Power distribution companies overbilled about 7.1 million unmetered electricity consumers between January and September 2023, an analysis of the latest monthly number of overbilled customers showed.

In the various Regulatory Interventions for Non-Compliance with the Order on Capping of Estimated Billing to Unmetered Customers, issued to the 11 Discos by the Nigerian Electricity Regulatory Commission, an agency of the Federal Government, it was established that the power distributors raked over N105bn as a result of over-billing.

Figures computed by our correspondent indicated that Yola Disco overbilled about 42,902 customers to the tune of N541.9m during the review period, while Abuja Disco overbilled 1,823,218 customers by N17.9bn.

Benin Disco overbilled 754,849 customers underestimated billing by N10.5bn, as Enugu Disco overbilled a total of 1,011,402 customers to the tune of N11.9bn during the nine-month period.

Eko Disco overbilled 371,828 customers under the estimated billing category between January and June 2023, as the months of July, August and September were not captured in the report released by NERC. It overbilled these customers to the tune of N14.13bn.

Ibadan Disco made N333.68m from the overbilling of 143,465 customers underestimated billing between January and September last year, while Jos Disco overbilled 1,264,537 customers to the tune of N13.3bn.

Ikeja Disco overbilled 934,438 customers by N20.9bn, as Kaduna raked in N1.14bn from the overbilling of 126,071 power users under its franchise area during the review period.

Kano Discos overbilled 71,120 customers by N196.97m during the nine month period, while Port Harcourt Disco overbilled 605,621 customers to the tune of N14.2bn between January and June, as the number of overbilled customers in July, August and September were not captured.

It was reported on Saturday that the power sector regulator declared that it would deduct N10,505,286,072 from the annual allowed revenues of the 11 power distribution companies during the next tariff review as part of sanctions over their non-compliance with the capping of estimated bills for unmetered customers.

NERC stressed that the billing of unmetered customers by the power firms in their various franchise areas for 2023 revealed non-compliance with the monthly energy caps issued by the commission.

The regulator often issues orders stipulating the maximum amount that any unmetered customer is meant to pay to the distribution company that provides him or her electricity services.

The amount is continued until the customer is metered by the distribution company, according to NERC’s order to the power firms.

In its order, as reported on Saturday, the regulator said, “The public may recall that in 2020, the commission issued the order on Capping of Estimated Bills (Order No: NERC/197/2020) and subsequently issued monthly energy caps which aimed to align the estimated bills for unmetered customers with the measured consumption of metered customers on the same supply feeder.

“A review of the electricity distribution companies’ billing of unmetered customers for 2023 has revealed non-compliance with the monthly energy caps issued by the commission.”

In response to this and in a bid to safeguard unmetered customers from arbitrary billing by Discos, the commission stated that pursuant to Section 34(1)(d) of the Electricity Act 2023, it had issued the order on Non-Compliance with Capping of Estimated Bills (Order No: NERC/2024/004-01 4).

It said the order stipulates the following: “i. Credit adjustment to customers: Discos are to issue credit adjustments to all over-billed unmetered customers for the period January to September 2023 by the March 2024 billing cycle.

“ii. Public notice: Discos have been directed to publish the list of credit adjustment beneficiaries in two national dailies and on their website no later than March 31, 2024.

“iii, Regulatory sanctions: The commission shall deduct a sum of N10,505,286,072 from the annual allowed revenues of the 11 Discos during the next tariff review, to deter future non-compliance with the energy caps approved by the commission.”

Electricity consumers nationwide have continued to lodge complaints against excessive estimated bills by power distribution companies in Nigeria.

The PUNCH, for instance, exclusively reported on December 31, 2023, that power consumers lodged a total of 333,947 complaints bordering on metering, billing and service interruption to their various distribution companies within a period of three months.

According to the report, this was disclosed in the 2023 third quarter report of NERC, stating that the complaints were lodged in the months of July, August and September 2023.

The report stated that the customer complaints in the third quarter was higher than what was recorded in the preceding quarter by 8,049 cases.

It quoted the NERC report as saying that “the total number of complaints received across all Discos (distribution companies) in 2023/Q3 was 333,947; Ibadan Disco received the highest number of complaints (59,901), representing 17.93 percent of the total complaints received. Abuja Disco received the least number of complaints (1,919), representing 0.57 percent of the total complaints received.

“Compared to 2023/Q2, the number of complaints received, number of cases resolved, and average resolution rate changed by +2.47 percent (333,947 in 2023/Q3 vs. 325,898 in 2023/Q2), +1.19 percent (317,179 in 2023/Q3 vs. 313,442 in 2023/Q2), and -1.2 per cent (94.98 in 2023/Q3 vs. 96.18 in 2023/Q2) respectively.

“Benin (-47.85 percent), Jos (-26.21 percent) and Ikeja (-1.84 percent) Discos recorded decreases in the number of customer complaints received compared to 2023/Q2.

“Conversely, eight Discos recorded increases in the number of customer complaints with significant increases being recorded by Yola (+43.28 percent), Kano (+17.46 percent) and Port Harcourt (+16.05 percent).”

On the type of complaints, the report stated that “the most frequently reported issues among the 333,947 complaints received by Discos in 2023/Q3 were metering (57.31 percent), billing (12.88 per cent), and service interruption (8.07 percent).

 “These three complaints categories cumulatively accounted for over 78 percent of the total complaints in the quarter. Out of the 333,947 complaints received in 2023/Q3, 317,179 were resolved, translating to a resolution rate of 94.98 percent.”

Meanwhile, the commission has reaffirmed its commitment to regulatory compliance and consumer protection within the Nigerian Electricity Supply Industry.

Consumers expressed optimism that the power sector regulator would ensure the enforcement of this latest sanction on Discos, with the hope that it would deter the power firms from overbilling electricity users on estimated billing.

 

Punch

The Super Eagles of Nigeria have lost 2-1 to the Elephants of Cote d’Ivoire in the final of the African Cup of Nations (AFCON).

The Eagles surrendered a goal lead to the Ivorians at the Olympic stadium, Ebimpe, Abidjan, on Sunday.

Nigeria conceded only two goals en route to the final but let in just as many goals against a rejuvenated Cote d’Ivoire side.

The Elephants were a different team from the earlier side that lost to the Eagles in the group stage and needed to wait till the final match of the group stage to qualify for the second round.

Jean-Louis Gasset was sacked as the team’s head coach, and Emerse Fae turned the country’s fortune around as an interim coach.

The period of despair had hardened the team’s belief in comebacks, and they did just that against Nigeria in the final match.

The Eagles took the lead in the first half through a towering header from William Troost-Ekong.

The Ivorians then equalised through a header of their own as Franck Kessie found himself free on the far side of the post.

Then Sebastien Haller completed the comeback for the host country, stabbing home a cross from Simon Adingra.

For most of the game, the Eagles struggled with coherence and creation of chances. The team had only one shot on target throughout the game.

The Elephants had clearer intentions to win the game, and they became the champions of Africa for the third time in their history.

PLAYER RATINGS

Stanley Bobo Nwabali, GK (3/5): He was calm as always, but the fire shone through in his face-off with the Ivorians. His first-half save was the springboard for the opener. He could have done a little about both goals.

Zaidu Sanusi, DW (2/5): He lived dangerously and was at fault for Ivory Coast’s opener. A poor night.

Olaoluwa Aina, DW (2/5): He left wide gaps for Cote d’Ivoire to explore. An uncharacteristically poor night.

Calvin Bassey, DC (2.5/5): A case of two halves. Colossal in the first half, average and mistake-laden in the second half.

William Troost Ekong (C), DC (3/5): He scored the opener but could not prevent the Ivoirians from scoring twice.

Semi Ajayi, DC (3/5): Average night for the languid defender. He could not stop Haller from scoring the winner.

Frank Onyeka, DM (2.5/5): He was indefatigable but swarmed by the opponents, who had a packed midfield and dragged him everywhere.

Alex Iwobi, MC (2/5): He played well in the first half but gassed out after the interval.

Samuel Chukwueze, WF (1/5): Poor. Missing in action.

Ademola Lookman, WF (2/5): An average display, swarmed by the Ivorians once he touched the ball.

Victor Osimhen, ST (3/5): A Battering ram as usual but was starved of any service while the Ivorian defence did not allow him a quarter.

Substitutes
Alhassan Yusuf, MC (N/A): No impact

Moses Simon, WF (1/5): He came on early in the second half but had to defend more than he tried to attack.

Kelechi Iheanacho, MC (N/A): Could not influence the game.

Joe Aribo, MC (N/A): No impact.

Terrem Moffi, ST (N/A): Not enough time for impact.

 

The Cable

The Israeli military says it has rescued 2 hostages from captivity in the Gaza Strip

The Israeli military said it rescued two hostages from captivity in the Gaza Strip early Monday, marking a small but symbolically significant success in its quest to bring home over 100 captives believed to be held by the Hamas militant group.

The hostages were released in a raid that included a series of Israeli strikes in Rafah, the city on the southern edge of the Gaza Strip where 1.4 million Palestinians have fled to escape fighting elsewhere in the Israel-Hamas war. At least seven people were killed.

Israel has described Rafah as the last remaining Hamas stronghold in Gaza after more than four months of war and signaled that its ground offensive may soon target the densely populated city. On Sunday, the White House said President Joe Biden had warned Prime Minister Benjamin Netanyahu that Israel should not conduct a military operation against Hamas in Rafah without a “credible and executable” plan to protect civilians.

The army identified the rescued hostages as Fernando Simon Marman, 60, and Louis Har, 70, who it said were kidnapped by Hamas militants from Kibbutz Nir Yizhak in the Oct. 7 cross-border attack that triggered the war. Both were airlifted to Sheba Hospital in central Israel and were reported to be in good medical condition. They are just the second and third hostages to be rescued safely. A female soldier was rescued in November.

Monday’s raid included at least 15 airstrikes, flares and Apache helicopter fire, witnesses said. Lt. Col. Richard Hecht, a military spokesman, said the operation was based on “precise intelligence,” and that the site, located on the second floor of a building, had been watched for some time. He said Netanyahu joined Israel’s military chief and other top officials as the raid unfolded.

Hamas militants killed an estimated 1,200 people and kidnapped 250 others in the Oct. 7 raid. An Israeli air and ground offensive has killed over 28,000 Palestinians, according to local health officials, displaced over 80% of the population and led to a massive humanitarian crisis.

Over 100 hostages were freed during a weeklong cease-fire in November. Israel says about 100 hostages remain in Hamas captivity, while Hamas is holding the remains of roughly 30 others who were either killed on Oct. 7 or died in captivity. Three hostages were mistakenly killed by the army after escaping their captors in December.

Israel has made the return of all hostages one of the main goals of the war. Netanyahu has vowed to press ahead with Israel’s military offensive until a “total victory” that also includes destroying Hamas’ military and governing capabilities.

CONCERNS ABOUT RAFAH

The strikes hit around Rafah’s Kuwait Hospital early Monday morning, an Associated Press journalist in Rafah said. Some of those wounded in the strikes had been brought to the hospital.

The Israeli military earlier said it struck “terror targets in the area of Shaboura” — which is a district in Rafah.

Palestinian health officials did not immediately offer any casualty information. The army said it had killed at least three militants in the raid. An AP journalist counted seven bodies.

Netanyahu has said sending ground troops into Rafah is essential to meeting Israel’s war goals. Biden has urged Israel to exercise extreme caution before moving in. An estimated 1.4 million Palestinians — more than half of Gaza’s population — are now crammed into Rafah, increasing its population five-fold. Hundreds of thousands of people are now living in sprawling tent camps and overcrowded U.N. shelters.

Biden’s remarks, made in a phone call with Netanyahu late Sunday, were his most forceful language yet on the possible operation. Biden, who last week called Israel’s military response in Gaza “over the top,” also sought “urgent and specific” steps to strengthen humanitarian aid. Israel’s Channel 13 TV said the conversation lasted 45 minutes.

Discussion of the potential for a cease-fire agreement took up much of the call, a senior U.S. administration official said, and after weeks of diplomacy, a “framework” is now “pretty much” in place for a deal that could see the release of remaining hostages held by Hamas in exchange for Palestinian prisoners and a halt to fighting.

The official, who spoke on condition of anonymity to discuss negotiations, acknowledged that “gaps remain,” but declined to give details. The official said military pressure on Hamas in the southern city of Khan Younis in recent weeks helped bring the group closer to accepting a deal.

Netanyahu’s office declined to comment on the call. Hamas’ Al-Aqsa television station earlier quoted an unnamed Hamas official as saying any invasion of Rafah would “blow up” the talks mediated by the United States, Egypt and Qatar.

Biden and Netanyahu spoke after two Egyptian officials and a Western diplomat said Egypt threatened to suspend its peace treaty with Israel if troops are sent into Rafah. The Camp David peace accords have been a cornerstone of regional stability for over 40 years. Egypt fears a mass influx of Palestinian refugees who may never be allowed to return.

WHERE WOULD CIVILIANS GO?

Qatar, Saudi Arabia and other countries have also warned of severe repercussions if Israel goes into Rafah.

“An Israeli offensive on Rafah would lead to an unspeakable humanitarian catastrophe and grave tensions with Egypt,” European Union foreign policy chief Josep Borrell wrote on X. Human Rights Watch said forced displacement is a war crime.

Inside Rafah, some displaced people packed up again. Rafat and Fedaa Abu Haloub, who fled Beit Lahia in the north earlier in the war, placed their belongings onto a truck. “We don’t know where we can safely take him,” Fedaa said of their baby. “Every month we have to move.”

Om Mohammad Al-Ghemry, displaced from Nuseirat, said she hoped Egypt would not allow Israel to force Palestinians to flee into the Sinai “because we do not want to leave.”

Heavy fighting continues in central Gaza and Khan Younis.

Gaza’s Health Ministry said Sunday that the bodies of 112 people killed across the territory had been brought to hospitals in the past 24 hours. The death toll is 28,176 since the start of the war. The ministry does not distinguish between civilians and fighters but says most of those killed were women and children.

 

AP

RUSSIAN PERSPECTIVE

Ukraine ‘must accept new reality’ – Kremlin

Ukrainian authorities must accept the new conditions no matter how “painful” it might be for them, Kremlin spokesman Dmitry Peskov has said. He was responding to a question on the prospects of new talks between the two warring countries.

Peskov made the remarks in an interview released by Russian journalist Pavel Zarubin on Sunday. Should Russia and Ukraine ever actually get back to the negotiating table, the potential talks will not be the same as those held early in the ongoing conflict, Peskov suggested.

“Should we begin the same negotiations, there’s a completely different reality now. And this new reality, no matter how painful it may be for the Kiev regime, must be recognized,” he stressed.

While Peskov did not elaborate, he presumably referred to the territorial changes, namely incorporation of the four formerly Ukrainian regions, Zaporozhye and Kherson, as well as Donetsk and Lugansk People’s Republics into Russia following referendums in late 2022.

Kiev, however, has repeatedly vowed to seize all its former territories from Moscow, including Crimea which broke away from Ukraine in the aftermath of the 2014 Maidan coup and subsequently joined Russia.

The March 2022 negotiations between Moscow and Kiev culminated in the signature of a preliminary agreement between the two nations, signed in Istanbul. The deal, obliged Russia to withdraw its troops from around the Ukrainian capital, but Kiev violated the agreement almost immediately after it had been signed.

According to recent revelations by David Arakhamia, the leader of president Vladimir Zelensky’s party in the Ukrainian parliament, and a key negotiator at the botched talks, then-UK PM Boris Johnson played a pivotal role in orchestrating the failure of the talks. As Arakhamia put it, Johnson at the time simply told the Ukrainians “let’s just continue fighting” and urged them not to sign anything with Russia.

Moscow has repeatedly insisted it was ready to settle the hostilities through negotiations, blaming the lack of any diplomatic effort on the matter on Kiev. The stance was reiterated by the Russian President Vladimir Putin during the conversation with the American journalist Tucker Carlson last week.

“The President of Ukraine [Vladimir Zelensky] has legislated a ban on negotiating with Russia. He signed a decree forbidding everyone to negotiate with Russia. But how are we going to negotiate if he forbade himself and everyone to do this? We know that he is putting forward some ideas about this settlement. But in order to agree on something, we need to have a dialogue,” Putin stated.

 

WESTERN PERSPECTIVE

Russia is using Starlink in occupied areas, Ukraine says

Russian forces in occupied Ukraine are using Starlink terminals produced by Elon Musk's SpaceX for satellite internet in what is beginning to look like their "systemic" application, Kyiv's main military intelligence agency said on Sunday.

The terminals were rushed in to help Ukraine after Russia's February 2022 invasion and have been vital to Kyiv's battlefield communications. Starlink says it does not do business of any kind with Russia's government or military.

"Cases of the Russian occupiers' use of the given devices have been registered. It is beginning to take on a systemic nature," the Ukrainian defence ministry's Main Directorate of Intelligence (GUR) quoted spokesman Andriy Yusov as saying.

In a statement, the agency said the terminals were being used by units like Russia's 83rd Air Assault Brigade, which is fighting near the embattled towns of Klishchiivka and Andriivka in the partially-occupied eastern region of Donetsk.

The remarks were Ukraine's first official statement about Russia's alleged use of Starlink.

In a post on Sunday made on X, Musk said, "To the best of our knowledge, no Starlinks have been sold directly or indirectly to Russia."

"A number of false news reports claim that SpaceX is selling Starlink terminals to Russia," Musk said in the post on X, which he also owns. "This is categorically false."

Russia's defence ministry did not immediately reply to a Reuters request for comment.

Two Ukrainian government sources told Reuters earlier this week that Russian use of Starlink had been detected in occupied Ukrainian territory. One said they were trying to obtain data on the scale of such use.

The GUR agency said it had intercepted an exchange between two soldiers discussing setting up the terminals. It posted what it said was an audio clip of the exchange on the Telegram messenger by way of evidence.

GUR did not say how it thought the terminals had been obtained by Russian forces - whether for instance they had been procured from abroad or captured from Ukrainian forces.

Starlink said on Feb. 8 that its terminals were not active in Russia and that SpaceX had never sold or marketed the service in Russia, nor shipped equipment to locations in Russia.

In a statement posted on X, Starlink did not say anything about their possible use in occupied areas of Ukraine.

"If SpaceX obtains knowledge that a Starlink terminal is being used by a sanctioned or unauthorized party, we investigate the claim and take actions to deactivate the terminal if confirmed," it said.

 

RT/Reuters

 

I am not privy to what Femi Gbajabiamiala, your savvy chief of Staff, is telling you. There is hunger in the land. Messages have been sent to Aso Rock through the back door. So bad are things now that a new non-political front is emerging in which twelve of us have decided to seek a private conversation with you. When, I don’t know. The outcome, I don’t know. Enough of fake promises. Enough of “we are laying the foundation of a better tomorrow.” If people die today, there is no tomorrow for them. The terrible idea in Nigeria is to assume that everyone is looking for something when offering advice. No! Many want their country to succeed. Some even now begin to panic that the Tinubu presidency will discredit the entire Yoruba race.

I have written several times about the conditions of Nigerians and how the situation has not been turning around favorably. However, one must not see a reiteration of the ordeals of the society as mere tautologies because the problems would constantly be a fog to the future. Nigeria is a complex society and blessed with many resources, including resilient citizens who have shown commitment to hard work but have not been getting the proportional worth of their efforts. Every year, the version of suffering they face differs, and it seems that there are some temporal distinctions in the motivations of those ordeals. There is a systematic downfall in the economy, and those at the receiving end of its manifestation are the masses.

Well, some may say that it is too early to judge the government of Tinubu, but when starvation becomes a point of reference, we might just make an exception for that rule. A government is a failure if it has not been able to fulfill its primary duties and its published agenda. However, a government is useless if its people suffer endlessly from starvation. While it might be too early to judge the former, it is quite sure that he is failing terribly at the latter.

Recently, the video of a man who was caught in agony and lamentation attracted my attention. He was in the market to buy a “Congo” of rice but was told that it now costs N2,500. The man started crying, lamenting the harsh condition and confused as to what he and his family would eat. He had just N1,800 with him, and God knows how much effort he had to put together to get that amount. Some of us tried to locate the man to give him some money.

Bodija market in Ibadan, Oyo State, has a reputation for cheap consumable commodities, and the cost of food products there is considered slightly reasonable. However, this reputation is no longer possible as basic commodities now cost even more than they could be imagined. What is more annoying is that the prices are not stable, and the progression of the increase has been concerning. A lady lamented having bought her usual loaf of bread for 800 naira 3 weeks ago, and within that period, it had skyrocketed from N800 to N1,200 and now at N1,500 for a loaf that is as light as a foam. Let me confirm to you that I visited the place in January to check the data. Thus, let no appointee of yours deceive you that things are being exaggerated.

Inflation in Nigeria hit 27.3 per cent in November of 2023. The price increase was expected, but it seems that the progression of price increases for food items is at a higher rate than the supposed inflation. A recent report by the National Bureau of Statistics puts the inflation rate on food and consumables at 33%, but I am still convinced that the rates could have been underestimated. Several factors and reports have pointed to these unfortunate developments in the previous years. In October 2023, the Food and Agricultural Organisation predicted that about 5 million Nigerians would be afflicted by hunger by 2024. Well, we probably thought that 5 million is a small percentage of our population of more than 200 million, but it seems that that prediction was not accurate as the effect of food inflation must have put more people at risk. Another stat by the World Food Programme states that 26.5 million Nigerians will be subjected to acute hunger before the end of the year. The United Nations’ Africa Regional Overview of Food Security and Nutrition noted that about 78 per cent of Africans would not be able to afford nutritional or healthy food. There was also a prediction that States like Adamawa, Borno, Sokoto, Zamfara, Katsina, Kaduna, Sokoto, and Yobe would face more problems with food security in 2024.

Tinubu, Garri has always been the best friend of the poor. It had always been one of the most affordable foodstuffs for even Nigerians who live below average. You could eat it the way you want. People experiencing poverty could leave some in water for a long while so that it would soak enough to share among everyone. They take some in the morning and come home to the rest in the evening. It is the hope of students when the end of semesters is close, and they have spent all their money running through the weeks. You could eat or drink it the way it is, add some sugar if you can afford it, or spray a bit of salt to just change the taste from the one you ate in the morning. You see, the present predicament of the people never got real until I realised that a “Congo” of Garri now costs between N700 to N1,200, depending on the place you are buying from and the type you have bought. This leaves me to wonder: what will the poor eat?

Beans are another food that has been saving people experiencing poverty. Although it takes longer to cook, it seems to last a while, especially when you combine it with Garri and mix it like you are mixing cement and sand. Students, especially in public universities, have the habit of making sure that aside from Garri, there are always grains of beans in their packs. They could cook beans with plenty of water to make it last. This is a similar habit of the poor. Unfortunately, the cost of a “congo” of beans has risen to between N1,500 and N2,200, depending on the location and type. Sir, please send your driver to check the prices.

It is not only the price of the common food that has risen; it is the same case for other staple foods. Today, a sachet of water costs around N50, and you barely see a bag of it at anything less than N300. This leaves the people to drink unclean well water or find their drinking water through other sources. I do not attempt to overstate the condition, but this is the reality on the streets, and it is hard to see any food item that has not skyrocketed in price by at least a 30 per cent rate.

The economy is imploding and affecting the livelihood of individuals. One may ask for reasons behind the continuous increase in these items. It is not rocket science to list out several of the reasons. To mention but a few, the cost of transportation and distribution of food items from across the country has become very difficult. First, the excessive price of petrol within the range of N590 to N660 across the nation has an impact on the final prices. In addition, the roads have become outrageously insecure, with different stories of kidnapping, highway attacks, terrorism, and other vices. These have jointly jacked up the calculative cost of production, and the masses are paying heavily for it.

In addition, the above reasons affect business, and most importantly, the incessant supply of power has become another foundational cause of the hike in prices. Today, many small and medium-scale businesses do not have access to a stable power supply, and in some cases, the tariffs have been so outrageous that the proportion of them and the profits per product are discouraging. They, therefore, resort to generating their power, which causes another extra cost. The result is that the products keep increasing in price as the costs skyrocket. Another factor is the decline of the value of naira to dollars. The dollar is the major currency for international trade, and many of the household items in the country are imported. This means that the prices of those commodities in Nigeria are expected to increase with the value of dollars, causing difficulties for the citizens. So, when a market woman insults you for negotiating lower prices for her wares, it is not because she is merely disrespectful but because she believes you are ignorant of the costs of putting her products on the market.

I keep wondering, if things are this extremely expensive, what will the poor eat? What would N30,000 minimum wage do in the current economy? How many would start dropping dead on the roads? How long would Nigerians trek because they could not afford the fare? How many would commit suicide?  What will the poor eat? There is almost no average-class individual in the country as the condition affects every social stratification.

One of the very steps to take in ensuring that the prices of things are favorable, at least food products, is to ensure that there is an increase in local production of food items compared to the rate of importation. As of November 2023, Nigeria imports, officially, about 2.1 million metric tons of rice yearly, making it the top buyer of rice globally. You could wonder that if Nigeria is said to have fertile land for farming and farmers ready to farm, why does the nation need to import that much, considering the decline in the value of naira globally? Nigeria produces about 8.4 million tons of local rice, but it is still not sufficient for consumption in the country. The Buhari administration created policies that would discourage the importation of rice and some other products in Nigeria in a bid to encourage local production. Unfortunately, this development made the price of local rice increase by 200 per cent. Currently, the prices of local and foreign rice are not too far from each other. This is because the price gap that would have been made necessary has been reduced by other local and internal issues militating against local productions. It means that the government must make efforts to first increase the productivity of local items as well as ensure that there is an unhindered channel of distribution of the same across the country.

It is important to also note that the nation has not been putting much focus on the role of state governments and other political leaders aside from the federal government. Agricultural schemes and strategies are not the sole work of the Federal Government, as eradication of poverty should be the watchword of every reasonable government. State-wide agricultural strategies and blueprints that would reduce the propensity of hunger and starvation in each state are important. Understandably, many state governments make efforts to build infrastructure that would be legacies for many years; however, when states make efforts to reach self-sustainability in the production of agricultural products, it would reduce the cost of transportation and boost the local economy. Poverty cannot be eradicated without collaborative efforts between the Federal Government and the State Governments.

When actions are not taken, and attention is not directed to starvation in the country, the country must be ready for the negative repercussions of the same. It is only logical that hungry people become desperate and desperate people become prone to committing crimes. This is partly the logic behind the proliferation of crimes in Nigeria and the rate of kidnapping in the past few months. Recently, the kidnappers have been asking for food items alongside the ransoms demanded. The adopters of the December 28, 2023, Abuja kidnapping victims requested “bags of rice, packs of Indomie, cough syrups, antibiotics, bedsheets, and cardigans” alongside 290 million naira. A similar incident happened in September 2023. Other manifestations of this hardship are seen in an increase in armed robbery and other social vices. When a man is seen stealing a cup of rice, it would be illogical to arrest or punish the person; it is only hunger that would have made a person do such.

Hunger is in the land, and it is affecting the masses; everyone must act. Where you have abundance, ensure you help others, and when you need, ensure you ask reasonably. If the rich or those who are comfortable do not help, they will all end up being victims of the consequences. The danger of starvation knocks, and it has everyone’s addresses. Nigerians are starving.

President Tinubu, wake up!

I wasn’t always good with money. I had to learn how to be. I grew up in an immigrant Chinese home with two very loving but frugal parents — where clipping coupons and reusing ziplock bags was the norm.

It wasn’t until I began my career on Wall Street that I realized the ultra-wealthy were less concerned with scrimping and saving and more focused on investing and growing their wealth.

By observing and learning from their habits, I made my first million by age 27. Here are four unpopular rules rich people follow that most others don’t:

1. Don’t worry about impressing people

Rich people put most of their spending power into buying assets (stuff that makes them money over time) instead of liabilities (stuff that costs them money over time).

Instead of buying, for example, a flashy Lamborghini that loses a third of its value as soon as you drive off the lot, a truly rich person will take that same chunk of change and buy a two-family duplex and rent it out.

They don’t care what you think of them or whether you’re impressed. They’re happy to just cash your rent checks and let you pay their mortgage.

2. Have an abundance mindset

So many people have a scarcity mindset — a constant feeling that we’re never going to have enough money, that we’re one slip-up away from disaster and we have to hoard every last cent.

The problem with this mindset is that it can make people very competitive with other folks in similar financial situations. So you have people at the bottom of the pyramid spending all their time and energy fighting each other for resources, instead of trying to overthrow those at the top.

Rich people have an abundance mindset. Since they know they’re going to be able to take care of their bills, they’re not worried. This gives them the freedom to decide what they want to do with their time, rather than only focusing on what they need to do to survive.

3. Think long-term

Rich people understand that sometimes, things take time, and they’re happy to wait. They’re kings and queens of delayed gratification.

A rich person has no problem, for example, socking away money in a retirement account. Yes, the $6,000 they invested in their IRA account this year is off-limits until they’re 59-and-a-half.

But they know that just because they can’t spend that money now, it’s not like it has disappeared. It’s actually the opposite: the longer they wait, the more money they get later on.

4. Share, swap and scratch each other’s backs

Rich people love being known as the smartest person in their friend group: the one with the best taste, who is on top of all the trends. You’ll often hear them say things like:

• “I have this great tax person — you should work with them.”
• “I found the best cocktail bar — you have to try the martini.”
• “I joined the best country club — and I’ll sponsor you to join, too.”

They recognize that when they’re open about their knowledge, other people will be more inclined to share what they know. It is another valuable form of currency, and it’s the same reason rich people love nothing more than putting their besties in positions of power.

Their thought process is: “I’m not qualified for this job, but my friend is, and once she gets it, she’ll owe me a solid. Then, as soon as she’s in a leadership position, I’m automatically tapped into that whole network.”

Yes, it’s because they like to see their friends succeed, but it’s also because they’re thinking strategically — and towards the future.

Vivian Tu is a former Wall Street trader-turned expert, educator, podcast host, and founder of the financial equity phenomenon Your Rich BFF.

 

CNBC

A helicopter carrying six people, including the co-founder of Nigeria’s biggest bank by assets, crashed in a Southern California desert near the Mojave National Preserve, authorities said.

Herbert Wigwe, 57, co-founder of Access Bank, was among the victims, family members from his home village of Isiokpo said.

Abimbola Ogunbanjo, 61, who was president of the National Council of the Nigeria Stock Exchange from 2017 to 2021, and served as the group chairman of the Nigerian Exchange Group Plc from 2021 to 2022, was confirmed dead by a family member in Lagos.

The Federal Aviation Administration said a Eurocopter EC helicopter crashed at about 10 p.m. on Friday with six people on board.

The crash site was near the border with Nevada. The craft was headed to Boulder City, Nevada, south of Las Vegas, local ABC affiliate KABC reported without saying where it got the information.

“The scene of the crash was determined to be east of the 15-Freeway, near Halloran Springs Road,” the San Bernardino County Sheriff-Coroner Department said in an emailed statement on Saturday. “No survivors have been located.”

Wigwe started his professional career with Coopers & Lybrand Associates, an international firm of chartered accountants, before spending a decade at Guaranty Trust Bank. In 2004 he co-engineered the acquisition of local lender Access Bank where he assumed the post of deputy managing director and eventually became chief executive officer in January 2014.

He was building a new $500 million university outside the southern city of Port Harcourt to help students hone skills needed for the finance and technology industries in Africa’s most-populous nation, he told Bloomberg in an interview in November. Wigwe planned to teach and mentor students and also engage some of the country’s biggest entrepreneurs including billionaire Aliko Dangote, Africa’s richest man, to teach at the university.

“To get the next set of leaders in banking, you need to create the right education for them,” Wigwe told Bloomberg from his office in the 14-story Access Bank headquarters overlooking a part of the Lagos lagoon.

Ogunbanjo started his professional career as a banker with Chase Manhattan Bank Nigeria in 1985 before he re-qualified as a legal practitioner and joined the law firm of Chris Ogunbanjo & Co in 1990, where he held the position of managing partner until his death, according to a biography from his firm.

He joined the Nigerian Stock Exchange in 2011 and served in various capacities, including vice-president, according to his LinkedIn biography.

Ogunbanjo was the former vice chairman of the Commercial Law and Taxation Committee of the Lagos Chamber of Commerce and acted as special Nigerian counsel to the London and Paris clubs in connection with the refinancing and rescheduling agreements made between the Federal Republic of Nigeria and International Creditors Banks.

The United States federal aviation administration (FAA) says it will be a part of the investigations into the crash of the chopper that had Herbert Wigwe, group chief executive officer (GCEO) of Access Holdings Plc, on board.

Wigwe, his wife and son were onboard the helicopter when it crashed in California near the Nevada border.

FAA said the Eurocopter EC130 helicopter crashed around 10 p.m. California time (Saturday, 7 a.m. Nigerian time).

According to KTLA 5 News, a US local media, the chopper took off from Palm Springs but it was not clear where it was headed.

Eurocopter EC 130, the ill-fated helicopter that Herbert Wigwe, the CEO of Access Bank, and five others boarded on Friday in the United States took off from Palm Springs Airport, California.

The flight took off at about 8:45 p.m. (local time).

According to a local news outlet, it was expected to land at 9:49 p.m (local time) at Boulder City, Nevada.

There was a reported rain and a snowstorm in the area at the time of the crash with gusty winds raging as high as 45 mph.

Two helicopters were flying towards the same direction at the time of the incident.

While one had Wigwe and his family on board, Aigboje Aig-Imoukhuede, Wigwe’s business partner and former Access bank CEO, and Tunde Folawiyo, business mogul, were reportedly aboard the second chopper.

KTLA 5 News added that a medical examiner was on the way to the scene to remove the bodies of the victims.

No survivors have been found so far.

FAA said the National Transportation Safety Board (NTSB) will be in charge of the investigation and will provide any updates.

 

Bloomberg/TheCable/PT

This is not the best of times for Nigerian families, who have had to adopt bizarre cost-cutting measures to cope with the recent hardship occasioned by the dramatic hike in the prices of goods and services.

Several of them lamented that their income could no longer take care of their daily needs, adding that the prices of staples had almost tripled in the market. Rice, which is arguably one of the commonest consumed staples in the country, has risen to N77,000 per bag.

In December, the National Bureau of Statistics stated that the country’s inflation rate hit a 27-year high as headline inflation rose to 28.9 per cent.

The December headline inflation rate showed an increase of 0.72 percent when compared to the previous month’s rate.

In recent years, food prices have been on the rise across Nigeria. The situation deteriorated due to the impact of government policies such as the removal of subsidy on petrol and the free fall of the naira in the foreign exchange market.

Foodstuffs sellers in major cities, who spoke to our correspondents lamented that the cost of a bag of rice had risen almost 200 per cent.

Long grain rice, which sold for between N45,000 and N50,000 in November, now costs over N70,000, putting a huge pressure on the consumers.

The unprecedented increase in the prices of commodities has caused nationwide hardship, with residents of some major cities taking to the streets to register their displeasure.

From Kano to Niger, Rivers to and Osun, residents protested the hardship on the streets.

In Niger State, for instance, residents of Suleja took to the street last Wednesday to register their displeasure over the high cost of living in the country.

Wednesday’s protest came two days after a similar protest in Minna, the state capital.

The Organised Labour on Friday insisted on embarking on an industrial action to register its displeasure over the current economic hardship in the country.

Although the Federal Government has ordered the distribution of grains and other items to cushion the effects of the economic crisis across the country, citizens are still grappling with the hike in the prices of commodities.

Lagos residents lament

In Lagos, some residents, who spoke to one of our correspondents, lamented that the incessant increase in the prices of foodstuffs had strained their finances.

This is as they urged the government to intervene before things got out of hand.

A mother of two, Mrs Mede Orunmade, said the situation had made life unbearable for her and her family.

Orunmade stated that it was as though the country was at war, adding that the hike in the prices of foodstuffs was continuous.

She said, “It has been a hard time for me and my family. The country hasn’t been in the right position for the past eight months. I have been struggling with my family to clear up our electricity bills. Coupled with the ever-rising price of foodstuffs, I don’t know if I am going to survive.

“I used to operate an online business but it has packed up. There’s no gain on any business in Nigeria like before anymore. I am just striving to survive.

“The surprising thing is that a small carton of noodles is now N7,000 to N7,800. We used to buy it for between N1,900 and N2,000 in the past. It is so shocking that the price of a bag of rice continues to change almost every minute.

“A bag of rice five months ago was around N49,000, but it increased to N68,000. As of yesterday (Thursday), my supplier said it had risen to N70,000. The cheapest thing we used to buy before, garri, is now N2,500 for a paint bucket. It was N800 before.”

Another Lagos resident and father of four, Taiwo Babatunde, said he could no longer afford to feed his family like he used to.

He asked the government to come to her aid, as her suffering was becoming too much.

A housewife simply identified as Wunmi said, “The government needs to come to our aid now as everything is very hard. A bag of beans is now N65,000, which is three times the price it used to be. Also, groundnut oil is now N8,400 for four litres, and a bag of rice is now N70,000.

“This is getting too much. We hope the government will come to help us.”

Further findings by our correspondents revealed that a kilogramme of Semovita, which sold for N800 four months ago, now sells for N1,200.

The price of beans also increased from around N1,500 to N4,200 per tin.

Some women, who spoke to one of our correspondents at the Ibafo Market, Ogun State, lamented the difficulties they were facing in purchasing items from the market with little resources.

A trader, Mrs Bamise Olaiya, said, “The prices of the foodstuffs are just annoying. I came to the market with N8,000 to buy some food items but the prices have changed between last week and now. Just last week, I bought three portions of tomatoes for N1,200 and pepper for N1,000, but today I have spent N4,200 for the same items. Pepper grinding has also increased from N200 to N300.”

Businesses struggling – Traders

Entrepreneurs across various sectors are feeling the pinch as they struggle to navigate through the challenging times.

A skincare consultant, Damilola Olasunkanmi, said the current economic situation had almost put her out of business.

“I don’t get customers like I used to. My customers are cutting down on skincare purchases to prioritise other essentials like food and transportation, and that is affecting sales significantly. Restocking has become a daunting task as costs continue to soar,” he said.

Similarly, a dental therapist managing a private clinic in Iwo, Osun State, Oluwafemi Ogunsakin, noted that the surge in the cost of his services had deterred patients from seeking dental care.

A foodstuffs retailer, Mrs Ore Ilerioluwa, lamented that the increase in prices had continued to threaten the operation of her business.

She said, “I buy foodstuffs from the market wholesale and sell them in a little shop I run at home. But these daily changes in the prices of items are affecting me so much that I find it difficult to buy the items.

“Do you know that three days ago I bought a carton of spaghetti for N13,000, today I was told it was N14,000. Now, when you add to the cost of each one today, by the time you return, the prices will have gone up again.

“So, you will be forced to add more money. A bag of beans is now N120,000, whereas it was N70,000 before. People are going for anything cheap now. Many families are hungry.”

Another foodstuffs seller at the Magboro Market in the Obafemi-Owode Local Government Area, Ogun State, Sukurat Akanni, complained that prices of many items had doubled.

Another trader, Adeola Israel, noted that a bag of brown beans had increased to N62,000, while a paint rubber now costs N6,200.

She lamented that she no longer made as much sales as she used to in the past.

 

Punch

South Africa took third place at the Africa Cup of Nations finals in the Ivory Coast when they edged the Democratic Republic of Congo 6-5 on penalties after a goalless draw at the Felix Houphouet-Boigny Stadium on Saturday.

South Africa midfielder Teboho Mokoena hit the outside of the post with the first kick after which the next eight efforts were all successful, leaving DR Congo captain Chancel Mbemba needing to score to win the contest.

But South Africa goalkeeper Ronwen Williams saved Mbemba's effort was saved, taking the shootout into sudden death.

Williams then saved again from Meschak Elia to win the tie.

No extra time was played in the bronze medal match, which the Congolese dominated despite proving poor in front of goal.

Silas Katompa had two glaring chances to put them ahead, first in the eighth minute when free on the left with just Williams to beat, but his hesitation allowed the keeper to grab the ball at his feet.

When Williams dropped a high ball in his box midway through the second half, without any pressure on him, Katompa had an even easier chance but shot into the side netting.

Fifteen minutes from the end, DR Congo striker Simon Banza also had clear sight on goal but botched his effort from point blank range.

Substitute Fiston Mayele did well to bring a long ball down on his chest and get goalside of his marker but he, too, missed as his effort in the 89th minute went across the face of goal.

South Africa, who lost on penalties after extra time in Wednesday's semi-final to Nigeria, looked tired as they made only three changes to their line-up, while DR Congo gave an opportunity to all their reserves with nine changes from their midweek loss to the Ivory Coast.

On Sunday (today), hosts Ivory Coast take on Nigeria in Abidjan to decide the continental title.

 

Reuters

Hamas had command tunnel under U.N. Gaza headquarters, Israeli military says

Israeli forces have discovered a tunnel network hundreds of metres (yards) long and running partly under UNRWA's Gaza headquarters, the military says, calling it new evidence of Hamas exploitation of the main relief agency for Palestinians.

Army engineers took reporters for foreign news outlets through the passages at a time of crisis for UNRWA, which has launched an internal probe and seen a string of donor countries freeze funding over allegations last month by Israel that some of its staff doubled as Hamas operatives.

The Palestinians have accused Israel of falsifying information to tarnish UNRWA, which employs 13,000 people in the Gaza Strip and has been a lifeline for the aid-dependent population for years. The agency runs schools, primary healthcare clinics and other social services, and distributes aid, describing its activities as purely humanitarian.

UNRWA Headquarters is in Gaza City, among northern areas that Israeli troops and tanks overran early in the four-month-old war against the governing Islamist faction Hamas, sending hundreds of thousands of civilians fleeing southward.

Reporters on the closely escorted trip entered a shaft next to a school on the periphery of the U.N. compound, descending to the concrete-lined tunnel. Twenty minutes of walking through the stifling hot, narrow and occasionally winding passage brought them underneath UNRWA Headquarters, an army lieutenant-colonel leading the tour said.

The tunnel, which the military said was 700 metres long and 18 metres deep, bifurcated at times, revealing side-rooms. There was an office space, with steel safes that had been opened and emptied. There was a tiled toilet. One large chamber was packed with computer servers, another with industrial battery stacks.

“Everything is conducted from here. All the energy for the tunnels, which you walked through them are powered from here," said the lieutenant-colonel, who gave only his first name, Ido.

"This is one of the central commands of the intelligence. This place is one of the Hamas intelligence units, where they commanded most of the combat."

But Ido said Hamas appeared to have evacuated in the face of the Israeli advance, preemptively cutting off communications cables that, in an above-ground part of the tour, he showed running through the floor of the UNRWA Headquarters' basement.

It appeared that heavy Israeli barrages and sustained winter rains may also have played a part in the departure: Several stretches of the tunnel were clogged with dislodged sand and knee-high water.

In a statement, UNRWA said it had vacated the headquarters on Oct. 12, five days after the war began, and was therefore "unable to confirm or otherwise comment" on the Israeli finding.

"UNRWA ... does not have the military and security expertise nor the capacity to undertake military inspections of what is or might be under its premises," the statement said.

"In the past, whenever (a) suspicious cavity was found close to or under UNRWA premises, protest letters were promptly filed to parties to the conflict, including both the de facto authorities in Gaza (Hamas) and the Israeli authorities."

UNRWA's supporters say it is the only agency with the means of aiding Palestinians in deepening humanitarian distress. Israel says the agency is "perforated by Hamas" and must be replaced. Hamas has denied operating in civilian facilities.

"We know that they (Hamas) have people working in UNRWA. We want every international organization to work in Gaza. That is not a problem. Our problem is the Hamas," Ido told reporters.

Lack of cellphone reception in the tunnel made geolocating it as under UNRWA Headquarters impossible. Instead, reporters were asked to put personal items in a bucket that was lowered by rope into a vertical hole on the grounds of the headquarters. They were reunited with the still-tethered items during the tunnel tour.

As a condition of taking journalists on the trip, the Israeli military did not allow photographs of military intelligence such as maps or certain equipment in the convoy of armoured vehicles they traveled in. It also requested approval before transmission of photographs and video footage taken on the trip.

 

Reuters