Central Bank of Nigeria (CBN) has introduced a foreign exchange (FX) price verification system (PVS) portal to enable importers to access forex.

The CBN, in a statement on Thursday night, said a price verification report from the portal is now mandatory for all Form M requests, effective from August 31, 2023.

The Form ‘M’ is a declaration of intention to import physical goods into Nigeria.

“Following the successful conduct of the pilot run and various trainings held with all the banks, the Central Bank of Nigeria hereby announces the Go- Live of the Price Verification System (PVS),” the statement reads.

“All applications for Forms M shall be accompanied by a valid price verification report generated from the price verification portal.

“For the avoidance of doubt, by this circular, the price verification report has become a mandatory trade document precedent to the completion of a Form M.”

“All authorised dealers are, hereby, advised to bring this to the attention of their customers”.

CBN also said any case of infraction would be appropriately sanctioned.

“Please, ensure compliance,” the bank urged exporters.

In June 2023, the CBN announced the unification of all segments of the foreign exchange (FX) market, signalling the end of its control of the forex market.

Since the decision — which was in compliance with the federal government’s directive — the exchange rate of the local currency has been experiencing significant volatility as market forces continue to determine prices.

The Cable

A consortium led by Transcorp Power Limited has acquired a 60 percent stake in Abuja Electricity Distribution Company (AEDC).

Following the acquisition, Christopher Ezeafulukwe has been appointed managing director/chief executive officer (MD/CEO) of AEDC.

Ezeafulukwe, who is currently the MD/CEO of Transcorp Power Limited, will play a pivotal role in rejuvenating AEDC, the supplier of power to the nation’s capital.

“Prior to his appointment as MD/CEO of AEDC, Ezeafulukwe was the MD/CEO of Transcorp Power Ltd, Ughelli, a 972-MW thermal plant,” a statement seen by TheCable reads.

The Tony Elumelu-led Transcorp secured approval as the strategic investor in AEDC in May 2023

“Under his leadership, Transcorp Power Ltd has consistently led the Nigerian  power sector, being the first successor power company from the 2013 power privatization program, to be discharged from post-privatisation monitoring by the National Council on Privatization, having surpassed the expectations of the Council.

“The Ughelli Power plant, which Transcorp Group acquired during the privatisation of the power sector in 2013, demonstrates the Group’s transformative prowess.

“The plant’s available capacity, which was 160MW on acquisition, increased by 227% to 680.83MW in 4 years, surpassing the Bureau of Public Enterprise’s (BPE) five-year target of 670MW.”

Peter Ikenga, CEO of Transcorp Energy, is expected to succeed Ezeafulukwe as MD of Transcorp Power.

In December 2021, United Bank of Africa (UBA) took over AEDC over the inability of its major stakeholder, Kann Consortium, to service the $122 million debt owed to the bank.

Kann Consortium had secured a loan from UBA to acquire AEDC in 2013, making it hold a 60 percent stake in the DisCo.

However, in April 2023, the bank said it would sell AEDC to recover the $122 million debt.

In May 2023, the national council on privatisation approved the Transcorp-led consortium as the preferred bidder for AEDC.

The Cable

West Africa’s economic bloc is open to talks or a rare military intervention to overturn a coup in Niger, an official said.

Democracy will be restored “by all means available,” Abdel-Fatau Musah, the Ecowas commissioner for political affairs, peace and security, said at a high-level regional meeting in the Ghanaian capital, Accra, Thursday. “If push comes to shove we are going into Niger with our own contingent,” he said.

Top military officers representing nations of the Economic Community of West African States are meeting over the next two days to discuss possible intervention in Niger, where soldiers overthrew President Mohamed Bazoum in a July 26 coup, and continue to hold him hostage.

The majority of member-states are ready to participate in a standby force, but “Ecowas hasn’t ruled out diplomatic options,” Musah said.

The 15-nation bloc is taking a stand after the region’s sixth coup in three years. Mali, Burkina Faso and Guinea have also recently succumbed to military power grabs.

Abdourahamane Tiani, Niger’s self-appointed leader who was the head of the presidential guard, has so far ignored Ecowas threats to intervene, missing a deadline earlier this month to relinquish power.

France and the US, which have troops stationed in the landlocked country, have also condemned the coup and the poor treatment of Bazoum, who had been a key ally in the global fight against jihadists linked to al-Qaeda and Islamic State.

Ecowas seeks to ensure the constitutional order is restored, Musah said. “If other democracy-loving partners want to support us, they are welcome.”

Bloomberg

RUSSIAN PERSPECTIVE

Ukraine scrambling to avoid Russian strikes on airbases – FT

Russia has ramped up attacks on airbases used by Kiev to launch long-range missile attacks, forcing Ukrainian personnel and aircraft to constantly be on the move to avoid being struck, the Financial Times reported on Thursday, citing sources.

Ukrainian officials told the paper that Kiev and its backers believe that Moscow’s recent attacks on airbases and pilot training facilities in western Ukraine are aimed at decimating its fleet of bombers used to fire British Storm Shadow and French Scalp missiles.

Ukraine is “racing to move around crucial weaponry and its skilled personnel” across dozens of airbases and commercial airports, the report said.

Ukraine’s Air Force Command spokesman, Yury Ignat, acknowledged the issue, claiming to the FT that Moscow was trying to undermine the country’s air power because “our pilots are bothering them… [and] causing a lot of trouble.” 

Meanwhile, Yury Sak, an adviser to Ukraine’s defense minister, called on the West to provide Kiev with more air defense systems as well as to speed up pilot training and deliveries of F-16 fighter jets. Ukrainian officials have been asking for US-made advanced jets for months, but do not expect them to arrive until 2024.

In May, the UK supplied Ukraine with Storm Shadow missiles with a range of about 250km. France followed suit by sending Scalp missiles capable of reaching targets at the same distance. After receiving the deliveries, Kiev used Storm Shadow missiles to attack civilian facilities and infrastructure in the Russian city of Lugansk and on the Crimean Peninsula.

Reports of intensified attacks on Ukrainian facilities storing long-range assets come after the Russian Defense Ministry said last week that it had conducted high-precision strikes on a military airbase in Ivano-Frankovsk Region in the western part of Ukraine, successfully hitting all the designated targets.

Moscow has repeatedly warned the West against supplying Ukraine with weapons, arguing that this will only prolong the conflict. Kremlin Press Secretary Dmitry Peskov has cautioned that the Russian military would take adequate countermeasures.

** Ukrainian naval drone targets Russian vessels – MOD

Two Black Sea Fleet vessels thwarted an attempted attack by a Ukrainian maritime drone Thursday evening, the Russian Defense Ministry said. 

“Today at 22.55, the armed forces of Ukraine made an unsuccessful attempt to attack the ships of the Black Sea Fleet, performing the tasks of controlling navigation in the southwestern part of the Black Sea, 237 km southwest of Sevastopol,” the Russian military said.

The unmanned boat was destroyed by gunfire from the patrol frigate Pytlivy and the patrol ship Vasily Bykov, before it could reach its target.

Thursday’s attack is the second time this month that Ukraine has attempted to sink the Bykov. On August 1, three maritime drones attacked the patrol ship and its sister Sergey Kotov in the Black Sea, but were likewise destroyed by on-board cannons.

With its fleet reduced to a handful of patrol boats, Ukraine has resorted to attacks on Russian ships and infrastructure by remotely operated vessels. In mid-July, a drone damaged a span of the Crimean Bridge, killing two civilians and injuring another. Earlier this month, the Russian tanker Sig was struck by another drone on the approach to Crimea, but was towed to port.

On Wednesday, the Security Service of Ukraine (SBU) provided CNN with video of the bridge attack by the drone, which its chief Vasily Malyuk called ‘Sea Baby.’ Malyuk described the drones as “a unique invention” of the SBU.

Ukraine first claimed to have sunk the Bykov in March 2022, using rockets launched from the shore in Odessa. The ship turned up unharmed in the port of Sevastopol a week later, however. 

Earlier this week, the Bykov stopped and boarded a Palau-registered cargo ship Sukru Okan in the Black Sea, after the Ukraine-bound vessel ignored the Russian requests to heave to and be inspected. 

WESTERN PERSPECTIVE

Drone attack damaged building in Moscow centre

A Ukrainian drone attack damaged a building in central Moscow early on Friday, causing a blast that was heard across the business district of the Russian capital, Russian officials said.

A Reuters witness who was in the area described it as "a powerful explosion".

Russian air defence systems shot down a drone and its debris fell on the Expo Center, Moscow Mayor Sergei Sobyanin said in a statement on his official channel on Telegram.

The Expo Center is a large space used for massive exhibitions, less than 5 kilometers (3.1 miles) away from the Kremlin.

A video published by Russian media outlets showed thick smoke rising next to skyscrapers.

The Russian defence ministry said that Ukraine was behind the drone attack.

There was no immediate comment from Kyiv.

** US approves sending F-16s to Ukraine from Denmark and Netherlands

The United States has approved sending F-16 fighter jets to Ukraine from Denmark and the Netherlands to defend against Russian invaders as soon as pilot training is completed, a U.S. official said on Thursday.

Ukraine has actively sought the U.S.-made F-16 fighter jets to help it counter Russian air superiority.

Washington gave Denmark and the Netherlands official assurances that the United States will expedite approval of transfer requests for F-16s to go to Ukraine when the pilots are trained, the official said.

Denmark and the Netherlands had recently asked for those assurances. The U.S. must approve the transfer of the military jets from its allies to Ukraine.

A coalition of 11 countries was due to start training Ukrainian pilots to fly the F-16 fighter jets this month in Denmark. Denmark's acting Defense Minister Troels Poulsen said in July that the country hoped to see "results" from the training in early 2024.

NATO members Denmark and the Netherlands have been leading international efforts to train pilots as well as support staff, maintain aircraft and ultimately enable Ukraine to obtain F-16s for use in its war with Russia.

Secretary of State Antony Blinken sent letters to his Danish and Dutch counterparts assuring them that the requests would be approved, the U.S. official said.

"I am writing to express the United States’ full support for both the transfer of F-16 fighter aircraft to Ukraine and for the training of Ukrainian pilots by qualified F-16 instructors," Blinken said in a letter to the two officials, a copy of which was seen by Reuters.

Blinken said, "It remains critical that Ukraine is able to defend itself against ongoing Russian aggression and violation of its sovereignty."

He said the approval of the requests would allow Ukraine to take "full advantage of its new capabilities as soon as the first set of pilots complete their training."

U.S. President Joe Biden endorsed training programs for Ukrainian pilots on F-16s in May. In addition to training in Denmark, a training center was to be set up in Romania.

Kyiv will not be able to operate U.S.-built F-16 fighter jets this coming autumn and winter, Ukraine air force spokesperson Yuriy Ihnat told Ukrainian television late on Wednesday.

U.S. officials have privately said that F-16 jets would have been of little help to Ukraine in its current counteroffensive and will not be a game changer when they eventually arrive given Russian air defense systems and contested skies over Ukraine.

The F-16 is made by Lockheed Martin.

RT/Reuters

A good number of people, including me, seems opposed to Nigeria leading the Economic Community of West African States (ECOWAS) to war in Niger. In one of the most telling anti-war metaphors, a Nigerian columnist and Editor, Lasisi Olagunju, likened military intervention to rubbing buttocks with the porcupine. 

Doves everywhere are flying the flag of peace. Protesters are also waving placards reminding Nigeria’s President and ECOWAS Chairman, Bola Tinubu, not to start a war he cannot finish.

As if he doesn’t know, Tinubu has also been reminded, among other things, that there’s already too much trouble at home – insecurity, economic hardship and a country deeply divided by the last elections – without a clear plan, so far, how to dig himself out of the mess. He cannot invite more trouble.

Tinubu is not just being told to mind his business, fix Nigeria and forget war. In what is clearly an indication that even the pacificists recognise that he cannot ignore a problem at the door, however, the president has also been advised to prioritise talks and negotiations with Niger’s military leader, Abdourahmane Tchiana, who deposed President Mohamed Bazoum and seized power on July 26.

That is easier said than done. I’ve been forced to pause and lower my flag for talks at half-mast after reading one of Christopher Hitchens’ essays in his collection, And Yet, from which I have adapted the title of this article. 

Hitchens wasn’t writing about Niger, of course: it was about the US Middle East policy at a very difficult and dangerous time. At the height of Iran’s nuclear enrichment controversy, the Obama administration received a letter from Tehran offering “unconditional talks”, over the hostile and fraught relationship between Washington and Tehran. 

The invitation to “unconditional talks” with Iran’s President, Mahmoud Ahmedinajad, characteristised in Washington as the devil incarnate, spooked memories of Azar Nafisi’s 2003 book, Reading Lolita in Tehran, in which she said a relationship with the Islamic Republic “is like having sex with a man you loathe.” I honestly don’t know which one is easier – rubbing buttocks with the porcupine or having sex with a man you loathe!

The instigation for talks, at all costs, with Niger’s military junta must feel that way for Tinubu. How do you talk with a man who not only despises your election and questions the legitimacy of other regional leaders, but one who has also spurned your emissaries and is openly rallying other scoundrels against you and the regional body?

It’s gratifying that the latest indications from Niamey are that the military regime is prepared for talks with ECOWAS. But what, in any case, would such talks be like in light of the regional protocol by all 15-member ECOWAS countries, including Niger, against unconstitutional changes in government? 

A chapter from the encounter of regional leaders and the diaries of three regional military coup leaders in the last few years could give us an idea. The soles of the shoes of ECOWAS special envoy and former Nigerian President Goodluck Jonathan and his team are worn out from futile diplomatic visits to Mali, Guinea and Burkina Faso after soldiers seized power in these countries, and for three years, all refused to talk sense. 

Assimi Goita, Mali’s military leader, seized power in 2020 and initially promised a transitional government within six months. Before you could say Assimi, however, he sacked the figure-head interim government in May 2021 and promised elections would be held in 2024, that is four years after he first seized power.

Guinean military leader Mamadi Doumbouya, who seized power in September 2021 was careful not to commit early. After about five months in power, plenty of talk and ECOWAS sanctions which all parties knew were just about as empty as the talks, Doumbouya announced in January last year that he needed an extra 39 months to hand over power. 

And just around the corner, Ibrahim Traore, Burkinabe’s military leader and the third soldier to lead a successful coup in the region in five years, has not made any secrets of his flirtations with the Russian-backed Wagner Group. 

The hint of a transition is not even on the table, much less discussions with ECOWAS about a possible hand over date. Anyone who saw Traore’s recent red-carpet reception by Russian President Vladimir Putin in Moscow might understand why he cannot be in a hurry to leave power. Better to talk about talk and enjoy the illegitimate fruit of power than to confront the threat of a forceful removal.

It is in the context of this catastrophic failure of previous talks with military juntas in the last three years, not to mention the audacity of their defiance, that we must view any talks with Tchiani. It is either we have decided to shred the protocol against unconstitutional changes in government and return to the 1970s/80s by normalising military rule, or we make it clear that there would be consequences for military coups. 

The argument that we have ourselves to blame because civilian rulers have performed shabbily, wangled their way into office, or illegally extended their tenure is seductive but untenable. To adapt the Italian prosecutor Virgino Rognoni, who took on the Red Brigades in the 1908s, “in whichever way a democratic system might be sick, military coup will not heal it; it kills it. Democracy is healed with democracy.”

We can all agree that talk is better than war, but those who are willing to turn a blind eye to the futility of talks in the last three years since the fall of Mali have not said how more pillow talk with Tchiani would do for Niger what it has failed to do for the embarrassingly defiant coup belt. 

It’s been said that the “hasty” announcement of a military option by ECOWAS and sanctions by the body, especially Nigeria’s decision to cut-off electricity to Niamey, hardened the junta. Maybe. But the junta’s response to diplomatic overtures made right after did not suggest that sending flowers early on would have made much difference.

Tchiani’s latest comment that the military government has enough evidence to try President Bazoum for high treason is a ridiculous excuse to buy time and befuddle the point. It is a measure of how unpromising the talks would be that an illegitimate government is even thinking of charging an elected president with “high treason!”

How did we get here? By talking, of course, without any clear intention of, or will to do anything, when talks failed. Wasn’t it an embarrassment to ECOWAS, for example, that in spite of promises by the Malian military leader to hand over within a few months of the coup, the military-dominated legislature later announced that nothing less than four years would do, to which ECOWAS negotiator, Jonathan, tamely replied, “I believe ECOWAS may not accept it…we’re going to negotiate further with them.”

Seven months after Jonathan made this statement, the soldiers in Burkina Faso read correctly that it was just another empty talk. They struck.

If, in 2016, ECOWAS had offered President Yahya Jammeh talks, instead of deploying a regional force to remove him from power after he lost elections and refused to quit, he’ll probably still be in office today, talking. 

Sure, regional leaders could do better by using institutional mechanisms such as the AU’s Peer Review to improve the quality of governance and perhaps even review the governance charter. 

Yet, there’s no evidence in Africa that the military has done any better after seizing power. It’s time to end the nonsense in Niger not by rubbing buttocks with Tchiani, but by keeping the cage-trap firmly on the table for this porcupine and his cohorts.

** Ishiekwene is Editor-In-Chief of LEADERSHIP

Tobi Amusan, the reigning World 100m hurdles champion and record holder, has been given the green light to compete at the upcoming World Athletics Championships set to begin on Saturday in Budapest, Hungary.

Previously, the 26-year-old athlete faced charges of three whereabouts failures, which constitutes an anti-doping rule violation for missing three out-of-competition tests within a 12-month period. Amusan had contested this charge.

Recent news from the Athletics Federation of Nigeria has confirmed that Tobi Amusan, the world record holder in the 100m hurdles, has been cleared of the charges. Consequently, she will now proceed to Budapest to defend the significant gold medal she earned last year at the 18th edition of the Championships.

This clearance provides Amusan with the opportunity to defend the only title in her career that she has yet to defend, following her successful retention of her Nigeria, African Championships, African Games, Commonwealth Games, and Diamond League titles.

Reports indicate that a tribunal of three arbitrators absolved Amusan of two out of the three missed tests, after the Nigerian athlete argued that the tester had not made sufficient efforts to locate her.

Notably, throughout this process, Amusan consistently maintained her innocence and stated that she is a clean athlete. She even mentioned on her Facebook page last month, “I have faith that this will be resolved in my favour and that I will be competing at the World Championships in August.”

The Guardian

Do you have big goals you're hoping to reach, but can't seem to make any progress toward achieving them? Kaizen, the Japanese practice of continuous improvement might just be the perfect tool to help you work toward seemingly out-of-reach goals. 

That suggestion comes from Jonny Thomson a philosophy teacher and author of Mini Philosophy: A Small Book of Big Ideas. In an article for Big Think, Thomson argues that kaizen is the most effective way to get there. Behavioral science suggests that he's right.

For most of us, the term kaizen is associated with Toyota, which made the practice famous in its factories. But, as Thomson notes, the term literally translates as "good change," and it has uses that go way beyond manufacturing. 

And the general concept goes all the way back to ancient Rome, when the philosopher Seneca wrote, "It is enough for me if every day I reduce the number of my vices, and blame my mistakes."

Toyota used kaizen to transform itself from a textile company to an auto manufacturer. Rather than a sudden and complete rebranding, announced with great fanfare, that would be more common in the United States, the company made the change gradually. 

"There was a change here, a shift there. Every day something was different, every week something was better, and when a month became a year, incredible change had been achieved," Thomson writes.

And, he argues, the same approach can work for all sorts of personal and professional goals. For example, he writes, those of us who aren't runners are awed by the endurance and athleticism required to complete a marathon. 

"But any race or feat of endurance is simply one small step after another. Many are those runners who repeat, 'Just to the top of that hill,' or, 'Just one more mile,' over and over – until one mile becomes 26.2." 

Stanford behavioral scientist BJ Fogg doesn't use the term kaizen, but his approach to changing behavior and self-improvement, honed over working with thousands of people at the Stanford Behavior Design Lab, is to break any change you hope to make into the smallest possible steps. 

In fact, he suggests that if you want to run a marathon, the habit to begin with is to just to put on your running shoes and tie the laces – and then celebrate your own accomplishment.

When I interviewed Fogg for my book Career Self-Care: Find Your Happiness, Success, and Fulfillment at Work, I asked what to me seemed a pressing question: How on earth do you get from just tying your shoes to running a marathon, especially if you're not pushing yourself to do more. 

The process tends to happen naturally, he explained. I was a big skeptical until I tried it myself. I'd long known that I really should have a will, and out of a combintion of superstition and reluctance to contemplate difficult and unpleasant questions, I had put it off literally for decades. 

With Fogg's philosophy in mind, I set myself the task to open an online will-writing website every day. That was it – I didn't have to do more than that. But after a few days of just opening the site, I found myself starting to answer some of the questions on the homepage. 

Little by little, a tiny bit most days, I answered one question after another and worked my way through all the thorny decisions that making a will presents. If you want to try this kaizen approach for yourself, here's how to get started.

1. Aim for 1 percent improvement

Pick an area in your business or personal life where you would like to improve, or a big, long-term task that you would like to accomplish. (I recommend trying kaizen for only one area or task at a time when first starting out with it.) 

Ask yourself: If I could make only 1 percent of progress in this area, what would that look like? It very well might look like just putting on your running shoes, or perhaps running just a quarter of a mile, which is about 1 percent of a marathon. Whatever that 1 percent is, start there, and keep doing it.

2. Add the next 1 percent

Only you can decide when you're ready to take the next step and what that step should be, but ideally it should be another tiny, 1 percent step. If you were to break a big task down to 1 percent pieces and then complete one of them every day, it would take you about three-and-a-half months to complete it. 

But not every task is right for that sort of approach, and for some things, adding another 1 percent every day might be going too fast, or too slow.

So figure out what amount of improvement or additional work is right for you, and try to be consistent about doing it every day, or every weekday, or every Monday, or whatever makes the most sense. 

When in doubt, think smaller, not bigger. You're better off setting yourself a task that's too small and easy than one that's too big and difficult.

3. Focus on day-to-day improvement, not long-term goals

"Keep your eye on the prize," is frequently heard advice, but it's not so useful when it comes to kaizen. Instead, focus your attention on the task you're currently working on, or perhaps the very next one. 

Leaving long-term plans and ambitious goals out of your day-to-day thinking will make the tiny step process go more smoothly, Fogg notes.

Besides, one aspect of kaizen is that it has no end. There's never a point where your work is perfect, your company is perfect, your product is perfect, you yourself are perfect, and there's no more improvement to be made. 

Kaizen is about the process, not the end goal, and it's called continuous improvement because there is no stopping point. So think about the journey, not the destination. And trust that, like Toyota, you can achieve incredible change along the way.

Inc

President Bola Tinubu has until August 23 to present persuasive arguments as to why Chicago State University should not be ordered to release his academic records to Atiku Abubakar, his rival in the February 25 Nigerian presidential election, according to court filings seen by Peoples Gazette.

This deadline was imposed on August 9 by Jeffrey Gilbert, the new magistrate judge assigned to the case at the United States District Court for the Northern District of Illinois in Chicago.

Abubakar, earlier this month, requested court approval to subpoena Tinubu’s files domiciled with CSU because he believed the documents would clarify glaring inconsistencies in Tinubu’s background, including publicly-available documents that suggested the CSU in the 1970s admitted a female student bearing Bola Tinubu who was born on March 29, 1954. 

The Nigerian president said he was born on March 29, 1952, although he had also, at different times, listed 1954 as his birth year in the past. He also recently expunged his primary and secondary education from his records after it was discovered that the schools he listed under oath in his 1999 run for Lagos governor did not exist anywhere in Nigeria. Abubakar believed the requested records would show which early and high school papers Tinubu submitted to CSU before he was admitted to study accounting there. 

Shortly after Abubakar approached the court for the records, Tinubu filed a motion to thwart the request from being granted, citing a U.S. privacy law for students.

But the court appeared interested in allowing the case to proceed after Abubakar argued it has a valid jurisdiction. The judge has now set a deadline mandating Tinubu to submit his argument by August 23 as to why CSU must keep his records from Abubakar, filings showed.

Additionally, the U.S. court ordered Abubakar to respond to Tinubu’s argument by September 9 —- two weeks after Tinubu’s response was anticipated. The timeline showed the court was racing to rule on the matter before September 21, when Nigeria’s election petitions tribunal would likely deliver its judgement in the suit challenging Tinubu’s election victory. 

Tinubu’s questionable academic history is merely one of several grounds that Abubakar’s lawyers are pursuing in Nigerian courts to nullify his declaration as president and eligibility to stand for election in future. Claims ranging from narcotics dealing to money laundering and election fraud are also being argued. 

Tinubu, who was sworn in as Nigerian president on May 29, has insisted he was the one who attended CSU; while dismissing his 1990s narcotics scandal as a civil forfeiture proceeding that should not carry any criminal implications for his political ambition. 

PG

President Bola Tinubu has appointed Nyesom Wike, former governor of Rivers state, as the minister of the federal capital territory (FCT).

Wike is the second southerner to head the FCT after Ajose Adeogun, the only person from the region, who was appointed in 1976.

In a list released by Ajuri Ngelale, special adviser to the president on media and publicity, Tinubu appointed Gboyega Oyetola, former governor of Osun, as the minister of transportation.

He also appointed Festus Keyamo as the minister of aviation and aerospace development.

The list shows that the Northwest has 10 ministers, while Northeast has six. The Northcentral and Southwest have eight and nine ministers respectively, while Southeast and Southsouth have five each.

According to the portfolios assigned by the president,  Tinubu made Bosun Tijani the minister of communications, innovations and digital economy and Wale Edun the person heading the ministry of finance and coordinating minister of economy.

On July 27, Tinubu forwarded a list of 28 nominees to the senate for screening and confirmation.

Again, on August second, the president sent the list of the second batch of ministerial nominees to the senate for screening.

While the senate confirmed the nomination of 45 persons on the list, three nominees, including Nasir el-Rufai, former governor of Kaduna — Stella Okotete (Delta) and Danladi Abubakar (Taraba), were not confirmed due to issues relating to security clearance.

See the list below.

SOUTHWEST

1. Minister of Communications, Innovation and Digital Economy — Bosun Tuani
2. Minister of State, Environment and Ecological Management — Ishak Salako
3. Minister of Finance and Coordinating Minister Of The Economy — Wale Edun
4. Minister of Marine and Blue Economy — Bunmi Tunji-Ojo
5. Minister of Power — Adebayo Adelabu
6. Minister of State, Health and Social Welfare –Tunji Alausa
7. Minister of Solid Minerals Development — Dele Alake
8.  Minister of Tourism — Lola Ade-John
9. Minister of Transportation –Adegboyega Oyetola

SOUTHEAST

1. Minister of Industry, Trade and Investment –Doris Anite
2. Minister of Innovation, Science and Technology — Uche Nnaji
3. Minister of State, Labour and Employment — Nkiruka Onyejeocha
4. Minister of Women Affairs — Uju Kennedy
5. Minister of Works — David Umahi

SOUTHSOUTH

1. Minister of Aviation and Aerospace Development — Festus Keyamo
2. Minister of Youth –Abubakar Momoh
3. Minister of Humanitarian Affairs And Poverty Alleviation — Betta Edu
4. Minister of State, Gas Resources –Ekperipe Ekpo
5. Minister of State, Petroleum Resources –Heineken Lokpobiri
6. Minister of Sports Development — John Enoh
7. Minister of Federal Capital Territory –Nyesom Wike

NORTHWEST

1. Minister of Art, Culture and The Creative Economy — Hannatu Musawa
2. Minister of Defence — Mohammed Badaru
3. Minister of State, Defence — Bello Matawalle
4. Minister of State, Education — Yusuf T. Sununu
5. Minister of Housing and Urban Development — Ahmed M. Dangiwa
6. Minister of State, Housing and Urban Development– Abdullahi T. Gwarzo
7. Minister of Budget and Economic Planning — Atiku Bagudu
8. Minister of Environment and Ecological Management (Kaduna)–
9. Minister Of State, Federal Capital Territory — Mairiga Mahmud
10. Minister Of State, Water Resources And Sanitation –Bello M. Goronto

NORTHEAST

1. Minister of Agriculture and Food Security –Abubakar Kyari
2. Minister of Education –Tahir Maman
3. Minister of Interior — Sa’idu A. Alkali
4. Minister of Foreign Affairs –Yusuf M. Tuggar
5. Coordinating Minister of Health and Social Welfare — Ali Pate
6. Minister of Police Affairs –Ibrahim Geidam
7. Minister of State, Steel Development — U. Maigari Ahmadu

NORTHCENTRAL

1. Minister of Steel Development  — Shuaibu A. Audu
2. Minister of Information and National Orientation — Muhammed Idris
3. Attorney General of the Federation and Minister of Justice — Lateef Fagbemi
4. Minister of Labour And Employment — Simon B. Lalong
5. Minister of State, Police Affairs — Imaan Sulaiman-Ibrahim
6. Minister of Special Duties and Inter-Governmental Affairs –Zephaniah Jisalo
7. Minister of Water Resources and Sanitation — Joseph Utsev
8. Minister of State, Agriculture and Food Security –Aliyu Sabi Abdullahi

The Cable

Nigerian National Petroleum Corporation (NNPC) Limited has secured a $3 billion emergency crude repayment loan to support the naira and stabilise the foreign exchange market.

NNPC Limited secured the crude-for-cash funding from the African Export-Import Bank (Afreximbank) headquarters in Cairo, Egypt.

While the details are still sketchy, it is understood that NNPC will repay the loan with crude oil at an interest rate between eight percent and 11 percent.

“NNPC Ltd. and Afrexim Bank have jointly signed a commitment letter and Termsheet for an emergency $3 billion crude oil repayment loan,” NNPC said in a terse statement on Wednesday.

“The signing, which took place today at the bank’s headquarters in Cairo, Egypt, will provide some immediate disbursement that will enable the NNPC Ltd. to support the Federal Government in its ongoing fiscal and monetary policy reforms aimed at stabilizing the exchange rate market.”

Commenting on the development, Ajuri Ngelale, special adviser to President Bola Tinubu on media and publicity, said the new FX accretion is to enable NNPCL defray taxes and royalties in advance and provide the federal government with dollar liquidity to stabilise the naira via incremental releases based on the federal government’s needs.

“Stronger NGN = Lower Fuel Costs. This is a major buffer against the need to re-engage in subsidy regime,” Ngelale said in a X post on Wednesday.

The loan will save Nigeria from approaching the International Monetary Fund (IMF) for loans, and bring respite to the local currency, which had depreciated significantly against the dollar over the past week.

The naira depreciated on Friday to close the week at an all-time low of N950 to the dollar at the parallel market.

On Monday, President Bola Tinubu met with the acting CBN governor, Folashodun Shonubi, who said the apex bank would roll out its plans to stabilise the naira.

The local currency appreciated Wednesday, recovering from N950 per dollar to N890 to the greenback.

Nigeria produced an average of 1.255 million barrels of oil daily in July 2023, according to data from the Organisation of Petroleum Exporting Countries (OPEC).

The Cable