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Europe is creating an agricultural sinkhole for Africa

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As farmers protest across Europe, blockading cities, smashing through police barricades, and dumping manure, European politicians are falling over themselves to promise increased trade barriers against African food and agriculture imports.

But how has locking out Zambian cotton, South African oranges, and Kenyan horticulture become such a burning issue for Africa’s biggest agricultural trading partner?

The answer lies in pest control.

When the European Union launched its Green Deal climate action plan in 2019, with the noble aim of reducing the emissions driving climate change, it threw in an extra green target of phasing out the use of pesticides.

It seemed a shrewd political move for the European Commission at the time, following countless distorted campaigns from environmentalists exploiting the membership and revenue power of claiming food and drink contamination and environmental catastrophe.

Facts weren’t necessary; the point was scary headlines. Just one example, now impacting most of Africa, was claims that one of the world’s newest and cleanest insecticides was wiping out bees, essential to the pollination of human food. It made a powerful narrative, creating images of a future world devoid of pollinated fruits.

It just happened not to be true. The pesticides don’t affect bees, and the bee population is rising rapidly everywhere, including in nations still using the targeted pest controls. But the bee campaign, and many others claiming far-fetched health and environmental risks, had by then driven public opinion and pseudoscience into a frenzy of opposition to pesticides.

The timing couldn’t have been worse, as climate change began inexorably increasing the range and volume of plant pests and diseases.

Thus, as Europe rolled out ever more bans on pesticides deemed low risk elsewhere, its agricultural production began stagnating and declining. It gave farmers rounds of compensation, rising to now half their income. But as pest losses mounted, European producers began protesting against ‘unfair’ competition from imports still allowed to use pest protection, very often from Africa.

This saw Europe turn to the mission of enforcing its extra pesticide ‘precautions’ in Africa too. It began by moving most of the Maximum Residue Levels for these risk-approved pesticides to a technical zero. This triggered a World Trade Organisation dispute that is still ongoing, driven by the US and India, but including multiple African nations, decrying the effective pesticide bans as trade barriers.

The EU then additionally introduced new lists of quarantine pests, most of which required the banned pesticides to control.

African agricultural exporters were caught in an effective pincer movement, locked out by pests they could no longer control.

In West Africa, the impact on the cocoa sector, which alone accounts for over a third of all African agricultural exports to the EU, has been so severe that cocoa prices have now soared. Coffee has also been hurt, while, in Southern Africa, the fruit and nut industries, which account for another 14 per cent of Africa’s total agricultural exports to the EU, are hanging by a thread. Last year, Europe demanded South Africa chill all oranges for export at below 2 degrees Celsius for 20 days before shipping instead of using pest protection, triggering industry warnings of a 20 per cent fall in exports and thousands of job losses.

But, in Kenya, efforts to maintain flower, fruit, and vegetable exports to the EU have triggered even greater extremes, with the local banning of pesticides targeted by Europe drawing warnings from the CEO of the Kenya Fresh Produce Consortium of a $1bn food production loss per year. More recent estimates show the country will move into a food crisis in 2025 as a result.

For Africans cannot survive if maize is left for the Fall ArmyWorm that destroys up to 70 per cent of crops, or cocoa is given up to mirids that also damage over 70 per cent, wheat to complete destruction from leaf rust, and coffee to coffee berry borer.

African governments are juggling between limiting their export collapse – to maintain import funds without which all development slows – and ensuring food production and food security at home.

It is a dire trade-off-being driven by a policy so divisive in Europe that the European Parliament, last October, voted against a new bill to further halve its own pesticide use, while EU President Ursula von der Leyen has said pesticide withdrawals have now become “a symbol of polarisation” for the EU.

In Africa, they are creating poverty, hunger, and reversed development, and now the solution to Europe’s newest political protests over them is to hit Africa harder still.

  • Jenny Luesby is a development consultant specialising in climate change

Man City belong among European heavyweights, says Guardiola

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Pep Guardiola said Manchester City have earned their place among the perennial contenders for Champions League glory after reaching the quarter-finals for a seventh consecutive season on Wednesday.

Guardiola could even afford the luxury of resting a host of star names in a 3-1 victory over FC Copenhagen at the Etihad that completed a 6-2 aggregate rout.

Goals from Manuel Akanji and Julian Alvarez killed the tie as a contest inside 10 minutes before Erling Haaland drilled in his 29th goal of the season.

Mohamed Elyounoussi briefly reduced the Danish champions’ deficit to 2-1 on the night, but Copenhagen were outclassed over two legs as the European champions remain on course for another treble.

City conquered Europe for the first time in the club’s history last season, but Guardiola acknowledged his side are now seen as favourites for the competition ahead of the likes of Real Madrid and Bayern Munich.

The English champions have not lost a Champions League game at the Etihad since 2018 and became the first side in the competition’s history to score three or more goals in nine consecutive home games.

“The important thing is being there (in the quarter-finals) seven years in a row, it’s quite impressive,” said Guardiola.

“We are well-respected from our opponents. The numbers are there – our consistency.

“I remember when I arrived, we didn’t believe, the club didn’t believe we could do it because we didn’t have the hierarchy in Europe like teams in Spain or Germany. It was a question of time, a process.

“The problem is the managers in modern football don’t have time. They gave me time, our hierarchy, so credit to them for accepting the process. Now we are a team that believe we can do it.”

Guardiola showed he had one eye on Sunday’s top-of-the-table Premier League clash at Liverpool as he made seven changes from the side that beat Manchester United at the weekend.

•⁠ ⁠Night off for key trio –
Kevin De Bruyne, Phil Foden and Bernardo Silva were among those to spend the 90 minutes on the bench to rest up ahead of the trip to Anfield.

But City were still a class apart and aided on their way into the last eight by some comical Copenhagen defending.

Akanji made a sweet connection with Alvarez’s outswinging corner but was given far too much room in the centre of the box to find the top corner.

Worse was to come for the visitors as former Liverpool goalkeeper Kamil Grabara let a simple shot from Alvarez slip through his grasp.

The 2,500-strong visiting support from Copenhagen refused to be downhearted as they kept a flat atmosphere at the Etihad going, and they had something to cheer on the half-hour mark.

Former Southampton and Celtic winger Elyounoussi drove forward with purpose and exchanged a slick one-two with Orri Oskarsson before firing into the far corner.

Haaland had been having a quiet night until he sprang into action in first-half stoppage time.

The Norwegian was picked out by Rodri before chopping onto his favoured left foot and firing in at Grabara’s near post.

That took Haaland’s total to 41 Champions League goals, matching the tally of City’s all-time leading goalscorer Sergio Aguero, but in just 37 appearances for three different clubs.

City took their foot off the gas in the second period and could have been punished but for some smart goalkeeping from Ederson to deny Magnus Mattsson.

But Guardiola’s men are rounding ominously into form for those trying to dethrone them in England and in Europe.

City have won 18 and drawn two of their last 20 games in all competitions and remain the side to beat when the draw for the Champions League quarters and semi-finals takes place on March 15.

AFP

Same old story of agony

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It is the same old story of agony for Nigerians after the telecommunications regulator clamped down on mobile telephone subscribers afresh for not linking their National Identification Numbers and Subscriber Identity Module cards. The Nigerian Communications Commission had superciliously ordered mobile telecoms companies to bar the phone lines of citizens who had not linked their NIN-SIM by February 28. As expected, the suspension has sparked widespread outrage and frustration among citizens. The NCC should stop punishing ordinary Nigerians for the infrastructural weaknesses bedevilling the telecoms sector.

Ordinarily, the policy, aimed at enhancing security and streamlining communication services, is the right call. Kidnappers, terrorists, and bandits are using phones to negotiate ransoms to the chagrin of victims and their families without being traced. The NCC has passed the bulk of using the NIN-SIM to catch criminals to the security agencies.

But like most things Nigerian, it is in the implementation that things have gone awry. Since 2020, linking the NIN-SIM has become a nightmare for subscribers. These days, Nigerians are enduring long queues at NIN registration and telco offices to link their phones. In many of these offices, it is either the internet is slow, not working or there is no electricity. In the digital age, this is ludicrous.

Consequently, those affected are running helter-skelter to link their lines. Worse, many of them had done it several times before but they were still barred. It means the technology in use is not working. The NCC puts the number of affected lines at about 42 million. The regulator threatened that any phone line not linked in the next 365 days would be forfeited completely. This is arbitrary. The financial implication could reach N242 billion, a media outlet said.

In addition, the NCC has failed to obey a court order restricting it from barring citizens yet to link their NIN to their SIM. In the lawsuit filed by Lagos-based lawyer, Olukoya Ogungbeje, against the NCC and other stakeholders, the lawyer demanded a public apology and compensation for affected citizens.

It is troubling that the NCC, an agency entrusted with safeguarding the interests of Nigerian consumers, has chosen to ignore court orders. By proceeding to bar SIMs not linked to NINs, the NCC is demonstrating a disregard for the rule of law.

The deadline set by the NCC for subscribers to link their SIMs to their NINs has only exacerbated the situation. Many Nigerians have been forced to endure queues, and harsh weather conditions, and incur additional expenses to comply with the directive. For a policy that is intended to enhance security and improve service delivery, its implementation has only caused undue hardship and inconvenience to Nigerians.

The NCC’s insistence on enforcing the NIN-SIM linkage policy despite legal challenges and public outcry is worrisome. Instead of engaging with stakeholders and addressing concerns raised by citizens, the NCC has chosen to steamroll ahead with its agenda, leaving millions of Nigerians in the lurch.

Furthermore, the potential consequences of the NIN-SIM linkage policy are far-reaching. With over 70 million bank account holders at risk of being barred from accessing their accounts, the policy threatens to plunge millions into financial uncertainty and hardship.

Therefore, the NCC must do things better. Instead of resorting to heavy-handed tactics and unilateral deadlines, it should prioritise dialogue, consultation, and collaboration with all relevant stakeholders.

Additionally, the NCC must take urgent steps to address the technical challenges and logistics constraints associated with the linkage process. The current system is riddled with defects, making it difficult for many Nigerians, particularly the elderly and less educated, to complete the process successfully. By improving the efficiency and accessibility of the NIN registration process, the NCC can alleviate the burden on citizens and ensure that everyone has equal access to communication services.

Common business mistakes you must avoid

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Only a few small and medium enterprises survive to witness their fifth anniversary due to avoidable mistakes their owners knowingly or inadvertently make. DARE OLAWIN highlights some of these mistakes

There is no gainsaying that Nigerians are hardworking, very enterprising and eager to explore new business opportunities. They are a people ready to take business risks, even in the face of harsh economic conditions. However, it is concerning that many businesses in the country have a very short lifespan.

A report by the Small and Medium Scale Enterprises Development Agency of Nigeria indicated that 80 per cent of small businesses in the country fold up before their fifth anniversary due to harsh economic conditions. Besides the tough operating environment, errors by the proprietors are also a major reason businesses die prematurely. In most cases this has nothing to do with whether one goes to school or not; after all, there are many successful traders among the unlettered ones in the society.

To prevent your business from entering into the list of businesses that pack up before their fifth anniversary, you must avoid these mistakes:

Improper planning

Management is nothing but planning. To manage is to plan and this encompasses budgeting, directing, coordinating, organising and evaluating. So, anyone who fails in this aspect will have himself to blame. There is a popular saying that he who fails to plan plans to fail. Many businesses fail. Many business owners fail to have holistic plans before they hit the market.

Carrying out a preliminary feasibility study is crucial to determine the viability and merits of a proposed project or undertaking. Starting a business without a clear-cut plan can lead to aimless direction and neglect of crucial business components such as budgeting and inventory management.

 Lack of skills

A would-be business owner is not expected to wake up one day and jump at a business idea. He must have enough understanding of the business, learning the pros and cons of the business to avoid running into problems. Anyone setting up a new business must learn the nitty-gritty of it before venturing into it. There is nothing wrong with picking interest in an area you do not know much about, but in doing so, experts must be consulted.  They must be carried along right from the gestation period.

As an entrepreneur, learn and keep learning. Read books to acquire the right skills. Know the strengths, weaknesses, threats and opportunities of what you are dabbling into. This is what experts call SWOT analysis.

Mixing business and pleasure

Most entrepreneurs fail to draw a line between business and pleasure. Because it is their own business and they are not under the directive of any boss, they choose to do things at their convenience. But businesses have their culture, which must be observed by anyone who desires success.  As an entrepreneur, you have to set boundaries; and clearly define when you are “on the clock” for business and when you are off duty for personal activities. Establish specific work hours and stick to them as much as possible. Yes, no one will sanction you for late coming, but remember your investment is at stake. Your customers have choices. Designate separate physical spaces for work and leisure activities. Have a dedicated home office or workspace where you conduct business, and avoid mixing it with areas meant for relaxation or family time.

Family and friends factor

It is important to separate businesses from friends and relatives. In Nigeria, relatives tend to seek undue favour from one of them in business. People want to ‘patronise’ a family member or friend for free goods or services, for discounts or to buy on credit. These acts are capable of killing the business by affecting cash flow and earnings. There is no sentiment in business, do not allow relatives to bring down what you have been labouring for. Let them know the difference between a profit-making establishment and a charity organisation.

Too much credit sales

The culture of selling goods to people on credit is rampant among small and medium startups, especially those in the informal sector of the economy. There is a general belief among them that if you do not sell to people on credit, you may not make enough sales. However, several businesses have collapsed due to unpaid debts, particularly by people who are not traceable. Selling goods or rendering services on credit is not bad, but it must be done with utmost caution. As an entrepreneur, it’s generally advisable to avoid selling goods on credit. Selling goods on credit ties up your cash flow, as you have to wait for customers to pay their invoices before receiving payment. This can strain your finances, especially if you rely on that cash to cover expenses like restocking or operational costs. Also, extending credit to customers introduces the risk of non-payment or late payment. This risk is particularly high for startups, which may lack the resources or infrastructure to effectively assess customers’ creditworthiness or pursue collections if payments are overdue.

Poor accounting

Everybody needs minimum accounting skills in their day-to-day activities. Even if you cannot hire an accountant, you must be able to calculate your income and expenditure, to determine whether or not you are making a profit.

In other words, proper accounting provides SMEs with a clear picture of their financial health. It enables them to track income, expenses, assets, and liabilities, allowing for better financial decision-making and resource allocation. Overall, proper accounting is essential for SMEs to maintain financial stability, comply with regulations, access funding, plan for the future, control costs, manage risks, and support business growth. If you can, hire a reliable accountant. If you cannot, get trusted relatives to assist.

Dipping hands into capital

One of the reasons businesses fail is a lack of self-control when it comes to fund management. Many entrepreneurs do not know that taking care of other expenses should not be from their capital. Your business account must be separated from your account. It is a sacrilege to spend your business fund on your personal needs. If you do that, you are plotting the failure of the business.

Employing wrong workers

Those working with you are as important as your business. Their actions may make or mar your investment. Some employees absconded with money belonging to their principals. Please apply serious caution when it is time to recruit managers, secretaries, salespersons, accountants and others.

Other common errors that could cost SMEs their investments include, poor customer relations, wrong decisions, too much borrowing, especially from loan sharks, all forms of irresponsible acts, among others.

A financial expert and entrepreneur, Adewale Adedeji, expressed concern over how some individuals would still allow their investments to break down despite the challenges encountered before setting up the business.

 Adedeji, a former banker said most new businesses have the problem of finance at the earliest formation and usually don’t survive it. According to him many business ideas and investments are under what he called heavy dusts.

 “Our financial institutions are not readily available to support these categories of businesses because they see them as startups. They don’t have the patience to wait through and rarely commit moratorium for these new businesses,” he said.

Consequently, he urged entrepreneurs to pay rapt attention to their businesses and avoid common errors that could erode their investments.

Quantity surveyors urge FG to regulate construction material prices

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The National Institute of Quantity Surveyors has called on the Federal Government to promptly intervene and stabilise the prices of products in the construction sector, to curtail the negative effects of hyperinflation in the industry.

The President of the NIQS, Kene Nweze, made the call during a press conference in Abuja, where he warned that the trend of increased prices of construction materials could disrupt economic projections, and push the economy into uncharted territory.

He lamented skyrocketing prices of building products while calling for the government to consider opening the country’s borders, to allow for the import of cement, which would crash prices in the local market.

He also noted that the industry served as a tool for measuring development as a country.

“The construction industry was reported to have contributed up to 11.79 per cent to the nominal GDP in the first quarter of 2023. This shows how important the construction industry is to the Nigerian economy and the need for all stakeholders to protect this important industry.

 “Inflation is a part of economic cycles, but what we are currently facing in Nigeria is hyperinflation, an uncontrollable surge in general price levels. The repercussions are dire, disrupting economic projections and compelling government planners into uncharted territory,” he said.

Nweze added that the hyperinflation was crippling the construction industry, resulting in the halting of projects and that it could impede the development of critical infrastructure.

“The price of cement, using a 50kg bag as an indicator, between January 2024 and February 2024, a period of about six weeks, has increased from N4,500 to between N12,000 and N13,000. This is an increase of between 100 per cent and 150 per cent. Reinforcement steel rods, another major material for construction, moved from around N590,000-N650,000 per tonne as of January 2024 to N1.2m-N1.4m as of February 2024, an increase of over 100 per cent in a short run of less than six weeks.

 “This ugly trend is making it more difficult for prospective clients to afford construction projects and has forced many projects to stall, pushing contractors into financial distress. The repercussions extend beyond stalled projects; it impedes the development of crucial infrastructure such as roads, hospitals, and educational facilities.

 “Private sector investors are also reluctant, creating an adverse cycle that hampers economic growth and job losses in the construction industry,” the NIQS president stated.

The institute, as part of its recommendations, urged the government to engage local manufacturers to understand their challenges, stabilise the exchange rate by clamping down on “saboteur” Bureau de Change operators, and monitor and enforce Executive Order 5, which would promote local contents in the planning and execution of projects.

“Some of the challenges highlighted by the local manufacturers include exchange rate volatility, which has seen our currency depreciate by about 300 per cent in a few months. Combating oligopolies and cartels in the construction and manufacturing industries must be encouraged. Perfect competition should be the aim.

 “The government must employ a mix of monetary policies and exchange rate policies to stabilise the exchange rate. Implementing a friendly tariff regime, involvement of quantity surveyors to manage price fluctuation from the first principle,” Nweze asserted.

VIDEO: Wigwe’s PA recounts how luggage stopped him from joining ill-fated chopper

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Sola Faleye, Personal Assistant to the late Group Chief Executive Officer of Access Bank Plc, Herbert Wigwe, has recounted how he narrowly escaped the helicopter crash that claimed the lives of his boss, the CEO’s wife, son, and business associate, Abimbola Ogunbajo.

Faleye made this known at the Night of Tribute held in Lagos

He said he initially planned to travel by helicopter but reconsidered his stand, opting to travel to Vegas by road with the luggage. At the same time, Wigwe, his wife, son, and Ogunbajo took the chopper to the same destination.

Faleye said, “It was a sweet journey. 11 hours we flew from London. I remember in the middle of the air, I walked up to him. I said, ‘Sir, how comfortable are you at night flying choppers? I’ve never done it before. The app allocation system for flying choppers, I have never done it before,’ and he said this is America, they have a navigation system for flying choppers at night and I went back to my seat. And we landed. Everybody was filled with joy that we were finally almost there.

“We sat, waiting to be cleared by immigration, So coming out, we had two vans waiting, One was taking us to go aboard the chopper. The other one took our luggage because they could not go on the chopper. Throughout my years of working with him, I’ve always told myself that flying that way is not a luxury for me. I am on duty. And as they were loading the luggage. And this thought came to mind. That’s OK, you fly chopper one. One hour you are there.

“The next three and half hours, the luggage will not come. Will I go to bed? No. I still have to sit down and wait for those luggage to come. I’m like, so why not just go with the luggage then, get there and deliver it to him and others in the room. Like I said, I always reason in the line of duty.
“And I walked up to him. I said, ‘Sir, I think it’s safer and secure for me to just ride and bring the luggage to you.’ He said it was a brilliant idea. And I said, safe flight.”

NGX, PenCom, train operators

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The Nigerian Exchange in partnership with the National Pension Commission and the Pension Fund Operators Association of Nigeria has held a webinar to deepen knowledge of the NGX Pension Broad Index.

The webinar, which was held on Wednesday, featured a panel discussion by stakeholders in the pension industry, who highlighted the importance of the benchmark for the industry.

In his opening speech at the webinar, the acting Chief Executive Officer of the NGX, Jude Chiemeka, who was represented by the Acting Divisional Head of Capital Markets, NGX, Tony Ibeziako, said that the exchange had been at the forefront of providing indexes for the capital market for decades.

He said, “We believe that this webinar will be of immense value to the stakeholders. The NGX has been at the forefront of providing benchmarks for the Nigerian capital market for over 40 years. Over the years, the exchange has been proactive in providing more indexes. Now, we have over 20 benchmarks with five of them being sectoral.

“The year-to-date gains of the NGX pension broad index are 32 per cent.  The NGX thought to socialise the market with this index hence this all-important webinar.”

In his presentation, the Chairman of the NGX Index Governance Committee, Abimbola Babalola, said that the benchmark offered pension fund administrators a reference point to measure their performance as well as broaden their choice of securities.

 “With this broad index, PFAs now have a benchmark to compare their performance against. It is also like a guide for investors. Instead of cheery picking, they can look at the constituents of the NGX broad benchmark and decide on which stock to pick,” Babalola, who is also the head of Market Surveillance, NGX Regulation.

According to Babalola, the broad index brings in more than 40 securities and has none of the limiting requirements of the NGX Pension Index.

“The index tells you all the securities that have met PenCom requirements. Fundamentally, we screen these companies first. You can use it to predict the direction of the economy. This index can guide you in measuring the import of government policies. The index is a forward-looking one,” he added.

The Head of the Investment Supervision Department, PenCom, Abdulqadir Dahiru, said, “We started on this journey with the NGX and it culminated in the NGX Broad Pension Index which provides diversification. From 40 stocks in the NGX Pension Index, we are now talking about 84 securities. We believe it is more representative and gives PFAs choices and helps them measure their performance.”

He stressed the need to focus on capacity building.

“I think some of our PFAs have weaknesses around their investing team, so I will encourage the market to improve capacity, and understanding so that they can go into the market with a bit of certainty.  There are some stocks which we have brought in which PFAs were not even looking at,” he enunciated.

For the Chief Investment Officer of Shell CPFA, Ehis Uzenebor, the decision to intentionally push for benchmarking is a testament to the growth that the market has achieved.

“With appropriate benchmarking, fund managers can evaluate themselves. The board and trustees can also evaluate how fund managers can. It provides an objective basis for comparison across the industry.

 “When it comes to the role of risk management, if you appropriately benchmark, then to some extent, risk management appears elevated. It is also useful for the regulator in the sense that the regulator can ascertain and evaluate the appropriate relevance of guidelines from time to time,” he declared.

PSC elevates 1,607 DSPs, says war against banditry must-win

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The Police Service Commission has approved the promotion of 1,607 Deputy Superintendents of Police to the next rank of Superintendent.

The Chairman of the commission and retired Inspector-General of Police, Solomon Arase, charged the newly elevated officers to steer clear of minor issues, including land matters and recovery of rents, which could be resolved through alternative dispute resolution or legal processes.

“You need to concentrate on helping the nation win this war against insurgency and banditry and also remember that the police force is the lead agency in internal security,” Arase said.

This was according to a statement on Wednesday by the PSC spokesman, Ikechukwu Ani.

The statement noted that the PSC had earlier stepped down the consideration of the officers’ promotion at its last management meeting where other recommendations were considered when it noticed some discrepancies in the list.

It quoted Arase as saying that the PSC had restored the dignity of the specialists’ cadre in the Nigeria Police Force.

It added that the promotion of the DSPs to SP rank saw the elevation of 158 officers in the professional cadre, including 105 in the communication unit, 22 in transport, 10 medical officers, nine nurses, and another nine from work.

Arase said, “The commission will continue to give equal opportunities to all cadres in the Nigeria Police Force. The era where specialists stagnated in one rank is now history.

“The Nigeria Police Force needs these specialists for efficient and effective policing and promised that the commission will continue to accord them the required privileges.

“The general duty officers will continue to receive the support of the commission in the area of prompt and regular promotions. We tasked the newly-promoted officers to reciprocate the commission’s gesture by rededicating themselves to the service of the nation.”

The other professionals promoted to superintendents were six workshop officers, three maritime, and one each from medical and dental units and Band.

A total number of 1,423 DSPs were promoted in the General Duty cadre.

Some of the promoted officers are the Public Relations Officers for Anambra and Delta states, Tochukwu Ikenganyia, and Bright Edafe, respectively.

Others are Clement Ominiyi Awoyemi, Salami Ganiyu, Dogo Mathew, Finedon Akah, Attahiru Umar, Adamu Wakili, Constance Katu Ekeh, Nuhu Danjuma and Yaha Bashir.

The list also includes Iwuji Barnabas Iliya, ADC to the Rivers State Governor;  Samson Ekeinde , Officer in charge, Safer Highway, Bayelsa State Command; Clement Gladys C, Lagos Command; Usman Nureni and Adibeli Joy.

Enoch Suleiman, Officer in charge of Surveillance,  Zone 5 Benin; Sidi Umar Ahmad, Technical Assistant to the DIG Training and Head of IGP Smart Force Management and Data Base Centre; Patrick Chinwe Anike, Divisional Crime Officer 19th mile Division, Enugu State Command; Ben Orih, Unit Commander 28 PMF, Umuahia; Nwanaga Innocent Okpuru, OPTS Officer, SPU BASE 28 Owerri, Imo state; Isa y. Ladan, Department of Operations,  Rivers State Command, and Moses Omale were some of the other DSPs that got the Commission’s approval for promotion to the next rank of Superintendents.

The approval has been officially communicated to the Inspector General of Police for implementation.

UN condemns abduction of Borno IDPs 

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The United Nations has condemned the reported abduction of Internally Displaced Persons, many of whom are women, boys and girls, in the Ngala Local Government Area of Borno State.

“The exact number of people abducted remains unknown but is estimated at over 200 people,” Ann Weru, Head of Public Information, Office of the Coordination of Humanitarian Affairs of the UN in Nigeria, said in a statement mailed to According Online on Wednesday.

“On 29 February, members of a non-state armed group (NSAG) allegedly abducted the IDPs who had reportedly ventured beyond the safety of the trenches surrounding Ngala – from the ISS, Zulum, Kaigama, and Arabic IDP camps – in search of firewood.

“While an unspecified number of older women and children under 10 have reportedly been released, scores of IDPs remain unaccounted for, according to protection partners.

“I stand in solidarity with the families of all those abducted, especially children, and their communities, and urge those who have abducted them to release them without harm,” the statement quoted Mohamed Malick Fall, Resident Coordinator of Humanitarian Affairs, as saying.

“On behalf of the United Nations, I remind all parties to the conflict to adhere to their obligations under international humanitarian law to protect civilians from harm,” Fall, according to the statement, said.

The statement noted that the humanitarian coordinator, who is also an Assistant Secretary-General of the UN, urged authorities and other partners to provide more livelihood opportunities for IDPs in camps in Borno State, alongside ongoing efforts for lasting solutions, to reduce the risks of insecurity and violence faced by IDPs.

“More than two million people in Borno, Adamawa, and Yobe (BAY) states have fled to garrison towns where they have few, if any, livelihood options. Those who venture beyond the protective trenches surrounding these towns to forage or farm do so at great peril, with killings, abductions, forced recruitment, and sexual and gender-based violence (GBV) rampant,” the UN lamented in the statement.

“Two days to the commemoration of International Women’s Day, this incident is a stark reminder that women and girls are among those most affected by conflict. The crisis in the BAY states is disproportionately affecting women, boys and girls,” the global administrative body lamented in the statement.

The UN lamented a high prevalence of GBV against women and adolescent girls, while boys are targeted for recruitment by NSAGs.

Forex market recorded $4bn turnover in January -Report

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The official foreign exchange market, the Nigerian Autonomous Foreign Exchange Market, witnessed a 40.46 per cent drop in turnover to $4.37bn (N4.03tn) in January from $7.34bn recorded in December 2023.

According to the latest Financial Markets Monthly Report issued by FMDQ, which houses the NAFEM, the US dollar appreciated against the naira, with the spot exchange rate increasing by 10.44 per cent ($/N93.66) to close at an average of $/N990.96 in January 2024 from $/N897.30 recorded in the previous month.

The report added that exchange rate volatility increased in January 2024 as the naira traded within an exchange rate range of $/N838.95 – $/N1,482.57 compared to $/N806.73 – $/N1,099.05 recorded in December 2023.

The report further noted that the market turnover in January 2024 was N7.19tn, representing a month-on-month decrease of 55.92 per cent (N9.12tn) from the turnover recorded in December 2023 (N16.31tn).

FMDQ noted that the MoM decrease in the FI market turnover was driven by 62.31 per cent (N3.24tn), 2.54 per cent (N0.06tn), 79.50 per cent (N3.49tn), 53.27 per cent (N2.28tn) and 59.45 per cent (N0.05tn) decrease in turnover across Treasury Bills, OMO Bills, CBN Special Bills, FGN Bonds and Other Bonds, respectively.

“As a result, the trading intensity for T.Bills and FGN Bonds decreased MoM by 0.56bps and 0.11bps to 0.30 and 0.10, respectively T.bills and FGN Bonds within the >6M – 12M and >20Y tenors respectively were the most traded sovereign FI securities, accounting for 35.86 per cent (N1.42tn) and 26.52 per cent (N1.05tn) of the secondary market turnover for sovereign FI securities in the spot market,” the report said.

According to the report, total turnover in the money market segment decreased MoM by 21.45 per cent (N1.54tn) to N5.64tn in January 2024.

Meanwhile, total turnover in the FX derivatives market segment in January 2024 was $4.56bn (N4.21 trillion), representing a MoM decrease of 29.52 per cent ($1.91bn) from the December 2023 figures.

The Exchange said that the MoM decreases in the FX derivatives turnover were jointly driven by the 27.67 per cent ($1.71bn), 62.50 per cent ($0.15bn), and 100.00 per cent ($0.05bn) decrease in FX Swaps, FX Forwards and FX Futures transactions, respectively.

On Wednesday, the naira depreciated marginally against the dollar to N1,605.74 at the official market from N1,602 recorded the previous day.

The drop on Tuesday marks a second-day decline after last week’s win against the greenback note, indicating that demand pressures persist in the forex market as supply remains insufficient.

This decline coincides with the announcement from the cryptocurrency trading platform, Binance, that it will cease trading activities involving the Nigerian currency.

Binance was accused of exploiting the Nigerian currency, Naira, leading to its free fall in value. The company is, in addition, facing allegations of terrorism financing, money laundering and tax invasion, among others.

At above N1,600/$1, the exchange rate between the naira and dollar is down by 43 per cent in 2024 and remains one of the worst currencies in Sub-Saharan Africa. This is despite several policy measures introduced by the apex bank to resolve the forex crisis.