of 1.22 million barrels per day (mbpd) in the second quarter, down from the daily average of 1.43 mbpd registered in the same quarter of 2022.



The dominant oil sector which accounts for the bulk of government revenue and 90% of foreign-exchange reserves, contracted 13.43%.



The NBS said second-quarter growth was driven by the services sector, which grew 4.42% year on year.



(Reporting by Chijioke Ohuocha; Editing by Toby Chopra, Kirsten Donovan)

A No Parking road sign is seen in front of a shopping complex in an open market, ahead of Nigeria’s Presidential election in Awka

Nigeria’s GDP growth slows to 2.5% y/y in Q2 as reforms get under way

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" 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="auto, (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, Aug 24 (Reuters)&nbsp;&#8211;&nbsp;Nigeria&#8217;s president, Bola Tinubu, has ordered an immediate resolution to disagreements with Emirates Airline&nbsp;EMIRA.UL&nbsp;and visa issuance by the United Arab Emirates, the president&#8217;s spokesman said on Thursday.



The UAE stopped issuing visas to Nigerians last year after Dubai&#8217;s Emirates suspended flights due to an inability to repatriate funds from Africa&#8217;s biggest economy.



Tinubu&#8217;s office said in a statement on Thursday that he met with the UAE&#8217;s ambassador to Nigeria, Salem Saeed Al-Shamsi, and that Tinubu is prepared to &#8220;personally&#8221; intervene in the dispute.



&#8220;We must work together. We need to agree on core aviation and immigration issues,&#8221; Tinubu said in the statement.



Al-Shamsi was quoted in the same statement as saying; &#8220;We are getting somewhere. These are small issues, all within a family, and they will be resolved.&#8221;



Emirates Airline said in March it has &#8220;substantial&#8221; revenue trapped in Nigeria and has made slow progress in repatriating the blocked funds.



Nigeria has withheld at least $743 million in revenue earned by international carriers operating in the country, global airline industry association IATA said in March.



Nigeria, Africa&#8217;s top oil producer, faces shortages of foreign currency despite some reforms.



The dollar shortages have made it difficult for some foreign



airlines that sold tickets in the Nigerian naira currency to get their money out of the country.



(Reporting by Felix Onuah in Abuja; Writing by Chijioke Ohuocha; Editing by Elisha Bala-Gbogbo and Matthew Lewis)

Nigeria’s president orders immediate resolution to disagreement with Emirates Airline

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/08/GI4GMMZ3LJJMBH5IWXK6QW5OFM-820x547.jpg" alt="" class="wp-image-426838" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/08/GI4GMMZ3LJJMBH5IWXK6QW5OFM-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/GI4GMMZ3LJJMBH5IWXK6QW5OFM-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/GI4GMMZ3LJJMBH5IWXK6QW5OFM-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/GI4GMMZ3LJJMBH5IWXK6QW5OFM-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/GI4GMMZ3LJJMBH5IWXK6QW5OFM-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/GI4GMMZ3LJJMBH5IWXK6QW5OFM-scaled.jpg 2048w" sizes="auto, (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/File Photo</figcaption></figure>



ACCRA, Aug 17 (Reuters)&nbsp;&#8211;&nbsp;The West African bloc ECOWAS stands ready to intervene militarily in Niger should diplomatic efforts to reverse a coup there fail, a senior official told army chiefs&nbsp;who were meeting&nbsp;in Ghana on Thursday to discuss the details of a standby force.



ECOWAS Commissioner for Political Affairs, Peace and Security Abdel-Fatau Musah accused the junta that deposed President Mohamed Bazoum on July 26 of &#8220;playing cat-and-mouse&#8221; with the bloc by refusing to meet with envoys and seeking justifications for the takeover.



&#8220;The military and the civilian forces of West Africa are ready to answer to the call of duty,&#8221; he told assembled chiefs of defence staff from member states.



He listed&nbsp;past ECOWAS deployments in Gambia, Liberia and elsewhere as examples of readiness.



&#8220;If push comes to shove we are going into Niger with our own contingents and equipment and our own resources to make sure we restore constitutional order. If other democratic partners want to support us they are welcome,&#8221; he said.



Musah strongly criticised the junta&#8217;s announcement that it had elements to put Bazoum, who is being detained, on trial for treason. The United Nations, European Union and ECOWAS have all expressed concerns over the conditions of his detention.



&#8220;The irony of it is that somebody who is in a hostage situation himself&#8230;is being charged with treason. When did he commit high treason is everybody’s guess,&#8221; Musah said.



(Additional reporting by Francis Kokoroko, Media Coulibaly, Anait Miridzhanian; Writing by Estelle Shirbon; Editing by Angus MacSwan)

West African bloc says ‘we are going into Niger’ if all else fails

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="576" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/06/OHD5J7KDHJJKBG6Q7MD3YOK36E-820x576.jpg" alt="" class="wp-image-425778" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/06/OHD5J7KDHJJKBG6Q7MD3YOK36E-820x576.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/OHD5J7KDHJJKBG6Q7MD3YOK36E-300x211.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/OHD5J7KDHJJKBG6Q7MD3YOK36E-128x90.jpg 128w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/OHD5J7KDHJJKBG6Q7MD3YOK36E-768x540.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/OHD5J7KDHJJKBG6Q7MD3YOK36E-1536x1079.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/OHD5J7KDHJJKBG6Q7MD3YOK36E-scaled.jpg 2048w" sizes="auto, (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>



JOHANNESBURG/LONDON, Aug 16 (Reuters) &#8211; Nigeria&#8217;s international dollar-denominated bonds fell on Wednesday, after the president&#8217;s spokesman said petrol prices did not need to rise more, and blamed foreign exchange shortages on &#8220;gross mismanagement&#8221; at the central bank.



The 2051 maturity dropped as much as 1.7 cents on the dollar to 68.894 cents, its lowest since June 2, before recovering to trade 0.57 cents lower at 1045 GMT.&nbsp;XS2384704800=TE



President Bola Tinubu axed a popular but costly petrol subsidy after coming to power in late May and soon after devalued the naira currency, both of which were long demanded by investors, driving a rally in Nigeria&#8217;s overseas bonds that peaked at the beginning of August.



Nigeria, reliant on fuel imports, is still suffering dollar shortages and petrol retailers have called for further price increases due to the weakening of the exchange rate making fuel more expensive to import.



&#8220;The slowdown to the pace of reform in Nigeria, and the potential for even the reversal of some reforming steps already taken, in combination with data released by the central bank, has weighed on investor sentiment, causing a reversal of some of the outperformance of Nigerian eurobonds against its peers,&#8221; said Yvette Babb, an emerging market fixed income investor at William Blair.



The scrapping of the fuel subsidy saw petrol prices more than triple and pushed already double-digit inflation to an 18-year high in July, data showed on Tuesday.



Tinubu rejects further petrol price increases, his spokesman, Ajuri Ngelale, told reporters, adding that Nigeria did not need an &#8220;upward movement of pump price in order to accommodate the market-driven reality&#8221;.



The decision is disappointing for investors, Carlos de Sousa, an emerging market debt portfolio manager at Vontobel, told Reuters.



&#8220;President Tinubu hit the ground running since day one of his presidency in terms of progressing fast with reforms, and now it seems like further progress will be more gradual.&#8221;



The fuel subsidies had been widely criticised for eroding the government&#8217;s finances and ability to service debt, Ayodeji Dawodu of investment bank BancTrust said in an emailed note.



&#8220;The presidency may be bowing down to pressures from labour unions and manufacturers,&#8221; he added.



Tinubu launched an investigation into the central bank under suspended and detained governor Godwin Emefiele after criticising its policies at his inauguration in May, especially steps to prop up the naira.



Authorities are now seeking ways to stem the fall of the currency, which has hit record lows on the black market.



Acting central bank governor Folashodun Shonubi met Tinubu on Monday to discuss ways to improve liquidity after the bank revealed it had a $19-billion derivatives commitment as of 2022.



(Reporting by Rachel Savage and Jorgelina do Rosario; Editing by Clarence Fernandez, Elaine Hardcastle)

Nigeria’s eurobonds drop as government says no need for petrol price rise

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/08/S7MZ2BWRPNNU3AOK7O22SUKX2I-820x547.jpg" alt="" class="wp-image-426805" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/08/S7MZ2BWRPNNU3AOK7O22SUKX2I-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/S7MZ2BWRPNNU3AOK7O22SUKX2I-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/S7MZ2BWRPNNU3AOK7O22SUKX2I-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/S7MZ2BWRPNNU3AOK7O22SUKX2I-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/S7MZ2BWRPNNU3AOK7O22SUKX2I-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/S7MZ2BWRPNNU3AOK7O22SUKX2I-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Nigeria&#8217;s Central Bank Governor Godwin Emefiele briefs the media during the MPC meeting in Abuja, Nigeria January 24, 2020. REUTERS/Afolabi Sotunde/File Photo</figcaption></figure>



ABUJA, Aug 15 (Reuters)&nbsp;&#8211;&nbsp;Nigeria is facing dollar liquidity issues in its foreign exchange market due to &#8220;gross mismanagement&#8221; at the central bank over several years, a presidential spokesman said on Tuesday.



President Bola Tinubu has launched a probe of the central bank under suspended and detained governor Godwin Emefiele after criticising its policies at his inauguration in May, especially moves to prop up the naira currency.



His spokesman made the comments following calls by fuel retailers to increase petrol prices due to a weakening of the exchange rate on the black market, which absorbs overflow currency demand from the official market where the dollar is scarce.



&#8220;We are ready to show you exactly what it is that our nation is facing with respect to the illiquidity in the market in terms of foreign exchange as a result of what is now known to have been a gross mismanagement of the Central Bank of Nigeria over the course of several years preceding this time,&#8221; presidential spokesman Ajuri Ngelale told reporters.



The central bank did not immediately respond to a phone call requesting comment.



Government lawyers on Tuesday filed a 20-count indictment against Emefiele, one of them accusing him of &#8220;conferring unlawful advantages&#8221;. Emefiele has challenged his detention by state police and filed an application for bail.



Emefiele, appointed by former President Muhammadu Buhari for a second five-year term in 2019, was due to retire next year. Buhari had supported a strong currency which he viewed as a matter of national pride.



Tinubu, who is embarking on the boldest reforms in Africa&#8217;s biggest economy in more than a decade, rejected further fuel price increases, his spokesman said, adding that the country does not require an &#8220;upward movement of pump price in order to accommodate the market-driven reality&#8221;.



Tinubu scrapped a popular but costly subsidy on petrol at the end of May which has seen prices more than triple, worsening double-digit inflation in Africa&#8217;s most populous nation, which rose to an 18-year high in July.



Nigeria is looking for ways to stem the fall of its currency, which has hit record lows on the black market. Acting central bank governor Folashodun Shonubi met Tinubu on Monday to discuss ways to improve liquidity after the bank revealed that it had a $19 billion derivatives commitment as of 2022.



(Reporting by Felix Onuah; Writing by Chijioke Ohuocha; Editing by Alison Williams and Conor Humphries)

FILE PHOTO: Nigeria’s Central Bank Governor Godwin Emefiele briefs the media during the MPC meeting in Abuja

Nigeria president spokesman says FX issues due to ‘gross mismanagement’ at central bank

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/08/7KVHJR6UA5PHZGXNL4DBLFNXXE-820x547.jpg" alt="" class="wp-image-426792" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/08/7KVHJR6UA5PHZGXNL4DBLFNXXE-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/7KVHJR6UA5PHZGXNL4DBLFNXXE-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/7KVHJR6UA5PHZGXNL4DBLFNXXE-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/7KVHJR6UA5PHZGXNL4DBLFNXXE-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/7KVHJR6UA5PHZGXNL4DBLFNXXE-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/7KVHJR6UA5PHZGXNL4DBLFNXXE-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: People buy and sell vegetables at Mile 12 International Market in Lagos, Nigeria May 13, 2022. REUTERS/Temilade Adelaja</figcaption></figure>



ABUJA, Aug 15 (Reuters)&nbsp;&#8211;&nbsp;Nigeria&#8217;s annual inflation rose to its highest level in nearly two decades in July at 24.08% against 22.79% in June, worsening a cost-of-living crisis in Africa&#8217;s largest economy as President Bola Tinubu&#8217;s reforms continue to take effect.



Inflation in Nigeria has been in double digits since 2016, eroding savings and incomes and prompting the central bank to hike interest rates to their highest level in nearly two decades.



In the boldest reforms seen in years, Tinubu scrapped a popular but costly petrol subsidy, causing prices to triple, and ended restrictions on foreign exchange trading, which has weakened the naira more than 40%.



Food inflation, which accounts for the bulk of Nigeria&#8217;s inflation basket, rose to 26.98% in July from 25.25% in June.



&#8220;The rise in food inflation on a year-on-year basis was caused by increases in prices of oil and fat, bread and cereals, fish, potatoes, yam and other tubers, fruits, meat, vegetable, milk, cheese, and eggs,&#8221; the statistics agency said.



Analysts including the World Bank had warned that a weaker currency&nbsp;NGN=1&nbsp;and the fuel subsidy removal were likely to push inflation higher in the short term.



Acting central bank governor Folashodun Shonubi on Monday said plans were underway for measures that would impact the currency market, after the naira hit a record low on the parallel market due to dollar shortages on the official market where the currency has also weakened since the devaluation.



In July, at its first monetary policy meeting since Tinubu suspended central bank governor Godwin Emefiele, the bank raised its main lending rate by 25 basis points to 18.75%.



Tinubu, who is under pressure as prices soar following his reform agenda, has defended his action, saying Nigeria has saved over a trillion naira in just over two months since reforms were started.



(Reporting by Elisha Bala-Gbogbo; Editing by Christina Fincher and Jan Harvey)

People buy and sell vegetables at Mile 12 International Market in Lagos

Nigeria inflation rises to 18-year high in July as reform effects linger

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/08/AJY7RV3R6BPQVFRX3U7X2B37K4-820x547.jpg" alt="" class="wp-image-426768" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/08/AJY7RV3R6BPQVFRX3U7X2B37K4-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/AJY7RV3R6BPQVFRX3U7X2B37K4-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/AJY7RV3R6BPQVFRX3U7X2B37K4-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/AJY7RV3R6BPQVFRX3U7X2B37K4-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/AJY7RV3R6BPQVFRX3U7X2B37K4-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/AJY7RV3R6BPQVFRX3U7X2B37K4-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Niger&#8217;s President Mohamed Bazoum addresses the 77th Session of the United Nations General Assembly at U.N. Headquarters in New York City, U.S., September 22, 2022. REUTERS/Mike Segar/File Photo</figcaption></figure>



NIAMEY, Aug 14 (Reuters)&nbsp;&#8211;&nbsp;The military junta that seized power in Niger in a coup last month has said it will prosecute ousted President Mohamed Bazoum for high treason over his exchanges with foreign heads of state and international organisations.



The coup leaders have imprisoned Bazoum and dissolved the elected government, drawing condemnation from global powers and neighbouring West African countries, which have activated a standby military force that could intervene to reinstate Bazoum.



At stake is not just the fate of Niger &#8211; a major uranium producer and Western ally in the fight against an Islamist insurgency &#8211; but also the influence of rival global powers with strategic interests in the region.



Junta spokesperson Colonel Amadou Abdramane said in a statement read out on state TV late on Sunday that the military authorities had &#8220;gathered the necessary evidence to prosecute the ousted president&#8230;for high treason and undermining the internal and external security of Niger.&#8221;



Abdramane also said there was a misinformation campaign against the junta to try to &#8220;derail any negotiated solution to the crisis in order to justify military intervention &#8230; in the name of ECOWAS&#8221;.



The&nbsp;African Union, the European Union, the United States and the United Nations have all said they are worried about the conditions in which Bazoum is being kept.



Bazoum&#8217;s political party has said his family has no access to running water, fresh food or doctors, and Bazoum told Human Rights Watch that his son needed to see a doctor because of a serious heart condition.



But the junta said on Sunday that Bazoum was regularly seeing his doctor and that the last visit was on Aug. 12.



&#8220;After this visit the doctor raised no concerns about the state of health of the ousted president and members of his family,&#8221; Abdramane said.



<h2 class="wp-block-heading" id="h-more-talks">MORE TALKS</h2>



West&nbsp;Africa&#8217;s main regional bloc ECOWAS is expected on Monday to push for more talks with the junta, which has signalled a potential willingness to find a diplomatic resolution to the standoff over the July 26 coup.



The bloc&#8217;s parliament on Saturday said it wanted to send a committee to meet the junta in Niamey, but the proposed timing of that mission is not clear.



The Peace and Security Council of the 55-nation&nbsp;African Union is also expected to meet on Monday to discuss the situation in Niger, a sign of the level of concern over the possible fallout from West and Central&nbsp;Africa&#8217;s seventh coup in three years.



U.S., French, German and Italian troops are stationed in Niger, in a region where local affiliates of al Qaeda and Islamic State have killed thousands and displaced millions.



Meanwhile, Russian influence has grown as insecurity increases, democracy erodes, and leaders seek new partners to restore order.



Western powers fear Russia&#8217;s clout could increase if the junta in Niger follows Mali and Burkina Faso, which ejected the troops of former colonial power France after coups in those countries.



(Writing by Anait Miridzhanian and Alessandra Prentice; Editing by Alexander Winning, Lincoln Feast and Angus MacSwan)

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West Africa

West Africa Central Bank raises rate following Niger coup

Nigerian election tribunal to decide if Tinubu stays as president

Nigerian tribunal to rule on presidential vote challenge on Wednesday

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

Nigerian unions plan warning strike next week over cost of living

Burkina Faso says leader discussed possible military cooperation with Russian delegation

Gabon officers declare military coup, President Ali Bongo detained

Recent coups in West and Central Africa

Situation in Gabon, West Africa a big issue for Europe – EU’s Borrell

Gabonese military officers announce they have seized power

Nigeria’s GDP growth slows to 2.5% y/y in Q2 as reforms get under way

Nigeria’s president orders immediate resolution to disagreement with Emirates Airline

West African bloc says ‘we are going into Niger’ if all else fails

Nigeria’s eurobonds drop as government says no need for petrol price rise

Nigeria president spokesman says FX issues due to ‘gross mismanagement’ at central bank

Nigeria inflation rises to 18-year high in July as reform effects linger

Niger junta says it will prosecute ousted president for treason

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