After a frustrating day at work or fight with your significant other, calling a friend to complain might seem like a good idea. 

Venting won’t help you manage your anger, though, according to a recent paper published in Clinical Psychology Review. 

Researchers studied how effective arousal-increasing activities, like venting or running, and arousal-decreasing activities, like meditation or yoga, are at calming a person down. 

They analyzed 154 studies involving more than 10,000 participants and found that arousal-decreasing activities were better at helping a person manage their anger. 

Next time you want to unload your problems on a friend, take a beat and consider meditating instead. 

Where am I placing my attention?

If you’ve never meditated before, it can be hard to know if you’re practicing in a way that will prove beneficial.

Jade Weston, a senior meditation producer at Ten Percent Happier who has been meditating for 15 years, offered CNBC Make It three guiding questions you can ask yourself while practicing:

• Where am I placing my attention? Take note of where your mind wanders and try to refocus it on your breath. 
• How am I feeling right now? Think about what mood you’re in. Don’t try to change it, just take stock of how you’re feeling.
• What is my intention? Remind yourself why you wanted to pursue meditation. This can motivate you to continue.

Answering these questions can help you feel more present in the moment. 

’15 to 20 minutes will give you just the changes that you need’

You don’t have to meditate for a long time in order to see positive results, Vishen Lakhiani, a meditation expert and CEO of Mindvalley told CNBC Make It. 

Lakhiani recommends meditating for no more than 20 minutes a day. But, sometimes, you only need one minute to reset. 

“For most people, 15 to 20 minutes will give you just the changes that you need,” he said. “You can take a one- to three-minute dip into peacefulness, and you can see remarkable results.”

A few minutes of silence could help lower your frustration levels, more so than ranting to a relative.

CNBC

Two days after the Nigerian Electricity Regulatory Commission (NERC) approved increase of electricity tariff for customers under the Band A classification, the Federal Government has hinted that a similar measure would be extended to others.

Speaking at a briefing in Abuja on Friday, Minister of Power, Adebayo Adelabu, said the recent increase in electricity tariff is a pilot in phasing out of electricity subsidy in the country.

He said the government plans to remove all subsidies in the sector to allow the thriving of investment in the power sector.

The Minister said: “This tariff review is in conformity with our policy thrust of maintaining a subsidized pricing regime in the short run or the short term with a transition plan to achieve a full cost reflective tariff for over a period of, let us say three years. I have mentioned it in a couple of media briefings that it is because of government sensitivity to the pains of our people that we will not make us migrate fully into a cost reflective tariff or to remove subsidy 100 percent in the power sector like it was done in oil and gas sector.”

“We are not ready to aggravate the sufferings any longer which is why we said it must be a journey rather than a destination and the journey starts from now on, that we should do a gradual migration from the subsidy regime to a full cost reflective regime and we must start with some customers.

“This is more like a pilot for us at the Ministry of Power and our agencies. It is like a proof of concept that those that have the infrastructure sufficient enough to deliver stable power of enjoying 20 hours of light to be the ones to get tariff add.”

The Minister added that the N225 kilowatt per hour Band A customers are charged as little in relative to the N500 they pay for alternative energy like diesel and others.

While explaining that Nigeria is experiencing a subsidy pricing regime where the government provides a large portion of the generation, transmission and distribution cost, he said the government was formerly subsidising 67 percent of the cost of electricity.

“The government would have paid N2.9tr for 2024. This is more than 10 percent of the national budget. It will be insensitive on our part to compel the government to pay such subsidy when we have other competing issues the government needs to fund.”

Daily Trust

Islamic Movement of Nigeria (IMN) popularly known as Shiites has alleged that four of its members were killed by the police in Kaduna on Friday.

Speaking with reporters after the incident, Aliyu Tirmiziy, one of the leaders of the IMN, said 20 others were also injured.

Tirmiziy said they were protesting to show support for the people of Palestine when the police came to disperse them.

“We usually come out on the last Friday of every Ramadan to protest peacefully and show our support to the people of Palestine for the inhuman treatment they are being forced to face as is being done by others across the globe,” he said.

“We usually have a peaceful procession but this time around, as we were about to start, the police came and threw tear gas at us and started shooting and in the process, four of our members were killed while 20 were injured.”

The incident caused panic among residents of Kaduna, especially traders along the Ahmadu Bello Way who quickly closed their shops and ran to safe areas.

However, Mansir Hassan, spokesperson of the Kaduna police command, said no one was killed, noting that no live ammunition was used to disperse the protesters.

He said three police personnel were injured during the incident and are receiving treatment at a clinic.

“We got the information that the members of the proscribed IMN were going to hold a massive protest in the state and the command deployed its men to most of the strategic places to stop them from blocking the road, especially, Ahmadu Bello Way, Kaduna,” Hassan said.

“On sighting our men, the IMN members started throwing stones, catapults, and locally made guns against our men, which led to three of our men sustaining injuries and are now receiving treatment at a police clinic.”

The police spokesperson said eight suspects have been arrested, adding that three locally fabricated guns, catapults and locally made weapons were recovered.

Hassan challenged the IMN to produce the corpses of those killed.

“If they claimed four of their members were killed, where are the bodies and which hospital were they taken to?” he added.

“How can we identify them? Our men did not use live ammunition but only used teargas to disperse them.”

The Cable

ISREALI REPORTS

IDF: IDF artillery struck the sources of the rocket fire toward Israel last night; the IDF is continuing to dismantle Hamas’ military capabilities in Khan Yunis

Last night (Thursday), rockets were fired from the Gaza Strip toward Ashkelon, Kfar Aza, and Sderot. In response, IDF artillery struck the launch areas in the northern Gaza Strip. IDF fighter jets struck a number of terror targets in the launch areas, including launch pits, operational meeting points, and terror tunnel shafts.

IDF troops are continuing to dismantle Hamas’ military capabilities in Khan Yunis. IDF tanks struck a compound rigged with explosives, located military equipment and guns, and destroyed underground terrorist infrastructure. Also, an IDF fighter jet struck and eliminated two terrorists located in a military compound. Furthermore, in another activity, IDF tanks and aircraft eliminated a number of terrorists and IDF troops located weapons in the area.

IDF troops are continuing to operate in the area of Al Amal in Khan Yunis, where the forces located grenades and improvised explosive devices in incriminated compounds during a targeted raid.

IDF fighter jets struck a number of compounds rigged with explosives in the area of IDF troops. Over the past day, IDF fighter jets struck over 30 terror targets in the Gaza Strip, including military compounds, terror tunnels, command centers, a weapons storage facility and additional military infrastructure.

Attached are photos of IDF activities in the Gaza Strip: https://IDFANC.activetrail.biz/ANC050420240283

Attached is a video of IDF strikes in the Gaza Strip: https://bit.ly/3VN4m1c

** IDF: A short while ago, IAF fighter jets struck Hezbollah terror infrastructure in the area of Zibqin along with Hezbollah military compounds where terrorists operated in the areas of Yarine and Ayta ash Shab in southern Lebanon.

Earlier today, IDF soldiers struck a Hezbollah observation post in the area of Chebaa in southern Lebanon. Additionally, a Hezbollah military site was struck in the area of Kfarhamam yesterday (Thursday).

Attached is a video of the strikes: https://bit.ly/4ahKrvw

** IDF: A short while ago, IAF fighter jets struck a military compound of the Amal Movement where a number of its terrorists operated in the area of Marjaayoun in southern Lebanon.

Throughout the war, the Amal Movement operated against the State of Israel and planned to carry out an additional attack on Israeli territory in recent days.

Earlier today, IDF soldiers identified a terrorist carrying out drone observation activity in order to direct launches toward northern Israel. The soldiers directed an IAF aircraft that struck the terrorist.

Over the past few hours, IDF fighter jets struck Hezbollah terror infrastructure in the areas of Kfarkela and Tayr Harfa, and military compounds in the areas of Meiss El Jabal and Blida in southern Lebanon.

Attached is a video of the strike on the military compound of the Amal Movement where terrorists operated: https://bit.ly/4cIDxRH

Attached is a video of the IDF strikes in southern Lebanon: https://bit.ly/43JfD4x

** IDF: "This is a tragedy. It was a terrible chain of errors and it should never have happened. The IDF takes full responsibility for this regrettable loss of life."

Attached is a video announcement in English by the IDF Spokesperson, Rear Admiral Daniel Hagari, regarding the summary of the Fact Finding and Assessment Mechanism investigation into the incident in which seven employees of the WCK humanitarian aid organization were killed in the Gaza Strip: https://bit.ly/3xq7G8e

HAMAS’ REPORTS

Al-Aqsa Martyrs Brigades. Our Mujahideen are engaged in violent clashes with live bullets and explosive devices for the Nazi forces storming the Nur Shams camp.

** Al-Quds Brigades - Tulkarm Battalion: “Our Mujahideen in the Tulkarm Battalion are engaged in armed clashes with the occupation forces storming the Nour Shams camp with heavy bullets and explosive devices.”

** Al-Aqsa Martyrs Brigades - Nablus:

With God's help and strength, our heroic fighters this morning fought fierce clashes with the occupation forces storming the "New Askar Camp" with machine guns and explosive devices.

** Spokesman for the Al-Quds Brigades in the West Bank, Abu Ahmed

We continue to remain steadfast in the face of the clear war of annihilation that the enemy continues against our people since the beginning of Operation Al-Aqsa Flood.

We went to open war in support of our mujahideen in Gaza, in victory for the blood of the oppressed, and in loyalty to our prisoners.

Our mujahideen throughout the governorates of the West Bank destroyed dozens of vehicles of the defeated army, and we damaged hundreds, thanks to God.

** Hamas:

We welcome the adoption by the United Nations Human Rights Council of a resolution prohibiting the export of weapons to the criminal Israeli occupation, and calling for it to be held accountable for the war crimes and crimes against humanity it commits in the Gaza Strip.

We consider the decision an important step on the path to pressuring the occupation to stop its barbaric and destructive war against civilians in Gaza.

IDF/Hamas Brigade al-Qassam

RUSSIAN PERSPECTIVE

Russian military reports massive Ukrainian drone incursion

The Russian military intercepted more than 50 drones overnight, including 44 over Rostov Region, the Defense Ministry reported on Friday morning. Local officials said an electric substation was damaged during the Ukrainian raid.

The attack happened in the Morozovsk district of Rostov Region, which is located some 190km west of the administrative center, Rostov-on-Don, Governor Vasily Golubev said on Friday. The region is located closer to the front line.

According to the ministry, air defenses also engaged Ukrainian unmanned aircraft over Saratov, Kursk and Belgorod regions, with a single drone intercepted over each. Six more were intercepted over Krasnodar Region.

The head of Saratov Region, Roman Busargin, reported that the city of Engels, which hosts a major air base, had come under attack. No damage was caused, he said.

Governor Roman Starovoyt of Kursk Region reported strikes by two Ukrainian drones in a village. Some buildings and cars were damaged, but nobody was injured.

Kiev has ramped up its drone attacks against targets deep inside Russia in the past month. Causing damage to oil infrastructure is now one of its priority goals.

According to The Guardian, Ukrainian special services claim they had “no choice” but to do this, since the country had no way of achieving any progress on the battlefield.

The issue was raised this week during a joint press conference by US Secretary of State Antony Blinken and French Foreign Minister Stephane Sejourne in Paris. The US diplomat stressed that the Americans “have neither supported nor enabled strikes by Ukraine outside of its territory.” The French official stated that Ukraine was “acting in self-defense” and thus “there is hardly anything to say” about the attacks.

CNN reported this week that foreign partners are assisting Kiev with programming flight paths and overcoming jamming in its long-range drone operations.

WESTERN PERSPECTIVE

Ukrainian forces try to hold Russians back from stronghold in east

Fighting raged on Friday between Ukrainian and Russian forces near the town of Chasiv Yar, a Ukrainian stronghold in the east, but Kyiv denied that Moscow's troops had reached the suburbs.

Russian forces are inching forward in eastern Ukraine after capturing the bastion town of Avdiivka in February. Kyiv's soldiers are trying to dig in, facing long-term shortages of artillery shells with U.S. aid stuck in Congress.

Ukraine has needed the U.S. arms package for months in its fight with a much larger and better armed foe, and had hoped House of Representatives Speaker Mike Johnson would unveil an aid bill next week that would clear the Republican-controlled chamber.

But Republican infighting has created pressure to postpone it again.

A rapid Russian advance on Chasiv Yar, a heavily fortified town with a pre-war population of 12,200 situated west of the ruined, Russian-occupied city of Bakhmut, would be a grim setback for Kyiv.

Russia controls around 18% of Ukrainian territory and has stepped up its long-range strikes on energy infrastructure in recent weeks, causing large-scale outages.

Russia's RIA news agency cited an official as saying Russian troops had entered the suburbs of the town, which Moscow sees as an important staging point for Kyiv's troops.

Andriy Zadubinnyi, spokesman for Ukraine's eastern military command said the report was untrue and that fighting continued. He told Reuters the situation was "tense".

On Thursday, Serhiy Chaus, the mayor, said the situation in Chasiv Yar was at its most difficult since Russia began its full-scale invasion more than two years ago, in comments broadcast by the Espreso TV channel.

RUSSIAN WARPLANES DESTROYED, UKRAINE SAYS

Ukrainian President Volodymyr Zelenskiy said on Thursday that Ukraine had managed to stabilise its positions and that "given the shortage of shells and a significant slowdown in supplies, these results are really good".

Zelenskiy has said Russia may mount a new offensive in late May or summer, but that Kyiv has a battle plan of its own.

As Ukraine has gone onto the defensive, it has deployed hundreds of long-range drones to attack targets deep inside Russia.

A Kyiv intelligence source told Reuters that Ukraine's SBU security service and military had attacked an air base at Morozovsk in the adjoining Rostov region, destroying six Russian warplanes.

Reuters could not independently verify the claim. The source did not say how the attack was conducted but said eight more warplanes had also been damaged.

Russia's RIA news agency cited the Russian defence ministry earlier as saying air defences had downed 53 Ukrainian drones overnight, most of them over the Rostov region.

The source said the air base had been used by Russian tactical bombers that had fired guided bombs at Ukraine.

RT/Reuters

We recently asked the BuzzFeed Community to give us tips on staying safe in hotels while traveling solo. Here are the eye-opening and helpful results:

1. "Lock every lock that is on the door. I also keep the 'do not disturb sign' throughout my stay because I don't want anyone in there with my things. That said, if I have valuables, I still hide them somewhere if I don't take them with me."

"Also, not necessarily a safety tip, but check for bed bugs. Better be safe than sorry."

—flubber7777

2. "As a woman who travels solo for work often and has been in many uncomfortable situations, this is my advice: Avoid first-floor or street-level rooms, especially those with sliding or balcony doors. The anxiety of someone entering through those doors is too much."

"If you’re staying in a street-level room, make sure the shades or curtains are closed."

—JerseyJ619

3. "If the front desk ever says your room number or any personal info, out loud at check-in, ask for a different room. THIS makes it so easy for predators to find you easily."

—joscelynem

"All you have to do is politely ask, 'Actually, can I please change rooms?' Just because everyone in earshot now knows where you will be staying, that could be very dangerous."

—radiantpunk19

4. "If you have an issue with your room, and they want to see the issue with you, tell them to check for themselves while you wait at the front desk. I had a room issue and felt cornered when the front desk attendants were in the room with me."

—joscelynem

5. "If parking a car in a lot adjacent to the hotel, ask for an escort to the hotel. You never know what/who is lurking while you're on that walk and will likely catch you off guard while you try to juggle your luggage."

—joscelynem

6. "Trust your gut. If anything seems off, workers seem shady, get out if you can. Also, let someone know where you are. Share your location with them, and let them know you're nervous. And have a contingency plan set up with them."

"I've texted my best friend that if she doesn't hear from me by X time, call the cops. Here is my room number. Please have them do a wellness check. I've also preemptively called the police to alert them that there seems to be a shady vibe, and I'd like them to visit the hotel — and if anyone calls about me, it's because I told them I didn't trust my surroundings. Stay safe out there, everyone! Travel is fun, but it is also incredibly stressful when you don't feel safe!"

—joscelynem

7. "If you're using room service, take the food yourself at the door. Yeah, paranoia, but once a stranger is in your room, that door is locked, and you're alone with a stranger. I'm a guy, and it still scares me."

"And maybe this is health, not safety, but do not put the ice from the hallway ice dispenser in your drinks! When was the last time you saw one being cleaned?"

—angelicduck46

8. "Always use the deadbolt. It happened to me several times when the front desk assigned me a room that was already occupied, or someone tried to enter my room. Avoid Murphy doors if possible; if you get one, put a nightstand or chair in front of it."

"Know where the emergency exits are in case of an emergency in the middle of the night. It gets chaotic if alarms go off and people run around lost. Don't use the glasses or coffee pot. They never get cleaned, or at best, they are wiped with a dirty rag that just cleaned your toilet."

—sarac4574b3b4f

9. "Don't get distracted by burying your face on your phone when walking. Keep your head on a swivel. And take a lot of pictures!!! Street signs you pass, buildings around, license plates of cars that make you 1% suspicious, or people making you feel uncomfortable.

"You may just delete them after the trip if all is well, but if you need them, you’ll want them."

—savorytree93

10. "Make reservations for two people (this includes restaurants as well). Staff and owners will always assume two people are in the room. I've even asked for extra towels for my 'fiancé.'"

—Anonymous, New York

"When asked how many room keys you'll need, always say two (or more), or make sure to ask for two keys before they ask/give you any. This lets others listen in that there will be someone else coming that will need the other room key."

—54, Michigan

11. "Use Google Maps/Google Earth to look at the street view of wherever you are considering staying. 'Walk' up and down the street. Make sure it's well lit, that there aren't run down buildings, that there aren't dead-end streets, etc. There have been plenty of hotels I thought looked lovely from the photos, but once I Google Earthed them, it was clear it was in a shady area."

—Anonymous, New York

"Google Street View is useful for me when vetting out places to stay, especially in cities. Seeing what the surrounding area looks like is usually a good indication of how safe it is as well as the parking situation."

—32, Michigan

12. "Check everything the second you get to the room. Make sure there is nobody in the closet, shower, behind the curtains, etc. People are creeps. Check for cameras as well. Then, check the bed for bedbugs, as those will not make your trip fun."

"As I write this, I am on a bus en route to a hotel for a work trip, so I am about to put these things into action myself."

—Anonymous, Connecticut
13. "Always pack one of those little rubber door stops in your bag. Wedge your door with it when you're in your hotel room to stop people from getting in. They are cheap, small, and light to carry but give you great peace of mind!"

"Oh, unmarried women might want to consider wearing a wedding ring and inventing a fake husband who is 'on his way to meet her' if any random men ask her who she is traveling with."

—46, UK

14. "ALWAYS lock hotel doors. Even if you are gone for only a few minutes, lock your door so you and your belongings stay safe."

—Anonymous, 27

"Invest in a travel door lock for your hotel/hostel door. They fit most doors and provide extra security so no staff (or criminals) with universal keys can access your room."

—lesliec21

15. "If it's late, you've been drinking, or if you simply get on an elevator, and there's one other 'sketchy' person who has already pushed your floor number, push the floor above or below and take the stairs. Alternatively, exit on that floor and catch another elevator to yours."

—59, New York

16. "I was a flight attendant for 25 years. I always used the hotel ironing board against the door when I was in the room, along with the 'do not disturb' sign."

—58, Florida
17. "For women, especially: Cover the peephole! I always put a piece of toilet paper in it because, in some hotels, you can see in the room from the outside through it."

—Anonymous, Virginia
18. "Check the windows and all doors first — make sure they lock. I used to travel for work and sometimes in very remote places. If they do not lock, immediately ask for a room change. Safety is a priority. I used to travel with a steel bar to put in the track of a sliding glass door, window, etc."

—49, USA

19. "Choose a place close to restaurants, stores, etc., so if you need something at night, you're nearby. Of course, read reviews and comments, and choose a place in a safe area."

—42, USA
20. "I do a lot of small trips alone frequently due to college. Recently, I went to Florida to visit a friend, and while we stayed together, we're both women in our early 20s, which is daunting in an unfamiliar area. Always tell people in your family where you're going. She told hers, and I told mine — address and everything. We even did a shared Life360 (a location-sharing app) for the both of us just in case we separated."

"We also kept the key we had hidden; it was never visible for others to see. When I travel alone, I always keep the curtains closed, even during the day, especially if I'm not there. It just ensures that anything in your room can't be seen."

—21, USA

And finally...

21. "Don't get a room by the stairwell. It's well known that in case of an attack/assault, the perpetrator can escape quickly or access your room quickly, too. Also, don't get a room beside or across from the elevators! It seems obvious, but front desks always want to put clueless people there if they can get away with it. It will never not be noisy, and you will get little sleep. Too many times, BTW."

"If you have sliding doors or windows, always check that they are locked. I have found them unlocked more times than I can count."

—angelicduck46

Buzzfeed

An Italian woman with no direct heirs left all her €5 million ($5.4 million) fortune to her Albanian caretaker, completely blindsiding the 10 nephews who were expecting the inheritance.

Maria Malfatti, a descendant of one of the most famous families in Rovereto, a town in Italy’s Trento province, died last November at the age of 80.

A descendant of Valeriano Malfatti, a former mayor of Rovereto and vice-president of Vienna’s Parliament, the woman owned a number of valuable assets, including several apartments, a historic building in the town center, as well as significant sums of money kept in bank accounts.

However, Maria Malfatti had never been married and had no children to leave the family fortune to, so her nephews stood to inherit everything. Only the woman apparently had other plans, as she decided to leave everything down to the last cent to the woman who had cared for her over the last few years, an Albanian national.

It’s unclear what the relationship between Maria Malfatti and her nephews was like, but the woman’s relatives were definitely shocked to learn that they had all been snubbed in favor of the woman who had worked as the octogenarian’s caretaker.

After the late woman’s will was read, they contacted lawyer Luca Fedrizzi and filed a case to have the Malfatti fortune frozen, claiming that the late Maria Malfatti had lost her senses due to old age and had been taken advantage of by her Albanian caretaker.

The late woman’s nephews are convinced that the caretaker appointed herself as the sole heir of the Malfatti fortune, completely taking them out of the will. A judge agreed to freeze all assets – considering that the risk of them being sold was too great – while an investigation sheds light on the situation.

This wouldn’t be the first time that someone snubbed their relatives, especially if they had been ignoring them and just waiting for the inheritance to fall in their lap. Earlier this year, a Chinese woman left her $2.8 million fortune to her pets, excluding her three children out of the will because they had neglected her.

Oddity Central

Manufacturers Association of Nigeria has said that its members have lost at least N1.5tn in the last six months to forex-related transactions.

Director-General of MAN, Segun Ajayi-Kadir, made the disclosure to The PUNCH in an exclusive interview on Monday.

The revelation came amid dissent by manufacturers that contrary to claims made by the Central Bank of Nigeria that all valid forex requests had been cleared, several manufacturers still have pending dollar requests, some of which have been left unattended for an extended period.

Two weeks ago, the CBN announced it had successfully cleared all valid foreign exchange backlogs, effectively eliminating a legacy burden.

The announcement was made by the bank’s Acting Director of Corporate Communications, Sidi Ali.

The bank said it completed payment of $7bn, resolving obligations to bank customers, thereby clearing the residual balance of the FX backlog.

The statement partly read, “The Central Bank of Nigeria has announced that all valid foreign exchange backlogs have now been settled, fulfilling a key pledge of the CBN Governor, Olayemi Cardoso, to process an inherited backlog of $7bn in claims.

“Clearance of the foreign exchange transactions backlog is part of the overall strategy detailed in last month’s Monetary Policy Committee meeting to stabilise the exchange rate and thereby curb imported inflation, spurring confidence in the banking system and the economy.”

However, in an exclusive interview with The PUNCH, President of the Manufacturers Association of Nigeria, Francis Meshioye, said the forex requests by his members were yet to be cleared.

According to Meshioye, the lingering status of the forex requests by manufacturers, which remains unmet, has taken a negative toll on many businesses.

Meshioye said, “Surely not. They have not cleared it. We know there are a lot of issues surrounding forward contracts, especially forex that is due to be paid. The agreement is that the money (forex) should be paid at a future date, and the future date has passed.

“They are in arrears. This is a concern to the manufacturers because it has a lot of effects, not only on the manufacturers but the country as a whole. In the first instance, you will lose your credibility.”

To address the issue, a stakeholder meeting comprising NACCIMA, MAN, the affected banks and customers was convened by the Minister of Industry Trade and Investment at the Bank of Industry in Lagos on March 21, 2024.

The meeting, however, failed to comprehensively address the concerns of the affected businesses. The CBN, which appointed Business Management Consultant, Deloitte Nigeria to oversee the settlement of the forex backlog, said the requests that were not attended were deemed invalid.

According to Ajayi-Kadir, the N1.5tn forex-related losses incurred by the manufacturers in the last six months have revolved around interest payments that have accrued as a result of the Central Bank of Nigeria’s delay in settling outstanding forex forward contracts.

Other factors that have contributed to the loss include excess payments made for import duty assessment and the rapid depreciation of the naira during the first quarter of the year.

Ajayi-Kadir added that many manufacturers are unable to produce due to the inability to import new raw materials, having defaulted in settling their outstanding dollar debts.

He expressed regret that some of the manufacturers’ funds have been left hanging for more than 18 months, a development that has been fraught with disastrous consequences.

He said, “Within the last six months, our companies have incurred not less than N1.5tn in forex-related transaction losses. By the time our results are out for Q1, in terms of the performance of companies, this will be very clear.

 “So, you cannot imagine a situation where the CBN is completely insulated from this challenge because they have fully received the naira cover for the forward purchase. The banks are also collecting interest on their naira credit facilities to manufacturers. The corresponding bank outside the country is also earning interest on the dollar component. And, until they pay what they owe, they cannot go for fresh raw materials, because you’ll be seen as a bad customer.

“Whenever you have something like this, it affects the supply chain — productivity, your loan repayment schedule, employment target and the contribution of the sector to the GDP will be compromised. Whenever something like this happens to manufacturers, it has serious implications for the logistics value chain.

 “It impacts security and of course, the level of well-being reduces because, wherever you can, you have to pass the cost to the consuming public. That is when you are even able to produce. When the financials for the first quarter are out, you will see that it is a dire situation for the manufacturing sector.”

Speaking further, the MAN DG said that sequel to the earlier consultation held at the behest of the Federal Ministry of Trade, Industry and Investment, further consultation will be held with the National Assembly to explore a viable solution to the unsettled forex forwards.

Reacting to the claim by the apex bank that the requests which were not settled were deemed invalid, Ajayi-Kadir faulted the argument, insisting that neither the CBN nor its agent (Deloitte) had communicated to the banks the criteria through which the determinations on validity were made.

He called on the CBN to reassess the requests to avoid any possible pushback in the form of litigation on the part of the manufacturers, which may further worsen the already dire situation.

He added, “It is a very difficult situation for manufacturers. You can imagine, some of these forwards are more than two years old. The point is that some of those transactions had been concluded.

 “The raw materials had been imported, the raw materials have been used to produce goods. Those goods have been sold. The account has been closed for that financial year. So, the situation we are having now is that we are still paying interest both on the naira and the dollar debts because most manufacturers borrowed money to deposit for the forex in the first instance. When the corresponding bank of your local bank, that is the one abroad pays the dollar on your behalf, you pay interest as well.

 “So, manufacturers have continued to pay because the matter has not been fully vacated. That means that the dollar has not been fully paid back by the CBN, which is the forward nature of this transaction. The situation now is such that it undermines our capacity to operate. Most of our members who get their raw materials and use them as a basis for production to generate funds to be able to make another round of production are having it difficult. They are piling up interest rates that they are paying.”

Asked about the basis for arriving at the N1.5tn loss, Ajayi-Kadir said the losses were incurred through interest payments on unremitted dollar debts, excess payments on import duty assessment, and the depreciation of the local currency.

He lamented that the loss had put the manufacturing sector in a state of distress and that more factories may close if the situation is not resolved.

“Going to court may be a last resort, but it’s not something that I  believe is in anybody’s particular interest. You know how the judicial system works. We are already saying that the forward has taken one year and a half. I don’t know how long this one is going to take, knowing that it can go through all the different layers of the judicial process.

 “So I hope that it will not get to that. I am not ruling it out, but I am saying that I am confident that it shouldn’t get to that and that we should be mindful of the implications on the national economy,” he said.

Punch

At the backdrop of a huge discrepancy between the number of feeders covered as Band A customers by electricity distribution companies (DisCos) and what was approved by the Nigeria Electricity Regulation Commission (NERC) the DisCos are now making moves to return more of their consumers to Band A to charge the new tariff.

Vanguard learnt that the DisCos had recorded 1,100 feeder coverage areas for Band A but NERC said the actual coverage area for the new tariff was only 480.

A source in one of the DisCos in Lagos told our correspondent that they are now working on increasing the number of Band A consumers to return those earlier removed by NERC back to Band A.

Recall that the NERC, on Tuesday, hiked electricity tariff, for Band A customers by 240 per cent from N68 per kilowatt hour to N225/kWh.

Band A customers are those who receive an average daily supply of electricity supply of 20 hours or more. With the new order issued by NERC, Band A would no longer enjoy Federal Government subsidy on electricity.

Meanwhile, the new tariff regime is expected to reduce subsidy costs by N137.1 billion per month following the decision to raise tariff for about two million consumers by 230 percent.

Vanguard

Kano State government has filed an eight-count charge against Abdullahi Ganduje, former governor of the state, for allegedly collecting $200,000 from a contractor.

In a charge sheet filed before the Kano high court, the state government said the offence contravened Kano State Public Complaints and Anti-Corruption Commission Law 2008.

The defendants in the case are Ganduje, Hafsat Umar, Abubakar Bawuro, Umar Abdullahi Umar, Jibrilla Muhammad, Lamash Properties Limited, Safari Textiles Limited, and Lesaga General Enterprises.

The state government also accused Ganduje of collecting $210,000 kickback from “people and entities seeking or holding the execution of Kano State Government contract and or project for the remodelling of Kantin Kwari textile market as a bribe through one of the contractor’s (agent)”.

“That you, Abdullahi Umar Ganduje sometime between the period of September 2020 and March 2021 or thereabout, at Kano in the Kano Judicial Division, together with one Hafsat Umar (your spouse) and Abubakar Bawuro, a Businessman, Safari Textile Ltd, a limited liability company, wholly owned and maintained by the 3rd Defendant, agreed to do an illegal act to wit: dishonestly converted to your own use the sum of N1,376,000,000.00 (One Billion Three Hundred and seventy-six million Naira) through account No. 7085982019 belonging to the 3rd Defendant being monies earmarked and approved for the purchase and supply of face marks and other hospital equipment for the health sector, thereby causing wrongful loss to the people and government of Kano State and thereby jointly committed the offence of Criminal Conspiracy contrary to section 96 and punishable under section 97 of The penal code (as amended) CAP, 105, Vol.2. The Laws of Kano State of Nigeria, 1991,” part of the charge sheet reads

“That you, Abdullahi Umar Ganduje, sometime between the period of September 2020 and January 2022 or thereabout, at Kano in the Kano Judicial Division, together with one Hafsat Umar (your spouse) and Abubakar Bawuro, a Businessman, Safari Textile Ltd, a limited liability company, while entrusted with the sum of N1,376,000,000.00 (One Billion Three Hundred and seventy-six million Naira) or dominion over the said sum, earmarked for the purchase and supply of face masks and other hospital equipment dishonestly misappropriated and/or converted the said sum to your own use through account No. 7085982019 belonging to the 3rd defendant, thereby jointly committed the offence of Criminal Breach of Trust contrary to section 311 and punishable under section 312 of The penal code (as amended) CAP, 105, Vol.2.

“That you, Abdullahi Umar Ganduje sometime between the period March of 2021 or thereabout, at Kano in the Kano Judicial Division, while serving as the Governor and being a public servant in the government of Kano State for your own benefit and that of your immediate family conspire with the 4th defendant (Umar Abdullahi Umar) being your biological son using 6th defendant (Lamash Properties Ltd) a company owned and or operated by members of your family including the 4th defendant and dishonestly allocated 501 (five hundred and one) high-density plots of lands you hold in trust for the benefit all Nigerians at Zawachiki layout No. TP/KNUPD/256B in the name of the 6th defendant company under the pretext of site and services arrangement in the land compulsory acquired by you being the Governor of Kano State from destitute members of the public (peasant farmers) where it was sold and the proceed part of which the sum of #700,000,000.00 (Seven Hundred Million Naira) was deposited in the account of Bureau de change operator vision Steel link Ltd No. Domicile at Access Bank where dollar equivalent was given to the 4th defendant to the detriment of the people and government of Kano State thereby jointly committed the offence of Criminal Conspiracy contrary to section 96 and punishable under section 97 of The penal code (as amended) CAP,105, Vol.2. The Laws of Kano State of Nigeria, 1991.

“That you, Abdullahi Umar Ganduje sometime between the period March of 2021 or thereabout, at Kano in the Kano Judicial Division, while serving as the Governor and being a public servant in the government of Kano State for your own benefit and that of your immediate family conspire with the 4th defendant Umar Abdullahi Umar, being your biological son using 6th defendant Lamash Properties Ltd a company substantially owned and or operated by members of your family including the 4th defendant and dishonestly allocated 501 (five hundred and one) high-density plots of lands you hold in trust for the benefit all Nigerians at Zawachiki layout No. TP/KNUPDA/256B in the name of the 6th defendant company under the pretext of site and services arrangement in the land compulsory acquired by you as a governor of Kano state from destitute members of the public (peasant farmers) which was sold and the proceeds, the sum of #700,000,000.00 (Seven Hundred Million Naira) was deposited in the account of Bureau de change operator vision Steel link Ltd No. 7816362026 Domicile at FCMB where dollar equivalent was given to the 4th defendant thereby causing wrongful gain to yourself and causing wrongful loss to the people and government of Kano State thereby jointly committed the offence Criminal Breach of Trust contrary to section 311 and read together with section 79 and punishable under section 312 of The Penal Code (as amended), CAP. 105, Vol. 2. The Laws of the Kano State of Nigeria, 1991.”

The state government said a forensic expert would analyse the video, showing the former governor receiving dollar notes from a contractor.

BACKGROUND

Ganduje, national chairman of the All Progressives Congress (APC), served as governor of Kano from 2015 to 2023.

In 2018, Daily Nigerian, an online newspaper, published a video of Ganduje allegedly receiving bundles of dollars from contractors, which he stuffed into his “babanriga”, a traditional outfit

The newspaper said the former governor requested $5 million as a bribe from the contractors who recorded the video.

In 2023, the Kano state Public Complaints and Anti-Corruption Commission (PCACC) invited Ganduje for questioning over the incident in the video.

The former governor did not honour the invitation and instead instituted a suit against the agency.

In March, a federal high court in Kano stopped the agency from inviting or questioning Ganduje over the bribery allegations.

The court ruled that the agency lacks the power to invite or investigate Ganduje over the allegations.

Abdullahi Liman, the presiding judge, said the alleged infraction is a federal offence that cannot be prosecuted by the state anti-graft agency.

The Cable