Exclusive News

A dozen Gabonese soldiers appeared on television on Wednesday and announced they were “putting an end to the current regime” and canceling an election that President Ali Bongo Ondimba, according to official results, had won. During the announcement, AFP journalists in Libreville, the capital of Gabon, heard gunfire. While proclaiming the annulment of the election results, one of the soldiers stated that “all institutions of the republic” had been dissolved. “We have decided to defend peace by ending the current regime,” one of the officers said on Gabon 24 television, adding that he was speaking on behalf of the “Committee for Institutional Transition and Restoration.” “To this end, the 26 August 2023 general elections and the truncated results are annulled,” he added. “All institutions of the republic are dissolved: the government, the Senate, the National Assembly, and the Constitutional Court,” he added, proclaiming “until further notice” the closure of the country’s borders. There were members of the Republican Guard, regular army personnel, and police officers among the soldiers. The statement was also aired on Gabon 1’s public television station. Gunfire in the Nation’s Capital During the statement, AFP journalists heard gunfire in multiple districts of Libreville. The announcement was made immediately after the national election authority announced that Bongo, who has been in power for 14 years, had won a third term with 64.27 percent of the vote on Saturday’s election. According to the results, Bongo’s primary rival, Albert Ondo Ossa, received only 30.77 percent of the vote. Ondo Ossa had denounced “fraud orchestrated by the Bongo camp” and declared victory before the polls closed. Mike Jocktane, the campaign manager for Ondo Ossa, demanded that Bongo hand over power “without bloodshed” on Monday, claiming without evidence that a partial vote count showed Ondo Ossa to be obviously in the lead. Gabonese law prohibits the publication of partial results prior to the announcement of the final tally, which only the Gabonese Elections Centre, the organization responsible for conducting the elections, is authorized to release. The official election results were broadcast on state television at 03:30 (02:30 GMT) without any prior notice. According to Libreville, Bongo’s government imposed a curfew and a nationwide internet shutdown before polls concluded on Saturday to prevent the spread of “false news” and potential violence.

In the second quarter of 2023, Nigeria’s growth rate slowed to 2.51 percent, compared to the same period last year, as job-creating sectors struggled against headwinds, increasing the pressure on President Bola Tinubu to reform the economy. The economic growth data, which represents the eleventh consecutive quarter of growth, is the first to be released since Tinubu initiated reforms aimed at bolstering output, which had been stagnant for several years. The National Bureau of Statistics (NBS) reported on Friday: “This growth rate is lower than the 3.54 percent recorded in the second quarter of 2022 and may be attributed to the challenging economic conditions currently being experienced.” The Q2 growth rate is however greater than the 2.31 percent recorded in the previous quarter, when the nation experienced an unprecedented cash shortage that hampered economic activity. “An all-out endeavor is required to remove oil from Nigeria’s fiscal base. In an economic downturn, it will be difficult to raise revenue. For long-term sustainability, however, fiscal reforms, particularly the creation of a more stable revenue base, will be required, according to a senior chief economist in response to a question. “Priority expenditures must be safeguarded. While capital expenditures stimulate expansion, it is necessary to reduce recurring expenditures,” he added. CardinalStone, a multi-asset investment management firm, reported that the Q2 GDP result was less than the consensus estimate of 2.8% year on year due to a faster-than-anticipated decline in the energy sector. The country’s energy activities decreased by 13.4 percent year-over-year, and oil production reached its second-lowest level since 2013 at 1.22 million barrels per day. The energy sector contributed 5.34 percent to Nigeria’s real GDP in the second quarter, down from 6.33 percent in the same period of 2022 and 6.21 percent in the previous quarter. Niyi Awodeyi, the chief executive officer of Subterra Energy Resources Limited, cited the absence of strategy on the part of politicians as a major contributor to “this bleak economic situation.” Awodeyi stated that the government has not developed its own vision for energy security. As with his predecessor Muhammadu Buhari, Tinubu appears poised to lead the Ministry of Petroleum Resources. The last eight years of Buhari’s tenure as petroleum minister left much to be desired. Wunmi Iledare, a renowned energy expert, stated that the responsibilities outlined in the Petroleum Industry Act (PIA) for the Minister of Petroleum are formidable. Aside from the oil sector, other experts have raised concerns about why sectors of the economy that are collectively responsible for the majority of job creation are delivering less growth than in previous years, a trend that indicates that additional jobs cannot be created at this time. The NBS reported that the manufacturing sector’s real GDP growth was 2.2% in the second quarter of 2023, the lowest since the second quarter of 2020. According to the NBS report, the manufacturing sector contributed 8.62 percent to the GDP in the second quarter of 2023, down from 8.65 percent in the same quarter of 2022. Luqman Agboola, head of research at Sofidam Capital, stated, “When the largest sectors of the economy – agriculture and trade – are performing this poorly, it means that the unemployment situation is not about to improve, and that is what must be done to open the economy up quickly.” The agriculture sector expanded by 1.50 percent, an increase from the 1.20 percent expansion recorded in the second quarter of 2022. The agricultural sector, a major employer of labor, has been beset by low productivity and rising insecurity, such as terrorism, banditry, and herdsmen attacks, which threaten farmers and their investments, according to analysts. “Policymakers still have much work to do to help these sectors realize their growth potential,” Agboola said. Damilola Adewale, an economic analyst based in Lagos, remarked that these crucial sectors for job creation continue to struggle with growth, and their capacity to generate employment opportunities may not be restored in the near future. Many unemployed Nigerians are seeking opportunities to travel abroad as a result of the country’s uncertain economic climate, resulting in a massive brain outflow that is harming the labor force of Africa’s largest economy. He stated, “Until these industries achieve double-digit growth, there will be no employment prospects.” The number of Nigerian health and care employees granted work visas by the United Kingdom more than tripled within a year, according to data from the British government. In June of last year, the Tinubu administration’s Policy Advisory Council presented an ambitious plan to propel Nigeria’s economy to $1 trillion within the next eight years. To reach its goal, the council stated that a state of emergency must be declared in revenue generation and national security, transforming key agencies such as the Federal Inland Revenue Service, Nigerian Customs Service, and Nigerian Maritime Administration and Safety Agency into the Nigerian Revenue Service, which will collect all direct and indirect taxes and levies on behalf of the Federal Government. In addition, it listed the reform of the central bank, the implementation of civil service reform/the Oronsaye report, the unlocking of the potential of the solid minerals sector, the making of interim leadership appointments (to be ratified later by the National Assembly), and the temporary increase in fiscal circuit breakers, such as debt limits, which would be ratified later by the National Assembly.

Global advertising expenditures are projected to increase by 4.4% this year to a total of $963.5bn and by 8.2% in 2024 to a total of $1.04trn. Within this period, it is anticipated that spending will surpass $1 trillion for the first time. This year, the majority of African regions will not experience advertising expansion. According to the report, Africa is experiencing a challenging year, with spending expected to decrease by 11.6%, but development should return in 2024, boosted by a 6.1% increase in South Africa next year. The study was published by World Advertising Research Censer, WARC, a media agency that provides marketers with the insight, intelligence, evidence, expertise, case studies, benchmarks, and direction they need to confidently face any challenge. According to the report, market development in 2024 will be bolstered by the US Presidential campaign (political spending is expected to reach $15.5bn globally in 2024), sporting events such as the Olympics and Uefa Men’s European Championships, and improved trading conditions – particularly in China. The data indicates that just five companies — Alibaba, Alphabet, Amazon, Bytedance, and Meta — will account for more than fifty percent (50.7% of global expenditures) this year and will maintain this position in 2024 with a 51.9% share. This group’s advertising revenue is projected to increase 9.1% this year and 10.7% next year, while the combined advertising revenue of all other media owners will remain unchanged this year. According to projections, social media will be the fastest-growing medium in 2019, with expenditures reaching $227,2 billion, or 21.8% of total expenditures. Meta, the owner of Instagram, Facebook, and Whatsapp, controls 64.4% of the social media market and is expected to generate $146.3bn in advertising revenue next year. Bytedance, the owner of TikTok, is projected to have a 17.6% share of the market in 2024, with an estimated ad revenue of $39.9bn. This is 3.5 times smaller than Meta.   Regional expenditures indicate that the United States will account for nearly a third (31.3%) of global expenditures, with the US market expected to increase 2.2% to $303.6bn this year and 7.6% to $326.7bn in 2024.

Sunday, the Nigerian National Petroleum Company (NNPC) Limited reported that illegal oil connections cost the country an average of $7,2 million per month. After detecting an illegal connection in Owaza, Abia state, a state-owned oil company made this announcement. The illicit connection was discovered on Saturday by the oil theft situation assessment delegation deployed by President Bola Ahmed Tinubu to the Niger Delta, according to the video posted by the NNPC on its Twitter (X) account. In addition, the crew visited the Trans-Niger Pipeline Right of Way in Owaza, Abia, where a number of illegal connections that had been dismantled were observed. Mele Kyari, Group CEO of the NNPC, stated that the clandestine refineries, unlawful bunkering operations, and environmental devastation observed by the team resulted in significant economic losses for the nation. The CEO of the Group stated that while oil theft on vessels could be monitored, oil-producing communities must play a crucial role in preventing criminal activity within their communities. “Oil theft is one of the reasons why Nigeria cannot meet her daily OPEC production quota.” On its energy and You TV program, the NNPC reported that 20 illegal pipeline connections were discovered and 45 illegal refineries were destroyed in the Niger Delta in the past week. From August 12 to August 18, 2023, 116 incidents were reported throughout the Niger Delta. “The war on crude oil theft has begun,” declared the NNPC. “The collaboration between industry stakeholders and security is producing remarkable results.” The defense minister, Muhammed Badaru, stated that the government is willing to do whatever it takes for a peaceful Niger Delta. Stop stealing crude oil and engaging in economic sabotage. The national security adviser, Nuhu Ribadu, praised the security agencies, community security contractors, and the NNPC for intensifying their efforts to combat crude theft and economic sabotage. He stated, “The environment and livelihoods are being destroyed while the federation is deprived of revenue capable of bolstering the economy and strengthening the Naira.”

On Sunday, residents of Yenagoa reportedly broke into and looted a warehouse containing palliatives. The 2022 flood relief supplies were stored in a warehouse in the Kpansia region. However, it has yet to be determined if the subsidy palliatives President Bola Tinubu sent to states to mitigate the effects of the subsidy removal were also stolen by the starving locals. The Bayelsa State Emergency Management Agency confirmed the warehouse invasion and stated that it occurred around 7:45 p.m. on Sunday, almost an hour after the Director-General, Walamam Igrubia, and some BYSEMA personnel had departed the warehouse. The Agency utilized the warehouse to store food during the state’s 2022 disaster, according to BYSEMA. In a statement, BYSEMA condemns the invasion of a warehouse by unidentified individuals and the attempt by the state’s opposition party to politicize the incident.

Citigroup Inc. has stated that Nigeria, Angola, and Kenya are among the African nations that are anticipated to attract more foreign investment despite their massive currency devaluations. This comes less than a week after global financial services firm JP Morgan revealed that Nigeria’s net FX Reserve is estimated to be around $3.7 billion, significantly lower than the net figure of $14 billion that was reported, placing additional pressure on the country’s foreign exchange market. According to Bloomberg, Citi’s Head of Markets for Sub-Saharan Africa, George Asante, stated in an interview in Nairobi that countries with significant forex adjustments are clear investment victors. More possibilities Asante stated, “Countries where we’ve observed significant FX adjustments have been evident investment winners. From a local market perspective, all of these present opportunities.” The naira is reportedly one of the worst-performing currencies in Africa, having plummeted to a record low against the dollar following the unification of the exchange rate and the elimination of the heavily criticized gasoline subsidy. Asante stated that the elimination of this gasoline subsidy was a crucial reform for Nigeria, while efforts to consolidate multiple exchange rates will also help to increase liquidity. He noted that the next step for the government is to ensure that the official FX market can continue to operate normally in light of the adjustments. He stated, “I believe that this will be a major catalyst for the return of capital to the Nigerian market.” Ivory Coast and Senegal will garner the most attention. Regarding the prospects for Eurobond issuance by African nations, Asante stated that the market darlings, including Ivory Coast and Senegal, will likely garner the most interest from investors when the market reopens, adding that both countries have Moody’s Investors Service long-term foreign debt ratings of Ba3. He stated, “These two countries have fairly consistent high growth rates, diversified economic bases, substantial IMF programs with associated concessional financing, a history of economic reforms and fiscal prudence, and a low cost of debt service.” What you ought to know On June 14, 2023, the CBN proclaimed the consolidation of all foreign exchange market segments in Nigeria into a single window. This action was part of a succession of immediate modifications intended to enhance the liquidity and stability of the Nigerian Foreign Exchange (FX) Market. This directive authorized commercial banks to eliminate the rate cap on the naira at the Investors and Exporters (I&E) window of the foreign exchange market, allowing the naira to float freely against the dollar and other global currencies. The organized private sector, financial experts, and economists have praised the CBN’s decision to float the currency and consolidate the country’s multiple exchange rates. They believe that this action will bring transparency and stability to the foreign exchange market, as well as increase foreign investment and capital inflow.

Philip Shaibu, the deputy governor of Edo State, has pledged to remain loyal to Edo State’s governor, Godwin Obaseki, despite their recent disagreement. Shaibu added that his ambition to govern the state has nothing to do with his loyalty. When he spoke on Sunday at the 32nd anniversary of Edo State, he referred to the governor as his older sibling. The event was held in the New Festival Hall of Government House in Benin City, Edo State. This follows weeks of conflict between the governor and his delegate. The deputy had petitioned a Federal High Court in Abuja to suspend plans to impeach him by the governor and the state legislature. Obaseki, for his part, expressed astonishment at his deputy’s behavior and accused him of plotting against him. Shaibu stated, “My loyalty to the governor is unwavering.” I observe that everyone is united in support. I share the governor’s sentiments of support. I also declare my undivided allegiance to the governor and nothing else.” “Regarding the issues that arose in the city while I was absent, I would prefer not to discuss them, particularly the governor. He is my older brother and my supervisor, so I don’t believe I should speak.” “If I have a problem with him, I believe it is best to resolve it at home and not in the media.” “I was raised well.” “Because of my Christian upbringing, I can assure you that if you make a promise to God to do something, you must keep it. And the promise I have made to God is that I will continue to support Godwin Obaseki as governor of Edo State from the beginning until the end. “However, this has no bearing on ambition-related endeavors. Individual ambition has no effect on one’s loyalty. My devotion to the governor remains undiminished. I can see that everyone is acting with solidarity. I share the governor’s sentiments of support. I am also declaring my unequivocal loyalty and unwavering support for the governor, and nothing else.” “Regarding the issues that arose in the city while I was absent, I would prefer not to discuss them, particularly the governor. He is my older brother and my supervisor, so I don’t believe I should speak.” “If I have a problem with him, I believe it is best to resolve it at home and not in the media.” “I was raised well.” “Because of my Christian upbringing, I can assure you that if you make a promise to God to do something, you must keep it. And the oath I have taken with God is that I will continue to support Godwin Obaseki as the governor of Edo State from the beginning to the end.” “However, this has no bearing on ambition-related endeavors. Individual ambition has no effect on one’s loyalty. My devotion to the governor remains undiminished. I can see that everyone is acting with solidarity. I share the governor’s sentiments of support. I am also declaring my unequivocal loyalty and unwavering support for the governor, and nothing else.”

The Nigerian governors will attend and participate in a three-day leadership retreat in Kigali, Rwanda, designed to provide a platform for public officials to collectively reflect, learn, and share perspectives on effective leadership and complex challenges. The retreat, which is organized by the United Nations Development Programme (UNDP) in collaboration with the Nigeria Governors’ Forum (NGF), will provide participants with enhanced leadership skills, knowledge, and the mindset necessary to cultivate the leading of others. This information was made available to journalists by the NGF media department. According to UNDP’s Lealem Berhand Dinku in the invitation letter, the retreat is part of the organization’s commitment to improving governance in Africa and other regions of the globe. By emphasizing experiential learning, exploration, and reflection, according to Dinku, participants will be endowed with the necessary skills and competencies to lead in environments that are highly complex and uncertain. “In today’s dynamic world, the multitude of megatrends – ranging from invisible threats to democratic governance, the impact of an increasingly digital and innovation-driven society, a looming job crisis, a growing youth population with an elusive youth dividend, the rapid pace of urbanisation, a highly globalised world, and rising climate change – pose immense challenges for African nations. “A novel approach to leadership is required to transform these obstacles into opportunities. This necessitates the cultivation of skills that facilitate attentiveness and self-awareness. These competencies are essential for ensuring that leaders can comprehend, lead, and make informed decisions for the benefit of their constituents, according to the UN agency. “Effective leadership is indispensable for navigating the complexities of the emerging global order. State governors will play crucial roles in shaping their states’ and the nation’s futures. This proposed programme intends to equip them with the necessary leadership skills to lead with excellence, promote inclusive governance, drive innovation, establish collaborative relationships, and address emerging challenges. By investing in leadership development, we can equip them to lead the transformation of their respective states and, subsequently, Nigeria. Sessions on’re-imagining and exploring the future of Nigeria,’ ‘opportunities and challenges of contemporary leadership in a ‘new’ world,’ and ‘the future of development as influenced by digital transformation, big data, disruptive innovation, and emerging technologies’ will be facilitated by facilitators of international renown. Governors Abdulrahman AbdulRazaq of Kwara, Babajide Sanwo-Olu of Lagos, and Chukwuma Soludo of Anambra, President Paul Kagame of Rwanda, former President Uhuru Kenyatta of Kenya, senior minister and special adviser to the prime minister of Ethiopia Arkebe Oqubay, among others, are scheduled to speak at the retreat.

Prospective renters in Nigeria can now breathe a sigh of relief as a rental solution that simplifies renting and facilitates access to residences has entered the real estate market. The Rent Now Pay Later solution is a rent-financing initiative that provides low-interest, collateral-free loans of up to N3 million. Spleet, a property technology (proptech) company, is promoting the solution, which, according to its representatives, was designed to help renters locate a home and pay monthly, quarterly, or annually. The company has raised $2.6 million in funding, led by MaC VC, to expand its property management offerings. In Nigeria, it is challenging to rent an apartment. In addition to the tension of finding a suitable residence, there is also the financial burden of exorbitant rent that must be paid one or two years in advance. A low-to-moderate income apartment can cost between $1,000 and $5,000 per year in rent. Nationwide, rents are generally high, especially in urban areas, because landlords and developers also face challenges deriving from inflation and rising construction costs, resulting in price increases for housing in major cities. The majority of tenants in the country spend up to forty percent of their income on housing costs alone. Akinderu Moruf-Fatai, a former commissioner for housing in Lagos, verified this at a recent real estate forum. “Rent Now, Pay Later was designed to provide current and prospective Spleet members with access to credit facilities in order to make advance payments for their homes on a flexible repayment schedule. Akintola Adesanmi, co-founder and chief executive officer of Spleet, explained in Lagos that members can access up to N3 million with a 12-month repayment schedule. “At Spleet, we believe that people should be able to affordably rent a suitable residence, and all of our efforts are geared toward making this a reality. This program is available to all current and prospective Spleet members,” he added. Adesanmi explained further that existing or prospective tenants must create a Spleet account and then visit the Spleet Marketplace to view their carefully curated apartment options in order to become members of Spleet and take advantage of the credit facilities it provides. “When a member discovers an apartment he likes, he should click on ‘Pay with RNPL’ under the payment options; fill in the required information, including his bank statement and employment history, to assist the team in determining his eligibility. This requires between 24 and 72 hours,” he explained. When the applicant’s loan application is approved, he will be able to relocate into his Spleet home, he stated. The CEO disclosed that RNPL is designed for young to middle-aged salaried individuals seeking a flexible and convenient way to pay for an apartment, and that 4 percent per month interest is levied on the loan amount or approved amount on a reducing balance basis. “We recoup the loan we extend through a clearly defined procedure. Applicants for loans agree to monthly direct debits from their associated bank account. The applicant must also make an equity contribution equal to 16,67% of the monthly rent in order to satisfy the eligibility requirements, he explained. Continuing, he stated, “We provide a two-month grace period (interest will continue to accrue daily for each missed payment), but if the applicant is unable to repay the loan after the grace period expires, Spleet will initiate the eviction process.” The rental market in Nigeria is very active, and a variety of products that facilitate renting and homeownership have emerged. One of these products is Rent-to-Own, which allows a lessee to move into a house that has already been paid for by a seller, and then continue to pay rent on the house until he has paid enough to own it. Alpha Mead Development Company (AMDC), a subsidiary of Alpha Mead Group, has a product on the market called ‘Rent4Less’ that was created in response to the country’s economic challenges. In recognition of the fact that more than 80 percent of Nigeria’s growing population lives in rented housing, the company’s former managing director, Damola Akindolire, stated in an interview, “we are happy that we have not only solved a major problem with Rent4Less, but also demonstrated that we can accelerate growth and replicate this success across Africa.”