Recent data from the Central Bank of Nigeria (CBN) has unveiled a striking milestone in the nation’s financial landscape. As of June 2024, the currency in circulation (CIC) reached an unprecedented N4.05 trillion, marking a dramatic 56 per cent increase from N2.6 trillion in the same month the previous year. This figure represents the highest level of CIC ever recorded in Nigeria.

The CIC encompasses both the currency held outside the banking system and the vault cash maintained by banks. Notably, this surge represents a 2 per cent month-on-month growth from May 2024, when the CIC was N3.65 trillion.

The data reveals a staggering 94 per cent of the CIC—amounting to N3.79 trillion—is now held outside the banking sector. This marks more than a fourfold increase in the amount of cash held outside banks over the past year. This dramatic rise highlights a significant trend towards cash hoarding, driven by a combination of factors including public skepticism about the banking sector, inflationary pressures, and a widespread preference for cash transactions.

While an increase in CIC may signal robust economic activity and consumer spending, it also carries notable risks. A surge in cash supply can intensify inflationary pressures. Nigeria’s inflation rate, which reached 34.19 per cent in June 2024, up from 22.79 per cent in the same month the previous year, reflects these growing concerns.

The high rate of cash hoarding is attributed to multiple factors. Public mistrust in the banking system, fears about rising inflation, and a preference for physical cash in daily transactions have all contributed to this trend. The inflation rate has risen sharply, with June 2024’s rate being 11.40 percentage points higher than in June 2023.

On a month-to-month basis, the headline inflation rate climbed to 2.31 per cent in June 2024, a slight increase from May 2024’s rate of 2.14 per cent. If the growth in money supply continues unchecked, it could lead to further inflationary pressures.

Analysts at Coronation Research cautioned that if this increase in money supply is not counterbalanced by a corresponding rise in production, it could erode purchasing power and exacerbate the cost of living, particularly impacting lower-income households. The current economic conditions underscore the need for careful monetary management to mitigate the adverse effects of rising inflation and ensure economic stability.

Meanwhile, the Central Bank of Nigeria (CBN), yesterday, stated that it will collaborate with the Securities and Exchange Commission (SEC) to implement measures that protect foreign investors from devaluation losses.

This initiative, it said, is part of a broader effort to encourage foreign direct investments (FDIs) and bolster confidence in the Nigerian financial system. Its Governor, Olayemi Cardoso, stated this at the Afrinvest 2024 Nigerian Banking Sector Report Launch themed; Bank Recapitalisation: Catalyst for a $1 trillion Economy? which held in Abuja on Wednesday.

Whilst commending Afrinvest for creating a platform where experts and stakeholders can discuss the financial landscape in Nigeria, Cardoso who was represented by the Acting Director, Financial Policy and Regulation Department, John Onoja, noted that although several banks are currently raising funds through the capital market, the apex bank is providing guidance and reviewing their capital plans.

He explained that the CBN remains conscious of imported capital from foreign investors and assured them that they will not face devaluation losses on their investments, with plans in place to work with the SEC to implement these protections.

“They will be able to go back home with their currency and value at which they brought it into the country. We have taken note of that and we are working with the SEC to ensure that that is done”, Cardoso stated.

The CBN Governor also revealed that it is collaborating with other financial institutions, including the Nigeria Deposit Insurance Corporation (NDIC), SEC, Nigerian Exchange Limited (NGX), fiscal authorities, and the National Assembly, to ensure proper oversight while adding that only qualified individuals participate in the ongoing recapitalization exercise.

He said, “We will vigorously enforce our fit and proper person criteria for new shareholders, board members, senior management to ensure that there are no illicit funds that will flow into the system”.

Whilst stating that the apex bank is committed to supporting investments in Nigeria, with an emphasis on creating an inclusive economic growth environment, Cardoso said, “Between 2010 and 2015, records have shown that investments in bank shares yielded an average of 17 per cent per annum and so the recapitalization exercise of the banking sector is a pivotal strategy aimed at strengthening the resilience of the Nigerian banks and promoting sound financial system in Nigeria and support the government’s goal of achieving the $1 trillion economy by 2030.

So, we are glad that the recapitalization drive has already attracted foreign direct investments (FDIs) and improved foreign exchange liquidity as well as boosted sectors in the economy already”.

He further clarified that the recapitalization exercise for Nigerian banks, announced last year, was not unexpected as the banks were given advance notice.

According to him, the recapitalization exercise is designed to strengthen the banking sector’s capacity to absorb economic shocks and enhance their lending abilities.

Sun

Mohammed Deif: Hamas military leader and Oct 7 mastermind  was killed in Gaza airstrike, Israel says

The head of Hamas' military wing, Mohammed Deif, was killed in an Israeli airstrike in Gaza last month, the Israeli military said on Thursday, a day after the group's political leader was assassinated in Tehran.

Deif is believed to have been one of the masterminds of Hamas' Oct. 7 attack on southern Israel that triggered war in the Palestinian enclave.

"The IDF (Israel Defence Forces) announces that on July 13th, 2024, IDF fighter jets struck in the area of Khan Yunis, and following an intelligence assessment, it can be confirmed that Mohammed Deif was eliminated in the strike," the military said.

Hamas neither confirmed nor denied the killing of Deif, but one official, Ezzat Rashaq, said any word on deaths of its leaders was its responsibility alone.

"Unless either of them (the Hamas political and military leadership) announces it, no news published in the media or by any other parties can be confirmed," Rashaq said.

The Israeli announcement came as crowds gathered in the Iranian capital for the funeral procession of Hamas' political leader, Ismail Haniyeh.

Iran and Hamas have blamed Haniyeh's killing on Israel, which has neither denied nor confirmed a role in the assassination. Israel did however confirm it killed a senior commander of the Lebanese Hezbollah movement in Beirut on Tuesday.

Hezbollah and Hamas are backed by Iran. The latest killings have raised concern of a further escalation in hostilities in the Middle East, with threats of revenge against Israel, which has said it does not seek regional war but that it would respond forcefully to any attack.

"Israel is in a state of very high readiness for any scenario – on both defence and offence," Prime Minister Benjamin Netanyau said following a meeting with the Home Command. "We will exact a very high price for any act of aggression against us from any quarter whatsoever."

STRING OF DEATHS

On Thursday, Hamas official Sami Abu Zuhri said Haniyeh's death would not weaken the group's fighters in Gaza.

"Despite the crime, Hamas remains strong and the confrontation in Gaza is continuing," he said.

But his death was the latest in a series that has targeted the group's leaders. Haniyeh's deputy, Saleh al-Arouri, was killed in a drone strike in Beirut in January. In March, Israel said it had killed Marwan Issa, Deif's deputy.

The United States confirmed Issa's death in an Israeli operation. Hamas has neither confirmed nor denied his death.

Israeli Defence Minister Yoav Gallant said Deif's death was a milestone in Israel's goal of destroying Hamas' military wing, known as Al-Qassam Brigades.

"Hamas is disintegrating," Gallant said on X. "Hamas terrorists may either surrender or they will be eliminated."

One of Hamas' most dominant figures, Deif rose through the group's ranks over 30 years, developing its network of tunnels and its bomb-making expertise.

He has topped Israel's most wanted list for decades, held personally responsible for the deaths of dozens of Israelis in suicide bombings. Scores of Palestinians were killed in the airstrike that killed him, medics in Gaza say.

The other mastermind of the Oct. 7 attack, Yahaya Sinwar, is still believed to be directing military operations, possibly from bunkers beneath Gaza, while playing a leading role in indirect negotiations with Israel for a prisoner swap deal.

But now on the 300th day of warfare in Gaza, hopes for a hostage deal and ceasefire have dimmed.

The war erupted when militants led by Hamas stormed southern Israel on Oct. 7, killing 1,200 people, most of them civilians, and taking around 250 hostages back to Gaza, according to Israeli tallies.

The Gaza health ministry says more than 39,400 Palestinians, most of them civilians, have been killed in the subsequent Israeli offensive. The ministry does not distinguish between militants and civilians in its fatality reports.

Israel has lost 329 soldiers in Gaza and says around a third of the Palestinian dead are fighters.

On Thursday, as the Israeli military continued its operations in Gaza, forces hit a school in the area of Shejaia in Gaza City, killing at least 15 people and wounding 29, according to Palestinian emergency services.

The military said it had targeted fighters operating in a compound within the school that it said was used as a hideout for Hamas commanders and fighters. Hamas has denied Israeli accusations it operates from civilian facilities such as schools and hospitals.

Elsewhere in the enclave, strikes against a car and a house in central Gaza killed at least 13 people, while tanks pushed into the Al-Maghazi area, where one of the strikes took place.

Earlier, Israeli authorities released 15 Palestinians whom it had detained in the past months in Gaza. The men arrived for treatment at a Gaza hospital, complaining of abuse during their detention. Israel denies torture and is investigating suspected abuse of detainees.

Reuters

WESTERN PERSPECTIVE

F-16 jets no silver bullet for Ukraine in war with Russia

Ukraine has received a first batch of U.S.-built F-16 fighter jets to help it fight Russian invasion forces, Lithuania's foreign minister and a U.S. official have said.

The long-awaited arrival is a milestone for Ukraine, which has not publicly commented on it for now. The lengthy process to procure the U.S.-designed aircraft and train Ukrainian pilots to fly them has frustrated Kyiv.

Russia has had time to prepare defences to try to nullify the F-16s' impact, and Ukraine has had to survive with a depleted air force that is a fraction of the size and sophistication of its enemy's.

Here are some facts about how the F-16s may help Ukraine and what obstacles still lie in the way of effective deployment.

SMALL NUMBERS

The number of delivered F-16s appears to be small for now. The Times of London cited a source familiar with the matter who put the figure at just six aircraft.

That number is expected to grow, but it is far short of what military analysts say Ukraine needs more than 29 months since Russia launched its full-scale invasion.

Serhii Kuzan, chairman of the Ukrainian Security and Cooperation Center, a non-governmental research group, said at least 60 planes would be needed for significant operations as Ukraine attempts to push Russian aviation back from its borders.

Lawmaker Oleksandra Ustinova, who heads Kyiv's parliamentary commission on arms and munitions, said that Ukraine would need nearer to 120 F-16s to boost its air capability significantly.

While the pilots gain experience in Ukrainian skies and the military builds out its air infrastructure, the initial deliveries could at least help Ukraine strengthen its air shield, some experts say.

"It will provide some air defence and depth capacity, potentially also help intercepting Shaheds (Iranian-built drones) and cruise missiles, although it is a very expensive way of doing that, munitions-wise," said Justin Bronk, senior research fellow for air power and technology at the Royal United Services Institute (RUSI).

Valeriy Romanenko, an aviation expert, said the jets would likely help Ukraine better launch air-to-surface missiles, which it already possesses. Much, he said, would also hinge on what new missiles Ukraine is given with the warplanes.

"If we receive the 95-km range (missiles), F-16s will only engage in air defence tasks and chase Russian attack aircraft or helicopters in the south," he said.

Receiving missiles with 180-km range would allow them to attack Russian warplanes armed with guided bombs and help significantly reduce Russia's offensive opportunities.

Ukraine's military has worked hard to reduce the threat to the arriving F-16s in recent months by attacking Russian air defences, according to Kuzan.

"The formation of the battlefield, especially in the south, is already taking place. Ukraine has the capabilities to systematically strike Russia's foremost air defence complexes."

PILOTS AND MAINTENANCE

Training will be crucial.

"You can have lots of fast jets but if they don't have effective weapons, and air crew able to employ them with effective tactics, then they will just be shot down in large numbers," said Bronk.

The timeline for the training of Ukrainian pilots on F-16s has dominated discussions about deliveries and pledges of more than 70 jets.

By the end of 2024, Ukraine expects to have at least 20 pilots ready to fly F-16s, Ustinova said.

"It is difficult to solicit more planes when you don't have people to pilot them," she said, adding that, at first, Ukraine will have more F-16s than qualified pilots.

"Waiting in line for 10 years before our pilots are trained is not OK."

The Ukrainian Air Force spokesperson declined to comment.

U.S. officials have directed questions on training to Ukraine and noted that pilots can also be trained in Europe. However, Bronk said NATO's capacity was already stretched.

He added that aircraft maintenance is an even more pressing challenge than pilot training.

He said most repairs and maintenance would need to happen inside Ukraine, and that Kyiv would probably have to rely on foreign contractors who know the aircraft.

AIR BASES UNDER THREAT

Russia has intensified its attacks on infrastructure that could be used for the maintenance and deployment of F-16s, according to some experts.

"Russia is striking all airfields, potential F-16 bases, every day, including attempts to damage airstrips and infrastructure. These strikes have not paused for the last two months, at least," Kuzan said.

The targets will become all the more valuable when the aircraft, pilots and maintenance teams arrive. This is likely to force Ukraine to install missile defences to protect them, even though it is short of both air defence systems and ammunition.

"We have to accept the fact that the airfields will be well-protected when civilian objects could be under attack," Kuzan said, adding that each base would need at least two Patriot and two NASAMS batteries to secure it.

"As soon as we (build up our flight capabilities), we will push their planes back and the terror will stop. But these couple of months will be truly difficult."

RUSSIAN PERSPECTIVE

Zelensky says most of world wants him to talk to Russia

The majority of the world believes that diplomatic settlement of the Ukraine conflict is only possible with Russia’s participation in negotiations, and wants to see Moscow take part in a planned second international peace summit scheduled for November, Ukrainian leader Vladimir Zelensky has told French media.  

Russia was not invited to the first peace summit, hosted by Switzerland in June; according to Zelensky, it was deliberately excluded from the gathering. Now Moscow should take a seat at the table, the Ukrainian leader said in an interview published on Wednesday.  

“The majority of the world today says that Russia must be represented at the second summit, otherwise we will not achieve meaningful results,” he said, adding “since the whole world wants them to be at the table, we cannot be against it.” The first conference was snubbed by several countries, including China, which demanded talks that would allow both sides of the conflict to participate.  

Moscow has repeatedly said it is open to negotiations with Kiev, but there are issues that must first be addressed for any meaningful conversation to begin, including Zelensky’s legitimacy as head of state. His term ended in May and elections were not held due to martial law. According to Zelensky, by November Kiev intends to prepare a plan based on the results of the first summit that will include “territorial integrity, sovereignty and so on.”  

Asked whether Ukraine’s return to the borders of 1991 would be a mandatory precondition for peace talks with Russia, Zelensky replied that it is desirable but not obligatory.  

Last month, the Ukrainian leader signaled that he wanted to end the conflict “as soon as possible,” and was now ready to talk with Russia regardless of who is in charge of the country.

In 2022, Zelensky barred his country from any talks with the current leadership in Moscow after four former Ukrainian regions voted overwhelmingly to join Russia in referendums which were summarily dismissed by Kiev and its Western backers.  

The first summit mainly focused on Kiev’s ‘peace formula’, demanding that Russia withdraw its troops from all territory claimed by Ukraine. Moscow has dismissed the plan, calling it “detached from reality.”

Last week, Russian Foreign Ministry spokeswoman Maria Zakharova said that signals sent by Kiev about Ukraine’s willingness to resume peace talks with Moscow are not credible.     

Russian President Vladimir Putin voiced his own peace proposal in June, saying he was ready to start talks once Kiev commits to neutral status and cedes its claims to all six former Ukrainian regions that chose to join Russia in 2014 and 2022. His overture was rejected by Zelensky as an “ultimatum.”

Reuters/RT

We met last on April 21. I went to Asaba from Lagos to promote my new book, Writing for Media and MonetisingIt, at Delta State University, which, according to JAMB statistics, is one of the country's highest subscribers to Mass Communications in 2021.

Ifeanyi Ubah was on the flight to Asaba that morning. I didn’t see him until we entered the arrival hall. He seemed to have added some weight for a man his height. I teased him about his robustly prosperous looks. He replied that journalists like me tend not to add weight because we’re too busy causing trouble, to which I replied that he should not go there.

We laughed and parted ways outside the terminal building. And then, on July 26, news broke that he had died only days after arriving in London. A few days earlier, he shared a video of himself looking slimmer than when I saw him in Asaba in April. He videoed himself singing on a London street with his family, and everyone looked happy.

Gone too soon

He was 52 and only reelected to the Senate last year under the Young Progressives Party (YPP) platform before he defected to the ruling All Progressives Congress (APC). Ubah was the fourth member of the current National Assembly to die this year, bringing to 29 Federal lawmakers who have died in office from 2015 to date.

The others who died this year were Isa Dongoyaro, APC member of the House of Representatives representing Garki/Babura Federal Constituency, Jigawa State, who died on May 10; Ekene Adams of the Labour Party, representing Chikun/Kajuru, Kaduna State, who died on July 16; and APC member Musiliudeen Akinremi, representing Ibadan North Federal Constituency, Oyo State, who died on July 10.

It's not just the number of deaths that is striking. None of all four legislators who died in office this year was up to 55. The outlier was the Federal legislator Abdulkadir Jelani Danbuga, an APC member from Isa/Sabon Birni, Sokoto State, who passed away in October at 64. He died three months after he was sworn in, bringing the total dead in one year to five.

At 52, Ubah was the oldest federal lawmaker who died in office this year. Dongoyaro was 47; Adams 39; Akinremi 51.

By life expectancy projection, you could argue that for a country with a life expectancy of 52 years, the average age of the deceased legislators shouldn’t be too unusual. Yet, if a company specialises in life policies for lawmakers, the recent events may force it to review its premium.

Beyond the numbers

There are 469 lawmakers in both chambers of the National Assembly, with the states proportionally represented in the Senate. Representation in the House of Representatives is based on population (favouring the North), among other factors.

However, the constitutionally provided numerical advantage for the North only partially explains the higher proportion of legislators who died in office from the region since 2015.

When I raised the trend of sitting legislators dying at relatively young age, one immediate response was that it’s the prayers of discontented, ordinary citizens at work. Divine recompense, if you like. Why wouldn’t the discontents come out to vote or hold their representatives to account instead?

I have only anecdotal evidence to support my theory, but the trend elsewhere does not support the view that the deaths of our lawmakers in office are the outcome of spiritual warfare. If religion or culture plays any role at all, it reinforces conditions that not only potentially increase the chances of early deaths but also increase the casualties among the affected population.

Different elsewhere?

What do the statistics elsewhere show? According to the Congressional Research Service, 84 U.S. Congress members – 69 Representatives and 15 Senators – died in 39 years between 1973 and 2012. The average life expectancy was 72, similar to that of white males in the larger population.

In 2015, relevant data about members of the British House of Commons between 1945 and 2011 showed that mortality among the 650 members was 28 percent lower compared to the general UK population. The figure in South Africa showed that in its Fourth Parliament 2009-2014, out of 103 members of parliament replaced, 18 passed away, four of them in car accidents.

The common causes of death in these countries range from coronary artery disease to cancer, especially in the U.S. and the UK, to complications from HIV/AIDS in South Africa to diabetes, kidney-related diseases and accidents.

Because of the availability of data in these countries, it is possible to determine the cause of death and take steps to enhance safety, well-being, and longevity. It’s different in Nigeria, where disclosing the cause of death is treated as taboo.

Cost of taboo

The norm, not just in the legislature but in the broader population, is not to discuss it – an attitude more prevalent in the predominantly Muslim North, where deaths are accepted as “the will of God”, and any discussion of a post-mortem is out of the question.

Such cultural attitudes, reinforced by religion, tend to encourage poor record keeping and further nudge the population to ignore pre-existing health conditions in the fatalistic belief that “something must kill a man” when early detection or greater care could have prevented fatality. A cultural taboo that is useless to the dead and increasingly expensive for the living needs to be reviewed.

It's bad enough that sometimes bereaved families have to bear the avoidable losses of loved ones. In the case of legislators, the death of sitting members also has consequences for the constituents and the electoral management body. The constituents are deprived of representation, and the electoral management body has to conduct by-elections.

In the last election cycle in 2023 alone, N335 billion was budgeted for elections. Still, that sum, later supplemented with N18 billion due to inflation, was not entirely for the general election but also for by-elections that have become a norm.

Court-determined results, political appointments, and, increasingly, deaths have increased legislative turnover and turned the Independent National Electoral Commission (INEC) into one of the world’s most overworked and undervalued election management bodies. It’s a thankless job.

New approach

We can’t continue this way. Small changes could start with journalists understanding that it is vital to get and include the cause of death in their reports instead of allowing prevailing taboos to take them hostage. Of all five deaths, including Ubah’s, there was not a single case in which the press reported the possible cause of death.

The data of consequential deaths for Nigerian lawmakers cited earlier do not include deaths of sitting members in state houses of assembly, seven of which occurred in the last nine years, bringing the total recorded in that time to 36.

Knowing the cause might not raise the dead; it might help the living take greater care.

The process for replacing dead legislators also needs to be reviewed. We have a system that makes everything expensive and unnecessarily complicated. The Constitution stipulates a by-election on top of other by-elections to fill vacancies for political appointees and court-ordered reruns. Three senatorial by-elections in any state are equivalent to the cost of a governorship election.

Beyond the tears

One way to reduce such unnecessary costs is to use the example of Germany, New Zealand or South Africa, where the next candidate on the party’s list takes the deceased's place. Or to allow the party to nominate the replacement for the deceased since a candidate holds the seat at the party's pleasure.

Beyond the tears of this mourning period, we should find a sustainable way to fill parliamentary vacancies. That’s one way to honour the memory of Ubah and the other dead members of the National Assembly.

** Ishiekwene is the Editor-In-Chief of LEADERSHIP and the author of the new book Writing for Media and Monetising It

Just because a piece of advice is common doesn't mean it applies to every entrepreneur.

Follow your passion. Always be hustling. Don't be afraid to take risks. Every new and aspiring entrepreneur has likely heard common pieces of business advice like this repeated over and over again.

The problem is that these types of tips are rarely universal; each business is unique and needs to find its own path to success, regardless of what has worked for other entrepreneurs.

Below, eight entrepreneurs shared some common business principles that they believe are overrated. Here's why they think you shouldn't necessarily follow these tips, and what they would advise doing instead.

Believe that the customer is always right.

Customer service is crucial to the success of any business, says Mark Stallings, co-founder of Casely, Inc. But contrary to the popular saying, the customer is not always right.

"When a customer is being unreasonable, it's crucial for employees to feel supported, empowered and heard," Stallings says. "Forcing them to appease irrational customers is bad for morale and ultimately bad for business."

Raise investor capital to get started.

While investor capital can be an important catalyst for startup growth, it's not an essential piece of the puzzle for every single startup.

"To start most businesses, you don't need funds or investors," says Piyush Jain, CEO of Simpalm. "I have lots of clients who want to start a business and they waste a lot of time finding investors because they read about it online. You just need guts to launch a business."

Create a business plan.

Most entrepreneurs are told they need to create a business plan before they can get off the ground. Having an outline is important, says Rachel Lipson, founder and CEO of Blue Balloon Songwriting for Small People, but unless you're seeking out investors, having a robust business plan may be unnecessary.

"An extensive document can be an opportunity to organize your new business, but putting that energy and time into creating a website can serve the same purpose -- and then you're much further on your way," Lipson says.

Hire fast, fire faster.

While this may be a common recruiting strategy for certain companies, the rapid turnover could actually put a strain on your team, says Firas Kittaneh, co-founder and CEO of Amerisleep Mattress.

"Having to train new people constantly is a distraction compared to hiring folks who are more likely to grow, stay and thrive with your business," explains Kittaneh. "Instead, I recommend hiring slowly and strategically, with a focus toward nurturing long-term talent."

Never turn down an opportunity.

Wearing all the hats in your startup often creates pressure to "do everything" and "be something" for everyone, says Blair Thomas, co-founder of eMerchantBroker. Unfortunately, taking every opportunity that comes your way often leads to a founder spreading their resources too thin.

"The most successful business leaders are more than comfortable saying 'no' to things that don't align with their overall vision," Thomas says.

Ensure your business is completely unique.

It's important for any new business owner to know what differentiates their company and helps them stand out in the marketplace. However, that doesn't mean it has to be 100 percent unique and never done before.

"Every idea has been explored already and none will be completely brand new or unique," says Stephanie Wells, co-founder and CTO of Formidable Forms. "However, if you can show why your product is essential and how it solves a problem for your audience, it'll be sure to speak to your audience."

Always stay ahead of your competition.

Many businesses focus on their competitors and how they can "get ahead" of them. Instead, it's better to obsess over your customers, explains Cody Candee, CEO of Bounce.

"Focus on your customers and play your own game," Candee says. "It's common to get caught up in what your competitors do and how you should respond to it. But the best business stories I've heard, from Amazon to Hinge, involve companies doing things differently and being customer-centric."

Only do what you're passionate about.

According to Tyler Bray, CEO of TK Trailer Parts, telling people to only do what they are passionate about isn't always great advice.

"Don't expect your passion for watching Netflix, for example, to translate into a dream business," Bray says. "I prefer to tell people to bring their passion to everything they do. You'll be surprised at how passionate you can become about an idea that is truly starting to work."

Inc

There was chaos at the house of representatives on Wednesday over a bill seeking to raise the ways and means advances from 5 percent to 10 percent of the previous year’s revenue of the federal government.

Ways and means is a loan facility through which the Central Bank of Nigeria (CBN) finances the federal government’s budget shortfalls.

The CBN law stipulates advances by the apex bank must not exceed 5 percent of the previous year’s revenue of the federal government — but this has been observed in breach over the years.

During the plenary, opposition parties staged a walk out after Kingsley Chinda’s recommendation of two percent was rejected.

The minority leader proposed the amendment during the consideration of the report on the bill at the committee of the whole, saying this will enhance transparency in federal government spending.

The report proposed raising the ways and means advances from the existing 5 percent to 15 percent.

James Faleke, chairman of the committee on finance, opposed Chinda’s amendment, urging the house not to go below the 5 percent in the act.

Ibrahim Isiaka, a lawmaker from Ogun state, supported Faleke’s position, proposing the borrowing limit should be raised from 5 percent to 10 percent of the previous year’s revenue.

Idris Wase, a former deputy speaker, moved a motion for an amendment that 10 percent should be maintained.

DEPUTY SPEAKER RULED IN FAVOUR OF THOSE SUPPORTING 15%

When Benjamin Kalu, the deputy speaker and presiding officer, called for a voice vote on Wase’s amendment motion, the “nays” were louder than the “ayes,” but he ruled in favour of the “ayes.”

This provoked the lawmakers, who loudly expressed their dissent with a repeated “no”.

At this point, the opposition lawmaker led by Chinda, walked out of plenary.

Subsequently, the report was adopted and passed for third reading.

Debates on ways and means began on December 28, 2022, when former President Muhammadu Buhari requested the national assembly securitied N22.7 trillion ways and means advances from the CBN.

In January 2023, Buhari told the senate it would cost the federal government about N1.8 trillion in interest if the national assembly failed to approve the N22.7 trillion in extra-budgetary spending.

On May 23, 2023, the senate approved Buhari’s request.

In December last year, Godwin Emefiele, the former governor of CBN, was linked to a “fraud” case involving the apex bank’s loan.

A report by a panel investigating CBN and related entities — led by Jim Obazee, a special investigator — had said Emefiele and Zainab Ahmed, former finance minister, had jointly signed a statement advising Buhari to restructure the ways and means of N23.71 trillion despite presenting “a different figure to the National Assembly on the same date”.

The Cable

The Senate President, Godswill Akpabio, has mocked Nigerians who plan to take part in the nationwide protest against economic hardship, saying he and other members of the National Assembly would be “eating” while they (Nigerians) protest.

Akpabio stated this on Tuesday at the Niger Delta Ethnic Nationalities, Youths and Women Group Sensitisation Conference in Port Harcourt, Rivers State.

The event, organised by the Niger Delta Development Commission (NDDC), was broadcast live on Arise TV.

A video clip of Akpabio making the remark has also gone viral on social media.

Akpabio’s remark

During the event, the Managing Director of the NDDC, Samuel Ogbuku, said the Niger Delta region was not interested in a change of government in Nigeria.

Speaking shortly after, Akpabio said Nigerians should exercise patience over the current economic hardship in Nigeria which he said would end soon.

“All of us feel the impact of what is happening now. But we are aware it will be for a short while,” he said, apparently referring to the current economic hardship in the country.

The senate president then corroborated Ogbuku’s comments that the people of the Niger Delta were not interested in a change of government in Nigeria.

“Managing Director, I want to thank you for what you said. You said we are not interested in regime change; let us own this government.

“Those who want to protest can protest, but let us be here eating,” Akpabio remarked.

Akpabio, a former governor of Akwa Ibom State, is known for often making controversial remarks over serious national issues.

The Senate president lamented the impact of oil spillage in the Niger Delta region.

“We acknowledge the fact that the impact of oil and gas activities in our region has done immeasurable damage to our people,” he said.

Akpabio assured that the National Assembly was ready to help with necessary legislation to fight oil spillage and environmental pollution in the region.

“The specific issues faced by the Niger Delta must be contained in that communique because we are going to make it available to Mr President,” he said.

“The ones that need legislation will come to us (National Assembly members), the ones that need intervention will go to NDDC, the ones that need more money will go to the president and commander-in-chief and I assure you that those issues will be addressed.”

PT

In a shocking display of callousness and disconnect from the plight of ordinary Nigerians, Senate President Godswill Akpabio has mocked citizens planning to protest against economic hardship, stating that he and his colleagues would be "eating" while the people demonstrate. This Marie Antoinette-esque remark comes at a time when millions of Nigerians are struggling to put food on their tables, highlighting the vast chasm between the ruling class and those they purport to serve.

Akpabio's flippant comment, made during a conference in Port Harcourt, reveals a disturbing lack of empathy and understanding of the dire situation facing many Nigerians. As citizens prepare to voice their frustrations over rising costs of living, fuel shortages, and widespread economic distress, their elected representatives seem content to feast while Rome burns.

This attitude is not isolated. Vice President Kashim Shettima's labeling of protest organizers as "idiots" further underscores the administration's contempt for democratic dissent. Such language from high-ranking officials is not only unbecoming but dangerous, as it delegitimizes the genuine concerns of the populace and frames peaceful protest as a nuisance rather than a constitutional right.

The Tinubu administration, barely months into its tenure, has already managed to outpace its predecessor in inflicting hardship on Nigerians. From the abrupt removal of fuel subsidies without adequate safeguards to the free fall of the naira, the government's policies have exacerbated the suffering of ordinary citizens. Yet, instead of addressing these concerns with the seriousness they deserve, government leaders resort to mockery and dismissal.

This blatant disregard for the welfare of Nigerians is a recipe for disaster. History has shown that when leaders become too detached from the realities of those they govern, the consequences can be severe and unpredictable. The Arab Spring and other popular uprisings serve as stark reminders of what can happen when the social contract between rulers and the ruled is broken beyond repair.

It is high time for Akpabio, Shettima, and indeed the entire administration to step down from their ivory towers and confront the harsh realities facing the nation. Their words and actions betray not just a lack of compassion, but a dangerous arrogance that threatens the very fabric of the country.

To the protesters: your voices matter, your concerns are valid, and your right to peaceful assembly is sacrosanct. Do not be deterred by the callous remarks of those who have forgotten their mandate to serve.

To the government: take heed. The people's patience is not infinite. Your mockery today may well be the spark that ignites the fire tomorrow. It's time to listen, to empathize, and to act in the interests of all Nigerians – not just your own appetites.

The choice is clear: address the legitimate grievances of the people or continue to fiddle while Nigeria burns. The clock is ticking, and history will judge harshly those who chose to eat delicacies while their people starved for justice.​​​​​​​​​​​​​​​​

Hamas political leader Haniyeh’s assassination deepens fears of an all-out war in the Middle East

Hamas political leader Ismail Haniyeh has been killed in the Iranian capital Tehran, according to Iran’s Revolutionary Guards Corps and Hamas on Wednesday, a major escalation that deepens fears of an all-out war in the Middle East.

Haniyeh is the second leader of an Iran-backed militant group reported to have been assassinated in recent days. His death represents a significant blow to Hamas, eliminating its most public figure who headed up the group’s political operations while living overseas.

In a statement, Hamas accused Israel of targeting Haniyeh and his bodyguard in a “strike” on where he was staying in Tehran, following his participation in Tuesday’s inauguration of the new Iranian president.

Israel’s military said it does not respond to reports in foreign media, though senior officials have previously vowed to eliminate Hamas and its leadership in response to the group’s October 7 attack on Israel. It later said it was “conducting a situational assessment.”

In contrast, Israel did confirm it carried out a strike in Beirut, Lebanon, on Tuesday that killed Hezbollah’s most senior military commander, who it blamed for a deadly attack in the Israeli-occupied Golan Heights. The assassination of Fu’ad Shukr was the most serious Israeli escalation since confrontations between Hezbollah and Israel began on October 8.

It is not clear precisely when Haniyeh, a key interlocutor with Egyptian and Qatari mediators on the ongoing hostage and ceasefire talks in Gaza, was killed. The new Iranian president Masoud Pezeshkian was sworn in on Tuesday and Hamas released pictures the same day of Haniyeh meeting Iranian officials in Tehran.

State run media IRNA said the strike happened at around 2 a.m. local time involving an “airborne guided projectile.” State-affiliated Fars said he was staying in one of the special residences for veterans in north Tehran.

The killing comes at an especially fraught time for the Middle East, with escalating confrontations between Israel and Hezbollah threatening to expand into a wider regional warand as Hamas continues to battle Israel’s military in Gaza amid an unfolding and catastrophic humanitarian crisis.

Musa Abu Marzouk, a member of Hamas’ Political Bureau, said Haniyeh’s death would “not pass in vain,” while senior Hamas official Sami Abu Zuhri called it a “grave escalation.”

Impact on hostage talks?

The White House said it has seen the reports of Haniyeh’s death but declined to immediately comment further, according to a spokesperson. While traveling in the Philippines, US Secretary of Defense Lloyd Austin said he does not think war in the Middle East is inevitable, but if Israel were to be attacked the US would help defend it.

Haniyeh would be the second Hamas senior leader to be killed since the beginning of Israel’s war in Gaza. In January, the group said its deputy head of the political bureau Saleh Al Arouri was killed in an Israeli airstrike in the Lebanese capital Beirut. Arouri was considered one of the founding members of the Hamas’s military wing, the Izz ad-Din al-Qassam Brigades.

However, the group has been able to weather the death of other key leaders before, including slaying of its co-founders Sheikh Ahmed Yassin and Abdel Aziz Rantisi who were killed weeks apart in 2004.

CNN Political and Foreign Policy Analyst Barak Ravid said the Israeli government sees Haniyeh as one of those responsible for Hamas’ October 7 attacks and while he is not militarily significant, his death “will have significant influence” on the ongoing hostage and ceasefire negotiations.

“This assassination is, in a way, just a matter of when, not a matter of if,” Ravid said.

The Islamic Revolutionary Guard Corps, an elite wing of the Iranian military, said Haniyeh’s death was under investigation and results will be announced later Wednesday, according to Iranian state media.

Palestinian President Mahmoud Abbas condemned Haniyeh’s killing calling it “a cowardly act and a dangerous development,” according to the WAFA news agency on Wednesday.

“His Excellency called on the masses and forces of our people to unite, be patient and steadfast in the face of the Israeli occupation,” WAFA reported.

Deaths of two Iran-backed leaders

The reported deaths of Haniyeh in Tehran and Hezbollah’s Shukr in Beirut - two leaders of different Iran-backed militant groups - in just a few days are significant in both their timing and location.

Brigadier General (Res.) Assaf Orion, senior researcher at the Institute for National Security Studies said the two reported deaths “increase the likelihood of an axis response, adding Iran and other proxy attacks to the menu.”

Iran has spent years investing in regional proxy groups, informally known as the “Axis of Resistance” — an anti-Israel and anti-Western alliance — supplying them with money, weapons, and training as Tehran has sought to broaden its influence across the Middle East.

Israel’s war against Hamas in Gaza has brought that longstanding shadow war with Iran out into the open – and inflamed opinion globally.

Though Israel has not commented on Heniyah’s death, it has vowed to eliminate Hamas leadership and has a history of carrying out assassinations in Iran as well as against Iranian targets.

In April, Iran accused Israel of bombing its embassy complex in Syria killing at least seven officials including Mohammed Reza Zahedi, a top commander in Iran’s elite Revolutionary Guards (IRGC), and senior commander Mohammad Hadi Haji Rahimi. In response, Iran launched an unprecedented large-scale drone and missile attack at Israel.

Earlier this month, Israel targeted Hamas’ military chief Mohammed Deif in a strike on a designated humanitarian zone in southern Gaza which killed at least 90 Palestinians. An elusive and powerful figure, Deif is understood to be one of the masterminds behind the October 7 attacks though it remains unclear whether he is dead.

Who is Ismail Haniyeh?

Haniyeh, 62, was born in a refugee camp near Gaza City, and joined Hamas in the late 1980s during the First Intifada, or uprising.

As Hamas grew in power, Haniyeh rose through the ranks – being appointed part of a secret “collective leadership” in 2004. By 2017 he had become chief of the group – and was named a “specially designated global terrorist” by the United States soon after.

Over the years, he has participated in peace talks with former US President Jimmy Carter, and met with other world leaders including the Emir of Qatar, Sheikh Hamad bin Khalifa al-Thani, and Chinese diplomat Wang Kejian earlier this year.

In April, Israeli airstrikes killed three of Haniyeh’s sons and four of his grandchildren, according to Hamas.

At the time, Haniyeh – who was based in Qatar – insisted their deaths would not affect ongoing ceasefire and hostage talks.

“Whoever thinks that by targeting my kids during the negotiation talks and before a deal is agreed upon that it will force Hamas to back down on its demands, is delusional,” he said.

CNN

WESTERN PERSPECTIVE

Russia vs Ukraine: the biggest war of the fake news era

- In early April, some residents of Kharkiv received a series of chilling text messages from government officials telling them to flee the city before Russian forces surrounded it.

"Due to the threat of enemy encirclement, we urge the civilian population of Kharkiv leave the city by April 22," said one alert, which bore the logo of the State Emergencies Service of Ukraine and mapped out safe escape routes on a slick infographic.

It was fake. Volodymyr Tymoshko knew immediately. He's the police chief of Kharkiv region and would have been one of the first to find out about any official evacuation plans.

"Residents started getting these notifications en masse," the 50-year-old told Reuters as he shared a screenshot of the alert, sent as Russian troops were massing at the border 30 km away.

"This is a psychological operation, it triggers panic. What would an average citizen think when they receive such a message?"

Disinformation and propaganda, long mainstays of war, have been digitally supercharged in the battle for Ukraine, the biggest conflict the world has seen since the advent of smartphones and social media.

Tymoshko said he received about 10 similar messages via SMS and Telegram messenger in April and early May, the weeks leading up to Russia's offensive in northeastern Ukraine that began on May 10 and opened up a new front in the war.

A Ukrainian security official, who requested anonymity to discuss sensitive matters, said the Russians frequently sent large numbers of text messages from devices attached to an Orlan-10 long-range reconnaissance drone which can penetrate dozens of kilometres into Ukrainian airspace.

The devices, known as Leer-3 systems, imitate cellular base stations that phones automatically connect to in search of coverage, he added.

The phone barrage was accompanied by a social media blitz as Russian troops advanced on Kharkiv, according Andriy Kovalenko, head of Ukraine's Centre for Countering Disinformation (CCD), a branch of the national security council.

The average number of social media posts classed as disinformation about the war by Ukrainian authorities spiked to over 2,500 a day when the Kharkiv offensive began in May, up from 200 a day in March, data compiled by the CCD shows.

The CCD chief told Reuters that Ukrainian intelligence had assessed that disinformation campaigns were primarily carried out by Russia's FSB security service and military intelligence agency, commonly known as the GRU.

Russia's foreign ministry and the FSB didn't respond to a request for comment on the Ukrainian assertions, while Reuters was unable to contact the GRU.

Moscow has accused Ukraine and the West of unleashing a sophisticated information war against Russia, using the West's major media, public relations and technology assets to sow false and biased narratives about Russia and the war.

The Ukrainian security official acknowledged his country used online campaigns in an attempt to boost anti-war sentiment among Russia's population, although he characterised this effort as "strategic communications" to spread accurate information about the conflict.

BOTS AND MICROTARGETING

Reuters interviewed nine people with knowledge of the information and disinformation war being waged in parallel with battlefield operations, including Ukrainian officials, disinformation trackers and security analysts.

The Ukrainian security official who requested anonymity said that since the full-scale invasion of 2022, intelligence agencies had shut down 86 Russian bot farms located in Ukraine which controlled a collective 3 million social media accounts with an estimated audience reach of 12 million people.

Such facilities are rooms filled with banks of specialised computing equipment that can register hundreds of fake accounts daily on social media networks to pump out false information, the official added, citing one farm that was found by security services in the city of Vinnytsia in central Ukraine last year.

Kovalenko said that at present, the most significant sources of online Russian disinformation were TikTok in Ukraine and Telegram in Europe. Both are widely used in Ukraine.

He said that earlier this year, TikTok had shut down about 30 of the 90 accounts that Ukraine had flagged as Russia-affiliated disinformation spreaders, adding that new accounts often popped up to replace those taken down.

TikTok told Reuters its guidelines prohibited false or misleading content, adding that it had closed down 13 covert influence networks operating from Russia in recent years.

"We prohibit and constantly work to disrupt attempts to engage in covert influence operations by manipulating our platform and/or harmfully misleading our community," a spokesperson said.

Disinformation networks are groups of accounts controlled by the same entity, and often used to push a coordinated narrative.

Telegram said it was developing a tool to add verified information to posts.

"It is Telegram's belief that the best way to combat misinformation is not with censorship but with easy access to verified information," a spokesperson added.

Kharkiv Mayor Ihor Terekhov told Reuters that the Russians were trying to sow panic and distrust, citing an example of social media posts claiming the main road to Kyiv was being resurfaced so that the mayor could flee faster when the Russians came – something he dismissed as a lie.

"They are trying to frighten the population so that people feel uncomfortable and leave the city," he said in an interview in Kharkiv in late May.

By that time, the frontlines of the conflict in the northeast had stabilised about 20 km from the edge of the city after the Russian offensive had initially gained territory to the north before being blunted by Ukrainian reinforcements.

Maria Avdeeva, a Kharkiv-based security analyst who focuses on Russian disinformation, showed Reuters an infographic map, bearing Ukraine's state emblem of a trident, posted on Facebook in early April – around the same time as police chief Tymoshko was sent a different evacuation map in a direct Telegram message.

Unperturbed by a loud explosion from a glide bomb a few kilometres away, she explained how the map and accompanying text included fake road closures and claims that missile strikes were expected in specified areas around the city soon.

Microtargeting - which analyses people's online data to target particular individuals and audiences with specific messages, much like targeted advertising - is complicating the CCD's task of tracking influence campaigns and countering false narratives, Kovalenko said.

"This activity is notably very tactical," said John Hultquist, chief analyst at U.S. cybersecurity firm Mandiant, referring to Russian disinformation campaigns in Ukraine.

"We've seen targeting all the way down to the Ukrainian soldiers in the trenches."

AIRSTRIKE TAKES OUT TV TOWER

Ukrainians are particularly vulnerable to digital disinformation; more than three-quarters of the population get their news from social media, far more than any other source of information, according to a study commissioned by USAid in 2023.

That is considerably higher than in any of the 24 European countries surveyed by a 2024 Reuters Institute for the Study of Journalism report, which averaged a rate of 44%.

In late April, as Moscow's forces massed on the border near Kharkiv, a Russian airstrike took out Kharkiv's main television tower, hindering the city's access to information.

Dramatic footage obtained by Reuters showed the main mast of the television tower breaking off and falling to the ground.

While the Kharkiv offensive led to a significant spike in disinformation activity, there have been similar Russian campaigns over the course of the war, according to the people interviewed.

The head of the CCD highlighted a Russian campaign in October 2023 aimed at driving home the idea that Ukraine was facing a tough winter and defeat in the war.

Osavul, a Ukrainian disinformation tracking company, showed Reuters its data for this campaign, which it called "black winter". It counted 914 messages posted by 549 actors which collectively received nearly 25 million views.

Nonetheless, according to Kovalenko, the sheer scale and frequency of Russian influence operations meant Ukrainians were becoming more suspicious of the information they receive, blunting their impact.

The disinformation push during Russia's initial advance towards Kharkiv at the start of the invasion in 2022 - when they got much closer to the city - contributed to the panic and shock that led to hundreds of thousands of residents fleeing, several officials and experts said.

This time around, only a small number left Kharkiv, even though the amount of disinformation messaging aimed at the city was double the level in March 2022, according to CCD data.

Despite the near-daily missiles and bombs falling on the city - attacks that intensified this May - 1.3 million people remain, according to Kharkiv Mayor Terekhov, roughly the same as before Russia's latest military incursion in the region.

The comparative lack of panic also reflects Ukrainians' increasing familiarity with living under attack.

Reuters spoke to nearly two dozen Kharkiv residents in the second half of May, when the city was being hit by several bombs or missiles a day.

Most said they felt no desire to leave and shrugged off the danger, saying they had become used to it. Several said they had stopped following the news.

"This is a psychological mechanism, we get used to danger," Kharkiv-based psychologist Iryna Markevych said.

In late May, Reuters correspondents dived to the ground for cover when they heard the whistle of a guided bomb piercing the air. Seemingly unfazed, mothers with pushchairs continued to stroll through the park and people bathed at a public fountain.

Yulia Oleshko, 55, a nanny pushing a buggy in a central Kharkiv park, said the best way to get through the nightmare was to simply focus on getting on with everyday life.

"Yesterday I was thinking: walking around Kharkiv is walking around a minefield ... but I try not to dwell on these thoughts of fear, otherwise one might fall into depression," she said.

"We abstract ourselves, otherwise we won't survive."

RUSSIAN PERSPECTIVE

Ukraine lost more than 60,000 troops in July, Russian Defense Ministry data show

Ukraine lost more than 60,000 servicemen in the area of the special military operation in July, data from the Russian Defense Ministry show.

From July 1 to 5, Ukrainian losses were up to 9,875 troops in all theaters of military operations. They were up to 14,070 from July 6 to 12, and up to 13,075 from July 13 to 19. The figure was up to 23,610 in the period from July 20 to 31.

This means Ukraine’s losses totaled up to 60,630 servicemen in July. The enemy’s daily losses average about 2,000 people. Most losses happen in the areas of responsibility of the Russian battlegroups South and West.

Reuters/Tass