Nigeria's capital importation increased by 210.16% in the first quarter (Q1) of 2024, according to the National Bureau of Statistics (NBS). The total capital imported reached $3.38 billion, up from $1.09 billion in Q4 2023. Capital importation refers to the inflow of funds from outside the country for investment purposes in a country.

Year-on-year, foreign investment into Nigeria grew by 198.06%, compared to $1.13 billion in Q1 2023. The NBS reported, "In Q1 2024, total capital importation into Nigeria stood at $3,376.01 million, higher than $1,132.65 million recorded in Q1 2023, indicating an increase of 198.06%. In comparison to the preceding quarter, capital importation rose by 210.16% from $1,088.48 million in Q4 2023."

Foreign portfolio investments (FPI) led the way with $2.08 billion, accounting for 61.48% of the total. Other investments followed with $1.18 billion (34.99%), while foreign direct investment (FDI) was the lowest at $119.18 million (3.53%).

The banking sector received the highest capital investment, followed by trading and production/manufacturing. The NBS noted, "The banking sector recorded the highest inflow with $2.07 billion, representing 61.24% of total capital imported in Q1 2024. The trading sector recorded $494.93 million (14.66%), while the production and manufacturing sector received $191.92 million (5.68%)."

Most of the capital importation came from the United Kingdom ($1.81 billion, 53.49%), followed by the Republic of South Africa ($582.34 million, 17.25%) and the Cayman Islands ($186.21 million, 5.52%).

Lagos, Abuja, and Ekiti were the only states to attract capital importation. Lagos State remained the top destination with $2.78 billion (82.42% of total imported capital), followed by Abuja with $593.58 million (17.58%), and Ekiti State with $12.75 million.

Stanbic IBTC Bank Plc received the highest capital importation by banks, recording $1.25 billion (37.24%). Citibank Nigeria Limited followed with $547.71 million (16.22%) and Rand Merchant Bank Plc with $528.73 million (15.66%).

The alarming rise in the use of dangerous drug concoctions like 'Kush', 'Khadafi', and 'Monkey Tail' across African countries is a stark indicator of a deeper societal crisis. As highlighted by the United Nations Office on Drugs and Crime (UNODC), these harmful mixtures pose significant health risks and reflect a growing diversification of drug markets in Africa. However, to effectively combat this issue, governments must look beyond mere law enforcement and address the underlying factors driving youth towards substance abuse.

The prevalence of these drugs among young people in countries like Nigeria, Sierra Leone, and Ivory Coast is symptomatic of a larger problem: widespread youth unemployment, widening inequality, and unmet expectations. In an environment of economic hardship and limited opportunities, many young Africans turn to these substances as an escape from their harsh realities.

To truly tackle this crisis, African governments need to implement a multi-faceted approach:

1. Economic Empowerment: Governments must prioritize job creation and skills development programmes specifically tailored for youth. Entrepreneurship initiatives, vocational training, and support for small businesses can provide alternatives to the drug trade and reduce the allure of substance abuse.

2. Education and Awareness: Comprehensive drug education programmes should be integrated into school curricula from an early age. These programmes should not only highlight the dangers of drug use but also equip young people with life skills and coping mechanisms to deal with stress and peer pressure.

3. Mental Health Support: Increased investment in mental health services is crucial. Many young people turn to drugs to self-medicate for underlying mental health issues. Accessible and affordable counseling and therapy services can provide healthier alternatives for dealing with psychological distress.

4. Community Engagement: Governments should partner with local communities, religious institutions, and civil society organizations to create support networks for at-risk youth. Community-based interventions can be more effective in reaching vulnerable individuals and providing localized solutions.

5. Rehabilitation and Reintegration: Instead of focusing solely on punitive measures, governments should invest in comprehensive rehabilitation programmes. These should include medical treatment, psychological support, and skills training to help drug users reintegrate into society and find meaningful employment.

6. Address Root Causes: Tackling corruption, improving governance, and ensuring equitable distribution of resources are essential to creating a society where young people feel they have a stake in their future. This includes addressing issues of social inequality and lack of access to basic services.

7. Regional Cooperation: Given the transnational nature of drug trafficking, African countries must strengthen regional cooperation to combat the flow of illicit substances across borders. This includes sharing intelligence and coordinating law enforcement efforts.

8. Research and Data Collection: Governments should invest in scientific research to better understand the composition and effects of these new drug concoctions. This knowledge can inform more effective prevention and treatment strategies.

While law enforcement remains an important component in combating drug abuse, it cannot be the sole approach. By addressing the root causes of drug abuse and providing young people with viable alternatives and support systems, African governments can hope to stem the tide of this growing crisis.

The future of Africa depends on its youth. It's time for governments to invest in comprehensive, compassionate, and forward-thinking policies that not only combat drug abuse but also create an environment where young people can thrive and contribute positively to their societies. Only through such holistic approaches can we hope to build a healthier, more prosperous Africa for generations to come.​​​​​​​​​​​​​​​​

Sadiq Shehu, a retired Army captain and security analyst, has said that some of the suicide bombers who killed people in Gwoza, Borno State, were given as low as N20.

Shehu stated this during an interview on Channels TV’s Politics Today.

He said that the Saturday attacks, which have claimed about 30 lives so far, were an indication that Boko haram cannot carry out conventional attacks.

He said, “Suicide bombing is relatively a very cheap thing to do. And to be honest with you, if you followed some of the interviews we had with some of the girls who were intercepted and did not detonate their bombs, they were given something as low as N20.

“For Boko Haram members, suicide bombing carries a lot of advantages. One, it is low cost. Second, the suicide bomber has the advantage of hiding the bomb. You know how people in the north east dress in hijab. It is very easy for a lady to conceal [explosives].

“And culturally even there is a tendency that the security personnel don’t search women too closely the way they can search a man. In our culture it is difficult to search women that way even though there is a solution as you can assign a woman to do that.”

Gwazo attacks indicates laxity in screening exercise –Commissioner

Meanwhile, the Borno State Commissioner of Local Government and Chieftaincy Affairs, Sugun Mai Mele, said the attacks were an indication of laxity in screening exercises by security personnel.

He said, “They smuggled the blasts through the women who went to the farm. They usually go to their farms early in the morning, pass through the military gate and when returning they come through the military gate again. But they smuggled it through the women who were coming back from the farm.

“There is a level of laxity on the part of the security in the screening exercise. Before now when farmers were going out to the farm, they issued tags and they would be registered. In the evening when they came back, they showed their tags and the security personnel marked them. So anybody that did not come back during the closing hours then they should be are arrested or they would not be allowed in.

“But these women entered and disguised themselves as farmers. I learnt that one of them was even carrying a baby. When she went to the venue of the incident she started begging and people had even started giving her alms, she suddenly detonated the bomb.”

 

Daily Trust

Nigerian customs agents have seized more than 800 rifles and 100,000 rounds of ammunition hidden in a shipping container, a senior official said on Monday, highlighting the country's struggle against firearm trafficking linked to rising crime.

Customs Comptroller-General Adewale Adeniyi said the weapons found on June 21 had been concealed in a container alongside furniture and other goods that had been loaded in Turkey. The haul included various rifle models and ammunition.

"We have three suspects in our custody after securing a detention warrant from a competent court," Adeniyi told reporters, adding that investigations were ongoing.

The rifles and ammunition will be handed over to the office of Nigeria's security adviser for further investigation and prosecution, Adeniyi said.

In another customs bust on June 29, officials seized more than a million bottles of codeine cough syrup and millions of prescription painkiller tablets, he said. Opioid abuse is widespread in Nigeria and traffickers often smuggle codeine cough syrup.

Adeniyi said the containers loaded with the medicines were wrongly declared in an attempt to evade customs duties and import restrictions.

 

Reuters

Palestinian militants fire rockets into Israel, tanks advance in Gaza

The Palestinian militant group Islamic Jihad fired a barrage of rockets into Israel on Monday as fighting raged in Gaza and Israeli tanks advanced deeper in parts of the enclave, residents and officials said.

Islamic Jihad, an ally of Hamas - both of whom are backed by Iran - said its fighters fired rockets towards several Israeli communities near the fence with Gaza in response to "the crimes of the Zionist enemy against our Palestinian people".

The volley of about 20 rockets caused no casualties, the Israeli military said. But the attack showed militants still possess rocket capabilities almost nine months into an offensive that Israel says is aimed at neutralising threats against it.

Residents of several neighbourhoods in eastern Khan Younis, which is in southern Gaza, said they had received audio messages from Israeli phone numbers ordering them to leave their homes.

"For your safety, you must evacuate immediately to the humanitarian zone," army spokesperson Avichay Adraee posted on social media platform X in a call to residents and displaced people living in those areas.

Some suggested this could mean Israeli forces will return to the area, which they left several weeks ago. The Israeli military said in a statement earlier on Monday the rockets were fired from the Khan Younis area.

Prime Minister Benjamin Netanyahu said Israel was nearing its goal of taking out the military capabilities of Hamas, the Islamist group that governs Gaza and led the Oct. 7 assault on Israel that sparked the war. Less intense operations would continue, he said.

"We are advancing to the end of the phase of eliminating the terrorist army of Hamas, and there will be a continuation to strike its remnants," Netanyahu said.

Violence also flared on Monday in the Israeli-occupied West Bank, where the Palestinian health ministry said a woman and a boy were killed in the city of Tulkarm during an operation by Israeli forces. A day earlier, an Israeli strike in the same area killed an Islamic Jihad member.

In some parts of Gaza, militants continue to stage attacks on Israeli forces in areas that the army had left months ago.

Israeli tanks deepened incursions into the Shejaia suburb of eastern Gaza City for a fifth day, and tanks advanced further in western and central Rafah, in southern Gaza near the border with Egypt, residents said.

The Israeli military said it had killed a number of militants in combat in Shejaia on Monday and found large amounts of weapons there.

Hamas said its fighters had lured an Israeli force into a booby-trapped house in the east of Rafah and blown it up, causing casualties.

The Israeli military announced the death of a soldier in southern Gaza without providing details. Israel's Army Radio said the soldier was killed in Rafah in a booby-trapped house - a possible reference to the incident reported by Islamic Jihad.

Also in Rafah, the Israeli military said that an airstrike killed a militant who fired an anti-tank missile at its troops.

Israel has signalled that its operation in Rafah, meant to stamp out Hamas, will soon be concluded. After the intense phase of the war is over, its forces will focus on smaller scale operations meant to stop Hamas reassembling, officials say.

The war began when Hamas-led fighters burst into southern Israel on Oct. 7, killed 1,200 people and took around 250 hostages, including civilians and soldiers, back into Gaza, according to Israeli tallies.

The offensive launched by Israel in retaliation has killed nearly 38,000 people, according to the Gaza health ministry, and has left the heavily built-up coastal enclave in ruins.

The Gaza health ministry does not distinguish between combatants and non-combatants, but officials say most of the dead are civilians. Israel says 317 of its soldiers have been killed in Gaza and that at least a third of the Palestinian dead are fighters.

CEASEFIRE EFFORTS STALLED

Arab mediators' efforts to secure a ceasefire, backed by the United States, have stalled. Hamas says any deal must end the war and bring a full Israeli withdrawal from Gaza. Israel says it will accept only temporary pauses in the fighting until Hamas is eradicated.

Israeli authorities released 54 Palestinians it had detained during the war, Palestinian border officials said.

Among them was Mohammad Abu Selmeyah, the director of Al Shifa Hospital, arrested by the military when its forces first stormed the medical facility in November.

Israel said Hamas had been using the hospital for military purposes. The military has released the hospital's CCTV footage from Oct. 7 showing gunmen and hostages on the premises and has taken journalists into a tunnel found at the complex.

Hamas has denied using hospitals for military purposes. Abu Selmeyah rejected the allegations on Monday and said detainees had been abused during their detention, including being deprived of food and medicine, and that some had died.

"I was subjected to severe torture, my little finger was broken, and I was beaten in the head until blood came out, more than once," Abu Selmeyah told a press conference at a hospital in southern Gaza.

Israel in May said it was investigating the deaths of Palestinians captured during the war as well as a military-run detention camp where released detainees and rights groups have alleged abuse of inmates.

The military did not immediately comment on Abu Selmeyah's remarks.

 

Reuters

RUSSIAN PERSPECTIVE

Ukrainian security service claims it foiled ‘coup attempt’

The Ukrainian Security Service (SBU) claims to have detained a group of suspects who were allegedly planning to instigate unrest and carry out a coup in Kiev.

An unspecified number of “provocateurs”plotted to organize riots in the Ukrainian capital after Constitution Day on June 28, the agency, which is Kiev’s successor to the Soviet-era KGB, claimed in a Telegram statement on Monday.

According to the SBU, the coup attempt was scheduled for Sunday under the guise of a so-called ‘veche,’ a popular assembly, in central Kiev.

The organizers allegedly planned to announce the removal from power of the current military and political leadership of Ukraine, and then to try to seize the country’s parliament building and block the operations of the Verkhovna Rada, it added.

Ukrainian and foreign news outlets, which the SBU didn’t name, were set to distribute information about the unrest in Kiev, the statement read.

Through these actions, the suspects “hoped to undermine the social and political situation within our state, which would play in Russia’s favor,” the SBU claimed.

The group was allegedly led by “the co-founder of an NGO, which has been known for its anti-Ukrainian actions since 2015.” The unnamed person had accomplices from Kiev, Dnepropetrovsk (known as Dnepr in Ukraine) and other parts of Ukraine, according to the agency.

Weapons, ammunition, computers and communication devices were seized during searches at the properties linked to the suspects, it said.

Those detained have been charged with performing actions and calls aimed at the violent overthrow of the constitutional order or the seizure of power, the SBU stated. The offense carries a penalty of up to ten years in prison with the confiscation of property, it added.

Vladimir Zelensky’s term as president of Ukraine officially ended on May 20 after he opted to scrap the election, citing martial law imposed due to the conflict with Moscow.

 

WESTERN PERSPECTIVE

Russian military says it captured two east Ukrainian villages, Ukraine contests account

Russia's Defence Ministry said on Monday that its forces had taken control of two villages in eastern Ukraine.

It was the second day in succession that Moscow has announced the capture of new localities. Ukrainian military statements have, at least in part, denied the Russian assertion.

The Russian ministry said in a statement that its forces were in control of the settlement of Stepova Novoselivka in Kharkiv region, and of Novopokrovske in Donetsk region.

The General Staff of the Ukraine's Armed Forces, in an evening report, said its troops had repelled 17 attacks in the Kupiansk sector near Kharkiv, including by Stepova Novoselivka. It said fighting was raging near Synkivka, further west.

Russia has announced a string of incremental gains since capturing the city of Avdiivka in Donetsk region in February.

Donetsk and Kharkiv regions remain focal points along the 1,000-km (600-mile) front line in Ukraine's east and south.

The Ukrainian military earlier said it had repelled Russian attacks near two towns in Donetsk region -- Novooleksandrivka and Spirne, a day after Russian forces claimed control of them. The evening report said fighting continued near both localities.

The evening report identified the Pokrovsk front as the theatre of the fiercest fighting. Forty-four Russian assaults had been repelled in the last 24 hours, with 14 clashes still going on.

The military said Russia maintained a military presence across the border from Ukraine's northern Chernihiv and Sumy regions, adding that Moscow's forces were increasing the density of minefields and conducting sabotage activities.

That area is under scrutiny for any sign that Russia plans to open a new front to pressure Ukraine's outnumbered defenders.

Russia launched an assault into the border areas of the northeastern region of Kharkiv in May, opening a new front in 28-month full-scale invasion.

The latest Ukrainian report said Kyiv's troops controlled the area and turned back 11 Russian assaults near three towns, including Vovchansk, 5 km (3 miles) from the border.

 

RT/Reuters

On the eve of 2015 Presidential election I warned Nigerians in a Facebook post that they were about to make a choice between the Devil and the Deep Blue Sea. I am not sure people understood the enormity of that statement or even the weightiness of its implications. In their wisdom Nigerians chose the Deep Blue Sea and since that day that sea has been carrying them tossing them from one calamity to the other, from one disaster to the next like reefs on the mighty waters. First it was recession, then insecurity, then banditry, kidnapping for ransom, terrorism, high-wire corruption of the scale that was never even witnessed under the military, then hunger and extreme poverty. In the meantime we are being warned that "a famine of biblical proportions" is ahead as farmers have deserted the farms as a result of bandits and terrorists that were protected, shielded and defended for 8 years by a government that should fight them and the Àgbákò Party that Nigerians installed in 2015.

Many have perished in the Sea in the last 9 years and it is not certain whether there is anyone under this geographic space who has not been affected one way or the other negatively in the last few years. I cannot blame Nigerians for what they did in 2015 when they gave sovereignty to a party whose sole aim is power - power without purpose or responsibility - and not what to do with it. I am not sure they voted APC in 2019 and I wouldn't call the 2023 episode an election. None with a conscience dare call that an election.

The last one year has been problematic, trying and disastrous for most families. Nigerians have limitless capacity and capabilities for endurance and long-suffering. But many haven't made it through. Mortalities have spiked everywhere. Even basic drugs are no longer affordable to a people who have not eaten well due to constantly rising food inflation.

In the midst of all these calamities and struggle for personal survival another information came to the public domain last week of the tremendous data breach involving NIMC data base of Nigerians so that for as low as a hundred naira anyone's data could be harvested by criminal elements and for sinister purposes. In my opinion this is the most dangerous and suicidal breach of all and the greatest havoc to Nigerians under the APC administration. Soon you will know why.

In essence Nigerians did not elect a party in 2015, they only met Àgbákò without realising it; but those who met àgbákò without fully preparing for the encounter don't live to tell the story. Ask D.O Fagunwa.

A Monster Called Àgbákò

In my opinion Daniel Fagunwa is the greatest writer of Yoruba ancestry of the last hundred years or possibly of all time. In his usage of the Yoruba language, his vivid characters, dramatic figures, evocative power and language, his unimpeachable and unassailable literary imagination, his multitudinous skills to invest his characters with awe and make them assume living consciousness,

his legendary capacity to create a world of meanings - Fagunwa is unequalled in Yoruba language. I weep for children of today who can neither read nor write in Yoruba language. There is a mystery, a majesty and majestic splendour with that language that English or any other language cannot fully capture.

Samuel Crowther made the Yoruba Language as a written form with his Yoruba Bible just as Martin Luther's Bible made the German Language. (That's a story for another day)

Joseph Ayo Babalola in the 1930's took that language and used it as an instrument for mobilization to create a mass movement and spark a religious awakening unequalled in Yoruba, and even Nigerian history.

And Samuel Ladoke Akintola in the 1950's took that language with its evocative power as an instrument for political mobilization across Yoruba land. No Yoruba politician living or dead has used the Yoruba Language with skill and dexterity and with dignity, splendour and intricacies as that worthy Oyo Yoruba man from Ogbomosho. None has equalled him in the past and certainly no politician in the present can even stand near him: some of Akintola's speeches are still used to instruct university students in Yoruba Language till today.

But it was Wole Soyinka who took that language with its potentials, creativity, density and complexity to the English stage and even on the English Language thereby enriching the white man's language to dazzle and mesmerize the world.

To all these giants who have gone before me, a resounding salute. I digress.

I have read all of Fagunwa's books even from Primary School. [Internet generation do you see what you are missing?]

One of Fagunwa's famous works - the greatest in my opinion - is the Ogboju Ode Ninu Igbo Irunmole (This book has been translated into English by Professor Wole Soyinka as "The Forest of a Thousand Demons")

In this book is where we encounter a strange being and demonic character and monster by name of Àgbákò, a 16-eyed monster whose movement is usually heralded by noise in the Forest. For a long time Akara Oogun, the central character and protagonist of the work, had been regaled with tales about this fiendish monster by other hunters but he had never met him. He had heard Yorubas prayed, "K'ama pade àgbákò"- meaning, "may we not meet or encounter the monster àgbákò.'

But one day Akara Oogun met him and there was no where to turn or hide. Àgbákò is indeed a demon. He was the type of person you pray not to meet; because to meet him is trouble and to run away from him is disaster. Incantations do not work against him, pleading does not appease him. Cutlass does not cut him, and if he uses his own sword he would cut your hand in pieces; and also rejoin the hand again.

He would wrestle with you till you are exhausted, and when you think you are done he would give you palm wine to drink to regain some strength so as to continue the fight.

What was Fagunwa trying to tell us with this character? It is simply that only a summon to kindred spirits for collaboration and the Mercy of God can separate you from Àgbákò once you are under its clutches because he would not release you. Until something gives...

Did Nigerians meet Àgbákò in 2015 or merely elected a party in power? Àgbákò moves through the Forest with great noise and cacophony of voices; even the trees and grasses give way for him not to enter trouble. We know a party that came with so much noise, empty noise and propaganda and promises- bring $1 to exchange for N1, give stipends for all unemployed people, end insecurity, enthrone true Federalism, increase power generation, fight corruption.... "Change", they cried. "Next Level" they thundered.

Today "change" has turned to illusion and Next Level has become a new low and the road to exponential decay; and "renewed hope" is now in many homes, renewed hopelessness. Their "giant strides" have been seen to be nothing but leaps of fantasy.

The Àgbákò of Fagunwa's creation takes his victims from one wrestling bout to another and from one stress to greater despair until Akara Oogun found himself imprisoned in an underground cellar without food for many days. I do not know where this Àgbákò party and its government will take Nigeria. But the omens are bad; the portent and the signs are not good.

There seems to be an agenda and everyday we are moving close to it. I know it and can see it but it is not yet time to speak.

The NIMC Data Breach

When my wife dragged me and the children to go register our personal information to secure National Identification Number with NIMC I had an unusual reluctance. When I heard all the details they wanted I hesitated. "What if these got into wrong hands?", I asked the official. Because I know in Nigeria government can be very irresponsible, ignorant and wayward; and the officials of government are often, many of them, unpatriotic, mediocres, corrupt and self-seeking. The fear I expressed that day has now come to pass. Somehow our hunch is speaking to us but our overeducated brain won't let us listen.

The danger envisaged by an inquisitive writer has now landed; the calamity has descended to torment us all. For as low as hundred naira now criminal elements can harvest anyone's information from the portal for sinister purposes.

Perhaps you can't see this or understand the implications. Let me help you to see, a writer's purpose is to help people to see.

It means all your data, consisting of personal details like age, home address, phone numbers, wife and children, signature, photos and other details can now be obtained by a third party that should not have them. Do you know what that means in a nation suffused with criminal elements, bandits, kidnappers, terrorists, jihadists and islamists? Endless possibilities. We gave information to an agency of what we supposed to be a government on request with the understanding that they will protect our interest but now those information can now be used against us.

Someone can now use your information to open a bank account offshore, forge a document or even passport, commit wire frauds, etc. Your number can now be cloned by yahoo boys for their purposes with your pictures and signature in tow and how will you exonerate yourself before a largely illiterate population and elite class that is ignorant?

Terrorists and kidnappers can now target you for elimination with the precision and accuracy of Israeli Mossad because they can access all your details and house addresses. The Àgbákò party and its government can take down any critic by first ruining his reputation through their criminal elements by using his details to commit crime and then ordering his arrest for prosecution. This is a government and party that has a solid record of holistic partnership with criminal elements and bandits even by the admission of their own  officials.

So you can see that we are all in trouble. I warned Nigerians: fear APC. Be afraid of APC.

The evil has landed; the danger is here. The fish has caught the fisherman, the wayfarer is lost in his familiar terrain and a problem solver has become a problem to be solved.

I am shocked that there has been no uproar from Nigerians over this. I am troubled that no one can see what I am seeing. Do you know the implications and consequences of these?  Someone can make an Identity Card with your details and my details and use that with your clone numbers to commit crime. Who will believe it is not you?

That is the Àgbákò that has come. When the scenarios I painted here begin to happen then you know what Ajalu is - an ancient forest in olden days between Igede-Ekiti and Aramoko-Ekiti where voices could be heard day and night and strange lights seen but without anyone in sight. May Ajalu not happen to you.

Has there been any response from government or its agencies since this news broke out? Of course, their usual shibboleths and rhetorics of nonsense: - "we are on top of the situation", "we will leave no stone unturned to get to the root of this"... That is where it will end. If ever a government is irresponsible and useless, tardy and hopelessly unfaithful and dishonest it is a Nigerian government.

In 1984 Professor Adegboye told me in Ilorin during a conversation that "Nigeria is a jungle." I didn't understand what this Offa - born Professor of Statistics was saying. Now I understand what he meant. Forty years after, it is still so and even worse. In a jungle you kill or get killed; you eat or get eaten. An agency of what we supposed to be a government requested for our personal information and details and now that information is now compromised. Of all the tragedies that has befallen Nigerians under the APC administration this is the worst in my opinion.

How did we get here? How did a great shining light become a long distant glimmer in the dark? That is what I want to cover as I bring this essay to a close. When a child falls he looks forward but when an elder trips he looks backwards to see what caused him to stumble.

I am an elder and have paid my due to Nigeria. I am a stakeholder in the  Nigerian Project. I am not accusing anyone neither do I exonerate anyone. But there are clues in the past from where possibly this error might have originated.

I said in my critical review of Femi Adesina's book that APC is a lie. It doesn't just tell lies, it is a lie itself. It is an amalgam of different and disparate interests and characters from different backgrounds - career politicians, profiteers, jobbers, bank embezzlers, labour activists, failed politicians, disgraced army officers, islamists, jihadists, aggrieved candidates of other parties, financially- insolvent journalists, pastors and a sprinkling of few scholars all wedded together with one singular aim: the hatred of Goodluck Jonathan and the PDP and an unquenchable, idolatrous love for power - power by all means. They were not forged together by love of nation or for the common good, or for people or by any ideology or welfarist programme for National salvation but just to capture power. Thus from 2015 we saw as even agents of the same government began to disagree and even fight each other publicly and how for the first 4 years we saw a government at war with itself. Thus the  possibility of self-sabotage was present abinitio.

Secondly, we saw how a man with questionable antecedents was chosen to head the very sensitive agency overseeing NIMC where the entire data base of a nation was housed. Isa Pantami's antecedents gave no one rest of mind. Here was a man who once organized prayers and showed sympathies for the Talibans (the same people his boss, Buhari gave $1 million), a man who instigated and presided over the trial and murder through fatwas of another Nigerian for alleged blasphemy, a man who was accused by other Muslims of running a terrorist network in his state. This was the very person that Muhammadu Buhari - the idol of Femi Adesina's heart - found among millions of Nigeria to head that sensitive agency under which NIMC is. I am not saying that Pantami is responsible for the data leak and I am not saying he is not. I am just laying the facts bare to refresh our memories.

Here is another clue. There was a terrorist incident in Kaduna and students from a Baptist College were kidnapped. During the negotiations with the parents through the untouchable Abubakar Gumi a very disturbing fact came to light: the terrorists knew how much the parents had and the balances in their bank accounts.

Have you forgotten? I didn't forget and won't forget.

Where and how did the terrorists get hold of this sensitive information since banks do not disclose personal details to third parties? Who gave them the information?

Buhari did incalculable harm to this nation, grievous harm.

So as you can see this problem didn't start today. Someone is endangering us. Some people are after domination and enthronement of their religious hegemony and control over everyone. They are laying the foundation for the Beast but they will be the first to be consumed by the evil they are sowing.

There are enough moles, enough double agents, fifth columnists, enemy agents and subversives in APC who are aggrieved with this government and with Southerners in control of government that enemy actions are now plausible possibilities.

In the meantime we are now in God's Hands. The evil has been done and cannot be undone. We are left now with prayers and God's Grace.

I commit you, dear reader, to the safe keeping of the Righteous Judge and for His constant watchfulness so that agbákò will not become ajalu.

We’ve all heard it before: money doesn’t buy happiness — and investing legend Warren Buffett took that sentiment one step further.

“When you get to my age, you will not measure how well you’ve done with how much money you’ve got, I can guarantee you that,” he once said in a speech to students at Georgia Tech. “The money isn’t going to be that big a deal.”

Buffett is the 10th richest person in the world — behind Elon Musk, Jeff Bezos, and Bill Gates, among others — with an estimated net worth of $135 billion, according to the Bloomberg Billionaires Index.

The Berkshire Hathaway CEO became a millionaire while still in his early-30s and a billionaire by his 50s. He’s now almost 94 years old and offers a unique perspective on wealth and success — one that includes living a simple, frugal life.

Here’s a closer look at the Oracle of Omaha’s method of tracking success.

How to measure your success

Buffett believes that, beyond a certain level of wealth, people’s lifestyles and experiences aren’t actually all that different.

“Think about it, seven hours a day you are in bed,” he told the Georgia Tech students. “You’ve got the exact same mattress I’ve got. So, we are on a parity. I can’t outdo you in terms of my sleeping enjoyment… We eat at the same places… We dress more or less the same.”

Life’s basic necessities and interests, according to Buffett, aren’t much different for those with modest means and those with immense wealth.

Considering he was speaking to a congregation of college students, he said their energy and education already made it likely they’ll make good moneydown the road, so that shouldn’t be the primary yardstick for gauging success in their lives.

Instead, Buffett prefers a more sentimental measure: “You’ll measure [wealth] by how many [people] really love you in the end. You can’t buy love.”

Research appears to back this up. A studypublished in the Healthcare (Basel) Journal showed that increased social interactions and frequent gatherings with family improved the overall life satisfaction of older adults.

On the flip side, social support and frequent interactions with other people were not the only factors determining life satisfaction. Another studypublished in the Journal of Advanced Nursing found that poverty had negative mental health impacts on elderly people as they struggled to meet their basic needs.

Simply put, Buffett is correct in that money isn’t everything; however, it’s still a vital ingredient for a long, fulfilling life. With that in mind, investing and building wealth is actually an important goal.

 

Moneywise

Nigeria’s debt-to-GDP ratio surpassed 50% for the first time, according to the latest public debt figures published by the Debt Management Office (DMO). The country’s public debt now totals N121 trillion, comprising N65.6 trillion in domestic debt and $42.1 billion in foreign debt (equivalent to N56 trillion).

As of December 2023, Nigeria's total gross domestic product (GDP) was N229.9 trillion in nominal terms, with a real growth rate of 2.74%. This pushed the debt-to-GDP ratio above 50%.

Recent GDP and Debt Figures

In the first quarter of 2024, Nigeria’s nominal GDP was N58.5 trillion, up from N51.2 trillion in the same period in 2023. The nominal GDP figures for the second and third quarters of 2023 were N52.1 trillion and N60.6 trillion, respectively. The fourth quarter GDP rose to N65.9 trillion, bringing the trailing four-quarters GDP total to N237.5 trillion. Based on the 2023 GDP figure of N229.9 trillion, Nigeria’s debt-to-GDP ratio is 52.9%. Using the trailing four-quarter GDP figure of N237.5 trillion, the ratio stands at 51.2%.

Implications of the Rising Debt-to-GDP Ratio

Nigeria has often touted its 'low' debt-to-GDP ratio as a sign of economic resilience, implying room for more borrowing. For comparison, as of 2023, Ghana had a debt-to-GDP ratio of about 84.9%, South Africa 72.2%, Kenya 70.1%, and Egypt 95.8%. Despite these higher ratios, Nigeria has struggled with high debt service-to-revenue ratios. With the debt-to-GDP ratio now exceeding 50%, Nigeria faces limited borrowing capacity amidst ongoing economic challenges.

Nigeria’s Escalating Debt Profile

Over the past eight years, Nigeria's debt profile has risen significantly due to fiscal challenges, including low crude oil revenues and increasing budgetary expenditure. Under the Buhari administration, public debt grew from N12.6 trillion in 2015 to N97.3 trillion in 2023. Between December 2023 and March 2024, public debt increased by N24.3 trillion. The DMO attributed this rise to fresh borrowing and naira devaluation. In the first quarter of 2024, fresh borrowing amounted to N7.71 trillion, including N2.81 trillion as part of new domestic borrowing and N4.90 trillion for the securitization of the N7.3 trillion Ways and Means Advances approved by the National Assembly.

Global ratings agency Moody’s noted that interest spending on debt might consume up to 36% of the federal government’s revenue in 2024.

 

Nairametrics

The continuous depreciation of the Nigerian Naira has reached a critical point, with the currency now bearing the unfortunate distinction of being the worst-performing in the world during the first half of 2024. This alarming situation demands immediate and decisive action from both monetary and fiscal authorities to prevent further economic deterioration and restore confidence in Nigeria's financial system.

The factors contributing to this crisis are multifaceted and deeply rooted in systemic issues plaguing the Nigerian economy. The decline in crude oil production, primarily due to rampant oil theft in the Niger Delta region, has severely impacted Nigeria's primary source of foreign exchange. This situation is further exacerbated by the country's continued reliance on imported refined petroleum products, creating a vicious cycle of foreign currency outflow.

Low export diversification remains a persistent challenge, leaving the economy vulnerable to oil price fluctuations and global market dynamics. The lack of a robust export base beyond petroleum products has long been recognized as a structural weakness, yet meaningful progress in this area has been elusive.

Perhaps most concerning is the role of corruption in exacerbating the currency crisis. The practice of government officials converting ill-gotten gains into foreign currencies not only drains the economy of much-needed resources but also puts additional pressure on the Naira. This illicit capital flight undermines efforts to stabilize the currency and erodes public trust in financial institutions.

The severity of the situation is evident in the numbers: a 40% decline against the dollar since the start of 2024, with the Naira reaching 1,510 per dollar. This represents a staggering 70% loss in value since June 2023, despite policy changes aimed at attracting foreign investment and reviving the economy.

To address this crisis, monetary authorities must take bold and innovative steps. The Central Bank of Nigeria, under Governor Olayemi Cardoso, has already implemented measures such as increasing interest rates and clearing foreign exchange backlogs. However, these efforts must be intensified and complemented by additional strategies to boost dollar liquidity and attract portfolio inflows.

Fiscal authorities, for their part, must prioritize economic diversification and anti-corruption efforts. Investments in non-oil sectors, particularly agriculture and manufacturing, should be accelerated to reduce the economy's vulnerability to oil price shocks. Simultaneously, a more robust and transparent system for tracking government spending and foreign exchange transactions is essential to curb corruption and illegal capital flight.

Furthermore, the government must work to improve the overall business environment to attract both domestic and foreign investment. This includes addressing infrastructure deficits, streamlining bureaucratic processes, and ensuring policy consistency.

The road to currency stability and economic recovery will be challenging, but it is not insurmountable. It requires a concerted effort from all stakeholders - government, private sector, and citizens alike. The time for half-measures and temporary fixes has passed. Nigeria needs a comprehensive, long-term strategy to address the root causes of its currency woes and put the economy on a path to sustainable growth.

As we move into the second half of 2024, the actions taken in the coming months will be crucial in determining whether the Naira can stabilize and potentially appreciate, or if it will continue its downward spiral. The stakes are high, and the world is watching. It's time for Nigeria to rise to the challenge and demonstrate its resilience and potential for economic transformation.​​​​​​​​​​​​​​​​