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LH Telecoms acquires majority stake in 9mobile

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LH Telecommunication Limited has acquired a majority stake in Emerging Markets Telecommunication Services Limited, the parent company of 9mobile.

According to a statement on Sunday, the acquisition, approved by the Nigerian Communications Commission and the Federal Competition and Consumer Protection Commission, allows a new board to take over the struggling telecom operator.

Although the financial terms of the deal were not disclosed, the company indicated that the takeover was subject to regulatory approvals.

“The investment, approved by the African Export-Import Bank, the senior lender to 9mobile in May 2023, has resulted in a change in control of 9mobile in favour of the new investor by the issuance of new shares amounting to 95.5 per cent of 9mobile to the new investor in consideration for the injection of fresh capital into the company,” the board said.

The new ownership structure is expected to bring stability and fresh investment to the company, enabling it to compete more effectively in Nigeria’s highly competitive telecom market.

The new board will be chaired by Thomas Etuh, with Nahim Ibraheem and Femi Edun joining as new members.

Others include a former Nigerian Senator, Daisy Danjuma, Michael Ikpoki, Ibrahim Puri, Gloria Danjuma, and Emmanuel Etuh.

Obafemi Banigbe was appointed as the Managing Director and Chief Executive Officer to lead the company through its transition phase and drive its recovery.

The new CEO, Banigbe, whose appointment was announced a few weeks ago, is expected to bring his extensive experience at the C-suite level and a profound understanding of the African business landscape.

9mobile, formerly known as Etisalat Nigeria, was acquired by Teleology Holdings with high hopes of turning it around but has continued to struggle in the Nigerian market.

The operator has faced customer attrition, losing subscribers from its peak of 22 million in October 2016 to just over 15 million in November 2018.

Six years later, the operator trails behind with 11.7 million voice subscribers and 3.3 million internet users, according to the National Bureau of Statistics Telecoms Data released early this month.

CBN classifies inactive 10-year accounts as dormant

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The Central Bank of Nigeria has clarified that only accounts that have been inactive for over 10 years are eligible to be classified as dormant and will be used for investment purposes.

It also stated that a dedicated office would be created to manage dormant accounts and unclaimed balances.

The apex bank disclosed this in its recently issued document titled, “FAQs – Guidelines on Dormant Account and Unclaimed Balances – July 25, 2024,” posted on its website.

The Guidelines on the Management of Dormant Accounts, Unclaimed Balances and Other Financial Assets in Banks and Other Financial Institutions in Nigeria is a policy issued by the CBN that seeks to operationalise Section 72 of the Banks and Other Financial Institutions Act, 2020 and standardise the management of dormant accounts and unclaimed balances.

The CBN had earlier disclosed that it might invest funds from dormant accounts, unclaimed balances in Nigerian Treasury Bills, and other government securities.

According to the apex bank, it will manage these funds in trust, refunding the principal and any accrued interest to beneficiaries within 10 working days of receiving a reclaim request from the financial institution.

It stated, “Dormant accounts are accounts that have been inactive for more than 10 years.  Eligible accounts are dormant account balances that have remained with the FIs for 10 years or more.

“These eligible accounts include current, savings, term deposits in local currency, domiciliary accounts, deposits for shares and mutual investments, prepaid card accounts and wallets, government-owned accounts, and others as specified in the Guidelines by the CBN.”

The CBN also noted that financial institutions were required to notify customers immediately and every quarter when their accounts become inactive or dormant.

The FAQ document read, “The CBN shall establish a dedicated office for this purpose. The office will be supervised by a management committee.”

“The interest payable shall be at a rate to be determined by the CBN from time to time. For non-interest banks, the profit and loss on the unclaimed balances shall be determined by the CBN from time to time.

“The CBN will refund the principal and any interest on the invested funds to the beneficiaries within 10 working days of receiving a reclaim request from the FI.”

According to the new guidelines, the CBN will create and manage a dedicated account called the “Unclaimed Balances Trust Fund Pool Account” to warehouse unclaimed balances.

The guidelines specify that eligible accounts for dormant status include current, savings, term deposits in local currency, domiciliary accounts, deposits for shares and mutual investments, prepaid card accounts and wallets, and government-owned accounts.

Reactivating a dormant account involves account owners completing a reactivation form at their respective financial institutions, providing evidence of ownership and valid identification.

However, some accounts are exempt from being considered dormant, such as accounts subject to litigation, judgment debts under active court cases, accounts under regulatory investigation, and encumbered accounts like collaterals and liens.

Justifying this policy, the CBN Governor, Yemi Cardoso, said dormant accounts in Nigeria are more susceptible to fraudsters and the reason for the apex bank’s latest policy is for the safe keeping of the funds in dormant accounts.

NIDCOM commends Optiva Capital on national development

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The Chairman of the Nigerians in Diaspora Commission, Abike Dabiri-Erewa, has commended wealth management and investment immigration firm, Optiva Capital Partners, for its commitment to national development.

A statement from the firm on Sunday said that the commendation came during the 18th annual National Diaspora Day celebrations held at the Banquet Hall of the Presidential Villa, Abuja.

Dabiri-Erewa expressed her gratitude to partners and sponsors, particularly highlighting Optiva Capital Partners for their collaboration with NIDCOM.

She emphasised the importance of providing a platform for Nigerians globally to engage and invest in their home country in meaningful and impactful ways.

Dabiri-Erewa stressed the importance of creating investment opportunities for the diaspora, noting that NIDCOM is working with private companies and the Ministry of Industry, Trade, and Investment to facilitate these investments.

National Diaspora Day, celebrated annually on July 25, acknowledges the significant contributions of Nigerians living abroad, including their economic, social, and cultural impact.

The theme for this year, ‘The Japa Phenomenon and its Implication for National Development,’ reflects the growing trend of migration for better opportunities.

 Speaking at the event, the Executive Director of Business Development at Optiva Capital Partners, Amaka Okeke-Lawal, representing Chief Executive Officer, Dr Jane Kimemia, said, “Our partnership with NIDCOM extends beyond the National Diaspora Day celebrations. Optiva Capital is committed to leveraging our extensive network to support Nigerians interested in investing in key sectors such as real estate, hospitality, health, education, ICT, and agriculture. This partnership aims to create new opportunities and enable our diaspora community to achieve their investment goals while contributing to national development.”

Optiva Capital Partners and NIDCOM recently formalised their collaboration through a Memorandum of Understanding, focusing on providing services tailored to the needs of Nigerians worldwide.

Nigerians in the diaspora have been pivotal in the country’s development, with remittances totalling $99bn over the past five years, according to World Bank statistics.

In a message delivered by the Secretary to the Government of the Federation, Senator George Akume, President Bola Ahmed Tinubu urged the Nigerian diaspora to be active participants in the nation’s development.

He shared his experience in the United States and his subsequent return to Nigeria, motivated by a desire to contribute to national growth.

orm named ALATP

Fuel rises to N1,300/litre as depots run dry

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Many depots for Premium Motor Spirit, popularly called petrol, are currently dry, leading to fuel scarcity and attendant queues in Lagos, Ogun, parts of Abuja, Niger, and some other states across the country.

The According reports that black marketers have taken advantage of the situation, selling as high as N1,300 per litre and N1,500 per litre in parts of Lagos and Ogun states.

Long queues started building up at fuel stations in Abuja and Lagos on Friday and have persisted.

On Saturday, while reacting to the long queues and scarcity in some parts of the country, the Nigerian National Petroleum Company Limited said the tightness in fuel supply and distribution was caused by a hitch in the discharge operations of a couple of vessels.

“The NNPC Ltd wishes to state that the tightness in fuel supply and distribution witnessed in some parts of Lagos and the FCT is as a result of a hitch in the discharge operations of a couple of vessels,”  the NNPC Chief Corporate Communications Officer, Olufemi Soneye, said.

The company added that it was “working round the clock with all stakeholders to resolve the situation and restore normalcy in the operations.”

However, despite the assurance by the NNPC, the situation worsened as checks by our correspondents nationwide on Sunday showed that there were long queues at several filling stations across major cities.

No loading at Apapa

The According gathered that there was no loading of trucks in the Apapa depots as of Sunday.

A depot operator, who did not want his name in print, told our correspondent that there was no fuel in almost all the depots on Sunday after the little available was supplied on Saturday.

The source confirmed that the depots are dry, saying “supply gets late thereby affecting product load out.”

It was observed on Sunday in Abuja, the capital city that while the few filling stations that dispensed the product sold it at between N660/litre and N800/litre, black marketers took advantage of the scarcity to hike the price to about N1,200/litre, depending on the area of purchase.

This came as oil marketers revealed that they were also queuing up to load petrol, adding that most depots lacked stock to sell.

“We, marketers, too are surprised that we couldn’t get fuel as we used to get at depots. We were worried too; we didn’t know the cause until the NNPC came out with a release on Saturday. Let’s just believe what the NNPC said, that they would arrest the situation,” the National Vice President of the Independent Petroleum Marketers Association of Nigeria, Hammed Fashola, told one of our correspondents.

“I believe that within this week, everything will be normalised by the time they push products to the depots for marketers to pick from. Ours is to pick from the depots, take it into our stations, and dispense to the public. But for now, most of the depots are dry. The implication of that is that the stations will be dry too. Most of our members have run out of stock. That is the cause of the queues we are experiencing now,” Fashola added.

He noted that marketers were still buying PMS “at a price that is above N700/litre from the private depots.”

“We are not yet getting direct supply from the NNPC as we are supposed to. What we are getting is so small compared to our population. That is why we are forced to go to the third parties, the private depot owners, and they are not helping matters with the kind of price they are putting out there.

“That is why independent marketers sell around N800 or so. Until we address this issue of direct supply, there will be issues. We keep shouting to the NNPC to look at that area properly because something is fundamentally wrong with our distribution channel and until they correct that, we will continue to have this issue of fuel scarcity.”

On his part, the Executive Secretary of the Major Energies Marketers Association of Nigeria, Clement Isong, also confirmed that there had been low stock but could not tell when the situation would improve.

“The problem is that the stock is low because there have been some challenges in bringing the product into the country from the vessels. We are all queuing up for products, everybody is looking for the product from the NNPC. Only the NNPC knows when normalcy will be restored. It is the sole supplier,” he stated.

The spokesperson for the NNPC, Olufemi Soneye, did not respond to inquiries on Sunday on when the fuel supply situation would improve up till when this report was filed.

N1,500/litre in Ogun, Lagos

Our correspondents who visited parts of Lagos and Ogun states on Sunday reported that many fuel stations did not open for business while the handful that opened had long queues of vehicles and people buying in jerrycans. Black marketers had a field day selling to impatient motorists at between N1,200 and N1,500 per litre, depending on the location.

A bus driver, Elijah Sunday, who spoke to one of our correspondents at the Ketu motor garage in Lagos, lamented the struggle to get PMS.

“We have been finding it hard to get fuel for the past couple of days and it’s expensive, so, we had to increase the rates,” he said.

A minibus driver plying the Eko Hotel-CMS route in Lagos insisted on N300 instead of N200, citing the fuel scarcity.

Fuel queues were observed at PM Petroleum at Cele Bus Stop along the Oshodi-Apapa Expressway. At the North West filling station close to CharlyBoy Bus Stop at Gbagada, Lagos and the NNPC station at Ogudu, there was a long line of vehicles.

At Petrocam, a filling station in Ajao Estate, Lagos fuel sold for N780 per litre.

The According observed that there was a long queue at the NNPC station along the Cele Expressway, where the pump price was set at N568 per litre.

One of our correspondents gathered on Sunday that a litre of PMS was sold at N1,200 in Ipokia, a border community in Ogun State.

Similar scenarios also played out in some residential areas in Abuja where black marketers sold their fuel at between N1,000/litre and N1,200/litre.

Residents of Idiroko, Ajegunle, Maun, Ijofin, Agosasa, Madoga and other areas in the Ipokia Local Government in Ogun State said they now patronise black marketers, following the ban on fuel supply in border areas.

“You know we have about four filling stations servicing the entire local government area because we are in the border areas. They sell at N870/litre now while black marketers sell at N1,200/litre. That is our punishment for living at the border,” a resident, Sam Adegoke, stated.

Many of the filling stations in the Ogun State capital didn’t sell the product, and some who did, exploited desperate buyers, who paid as much as N1,000 before they had the product sold to them.

Similar case in South-South

In Benin City, the Edo State capital, motorists queued for long hours to purchase fuel at the NNPC mega station on Sapele Road and  NIPCO in the Jattu area in Auchi.

The long queues at the NNPC station are a common occurrence as the product is sold for N591 per litre, the cheapest in the state.

In other stations in Benin, a litre of PMS was sold for between N750 and N800.

Northern black marketers  

In Gombe, fuel sold between N850 and N1,000 across major stations, while black marketers made brisk business, selling for N1,250 per litre as frustrated motorists resorted to buying the product from them following the scarcity.

“You may think that the amount sold by the roadside people (black marketers) is expensive until you are in a fix and you can’t access a filling station with petrol, then you will be left with no option but to patronise them despite the ridiculous amount,” a motorcyclist, Usman Abubakar, told The According.

Motorists in Jos, the Plateau State capital, expressed concern over the persistent scarcity and high cost of the commodity, saying that the situation had worsened the economic hardship.

Black marketers in parts of Jos sold for N1,300/litre.

A motorist, Philip Gyang, said he had been in the long queue at the NNPC filling station along Dogon Karfi Road for over four hours but couldn’t get the product to buy.

“At the black market I paid N1,300 per litre before joining the queue at the NNPC outlet, where I eventually couldn’t get to buy,” Gyang lamented.

A Jos resident, Margaret John, said the scarcity had further increased the cost of living in the state.

“Can you imagine that I paid N500 from Polo Roundabout to Anguldi, when I was going to the church today (Sunday). When I was returning home, the driver insisted that I paid N700, it’s not funny. People are already complaining about the harsh economic conditions, now the fuel scarcity and high cost are worsening the situation.”

A car owner in Minna, the Niger State capital, said he had abandoned his car at home over fuel scarcity and skyrocketing prices.

“Yes, I have a car but I am not using it now. How many litres of fuel will I buy to be able to come to work? But with two or three litres of fuel, I can come to work on my motorcycle. It is not easy but it is cheaper. This government must act fast, Nigerians are suffering,” a state civil servant, who identified himself simply as Mutum, said.

Also, queues resurfaced in Katsina and Taraba states.

Our correspondents report that Katsina and Jalingo, the capital of Taraba, witnessed long queues in various parts of both cities on Sunday.

A motorist, Mallam Abdulrazakk, said he spent over five hours at the Abukur NNPC mega station, located on the outskirts of Katsina metropolis, without success.

“I was here before 8 am and now it is 1:40 pm and still in the queue, only Allah knows when I will be given fuel today (Sunday). I’m waiting.”

In parts of Yola, the Adamawa State capital, black marketers sold PMS for between N1,000 and N1,200.

“At the black market we buy between N1,000 and N1,200 per litre, so, we need to jack up the fare to enable us to stay in business,” a commercial bus driver said.

Heart-rendering stories of NOUN law students as varsity cancels programme

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These are definitely challenging times for the Law students of the National Open University of Nigeria, especially those in their final year, after they had their programme terminated by the authorities of the tertiary institution, writes GRACE EDEMA

Having lost his job in 2017, Ade Oludokun sought to enhance his prospects by returning to school to study Law. He opted for the National Open University of Nigeria as his institution of choice. However, after a few years, he faced financial difficulties when he lost his salon and taxi business, jeopardising his ability to fund his studies. In 2022, with the support of his friends, he managed to resume his programme. With over N2m invested in it, he was devastated to learn of the university’s decision to cancel the programme.

The National Open University of Nigeria, established in 2002, is an Open and Distance Learning institution with 103 Study Centres spread across the geopolitical zones of Nigeria.

In a state of sadness and confusion, he stated: “I am in deep emotional pain regarding the termination of the LLB Law Programme at the National Open University of Nigeria by the school authorities. When I was admitted to the institution, there was no indication that my course would be terminated midway. They assured me of graduation and progression to Law school, but unfortunately, their system has continually complicated the entire process.

“Back in 2017 when I lost the financial means to continue my studies, I was in such despair that I almost took my life. It was by the grace of God that I didn’t do so. However, law has always been my passion and professional aspiration, and I never imagined my life without achieving this goal. This alone illustrates the depth of my current emotional turmoil. The National Open University of Nigeria never considered how devastating it would be to terminate my LLB Law Programme just as I was nearing graduation in 500 Level, with only seven credit units left to complete.

“In this regard, I am lodging a grievous complaint that, after investing over N1.5m, along with significant time, effort, and dedication towards my Law studies, NOUN has callously terminated my course.”

Out of concern for potential victimisation, some affected students preferred not to disclose their identities.

Bertram, who chose to enrol at the Port Harcourt NOUN Centre, recounted a harrowing experience of being kidnapped on his way to the centre in 2018. He told our correspondent that he had to pay a ransom of N500k after being held captive for a week.

“I used to reside in Ahoada. One day, while en route to the NOUN Port Harcourt study centre, my car was ambushed by kidnappers and I was abducted. I remained in captivity for a week without any contact with the outside world.”

He expressed dismay that despite his unwavering commitment to the programme, the university cancelled it.

“I am a 500-level Law undergraduate student at the National Open University of Nigeria, Port Harcourt Study Centre. During my time at NOUN, I faced several challenges. In addition to being kidnapped along the PH East/West Road, in the academic year 2015/2016, the school portal crashed, resulting in the loss of that year’s academic results. These incidents significantly disrupted my studies and delayed my progress toward completing the programme.

“In the first semester of 2023, rumours began circulating about the imminent closure of the Law degree programme by the end of the year. To find a resolution, many of us, anticipating the impact, identified ourselves and sought an extension of the programme through appeals to the VC and Dean of the Faculty, via letters and numerous visits to the school. Unfortunately, our requests were not positively received. Subsequently, we sought intervention from the National Assembly (House of Representatives). Hearings were conducted between the school management and the affected students, and closed-door meetings were held between the school and the committee on tertiary institutions of the House of Representatives. Regrettably, the outcome of these meetings was never communicated to us, the affected students.”

“At the outset of the first semester of 2024, students from the faculty discovered that they were unable to access the portals, resulting in a disruption of their studies and the abrupt closure of the Law programme,” he said.

He urged the NOUN university system, stating, “This is an unfortunate situation that has caused frustration and dashed the dreams and ambitions of aspiring lawyers who aim to contribute to national development. Significant financial investments, time, and personal sacrifices have been made in pursuit of this programme, which has now been abruptly terminated without any formal notification. This is an appeal to the relevant authorities to intervene and compel the management of the National Open University of Nigeria to restore access to the portals, allowing us to continue and complete our studies.”

Sadiku recounted how he financed his Law programme at NOUN with the support of his wife after losing his job. He mentioned completing his projects and exams, only to be shocked by the sudden halt of the programme.

He stated, “We urgently appeal to the public and relevant authorities to intervene and compel NOUN management to reconsider its unjust termination of the Law programme. This decision not only violates our right to education but also contradicts principles of equity, fairness, justice, and natural law.”

For Sadiku, all he was left with was to finish the remaining six courses and graduate as he had completed his final project and received his grade.

“It is incredibly painful to be dismissed at this critical stage. Adding to the pain is the knowledge that the university made this decision to pave the way for a new LLB programme. Formerly employed at International Brewery in Ilesa, Osun State, until I lost my job in 2017, I managed to fund my education with the support of my spouse. Earlier this year, I secured a teaching position.

Under the banner of the Concerned Law Students of the National Open University of Nigeria, we express our dismay over the unjust treatment inflicted upon us by the university management – an act that blatantly violates our fundamental human rights.”

Sadiku narrated some other challenges of the system.

“The National Open University of Nigeria was established in the early 2000s with a promise to provide accessible education, particularly through its Law programme launched in 2002/2003. Despite initial accreditation challenges, the programme continued until 2015. However, recurring infrastructural issues, including the loss of academic records, have plagued the university over the years. Despite assurances of accreditation progress, students faced setbacks such as system crashes, requiring them to retake previously passed courses. Despite these challenges, some NOUN Law graduates were admitted to the Nigerian Law School under special remedial programmes after assurances from regulatory bodies.’’

He appealed to the government and NOUN management to grant an additional academic year to allow affected students to complete their studies and increase the number of units allowed for registration to accommodate students with outstanding credits.

Legal professional reacts

A Senior Advocate of Nigeria, Mr Isiaka Olagunju, maintained that NOUN knew that the admission was not recognised because a part-time Law degree was not acceptable in Nigeria.

“Unfortunately, the Law programme at NOUN was cancelled. I agree that options should have been given to the students, particularly 500-Level students, to be affiliated with other universities to complete their programme, instead of total cancellation.

“The management of NOUN should be held responsible for the students’ predicaments. They had been aware that a part-time Law degree was not acceptable in Nigeria. That is the only option because the admission in the first instance was not recognised,” Olagunju said.

Prof. Sam Erugo (SAN) said, “The truth is, the NOUN Law degree programme has consistently been viewed as conflicting with Nigerian laws that regulate legal training, akin to evening and part-time Law programmes. Legal professions are regulated worldwide, including in Nigeria. Earlier graduates of the NOUN Law programme faced years of exclusion from the Nigerian Law School until a compromise was reached. They were required to complete a remedial one-year programme at the Law School before joining graduates from regular Nigerian universities for the Bar Part 2 programme. This compromise was made in the interest of fairness and justice, though it did not alter the existing regulations. These pioneer students are currently progressing through the Law School.

“Therefore, the cessation of the NOUN Law degree programme was not sudden; discussions surrounding it have been ongoing for some time. Stakeholders would have taken steps to ensure that all legitimately enrolled NOUN law students can graduate.”

A lawyer and founder of Mission Against Injustice in Nigeria, Ige Asemudara, said allowing NOUN’s Law programme to continue would undermine regulatory policies and fairness to other aspiring lawyers, saying the decision to halt the programme aligned with the need for consistent policy enforcement and fairness in legal education.

He said, “Some of these things have implications. Apart from the inadequacies of the NOUN programme, the quota system was breached. The Law school facilities were unduly strained. Those who had done part-time law abroad or at some Nigerian universities but were denied admission to Nigerian Law School genuinely felt that it was unfair to them. So, there was never a time the Law programme at NOUN could be allowed to continue. It slapped policy on its face and made a mockery of the capacity of the Council to regulate Law programmes. I am not surprised at the decision to stop the programme. I am not perturbed by it.”

NOUN

Efforts made by our correspondent to get the NOUN management to react were unsuccessful, as calls put through to NOUN PRO, Mallam Ibrahim Sheme, and the Head of Department, Faculty of Law, Dr Ernest Ugbeje, were not picked up, nor did they respond to the messages sent to them by our correspondent.

LP fumes as ex-spokesman dumps party, attacks Obi

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A few hours after the former spokesman for the Labour Party Presidential Campaign Council, Kenneth Okonkwo, announced his resignation, the leadership of the party has described him as one of the moles in their camp.

Okonkwo dumped the LP on Sunday over the lingering internal strife and leadership crisis threatening to tear the party apart.

The legal practitioner cum Nollywood actor also said he had lost confidence in the LP presidential flag-bearer, Peter Obi, to rescue Nigeria.

According to him, Nigeria needs a decisive leader who is selfless enough to secure victory.

Reacting, the National Publicity Secretary of LP, Obiora Ifoh, said Okonkwo’s departure from the party did not come as a surprise to any of their followers who already knew that he was a mole within their rank.

Ifoh also stated that Okonkwo’s attack on Obi, his one-time ally, was needless and rather unfortunate.

He said, “Kenneth Okonkwo’s resignation from the Labour Party didn’t come to us as a surprise. We also think that his attack on the party’s leader, Peter Obi, is rather unfortunate. However, we will continue not to dignify him with any response as we understand that his attention-craving attitude knows no bounds.

“Recently a former DG of the party’s presidential campaign organisation (Doyin Okupe) resigned and rejoined the APC. Only last week, an ex-deputy Director General of the presidential campaign organisation also resigned and rejoined the APC. Today, it is the turn of Mr. Okonkwo, a former member of APC, who smuggled himself into the presidential campaign, and his destination is already known to us.

“Needless to say Nigeria is not in want of political jesters and jobbers whose stomach are their gods. The Labour Party is not perturbed by his decision to move on and in fact, we wish him well in his future endeavours, whether in acting, law practice, politics or otherwise. We also wish to note that the party is aware of a few other persons who are planted as moles, who are presently instigating crisis within the party, and who have unsuccessfully attempted to hijack the party for the use of their paymasters. We urge them to act fast and do the needful before they are exposed and fumigated out of the party.

“The Labour Party is keeping to its decision to stand with Peter Obi as its leader and presidential hopeful come the 2027 presidential election and we are not apologetic about that position. Coordinated attacks from some quarters will not in any way diminish the trust Nigerians, particularly, the Obidients and youths in Nigeria, have in him. We know that with him, a new Nigeria will be possible. Nigerians spoke loudly in 2023 and they will speak even louder come 2027.”

Fans lament as Ogunsemilore fails dope test

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Nigerian boxing fans have expressed shock and disappointment over lightweight boxer Cynthia Ogunsemilore testing positive for a banned substance ahead of her opening fight at the Paris Olympics, According Sports Extra reports.

The 2022 Commonwealth Games bronze medalist and African Games champion was provisionally suspended by the International Testing Agency on Saturday after testing positive for furosemide, a diuretic on the World Anti-Doping Agency’s prohibited list.

Reactions from fans on Instagram have been pouring in, with many expressing their devastation and concern over the state of Nigerian boxing.

WBO Africa champion Seun Wahab sympathised with Ogunsemilore, writing, “Oh my God, this is so bad. I feel sorry for her; maybe she never knew of the substances she used.”

Oyebode Odeniyi highlighted the need for better education as he wrote, “Our boxers need education on proper nutrition; it’s most likely she never even knew what she had taken to have tested positive for such.”

Fellow boxer Isaac Chukwudi simply described the news as “sad to hear,” while Tobiloba Chase called it “sad news for the Nigeria boxing federation.”

Some fans, like Usman, with the username @unknownsoja99, pointed to systemic issues within Nigerian sports.

“This signifies there is no standard medical team. If our fighters need urgent medical attention, only someone with medical knowledge can help the athletes avoid those substances,” Usman wrote.

“This Olympics is a show of genetic dominance. Nigeria cannot follow in combat sports due to a lack of sports labs and training facilities.”

Olabiya Olanrewaju directed his frustration at the Nigeria Boxing Federation, saying, “What’s up with our boxing board? Do you guys care about our growth in this country? How much do you examine boxers before disgracing them in public?

“Who is checking the intake of our boxers in camp? Who is checking them at home before presenting them out there? Shame on you all, big shame on you
guys.”

X-Kart series returns August 3

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The fourth leg of the first season of the X-Kart Race Series in Nigeria returns to the Work and Play Arena on Abeokuta Express Way, Ogun State, on Saturday, August 3, with a new team joining the challenge.

Team Larry was announced as the 12th team for the season, and they believe that joining the fray at the fourth race has nothing to do with their chances.

“I believe we have more chances as our racers are fresh and benefit from incorporating the weaknesses of all the other teams into their game plan. We are better prepared,” said the captain of the new entrant, Larry Bakare.

President of one of the two promoters of the X-Kart Series, Work and Play, Adeoye Ojuoko, said that the momentum being generated and the growth of the motorsports community has exceeded the expectations of Work and Play and its partner Metallic Horses.

“We started this project out of pure passion and as a way to encourage Nigerian youths to express their passion for Motorsports, especially aligning with international best practices under the laid-down rules of the FIA and other regulators.

“Now we are having inquiries from new entrants despite having gone mid-season already, and some sponsors are also showing interest when they saw the level of professionalism we are deploying at the event,” he added.

Despite defaulting in the last race of the series, Team X is still in the pole position with 40 points from two clear victories in races 1 and 2 of the series.

Team Work and Play, who lost the opportunity to move ahead of Team X on the ranking table, in the third race will be hoping for a redemptive performance. Team Harmony, the surprise entrant at race three, zoomed into fourth place (out of 11 teams), courtesy of their maiden win.

Other teams lurking to take their chances are GN128, Metallic Crushers, Naija Gear Heads (A and B), Elizade, OYSBA, TOSETT, and FAME.

Each race so far has been a 35-45 lap event held between the purpose-built racing tracks, the Work and Play Race Arena on Abeokuta-Shagamu Expressway, Abeokuta, and the Smokin Hills Golf Resort Racing tracks in Ilara Mokin, Ondo State.

Interest rates easing in developed economies will benefit startups – Verto CEO

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Co-founder and CEO of Verto, Ola Oyetayo, with a background in finance, consulting, and entrepreneurship, discusses the potential role of fintech in the ongoing bank recapitalisation with FELIX OLOYEDE

How will you assess Nigeria’s fintech ecosystem?

Nigeria’s fintech ecosystem is evolving rapidly, largely due to increasing mobile penetration and demand for digital financial services. Over the past decade, there has been a wave of innovative venture-backed fintech companies and this has really accelerated the adoption of their solutions by consumers, Given the highly entrepreneurial culture in Nigeria, I expect this trend to continue

What role do you think fintechs can play in the ongoing bank recapitalisation?

Fintechs can support the ongoing bank recapitalization by offering advanced technological solutions to enhance efficiency and expand access to capital at banks. Digital platforms and automation can streamline operations such as onboarding and transaction processing. Fintechs can also partner strategically with banks to develop innovative financial products and, thus, create new revenue streams and maintain their competitive advantage. Once capital has been raised and deployed, we will then likely see economic growth and lower interest rates, which should free up liquidity and further help the Nigerian economy.

What motivated you to go into the fintech space?

The idea for Verto was sparked back in 2017 when I saw a major opportunity to solve cross-border payment problems, especially for transactions involving emerging markets like Nigeria. I grew up and schooled in Nigeria and then moved to the UK, which is where I witnessed the challenges businesses that operate in emerging markets face, especially those that deal with Africa, given the structural challenges with liquidity and settlements in these markets. At the time, I was working a corporate job but was very familiar with the difficulties of making international payments to suppliers or sending money to family abroad. The process was ridden with inefficiencies, a lack of transparency, and high costs.

During a casual poker game with my eventual co-founder, Anthony, I vented my frustrations about these payment issues. Anthony was just starting his MBA and launching a prop-tech startup, and as a founder, he related to the problems I had described.

We both realised there was a huge unmet need for a solution that could enable faster, cheaper, and more transparent cross-border payments utilising digital technology. We decided to take the entrepreneurial leap and quit our jobs to build a disruptive fintech company.

So Verto was born out of our first-hand experiences dealing with the problems of international money transfers and payments. Our mission from day one has been to empower individuals, businesses, and organisations by making cross-border financial transactions seamless, secure, and cost-effective, especially in emerging markets that have been overlooked by traditional players.

What distinguishes Verto is its acute focus on emerging markets—a sector of the payments and fintech industry that is both vastly underserved and exceedingly fragmented. We offer five times cheaper FX rates than most banks, with a 53 per cent decrease in payment operations costs. In terms of speed and reliability, we can boast of a 95 per cent transaction success rate, with 99.8 per cent of these transactions processed in 24 hours. By tailoring our services to meet the unique demands of regions where traditional financial institutions may fall short, we have positioned our company as a transformative force in facilitating efficient and accessible global transactions.

Though headquartered in the UK, we proudly operate across four global offices, with team members located in Kenya, India, South Africa and Nigeria. Currently, our foreign exchange solutions are available in 49+ currencies, including exotic currencies like the Nigerian Naira, Kenyan Shillings, and the South African Rand, with payouts to over 170 countries.

How will you assess international payments in Nigeria?

The international payments landscape in Nigeria is characterised by a dynamic and rapidly evolving environment driven by increasing globalisation, technological advancements, and regulatory reforms. Traditional banks continue to play a key role, but we are seeing fintechs like ourselves gain traction in the international payments space by providing greater efficiency and lower costs for cross-border transactions.

Despite challenges, such as foreign exchange regulations, limited infrastructure, and cybersecurity concerns, the sector is growing, supported by rising demand for seamless, fast, and affordable international payment solutions.

Additionally, the CBN’s efforts to streamline foreign exchange policies and promote financial inclusion are contributing to a more robust international payment ecosystem.

Overall, the landscape is marked by significant opportunities for growth and innovation, positioning Nigeria as an emerging hub for international financial transactions in Africa. The upside is significant; the global B2B payments market is valued at $125tn, with Sub-Saharan Africa’s share estimated to be approximately $1.5tn, according to the World Bank.

The central bank has made some reforms regarding international money transfers. How has Verto been able to key into these?

Verto is a licensed international money transfer operator and, as such, has been able to help support the recent reforms by the CBN by ensuring remittances into the country flow through the formal channels, which has in turn helped provide much-needed liquidity into our foreign exchange markets.

Transborder payments are still a major challenge in Africa. How will this impact AfTCTA?

Cross-border challenges, such as high transaction costs and slow processing, can impact the implementation of AfTCTA by hindering trade across Africa, which in turn can limit the economic growth and integration that AfCFTA is aiming to achieve. This means that efficient cross-border payments are essential for facilitating trade within Africa and thus delivering on AfTCTA’s goals. It is worth highlighting that the AU and Afrexim Bank are looking to resolve this issue via the Pan African Payments Settlements Scheme, which is laudable.

How can the transborder payment challenge be tackled on the continent?

Africa is a continent teeming with potential, and it’s a rapidly growing hub for businesses of all sizes. However, the complexities and challenges of cross-border payments have long been a hurdle for businesses looking to operate in Africa.

Verto was born out of a vision to change that. We want to be the bridge that makes doing business in Africa seamless. With our platform, businesses from around the world can effortlessly conduct transactions with African entities, eliminating the friction that previously hindered such interactions.

Our adoption of cutting-edge financial technology allows us to overcome obstacles, streamline international payouts, and ease currency conversion, making frictionless cross-border payments a reality. For instance, our cross-border payment service is specifically designed to simplify the intricacies of payments. It enables companies to complete transactions swiftly, with full transparency and efficiency, thereby propelling their global expansion.

Funding for startups is thinning out in Africa. What is Verto doing differently to be able to attract the needed funding?

Verto’s expertise and offerings in our core market of Africa differentiate us from larger global players. We also offer a range of payment services on a user-friendly platform. We are backed by world-class venture capitalists and will continue to enjoy their trust as we grow the business. The support and confidence from these investors, along with our success in achieving key milestones, have enabled us to grow our operations, expand our team, and achieve approximately $12bn in annual transactions across 190+ payout countries. We are grateful for their belief in our vision and will continue to actively seek funding opportunities to further fuel our growth.

How is Verto coping with the infrastructure deficit in the country?

We are essentially a global fintech company. So most of our infrastructure is hosted outside the country. We, however, believe that the recent reforms undertaken by the current administration should help reduce the current deficit.

What role can blockchain play in international payment?

Blockchain technology can revolutionise international payments in Africa by providing a more efficient, secure, and transparent alternative to traditional banking systems.

Blockchain’s decentralised nature eliminates the need for intermediaries, significantly reducing transaction costs and processing times, which is crucial for cross-border payments, where delays and high fees are common when using traditional banking partners.

For Africa specifically, with its high mobile penetration and growing digital economy, blockchain can streamline remittances, boost trade by simplifying cross-border transactions, and foster economic growth by creating a more reliable and inclusive financial infrastructure.

Dollar scarcity in the country made it difficult for many businesses to fund international transactions last year. What is the situation currently?

Dollar scarcity over the past year has had an impact on businesses’ ability to fund international transactions. This dollar scarcity has been due to declining oil revenues and a reduction in foreign capital in the country. The result of this is that certain businesses have struggled to access foreign currencies for imports, raw materials and other international payments. The CBN has taken steps to manage the demand for FX, but certain companies still struggle to access the required dollars. The recent unification of the exchange rates and increased liquidity available through NAFEM have been quite instrumental in improving the availability of dollars.

What is the future like for Verto in the next 10 years?

We are intent on being the primary publicly-listed non-bank financial institution facilitating cross-border payments for companies doing business in Africa. Our path to achieving this consists of continuing to expand our footprint into other key markets, as well as ensuring that our products and services continue to stay best in class so that we can continue our fantastic service for businesses across Africa.

Do you have plans to set up a brick-and-mortar bank in the future with your vast experience in the financial sector?

Verto’s ambition is to be the primary non-bank financial institution for businesses doing cross-border payments in Africa. Whether or not this will require a brick-and-mortar bank will depend on broader trends and the demands of our clients. Normally, brick-and-mortar banks are focused on individual consumers, whereas Verto focuses on B2B payments. However, as always, we will remain agile and develop our strategy on how best to serve our clients’ needs.

How is the easing of interest rates in developed economies going to affect startup funding in Nigeria and other emerging markets?

The easing of interest rates in developed economies can be potentially beneficial to startup funding in Nigeria and other emerging markets. Lower rates may lead to more global investment capital seeking higher returns. This could potentially flow into emerging markets like Nigeria, boosting startup funding. Nigeria, with its dynamic and fast-growing startup ecosystem, could become a prime target for these investors seeking better returns. It’s important to acknowledge that the Nigerian government and financial institutions can play a crucial role in capitalising on this trend. Implementing policies that make it easier for foreign investors to participate in the Nigerian startup ecosystem could be a game-changer.

How will diaspora Nigerians participate in the ongoing bank recapitalisation?

Nigeria’s large diaspora population will most likely participate in the bank recapitalisation exercises by investing in the equities of the banks that choose to capitalise by offering new common equity or that carry out rights issues. Given the favourable exchange rates, they have significantly large purchasing power and I expect that they will continue to actively participate in the Nigerian stock exchange.

How has the hawkish stance of the CBN affected foreign inflows?

The Central Bank of Nigeria’s hawkish stance, with its higher interest rates, presents a double-edged sword for foreign inflow. While it can attract foreign investors seeking higher returns on Nigerian bonds and potentially stabilising the exchange rate, it can also come at the cost of making borrowing more expensive for local businesses. The CBN’s challenge lies in calibrating its stance to attract long-term foreign capital that fosters sustainable economic development while managing domestic inflationary pressures.

How do you assess the way the CBN has been tackling inflation in the country?

It is complex to definitively assess the CBN’s strategy. While it aims to control inflation, the impact on economic growth and addressing underlying supply-chain issues need to be considered.

US, UK, Canada issue security alerts, traders fear looting

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•Foreign missions foresee violence as FG, Obi differ on protest sponsors

The United States, United Kingdom and Canada have raised the alarm over the likelihood of violence during the planned August 1 #EndBadGovernance protest in the country.

The three countries, in separate travel alerts, cautioned their nationals in Nigeria to avoid getting caught in the confrontation that might occur between the security agencies and protesters, citing past incidences.

The advisories come as apprehensive market leaders in Abuja, Sokoto, Kano, Katsina, Ogun, Osun, Zamfara, Gombe and other parts of the country requested strong security around markets during the rallies.

Also in preparation for the demonstration, the police authorities have recalled all personnel on non-essential duties.

A memo dated July 25, 2024 and signed by CSP Okon Moses directed the withdrawal of riot policemen ahead of the protest.

The message titled, ‘Notification of temporary withdrawal of personnel for national assignment,’ read, ‘’In view of the planned nationwide protest, it becomes imperative to temporarily withdraw some of the personnel attached to you in order to muster sufficient officers to dominate the public space.

“This is part of the proactive necessary measures to enhance the operational capacity/capability of the squadron and your understanding in the above regard is highly solicited.’’

Force spokesperson, Muyiwa Adejobi, told The According that the personnel withdrawal was in line with the Inspector-General of Police’s directive.

He added that this was done to bolster the strength of the police, adding that the men would be deployed to fortify banks and other critical national assets.

He said, “The IG ordered the withdrawal of policemen from some beats to augment our strength. Those withdrawn are those on non-essential duties. We’re going to have men to fortify banks and critical assets. That is where we will have our men, we want our men to be back to base.”

The According reported that the military had cancelled leaves and passes for its personnel.

 In the past weeks, the organisers of the protest, under the #EndBadGovernance tag, have intensified the mobilisation of youths and civil society groups to participate in the rallies against the economic hardship in the country and the alleged failure of the Tinubu administration to address the people’s plight.

On assuming office in May 2023, President Bola Tinubu announced an end to fuel subsidy, promising to utilise the savings on infrastructural development, but the policy, compounded by insecurity in farming communities, sparked high transport costs leading to food inflation.

Tinubu also unified the foreign exchange rates to curb currency arbitrage and floated the naira resulting in a slump in the value of the national currency.

However, in the security advisory published on its website on Friday, the US Mission in Abuja advised Americans to avoid getting caught in the rallies.

The advisory counselled them to avoid crowds and demonstrations and monitor local media for updates.

The alert read, “According to media reports, nationwide protests may occur in Nigeria between July 29th and August 5th, 2024. Based on past occurrences, protests may involve roadblocks, checkpoints, traffic congestion and physical confrontations.  No specific times or locations have been identified for potential protests at this time.

“Actions to take: Monitor local media for updates; avoid crowds, avoid demonstrations, be aware of your surroundings, review your personal security plans and keep your cell phone charged in case of emergency; carry proper identification.

“The consular sections of Embassy Abuja and Consulate General Lagos will remain open during regular business hours and consular services will be provided as scheduled.”

Similarly, the UK High Commission said the protests could occur between July 29 and August 10 in Abuja, Lagos and other large cities.

It warned of the likelihood of violence during the rallies, noting that past protests turned violent with little warning.

UK warns citizens

It asked British citizens in Nigeria to exercise caution when travelling, avoid large crowds and gatherings and monitor media reports.

The advisory read, “Political rallies, protests and violent demonstrations can take place with little notice. Get advice on areas to avoid.

“Take care if you’re visiting crowded public places or attending events which attract large crowds. If you see a threatening or intimidating situation, do not try to make your way through it. Turn around and move to safety.

“Incidents of inter-communal violence occur frequently and often without warning throughout Nigeria. Although foreign nationals are not normally targeted, there is a risk you could be caught in an attack. Monitor local government announcements and media reporting.

“Widespread public demonstrations are a possibility across Nigeria between 29 July and 10 August, with a focus on large cities, including Abuja and Lagos. This period could see increased risks of disruption, with possible effects on transport and infrastructure.

“Past protests have turned violent with little warning. Exercise caution when travelling, avoid large crowds and gatherings and monitor local media reporting.”

The Canadian government equally alerted its citizens in Nigeria about the demonstrations, which it said could disrupt traffic and public transportation and “turn violent at any time.”

“Nationwide demonstrations are planned between July 29 to August 5, 2024. They could disrupt traffic and public transportation and could turn violent at any time.

“If you’re in Nigeria, expect a heightened security presence, remain vigilant at all times, avoid areas where demonstrations and large gatherings are taking place, follow the instructions of local authorities, monitor local media for information on ongoing demonstration.

“Demonstrations occur frequently, especially in central Abuja and other major cities. Even peaceful demonstrations can turn violent at any time. They can also lead to disruptions to traffic and public transportation,’’ the Canadian embassy stated in an updated travel advice published on its website on Saturday.

Meanwhile, the Presidency has challenged Peter Obi, the 2023 presidential candidate of the Labour Party, to lead the protest after he endorsed it on Sunday.

President Bola Tinubu’s spokesman Bayo Onanuga threw the challenge at Obi, who stated during a visit to Abia Governor Alex Otti that there was nothing wrong if Nigerians wished to embark on a protest to drive home their grievances.

He said, “Protest is allowed within the Nigerian Constitution. All I plead for is for those who are protesting to do so within the law and in a civil manner that allows us as a nation to show that we live within the law.

“Everybody knows that things are difficult and I always say that when they talk about the sponsors of protests, the sponsors are very simple, it is hunger, it is hopelessness among the youths. So, we all have to listen to what Nigerians are going through and I thank our Governor (Otti) for doing so. It is critical and important,” Obi stated.

He added, “What I have to say to the security agencies is to ensure that they manage the situation within the law. We should not try to be overbearing. It should be something that we do within the law.”

“Protest is allowed globally. And, I also say that people protest in my house and it is for us to listen to those who are protesting and why they are protesting and engage them. That is what governance is all about, you talk with them, and there is nothing wrong in that.

“I was governor for years and people protested and we kept dialoguing and deliberating about it.”

Reacting to the assertion by Obi, Onanuga, who had earlier accused the LP candidate and his supporters of being behind the impending nationwide protest challenged him to copy the example of former President Muhammadu Buhari and his successor, Bola Tinubu, who led protests as opposition leaders, instead of playing ‘the master puppeteer’ behind the scene.

Onanuga said in a short post on his X handle stated, “Now that Peter Obi has come out to endorse the planned protest by his supporters, he should do what President Tinubu and former President Buhari did in the past, by coming out openly to lead the protesters. That is what leadership is about. Not playing the master puppeteer behind the scene. He should be in the forefront.”

Speaking on the looming protest during a meeting with traders and stakeholders on Saturday, the acting Managing Director, Abuja Market Management Limited, Abbas Yakubu, called on the traders in the FCT to support the security agencies in ensuring the markets are not infiltrated by miscreants during the demonstration.

According to a statement on Sunday, the MD warned that hoodlums would stop at nothing to exploit any gathering to attack the market, whether peaceful or not.

Yakubu cited the attack on some shops and offices in Wuse International Market by suspected thugs in March, stressing that the market could not afford a repeat of such an incident.

During the March incident, suspected hoodlums torched about 10 shops and a police station after a Corrections Officer allegedly shot a convicted man, who was trying to escape.

Yakubu urged the traders to mobilise fellow traders and everyone with legitimate businesses to resist attempts at infiltrating the markets in the FCT.

The statement partly read, “Abuja Markets Management Limited has urged traders and other market users in the Federal Capital Territory to support its effort and that of the security agencies in ensuring that the market is not infiltrated by people of ignoble intentions in the guise of peaceful protest.”

“We have a history of protests and other incidents cascading into wanton destruction of properties in our markets; no responsible management or trader will fold its hand and wait for it to repeat.

“That is why we are urging you all to mobilise your fellow traders, the wheelbarrow pushers, your apprentices and everyone who has legitimate business in the markets to resist any attempt at infiltrating the market by hoodlums in the guise of protest,” Yakubu tasked the traders.

As a business environment designated for buying and selling, the AMML boss said the markets should be guarded by the owners and operators.

“We are just being proactive here to state emphatically that if you must protest, stay away from the markets.”

Traders protect businesses

In an interview with journalists on Sunday, the Chairman of the All Chairmen and Secretaries of FCT Markets and Plazas, Raphael Okorie, expressed worry that the nationwide protests would disrupt their businesses.

He said protesters usually attacked businesses, shops and markets during a mass action, resulting in losses for traders.

He added that arrangements were in top gear to protect their businesses following discussions with various security agencies, ahead of the protest.

Okorie noted, “As an association, we are not leaving anything to chance. We’ve been invited by the various security agencies on how to handle this, and we are openly saying that we don’t want to be part of the protests. We reject it. Instead, we are asking that leaders of the various groups who want to protest should dialogue with the government.

“Violent protests will never solve problems. Only dialogue will work, and I call on our members not to join (the protest). Instead, we call on them to protect their businesses and remain law-abiding. I believe President Tinubu is working hard to address these concerns,” he stated.

Ahead of the planned nationwide protest, market leaders in Sokoto State have held meetings with their members to discuss how to protect their investments against attacks or looting by suspected hoodlums posing as protesters.

A market executive, Mallam Abubakar Yusuf, confirmed the development to The According on Sunday.

“We have been having series of meetings with our people on how to ensure the protest doesn’t affect us negatively, especially when we talk of looting or others.

“I’m sure you know for security reasons, I shouldn’t be telling you our plan but be assured that we also have a plan to tackle the issue. We can’t let anyone in the name of protest loot our goods or make us a victim of protests,” he added.

To protect businesses during the demonstration, the Kano business community on Saturday constituted an ad-hoc security operation committee to provide adequate security across markets and business places during the protest.

A Kano business leader, Alhaji Sabi’u Bako, disclosed that they held an emergency meeting with representatives of major markets and supermarkets in Kano on Saturday.

He said the 20-member committee was inaugurated during the meeting attended by the Chairman, National Harmonized Traders Union, Alhaji Bature Abdul-Aziz.

Also speaking on behalf of the market leaders, the Chairman, Kantin Kwari Market Traders Association, Alhaji Balarabe Tatari, urged the youths to desist from engaging in acts capable of disrupting the peaceful atmosphere in the state.

According to him, despite the reports that the protest will be peaceful, adequate security measures must be put in place to protect Kano as the centre of commerce.

“In past cases, bad elements have penetrated (the protests), looted and destroyed property. I am appealing to the youths to put it at the back of their minds that Kano is their home and any attempt to make it inhabitable will lead to unforeseen circumstances.

“Kano is our state and we must all work together to ensure that whatever comes up is not aimed at breaking law and order,” he said.

The Managing Director, Kantin Kwari Textile Market Management Board, Alhaji Hamisu Nama, explained that the meeting was organised to share ideas on how to protect the markets.

He called on traders and other business owners at Kantin Kwari to comply with directives and contribute their quota in maintaining a peaceful atmosphere.

Also speaking, the Managing Director, Sabon Gari Galadima and Singa Markets, Alhaji Abdullahi, stated, ‘’We have contacted the Nigeria Police Force, local security, and relevant stakeholders regarding the need for security around the markets.

“We have informed our members to come out on the day of the protest to protect our business premises.”

In Katsina, the management of the State Capital Central Market has partnered with the police to beef up security at the market.

The market chairman, Shehu Abubakar, said the state Commissioner of Police, Aliyu Musa, promised to protect the facility.

“And our internal security alongside other security operatives were also mobilised to protect the market. This protest will not cause hardship to citizens, hence people are advised to enter the market through the three main gates without fear,” he said.

In Ogun State, anxious market leaders pleaded with the state government to beef up security at the markets.

The Iyaloja of Sagamu International Market, Chief Olasunmbo Bamidele-Nelly, said on Sunday that traders were apprehensive that the protest could turn violent.

“We are not in support of this protest because of its far-reaching effects on our markets and trades. In fact, the committee of market leaders in Sagamu Local Government has met and we have been saddled with the responsibility of enlightening our members and our children not to be part of anything that could affect our businesses.

“We know that markets could be a target for these protesters, so it will be good for the government to help ensure that the security around our markets is strengthened. This is very, very important,” she pleaded.

Similarly, the Iyaloja of Kuto Market, Abeokuta, Alhaja Isiwat Adewuyi, said, “Definitely, we will want the government to help protect our markets from being attacked.

“Already, the police have invited us for a meeting on Tuesday, so, this is part of what we shall be demanding from them because we are not in support of any protest and we would not want anyone to destroy our markets.”

On its part, the Association of Babalojas in Osun State said a meeting would be convened to strategise on market security during the rallies.

“There is no meeting yet, but we won’t allow anything to happen in our markets during the protest. For us to protect our wares, there must be a state meeting of market leaders where we will discuss how to protect our ourselves and our wares.

“We are going to act immediately and convene a meeting. We don’t want a situation where protesters will go into the market and loot our wares,” the association secretary, Chief Akinwande Olajire, stated.

However, some traders in parts of Lagos and Ogun states believe the proposed protest will not disrupt their business activities.

While some traders in the popular Akute market, Ogun State disclosed that they were unaware of the protest, others said it would not affect their businesses and daily routines.

Mariam Fatola, speaking on behalf of the leader of the fish sellers at Akute market, revealed that the association’s executives would meet on Monday (today) to discuss whether they would open for business during the protest.

She said, “I can’t say for certain yet. While our members are already discussing the protest, we need to meet tomorrow (today) to make a group decision. If we decide to stay open, I will be here.”

Despite public apprehension, some traders in Zamfara State said they were not expecting any negative developments during the demonstration.

Speaking to The According, a trader, Alhaji Buhari, stated, “To be frank with you, the traders in Zamfara are optimistic that nothing will happen to our businesses during the planned nationwide demonstration. The youths have assured us that they will guard our properties during the rallies.”

Another trader, Mohammed Mustafa, said the youths in the state would not participate in the protest.

Some officials across Gombe markets say they would rely on hunters to complement the efforts of the police in securing business centres across the state.

Speaking on condition of anonymity, an official at Tumfure market said, “We have always not depended on the police alone, we also pay hunters to secure our goods. We trust that they will do better during the protest.”

Another trader at Baban Kasuwa, a major market in Gombe, added, “Security is the business of everyone. We are not leaving the police to do the job alone. We complemented their efforts by recruiting hunters and vigilantes to prevent theft.”

Meanwhile, the Ogun State Governor, Dapo Abiodun, has called on the youths not to allow themselves to be used by “a confused movement sponsored by frustrated politicians who do not mean well for the nation.”

Abiodun also said that there was no need for the planned nationwide protest as there was room for youths to engage and dialogue with the government constructively.

The governor, who spoke on Sunday at the 22nd undergraduate and 13th postgraduate convocation ceremony of Babcock University, Ilishan, insisted the country had not gained anything from the past protests.

He said, “Which investor will be attracted to a nation that is under siege by protesters? Please, do not allow yourselves to be used by a so-called leaderless movement, sponsored by frustrated politicians who tried in the past and lost. We do not need protests. We must not gamble with our democracy. Let us dialogue.

“This current wave of inflation is biting everywhere. It is in the UK, US, Ghana and Egypt. So, it is not peculiar to Nigeria alone.

“I seize this opportunity to appeal to our youths to constructively engage with government in finding lasting solutions to Nigeria’s problems, rather than engaging in protest that may start peacefully but usually get hijacked and may lead to anarchy.

“What have we ever gained from protests, except losses in productivity, loss of lives, loss of private and government properties, looting and vandalisation of assets?”

Abiodun added that the Tinubu administration had to take bold and decisive steps to put the economy back on track, adding that the government had been in office for just one year.

Speaking in the same vein, the Minister of Niger Delta Development, Abubakar Momoh, called on Niger Delta youths to shun the protest.

Momoh described the protest promoters as faceless individuals residing outside the country, asserting that they aimed to destroy Nigeria.

Speaking in Bera Community in Gokana Local Government Area of Rivers State during the inauguration of water projects, he stated, “You saw the #EndSARs in Lagos. You can see the massive destruction that was done to Lagos. If the economy of Lagos is not a very strong one, it will be very difficult for them to recover.

 “And imagine, allowing such a protest to happen in places like this, and even in Port Harcourt and the Niger Delta region; who is going to lose? We are the ones who are going to lose. We are not as strong as Lagos.

 “Let me use this opportunity to appeal to the entire masses, particularly the traditional rulers, the youths and the women not to allow themselves to be deceived by anybody.”

Also, a former Governor of Taraba state, Rev. Jolly Nyame, claimed the protest was a plot to remove the democratically elected government through the back door.

Nyame, while addressing a gathering of Yoro youths and community leaders at the Catholic Pastoral Centre in Jalingo, warned the youths against the planned nationwide protest, saying the outcome may be difficult to contain, considering the challenges facing the country.

Oyo State governorship candidate of the All Progressives Congress in the 2023 election, Senator Teslim Folarin, also appealed to Nigerians to shelve the planned protests, saying “it is already hurting economic activities.”

Folarin, in a statement in Ibadan, the Oyo State capital, on Sunday, appealed to Governor Seyi Makinde to cut short his annual holiday at this point.

He said there was already panic buying and selling as the planned protest, which he said was likely to turn violent, would send a negative signal about Nigeria’s democratic stability, and further impact investors’ confidence.

No fewer than 500,000 youths from over 50 development associations in Ilorin, Kwara State, under the banner of Ilorin Emirate Youth Development Association, vowed not to partake in the proposed nationwide strike.

The national president of the group, Alhaji Babatunde Salau, called for further dialogue and understanding, urging the initiators of the protests to join the government in proffering solutions to the plight of Nigerians.

In a reaction to criticisms of the demand for the details of the protest organisers, Force spokesperson, Adejobi, said it was meant to facilitate effective communication, ensure the safety of all participants, and prevent unlawful activities.

The IG, Kayode Egbetokun, had on Friday directed the #EndBadGovernance protest organisers to submit their details, proposed routes, and assembly points to the commissioners of police in their respective states.

However, one of the organisers, Deji Adeyanju, argued there was no provision in the constitution to support the police request.

Reacting in a statement on Sunday, Adejobi said it was important to know the planners of the protests across the states to prevent a repeat of the 2020 #ENDSARS protests.

“In this wise, requesting the details of protest organisers and their leaders and the schedules of their protests which include location, period, routes etc, is a standard procedure to facilitate effective communication, ensure the safety of all participants, and prevent any unlawful activities,’’ the statement partly read.