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ABUJA, Sept 15 (Reuters) - President Bola Tinubu has nominated the former head of Citibank in Nigeria, Olayemi Cardoso, to serve as the country's new central bank governor, days before its next interest rate meeting, a presidential spokesperson said on Friday. The central bank did not respond to a request for comment on whether Emefiele and his deputy governors had resigned. The central bank raised rates by a smaller-than-expected 25 basis points in July, contrary to analysts' expectations, under acting Governor Folashondun Shonubi, one of Emefiele's deputies. The central bank pursued unorthodox policies under Emefiele who kept the currency artificially strong, a policy backed by former President Muhammadu Buhari, which supported government borrowings on the international markets. He was a former commissioner for economic planning and budget in Lagos state when Tinubu was governor between 1999-2007.
Persons: Bola Tinubu, Olayemi Cardoso, Godwin Emefiele, Tinubu, Cardoso, Ajuri Ngelale, Ngelale, Folashondun Shonubi, Emefiele, Muhammadu Buhari, Camillus Eboh, Chijioke Ohuocha, MacDonald Dzirutwe, Richard Chang, Jane Merriman, Hugh Lawson Organizations: Citibank, Central Bank of Nigeria, Thomson Locations: ABUJA, Nigeria, Lagos
Bola Tinubu, President of Nigeria, arrives for the closing session of the New Global Financial Pact Summit, Friday, June 23, 2023 in Paris, France. Lewis Joly/Pool via REUTERS Acquire Licensing RightsABUJA, Sept 6 (Reuters) - Nigeria's presidential election tribunal is due to rule on Wednesday on whether Bola Tinubu should stay as president after two rivals challenged his victory in February's disputed vote. There have been numerous legal challenges to the outcome of previous Nigerian presidential elections but none have succeeded. The tribunal, which will deliver its ruling in the capital Abuja, has the power to cancel an election and order a fresh one, among other remedies. Tinubu, who is in India ahead of a G20 Summit, has defended his victory and says he is focused on reviving the economy.
Persons: Bola Tinubu, Lewis Joly, Bola, February's, Atiku Abubakar, Peter Obi, Atiku, Obi, Muhammadu Buhari, MacDonald Dzirutwe, Alison Williams Organizations: New Global Financial, REUTERS Acquire, Rights, Tinubu's, People's Democratic Party, Labour, Thomson Locations: Nigeria, Paris, France, Rights ABUJA, Abuja, India
Nigeria today faces record debt, unemployment is worryingly high, and power shortages have contributed to years of anaemic growth. "The path to political power in Nigeria, over time, has always been through these vested interests," said Bismarck Rewane, CEO at Financial Derivatives Company in Lagos. ENTRENCHED NETWORKSTinubu's ambitions to build a $1 trillion economy in eight years could come unstuck in part due to chronic power shortages. Getting the lights on would be a major win, but to do so some say Tinubu must remove grid subsidies and cut red tape. Tinubu suspended the head of the financial and economic crimes agency, but has yet to outline an anti-graft plan.
Persons: Bola Tinubu, Jason Tuvey, Bismarck Rewane, Tinubu, Tunau Taiwo, Nnamdi Obasi, Prince Ojeabulu, Muhammadu Buhari, jihadists, beholden, Joe Bavier, Conor Humphries Organizations: New, Capital Economics, Financial Derivatives Company, International, Rensource Energy, Nigeria Delta, Observers, Thomson Locations: Nigeria, LAGOS, New Nigerian, Lagos
But investors, burned by previous reforms that ultimately proved hollow, say it will take time to build trust and listed myriad questions over the final shape of the economy. Tinubu is from the same party as predecessor Muhammadu Buhari, dubbed "Baba Go-slow" for his pottering pace - taking six months to appoint cabinet members. Nigeria's international dollar bonds and the country's stock market have been boosted by the speedy reforms. Reuters GraphicsInvestors also worry about low tax receipts and falling oil output - structural reforms that will take far longer to sort. Meanwhile interest rates, which Tinubu has said he would like to see fall, were hiked by 50 bps last month to 18.5%.
Persons: Bola, Temilade, Bola Tinubu's, Tunde Ajileye, Muhammadu Buhari, Godwin Emefiele, Goldman Sachs, Andrew Matheny, John Mumo, Joe Delvaux, Amundi, Delvaux, Tinubu, Patrick Curran, Rachel Savage, Libby George, Karin Strohecker, Nick Macfie Organizations: Nigeria's, REUTERS, Central Bank, Reuters, Reuters Graphics, Tellimer, Thomson Locations: Abuja, Nigeria, JOHANNESBURG, LONDON, Lagos, Blakeney, Africa
[1/2] Twitter CEO Jack Dorsey addresses students during a town hall at the Indian Institute of Technology (IIT) in New Delhi, India, November 12, 2018. REUTERS/Anushree FadnavisWASHINGTON, June 12 (Reuters) - Twitter was threatened with shut down in India, Nigeria and Turkey unless it complied with orders to restrict accounts, with India wanting to curb journalists' and protesters' use of the social media platform, co-founder Jack Dorsey said on Monday. Dorsey quit his Twitter CEO role in 2021 and the social media platform was purchased by billionaire Elon Musk in 2022. We fought Turkey in their courts and often won, but they threatened to shut us down constantly," he said. Advocacy groups have raised concerns about the human rights situations in India, Turkey and Nigeria.
Persons: Jack Dorsey, Fadnavis, Dorsey, Elon Musk, Narendra Modi, Muhammadu Buhari, Kanishka Singh, Simon Cameron, Moore Organizations: Indian Institute of Technology, REUTERS, Twitter, YouTube, Bharatiya Janata Party, BJP, Thomson Locations: New Delhi, India, Fadnavis WASHINGTON, Nigeria, Turkey, Washington
ABUJA, June 9 (Reuters) - Nigeria's President Bola Tinubu has suspended central bank Governor Godwin Emefiele with immediate effect, following ongoing investigation of his office and planned reforms in the financial sector, the head of the government said on Friday. Tinubu criticised Emefiele's handling of the currency and monetary policy at his inauguration last week and called on the central bank to work towards a unified exchange rate. "President Bola Ahmed Tinubu has suspended the Central Bank Governor, Mr Godwin Emefiele, from office with immediate effect," the government said in a statement. Emefiele has been directed to hand over operations to the deputy governor, who will act as the central bank governor pending the conclusion of investigation and the reforms, the statement said. On Wednesday, the central bank allowed the naira to weaken by 2% on the official market to a record low.
Persons: Bola Tinubu, Godwin Emefiele, Tinubu, Bola Ahmed Tinubu, Mr Godwin Emefiele, Emefiele, Muhammadu Buhari, Felix Onuah, Chijioke Ohuocha, Marguerita Choy, Chris Reese Organizations: Central Bank Governor, Financial, Thomson Locations: ABUJA, Nigeria
The letter said the Nigerian Air Force is committed to human rights and “further deliberations” on the issue, according to the report. “The absence of details raises the question of whether the air force carried out the air strike based on mere suspicion,” Human Rights Watch said. The U.S. State Department and the Pentagon had no immediate comment about the airstrike or the U.S. relationship with the Nigerian Air Force. Before now, neither the Nigerian government nor the military had provided any public explanation for what happened on Jan. 24. ACLED data show Nigerian Air Force strikes continued to claim the lives of noncombatants, inside and outside the northeast.
Persons: Ibrahim Muazu, , ACLED, D.D, Pwajok, , Sara Jacobs, herdsmen, Oladayo Amao, Amao, “ miscreants, Muhammadu Buhari, Bola Tinubu, Jan, Muazu, Lamido, Nigeria’s, Sanusi, Buhari, Rand Paul, Cory Booker, Rex Tillerson, Lai Mohammed, Jacobs, Jim Risch, Chris Smith, Antony Blinken, Biden, Risch, brazenly “, ” Abubakar Bello Rukubi, ” “, Yemi Osinbajo, cc’d, Samuel Ortom, herder, ” Muazu, Humeyra Pamuk, Daphne Psaledakis, Idrees Ali, Jarrett Renshaw, David Lewis, Reade Levinson, Simon Newman, Catherine Tai Design, Eve Watling, Julie Marquis, Alexandra Zavis Organizations: herder, Reuters, Air Force, Nigerian Air Force, Human Rights Watch, Air, Rights Watch, Ministry of Defence, Nigerian Air, House Foreign Affairs, ” Reuters, ACLED, Planet Labs PBC, U.S . State Department, Pentagon, , Muazu, Congress, San Frontieres, Republican, Punch, UK, Nigeria –, Systems, U.S, Super, International, Development, Rights Initiative, Benue State Livestock Guards, Human Rights, Daily Trust, Nigeria’s Locations: Nigerian, Nasarawa, Akwanaja, United States, U.S, Nigeria, California, Kano, Rann, Cameroonian, Zamfara, , Benue, ” Benue, London, Makurdi, Naka, Washington, Philadelphia
After years of ignored pleas and stonewalled requests, deals were finally coming together to return some of Africa’s most prized treasures to the continent. The Smithsonian Institution, the Metropolitan Museum of Art and the German government announced they were returning scores of sculptures, plaques and ornaments, known as the Benin Bronzes, that British soldiers had plundered in 1897 from Benin City, in what is now Nigeria but was once the center of a kingdom. Plans were underway for a glittering new museum designed by the British Ghanaian architect David Adjaye to showcase and protect the returned treasures. At a moment when museums worldwide are trying to come to grips with contested artifacts in their collections, this development underscores how complex restitution efforts can be. It decreed that any returned artifacts “may be kept within the palace of the oba,” or in any location that he considers secure.
Persons: David Adjaye, Muhammadu Buhari, oba Organizations: Smithsonian Institution, Metropolitan Museum of Art Locations: Benin, Benin City, Nigeria, British Ghanaian
ABUJA, Nigeria - May 29, 2023: Nigeria's President-elect Bola Ahmed Tinubu arrives to attend swearing-in ceremony at Eagle Square in the capital. Tinubu inherits a fractured society a crippled economy as he takes the reins of Africa's most populous nation. He succeeds Muhammadu Buhari, also of the All Progressives Congress (APC) party, who departs with a widely criticized economic record. Economic turmoilAs former governor of Lagos state between 1999 and 2007, Tinubu was credited with modernizing Nigeria's commercial hub and vastly expanding the regional economy. His predecessor Buhari deployed a series of protectionist economic policies and spooked international investors.
Persons: Bola Ahmed Tinubu, Tinubu, Muhammadu Buhari, Atiku Abubakar, Peter Obi of, Buhari Organizations: Nigeria's, Eagle, New, Progressives Congress, Peoples Democratic Party, Labour Party Locations: ABUJA, Nigeria, New Nigerian, Africa's, Lagos
SummarySummary Companies Tinubu succeeds former military leader BuhariNigeria divided after disputed electionAfrica's biggest economy faces headwindsInsecurity spread under BuhariABUJA, May 29 (Reuters) - Bola Tinubu was sworn in as Nigeria's president on Monday, facing mounting calls to improve economic and security conditions which many complain worsened under his predecessor Muhammadu Buhari. Tinubu, the former Lagos state governor and a member of Buhari's party, has promised to be a better steward of Africa's biggest economy and most populous nation. A raft of protectionist economic policies and foreign currency interventions have also spooked investors. Buhari defended his record on Sunday, saying new infrastructure such as roads, bridges and airports, and the protectionist policies have laid the foundations for future growth. Separatist and gang violence plague the southeast, and clashes between farmers and herders persist in hinterland states known as Nigeria's Middle Belt.
LAGOS, May 29 (Reuters) - Nigeria's new president Bola Tinubu faces a litany of problems, including widespread violence, double-digit inflation and industrial-scale oil theft. Tinubu says he will build on Buhari's public infrastructure programme to create jobs and remove legal limits on government spending. Tinubu says he will reduce corporate tax to attract investment and plug tax loopholes to boost revenue. Tinubu says he will set up a surveillance unit to protect the country's pipelines and attract new investors with tax incentives. Tinubu wants to recruit more soldiers and police officers, while paying and equipping them better.
Buhari, a taciturn former military ruler, leaves Africa's biggest economy and most populous nation deeply divided. But what authorities promised would be the country's freest and fairest election yet ended in frustration for many. Buhari defends his record, saying new infrastructure such as roads, bridges and airports, and the protectionist policies have laid the foundations for future growth. Separatist and gang violence plague the southeast, and clashes between farmers and herders persist in hinterland states known as Nigeria's Middle Belt. A former Lagos state governor, Tinubu has promised to be a better steward of the economy.
ABUJA, May 28 (Reuters) - Nigeria's President Muhammadu Buhari on Sunday defended his record on the economy and the outcome of a disputed presidential election, saying he was leaving a legacy of credible and fair votes, a day before he hands over power to his successor. Buhari first came to office in 2015 after promising to reboot the economy and end corruption and insecurity, but many Nigerians say these issues have worsened under his watch. Incoming President Bola Tinubu's victory is being challenged by his two closest opposition rivals, and on Tuesday a tribunal will begin to hear the main arguments in the election petition. Tinubu is inheriting anaemic economic growth, record debt and shrinking oil output. Life is tough for Nigerians, and a tangle of protectionist economic policies and foreign currency interventions have caused dollar shortages and spooked investors.
Despite being Africa's biggest oil producer, Nigeria imports petrol, diesel and processed petroleum products because its refineries were run down over the years. The refinery needs a constant supply of crude but Nigeria's oil production has been declining due to oil theft, vandalism of pipelines and underinvestment. Lower production would affect state-owned oil company NNPC Ltd's ability to fulfil an agreement to supply Dangote refinery with 300,000 bpd of crude, said economist Kelvin Emmanuel, who authored a report on oil theft last year. "There are risks with supply of crude oil feedstock. Energy Aspects, however, said in the long run, the Dangote refinery could end Nigeria's gasoline deficit, reshape the Atlantic basin gasoline market and export diesel that meets European Union specifications.
[1/5] An Igbo-Ukwu bronze, which, according to the museum, dates back to the 9th century, is displayed with other Igbo-Ukwu bronze artefacts at the Nigerian National Museum in Lagos, Nigeria, March 22,... Read moreLAGOS, May 17 (Reuters) - At the National Museum in Lagos, workers carefully remove rust and patina from Igbo-Ukwu Bronze artefacts, part of restoration work on some of Nigeria's oldest but lesser known collections. The Igbo-Ukwu, which date back to the 9th century according to the museum, were discovered in 1939 in southeastern Anambra state, part of the region inhabited by the Igbo people. Their restoration comes at a time when there is uncertainty about the return of thousands of the more famous Benin Bronzes from museums and collectors abroad. At the museum in Lagos, curator Omotayo Adeboye said she considered the Igbo-Ukwu "masterpieces of creativity and indigenous craftsmanship." Reporting by Angela Ukomadu, writing by MacDonald Dzirutwe, Editing by Angus MacSwanOur Standards: The Thomson Reuters Trust Principles.
[1/6] Nigerian Chef Hilda Bassey, 27, attempts to break the Guinness World Record for the longest cooking time by an individual, in Lagos, Nigeria May 15, 2023. REUTERS/Temilade AdelajaLAGOS, May 16 (Reuters) - A Nigerian chef has spent 100 hours preparing meals non-stop, aiming to set a Guinness World Record for the longest ever cooking session by an individual. Hilda Bassey, a chef in the mega city of Lagos, has captivated the country with her marathon cooking, which started on Thursday and ended on Monday night. The current longest cooking record is held by Indian chef Lata Tondon, who set a time of 87 hours and 45 minutes in 2019. Bassey's time will need to be certified by Guinness World Record officials before it can be made official.
But an official gazette signed by President Muhammadu Buhari on March 28 said the Oba of Benin was the rightful owner of all returned Benin Bronzes and was responsible for the management of all places where the artefacts were kept. The commission has in the past signed agreements to return looted artefacts, including from Cambridge college and Germany. The University of Cambridge's Museum of Archaeology and Anthropology did not immediately respond to a Reuters request for comment. There have been questions on whether Nigeria has capacity to safely keep artefacts returned from abroad. The palace has previously said it planned to build a museum to house returned artefacts.
Nigerian president to commission Dangote refinery in two weeks
  + stars: | 2023-05-07 | by ( ) www.reuters.com   time to read: +1 min
ABUJA, May 7 (Reuters) - Nigerian President Muhammadu Buhari will commission the multi-billion dollar Dangote oil refinery in two weeks, a presidency spokesperson said on Sunday, setting up the plant for its first production since construction started in 2016. Spokesperson Bashir Ahmad said Buhari will commission the refinery, near Lagos, on May 22, a week before he is due to leave office after serving the maximum two terms allowed by the constitution. A spokesperson for Dangote confirmed the timing of the commissioning but did not give details. The Dangote refinery's cost grew to $19 billion from initial estimates of between $12 billion and $14 billion, after years of delays. Reporting by Felix Onuah; Writing by MacDonald Dzirutwe; Editing by David HolmesOur Standards: The Thomson Reuters Trust Principles.
A photo from 2019 of Nigeria’s President Muhammadu Buhari praying at Saudi Arabia’s Grand Mosque is being falsely attributed online to his 2023 trip to the kingdom. April posts on Facebook show Buhari wearing a white garment and praying next to his wife, Aisha (here and here). Captions suggest the image was captured at the Prophet’s Mosque in Medina. While he did pray at the Prophet’s Mosque in the city (here), the photo shared by social media users is from a different occasion. He said it showed Buhari at the Grand Mosque in Mecca while the president was undertaking the Umrah pilgrimage.
ABUJA, March 30 (Reuters) - Nigeria's Timipre Sylva has resigned as the country's minister of state for petroleum to seek a new term as governor of oil-producing Bayelsa State in the southern Niger Delta, ministry and presidency sources told Reuters on Thursday. Sylva handed his resignation letter last week to Buhari, who doubles as petroleum minister, and stopped coming to the office, said two sources who did not want to be identified. They said he would be seeking the ruling All Progressives Congress ticket to run for Bayelsa governor in party primaries scheduled to take place on April 14. Appointed junior oil minister in August 2019, Sylva oversaw major reforms in the oil sector, including the passing of legislation that overhauled the sector's fiscal regime in a bid to spur investment. During his time as minister, Nigeria's oil output fell to its lowest in decades due to crude theft and pipeline vandalism.
DUBAI, March 24 (Reuters) - Emirates Airline has a "substantial" amount of ticket sale revenue trapped in Nigeria and has made only slow progress in repatriating blocked funds out of Africa's biggest economy, it said on Friday. Emirates declined to say how much was trapped in Nigeria, but a spokesperson said about half of the amount in its backlog was overdue for repatriation and that the process "remains beset with constant delays". Nigeria is withholding $743 million in revenue earned by international carriers operating in the country, the highest amount owed by any nation, global airline industry association IATA said last week. Oil is Nigeria's biggest foreign exchange earner, but rampant crude theft in the Niger Delta and years of under-investment have hit output and strained government finances. For a few months last year, Angola overtook Nigeria as Africa's biggest oil producer and exporter.
A clip from a 2019 speech by Nigeria’s outgoing President Muhammadu Buhari has been shared online again by people falsely claiming that it shows Buhari saying the results of the 2023 general election are void. In the two-minute video, Buhari asks attendees of a caucus meeting of his party, the All Progressives Congress (APC), to encourage their constituents to be patient and to peacefully “vote again”. “Breaking news the 2023 election has been canceled watch from President #Buhari,” reads one comment on Twitter which included the clip on Feb. 28 (here). But the video is from 2019 and is unrelated to the 2023 election. Meanwhile, results for the 2023 election can be seen on the INEC website (here).
Abuja, Nigeria CNN —Nigeria’s botched attempt to replace its banknotes has been declared invalid by the country’s Supreme Court. In a ruling Friday, the country’s highest court said a presidential directive to discontinue the use of old naira notes following a redesign was illegal. The court said the old banknotes should continue to be legal tender, alongside new versions, until the end of this year. The Nigerian presidency has yet to respond to the Supreme Court ruling. Sixteen Nigerian states took the federal government to the Supreme Court to challenge the short notice they were given to exchange the old notes for new ones.
Summary Presidential election marred by technical problemsWinner Tinubu says vote was credibleChallenger Obi vows to overturn result in courtAfter vibrant campaign, turnout was record lowABUJA, March 2 (Reuters) - Nigerian presidential candidate Peter Obi said on Thursday he had won Saturday's election, called Bola Tinubu's victory fraudulent and promised to claim the top job through legal means. Tinubu, the ruling party candidate, was declared president-elect of Africa's most populous nation on Wednesday, having won 37% of the vote. He said the election was credible and the reported problems had had no impact on the overall outcome. "We won the election and we will prove it to Nigerians," he said. While neither generated the visible enthusiasm directed at Obi, both had powerful political machines and decades of networking behind them.
And since he bowed out as Lagos governor in 2007, Tinubu has picked every subsequent winning candidate to run Africa's biggest city. That power will now be tested as Tinubu attempts to tackle Nigeria's crises and improve on Buhari's lacklustre record. Many of these problems worsened under Buhari, on whose party ticket Tinubu ran. A spokesman for Tinubu's campaign did not respond to repeated requests for comment. A biography on his campaign website says Tinubu was born in Lagos in 1952, to a Muslim family from the Yoruba ethnic group, the majority in southwest Nigeria.
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