Price of 12.5kg of Liquefied Natural Gas or cooking gas has increased to N12,500.

Market survey by our correspondent revealed that gas retailers had increased prices of 12.5kg from N10,000 reported towards the end of last month, to around N12,500 in Lagos.

The PUNCH had reported how the President, Nigerian Association of Liquefied Petroleum Gas Marketers, Olatunbosun Oladapo, warned that the price of 12.5kg cooking gas could hit as high as N18,000 by December if the Federal Government did not checkmate the activities of the terminal owners.

However, despite the warning, Olatunbosun told The PUNCH on Monday, that the government was yet to wade into the crisis.

“Yes, the price is now N1,000 per kilogram but the government is yet to step in despite a meeting we had with the NMDPRA,” he said.

According to him, gas retailers still buy 20 metric tons of gas for N14m at the depot.

“We still buy a 20 MT truck at N14m at the depots. And the price of diesel has increased that it now costs N1.7m to take gas from Lagos to the North due to the high cost of diesel. If we sell here at N1,000 per 1kg, just imagine how much it would cost in the Middle East and North.

“What we pray for is for prices to come down so that the ordinary masses can benefit from the decade of gas policy of the Federal Government that seeks to make gas accessible and affordable for the common man.”

The PUNCH had in September, reported how terminal owners increased the price of cooking gas from between N9m-N10m per 20 metric tons to N14m.

As recent as July this year, a 12.5kg cylinder of cooking gas sold for N7,200. The current price of N12,500 marks a 73.6 percent increase in three months.

Punch/NewsScroll

A former Nigerian oil minister appeared in court in London on Monday charged with receiving bribes in the form of cash, luxury goods, flights on private jets and the use of high-end properties in Britain in return for awarding oil contracts.

Diezani Alison-Madueke was Nigeria's minister for petroleum resources between 2010 and 2015, during the administration of former president Goodluck Jonathan.

Nigeria's anti-corruption agency, the EFCC, welcomed the British prosecution and said she was also wanted in her home country to face charges of money-laundering.

Appearing at Westminster Magistrates Court, Alison-Madueke spoke only to give her name, date of birth and address. She was not asked to formally enter a plea, although her lawyer Mark Bowen told the court she would plead not guilty.

She is the second high-profile Nigerian politician to face prosecution in Britain in recent years, following James Ibori, a former state governor who was convicted of fraud and money-laundering in 2012 and received a 13-year jail sentence.

Nigeria is Africa's top oil producer but it suffers from systemic corruption in the political class which has hampered development and prevented its oil wealth from benefitting wider society.

Britain, Nigeria's former colonial ruler, has long been a destination of choice for affluent members of the Nigerian political elite seeking to enjoy the benefits of their wealth.

Alison-Madueke was arrested in London in 2015, shortly after stepping down as minister, and was charged in August with six bribery offences. She has spent the past eight years on police bail, living in St John's Wood, an expensive area of London.

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The charges against her, read out in court, all related to events alleged to have taken place in London.

PRIVATE SCHOOL FEES

Prosecutor Andy Young said she was alleged to have accepted a wide range of advantages in cash and in kind from people who wanted to receive or continue to receive the award of oil contracts which he said were worth billions of dollars in total.

The advantages included a delivery of 100,000 pounds ($121,620) in cash, the payment of private school fees for her son, and the use and refurbishment of several luxurious properties in London and in the English countryside.

They also included the use of a Range Rover car, payment of bills for chauffeur-driven cars, furniture, and purchases from the upmarket London department store Harrods and from Vincenzo Caffarella, which sells Italian decorative arts and antiques.

District Judge Michael Snow granted Alison-Madueke bail but imposed terms including an 11 p.m. to 6 a.m. curfew, an electronic tag to be worn at all times and a 70,000-pound surety to be paid before she could leave the court building.

Her next court appearance will be at Southwark Crown Court, which deals with serious criminal cases, on Oct. 30.

Nigeria's Economic and Financial Crimes Commission (EFCC) said it had obtained an arrest warrant for Alison-Madueke and initiated extradition proceedings. "She will soon have her day in our courts," it said in a statement.

Britain's Crown Prosecution Service and National Crime Agency did not immediately respond to requests for comment on the EFCC statement and on how any extradition request would affect the criminal case in London.

Reuters

WESTERN PERSPECTIVE

Leaked US strategy on Ukraine sees corruption as the real threat

Biden administration officials are far more worried about corruption in Ukraine than they publicly admit, a confidential U.S. strategy document obtained by POLITICO suggests.

The “sensitive but unclassified” version of the long-term U.S. plan lays out numerous steps Washington is taking to help Kyiv root out malfeasance and otherwise reform an array of Ukrainian sectors. It stresses that corruption could cause Western allies to abandon Ukraine’s fight against Russia’s invasion, and that Kyiv cannot put off the anti-graft effort.

“Perceptions of high-level corruption” the confidential version of the document warns, could “undermine the Ukrainian public’s and foreign leaders’ confidence in the war-time government.”

That’s starker than the analysis available in the little-noticed public version of the 22-page document, which the State Department appears to have posted on its website with no fanfare about a month ago.

The confidential version of the “Integrated Country Strategy” is about three times as long and contains many more details about U.S. objectives in Ukraine, from privatizing its banks to helping more schools teach English to encouraging its military to adopt NATO protocols. Many goals are designed to reduce the corruption that bedevils the country.

The quiet release of the strategy, and the fact that the toughest language was left in the confidential version, underscores the messaging challenge facing the Biden team.

The administration wants to press Ukraine to cut graft, not least because U.S. dollars are at stake. But being too loud about the issue could embolden opponents of U.S. aid to Ukraine, many of them Republican lawmakers who are trying to block such assistance. Any perception of weakened American support for Kyiv also could cause more European countries to think twice about their role.

When it comes to the Ukrainians, “there are some honest conversations happening behind the scenes,” a U.S. official familiar with Ukraine policy said. Like others, the person was granted anonymity to discuss a sensitive issue.

Ukrainian graft has long been a concern of U.S. officials all the way up to President Joe Biden. But the topic was deemphasized in the wake of Russia’s February 2022 full-scale invasion, which Biden has called a real-life battle of democracy against autocracy.

For months, Biden aides stuck to brief mentions of corruption. They wanted to show solidarity with Kyiv and avoid giving fuel to a small number of Republican lawmakers critical of U.S. military and economic aid for Ukraine.

More than a year into the full-scale war, U.S. officials are pressing the matter more in public and private. National security adviser Jake Sullivan, for instance, met in early September with a delegation from Ukrainian anti-corruption institutions.

A second U.S. official familiar with the discussions confirmed to POLITICO reports that the Biden administration is talking to Ukrainian leaders about potentially conditioning future economic aid on “reforms to tackle corruption and make Ukraine a more attractive place for private investment.”

Such conditions are not being considered for military aid, the official said.

A spokesperson for Ukraine’s foreign ministry did not respond to requests for comment. But Ukrainian President Volodymyr Zelenskyy has fired several top defense officials in a recent crackdown on alleged graft — a message to the United States and Europe that he’s listening.

The Integrated Country Strategy is a State Department product that draws on contributions from other parts of the U.S. government, including the Defense Department. It includes lists of goals, timelines for achieving them and milestones that U.S. officials would like to see hit. (The State Department produces such strategies for many countries once every few years.)

A State Department official, speaking on behalf of the department, would not say if Washington had shared the longer version of the strategy with the Ukrainian government or whether a classified version exists.

William Taylor, a former U.S. ambassador to Ukraine, said many ordinary Ukrainians will likely welcome the strategy because they, too, are tired of the endemic corruption in their country.

It’s all fine “as long as it doesn’t get in the way of the assistance we provide them to win the war,” he said.

The document says that fulfilling American objectives for Ukraine includes making good on U.S. promises of equipment and training to help Ukraine’s armed forces fend off the Kremlin’s attacks.

The confidential version also describes U.S. goals such as helping reform elements of Ukraine’s national security apparatus to allow for “decentralized, risk-tolerant approach to execution of tasks” and reduce “opportunities for corruption.”

Although the NATO military alliance is not close to allowing Ukraine to join, the American strategy often cites a desire to make Ukraine’s military adopt NATO standards.

One hoped-for milestone listed in the confidential version is that Ukraine’s Defense Ministry “establishes a professionalized junior officer and non-commissioned officer corps with NATO standard doctrine and principles.”

Even the format and content of Ukrainian defense documents should “reflect NATO terminology,” a confidential section of the strategy says.

One target includes creating a “national level resistance plan.” That could allude to ordinary Ukrainians fighting back if Russia gains more territory. (The State Department official would not clarify that point.)

The U.S. also wants to see Ukraine produce its own military equipment by establishing a “domestic defense industry capable of supporting core needs” as well as an environment that boosts defense information technology start-ups, according to one of the confidential sections.

U.S. officials appear especially concerned about the role of an elite few in Ukraine’s economy.

“Deoligarchization, particularly of the energy and mining sectors, is a core tenet to building back a better Ukraine,” the public part of the strategy declares. One indicator of success, the confidential version states, is that the Ukrainian government “embraces meaningful reforms decentralizing control of the energy sector.”

The United States appears eager to help Ukrainian institutions build their oversight capacities. The goals listed include everything from helping local governments assess corruption risks to reforms in human resources offices.

As one example, the strategy says the U.S. is helping the Accounting Chamber of Ukraine enhance its auditing and related work in part so it can track direct budget support from the United States.

The strategy describes ways in which the United States is helping Ukraine’s health sector, cyber defenses and organizations that battle disinformation. It calls for supporting Ukrainian anti-monopoly efforts and initiatives to spur increased tax revenue for the country’s coffers.

The confidential portion calls for Ukraine’s financial systems to “increase lending to encourage business expansion” and a reduction in the state’s role in the banking sector.

One envisioned milestone for that section is that “Alfa Bank is transparently returned to private ownership.” That appears to be a reference to an institution now known as Sense Bank, which was previously Russian-owned but nationalized by Ukraine.

The U.S. strategy appears intent on ensuring that Ukraine not only retains its orientation toward the West but that it develops special ties with America.

One way Washington believes that will happen is through the English language. The strategy indicates the United States is offering technical and other aid to Ukraine’s education ministry to improve the teaching of English and that it believes offering English lessons can help reintegrate Ukrainians freed from Russian occupation.

U.S. officials also are helping Ukraine build its capacity to prosecute war crimes in its own judicial system. The desired milestones include the selection of more than 2,000 new judges and clearing up a backlog of over 9,000 judicial misconduct complaints.

The strategy also calls for rebuilding the U.S. diplomatic presence in Ukraine, expanding beyond Kyiv to cities such as Lviv, Odesa, Kharkiv and Dnipro.

Due to earlier staff drawdowns spurred by the full-scale Russian invasion, “the embassy remains in crisis mode,” one of the public sections states. (The State Department official would not discuss the current Embassy staffing numbers.)

As they have in past communications reported on by POLITICO, U.S. officials note inventive ways in which the United States is providing oversight of American aid to Ukraine despite facing limitations due to the war. Those efforts have included using an app called SEALR to help track the aid.

** Ukraine confident of broad support as EU ministers convene in Kyiv

EU foreign ministers expressed support for Ukraine during a meeting in Kyiv on Monday, their first in a non-member country, after a pro-Russian candidate won an election in Slovakia and the U.S. Congress left Ukraine war aid out of its spending bill.

Kyiv brushed off concerns that support for its war effort was fading on both sides of the Atlantic, especially in the United States where Congress excluded aid to Ukraine from an emergency bill to prevent a government shutdown.

"We don't feel that the U.S. support has been shattered ... because the United States understands that what is at stake in Ukraine is much bigger than just Ukraine," Ukrainian Foreign Minister Dmytro Kuleba told reporters as he greeted the EU foreign policy chief, Josep Borrell.

The omission of Ukraine from the U.S. spending bill sent pro-Kyiv officials scrambling to find the best way to secure approval for further assistance on top of the $113 billion in security, economic and humanitarian aid the U.S. has provided since Russia invaded in February 2022.

Leaders in the Senate, narrowly controlled by President Joe Biden's fellow Democrats, promised to take up legislation in the coming weeks on continued support. But in the Republican-led House of Representatives, Speaker Kevin McCarthy said he wanted more information from the Biden administration.

White House spokesperson Karine Jean-Pierre urged Congress to act quickly.

As for the election victory of pro-Russian Slovak former Prime Minister Robert Fico, Kuleba said a new leader would still have to form a coalition and it was "too early to judge" the impact on politics there.

Monday's meeting in Kyiv was touted by Borrell as an historic first for the EU but it comes at an awkward time for the Western countries backing Kyiv.

With summer drawing to a close, Ukraine's counteroffensive has failed to produce the victories that Kyiv's allies had hoped to see before mud clogs the treads of donated tanks.

Ukrainian President Volodymyr Zelenskiy, quoted by his website, said he was sure "Ukraine and the entire free world are capable of winning this confrontation. But our victory depends directly on our cooperation with you."

Borrell told a news briefing with Kuleba the EU remained united in its support for Ukraine. He had proposed an EU spending package for Kyiv of up to 5 billion euros ($5.25 billion) for 2024 which he hoped to have agreed by then.

Kuleba said it would help Ukraine and the EU to have clarity on the judicial aspects of transferring Russian assets frozen in the West to help fund Ukraine's reconstruction.

PREPARING FOR WINTER

German Foreign Minister Annalena Baerbock sought help to prepare Ukraine for winter, including air defence and energy supplies, after Russia bombed energy installations last year.

"Last winter, we saw the brutal way in which the Russian president is waging this war," Baerbock said. "We must prevent this together with everything we have, as far as possible."

Moscow touted the congressional vote in the United States as a sign of increasing division in the West, although the Kremlin said it expected Washington to continue its support for Kyiv.

The omission of aid for Ukraine was "temporary", Kremlin spokesperson Dmitry Peskov said.

"But we have repeatedly said before that according to our forecasts fatigue from this conflict, fatigue from the completely absurd sponsorship of the Kyiv regime, will grow in various countries, including the United States," he said.

Support for Kyiv has been mixed in the "Global South", prompting Kuleba to make visits to different countries, particularly in Africa.

Mexican President Andres Manuel Lopez Obrador criticised as "irrational" U.S. military aid to Ukraine and urged Washington to devote more resources to helping Latin American countries.

"...How much have they destined for the Ukraine war? 30 to 50 billion dollars for the war," he told reporters. "Which is the most irrational thing you can have. And damaging."

In Western countries, elections are looming, above all next year in the United States where former President Donald Trump is leading the Republican field in his bid to return to the White House. Several right-wing Trump supporters in Congress have called for a halt to Ukraine aid.

Although most Republican lawmakers still support Kyiv, House speaker McCarthy was forced to rely on Democrats to pass the measure to keep the government open and might need them again to support any bill to fund Ukraine. Right wingers have threatened to try to remove him.

Kuleba said Ukraine had "a very in-depth discussion with both parts of the Congress - Republicans and Democrats", and expected aid to continue.

In Europe, pro-Russian former prime minister Fico won the most votes in the Slovak election and will get a chance to form a government. His campaign had called for "not a single round" of ammunition from Slovakia's reserves to be sent to Ukraine.

"We are not changing that we are prepared to help Ukraine in a humanitarian way," Fico told a news conference. "We are prepared to help with the reconstruction of the state but you know our opinion on arming Ukraine."

Fico was given two weeks to form a government. To do so, he would have to establish a coalition with at least one other party that does not publicly share his position on Ukraine.

Slovakia, a NATO state bordering Ukraine, has taken in refugees. Its outgoing government, has provided a major supply of weapons, notably being among the first to send fighter jets.

($1 = 0.9530 euros)

RUSSIAN PERSPECTIVE

Russian army repels 8 Ukrainian attacks in DPR, eliminates over 300 militants — top brass

Russia’s Battlegroup South has repelled eight Ukrainian attacks in the Artyomovsk and Avdeyevka areas, with the enemy’s losses exceeding 300 servicemen, battlegroup Spokesman Georgy Minesashvili told TASS.

"Battlegroup South units have repelled eight attacks by Ukrainian assault groups in the Artyomovsk and Avdeyevka areas. The enemy’s losses amounted to over 300 servicemen, one Krab self-propelled artillery system, a D-20 weapon, two tanks, a mechanized infantry fighting vehicle, two Strela-10 anti-aircraft missile launchers, a signals intelligence station, as well as seven vehicles and eight drones," he said.

Missile forces and artillery attacked three Ukrainian ammunition depots in Krasnogorovka, Belogorovka and Kramatorsk, as well as troops of the 24th mechanized brigade’s unit near Dzerzhinsk, spokesman added.

Battlegroup South with the help of aviation eliminated a hangar with Ukrainian military equipment in the Donetsk area, Minesashvili said.

"Operational-tactical aviation of the group eliminated a hangar with military equipment, army aviation destructed a temporary deployment site of the 110th mechanized and the 79th air assault brigades of the Ukrainian army in Novomikhailovka and Avdeyevka," he said, adding that the teams of Solntsepyok heavy flamethrower systems hit the stronghold of the 54th mechanized brigade of the Ukrainian army near the settlement of Verkhnekamenskoye in the Donetsk People’s Republic (DPR).

** US-made armor pierced by regular AK round – Rostec

A new video, released by the Russian defense conglomerate Rostec, has cast doubt over the quality of the military assistance that the US is sending to Ukraine. It shows a bulletproof vest, reportedly taken as a trophy from the battlefield, which showed an “unexpectedly” poor performance during a comparative test.

The TV-show-style footage published on Telegram on Monday was touted as a trial of three ballistic vests that a civilian could obtain with the goal of getting maximum protection while mostly retaining mobility.

The three items put through test shootings were a Chinese product, newly-developed Russian armor, and the American equipment – all more or less corresponding to a Russian Br5 class of protection.

The American vest’s performance took the testers by surprise in a negative way, said journalist and defense industry expert Aleksey Yegorov, who served as the host of the shoot. Unlike the other two items, its chest plate got pierced by a 7.62x39mm shot from a Kalashnikov AK-103 from 15 meters (49 feet) away.

During a later test with a fresh plate, the American vest stopped a 7.62x51mm round. The munition fired was a .308 Winchester – the easy-to-buy hunting round with cartridge dimensions virtually identical to the NATO one. Unlike in the Russian rounds, its bullet did not have a steel core, Rostec explained.

The next two shots were 5.45x39mm rounds fired from a Kalashnikov assault rifle, and one of them pierced the vest too. The host explained that the bullet hit too close to where the .308 bullet landed, with the first impact weakening the plate.

Politico/Reuters/Tass/RT

• The chances of developing dementia increase if you spend the day sedentary 
• Experts say this risk increases the longer you spend at a desk or driving Spending more than 10 hours a day sitting down in front of the TV or driving increases the risk of dementia, a study suggests.  Researchers have discovered the chances of developing the condition increase dramatically among adults who spend the majority of their day engaged in sedentary behaviours.                                   A team from the University of Southern California and the University of Arizona analyzed data on more than 50,000 British adults aged 60 and over.

They wore devices on their wrist for 24 hours a day over the course of a week. These devices monitored activity levels and could distinguish between sitting down and sleeping.

While watching TV or driving are common sedentary behaviors, others can include playing video games, using a computer, sitting while commuting or sitting at a desk at work.

The participants were followed for around six years, during which time 414 were diagnosed with dementia.

Analysis revealed that sitting down for 10 hours or more per day was linked to an increased risk of the disease.

Compared to those who spent closer to nine hours a day sitting down, those who spent 10 hours a day sedentary were 8 per cent more likely to develop dementia.

Meanwhile those who spent 12 hours a day sitting down were 63 per cent more likely to be diagnosed, while those who clocked up 15 sedentary hours a day were three times more likely.

Study author Professor Gene Alexander said: ‘We were surprised to find that the risk of dementia begins to rapidly increase after 10 hours spent sedentary each day, regardless of how the sedentary time was accumulated.

‘This suggests that it is the total time spent sedentary that drove the relationship between sedentary behaviour and dementia risk.

‘Importantly lower levels of sedentary behaviour, up to around 10 hours, were not associated with increased risk.’

The study, published in the journal Jama Network Open, also revealed the way sedentary behaviour is accumulated over the course of the day – for example a long period of sitting down followed by activity, or sitting down interspersed with standing up – had a similar link to dementia.

Professor David Raichlen, who also worked on the study, added: ‘Many of us are familiar with the common advice to break up long periods of sitting by getting up every 30 minutes or so to stand or walk around.

‘We found that once you take into account the total time spent sedentary, the length of individual sedentary periods didn’t really matter.’

What is dementia? 

A global concern 

Dementia is an umbrella term used to describe a range of progressive neurological disorders (those affecting the brain) which impact memory, thinking and behaviour. 

There are many types of dementia, of which Alzheimer’s disease is the most common.

Some people may have a combination of different types of dementia.

Regardless of which type is diagnosed, each person will experience dementia in their own unique way.

Dementia is a global concern but it is most often seen in wealthier countries, where people are likely to live into very old age.

How many people are affected? 

The Alzheimer's Society reports there are more than 900,000 people living with dementia in the UK today. This is projected to rise to 1.6 million by 2040.

Alzheimer's disease is the most common type of dementia, affecting between 50 and 75 per cent of those diagnosed.

In the US, it's estimated there are 5.5 million Alzheimer's sufferers. A similar percentage rise is expected in the coming years.

As a person’s age increases, so does the risk of them developing dementia.

Rates of diagnosis are improving but many people with dementia are thought to still be undiagnosed.

Is there a cure?

Currently there is no cure for dementia.

But new drugs can slow down its progression and the earlier it is spotted, the more effective treatments can be.

Alzheimer’s Society 

I was recently speaking with a business coaching client who lost one of their key team members to a cross-country move. Up until this point, my client had really enjoyed working with that team member and thought they were doing a great job.

But shortly after their departure things started to surface that were problematic. Turns out that that key team member had been engaging in secretism, which is the practice of hoarding knowledge, keeping information close to the chest and limiting its dissemination.

These actions had not only hurt the company's growth trajectory overall, but really set them back in terms of growth in the short term as well.

So today I wanted to delve into the concept of secretism and why it often goes unnoticed in the workplace.

Secretism may offer a temporary sense of control to leaders, but the long-term risks associated with it are substantial. Here's a glimpse of what can happen when knowledge isn't shared and team members aren't cross-trained:

1. Knowledge silos: When key information is confined to a select few, it creates knowledge silos within the organization. This leads to inefficiencies as team members are forced to rely on a limited group for critical data.

2. Dependency on individuals: Organizations become overly dependent on specific individuals who possess the coveted knowledge. This dependency creates vulnerabilities should those individuals leave the company or become unavailable.

3. Stifled growth: Without knowledge sharing, team members miss opportunities for growth and development. This stagnation can lead to disengagement and hinder the organization's progress.

4. Innovation roadblocks: Innovation thrives on the exchange of ideas and information. Secretism stifles creativity and can prevent breakthroughs that drive competitiveness.

5. Loss of institutional memory: When knowledge isn't documented or shared, the organization loses its institutional memory. Historical insights and lessons learned become forgotten, leading to repeated mistakes.

How to Prevent Secretism

To counter the dangers of secretism, it's important to actively promote a culture of knowledge sharing. Here are some strategies to foster openness and transparency within your business:

1. Lead by example: Leaders should set the tone by sharing information openly and encouraging others to do the same.

2. Establish clear communication channels: Create platforms and systems that facilitate easy sharing of knowledge and information across teams.

3. Recognition and rewards: Recognize and reward employees who actively contribute to knowledge sharing. This incentivizes the behavior.

4. Documentation: Encourage the documentation of processes, best practices and lessons learned. Make this knowledge accessible to all team members.

5. Cross-training: Develop cross-training programs that ensure critical knowledge is not held by a select few. This spreads expertise across the organization.

The key team member in question may have not had ill intentions with their actions. They may have acted in a way that they thought was appropriate to control the flow of information and ensure that things got done in a timely manner.

Secretism may offer a semblance of control, but its hidden dangers can have far-reaching consequences for organizations. Long-term risks include knowledge silos, dependency on individuals, stifled growth, innovation roadblocks and the loss of institutional memory.

To mitigate these risks, it's imperative that leaders actively foster a culture of knowledge-sharing and transparency. Prioritizing knowledge sharing not only ensures long-term success but also empowers teams to thrive in an environment of collaboration and innovation. Remember, the real power lies in what we share, not what we hoard.

Inc

A Nigerian cement production company, BUA Cement Plc, has announced a reduction in the price of the commodity.

AbdulSamad Rabiu, the chairperson of BUA cement Plc, last month, said the company was considering a plan to reduce the price of cement upon completion of its new lines by the end of 2023.

Rabiu had explained that the planned reduction was part of efforts to support the Nigerian government‘s quest to alleviate the suffering of Nigerians.

New price

In a statement on Sunday evening, the company’s management said it had now decided to bring the “price reduction forward” in fulfilment of the pledge.

The reduction would now take effect from 2 October, according to the statement which was posted on the firm’s official Facebook page.

“As a result, BUA Cement would now be sold at an ex-factory price N3,500 per bag so that Nigerians can begin to enjoy the benefits of the price reduction before the completion of our plants,” the company said.

The current ex-factory price is N4,650, while it is being sold at N5,000 in the market. The reduction represents a 25 percent drop.

Several Nigerians on various social media platforms have expressed their excitement over the development.

More on the way

The BUA Cement Plc hinted that it intends to review the reduced prices further in line with their earlier pronouncements.

The company said the further review would take place upon completion of ongoing construction of its new plants which would increase the company’s production volumes to 17 million metric tonnes per annum.

“All pending, undelivered orders which had been paid for at the old prices will be reviewed downwards to N3,500 per bag in line with the new pricing from October 2, 2023,” it said.

“Our licensed dealers are also enjoined to ensure that end users benefit from this reduction in ex-factory prices as we will monitor field sales to ensure compliance.”

With the crash to N3,500, the market price is expected to be between N3,850 and N4,000, according to an Abuja-based Cement dealer.

PT/Daily Trust/NewsScroll

Following write-offs, restructuring of facilities, Global Standing Instruction (GSI) and credit risk management as a result of economic challenges, 11 banks recorded N1.67 trillion non-performing loans (NPL) during the first half (H1) of 2023, an increase of 37 per cent from N1.22 trillion reported in the full year ended December 31, 2022.

The banks are: Zenith Bank Plc, Access Holdings Plc, Guaranty Trust Bank Holding Plc (GTCO), FBN Holdings Plc Ecobank Transnational Incorporated (ETI), and United Bank for Africa Plc (UBA).

Other are:  FCMB Group Plc, Wema Bank Plc, Stanbic IBTC Holdings Plc, Sterling Financial Holdings and Fidelity Bank Plc.

In the period under review, the dollar trended weaker from the historic highs witnessed in 2022 sending ripples through currency markets around the world. For most African countries, currency depreciation contributed to higher inflation and public debt figures as well as a deteriorated loan position.  

Central Banks around the world, including Africa continued to hike interest rates in a bid to effectively manage inflation.

Analysis of the banks’ results revealed that FCMB Group, Wema Bank and ETI reported NPL ratio above five per cent regulatory requirement of the CBN, while GTCO declared 4.60 per cent NPL ratio in H1 2023 from 5.19 per cent reported in 2022 full year.

According to CBN, the industry NPLs had improved from 5.1 per cent as of June 2022 to 4.1 per cent in June 2023, and was below the five per cent supervisory requirement.

ETI, a an-African financial institution reported 5.5 per cent NPL ratio in H1 2023 from 5.20 per cent in 2022, bringing its NPL by value to N512.12 billion as of June 30, 2023 from N299.7 billion reported in 2022.

 ETI’s net loans & advances to customers stood at N9.31 trillion as of June 2023, an increase of 62 per cent from N5.76 trillion in 2022FY. 

According to ETI, its NPLs of $612million were one per cent lower Year-on-Year (YoY) (increased 44 per cent at CC), and an NPL ratio of 5.5 per cent.

With about 4.3 per cent NPL ratio and N5.26 trillion gross loans & advances, FBN Holdings reported N226.24 billion NPL in H1 2023 from N204.29billion reported in 2022. FBN Holdings is the second highest financial institution with NPL by value after ETI.  

The oldest financial institution declared 5.4 per cent NPL ratio and N3.79 trillion gross loans & advances in the 2022 financial year.

Other Tier-1 financial institutions: Access Holdings, Zenith Bank, UBA and GTCO closed June 2023 with N218.9 billion, N209.86billion, N154.53 billion and N115.29 billion NPL by value respectively.    

According to UBA, its asset quality remained strong and resilient, as the total non-credit impaired facilities i e Stages 1& 2 accounted for 96.7 per cent of the Group’s total loan portfolio as of H1 2023 from 96.9 per cent in 2022 financial year.

The lender in a presentation said its NPL remains within regulatory limit, ranging between 3.1 per cent and 3.3 per cent.

“Notwithstanding the moderate NPL ratio, the group’s NPL coverage ratio as of June 2023 stood at 187 per cent. This has remained well over 100 per cent over the period,” UBA added in a presentation to investors/ analysts. 

Also, GTCO in its presentation to investors/ analysts explained that, “The Group’s IFRS 9 Stage 3 loans closed at 4.6 per cent (Bank: 3.6per cent) in H1-2023 from 5.2per cent (Bank:4.7 per cent) in 2022. With Individuals and Others emerging as sectors with the highest NPLs i.e., 20.9 per cent and 30.96 per cent respectively.

“IFRS 9 Stage 3 loans grew marginally to N115.3billion in H1-2023 from N102.8billion in 2022, primarily driven by exchange rate impact as the Group continued to deleverage in Ghana and Kenya and carried out derecognition of fully provided facilities in the Nigerian book.”

In addition, FCMB group declared N52.66billion NPL value as of H1 2023 from N45.01billion in 2022, while Wema Bank including its local and foreign NPL by value stood at N33.07 billion as of H1 2023 from N32.77 billion reported in 2022.

FCMB group NPL ratio stood at 5.20per cent as of Junne 30, 2023 from 6.60 per cent in 2022, above the regulatory requirement.

In the same vein, Wema bank declared 5.12 per cent NPL as of June 30, 2023 from 6.08 per cent reported in 2022. 

“Reduction of 0.96 per cent in NPL ratio driven by improvements in loan management tactics. Reduction in NPLs across some sectors including general commerce, transport & storage, and manufacturing sectors, ”said Wema bank in a presentation obtained by THISDAY.

The Chief Risk Officer, Wema Bank, Sylvanus Eneche said the lender is cautious and taken some steps in mitigating raising NPL.

According to him, “We’ve taken some very proactive steps. In sectors where we see some challenges, and in some of those cases, for instance, some portion of our commercial businesses that we see that there is going to be significant challenge. We’ve taken a very proactive step of recognizing that there’s some significant impairment. But then again, I would say that you would notice that the value of our aggregate NPLs has not moved much. And that’s simply because we have had some good recoveries.

“Again, this year, there was the initial lull in business as a result of the elections and of course, as a result of the Naira redesign. But I believe that business has actually rebounded much faster than we expected after the elections. And of course, some of the issues that we have expected on the basis of our worst case scenario, stress testing have not come to pass. So, we expect that you continue to see that our coverage ratio continues to improve.”

Meanwhile, banks in the country have continued to write off non-performing loans. This came as lenders also continued to debit the bank accounts of recalcitrant debtors in other to reduce the volume of non-performing loans.

The former Deputy Governor, at the CBN, Obiora Kingsley who corroborated this in a statement during the July Monetary Policy Committee (MPC) meeting said, the continuous decline in NPL was attributable to write-offs, restructuring of facilities, Global Standing Instruction (GSI) and sound credit risk management.

According to him, “Total assets of the banking industry grew by N30.92 trillion or 47.21 per cent between June 2022 and June 2023, largely driven by the effects of new FX policy.

“As a result, total gross credit increased by N10.75 trillion or 39.73 per cent between the end of June 2022 and the end of June 2023 due to the increase in the industry funding base, the CBN’s directive on Loan-to-Deposit Ratio (LDR), business strategy and competition, and changes in valuation of FX denominated loans due to operational changes in the FX market. The credit growth was largely recorded in oil and gas, manufacturing, general commerce, and government.”

Thisday

President Bola Tinubu has approved N35,000 as the provisional wage increment for all treasury-paid workers for a period of six months.

“Going from the meeting with Labour today, Tinubu has agreed to increase the provisional wage award for all treasury-paid Federal Government workers to N35,000 for 6 months,” a statement from the presidency on Sunday night reads.

The approval followed the outcome of the meeting between representatives of the federal government and leaders of the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) to avert the planned indefinite nationwide strike by the unions.

The unions have directed their members across the country to mobilise for a “shutdown of the nation” on October 3 as a protest against the removal of the petrol subsidy and the economic hardship in the country.

However, Femi Gbajabiamila, chief of staff (CoS) to Tinubu, who chaired the meeting, announced that the president has approved the N25,000 provisional wage increment for all categories of federal workers.

Tinubu in his Independence Day speech on Sunday morning said that the N25,000 would be for low-grade workers for the period of six months.

But before the resolutions were reached, the labour had rejected the N25,000 provisional wage increment.

Speaking at the end of the four-hour meeting with the leaders of the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) at the State House, Abuja, Gbajabiamila said the government team and the labour leaders have reached some resolutions.

The meeting was called by the federal government to avert the planned nationwide indefinite strike by the labour to protest against the removal of the petrol subsidy and other issues.

“I am happy to say that after four hours, we have reached certain agreements that are for the benefit of the Nigerian worker,” he said.

“Agreements on wage bills, agreements on committees on salary increments, CNG buses, on several other things, I believe, both TUC Labour and government side.

“Hopefully, we expect that labour will call a meeting of their various branches and executive tomorrow to present the agreements that have been reached, and we pray and we believe and we hope that the strike will be called off on Tuesday.

“So I want to once again, thank labour for taking time out on a good Sunday like this one when they should be with their families to come and discuss in the interest of the workers. Thank you very much.”

In a statement issued at the end of the meeting, Mohammed Idris, minister of information and national 0rientation, said the federal government is “committed to fast-tracking the provision of compressed natural Gas (CNG) buses to ease public transportation difficulties associated with the removal of PMS subsidy”.

He added that the government would see to the provision of funds for micro and small-scale enterprises, adding that the value-added tax (VAT) on diesel will be waived for the next six months.

“The Federal Government will commence payment of N75,000 to 15 million households at N25,000 per month, for a three-month period from October-December 2023,” the statement reads.

“A sub-committee is to be constituted to work out the details of implementation of all items for consideration regarding government interventions to cushion the effect of fuel subsidy removal.

“NLC and TUC will consider the offers by the Federal Government with a view to suspending the planned strike to allow for further consultations on the implementation of the resolutions above.”

The Cable

WESTERN PERSPECTIVE

Ukraine gets bad news from two NATO allies

Ukraine received troubling news from two allies in the North Atlantic Treaty Organization (NATO) as it continues its counteroffensive effort against Russia to reclaim occupied territory.

NATO emerged as a crucial ally for Ukraine after Russian President Vladimir Putin launched a "special military operation" against the country in February 2022. The military alliance has provided Ukraine with tens of billions of dollars to bolster its defense effort, which has left the Russian military in a more tenuous condition, blunting any future military plans for Putin.

However, both the United States and Slovakia delivered bad news to Ukraine this week, threatening to upend the amount of humanitarian and military aid Kyiv receives as the war continues.

On Saturday, the U.S. Congress passed a 45-day short-term spending bill, which follows a weeks-long showdown that saw Republicans spar over how much funding should be cut by and other conservative priorities. Ultimately, the bill, known formally as a continuing resolution (CR), received bipartisan support, but does not include additional funding for Ukraine.

President Joe Biden, a staunch Ukraine supporter, requested $300 million for more weapons for Ukraine and to train its soldiers. But those funds were not included in the bill, as aid for the Eastern European nation has become a sticking point for House conservatives, who argue that money should be spent domestically instead.

The spending package has drawn questions about the future of U.S. support for Ukraine, as polls throughout this year have also shown slipping support for Ukraine aid. The U.S. has been one of Ukraine's strongest allies, with Biden overseeing the transfer of billions of dollars to Kyiv.

Between January 2022 and July 2023, the U.S. has provided Ukraine with $46.6 billion in military aid, $3.9 billion in humanitarian aid and $26.4 billion in financial aid, totaling roughly $77 billion, according to a recent analysis from the Council on Foreign Relations (CFR). This means it has provided more than any individual nation, though the European Union (EU) institutions have provided more than $80 billion.

Still, supporters of Ukraine aid have vowed to continue efforts to get more assistance passed later on in a separate bill.

"We cannot under any circumstances allow American support for Ukraine to be interrupted. I fully expect the Speaker [Kevin McCarthy] will keep his commitment to the people of Ukraine and secure passage of the support needed to help Ukraine at this critical moment," Biden wrote in a statement following the passage of Saturday's bill.

Slovakia Backs Pro-Russia Party

Meanwhile, Ukraine also received bad news on Sunday from Slovakia after Robert Fico, the leader of the country's populist Smer-SD party, led his party to victory in Bratislava's parliamentary elections.

Slovakia shares its eastern border with Ukraine and has provided it with Soviet-era MiG-29 fighter jets amid the Russian invasion. Fico, however, pledged to put a halt on military assistance from Slovakia, saying he would only support humanitarian aid packages. He has also opposed issuing sanctions against Moscow and ran on a pro-Russian message, according to the Associated Press.

In late September, Fico told United Kingdom's The Telegraph that "arming Ukraine brings nothing but killing."

Meanwhile, an Eurobarometer survey in August found a decline in the number of Europeans who support Ukraine aid.

The survey found that 24 percent of EU citizens said they "totally agree" with "financing the purchase and supply of military equipment and training to Ukraine," compared to 33 percent who said they "fully approve" of this taking place in April 2022. Total support for providing Ukraine with military funding fell from 67 to 48 percent over the same period, with the percent of those against aid increased from 26 to 34 percent.

The survey polled 26,514 EU citizens across the 27 EU member states between August 24 and 31.

** Zelenskiy says nothing will weaken Kyiv's resolve against Russia

Ukrainian President Volodymyr Zelenskiy said in a speech released on Sunday that nothing would weaken his country's fight against Russia, a day after the U.S. Congress passed a stopgap funding bill that omitted aid to Ukraine.

Defense Minister Rustem Umerov said separately he had received reassurances about further military assistance in a telephone call with U.S. Defense Secretary Lloyd Austin.

"Secretary Austin assured me," he wrote in a post on X, the platform formerly known as Twitter, using flags in place of country names, that U.S. support to Ukraine "will continue" and that Ukrainian "warriors will continue to have a strong back-up on the battlefield."

A Ukrainian foreign ministry spokesperson said Kyiv was working with its American partners to ensure a new budget decision would include funds for the country, and that U.S. support was intact.

Zelenskiy, in a recorded speech marking the Defenders Day holiday, did not address the vote in Congress directly, but reiterated his determination to fight to victory.

No one could "shut down" Ukraine's stability, endurance, strength and courage, he said, echoing a Ukrainian verb often used to refer to power outages caused by Russian attacks.

He added that Ukraine would only stop resisting and fighting on the day of victory. "As we draw closer to it every day, we say, 'We will fight for as long as it takes.'"

U.S. President Joe Biden said on Sunday that Republicans had pledged to provide Ukraine aid through a separate vote and U.S. support could not be interrupted "under any circumstances."

Foreign Ministry spokesperson Oleg Nikolenko also sought to reassure Ukrainians about future U.S. support in comments on Facebook, stressing that previously approved funds would be unaffected.

"Support for Ukraine remains unwaveringly strong in the U.S. administration, in both parties and chambers of the U.S. Congress, and most importantly, among the American people," he wrote.

RUSSIAN PERSPECTIVE

Ukrainian forces lose more than two platoons in Kupyansk area over day — top brass

The Ukrainian armed forces lost more than two infantry platoons in the Kupyansk area over the past 24 hours, Sergey Zybinsky, the spokesman for the Russian battlegroup West, told TASS.

"The total losses of the enemy amounted to more than two platoons, two Kozak armored fighting vehicles," the spokesman said.

He pointed out that during the fighting in the Kupyansk area, the battlegroup West carried out two air strikes on the temporary deployment areas of the 44th Ukrainian mechanized brigade and the Radio-Technical units stationed near Cherneshchynavin the Kharkpv Reegion.

In addition, the crews of Ka-52 and Mi-28 attack helicopters and attack planes carried out 13 missile attacks on the accumulation of personnel, weapons and military equipment of the Ukrainian 14th, 32nd mechanized brigades of the 40th rifle battalion and territorial defense units in the areas of Ivanovka, Sinkovka, Berestovoye and Kislovka.

"In the course of anti-tank warfare, the group's artillery destroyed a US-made AN/TPQ-7 anti-tank radar station, a 152-mm Msta-B howitzer and a mortar crew in the areas of Peschanoye, Krakhmalnoye, Kolodezi," he added.

** Russian army repels 8 Ukrainian attacks in DPR, eliminates over 300 militants — top brass

Russia’s Battlegroup South has repelled eight Ukrainian attacks in the Artyomovsk and Avdeyevka areas, with the enemy’s losses exceeding 300 servicemen, battlegroup Spokesman Georgy Minesashvili told TASS.

"Battlegroup South units have repelled eight attacks by Ukrainian assault groups in the Artyomovsk and Avdeyevka areas. The enemy’s losses amounted to over 300 servicemen, a Krab self-propelled artillery system, a D-20 weapon, two tanks, a mechanized infantry fighting vehicle, two Strela-10 anti-aircraft missile launchers, a signals intelligence station, as well as seven vehicles and eight drones," he said.

Battlegroup South with the help of aviation eliminated a hangar with Ukrainian military equipment in the Donetsk area, Minesashvili told.

"Operational-tactical aviation of the group eliminated a hangar with military equipment, army aviation destructed a temporary deployment site of the 110th mechanized and the 79th air assault brigades of the Ukrainian army in Novomikhailovka and Avdeyevka," he said.

Newsweek/Reuters/Tass

Saudi Arabia is undergoing a nationalist transformation. During this year’s Saudi National Day, on September 23, people across the Kingdom – especially the young people who constitute a majority of the population – turned out in droves to wave flags, dance, and marvel at military flyovers. Promoted by Saudi Arabia’s de facto leader, Crown Prince Mohammed bin Salman (widely known as MBS), the surge in patriotic displays sheds light on the motivations behind the country’s recent political and economic reforms.

Begin with the foreign-policy front, where Saudi Arabia has agreed to a détente with Iran, facilitated by China; entered into talks with Israel, brokered by the United States, to normalize the diplomatic relationship; gained entry into the BRICS group of major emerging economies; and embarked on efforts to end the war in Yemen.

Domestically, the Kingdom has pursued a major transition that includes centralization and consolidation of power under MBS; suppression of dissent, especially from Islamists advocating an alternative political model; and a revision of Saudi history and school curricula to align with the regime’s narratives. Meanwhile, the Kingdom has made massive investments in international sports (particularly golf and soccer) and adopted an oil-production policy more aligned with its long-term fiscal needs.

The core purpose of MBS’s reforms is to transform the Kingdom from a rentier state that is predominantly reliant on oil revenues to a diversified economy that can generate income unrelated to the hydrocarbon sector. To this end, the government has launched several so-called “giga projects.” Neom, a carbon-neutral city being developed near the Red Sea at a staggering cost (even by the standards of a rich petrostate), is a prime example.

To understand these developments, one must pay close attention to what MBS has said about past Saudi policies, both publicly and in private, since 2016. He argues that his predecessors pursued failed policies and governed in ways that were detrimental to the country’s national interests. For example, he regards the Kingdom’s earlier endorsement of Islamism – partly a response to domestic religious opposition and to the threat posed by the 1979 Islamic Revolution in Iran – as a grave mistake. Instead of fostering stability, it created enemies, with radical Islamists such as the Muslim Brotherhood, al-Qaeda, and the Islamic State all eventually seeking to end the Al Saud dynasty’s rule. MBS believes the regime should have relied on nationalism, rather than religion, as a means of ensuring its survival.

Moreover, MBS contends that rampant corruption and bureaucratic inefficiency significantly undermined Saudi Arabia’s stability. And, most importantly, he views previous Saudi governments’ reluctance to diversify the economy away from oil – an effort that officially began in the 1960s – as inexcusable. The Kingdom must address these historical mistakes urgently, he believes, before it is too late.

Saudi Arabia’s domestic reforms and foreign-policy agenda are inextricably linked, since the success of the Kingdom’s economic project hinges on its ability to secure peace and stability throughout the Middle East. MBS envisions the Kingdom as a leading geopolitical force and a nexus of trade, transportation, logistics, and communication between East and West.

This objective is the driving force behind the normalization talks with Israel. The conflict between Israel and the Arab world has long been a source of regional instability. Moreover, Israel provides a gateway to the Mediterranean, positioning it as a critical strategic link in a vast transglobal network that extends from India to Europe.

In a recent interview, MBS said he wants Saudi Arabia to become one of the world’s ten largest economies, noting that the Kingdom, already a member of the G20, recently became the 15th largest. While MBS had previously sought an invitation to join the G7, he made little headway and then jumped at the chance to join the BRICS, insisting that this was not a move against the West, but rather a way to position his country for future growth and maintain cordial relations with all of the world’s major powers.

MBS is data-driven and frequently compares his country to others. When he talks, he sounds more like the CEO of a company aiming for market dominance than a traditional political leader. Even as the US and China move toward economic decoupling and try to establish new supply chains, he advocates a global liberal economic order. He has made efforts to foster strong trade ties with each of the three countries that will likely shape the twenty-first century: the US, China, and India.

When it comes to national security and strategic alliances, however, MBS remains firmly pro-American. Given that the Saudi military is largely equipped and trained by the US, ending this relationship would be immensely costly.

Saudi Arabia under MBS can be viewed as an emerging power that aspires to use its available assets to develop and diversify its economy. At the same time, the Kingdom aims to leverage its resources and diplomatic ties to enhance its influence in a world increasingly divided among major powers like the US, China, Russia, and, to a lesser extent, Europe. Judging by MBS’s recent foreign-policy moves – such as getting the Chinese to mediate his dispute with Iran and the US to do the same with Israel – he certainly appears adept at navigating an exceptionally challenging geopolitical landscape.

Project Syndicate