RUSSIAN PERSPECTIVE

Putin issues new warning to NATO

Removing restrictions on Ukraine’s use of Western weapons would directly involve the US and its allies in the conflict with Russia and would be met with an appropriate response, Russian President Vladimir Putin has warned.

The West has sent Ukraine long-range missiles such as Storm Shadows and ATACMS, which Kiev has so far used against Crimea and Donbass. In the past several days, however, the US and UK have suggested they might allow these weapons to be used to strike targets deeper into internationally recognized Russian territory.

“We are not talking about allowing or prohibiting the Kiev regime from striking Russian territory,” Putin said on Thursday. “It is doing so already, with unmanned aerial vehicles and other means.”

Ukraine lacks the capability to use Western long-range systems, Putin added, noting that targeting for such strikes requires intelligence from NATO satellites, while firing solutions can “only be entered by NATO military personnel.”

This will mean that NATO countries, the US, European countries are fighting against Russia. 

“If this decision is made, it will mean nothing less than the direct participation of NATO countries, the US and European countries, in the conflict in Ukraine,” the Russian president said. “Their direct participation, of course, significantly changes the very essence, the very nature of the conflict.”

With that in mind, Putin added, Russia will “make the appropriate decisions based on the threats facing us.”

Some limitations on the use of Western-supplied weapons were originally put in place to allow the US and its allies to claim they were not directly involved in the conflict with Russia, while arming Ukraine to the tune of $200 billion. Kiev has been clamoring for the restrictions to be lifted since May. 

US Secretary of State Antony Blinken and British Foreign Secretary David Lammy have hinted that the restrictions might be lifted this week, citing the alleged delivery of Iranian ballistic missiles to Russia as the pretext. Iran has denied sending any missiles to Russia, calling the accusations “psychological warfare” by countries heavily involved in arming Ukraine.

Putin has previously warned NATO members to be aware of “what they are playing with” when discussing plans to allow Kiev to strike deep inside Russian territory using weapons provided by the West. Speaking with major news agencies on the sidelines of the St. Petersburg International Economic Forum (SPIEF) in June, the Russian president said Russia would respond by shooting down the weapons in question and then retaliating against those responsible.

One of the possible responses Putin mentioned at the time was arming Western enemies with long-range precision weapons. 

WESTERN PERSPECTIVE

Ukraine says Russia has started a counteroffensive in its Kursk border region

Russia has launched a counteroffensive in its Kursk region to dislodge Ukraine’s forces who stormed across the border five weeks ago and put Russian territory under foreign occupation for the first time since World War II, Ukraine’s president said Thursday.

Russia’s Defense Ministry said that Moscow’s forces had recaptured 10 settlements in Kursk and listed their names but didn’t describe the fighting as a counteroffensive. Ukrainian President Volodymyr Zelenskyy said Russia was taking “counteroffensive actions” but that Ukrainian forces had anticipated the moves and were ready to fight.

Ukraine launched its daring incursion into Kursk on Aug. 6, partly in the hope that Russia would divert its troops there from Donetsk in eastern Ukraine where a push by the Russian army is threatening to overrun a belt of key defensive strongholds.

The cross-border operation also raised Ukrainian morale after months of gloomy news from the front by exposing Russian vulnerabilities and seizing some initiative on the battlefield. It also sought to establish a buffer zone to prevent Russian attacks.

Moscow’s muddled response suggested Russia hadn’t planned for such a development and was caught by surprise. Assembling forces for a counterattack, given the long distances involved and other demands along the 1,000-kilometer (600-mile) front line, was expected to take some time.

The Russian army has been hacking its way deeper into eastern Ukraine, especially Donetsk, and has battered Ukrainian territory with relentless missile and drone attacks.

A Russian missile attack Thursday killed three people and injured two others, all of them Ukrainian workers with the International Committee of the Red Cross, Ukraine’s Human Rights Ombudsman, Dmytro Lubinets said.

The toll was the largest among staffers at the Geneva-based humanitarian organization since a bomb blast killed three at the Aden airport in Yemen in 2020.

The key eastern Ukraine city of Pokrovsk is without a drinking water supply or natural gas for cooking and heating, authorities said, as the Russian army’s attritional slog across the Donetsk region lays waste to public infrastructure and forces civilians to flee their homes.

A water filtration station in Pokrovsk was damaged in recent fighting, and more than 300 hastily drilled water wells are the city’s last source of drinking water, Donetsk regional Gov. Vadym Filashkin said.

The previous day, Russians destroyed a natural gas distribution station near Pokrovsk, Filashkin said. Some 18,000 people remain in the city, including 522 children, he said. More than 20,000 people have left in the past six weeks as Russian forces creep closer to residential areas, Filashkin said.

“Evacuation is the only … choice for civilians,” he added.

Pokrovsk is one of Ukraine’s main defensive strongholds and a key logistics hub in the Donetsk region. Its capture would compromise Ukraine’s defensive abilities and supply routes and would bring Russia closer to its stated goal of capturing the entire Donetsk region, which it partially occupies.

Russian troops backed by artillery and powerful glide bombs have turned Donetsk cities and towns such as Bakhmut and Avdiivka into bombed-out shells, though the push has cost Russia heavily in troops and armor.

U.S. Secretary of State Antony Blinken on Thursday ended a Ukraine-focused European tour after hearing repeated appeals from Ukrainian officials to use Western-supplied weaponry for long-range strikes inside Russia.

President Joe Biden has allowed Ukraine to fire U.S.-provided missiles across the border into Russia in self-defense, but has largely limited the distance they can be fired. Extending the limit could bring Russian retaliation.

Russian President Vladimir Putin in turn warned that allowing long-range strikes “would mean that NATO countries, the United States, and European countries are at war with Russia ... if this is so, then, bearing in mind the change in the very essence of this conflict, we will make appropriate decisions based on the threats that will be created for us.”

Ukrainian forces have held out as long as possible in Donetsk, even when strongholds such as Chasiv Yarappeared to be in danger of imminent collapse.

Russia has fired missiles especially at the power grid, potentially dooming Ukrainians to a bitterly cold winter this year.

The United States and Britain pledged nearly $1.5 billion in additional aid to Ukraine on Wednesday during a visit to Kyiv by their top diplomats. Much of that will go to restoring the electricity supply.

“We’re again seeing Putin dust off his winter playbook, targeting Ukrainian energy and electricity systems to weaponize the cold against the Ukrainian people,” Blinken said. An overnight drone attack on Konotop, a town in Ukraine’s northern Sumy region, largely knocked out the electricity supply, regional officials said.

The blasts also blew out an “incredibly high number” of windows in the city and damaged many of the town’s tram tracks, Mayor Artem Semenikhin said.

Russia launched a total of 64 Shahed drones and five missiles over eastern, central, and northern regions of Ukraine, Ukraine’s air force said in its Thursday morning report.

Ukraine has expressed frustration that its Western partners won’t let it use sophisticated modern weapons they supply to hit places inside Russia where the missiles and drones are launched from. Some Western leaders fear that would trigger an escalation of the war.

But after Iran recently supplied ballistic missiles to Russia, according to the U.S., those rules of engagement could be set to change in coming days as heavier Russian bombardments could swamp Ukraine’s meager air defenses.

Pentagon spokesman Lt. Col. Charlie Dietz said Thursday that U.S. long-range guided missiles, such as ATACMS, wouldn’t be able to reach all the locations from where Russia launches some of its assets. He added that “the supply of ATACMS is finite, and we need to be judicious about where and when they are deployed.”

In other developments, Ukrainian Military Intelligence claimed to have shot down a Russian Su-30SM jet over the Black Sea.

A post on the agency’s social media Thursday said the warplane was hit with a portable surface-to-air missile.

Also, Zelenkskyy posted photos of a ship loaded with grain that he said was struck by a Russian missile Thursday shortly after leaving Ukrainian territorial waters.

The merchant ship was taking wheat to Egypt, Zelenskyy wrote on his Telegram page, adding that nobody was injured in the strike.

Ukraine last year managed to break through Russia’s Black Sea blockade and ship millions of tons of grain using a route that hugs Ukraine’s southern coast.

RT/AP

I don’t get involved with what the security services do or how. Their ways are so complex and their motives so unsearchable that sometimes you’ll be forgiven for thinking that working from the answer to the question is the standard operating procedure. Of course, you are told that whatever happens in between is in the public interest.

As far as fiction imitates life, there is a striking resemblance between the recent hyperactivity in Nigeria’s security services and what happened in a novel set in mid-17th century England. 

Good Omens: The Nice and Accurate Prophecies of Agnes Nutter, Witch by Terry Pratchett and Neil Gaiman (famously called “Double Trouble” by the English press) is a comedy about the birth of the son of Satan and the coming of the End Times.

The part that reminds me of what is obviously a hectic season for the security services – from the arraignment of the #EndBadGovernance protesters on charges of felony to the police raid on Labour House and run-ins with the NLC president and civil society activists – is the time in England when, according to Pratchett and Gaiman, witch-finding was a respectable profession. 

General Hopkins

At that time, there was a certain General named Matthew Hopkins. You would think that in pre-industrial England, when poverty, disease and unemployment were rampant, the last thing the state would be interested in would be a witch-hunt. But no. Witch-hunting was good business.

Hopkins charged each town and village nine pence for every witch he found. But that wasn’t enough. Since he wasn’t paid by the hour, and the reward for not finding any witches was a thank you and a bowl of soup, he invented a way to earn more. He went out of his way to find witches, which made him unpopular in the towns and villages. 

When Hopkins’ madness became insufferable, the villagers framed him as a witch, much to the pleasure of the local authorities, who were also tired of paying him. They hanged him. Hopkins, by many accounts, became the last Witchfinder General in England.

The world may have substantially passed the time when people were hunted, hanged and burned at the stake on suspicion of witchcraft. But I’m concerned that there is a growing similarity between witchcraft and how Nigeria’s security services look for enemies. 

A British suspect

Listening to the spokesperson of the Nigeria Police Force, Olumuyiwa Adejobi, explain why the force raided Labour House, the siege on the Labour leadership, and the charge of treason against protesters and their alleged British sponsor, Andrew Martin Wynne, I can almost see the ghost of 17th century England. By his looks – and one must respect his decision to keep his shaggy hair and matted beard – Wynne might have been lumped together with those in the “pointy hat” in those days.

Not in Nigeria

But Nigeria is not Hopkins’ England. This is not 1961 when Joseph Tarka was detained for three weeks and charged with treason by the Crown for “inciting” the protests in Tiv land, only to be acquitted later for lack of evidence. 

It is not the Nigeria of 1962 when Obafemi Awolowo was prosecuted for treasonable felony for purportedly working with Ghana to overthrow the government of Nigeria, a scandalous charge borne out of politics rather than law. 

Anthony Enahoro, a journalist’s journalist and scourge of the British government, was also jailed twice for sedition, once for an article mocking a former governor and then for another article “inciting Nigerian troops against the British army.” 

Then, he was deported from England as a “fugitive offender” and jailed a third time along with Awolowo for treasonable felony.

This is not the Nigeria of military president General Ibrahim Babangida, where human rights activists Gani Fawehinmi, Femi Falana, Beko Ransome-Kuti and Baba Omojola were hounded and imprisoned on the spurious charge of treason by a military government that had lost its way. It is not the Nigeria where Babangida deported sociology lecturer at Ahmadu Bello University (ABU) Patrick Wilmot for the “treasonable sin” of teaching what “he was not paid to teach.”

Or the one where General Sani Abacha hounded NADECO leaders, including President Bola Tinubu, for standing up to the extreme human rights abuses of that government.

In 2024?

This is 2024, with a government that parades some of the most well-known human rights figures up and down the corridors of power and even among the principal officers of the National Assembly. Where is this ghost of 17th-century England coming from?

Let me be clear. Protest is not – and should not – be chaos and anarchy. The killing of protesters and police officers during the #EndBadGovernance protests in August, which left seven persons dead, the arson at the NCC building in Kano, the open calls for a military takeover, and the symbolic insinuation that Russian intervention was welcome are inexcusable.

The silence of some top politicians and leaders, especially from the North, fueled suspicions of complicity if not connivance. Yet, why add a third if two wrongs don’t make a right?

I don’t know what Intelligence is saying or the briefing Tinubu is getting. Of course, he needs them. We need them, too, as citizens. No modern state can do without them. But in many countries, their job has become more valuable and sophisticated – and one might even say, often dangerously sophisticated – far beyond the voodoo of Hopkins’ witch-hunt in the east of England. 

Like Aziraphale and Cowley

For example, for decades in the US, and going back to the Vietnam War, through the Nixon years and the Cold War and even the destabilisation of Libya, the Intelligence services perpetrated some of the vilest acts in pursuit of the so-called enemies of the state, actually a mask for vendetta and a ladder for the ascendancy of the deep state. 

Like the angel Aziraphale and the demon Cowley in Good Omens, the good and bad guys in the security services have shared interests. They routinely collaborate for good and ill, sometimes at the state's expense.

Take heed

Tinubu must take heed. He has a competent Attorney General and Minister of Justice in Lateef Fagbemi who should advise him to tread softly. The history of our security services, especially the bad habits inherited from colonial rule and reinforced by the long years of military rule and entitled politicians, hasn’t changed much. 

Nigerians didn’t elect police officers, the state security service or special advisers to run the government. That’s not their job. They cannot abridge the people’s freedoms in a quest for ascendancy. Those who breach the law in exercising their liberty should not face the justice that reminds us of Hopkins’ England but a process consistent with modern progressive society, one that Tinubu was voted to uphold.

As the veteran journalist Owei Lakemfa said in his column last week, the danger is not so much the protesters, their sponsors or the witches in a coven somewhere. The biggest threat to the land is the hardship in plain sight, compounded by the lavish lifestyle of government officials and the lack of clarity about what is next. And the president doesn’t need Witchfinder General Hopkins to tell him.

** Ishiekwene is Editor-In-Chief of LEADERSHIP and author of the new book Writing for Media and Monetising It.

You've just had a wonderful idea for a startup company. It's been spinning around in your head for months now, and you just know that you have something special on your hands. Your thinking is, "If only I could make it work" or "If only someone would give me the money to get it off the ground!"

Well, guess what? No one's going to hand you a sack of cash. But the good news is that you don't need anyone's money if you can't find anyone to help fund your business idea. Here are the steps you need to take to put your business idea into action:

1. Validate your idea

The best way to validate your business idea is by asking people for their thoughts on it. Don't ask for money or investment. Ask them for specific feedback about certain aspects of your business. For example, if you're opening a new restaurant, ask them what kind of food they like eating at restaurants and what restaurants they like going to most often.

You'll get better results if you focus on one specific part of your business at a time rather than asking them if they'd use your entire product or service — it allows them to give more in-depth answers without feeling overwhelmed by everything else in your pitch!

2. Write a business plan and business model

Writing down your ideas and plans not only helps you clarify what you want to do, but it also allows you to make sure there are no holes in your plan. Here's what you should include:

• A description of your business, including its mission statement and goals
• A description of the target market for your product or service
• A description of the competition in your industry
• A description of how customers will find out about your product or service
• How much funding is needed for startup costs and ongoing expenses

3. Talk to your potential customers

In order to put your business idea into action, you have to talk to your potential customers. That's right — it all starts with a conversation.

When creating a new product or service, you can't assume that your customers' needs will align with yours, because they might not. You need to speak directly to potential customers and ask them what they want and how much they'd be willing to pay for it.

4. Develop a prototype

If you have a great idea for a product or service but want to know if people will buy it before you invest time and money into making it, you need to create a prototype. A prototype is a working model of your idea that allows you to see if it works, what needs to be reworked and how you might improve it. This can take many forms — from an Excel sheet or Google Sheets document with all the features you want in your product to a fully-functional website that mimics the final product.

5. Test it out and prove the concept

It's time to test.

Test your business idea in a small way. For instance, if you want to be a freelance writer, write up a few sample articles and offer them free to some clients. If you plan on starting a food truck business, make one or two dishes and sell them at one or two events (or even in your kitchen). You can also use tools like Google Analytics or SurveyMonkey to see which ideas are most popular with customers before you launch your business.

6. Understanding the legal implications and registering your business

A big part of creating a business is selecting one available business structure. In the United States, no single government agency is responsible for registering new businesses. Instead, many different types of entities can be formed for small businesses, including corporations, limited liability companies (LLCs), partnerships and sole proprietorships. Each type of entity has its pros and cons and is suited to different types of companies. Once you have determined which type of entity is right for your business, you will be able to register it with the appropriate state or federal agency.

7. Financing and investors

While not all startups fail, those that do usually make one of two mistakes. First, they run out of money before they have developed a market for their product or service; second, they fail to persuade investors to give them money in exchange for equity. The best way to avoid these mistakes is to demonstrate that people will want your product or service enough to pay for it.

8. Build market awareness

Before starting your business idea, building awareness and credibility with potential customers is essential. Start by creating a website, social media profiles and a mailing list. Reach out to people who can help you get feedback on your idea; find out what business would best suit your skillset and where there is enough demand for it in your area. There are plenty of ways to get started without spending lots of money on marketing materials or advertising campaigns; just go through Neil Patel Blogs to start.

9. Hire employees

After you have completed the above steps to start a business, it's time to begin hiring employees. You should hire people for customer service, sales, marketing and accounting roles. I have found that the best way to hire employees, in the beginning, is by word of mouth. If someone has had a positive experience working with you, they will tell others about their experience and recommend that they apply for a job at your company.

If you have a brilliant business idea, you should work hard to put it into action — but here's one last tip: Before you start up your own business, make sure to research what the competition is all about. Is there anything already in place? Is there a product or service similar to yours? If so, look into the advertising and marketing strategies, and study the areas they've succeeded and failed. Don't steal their ideas, but rather be inspired by them, coming up with an idea of what works for you since every business is unique.

Entrepreneur

Tax payments from local companies in Nigeria saw a massive 249.2 percent jump in the second quarter (Q2) of 2024, according to the latest company income tax (CIT) report by the National Bureau of Statistics (NBS).

The CIT, also known as corporate tax, is levied on the profits made by companies operating in Nigeria. It is regulated by the Companies Income Tax Act (CITA) and enforced by the Federal Inland Revenue Service (FIRS).

Currently, the tax is charged at 30 percent for companies with more than N100 million in turnover, and 20 percent for companies with a turnover ranging between N25 million and N100 million.

NBS said local companies contributed N1.35 trillion in taxes to the federal government in Q2, compared to N386.49 billion in the previous quarter.

While foreign firms operating in Nigeria contributed N1.12 trillion in Q2 — an increase of 87.2 percent compared to the N598.13 billion reported in Q1.

BREAKDOWN OF PERFORMANCE BY SECTOR

The NBS report showed that the agricultural sector contributed the highest company income tax in Q2, showing a remarkable 474.50 percent increase from the previous quarter.

“On a quarter-on-quarter basis, agriculture, forestry, and fishing recorded the highest growth rate with 474.50%, followed by financial and insurance activities and manufacturing with 429.76% and 414.15%, respectively,” the report said.

Several sectors experienced a decline in company income tax payments during the quarter under review.

“On the other hand, activities of households as employers, undifferentiated goods- and services-producing activities of households for own use, had the lowest growth rate with -30.22%, followed by activities of extraterritorial organizations and bodies with -15.67%,” NBS said.

N20.68 TRILLION IN CORPORATE TAXES FROM 2015 TO 2024

Analysis by TheCable Index showed that Nigeria’s corporate tax revenue has experienced remarkable growth over the past decade.

From 2015 to 2024, the country amassed a total of N20.68 trillion in corporate taxes.

In 2015, the federal government collected N1.38 trillion in corporate taxes, however, in 2016, the revenue decreased to N1.02 trillion.

The decline halted in 2017, as the CIT collected by the government climbed to N1.24 trillion.

The upward trend continued, with N1.42 trillion CIT collected in 2018 and N1.63 trillion in 2019.

However, it declined to N1.41 trillion in 2020 but increased to N1.69 trillion in 2021.

The growth continued in 2022, with collection reaching N2.83 trillion, climbing further to N4.89 trillion in 2023.

For the first half of 2024, the total company income tax collected stood at N3.45 trillion.

LOCAL FIRMS LEAD CIT PAYMENTS

Further analysis showed that over the past decade — excluding 2015 — local companies have paid more CIT than foreign firms operating in Nigeria.

In 2015, local companies paid N645.68 billion in corporate tax, while foreign firms contributed N715.52 billion.

However, in 2016, local payments surpassed that of foreign firms, as the former paid N620.78 billion, while CIT from the latter was N360.23 billion.

This trend continued in 2017, with local companies paying CIT of N666.79 billion, compared to the N489.90 billion paid by foreign firms.

In 2018, CIT from local and foreign firms amounted to N709.94 billion and N534.96 billion, respectively.

The amount increased in 2019, as the government collected N813.17 billion from local firms and N615.52 billion from foreign firms.

By 2020, payments from both local and foreign firms decreased to N628.58 billion and N317.25 billion, respectively.

However, in 2021, company income tax collected from local firms crossed the N1 trillion mark, reaching N1.10 trillion, while foreign firms paid N527.62 billion.

In 2022, local and foreign firms CIT rose to N1.68 trillion and N1.15 trillion, respectively.

By 2023, both local and foreign firms’ CIT had surpassed N2 trillion, with local firms paying company income tax of N2.51 trillion and foreign firms parting with N2.39 trillion.

Although 2024 data only covers the first half of the year, the current payments of N1.74 trillion for local firms and N1.72 trillion for foreign firms indicate an upward trend for the remainder of the year.

The Cable

Severe flooding has ravaged Borno State in northeastern Nigeria, leaving a trail of devastation in its wake. The disaster, which has affected nearly one million residents, follows the collapse of the Alau Dam, causing widespread destruction across Maiduguri, the state capital. At least 30 people have been confirmed dead, with fears that the casualty figure could be much higher, as many, including children, remain missing.

The flooding, triggered by heavy rains and the overflow of the Alau Dam, swept through communities, submerging homes, farmlands, and critical infrastructure. Key locations affected include the Monday Market, Gwange, Shehuri, and the Shehu of Borno’s Palace. In a particularly grim development, the Gwange cemetery was destroyed, with coffins and corpses seen floating in the streets.

Governor Babagana Zulum, who visited the Bakassi Camp to distribute aid to displaced persons, reported that one-quarter of Maiduguri is underwater, with the health sector in critical condition. He expressed concerns about the spread of waterborne diseases due to the flooding of sewage systems and noted that a health emergency committee has been set up to mitigate potential outbreaks. The University of Maiduguri Teaching Hospital (UMTH) was also affected, with patients left stranded.

As the death toll climbs, the National Emergency Management Agency (NEMA) has been actively involved in rescue efforts. The agency confirmed that 719 people had been rescued from rooftops, trees, and floodwaters. Additional search and rescue personnel have been deployed, and clean drinking water is being provided to displaced residents to prevent the spread of waterborne diseases.

In response to the crisis, the federal government has provided a N3 billion relief fund to assist victims and address the challenges brought by the flood. Governor Zulum has also called for the reconstruction and upgrade of the Alau Dam to prevent future disasters and pledged to demolish illegal structures blocking waterways.

Meanwhile, the flooding has caused severe disruptions to the local economy. Major markets in Maiduguri, including grain, fruit, and vegetable depots, have been submerged, leading to a sharp rise in food prices as supplies dwindle. Residents are struggling to access food and essential commodities, with many business premises closed due to the destruction.

Rescue operations are ongoing, but the full extent of the damage is yet to be determined. As waters begin to recede, displaced residents return to find their homes destroyed and their livelihoods in ruins.

Zulum assured citizens that reconstruction efforts would begin soon, and measures would be taken to prevent a recurrence of such a catastrophe.

Despite the immense challenges, community efforts are emerging, with volunteers like Fatima Satomi providing meals for displaced residents. However, with thousands still stranded and in need of urgent assistance, the state faces an uphill battle to recover from one of the worst floods in its history.

With additional reports from Reuters & Daily Trust

In response to Nigeria's ongoing fuel pricing and supply challenges, the International Monetary Fund (IMF) has called on the Federal Government to prioritize the protection of vulnerable citizens from the impact of rising petrol prices. Speaking in an interview with Arise TV, Christian Ebeke, IMF's Resident Representative in Nigeria, emphasized the importance of accelerating social safety programs to support those hardest hit by economic policies, particularly amid the current inflation and multiple economic shocks.

Ebeke noted that petrol prices in Nigeria remain below market rates, suggesting a potential further increase. This comes on the heels of a similar statement from the Nigerian National Petroleum Company Limited (NNPCL). He expressed concern about the hardships Nigerians are enduring due to a combination of high inflation, food shortages, and the recent floods, all of which are straining the nation's economy.

"The upward adjustment in petrol prices is occurring at a time when Nigerians are already grappling with significant difficulties," Ebeke stated. "The government’s support program, which aims to reach 15 million households, is crucial. However, it needs to be accelerated to cushion the effects of rising fuel prices on the most vulnerable."

Current Fuel Prices and Supply Issues

Ebeke also echoed concerns raised by NNPCL regarding the current non-market-reflective petrol prices, which have contributed to supply shortages and fuel station queues across the country. He stressed the importance of ensuring stability in supply while adjusting fuel prices, but reiterated that the immediate focus should be on mitigating the impact on the poor.

"If these price adjustments stabilize the fuel market, it would benefit many Nigerians, as the ongoing fuel scarcity is hindering the country’s productivity," he added.

Competition and Supply from Dangote Refinery

Addressing the controversy over the distribution of products from the Dangote Refinery, Ebeke highlighted the need for competition in the oil market. He explained that competition ensures better product quality and supply stability, which ultimately benefits consumers.

"Ensuring availability of supply and fostering competition will create a stable market and allow consumers to get the best deals," Ebeke said, advocating for policies that prioritize these principles.

Balancing Economic Reforms with Social Protection

In response to the Federal Government’s stance that its economic reforms are necessary for long-term growth, Ebeke stressed the importance of balancing policy measures. He noted that while reforms like fuel price adjustments are critical for economic stability, they must be implemented alongside social protection programs to ease the burden on the poor.

"When implementing challenging reforms, you must pair them with measures that protect the most vulnerable. It’s not just about price adjustments, but also about ensuring that people have the support they need to cope with these changes," he emphasized.

Outlook for Nigeria’s Economy in 2024

Looking ahead to Nigeria’s economic future, Ebeke acknowledged the government's ambitious plans to transform the economy, stabilize markets, and reduce poverty. However, he stressed that these efforts must be supported by adequate revenue generation, as Nigeria continues to face one of the lowest revenue-to-GDP ratios in the world.

"The government’s ability to raise revenue is crucial for financing infrastructure, healthcare, and education. These are the key areas where growth and development must be promoted," Ebeke noted.

Moniepoint, a financial technology firm (fintech), says 58.9 percent of women-owned businesses in Nigeria struggle to access funding.

Moniepoint, in a report focusing on funding for women-owned businesses in Nigeria, said 40.2 percent of women use their funds and savings to run or start their businesses.

The fintech said while 16.7 percent of women manage to get access to loans from their financial institutions, 83.3 percent are left to rely on family, friends, and personal funds to start or keep their businesses running.

“For many women-owned businesses, sources of funding are few. With a financing gap of 32%, women are either less likely to receive funding, or they receive smaller amounts when they do,” the report reads.

“Our data paints a similar picture, as 40.2% of women use their personal funds and savings to run or start their businesses.

“A closer look at the source of their “external funding”, shows that a greater number of them access this from family and friends, either as loans or cash gifts.

“Only 16.7% of these women are able to get access to the loans their businesses need via financial institutions.”

Moniepoint said although access to funding can positively impact a business’s lifespan, women-owned startups find it relatively harder to get funding compared to “older businesses”.

“Barring a few exceptions, such as family businesses or trust funds, it’s difficult to scale businesses with funds from personal savings or family and friends,” the report said.

“Formal investment sets businesses up for faster growth and expansion. Sadly, not having the right documentation and collateral makes it difficult for small businesses to scale.

“However, the funding gap between women and men-owned businesses persists regardless of size, education level, industry and financial status.”

The report also said businesses that have access to external funding (crowdfunding, government grants, loans from financial institutions, loans from cooperatives, borrowed from families and gifts from friends) are more likely to expand and have multiple stores than those who use personal funds.

Giving reasons for the funding gap, the fintech’s report highlighted issues such as unconscious bias, societal constraints and financial habits, and lack of awareness as major funding challenges women-owned businesses face.

Moniepoint said avoiding bias or discrimination is the first step to bridging the gap.

The report also said providing women with tools to accept payments digitally and quick access to credit facilities without overleveraging them would help in sustaining their businesses.

The Cable

An American businessman, Marco Antonio Ramirez, has been sentenced to 68 years in prison by a Lagos court for defrauding Nigerians of $1.6 million in a fraudulent visa investment scheme.

The ruling was delivered on Tuesday, September 10, 2024, by Mojisola Dada of the Special Offences Court sitting in Ikeja as disclosed by EFCC.

Dada, in her verdict, emphasized the gravity of the offenses, stating, “The prosecution has proven its case beyond a reasonable doubt. Marco Antonio Ramirez’s fraudulent actions have inflicted significant financial harm on his victims.”

She elaborated on the sentencing, noting, “The court has imposed a total sentence of 68 years to reflect the severity of the crimes committed and to serve as a deterrent to others.”

Details of the case 

Ramirez was convicted on a 16-count charge brought against him by the Economic and Financial Crimes Commission (EFCC), including charges of obtaining money by false pretence and stealing.

According to the EFCC, Ramirez and his companies, USA NOW LLC, Eagle Ford Instalodge Group LP, and USA Now Energy Capital Group LP, scammed his victims by promising to process their investments through the United States EB-5 Investor Programme, which was purported to help them obtain green cards.

The EFCC prosecutor, M.S. Owede, expressed satisfaction with the court’s decision, stating, “Today’s judgment is a testament to the EFCC’s relentless pursuit of justice for victims of financial crimes. We are pleased that the court has held Marco Antonio Ramirez accountable for his fraudulent activities.”

Victims 

The court heard how Ramirez dishonourably converted large sums, including $545,000 from Godson Onyemaechi Echegile and $314,800 from Abubakar Umar Sadiq, for personal use under the guise of investment. These funds were meant to be investments in his company, but Ramirez failed to deliver on his promises, leaving his victims without the promised visas or their money.

In addition to the charges related to the EB-5 programme, Ramirez was found guilty of defrauding Gabriel Ogie Edeoghon of $250,000 and Oludare Talabi of $50,281.33 in separate visa scams.

Prosecuting counsel S.O. Daji commented, “The court’s decision today reaffirms our commitment to fighting fraud and ensuring that those who exploit others for personal gain face justice.”

Ramirez’s legal battles spanned several years, with repeated delays due to the absence of his defence counsel, Lawal Pedro. However, on May 8, 2024, the court adopted the final written addresses, setting the stage for the judgment.

Nairametrics

Hamas says ready to implement ceasefire without new conditions

The Palestinian Hamas group said on Wednesday that its negotiators reiterated its readiness to implement an "immediate" ceasefire with Israel in Gaza based on a previous U.S. proposal without new conditions from any party.

The Palestinian group said in a statement that their negotiation team, led by senior official Khalil al-Hayya, met mediators on Wednesday including Qatar's Prime Minister Sheikh Mohammed bin Abdulrahman Al Thani and Egypt's intelligence chief Abbas Kamel in Doha to discuss the latest developments in Gaza.

Talks have so far failed to reach a deal to end the 11-month-old war. Lingering issue include control of the Philadelphi corridor, a narrow stretch of land on Gaza's border with Egypt, persisting.

CIA Director William Burns, who is also the chief U.S. negotiator on Gaza, said on Saturday that a more detailed ceasefire proposal would be made in the next several days.

The previous proposal put forward by U.S. President Joe Biden in June laid out a three-phase ceasefire in return for the release of Israeli hostages.

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The recent war in Gaza started after Hamas militants attacked Israel on Oct. 7 killing 1,200 people and taking about 250 hostages, according to Israeli tallies. Israel's offensive has thus far killed at least 41,084 Palestinians and wounded 95,029 others, the Gaza health ministry says.

Reuters

RUSSIAN PERSPECTIVE

Russian troops reportedly pushing Ukrainians back in Kursk

Russian forces appear to be pushing Ukrainian troops back in a Kiev-controlled area of Russia’s Kursk Region, footage circulating online purports to show. The Russian Defense Ministry has not confirmed that the counteroffensive has begun.

A pro-Russian Telegram channel released on Wednesday clips that it claims show the achievements of the 51st Guard Regiment of the Russian Airborne Troops near the settlement of Snagost.

Kiev deployed thousands of heavily armed troops for its operation on Russian soil. According to the Russian military, Ukrainian casualties have surpassed 10,000 during the month-long incursion.

The longest video was filmed from a drone and shows what appears to be a battle in a rural area involving multiple armored vehicles.

Another one purports to show a group of Ukrainian POWs walking down a road. Some of them are holding their hands behind their heads while others prop up an injured comrade. 

Snagost has been mentioned by the Russian Defense Ministry as a location where fighting against the invading Ukrainian troops has been taking place on a regular basis. It is located roughly 7km southeast of the Seim River, a notable landmark that helps identify the location in the video.

Ukrainian troops targeted bridges over the Seim further to the west, apparently to make the territory under their control easier to defend from Russian ground attacks.

WESTERN PERSPECTIVE

Three killed, five injured in Russian attacks on east Ukrainian town

Three women were killed and five other people were injured on Wednesday during Russian attacks on the eastern Ukrainian town of Kostiantynivka in the Donetsk region, prosecutors said.

Russian troops shelled a residential part of the town, some 14 km (nine miles) from the active combat zone, and killed two elderly women, the Prosecutor's General Office said on the Telegram messaging app.

Later Russian forces hit another residential area, probably with a self-propelled multiple rocket launcher, killing a middle-aged woman and injuring five other civilians, it said.

The Donetsk region, which Russian troops partially occupy, regularly comes under Russian shelling and airstrikes.

Moscow denies targeting civilians or civilian infrastructure in its invasion of Ukraine, although thousands of people have been killed in its attacks.

RT/Reuters