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☆ Emirates airline says 'substantial' ticket revenue trapped in Nigeria
▼ + stars: | 2023-03-24 | by ( Ghaida Ghantous | ) www.reuters.com time to read: +2 min

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.

☆ Fact Check-Video of Nigeria’s outgoing President Buhari asking people to ‘vote again’ dates to 2019
▼ + stars: | 2023-03-03 | by ( Reuters Fact Check | ) www.reuters.com time to read: +1 min

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.

☆ Nigeria's Obi says he, not Tinubu, won presidential election
▼ + stars: | 2023-03-02 | by ( Camillus Eboh | ) www.reuters.com time to read: +5 min

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.

☆ Explainer: Nigeria election: what to expect from president-elect Bola Tinubu
▼ + stars: | 2023-03-01 | by ( Macdonald Dzirutwe | ) www.reuters.com time to read: +5 min

LAGOS, March 1 (Reuters) - Nigeria's president-elect Bola Tinubu has promised to tackle a litany of problems, including escalating 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 set up a surveillance unit to protect the country's pipelines and attract new investors with tax incentives. Africa's top producer of crude oil depends on imported refined fuels, something Tinubu wants to end by increasing domestic refining through joint ventures with private investors. Tinubu wants to recruit more soldiers and police officers, while paying and equipping them better.

☆ Bola Tinubu: From godfather of Lagos to Nigeria's president-elect
▼ + stars: | 2023-03-01 | by ( Tim Cocks | ) www.reuters.com time to read: +4 min

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.

☆ Nigerian ruling party candidate declared winner in highly disputed election
▼ + stars: | 2023-03-01 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

ABUJA, Nigeria - March 1, 2023: Ruling party candidate Bola Tinubu, addresses supporters during celebrations at his campaign headquarters. Tinubu won Nigeria's highly disputed weekend election, electoral authorities said on Wednesday, securing the former Lagos governor the presidency of Africa's most populous democracy. Nigeria's ruling party candidate Bola Tinubu was declared the winner of the country's presidential election on Wednesday after polling was marred by transparency concerns and widespread technical problems. The APC, PDP and Labour Party won 12 states apiece, while the New Nigerian Peoples Party (NNPP) candidate Rabiu Kwankwaso claimed one state. However, the PDP, Labour Party and several other opposition parties had already rejected the results by the time Tinubu was declared president-elect on Wednesday.

☆ Nigeria's Tinubu defends win in disputed presidential poll
▼ + stars: | 2023-03-01 | by ( ) www.reuters.com time to read: +3 min

The Independent National Electoral Commission (INEC) said Tinubu garnered 8.79 million votes in the weekend election, ahead of main opposition challenger Atiku Abubakar's 6.98 million votes. Peter Obi, an outsider popular with younger and more educated urban voters, garnered 6.1 million votes. "I am very happy I have been elected the president of the federal republic of Nigeria," Tinubu said to cheers in Abuja. Nigeria's election was meant to be its fairest and most open contest to date. As Lagos governor, Tinubu won praise for partially fixing some of the cities problems, including reducing violent crime, waste collection and traffic.

☆ Partial results of disputed Nigeria election show Tinubu in lead
▼ + stars: | 2023-02-28 | by ( ) www.reuters.com time to read: +2 min

LAGOS, Feb 28 (Reuters) - Provisional results from Nigeria's disputed presidential election over the weekend showed Bola Tinubu from the ruling party in the lead, a Reuters tally of votes in 25 of the country's 36 states showed on Tuesday. Electoral commission results from the states showed Tinubu of the All Progressives Congress party (APC) was ahead with about 36% or 7 million of valid votes counted, with Atiku Abubakar of the main opposition People's Democratic Party (PDP) trailing close behind with 30% or nearly 6 million valid votes. Peter Obi of the smaller Labour Party got 20% or about 3.8 million votes. More results were expected to show the winner later on Tuesday. INEC had promised to upload results directly from each polling unit to its website in the election to replace outgoing President Muhammadu Buhari, but most were unable to do so immediately.

☆ Nigeria's Tinubu has unassailable lead in provisional election results - Reuters tally
▼ + stars: | 2023-02-28 | by ( ) www.reuters.com time to read: +1 min

LAGOS, Feb 28 (Reuters) - Nigeria's ruling party candidate Bola Tinubu has an unassailable lead in the presidential election held over the weekend, a Reuters tally of provisional results from all 36 states and the federal capital Abuja showed on Tuesday. Tinubu of the governing All Progressives Congress (APC) of outgoing president Muhammadu Buhari got about 35% of the vote, trailed by Atiku Abubakar of the main opposition People's Democratic Party (PDP) with 30%. Peter Obi of the Labour Party, an outsider popular with the youth and educated voters, got 26%. Tinubu's potential victory extends the All Progressives Congress party's (APC) grip on power in Africa's top oil producer and most populous nation, though he inherits a litany of problems from outgoing President Muhammadu Buhari. Reporting by Hamza Ibrahim in Kano, Ahmed Kingimi in Maiduguri, Anamesere Igboeroteonwu in Onitsha Tife Owolabi in Yenagoa, Tim Cocks and Macdonald Dzirutwe in Lagos; Writing by Tim CocksOur Standards: The Thomson Reuters Trust Principles.

☆ Nigerian parties criticise slow pace of weekend election count
▼ + stars: | 2023-02-27 | by ( Macdonald Dzirutwe | ) www.reuters.com time to read: +2 min

LAGOS, Feb 27 (Reuters) - Nigeria was to resume announcing presidential election results on Monday amid complaints of irregularities as opposition parties criticised the slow pace at which the results were being uploaded on to the election commission's website. The Independent National Electoral Commission (INEC) has so far released official results from only one of 36 states. By 0830 GMT, INEC had uploaded results from 52,236 polling units out of a total 178,846, its website showed. "We take full responsibility for the problems and regret the distress that they have caused the candidates, political parties and the electorate," said INEC. In northern Kano state, police said suspected thugs had attacked a campaign office for a smaller opposition party and set the building on fire, killing two people.

☆ Nigeria's Peter Obi wins in Lagos state in presidential election
▼ + stars: | 2023-02-27 | by ( ) www.reuters.com time to read: +1 min

LAGOS, Feb 27 (Reuters) - Nigerian presidential candidate Peter Obi, whose campaign attracted young people and urban voters fed up with corrupt politics, won most votes in the commercial hub of Lagos state, where Africa's biggest city is located. Nigeria's electoral commission began announcing state-by-state results in the national elections on Sunday, though it is not expected to name a victor in the race to succeed President Muhammadu Buhari for several days. Obi of the Labour Party got 582,454 votes, just ahead of 572,606 for former Lagos governor Bola Tinubu for the governing All Progressives Congress party, electoral commission data showed on Monday. He was most popular with the youth, but especially urban, relatively educated voters with access to smartphones and social media. Reporting by MacDonald Dzirutwe; Writing by Tim Cocks; Editing by Hugh LawsonOur Standards: The Thomson Reuters Trust Principles.

☆ Nigerians vote for new president, braving long delays in hope of bringing change
▼ + stars: | 2023-02-26 | by ( ) www.cnbc.com time to read: +3 min

People read newspapers at a newspaper stand in Onitsha, Nigeria, on February 26, 2023 following he Nigeria presidential and general election. By the evening, some polling stations were already counting ballots, while voting was still going on at others and had not taken place elsewhere. said 23-year-old Halima Sherif, whose polling station in the northern city of Kano had not started operating by closing time. He also acknowledged the delays but said voters would be able to cast their ballots. Yakubu said at a later briefing that voting would take place on Sunday in several wards in Yenagoa that had experienced severe disruption on Saturday.

☆ Nigerians wait to finish voting in some places as election count underway
▼ + stars: | 2023-02-26 | by ( Tife Owolabi | ) www.reuters.com time to read: +2 min

[1/2] People wait for results during the counting process of Nigeria's presidential election, at a polling unit in Awka, Anambra state, Nigeria February 25, 2023. A Reuters reporter saw voters arriving at polling stations in Yenagoa city, which will open at 10 a.m. (0900 GMT) so electoral commission officials can complete Saturday's presidential and parliamentary election. Voting was also expected to continue in some parts northeastern Borno state, where voting machines failed to work. He is stepping down after winning two previous elections and serving the maximum eight years permitted by the constitution. Whoever wins will face a litany of crises in the country of more than 200 million, Africa's most populous nation.

☆ Nigerians vote for new president, delays seen at some polling stations
▼ + stars: | 2023-02-25 | by ( Anamasere Igboereteonwu | ) www.reuters.com time to read: +6 min

[1/8] People looks for their names on voters list put up on a wall at a polling unit, during Nigeria's Presidential election in Agulu, Anambra state, Nigeria February 25, 2023. Polling stations were scheduled to open at 8:30 a.m. (0730 GMT), though Reuters reporters at locations across the country saw a mixed picture, with delays of several hours in some places while voting got underway more swiftly at others. In the northeastern city of Maiduguri, the vice presidential candidate from the ruling party, Kashim Shettima, arrived to cast his ballot but was unable to do so as his designated polling station had not opened. In another northeastern city, Yola, opposition presidential candidate Atiku Abubakar was able to vote, surrounded by a chaotic scrum of media and supporters. Vote-counting will begin as soon as polls close and results will be posted outside polling stations, according to the Independent National Election Commission (INEC).

☆ Nigerian soldiers patrol ahead of election, land borders shut
▼ + stars: | 2023-02-24 | by ( Camillus Eboh | ) www.reuters.com time to read: +3 min

"Internal movements have been restricted to the polling units. There will also be no movement of persons across national borders," the ministry of interior said in a statement. The candidate for Enugu East district and the driver of a campaign minibus belonging to another party were killed in coordinated attacks in Enugu State in the southeast. "Materials already delivered for the senatorial election will remain in the custody of the central bank in the state until the new date for the election," Yakubu told a news conference. Flanked by the head of the police, Yakubu said INEC was on guard against possible attacks on its electronic system.

☆ Take Five: Strap in for no landing
▼ + stars: | 2023-02-24 | by ( ) www.reuters.com time to read: +5 min

1/ FED VS STOCKSReports on U.S. durable goods orders, home prices as well as manufacturing and consumer confidence threaten to cement expectations of more Fed rate hikes and to deal a knockout punch to the early-year stocks rally. Evidence of a stronger-than-expected economy has forced investors to recalibrate projections for Fed hawkishness, lifting bond yields and weighing on stock gains. Tuesday's consumer confidence data may be of particular interest, offering a glimpse into households' views on economic prospects and inflation expectations. The idea of "no landing," which upends a host of popular trades based on a the scenario of the global economy entering recession is gaining traction thanks to surprisingly upbeat data. A soft landing could still happen.

☆ Ahead of Nigeria elections, residents stock up on food, essentials
▼ + stars: | 2023-02-24 | by ( Abraham Achirga | ) www.reuters.com time to read: +2 min

In past elections, violence has flared in Kano, a largely Muslim state, after results were announced. [1/3] Vendors selling fruits and vegetables are pictured in a market, ahead of Nigeria's presidential election in Kano, Nigeria February 24, 2023. Widespread insecurity is a major concern for voters, although the army and police have promised a peaceful election. Ejike, 22, was among last-minute shoppers before markets closed in Anambra's capital Awka but was unable to buy what she wanted. "We just place it in God's hands although we know that there is definitely going to be killing."

☆ 'Unpredictable' election in Africa's largest economy is set to resonate around the world
▼ + stars: | 2023-02-22 | by ( Elliot Smith | ) www.cnbc.com time to read: +8 min

After 24 years of uninterrupted democracy since ending military dictatorship in 1999, Africa's most populous nation and largest economy is conducting its seventh election. Muhammadu Buhari, Nigeria's president, speaks during the U.S.-Africa Business Forum in New York. Leena Koni Hoffmann, associate fellow of the Africa Programme at Chatham House, told CNBC on Monday that the presidential election will be the "most unpredictable" since the transition to civilian rule. Alongside the Covid-19 pandemic and war in Ukraine, Koni Hoffmann noted "missed opportunities" and "self-inflicted crises" under Buhari's regime. Economists panned the decision, which Koni Hoffmann suggested rendered Nigeria and its neighbors more vulnerable to the damage of the pandemic.

[1/6] Godwin Nnamdi, 27-year-old fitness trainer and first-time voter, poses for a portrait at a gym in Lagos, Nigeria February 15, 2023. But his active social media campaign and promises to break with Nigeria's gerontocratic past have endeared him to many younger voters. The young and tech-savvy, first-time voters rallying around Obi call themselves the "Obi-dients" - a somewhat incongruous choice for an anti-establishment movement. The former banker has promised jobs, skills training and funding to young Nigerians, but so too have Tinubu and Atiku. If Obi loses, Ndukwe said he would join the wave of skilled Nigerians leaving the country in its perpetual brain drain.

Abuja, Nigeria CNN —President Muhammadu Buhari on Thursday directed Nigeria’s central bank to reissue old 200-naira ($0.43) banknotes withdrawn just days ago as concerns grow that the botched introduction of new money could disrupt general elections later this month. In a televised broadcast Thursday, Buhari expressed sympathy for Nigerians experiencing hardship and announced that the old 200- naira note will return to circulation for 60 days. The higher denomination notes remain canceled but can be exchanged at the central bank and other designated points, he said. He also assured Nigerians that the supply of cash would improve in the coming days. “I have been reliably informed that since the commencement of this program, about 2.1 trillion naira ($4.5 billion) out of the banknotes previously held outside the banking system, had been successfully retrieved,” he said.

☆ Nigeria's Buhari grants 60-day extension to turn in old banknotes
▼ + stars: | 2023-02-16 | by ( Felix Onuah | ) www.reuters.com time to read: +2 min

Nigeria's central bank decided last year to start circulating newly designed 1,000 ($2.17) 500 and 200 naira notes. The deadline to turn in old notes has already been extended once to Feb. 10, after which they would no longer have been legal tender. Buhari said in a television broadcast that old 200 notes would continue to circulate in the economy alongside new 1,000, 500 and 200 notes until April 10. But the old 1,000 and 500 notes could only be swapped at the central bank and "designated points", he said. The comments contrasted with last week's Supreme Court interim ruling that said all old notes remain legal tender until it hears a challenge brought by some state governments.

☆ Explainer: What is at stake for investors in Nigeria's election?
▼ + stars: | 2023-02-13 | by ( Rachel Savage | ) www.reuters.com time to read: +4 min

Multiple exchange rates, widespread insecurity and low oil production due to massive crude theft are all problems that worry investors. Another focus is soaring fuel subsidy costs that devour government revenues and drive up debt. "No investor's going to want to buy into a market where you can't sell stock and get your money out," he said. Foreign investors held 16% of shares on Nigeria's stock exchange last year, sharply down from 58% in 2014, Nigerian Exchange Group data showed. Many investors, however, were cautiously optimistic that Nigeria would see improvements, whoever wins on Feb. 25.

Abuja, Nigeria CNN —Nigeria was forced Wednesday to delay plans to replace its banknotes with a redesigned currency after chaotic scenes at ATMs as millions of people struggled to get their hands on the new cash. The new naira notes are, however, “fortified with security features that make them difficult to counterfeit,” President Buhari said last year. Across the country, banks have increasingly become targets of mounting anger over the frustrating search for the new naira notes. Angry Nigerians vandalise Bank premises over frenzy of new naira notes. Nigerians are desperately relying on their banks to distribute new bills after the February 10 deadline to exchange the old currency saw many scrambling to deposit their old notes.

Nigerians were due to turn in old 1,000, 500 and 200 naira banknotes in exchange for newly designed notes by Friday as part of a central bank initiative to curb cash in circulation and control double-digit inflation. Supreme Court Judge John Inyang Okoro said the decision to suspend the deadline was unanimous, pending a legal challenge from three states who had argued that the note swap plan was causing hardship ahead of the elections. The court is due to hear the states' challenge on Feb. 15. Earlier on Wednesday, the IMF's resident representative in Nigeria urged the Central Bank of Nigeria (CBN) to consider extending the deadline for notes to be swapped given disruption caused by the shortage of new notes. About 1.3 trillion naira ($2.8 billion) in old notes has been deposited into the bank since the announcement in October, according to the bank.

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