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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.

Police acting like APC wing in Edo, PDP alleges

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The Edo State chapter of the Peoples Democratic Party has accused the police of being partisan and taking sides with the All Progressives Congress ahead of the September 21 governorship.

The Edo PDP Chairman, Tony Aziegbemi, who addressed journalists in Benin on Sunday, said the party was not comfortable with the disposition of the people.

Aziegbemi said, “This is to express our concern about the disposition of the police ahead of the September 21, governorship election in the state.

“The party has witnessed instances where the police acted in a manner that suggested that they are a wing of the All Progressives Congress.

“The operatives’ actions and inaction at the state and national levels paint a picture that they are working for the APC.”

Aziegbemi said a few weeks ago, the Deputy Director of Media for the PDP Election Campaign Council, Rev. Olu Martins, was invited and arrested by the police based on a petition against him.

He noted that Martins was subsequently arraigned in court and granted bail after meeting the necessary bail conditions set by the trial judge.

He added, “However, I, the chairman of the PDP in Edo State wrote a petition over comments by the chairman of the state’s chapter of the APC where he threatened to mobilise and lead youths to stone Governor Godwin Obaseki.

“A video evidence of this threat and an accompanying petition was submitted to the Commissioner of Police in Edo State.

“Surprisingly, no action has been taken on the matter since the petition was submitted unlike the swift manner in which the police responded to the petition against Martins.

“The police have also deployed a tactical team of policemen to arrest and harass at least 22 members and leaders of the PDP  who are currently under heavy surveillance.”

But the Commissioner of Police in Edo State, Funsho Adegboye, dismissed the allegation of bias by the PDP.

 “Whatever observations or comments anybody has should be directed to  Abuja,” Adegboye told our correspondent on Sunday.

Wema Bank unveils payment solution for MSMEs

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Wema Bank has unveiled a payment gateway for Micro, Small and Medium Enterprises in the country.

The platform named ALATPay, which offers a secure end-to-end shopping experience for customers and instant settlement for merchants, all via the merchant’s unique ALATPay link was unveiled in Lagos recently.

According to a statement from the bank on Sunday, the payment gateway offers a fully integrated system for business owners to display their products and services to customers worldwide on their ALATPay online storefront, accept payments across diverse channels, including debit cards, credit cards, USSD and direct bank payments, and get settled in local or foreign currency as applicable, all via a unique link.

The 2024 Informal Economy Report published by Moniepoint revealed that Nigeria was home to approximately 40 million MSMEs, of which almost 90 per cent were in the informal economy.

Revealing the big picture for ALATPay, Wema Bank’s Executive Director, Lagos Directorate, Oluwole Ajimisinmi, underscored the bank’s drive for empowering businesses and providing viable solutions for them to thrive and scale.

“The bulk of the economy comprises small businesses so creating and providing solutions that will empower them to thrive, maintain optimal productivity and actively contribute to the economy, is the goal for us. ALATPay is the future, and we are proud to do yet another major one in the financial services industry, positioning Nigerian businesses to seamlessly acquire transactions worldwide.

“With ALATPay, customers are not just getting access to the payment gateway, they are getting a full SME Toolkit, trainings, exposure, loan and trading facilities, all in one. This is our way of further empowering Nigerian businesses for success”, he concluded.

Highlighting the unique features of ALATPay, Wema Bank’s Divisional Head of Payment Business, Damola Bolodeoku, added, “A major value-added service that Wema Bank offers is the ability to collect payments in foreign currency. If a customer from the United States has picked items from a business’ storefront and paid with their USD Card, ALATPay allows the business to receive the payment directly in their USD Account in dollars. This is arguably a ‘first of its kind’ offering as most payment gateways only provide settlements in naira. Once your business is on ALATPay, you are able to start selling seamlessly, securely and internationally.

“The integration process on ALATPay is quite seamless and to maintain maximum security for both merchants and customers, we have fortified the platform with anti-fraud and money laundering tools to ensure that no bad players can access the platform. There is untapped potential in breaking boundaries for businesses and we are happy to pioneer this solution. ALATPay is not just a payment gateway, it is a comprehensive solution to promoting the growth and success of businesses in Nigeria and beyond”.

Falcons falter against world champions

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The Super Falcons lost 1-0 to world champions Spain in their second Group C match of the 2024 Olympics Women’s Football Tournament at Stade de la Beaujoire – Louis Fonteneau, Nantes, on Sunday, leaving the African giants on the brink of elimination, According Sports Extra reports.

Coach Randy Waldrum made two changes to the Super Falcons team that started the 1-0 defeat against Brazil, bringing in Bay FC forward Asisat Oshoala for Veronica Ihezuo, while Esther Okoronkwo was preferred to new PSG singing Jennifer Echegini.

The Super Falcons’ strategy was clear, and Spain started the game on the front foot, but as much as they controlled possession, the Falcons kept their coordination at the back, with all players dropping behind the ball when out of possession.

After Spain’s first chance in the 19th minute, Nigeria had a couple of chances to upset the world champions.

Esther Okoronkwo was the first to draw a save from Spain goalkeeper Cata Coll after she was freed by a through ball from Captain Rasheedat Ajibade.

A few minutes later, Ajibade was also set through on goal by Oshoala, but the Atletico Madrid forward’s hesitation didn’t allow her to get a final touch on the ball.

For all of Spain’s dominance, their most dangerous chance came in the 44th minute, but Chiamaka Nnadozie proved why she’s the best goalkeeper in Africa, pulling off a point-blank save to deny Alexis Putellas from turning in a cross. Before then, Chidinma Okeke had made a vital block in the area to prevent the Spaniards from breaking the deadlock.

The Spaniards started the second half the way they began the first, and their first chance came two minutes after the restart, but Nnadozie was not to be beaten at her near post by a left-footed Putellas.

Spain thought they had the breakthrough in the 53rd minute courtesy of Salma Paralluelo, but the Video Assistant Referee came to the rescue of the Super Falcons as the goal was ruled out for offside.

As they did in the first half, Waldrum’s ladies created chances of their own, and they could have hurt Spain on the counter in the 65th minute. Ajibade, however, missed again after being teed up by Oshoala on the edge of the box.

Nigeria endured a tough 15 minutes to the end of the game, surviving a goal-mouth scramble and Osinachi Ohale making a last-ditch block to keep the scoreline goalless in quick succession.

There was however no denying Spain in the 85th minute, and their breakthrough came from a superb Putellas freekick, which left Nnadozie hapless.

Ihezuo, who replaced Oshoala, had the chance to level matters for Nigeria in stoppage time, but the striker couldn’t beat Coll in a one-on-one situation, allowing Spain to take their tally in the group to six points with the 1-0 win.

Following Japan’s 2-1 win over Brazil earlier in the day, the Super Falcons are the only team in Group C without a win yet, putting their destiny in the hands of their opponents as they go into the last group game against the Asians on Wednesday.

 To advance, Nigeria need to beat Japan, hoping Spain will beat Brazil, and also nurse the ambition of picking one of the two best losers’ spots in the next round.

Edem slams critics after table tennis exits

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Nigerian table tennis player Offiong Edem says Nigerians should offer more support and not criticisms to athletes representing the country at the ongoing Paris Olympic Games, following the exits of Quadri Aruna and Omotayo Olajide in the men’s singles on Saturday, According Sports Extra reports.

Nigeria had a bad start in the table tennis event on Saturday with the two representatives in the men’s singles, Aruna and Olajide, crashing out after just one game each.

While Olajide’s 4-1 defeat against Iran’s Noshad Alamiyan didn’t come as a surprise, Aruna’s ouster was shocking as the African champion threw away a three-set lead and lost 4-3 against Romania’s Eduard Ionescu.

After winning the first three sets (11-8, 11-9, 11-6), Aruna was expected to close out the encounter in the fourth set, but a combination of his complacency and Ionescu’s resilience led to a brilliant comeback by the 19-year-old Romanian, who advanced to the round of 32 stage.

Perhaps in the wake of public opinions that trailed Aruna’s ouster, Edem jumped to the defence of her compatriots before her game against Brazil’s Bruna Takahashi on Sunday.

“It’s sad to note that many Nigerians fail to understand sports and how to develop them,” Edem wrote on Instagram.

“Instead of offering constructive support, they sit behind their keypads and type away, pouring out their frustrations on athletes who silently suffer yet strive to be their best. The Olympic Games are the biggest sporting event, and it’s a privilege to be here. All we need is support, not unnecessary criticism.

“Learn to understand that in sports, you win some and lose some. Stop criticising and support Team Nigeria, whether they win or lose. Period…..Peace.”

Nigeria’s last representative in the table tennis event, Fatima Bello, will be in action against France’s Jia Nan Yuan on Monday (today).

A defeat for Bello will mark an unceremonious end for the table tennis players, as Nigeria didn’t qualify for the team event and doubles.

Fitch upgrades FirstBank outlook to positive

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International rating agency, Fitch Ratings has revised its Long-Term Issuer Default Ratings of both FBN Holdings and its banking subsidiary, FirstBank, to positive from stable.

In a rating action commentary on its website on Thursday, Fitch said that the upgrade mirrored the recent revision done on Nigeria’s outlook, which moved from stable to positive and affirmed the IDR at ‘B-’.

Fitch said, “FBN and FBNH’s IDRs are driven by their standalone creditworthiness, as expressed by their viability ratings. The VRs reflect the banks’ high sovereign exposure relative to capital and the concentration of their operations in Nigeria. The Positive Outlooks on the Long-Term IDRs mirror that of the sovereign. The National Ratings balance a strong franchise, healthy profitability and a stable funding profile against high credit concentrations and thin capital buffers.”

The rating agency added that the reforms pursued by President Bola Tinubu; reducing the fuel subsidy and overhauling monetary policy, including allowing the naira to devalue by over 65 per cent, were positive for Nigeria’s creditworthiness and FX market liquidity but posed near-term macro-economic challenges for the banking sector.

According to the rating agency, FirstBank, which is Nigeria’s third-largest bank, (representing 10.7 per cent of banking system assets at end-2023), has a strong franchise that supports a stable funding profile and low funding costs, its revenue diversification is significant, with non-interest income typically exceeding 40 per cent of operating income.

However, the rating agency highlighted, “Single-borrower credit concentration is material, with the 20 largest loans representing 354 per cent of FBN’s total equity at end-1Q24. Oil and gas exposure (end-2023: 33 per cent of gross loans) is greater than the banking system average. Sovereign exposure through securities and cash reserves at the Central Bank of Nigeria (CBN) is high relative to FBNH’s Fitch Core Capital (FCC; end-2023: 334per cent).”

Of concern was also the fact that FBNH’s impaired loans (Stage 3 loans under IFRS 9) ratio increased slightly to 4.9 per cent at end-2023 (end-2022: 4.7 per cent) due to operating environment challenges.

“Specific loan loss allowance coverage of impaired loans was 40 per cent at end-2023. Stage 2 loans remain high (end-2023: 20 per cent of gross loans; concentrated in the oil and gas sector and largely US dollar-denominated) and represent a key risk to asset quality, having inflated due to the devaluation. Fitch forecasts the impaired loans ratio will increase moderately in the near term,” the commentary read.

Fitch expected capitalisation to improve moderately in the near term as a result of strong profitability and capital raisings to comply with FBN’s impending new paid-in capital requirement of N500bn.

“FBNH has healthy profitability, as indicated by operating returns on risk-weighted assets averaging 3.5 per cent over the past four years. Earnings benefit from a low cost of funding and strong non-interest income. Profitability improved notably in 2023 and 1Q24, primarily driven by FX revaluation gains accompanying the naira devaluation due to a net long foreign-currency position.

“FBNH’s customer deposit base (end-1Q24: 73 per cent of total non-equity funding) comprises a high share of retail deposits and current and savings accounts (end-1Q24: 78 per cent), supporting funding stability and low funding costs. Depositor concentration is fairly low,” the report concluded.