An international business research firm, the Economist Intelligence Unit, has declared that indigenous oil companies acquiring assets of divesting international oil companies will not be able to match their investing power.

The EIU, in its latest Country Report on Nigeria, observed that the indigenous companies would not have the same financial power to invest as the multinationals, who had been the major drivers of the Nigerian oil industry since its inception.

It feared that there might be a net withdrawal of foreign direct investment in 2024, as it happened in the previous year.

“The wider business environment will remain highly challenging, undermined by corruption, cronyism, rampant insecurity and a giant infrastructure gap.

“Multinationals are increasingly deciding to quit Nigeria or reduce their presence; we estimate there was a net withdrawal of foreign direct investment in 2023, to be repeated in 2024 as naira losses exert pressure on balance sheets carrying large foreign liabilities,” the EIU said.

 Recently, Shell Plc said it had “reached an agreement to sell its Nigerian onshore subsidiary, The Shell Petroleum Development Company of Nigeria Limited” to Renaissance, a consortium of five companies comprising four exploration and production companies.

Also, ExxonMobil, Equinor, and TotalEnergies had all indicated interest in divesting their stakes in Nigeria’s onshore oilfields.

The Minister of State Petroleum (Oil), Heineken Lokpobiri, said the divestment by some international oil companies was a win-win situation, saying it would make room for indigenous companies to develop capacity within the onshore and shallow water spaces.

Also, the Governor of Imo State, Hope Uzodinma, had accused the foreign oil firms of not being genuine investors, questioning their rationale for abandoning onshore for offshore.

Uzodinma reasoned, “It is a blessing in disguise because the more they leave, the more opportunities the indigenous companies would have to participate.”

The report added, “The exodus includes oil majors who are selling onshore assets, which are high-cost and vulnerable to insecurity, leading to indigenisation of the sector over time. “Although, in principle, this is positive for foreign-exchange accumulation, local companies will be unable to match the investing power of outgoing multinationals.”

The international research firm predicted that the country’s crude oil production would rise from 1.23 million barrels per day in 2023 to 1.48mbpd in 2028, saying that “this remains about 250,000bpd below the 2019 level”.

 

Punch

President Bola Tinubu has directed the opening of Nigeria’s land and air borders with the Republic of Niger. 

Presidential spokesman, Ajuri Ngelale in a statement in Abuja on Wednesday said the directive was in compliance with the decision of the Economic Community of West African States (ECOWAS) Authority of Heads of State and Government at its extraordinary summit on February 24, 2024, in Abuja.

The statement also directed the lifting of other sanctions against the country with immediate effect.

At its extraordinary summit on February 24, 2024, in Abuja the ECOWAS Authority of Heads of State and Government had agreed to lift economic sanctions against the Republic of Niger, Mali, Burkina Faso, and Guinea.

The statement also named some of the sanctions to be lifted as the “Closure of land and air borders between Nigeria and Niger Republic, as well as ECOWAS no-fly zone on all commercial flights to and from Niger Republic.

“Suspension of all commercial and financial transactions between Nigeria and Niger, as well as freeze of all service transactions, including utility services and electricity to Niger Republic.

“Freeze of assets of the Republic of Niger in ECOWAS Central Banks and freeze of assets of the Republic of Niger, state enterprises, and parastatals in commercial banks.

“Suspension of Niger from all financial assistance and transactions with all financial institutions, particularly EBID and BOAD and Travel bans on government officials and their family members.”

Tinubu has also approved the lifting of financial and economic sanctions against the Republic of Guinea.

 

Daily Trust

Israel says it will 'flood' Gaza with aid as pressure mounts to do more

Israel will try to "flood" the Gaza Strip with humanitarian aid from a variety of entry points, the main military spokesman said on Wednesday as international pressure mounted to address the growing problem of hunger in the besieged enclave.

After more than five months of war in Gaza, aid agencies have warned that the area's 2.3 million population face a growing risk of famine unless food supplies are stepped up sharply and they have accused Israel of not doing enough to ensure sufficient aid gets through.

Israel says it has placed no limits on the amount of aid that it will allow in to Gaza, and blames failures by the aid agencies for delays but it has faced mounting demands even from its closest allies to do more.

"We are trying to flood the area, to flood it with humanitarian aid," military spokesperson, Daniel Hagari told a group of foreign reporters.

Earlier on Wednesday, the military announced that six aid trucks with supplies from the World Food Organization had entered the northern part of the Gaza Strip, where the hunger crisis has been especially acute, through a crossing in the security fence known as the 96th gate.

More such convoys would follow as well as deliveries from other entry points, complemented by air drops and seaborne aid cargoes, Hagari said.

"We are learning and improving and doing different changes so as not to create a routine but to create a diversity of ways that we can enter," he said.

Hagari acknowledged, however, that getting supplies into the enclave was only one part of the problem and more needed to be done to solve the problem of how to distribute it fairly and efficiently to desperately needy people.

"The problem inside Gaza is the distribution problem," he said.

The challenges in delivering and distributing aid safely were given stark illustration earlier this month when a convoy of aid trucks was surrounded by thousands of people trying to get supplies and troops opened fire.

Scores of people were killed in the incident although there were sharply differing accounts from Palestinian health authorities, which said most of those killed were shot dead and Israel saying most were trampled to death or run over by trucks in the panic.

Most aid that comes into Gaza is cleared by Israel at Kerem Shalom, a customs station at the border point between Egypt, Israel and Gaza and then brought in through the southern city of Rafah, the main passenger crossing point between Egypt and Gaza.

But as aid agencies have struggled to distribute aid, that has become increasingly problematic and there have been growing demands from world powers including the United States and the European Union for more crossing points to be opened up.

The United States has already conducted emergency air drops of food into Gaza and is working on opening up a maritime corridor into the enclave.

A ship carrying aid is currently approaching Gaza in a pilot trial of maritime delivery, that is expected to be followed up by a U.S. military effort to set up a dock on Gaza's coast that will enable distribution of up to two million meals a day.

 

Reuters

WESTERN PERSPECTIVE

Four killed in Russian attacks on Ukraine's eastern regions, Kyiv says

Four people were killed in overnight Russian drone and bomb attacks in Ukraine's northeastern Sumy and eastern Donetsk regions, local officials said on Wednesday.

Russian forces dropped a bomb on Myrnohrad town in Donetsk region, killing two and injuring five people, local governor Vadym Filashkin said on the Telegram messaging app.

The Sumy regional military administration said a Russian drone hit an apartment block overnight.

Two bodies were pulled out from under rubble, emergency services said on Telegram. Eight people were injured, and rescuers sifted through debris throughout the day.

The administration said 30 apartments of a five-storey residential building were damaged, 15 of them largely destroyed.

Late on Tuesday, two apartment buildings caught fire as a result of a Russian missile attack in the central Ukrainian city of Kryvyi Rih. The death toll there rose to five people on Wednesday, local authorities said, with at least 50 more injured.

President Volodymyr Zelenskiy, who was born and raised in the city, praised rescue teams on Telegram and vowed Russia would be brought to account.

Russian officials in regions bordering Ukraine on Wednesday reported Kyiv had launched a sweeping drone attack for the second night in a row, again targeting energy facilities.

 

RUSSIAN PERSPECTIVE

Kiev loses 245 troops in Donetsk area over past day, Russia’s top brass reports

The Ukrainian military lost roughly 245 troops, a tank and an air defense system in battles with Russian forces in the Donetsk area over the past day, Russia’s Defense Ministry reported on Wednesday, giving the latest data on the special military operation in Ukraine.

"In the Donetsk direction, Southern Battlegroup units gained more advantageous sites and positions in active operations and inflicted damage on amassed manpower and military hardware of the Ukrainian army’s 56th motorized infantry, 28th, 42nd and 93rd mechanized, 5th and 92nd assault, 17th tank and 241st territorial defense brigades near the settlements of Krasnoye, Kleshcheyevka, Andreyevka and Kurdyumovka in the Donetsk People’s Republic," the ministry said in a statement.

The Ukrainian military lost roughly 245 personnel, a tank, 3 armored combat vehicles, 5 motor vehicles and a Strela-10 surface-to-air missile system. In counter-battery fire, Russian forces destroyed a UK-made AS-90 Braveheart self-propelled artillery system, a D-20 howitzer, 3 D-30 howitzers, a Gvozdika motorized artillery system and a fuel depot in the Donetsk direction over the past 24 hours, it specified.

Ukraine’s army loses 250 troops in Kupyansk area over past day

The Ukrainian army lost roughly 250 troops in battles with Russian forces in the Kupyansk area over the past day, the ministry reported.

"In the Kupyansk direction, units of the Battlegroup West operating in interaction with aircraft and artillery inflicted damage on manpower and equipment of the Ukrainian army’s 57th motorized infantry brigade near the settlement of Sinkovka in the Kharkov Region and repelled an enemy counterattack near the settlement of Terny in the Donetsk People’s Republic. They thwarted a Ukrainian army attempt to break through into borderline Russian territory in the Belgorod and Kursk Regions. The enemy’s losses amounted to 250 personnel," the ministry said.

The Ukrainian military also lost 7 tanks, 7 US-made Bradley infantry fighting vehicles, 2 armored personnel carriers, 4 motor vehicles, a US-manufactured M777 howitzer, 2 D-20 howitzers, a D-30 howitzer, a Gvozdika motorized artillery system and a Nona self-propelled artillery gun, it specified.

Russian forces repulse 12 Ukrainian counterattacks in Avdeyevka area over past day

Russian forces repulsed 12 Ukrainian army counterattacks and improved their frontline positions in the Avdeyevka area near Donetsk over the past day, the ministry reported.

"In the Avdeyevka direction, units of the Battlegroup Center improved their forward edge positions in active operations and repulsed 12 counterattacks," the ministry said.

The Ukrainian army lost "as many as 460 personnel, a tank, 3 command and staff vehicles and 17 motor vehicles," it specified.

In counter-battery fire, Russian forces destroyed a UK-made AS-90 Braveheart self-propelled artillery system, a US-manufactured M777 artillery gun, an Msta-B howitzer and a US-made M119 howitzer in the Avdeyevka direction over the past 24 hours, it said.

Russian forces take advantageous sites in south Donetsk area over past day

Russian forces took advantageous sites and inflicted damage on Ukrainian manpower and military equipment in the south Donetsk area over the past day, the ministry reported.

"In the south Donetsk direction, units of the Battlegroup East took more advantageous positions and struck manpower and equipment of the 102nd and 128th territorial defense brigades near the settlements of Malinovka in the Zaporozhye Region, Staromayorskoye and Urozhainoye in the Donetsk People’s Republic," the ministry said.

Russian forces also repelled a counterattack by formations of the Ukrainian army’s 58th motorized infantry brigade near the settlement of Novodonetskoye in the Donetsk People’s Republic," it said.

"The Ukrainian army’s losses amounted to 150 personnel, two armored personnel carriers and two pickup trucks," the ministry specified.

Russian forces strike four Ukrainian army brigades in Kherson area over past day

Russian forces inflicted damage on four Ukrainian army brigades in the Kherson area over the past day, the ministry reported.

"In the Kherson direction, units of the Dnepr Battlegroup inflicted damage by firepower on formations of the Ukrainian army’s 141st infantry, 23rd National Guard, 126th territorial defense and 35th marine infantry brigades near the settlements of Stepovoye in the Zaporozhye Region, Nikopol in the Dnepropetrovsk Region, Berislav and Tyaginka in the Kherson Region," the ministry said.

The enemy lost roughly 30 troops, two motor vehicles, a US-made M777 artillery system, an Akatsiya self-propelled artillery gun and a Gvozdika motorized artillery system in the Kherson direction over the past 24 hours, it specified.

Russian troops destroy 2 Ukrainian Mi-8 gunships, Patriot air defense system in past day

Russian forces destroyed two Ukrainian Mi-8 helicopters, an arms repair workshop and a US-made Patriot air defense system over the past day, the ministry reported.

"Operational-tactical aircraft, unmanned aerial vehicles, missile troops and artillery of the Russian groupings of forces destroyed two Ukrainian Air Force Mi-8 helicopters on a site near the settlement of Novopavlovka in the Donetsk People’s Republic and a workshop for the repair of armament and military hardware near the community of Balakleya in the Kharkov Region," the ministry said.

Russian forces also destroyed a US-made Patriot air defense system at a firing position in the Kharkov Region and struck Ukrainian manpower and military equipment in 129 areas over the past 24 hours, it specified.

Russian air defenses down four HIMARS rockets, 136 Ukrainian UAVs over past day

Russian air defense forces shot down four rockets of the US-made HIMARS multiple launch rocket system, three French-manufactured Hammer smart bombs and destroyed 136 Ukrainian unmanned aerial vehicles (UAVs) over the past day, the ministry reported.

"During the last 24-hour period, air defense capabilities shot down 136 Ukrainian unmanned aerial vehicles, four rockets of the US-made HIMARS multiple launch rocket system, six rockets of the Grad multiple rocket launcher and three French-manufactured Hammer guided air bombs," the ministry said.

In all, the Russian Armed Forces have destroyed 577 Ukrainian warplanes, 269 helicopters, 15,362 unmanned aerial vehicles, 485 surface-to-air missile systems, 15,464 tanks and other armored combat vehicles, 1,238 multiple rocket launchers, 8,397 field artillery guns and mortars and 19,709 special military motor vehicles since the start of the special military operation, the ministry reported.

 

Reuters/Tass

Exactly one month to this day in 2014, Nigeria became the subject of international interest when 276 students of Government Girls Secondary School in Chibok, Borno State, were kidnapped by the terrorist group Boko Haram. The brazenness and the novelty of the Chibok incident turned many Nigerians into conspiracy theorists. In those days, the All Progressives Congress/Congress for Progressive Change was the so-called opposition, and they really dug a spear into former President Goodluck Jonathan’s side. Bola Tinubu was the leader of the APC. Then Borno governor, Kashim Shettima, could not devise enough ways to stitch up the Jonathan administration over Chibok.

Reading through the old media reports recently and seeing the allegations against the Jonathan administration by people like Tinubu (and even his wife) and Shettima, it is striking how much they politicised that unfortunate incident.

A decade after Chibok, Tinubu is president; Shettima is his vice, and another 300 or so school children plus their teachers have been kidnapped in Gada, Sokoto State, and Kurija in Kaduna State. In fact, over 400 Nigerians have been reportedly abducted within a week. I wonder if the Tinubus and Shettima think of the irony of fate that underlines these serial abductions. Everything they said about Jonathan and his inept handling of the Chibok abductions can now be said about them.

Speaking on the recent incident, the Special Adviser to the President on Media and Publicity, Ajuri Ngelale, noted that some fifth-column elements were at work. Media reports quoted him saying, “Across the North, we understand that some of the sub-regional geopolitical forces that are currently at play are actively conspiring against the stability of Nigeria.” While I appreciate Ngelale’s candour—and in terms of self-comportment, he is head, shoulders, and even ankle above his classless predecessors who turned the management of the presidency into a bolekaja affair—his bag of tricks is pretty old.

Ten years after Chibok and with unabated kidnaps throughout the country, Ngelale is still stuck on the propagandist’s spiel of “out-of-power northern Nigeria wants to make the country ungovernable for the southern president.” Like the rest of the Nigerian political class, he too blames abstract forces for our national issues. Nigeria is a place where “unknown soldiers” kill and despoil in broad daylight. Snakes and monkeys eat money, “cabals and deities,” the “elites of the elites” with “deep pockets” rob the country of funds for fuel subsidies. Electricity is unstable because some “demons” constantly toy with its functions. The problems that beset the country always have no face, no name, and therefore inapprehensible. We have heard all these tall tales before. Ngelale needs a new game.

To be clear, the issue here is not that professional politicians took advantage of the Chibok abductions to make the Jonathan administration look bad. What they did is what politicians everywhere do: amplify every failing and misstep of your opponent. The APC that unseated the Peoples Democratic Power from power might be amoral, but their actions are still consistent with the character of high-stakes politics.

Anyway, as I said, the politicisation of the Chibok abduction is not how the chickens can be said to have come home to roost for the APC. What rankles is that a whole decade after Chibok, despite abductions having become a normative evil, our government still has not fashioned a better response to these sad incidents. While Jonathan’s shortcomings in responding to the Chibok kidnappings can be chalked down to the novelty of Chibok, Tinubu/Shettima has no excuse. Yet, what can their administration say they have done any better than Jonathan who did not see Chibok coming? Yes, the president ordered security agencies to find those children but every Nigerian by now knows the efficacy value of such “orders.”

And here is where the trouble lies: if the present administration has not demonstrated better insight into a situation that has now become predictable, what guarantee exists that there will not be more of these incidents? The kidnappers are part of Nigeria’s social and political culture, and their choice to make a resounding impact by serially invading three schools over a mere few days cannot be separated from their observations of how entirely chaotic and dysfunctional the Tinubu administration has been. A government that cannot get basic things together in everyday administrative management is one whose resolve will be tested. Unfortunately, the kidnaps are one of the relatively easiest ways to go head-to-head with an administration that does not yet quite know what governance means and still get heftily paid while at it.

And why are the police infantilising the courts?

Thursday last week, the Nigeria Police Force released a press statement on the Chioma Egodi vs. Eric Umeofia case. Since this column was published just hours before the police bombast, I am compelled to raise a few issues with the press release. First, I am curious to know if they ran that waffle of a statement by a lawyer (or anyone with even basic knowledge of the law) before putting it out. Or, was it just one man who cranked out his prejudices on an angry typewriter? If they had consulted before publishing, they would perhaps have been reliably informed that public investment in a case involving two Nigerians and the judicial system is not tantamount to a “manipulation of public sentiment.”

Second, the police claimed to be “deeply worried” that people are crowdfunding for the woman’s legal expenses, and that that might influence legal proceedings. If you are ever in doubt that the police have taken sides on this issue and are using the instruments of the state to run the errands of one man who happens to have a lot of power (aka money), that statement should convince you. Otherwise, why should the police care how the case is decided? Why is it their place to be “deeply worried” that the courts will be influenced by public investment in the issue when they are supposedly neutral arbiters?

People crowdfund their legal expenses all the time and anywhere in the world. When we ordinary members of the public give toward the legal expense of someone else, we signify our moral investment in the judicial process. The law allows us to hold such opinions, and the police cannot strip us of them. Saying that the courts will be moved to take a decision one way or another because of public opinion infantilises the court. They are in fact alleging that the judges base their judgment on extrajudicial means. If they believe the court is too fickle to decide this case rationally, why file the case with them in the first place? During the presidential election tribunal, the judges told us they are unmoved by social media commentary, so why are the police panicking?

As Nigerians under a democratic rule that guarantees freedom of thought/conscience, we fully reserve the right to comment on an issue of collective interest and even donate our money toward it. Why should it bother the police that what Egodi’s supporters are doing will influence the court any more than Umeofia’s supporters? Notice that the police press statement was silent about the latter’s social media antics.

I said it last week and I will say it again: the police are playing a villainous role in this Egodi vs Umeofia case. If they truly believed their own stated claims that this case is about “upholding the rule of law,” then they should stand down. Their aggression toward Egodi and her family suggests they have an extrajudicial interest in this case. If truly there is a democracy in Nigeria, then we should have certain rights. And if those rights will be abridged because one man somewhere cannot take criticism, let it be on record that the courts-not the police-took that injurious decision.

 

Punch

Speaking up in meetings can be intimidating, especially if you’re an introvert — but failing to make your voice heard at important moments could hurt your career. 

That’s at least according to Juliette Han, a Harvard-trained neuroscientist and adjunct professor at Columbia Business School. As Han, a self-identified introvert, explains, your deference during meetings or conversations at work “could accidentally cause you to become invisible” and get you overlooked for a promotion, pay raise and other opportunities. 

But you don’t need to be the loudest in the room to be valued and recognized for the work you do.

There’s a different “tried and true” trick to standing out at work without speaking up during meetings, says Han, who is also an academic advisor at Harvard medical school.

The trick? Send people a brief — but thoughtful — recap note of what was discussed in the meeting. 

“It works every time,” she says. “I see a lot of high performers do it.”

To be clear: Han isn’t suggesting you volunteer to be the office secretary. 

You don’t need to write a follow-up email after every meeting, and you don’t need to send it to everyone who attended — Han says to save this strategy for “really important” meetings that could have a direct impact on your career development. 

This could include brainstorms, status-update meetings, problem-solving meetings or other important work conversations.

Your email should highlight 2-3 important takeaways and suggest action items to accomplish whatever goals were outlined during the meeting. 

For example: If you met with your co-workers and boss to outline priorities for the upcoming month, and ran out of time to cover everything, you can offer to schedule a follow-up call in your recap email. 

Or, if someone posed a potential solution to a business challenge during a meeting, and you would recommend a different approach, outline your thoughts in the follow-up email, says Han.

Before testing this trick out, it’s smart to gauge your manager and colleagues’ preferences for follow-up emails. 

If you’re planning to send a recap email to your co-workers, for example, Han suggests approaching them first with the following script:

“I’m happy to take a first stab at synthesizing what we discussed and send recommended action items, but I’d love for you guys to follow along with anything I missed and add your perspective to this email draft/thread. Your perspective is just as important as mine.” 

If you’re planning to start sending recap emails to your boss, you could say: 

“I would like to make sure that when I’m in these meetings, I’m understanding what’s discussed in the same way as you are, as a learning point. Can I try sending brief recap emails after certain meetings?” 

Han says most people will be open to someone showing initiative to move conversations and work forward after meetings when the next steps “aren’t always clear.” 

Another reason this trick is so effective? It helps you demonstrate three in-demand soft skills bosses look for in their employees: adaptability, communication and, most importantly, leadership.

With these emails, “you’re showing that you can be the person that takes the lead on the narrative, that progresses workstreams and discussions, without forcing yourself to speak up in a setting where you might be uncomfortable doing so,” Han adds. “It takes a tremendous amount of leadership and moxie to do that.” 

 

CNBC

Relatives of the two Binance executives detained in Nigeria amid a crackdown on the crypto exchange platform on Tuesday spoke about their expectations of a quick resolution with the Nigerian authorities.

According to the families of the two executives, the officials are 39-year-old Tigran Gambaryan, an American and Binance’s head of financial crime compliance, and 37-year-old Nadeem Anjarwalla, a UK and Kenyan national who is Binance’s regional manager for Africa.

This newspaper reported how the Nigerian government detained the two executives of the crypto exchange platform amid desperate efforts to stabilise the nation’s foreign exchange market.

Federal government sources with details of the matter told PREMIUM TIMES that the two executives were detained in Abuja, the federal capital territory, days after they flew into the country as part of moves to negotiate with the Nigerian authorities amid a crackdown on the crypto platform.

They had arrived in Nigeria to negotiate with the government amid the crackdown but the meetings were deadlocked as the top officials declined to meet some of the demands put forward by the Nigerian government. They were also accused of operating a business worth billions without the requisite registrations and documentation.

Sources also revealed that the two executives insisted that they should be taken to their respective countries’ embassies before they could comply with the demands of the Nigerian authorities.

The government after that obtained a court warrant to detain the officials for at least twelve days in the first instance, according to a source with knowledge of the matter.

Uncertainties

Speaking about the top officials’ ordeals on Tuesday, their families claimed that upon arriving in Nigeria in February, the two executives sat with officials from Central Bank of Nigeria, securities regulator, national security arm and financial intelligence arm.

The meeting lasted about two hours and left Gambaryan and Anjarwalla feeling progress had been made but the two Binance employees were later escorted back to their hotel, asked to pack their belongings, and were taken to a guarded house.

No reason was given for the action, the families claimed, according to The Wall Street Journal.

Jessica Gois, a strategic PR consultant for the PR firm representing the families, also confirmed the claims to PREMIUM TIMES in an email Tuesday morning.

Anjarwalla’s wife, Elahe Anjarwalla, said the men and their families have not been informed what the probe is about even though the two men are allowed to use their phones under the supervision of guards.

Yuki Gambaryan, the wife of Mr Gambaryan, said she speaks with her husband over text message a few times a day when he is allowed.

Elahe Anjarwalla, the wife of Anjarwalla, said that her husband began fasting for Ramadan on Monday and Gambaryan joined in solidarity. She disclosed that Anjarwalla talks with his 11-month-old son, whose first birthday is next week.

“I am hoping and praying they get back in time for that,” she told WSJ.

Gambaryan, who joined Binance in 2021, was a special agent at the IRS and participated in the shutdown of digital currency exchange BTC-e, which authorities in the United States accused of facilitating crime in 2017.

On his part, before joining Binance in 2022, Anjarwalla worked at a venture capital firm and Uber.

Since its first official confirmation of the clampdown efforts on the activities of Binance and other crypto platforms, the Office of the National Security Adviser (ONSA) has not spoken about the investigations.

The security office had earlier confirmed that it was coordinating an interagency investigation into the operations of Binance.

“I am confirming that the office of the national security adviser, as part of ongoing operations in the foreign exchange market with the CBN and other law enforcement and security agencies, is coordinating an interagency investigation into the operations of Binance,” Zakari Mijinyawa, head of Strategic Communication at the Office of the National Security Adviser, said at the time.

The ordeal of Binance officials in Nigeria is coming months after the crypto exchange platform pleaded guilty and agreed to pay $4.3 billion to settle criminal money laundering charges levied by the US Department of Justice.

Binance founder and CEO, Changpeng Zhao, also known as CZ, pleaded guilty and agreed to step down from his position. His criminal trial has been postponed to 30 April by a US court.

 

PT

There was a rowdy session in the senate on Tuesday when Jarigbe Jarigbe, a lawmaker, claimed that some “senior senators” got N500 million in the 2024 budget for constituency projects.

Jarigbe made the claim while contributing to the motion moved by Solomon Adeola, senator representing Ogun west, on the allegation of budget padding.

The Ogun west senator said his privilege was breached because he participated in the budgeting process.

During the weekend, Abdul Ningi, senator representing Bauchi central, stirred a controversy when he alleged that the 2024 budget was padded with the sum of N3 trillion by the senate.

Ningi said a “huge damage” has been done to the entire country through the budget.

The national assembly had passed a budget of N28.7 trillion for the 2024 fiscal year.

President Bola Tinubu had proposed N27.5 trillion, but the lawmakers jerked it up by N1.2 trillion.

THE MICROPHONE INCIDENT

During the debate on the allegation, Jarigbe, senator representing Cross River north, said the matter is a “misunderstanding of figures”.

The Cross River senator said there is no difference between the figures reeled out by Ademola, chair of the senate committee on appropriations, and the figure purported to have been padded.

The lawmaker alleged that all the senators are “culpable”, if they are to dive into the issue of the budget and constituency projects.

“We are going forth and back on these issues — the issue of the budget and individual issues concerning what came to our various constituencies,” Jarigbe said.

“If we want to go into those issues, all of us are culpable. Some senior senators got N500 million each. I’m a ranking senator; I did not get. Did I go to the press? Most of you got.”

While the Cross River senator was speaking, some senators were shouting “point of order”.

Suddenly, the microphone being used by Jarigbe appeared off while the senator was trying to make his point.

After some minutes of a rowdy session, the microphone came on and the senator tried to ask his colleagues to maintain decorum and that he still wanted to talk.

“Let us wash our dirty linen in public,” Jarigbe said during the rowdy session in the senate.

Subsequently, the senate suspended Ningi for three months.

 

The Cable

Abdul Ningi, senator representing Bauchi central, has resigned as chairman of the Northern Senators Forum (NSF).

Ningi’s resignation comes after the senate suspended him for three months over the claim that the 2024 budget was padded by N3 trillion.

The lawmaker announced his resignation in a letter dated March 11, 2024, addressed to the secretary of NSF.

“I will like to resign my position as Chairman Northern Senators Forum,” the letter reads.

“This is of course necessitated by the unfolding events in the National Assembly, the North and the nation at large.

“I will like to specially thank  members of the forum for the opportunity given to me for the last eight months to spearhead this very important forum.

“I believe this forum is very important and fundamental to the progress and development of Northern Nigeria.”

 

The Cable

Gunmen have kidnapped 61 people from a village in northern Kaduna state, days after nearly 300 students went missing in an attack by an armed gang, residents said on Tuesday.

Armed groups, known locally as bandits, have wreaked havoc for years in northern Nigeria where they target villagers, motorists on highways and students from schools for ransom.

Gunmen attacked Buda community around midnight on Monday, firing sporadically, a tactic used to scare, residents said. The kidnappings often happen in remote communities, leaving residents helpless.

Resident Lawal Abdullahi said he was away when the gunmen struck but his wife was among those taken.

"My wife is among the 61 people those bandits kidnapped. We are still expecting them to call for ransom as usual," Abdullahi told Reuters by phone.

Buda is 160 km (100 miles) from Kuriga town, where schoolchildren were seized last week.

Kaduna's internal security commissioner and police spokesperson did not respond to requests for comment.

"We have been experiencing these attacks for a long time. The situation has become worse, forcing many residents and farmers from villages to flee to less dangerous places," another resident, Danjuma Sale, said.

 

Reuters