A U.S. federal court has granted President Bola Tinubu’s motion to use documents from the Nigerian tribunal judgement passed last Wednesday to block his Chicago State University (CSU) records from being accessed by Atiku Abubakar, his main opponent at the February polls.

Court filings obtained by Peoples Gazette showed that Judge Jeffrey Gilbert on Tuesday okayed Tinubu’s request to tender the tribunal ruling that upheld his election victory as exhibits to defend his cause at the U.S. Court for the Northern District of Illinois in Chicago.

“Intervenor Bola A. Tinubu’s Motion for Leave to File Sur-Response [27] is granted,” reads the document released Tuesday ahead of the in-court hearing of the matter later today. “Intervenor shall file the sur-response and exhibits attached as ECF Nos. 27-1 and 27-2 as separate CM/ECF docket entries.”

Gilbert further moved up the time of the hearing 

from 2:30 p.m. to 1:30 p.m., per the court filing seen by The Gazette.

“At the request of all counsel, the hearing set for 9/12/23 is reset to 1:30 p.m. This is a change in time only. Out of town counsel may appear at the hearing by using the following number.”

The time change would presumably allow all parties to argue and tender all required exhibits.

Abubakar seeks to clarify discrepancies regarding Tinubu’s background, from the real name under which he entered the U.S. to his age, gender, and admission and graduation.

Peoples Gazette

Acting Comptroller-General of the Nigeria Customs Service, Adewale Adeniyi, on Tuesday, announced that Nigerian importers would soon be able to clear their goods from the ports in Cotonou, Benin Republic.

He disclosed this in Abuja at the end of a two-day working visit by the director-general and senior officials of the customs service of Benin Republic.

Customs personnel from both countries entered into various agreements during the two-day meeting in order to boost trade relations between Nigeria and Benin Republic, as well as curb smuggling.

While responding to a question at the event, Adeniyi said, “We are building confidence in the system offered by the Republic of Benin, our importers are using their ports and vice-versa. If there are people in Benin Republic who want to use our ports, we try to build trust in our systems.

“And by virtue of this agreement, what it means is that Nigerian importers willing to use the ports in Cotonou can have their goods cleared in those ports because there would be an opportunity for them to pay duties on goods that are liable for payment of duties.

“We can account for the duties on those goods in the ports of arrival. So they will now be free to enter Nigeria.”

Reacting to concerns about vehicle smuggling, he said, “It goes beyond vehicles. Any goods arriving in Cotonou ports, duty can be accessed and payment can be made and from there, it comes into the Nigerian territory.

“It is just like what happens when goods come in through Lagos or Port Harcourt; it is pretty much the same. But we have not got there. We have agreed in principle that we can operationalise this.

“So the steps that we are going to take to get us to that particular destination is what we are going to be working on. It was mentioned in the communique that we are going to establish timelines when we hope to achieve that particular milestone.”

Adewale said the partnership between both nations would enhance customs administration, trade facilitation and regional cooperation.

He added, “The occasion we celebrate today marks a significant milestone in our journey to strengthen collaboration, eliminate barriers, and promote legitimate trade within the West African region.

Punch

Experts and scholars rose from a roundtable conference in Ibadan on Tuesday in strong condemnation of the resurgence of military coup d'etat in the West African sub region and called for urgent and incisive actions and measures to check the disturbing contagion.

Led by legal luminary and Vice Chancellor, Kola Daisi University, Ibadan, Adeniyi Olatunbosun, the multidisciplinary brain trust described the seizure of power by the military as illegal and unjustified even in spite of  shortcomings of democratic government.

The phenomenon which used to be a feature of the 60s and 70s, they noted, only upset the constitutional order with adverse effects on governance, legal and institutional structures, diplomatic relations, social, political and economic well being of the sub-region.

They spoke at the maiden edition of the university's Academic Discourse with the theme: "Contemporary Issues in West African sub region Military  Coup D'etat and Democratic Fragility "

The mult-disciplinary discourse was in honour of and to commemorate the 91st birthday anniversary of the  university’s Founder and Chancellor, Kola Daisi who hits the age on Thursday, September 14.

There have been at least five military take-over in countries along the francophone corridor of West Africa including Mali, Guinea, Burkina Faso, Chad and Niger in the last three years with Gabon in Central Africa recording the latest plague afflicting the continent.

Over the years democracy and democratic rule in some countries have brought about more pain than gain, poverty more than prosperity, a situation used by the soldiers to justify their intervention.

Discussants at the forum held at the University auditorium included Jendele Hungbo, a professor in the Mass Communication Department; Ekundayo Babatunde  of the Law Faculty; Dean, Basic Medical Services,  Ariinola, Odiaka of Applied Sciences;   and Archibong Okonneh of History and diplomatic studies.

Others are: Samuel Faboyede, Accounting Department;

Head, Department of Political Science and International Relations, Adebukola Ayoola; and Oyetade Toyese, of Economics Department; among others.

They noted that though coups was an indication of failed democracy the military has no legitimate right to topple democratic order and throw the nation into tailspin, as its duty was strictly to protect the territorial integrity of the nation. Military intervention was thus a distraction which could undermine the discharge of this onerous role.

They identified sit-tight leaders, official corruption, absence of good governance governance, transparency, participation, security challenges, official corruption, servitude to former colonial masters for exploitation of national resources as key dysfunctions that encourage military coup.

The consequences of coups  is instability which affects economic growth and other sectors triggering a cycle of unemployment, poverty and underdeveloped.

They also suggested that Africans should fashion their own political systems that work for Africans and discard the western model of democracy they described as colonial legacies, noting that before colonialism Africans governed themselves effectively.

Other solutions proposed are: the strengthening of institutions, including the INEC; and the media for effective, transparent and credible discharge of their constitutional mandates; assurance of good governance as a sacrosanct tenet by public oficials; reduction of worrisome cost of governance to free up enough resources to provide for critical sectors that could alleviate conditions of living of the people.

The intellectual think-tank also recommend legal reforms to take care of the lacuna exploited by the seditious-minded, given that constitutional provisions and other statues making coup unlawful were often observed in the breach. Similar legal means should be used to remove bottlenecks which make moves by regional bodies or the international community intervene and restore democratic order in any affected member-states.

According to them, it was difficult to enforce sanctions on erring member-states without being seen as violating international laws such due to the principle of the sanctity of the sovereignty of nations.

In his keynote remarks, Olatunbosun said the issues required critical analysis to bail the sub-region from being turned into a theatre of war of self interest seeking advanced nations whose motive was to merely dominate and exploit African countries and their resources.

Hungbo remarked that Africa was susceptible to incessant coups because of weak  institutions of states ncluding the media. He observed that radio stations were often the first to be taken over for dawn broadcast by mutineers.

Yet, the media have not fared any better under both military and civilian rule in performance of the constitutional responsibility.

He stressed that media institutions must be accountable, promote and  enhance democratic governance to enable it work.

Apple launched a new series of iPhones that included a new titanium shell, a faster chip and improved video game playing abilities.

The biggest surprise with the iPhone 15 that will come out Sept. 22: It did not raise prices, reflecting the global smartphone slump.

The event at Apple's Cupertino, California, headquarters comes amid lingering economic uncertainty, especially in China, Apple's third-largest market where it faces challenges from expanded restrictions on using its iPhones in government offices and the first new flagship phone in several years from Huawei Technologies (HWT.UL).

Huawei raised its second-half shipment target for the new Mate 60 series smartphone, which has satellite capability, by 20%, the country's official Securities Times reported on Tuesday shortly before the Apple event.

Apple did not deliver any blockbuster surprises, and shares closed down 1.7% after event.

APPLE EMBEDDING MACHINE LEARNING

While Apple avoids the terms artificial intelligence, or AI, the technology was the driver of several new features.

An Apple executive said the company used machine learning to detect a person in the frame, allowing users to turn a picture into a portrait immediately or later in the Photos app.

Apple also showed off new watches, including a Series 9 Watch with a feature called "double tap" where users tap thumb and finger together twice, without touching the watch, in order to perform tasks like answering a phone call.

It uses machine learning to detect tiny changes in blood flow when the user taps their fingers together, freeing up the other hand for other tasks like walking a dog or holding a cup of coffee, said Apple Chief Operating Officer Jeff Williams.

IPHONE 15 LAUNCH

Both the Pro and other iPhone 15 models will have a brighter display and a 48-megapixel camera as well as 100% recycled cobalt in their batteries.

Apple said the iPhone 15's satellite connectivity can now be used to summon roadside assistance. It is rolling out the feature out with the American Automobile Association (AAA) in the United States.

Apple said that USB-C charging cables are coming to both its iPhone 15 and the charging case of its AirPods Pro devices. The move reflects requirements from European regulators to use USB-C and allows the use of the same charging cables already used for iPads and Macs.

"I was expecting Apple to try and spin the all USB-C decision in certain way but they didn't they were very matter of fact in the way they talked about it," said Carolina Milanesi, an analyst with Creative Strategies. She said the shift "brought some differentiation to the iPhone Pro, because there's faster throughput for data transfer. That is going to be valuable for people" who use the device for professional photography, Milanesi said.

Apple also said the iPhone 15 Pro can capture what it calls "spatial videos" by using two of the device's cameras to capture a three-dimensional video. Those videos will be viewable on Apple's Vision Pro headset that is due out early next year, marketing chief Greg Joswiak said.

The Pro's use of titanium makes it lighter and stronger than previous models of other metals.

Bob O'Donnell, head of TECHnalysis Research said the steady prices were a surprise.

"I think both Apple and the carriers recognize that with consumers feeling pressure on their budget and the lack of dramatic changes it’s getting harder to convince people to upgrade. Keeping prices stable should help with that," he said.

The iPhone 15 costs $799, the iPhone 15 Plus starts at $899 and the Pro series starts at $999. The Pro Max starts at $1,199, the same prices as last year for the same levels of storage. Last year, Apple offered a $1,099 iPhone Pro Max model with less memory.

Apple still relies on iPhone for more than half of its sales, but the global smartphone market has slumped from shipping 294.5 million total phones to 268 million in the second quarter. Apple's shipments declined the least of any major smartphone maker, dropping from 46.5 million phones to 45.3 million, according to data from Counterpoint Research.

NEW WATCH OUT

The outdoor sports-focused Apple Watch Ultra 2 has new features for cycling and diving and what Apple said is the brightest screen it has ever made. The Series 9 will start at $399 and the Ultra 2 watch will start at $799 and be available Sept. 22.

Apple will no longer use leather in any of its products, said Lisa Jackson, the company's environmental chief. The company is replacing some of those products with a textile called "FineWoven" that it says feel like suede.

Apple made its effort to become carbon neutral by 2030 a focus of the event, including launches of lower-carbon watches.

Reuters

A frenetic search for survivors — or bodies — ensued in eastern Libya on Tuesday after a Mediterranean storm lashed the OPEC member’s shores, with dams collapsing and triggering floods that killed at least 2,300, almost all in one city. The International Red Cross said at least 10,000 more were missing.

The health minister of the divided North African nation’s eastern-based government, Othman Abdel-Jaleel, said 700 people from Derna had so far been identified and buried, and more than 6,000 remained unaccounted for, according to al-Masar TV. Separately, the western-based government in Tripoli said the overall toll in Derna was 1,900.

The storm struck shortly after Morocco suffered its most powerful earthquake in a century, with at least 2,900 people killed in the kingdom.

Libya’s situation “is the very definition of a disaster,” Abdel-Jaleel said in a clip carried by the TV station. “The corpses are still scattered” in various hospitals awaiting identification.

Osama Ali, the spokesman for Libya’s Emergency Authority, told Bloomberg the death toll had reached 2,300 and 5,000 more were missing.

Libya’s envoy for the International Federation of Red Cross and Red Crescent Societies told reporters in Geneva that 10,000 people were missing, according to the Associated Press.

Conflicting Figures

The conflicting figures provided by various officials underscores the difficulties authorities face just to determine the scope of the damage, let alone reach survivors. Abdel-Jaleel, the health minister, said water levels had reached the fourth and fifth floors of some buildings in Derna.

The toll, which seemed poised to rise given the number of missing people, appears to be the result of two dams bursting after excessive rainfall. Flooding reportedly covered entire areas in Derna, which sits about 290 kilometers east of Benghazi. There was also severe damage in Benghazi, Sousse and Al-Bayda, according to reports.

Egyptian President Abdel-Fattah El-Sisi said his country, which sits on Libya’s eastern border, would provide assistance and offer its military to help with search and rescue efforts.

The number killed as a result of Hurricane Daniel has surpassed that of Hurricane Katrina, which struck the Gulf coast of the US in 2005 and left over 1,800 dead - making it the second deadliest storm in American modern history.

Tumultuous Politics

Khalifa Haftar, who heads the most powerful military force in Libya’s east, said rescue efforts were underway to help those stranded and find the missing.

Those efforts are likely being hindered by the nation’s tumultuous politics. The country, which sits atop Africa’s largest proven reserves of crude oil, has been mired in conflict for much of the past decade. It’s split between rival administrations in the east and west. Repeated efforts to broker a political agreement have largely failed.

Both governments have declared three days of mourning.

Libya’s east, where Haftar’s Libyan National Army is based, is home to the brunt of the country’s oil wealth and ports. It was also home to religious extremists, including those allied with the Islamic State, with Derna among the epicenters, after the fall of Moammar Al Qaddafi in 2011.

Haftar’s forces largely crushed the Islamists and restored some semblance of order. But the east has continued to complain of neglect and a lack of funding, with disputes arising between the rival administrations about the allocation of the country’s oil wealth. The dearth of funding, along with the chronic unrest, meant there’s been little money for maintaining vital infrastructure.

Slow Progress

While some progress toward unifying key institutions has been made, particularly with regard to the central bank, challenges related to distribution of wealth and overall services remain. The fighting has occasionally affected oil ports and exports.

The country’s main energy ports of Es Sider, Ras Lanuf, Zueitina, Brega and Hariga, which had closed as a result of the storm, were reopened, according to people familiar with the matter. They suffered no significant damage, the people said.

Bloomberg

RUSSIAN PERSPECTIVE

Putin offers estimate of Ukrainian losses

Russian President Vladimir Putin has provided an update on the casualties the Ukrainian military incurred since their operation commenced in early June. He further noted that Kiev had not achieved the anticipated results it had initially sought.

Putin said at the Eastern Economic Forum in Vladivostok on Tuesday: “There are losses, big losses. Since the start of this counteroffensive, the casualties [have reached] 71,500 people.” The president claimed that Kiev is seeking to achieve results “at any cost,” which makes it look like the Ukrainian leadership does not care about its own citizens’ lives.

He added that Kiev has also lost 543 tanks and nearly 18,000 armored vehicles of various types over the past three months. Putin concluded by saying that Ukraine has not been able to make any significant gains so far.

Last week, Kremlin spokesman Dmitry Peskov claimed that the US is intent on “waging a war to the last Ukrainian, sparing no expense.” He alleged that continued defense aid provided to Kiev by Washington indicates that. Peskov said at the time that American military supplies would not change the course of the conflict.

According to the Russian Defense Ministry’s estimates presented last week, Kiev had suffered “colossal” losses during its summer campaign, with more than 66,000 troops killed and over 7,600 heavy weapons destroyed.

Following talks with his Turkish counterpart, Recep Tayyip Erdogan, last Monday, Putin declared that the ongoing Ukrainian counteroffensive “is not stalled; it is a failure.”

The US and several other Western backers had provided Ukraine with dozens of units of military hardware and artillery pieces ahead of its summer operation. However, according to US media reports, many of those tanks and armored vehicles have been destroyed or damaged while trying to cross extensive Russian minefields.

Likewise, Russia’s defense ministry has published multiple video clips purporting to show the destruction of Western-made tanks.

Last week, pro-Russian authorities in Zaporozhye Region claimed that Moscow’s forces had destroyed a second Challenger 2 main battle tank out of the 14 that the UK had provided to Kiev. Several days prior, London confirmed the loss of the first of these vehicles in Ukraine.

WESTERN PERSPECTIVE

Crimean shipyard on fire after Ukraine missile attack - Russia-installed governor

The Sevastopol Shipyard on the Crimean Peninsula was on fire on Wednesday after Ukraine launched a missile attack on the port, injuring at least 24 people, the Russia-installed governor of the city said.

"All emergency services are working on the site, there is no danger to civilian objects in the city," Mikhail Razvozhayev, the Moscow-installed governor of Sevastopol, the largest city in Crimea and a major Black Sea port, said on the Telegram messaging app.

Razvozhayev said earlier, without providing details, that the fire was sparked in result of a Ukrainian missile attack on Sevastopol.

The strategic Sevastopol Shipyard on the Crimean Peninsula that Russia annexed from Ukraine in 2014, builds and repairs ships and submarines of the Russian Black Sea Fleet, which has launched drone and missile attacks on Ukraine.

Razvozhayev posted a photo of big flames engulfing in the dark what seemed like port infrastructure. Russian Telegram channels posted videos and more photos of massive flames at a facility bordering water.

Reuters could not independently verify the report. There was no immediate comment from Kyiv.

Ukraine almost never publicly claims responsibility for attacks inside Russia or on Russian-controlled territory in Ukraine, but has been saying in recent months that destroying Russia's military infrastructure helps Kyiv's counteroffensive.

RT/Reuters

I have always been intrigued by this portion in the Bible and sometimes amused by how some Pastors interpret it. It is the portion which says “Jesus sat down opposite the place where the offerings were put and watched the crowd putting their money into the temple treasury”. Further down this verse, Jesus commended the poor widow who gave all she had into the treasury – a commendation that led to the famous ‘ widow ’s mite’.

It is probably easy to explain why many Pastors have decided to limit Jesus’ commendation to the percentage of the widow’s earnings that went into the coffers of the Church. It is convenient of course, not to say beneficial, for men of God to so limit. I choose to see it in a wider context. I see it as self-denial, as discipline, that is not just for the Church. This is possibly because of my background.

Students of Igbobi College in the 50s, 60s and possibly 70s would remember that the school had a Self-Denial Fund (S.D.F) which made it mandatory for boarding students to take an amount out of their weekly pocket money for the poor and needy. This self-denial, this awareness for the needs of the poor has since stayed with me as it has many Old Igbobians. So, whenever I read this portion of the Bible, I see Jesus not only endorsing self-denial but encouraging its compliance.

I am of the school of thought which believes that wealth, like many other endowments, is a gift from God to be held in trust by men. Any of these gifts, including power and positions, can be taken away at any time and not necessarily by death. Young people close to me know that I urge them to de-emphasize wealth as a measuring rod for success.

Otherwise, there would be very little difference between them and those rich illiterates who boast of the number of containers they have at the wharf. It is a strange doctrine to them because we live in a society which puts so much premium on wealth however acquired. My mentors, and they are very few, are people who have refused to be defined by material acquisitions. They have put what they have – intellect, position, knowledge, power, influence and yes money – at the disposition of others. This is because an evolved mind belongs to a person who puts himself, and his God-given gifts, at the service of others. By contrast, those I hold in utter contempt, are those who flaunt wealth or material acquisitions. It is even worse if that wealth is ill-gotten as it often is.

Several decades ago, in 1979 I think, I interviewed B.C. Lee, the founder of the Samsung Group. He was at that time the richest man in South-East Asia with an art museum estimated in excess of a billion dollars at a time when a billion was worth every cent. South Korea on the other hand, was a very poor country at the time.

Accusations of child labour were rife. I couldn’t resist asking him if he ever felt embarrassed by his wealth whenever he saw the poor and the wretched on the streets. Today, over four decades later, it is the same question I would ask the Bishop who boasted to his congregation that God had blessed him so much that he could afford to change planes the way others change bicycles. Does his wealth ever embarrass him when he glides in luxury to his church in Ogun State? This man’s church has branches all over the world but its expansive headquarter is cited among the poor so he could not have escaped being confronted by poverty. Poverty is what he would breathe on ground before his planes taxi off into the rarefied air. And anywhere he goes to in the country, he would breathe poverty because over 70%.

of the populace now lives on less than a dollar per day.To flaunt wealth under any guise in such a country is unconscionable and ungodly.

Another General Overseer (G.O) once said his planes were necessary so he could reach his many parishioners around the world. He needed the planes, he said, to convert and nourish souls. He should be reminded that the Catholic Church has over a billion parishioners in remote areas of the world. It is also about the richest church in the world yet it does not own a single jet. Its wealth has been used over the years to impact the world – in research, education, science and health. It is instructive that during the period of persecution, a Roman Emperor once asked a Bishop to go and bring him all the treasures of the Church. The Bishop asked for just two days. On the third day, he presented the poor and the ragged and said ‘these, Your Eminence, are the treasures of the church’. Of course he was promptly executed. But his blood and that of many like him, have preserved and nourished the church into what it is today.

The religious leaders in Nigeria believe, and have led their congregants to believe that wealth is a sign of God’s favour and that poverty is a sin as if the rich are being compensated for being sinless. This salves their conscience as they put money and the wealthy on a pedestal. They obviously no longer believe that the poor are the treasures of the Church. Or that God in all scriptures, has a special affinity for the poor. They forget that money is a gift, for which the wealthy will account. I call it passing the money test. Unfortunately, many would fail the money test because they cannot ‘deny ’ themselves to bring hope and comfort to those in need.

I will leave readers with this true story. A military man returned triumphantly from the field of battle. On his way home on a bitterly cold and windy evening, he saw a destitute lying by the street exposed and shivering from the cold. This man in an act of compassion, used his sword to cut his flowing military cloak in two. He used one half to cover the shivering destitute and draped the other half round his own shoulders. That night, Jesus appeared to him in a dream wearing the cloak he had used to cover the destitute.

The military man had gone on to found the first monastery in France. He is a saint in the Catholic Church today. This is the kind of sacrifice, of self-denial that Jesus demands. It is the ‘widow’s mite’ that He commends. Just as Jesus sat and watched as people put money in the treasury, He is still watching today to gauge our level of self-denial towards the needy. Remember when I was hungry you gave me food? thirsty you gave me drink? The day of stewardship will surely come when we will all give account of the talents we have been bestowed.

The story of Lazarus and the Rich Man is also there for those who wish to learn.

Shekhinah Bass cut her teeth — and built her career — at one of the most competitive, powerful firms on Wall Street: Goldman Sachs. 

After 17 years at the firm, the mother of five is now Goldman Sachs’ head of talent strategy within the firm’s human capital management division.

The most important soft skill that distinguishes high performers at Goldman Sachs, and propels people to successful careers on Wall Street at large, she’s discovered, isn’t creative dealmaking or a confident attitude — it’s having a growth mindset. 

“They’re the ones who come to a job hungry to learn new skills, who are open to feedback and willing to act on it,” Bass, 39, tells CNBC Make It. “Those are the people that go far in their careers.”

Coined by psychologist Carol Dweck, a growth mindset is when you see your abilities, talent and knowledge as skills you can continue to grow and improve upon. The opposite is a fixed mindset, or the belief that your skills and talents can’t change over time. 

“The passion for stretching yourself and sticking to it, even (or especially) when it’s not going well, is the hallmark of the growth mindset,” Dweck wrote in her 2006 book, “Mindset: The New Psychology of Success.” “This is the mindset that allows people to thrive during some of the most challenging times in their lives.”

In the workplace, Bass says, you can measure your growth mindset based on how you respond to feedback from your manager and co-workers. 

“Feedback can help you identify your blind spots, so you can shift or change how you’re showing up in certain work situations,” she explains. “With a growth mindset, you will see those blind spots as things that are within your control to improve.” 

To develop and practice a growth mindset at work, you’ll need to set challenging goals for yourself, be willing to take risks and seek out feedback and coaching from others. 

Next time you receive constructive criticism, consider one of the following responses, which show that you’re open to the feedback rather than “shutting it down,” says Bass:

• “I hear your feedback. Here are the things I’m going to do to try and improve upon that area for development:”
• “That’s not yet a strength of mine, but it’s something I am going to focus on.” 

Through extensive research, neuroscientists have found that a growth mindset is the most effective frame of thinking for achieving goals, gaining new skills, viewing your failures as learning opportunities and developing positive changes in your life. 

It’s also one of the most sought-after skills companies look for in the people they hire, Bass adds. 

“Are you open to improving on something, or are you the type of person to walk out of the room and say, ‘Whatever, nothing’s going to change’?” says Bass. “Being thoughtful and willing to try something new or different goes a long way.”

CNBC

Nigeria has been demoted from a frontier market to an unclassified market one year after an annual equity country classification review by FTSE Russell, a subsidiary of London Stock Exchange Group, placed Africa’s largest economy on its watch list of countries monitored for possible reclassification.

The downgrade takes effect from 18 September when Nigerian index constituents will be deleted at zero value from FTSE Frontier Index Series, including the FTSE Frontier 50 Index, FTSE IdealRatings Islamic Index Series, FTSE/JSE All Africa Index Series, FTSE Middle East & Africa Extended Index Series and FTSE/MV Exchange Index.

FTSE Russell equity indices are used by investors across the world as equity benchmarks, allowing them to track the performance of specific market segments.

The decision followed a ratification by the FTSE Russell Index Governance Board and was arrived at after no improvement was recorded in the ability of international institutional investors to repatriate capital at a foreign exchange rate that would be used in FTSE Russell equity indices, a statement said.

“FTSE Russell has received feedback from market participants that although Nigeria has adopted a floating foreign exchange (FX) rate for the Nigerian Naira in the Investors’ & Exporters’ (I&E) FX Window, which is now operating on a “Willing Buyer, Willing Seller” basis, the lack of liquidity in the I&E FX Window continues to adversely impact the ability of international institutional to replicate benchmark changes,” the document said.

However, Nigeria will be retained in the FTSE ASEA Pan Africa Index Series even though the execution of some corporate events has been suspended until further notice.

“FTSE Russell will continue monitoring Nigeria and once the foreign currency delays are cleared for a period of time, Nigeria will be assessed as a new market in accordance with the FTSE Equity Country Classification Process,” the statement added.

Nigeria is required to spend a period of time on the watch list before it is re-admitted as an eligible market for the FTSE Russell equity indices.

Nigeria was added to the Frontier Watch List from September 2022 for possible reclassification from frontier to unclassified market status after reports from index users and market participants from 2020 onwards showed heaps of unmet dollar demand from investors wanting to repatriate capital from Nigeria.

The overhang is currently estimated at around $10 billion.

PT

Central Bank of Nigeria issued a directive instructing commercial banks on Monday to refrain from utilizing their foreign exchange revaluation gains for dividends and operational expenditures.

The new directive was conveyed in a letter dated September 11, 2023, signed by the Director, Banking Division Department, Haruna Mustafa, and it is expected to be implemented immediately.

FX revaluation gains refer to the increase in the value of a bank’s assets and liabilities denominated in foreign currency when there is a change in the exchange rate between the foreign currency and the local currency.

CBN said it had assessed the consequences of the recent FX rate regime change on the banking system and identified its potential to substantially impact the Naira values of banks’ foreign currency (FCY) assets and liabilities.

The FX reforms negatively affected some businesses in the first quarter of 2023, but Nigerian banks were largely profitable.

According to the lender, FX revaluation gains must serve as a counter-cyclical buffer to safeguard against potential adverse FX rate fluctuations.

The CBN emphasized that banks should utilize these revaluation gains to reinforce their capital reserves, thus enhancing the banking sector’s capacity to endure volatility and economic shocks.

The letter reads in part, “The Bank thus approved the following prudential guidance and directives for immediate implementation by banks:

“Treatment of FX Revaluation Gains: Banks are required to exercise utmost prudence and set aside the FCY revaluation gains as a counter-cyclical buffer to cushion any future adverse movements in the FX rate. In this regard, banks shall not utilize such FX revaluation gains to pay dividends or meet operating expenses.

“Single Obligor Limit (SOL): Banks that inadvertently breach the Single Obligor Limit (SOL) due to the FX policy will be granted forbearance upon application to the CBN. The forbearance shall apply only to existing facilities as of the effective date of this policy.

Such banks shall be exempted from the regulatory deductions on the excess above the SOL limit in their CAR computation.

“Net Open Position (NOP) Limit: Banks that exceed the NOP prudential limits due to the FX revaluation shall be granted forbearance for the breach upon application.

“Existing prudential regulations on capital adequacy, dividend payments, and FCY borrowing limits shall continue to apply. shall be exempted from the regulatory deductions on the excess above the SOL limit in their CAR computation.

“Net Open Position (NOP) Limit: Banks that exceed the NOP prudential limits due to the FX revaluation shall be granted forbearance for the breach upon application.

“Existing prudential regulations on capital adequacy, dividend payments, and FCY borrowing limits shall continue to apply.”

Punch