Nigeria to revamp security architecture

Nigeria's President, Muhammadu Buhari, has directed top security chiefs to revamp the country's security strategy in response to the escalating security crisis during a recent security meeting. The meeting, held ahead of an anticipated Federal Executive Council gathering, aimed to address the deteriorating security situation across Nigeria. Sam Chidoka, the Managing Director and CEO of Kairos Capital, shared his insights on the matter during a CNBC Africa interview. Chidoka highlighted the complex array of security challenges currently plaguing Nigeria. From the continued threat of Boko Haram to attacks by militia groups on communities, along with rampant cases of kidnapping and highway robberies, the nation faces a myriad of security threats. Despite the President commending the service chiefs for their performance, Chidoka expressed skepticism about their effectiveness, stressing the urgent need for improved intelligence-gathering to identify and neutralize the perpetrators behind these security incidents. Following the security meeting, the National Security Advisor reassured the public that plans were underway to address the security crisis. Chidoka emphasized the importance of a clear, straightforward strategy focused on halting the violence and protecting innocent civilians. He urged the authorities to prioritize reducing casualties and swiftly responding to security threats to prevent further loss of life. Transitioning to the oil sector, Chidoka discussed the recent developments in fuel pricing. The Petroleum Products Pricing Regulatory Agency (PPPRA) had yet to release the monthly pricing modulation for petroleum products for August, despite the Petroleum Products Marketing Company (PPMC) adjusting the ex-depot price of petrol to 138 Naira 62 kobo. Chidoka expressed disappointment at the lack of coordination between the two entities, which could lead to speculation and uncertainty regarding the pump prices for consumers. The conversation shifted to the banking sector's relationship with the oil industry, particularly in light of the UBA-led consortium's $1.5 billion oil sector financing deal. Chidoka acknowledged the positive impact of banks reengaging with the oil and gas sector, highlighting the importance of diversifying the economy beyond oil reliance. He noted the risks associated with the banking sector's significant exposure to the oil industry but viewed the financing deal as a step towards supporting NNPC and ensuring the country benefits from oil revenue. As Nigeria navigates the complex interplay between security challenges, fuel pricing adjustments, and economic diversification efforts, the spotlight remains on the government's ability to implement effective strategies to safeguard the nation's stability and prosperity.