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☆ Time running short for diplomacy as post-coup Niger talks stall
▼ + stars: | 2023-08-09 | by ( ) www.reuters.com time to read: +3 min

[1/4] General Abdourahmane Tiani, who was declared as the new head of state of Niger by leaders of a coup, arrives to meet with ministers in Niamey, Niger July 28, 2023. They said they were committed to finding solutions through diplomacy and negotiation, but did not give details. Mali and Burkina Faso had previously vowed to come to Niger's defence if the regional bloc intervened, saying they would consider that a declaration of war against them. ECOWAS has said that the use of force would be a last resort if the soldiers do not step down and free Bazoum. The bloc's defence chiefs have agreed on a possible military action plan, which heads of state are expected to consider at their summit in the Nigerian capital, Abuja.

Persons: Abdourahmane Tiani, Balima, juntas, Antony Blinken, Mohamed Bazoum, Bazoum, Bola Tinubu, Nellie Peyton, William Maclean Organizations: REUTERS, United, United Nations, Economic, West African States, ECOWAS, . Security, Security, Niger, Thomson Locations: Niger, Niamey, NIAMEY, United Nations, Mali, Burkina Faso, Republic of Mali, Malian, States, Abuja

When President Bola Ahmed Tinubu of Nigeria took the helm of the West African regional bloc of countries last month, he thundered before a roomful of his presidential peers that he would show no tolerance for military coups in an area that had faced five in less than three years. “We will not allow coup after coup,” he said, drawing a round of applause. Now, the deadline has passed, Niger’s president — Mohamed Bazoum — is still held hostage in his residence and Mr. Tinubu is facing a backlash in his own country. Senators, religious leaders and civil society organizations in northern Nigeria oppose a war with a neighbor that they say would further destabilize both countries, whose militaries were already spread thin fighting off Islamist militants. Nigerian security forces are also combating kidnappers, extortion rings and oil thieves.

Persons: Bola Ahmed Tinubu, “, ”, Mr, Tinubu, — Mohamed Bazoum — Organizations: West African, Economic Locations: Nigeria, Niger, West African States, Nigerian

☆ Fact Check-Video shows Senegal military parade, not Niger soldiers
▼ + stars: | 2023-08-08 | by ( Reuters Fact Check | ) www.reuters.com time to read: +1 min

A video of Senegalese soldiers parading on Senegal’s Independence Day is being falsely claimed online to show soldiers from Niger sending a warning to West African nations against interfering in the country’s coup. The video was shared after Niger President Mohamed Bazoum was removed from power in a military coup. Senegalese flags can be seen throughout, and Reuters traced the clip back to posts from April in relation to Senegal’s Independence Day, which is held on April 4 (here) ,(here). Senegalese news outlet Live SN streamed video of the same parade from a different angle on April 4 (here). The video shows soldiers at Senegal’s Independence Day parade and is unrelated to Niger’s coup.

Persons: Mohamed Bazoum, Tinubu, ”, Bola Tinubu, Read Organizations: West African States, Reuters Locations: Niger, West, Central Africa, “ Niger, Nigeria, Senegalese

☆ Niger’s coup leader faces a deadline to cede power. Will military action come next?
▼ + stars: | 2023-08-06 | by ( Stephanie Busari | ) edition.cnn.com time to read: +6 min

CNN —The leaders of a coup in Niger are digging in their heels as they face a looming deadline from neighbors to give up power or face possible military action. President Bazoum’s election win in 2021 marked a relatively peaceful transfer of power, capping years of military coups following Niger’s independence from France in 1960. ECOWAS has shown a willingness to take action in cases where leaders refuse to relinquish power or when political crises escalate. The US and France consider Niger a critical ally and both countries have military bases in Niger. That kind of sentiment suggests that even if the stated goal is to restore democracy, a military intervention may not be welcomed across the country.

Persons: Mohamed Bazoum, “, Bazoum’s, Bazoum, Abdourahamane Tiani, Bola Tinubu, Tinubu, Security Abdel, Fatau Musah, Oluseyi, ” Adetayo, Jammeh, Nigeriens, Russia, Wagner, ” Ali Sounama Organizations: CNN, Regional, Economic, West African States, Nigerien, The Washington Post, ECOWAS, Local, Political Affairs, Peace, Security Locations: Niger, Sahel, Mali, Burkina Faso, France, Nigeria, Senegal, Bazoum, Gambia, Sierra Leone, Liberia, West Africa, Niamey, Nigerien

☆ Nigeria's president says central bank undergoing forensic audit
▼ + stars: | 2023-08-04 | by ( ) www.reuters.com time to read: +1 min

ABUJA, Aug 4 (Reuters) - Nigerian President Bola Tinubu said on Friday the central bank was undergoing a comprehensive forensic audit as part of reforms following the suspension of the bank's governor in June. Tinubu has embarked on the country's boldest reforms in years, ending the central bank's currency controls that kept the naira currency artificially strong and scrapping a petrol subsidy that cost the government $10 billion last year. "A comprehensive forensic audit is on-going at the Central Bank (of Nigeria)," a presidency statement quoted Tinubu as telling World Bank head Ajay Banga at a meeting in Abuja. Tinubu, who was sworn into office on May 29, inherited an economy grappling with anaemic growth, record debt, shrinking oil production and widespread insecurity. Reporting by Felix Onuah, writing by MacDonald Dzirutwe; Editing by David GregorioOur Standards: The Thomson Reuters Trust Principles.

Persons: Bola Tinubu, Tinubu, Ajay Banga, Felix Onuah, MacDonald Dzirutwe, David Gregorio Our Organizations: Central Bank, World Bank, Thomson Locations: ABUJA, Nigeria, Abuja

☆ Nigeria turns to natural gas for fuel as petrol prices rise after subsidy removal
▼ + stars: | 2023-08-03 | by ( Macdonald Dzirutwe | ) www.reuters.com time to read: +2 min

REUTERS/Afolabi Sotunde/File PhotoLAGOS, Aug 3 (Reuters) - Nigeria is turning to gas as an alternative fuel after it scrapped a popular but costly subsidy on petrol that has seen pump prices rise sharply, angering motorists and businesses that use petrol to generate their own power. State-oil firm NNPC said late on Thursday it has partnered with NIPCO Gas to speed up the adoption of compressed natural gas for buses, cars and tricycles to lower transportation costs. Under the NNPC-NIPCO deal, 35 compressed natural gas stations will be rolled out in phases to be completed next year and will be able to serve more than 200,000 vehicles daily. NIPCO already operates 14 compressed natural gas stations, NNPC said, and that the local firm has turned more than 7,000 vehicles to gas, it said. Last month, NNPC signed an agreement with UTM Offshore for the local company to construct a 1.5 metric tonnes per annum floating liquefied natural gas plant.

Persons: Afolabi, NNPC, Bola Tinubu, Tinubu, MacDonald Dzirutwe, Chijioke, Grant McCool Organizations: REUTERS, NIPCO Gas, Offshore, Thomson Locations: Abuja, Nigeria, LAGOS, State, Africa's

☆ GSK Nigeria calls an end to its business, to return cash
▼ + stars: | 2023-08-03 | by ( Chijioke Ohuocha | ) www.reuters.com time to read: +2 min

ABUJA, Aug 3 (Reuters) - GlaxoSmithKline (GSK) Nigeria (GLAXOSM.LG) said on Thursday it plans to stop doing business after evaluating the options for moving to a third-party distribution model for its drugs and consumer healthcare goods. GSK Nigeria, which has faced increased competition from local companies and imports from India and China, said its half-year sales had dropped to 7.75 billion naira ($9.82 million), from 14.8 billion naira in the same period a year ago. GSK Nigeria said it is working with advisers to agree next steps and plans to submit a scheme of arrangement to Nigeria's Securities and Exchange Commission, which if approved will see it return cash to shareholders except its parent GSK. "For the above reasons, and having, together with GSK UK, evaluated various other options, the Board of GlaxoSmithKline Consumer Nigeria Plc has concluded that there is no alternative but to cease operations," GSK Nigeria said in a statement. Shares in GSK Nigeria, in which British drugmaker GSK has a 46.4% stake and Nigerian shareholders the remaining 53.6%, closed at 8.10 naira, down from a peak of 42.24 naira in 2014.

Persons: Bola Tinubu, Tinubu, Chijioke Ohuocha, Alexander Smith Organizations: GlaxoSmithKline, GSK, Nigeria's Securities, Exchange Commission, Haleon, GlaxoSmithKline Consumer Nigeria Plc, British, Thomson Locations: ABUJA, Nigeria, GSK Nigeria, India, China, British, Africa

☆ Fact Check-Image of Nigerian opposition leader receiving book from a separatist is altered
▼ + stars: | 2023-08-02 | by ( Reuters Fact Check | ) www.reuters.com time to read: +1 min

An image of Nigerian businessperson and author Suraj “Jarus” Oyewale presenting his book to politician Peter Obi has been edited to replace Oyewale with Biafra separatist Simon Ekpa and is misleading people online. Facebook posts also highlight that that edited image features Nigerian activist Aisha Yesufu in the background (here), (here). He is seen presenting his book, A Mat of Roses, to Obi. In a post on X, Oyewale asked his followers to ignore the edited photo (here). The image does not show Simon Ekpa presenting a book to Peter Obi.

Persons: Suraj “, Oyewale, Peter Obi, Simon Ekpa, Biafra, ”, Aisha Yesufu, Obi, Atiku Abubakar, Nigeria's, Bola Tinubu, Read Organizations: Biafra, Labour Party, Democratic Party, Reuters

☆ Nigeria's labour unions suspend strike after meeting president
▼ + stars: | 2023-08-02 | by ( Felix Onuah | ) www.reuters.com time to read: +2 min

ABUJA, Aug 2 (Reuters) - Nigeria's main labour federation has agreed to return to talks with the government following a meeting with President Bola Tinubu on Wednesday, union leaders said, on a day when hundreds of Nigerians marched against the removal of a petrol subsidy. The Nigeria Labour Congress (NLC) said the marches across major Nigerian cities were successful enough to force Tinubu to meet union leaders and vow to expedite an agreement on a new minimum wage among other promises. [1/2]Members of the Nigerian Labour Union, holding flags and placards, march during a protest against fuel price hikes and rising costs, in Abuja, Nigeria August 2, 2023. REUTERS/Abraham AchirgaLed by union leaders, protesters carrying placards marched in Lagos, the oil-producing state of Bayelsa and in the northern cities of Kano and Kaduna. In the capital Abuja, marchers broke down a gate to the National Assembly, expecting to be addressed by the Senate president, witnesses said.

Persons: Bola Tinubu, Tinubu, Tinubu's, Dele Alake, Abraham Achirga Led, Elisha Bala, MacDonald Dzirutwe, Tife, Hamza Ibrahim, Garba Muhammad, Tomasz Janowski, Giles Elgood, Sandra Maler Organizations: Nigeria Labour Congress, Nigerian Labour Union, REUTERS, NLC, National Assembly, Thomson Locations: ABUJA, Nigeria, Abuja, Lagos, Bayelsa, Kano, Kaduna, Gbogbo, Yenagoa

☆ Niger junta says it will not back down despite 'inhumane' sanctions
▼ + stars: | 2023-08-02 | by ( Camillus Eboh | ) www.reuters.com time to read: +6 min

In a televised address, Abdourahamane Tiani said the junta "rejects these sanctions altogether and refuses to give into any threats, wherever they come from. Nigeria cut power supplies to Niger, a Niger state utility document showed on Wednesday, while truckers in Niamey were stranded by border closures - early signs of fallout from the bloc's sweeping sanctions that Tiani described as "illegal, unjust, and inhumane." "The task of restoring democratic governance in Niger is fraught with potential hurdles and complications," said General Christopher Musa, Nigeria's Chief of Defence and Chairman of the ECOWAS Defence Chiefs. In a further sign of the mounting pressure on the junta, the World Bank on Wednesday suspended disbursements to Niger until further notice. Niger is the world's seventh-biggest producer of uranium, the radioactive metal widely used for nuclear energy and treating cancer.

Persons: Mohamed Bazoum, Abdourahamane Tiani, Abdel, Fatau Musah, Christopher Musa, James, Bola Tinubu, Annalena Baerbock, Camillus Eboh, Felix Onuah, Christophe Van Der Perre, Ingrid Melander, Nellie Peyton, Alessandra Prentice, Alex Richardson, Nick Macfie, Grant McCool Organizations: Islamists, West African, West African States, ECOWAS, Political Affairs, Peace, Security, Defence, ECOWAS Defence Chiefs, REUTERS, British, World Bank, European Union, Islamic, Union, Thomson Locations: Niger, Abuja Niger, Islamists Mali, Burkina Faso, NIAMEY, ABUJA, West Africa, Mali, Guinea, Bissau, Nigerian, Abuja, Nigeria, Niamey, Nigeria's, Nigerien, disbursements, States, France, Italy, Paris, Rome, United States, Germany, al Qaeda, Islamic State

☆ West African bloc sends mission to Niger to negotiate with coup leaders
▼ + stars: | 2023-08-02 | by ( Camillus Eboh | ) www.reuters.com time to read: +5 min

Nigerien security forces prepare to disperse pro-junta demonstrators gathered outside the French embassy, in Niamey, the capital city of Niger July 30, 2023. The Economic Community of West African States (ECOWAS) has imposed sanctions on Niger and threatened to authorise the use of force if the coup leaders do not reinstate elected President Mohamed Bazoum within a week from last Sunday. "There is a need to demonstrate that we cannot only bark but can bite," he told reporters, as regional defence chiefs started a two-day meeting in the Nigerian capital Abuja. "The task of restoring democratic governance in Niger is fraught with potential hurdles and complications," said General Christopher Musa, Nigeria's Chief of Defence and Chairman of the ECOWAS Defence Chiefs. Niger is the world's seventh-biggest producer of uranium, the radioactive metal widely used for nuclear energy and treating cancer.

Persons: Mohamed Bazoum, Abdel, Fatau Musah, Abdulsalami Abubakar, Abubakar, Christopher Musa, Abdourahmane Tiani, Bazoum, James, Bola Tinubu, Annalena Baerbock, Charles, Camillus Eboh, Felix Onuah, Christophe Van Der Perre, Ingrid Melander, Nellie Peyton, Alex Richardson, Nick Macfie Organizations: REUTERS, Abuja Junta, Islamists, African, ECOWAS, West African States, Political Affairs, Peace, Security, Defence, ECOWAS Defence Chiefs, British, European Union, Reuters, Islamic, Union, Thomson Locations: Niamey, Niger, Abuja, Islamists Mali, Burkina Faso, NIAMEY, ABUJA, Nigerian, West Africa, Mali, Guinea, Bissau, Nigeria's, France, Italy, Paris, Rome, United States, Germany, al Qaeda, Islamic State

☆ Nigeria's Tinubu appoints investigator to probe central bank
▼ + stars: | 2023-07-30 | by ( ) www.reuters.com time to read: +1 min

[1/2] Nigeria's Central Bank Governor Godwin Emefiele briefs the media during the MPC meeting in Abuja, Nigeria January 24, 2020. REUTERS/Afolabi SotundeCompanies Tinubu Square Sa FollowABUJA, July 30 (Reuters) - Nigeria's President Bola Tinubu has appointed a financial watchdog to investigate the central bank, weeks after he suspended its governor, a copy of a letter from the president showed on Sunday. Tinubu on June 9 suspended Godwin Emefiele, who was then detained by state security agents for allegedly misappropriating funds and a "criminal breach of trust." In a letter dated July 28, Tinubu appointed the chief executive of Nigeria's Financial Reporting Council as special investigator of the Central Bank of Nigeria (CBN) and other government-owned entities. The investigator was to "provide a comprehensive report on public wealth currently in the hands of corrupt individuals and establishments."

Persons: Nigeria's Central Bank Governor Godwin Emefiele, Bola Tinubu, Tinubu, Godwin Emefiele, Dele Alake, Felix Onuah, MacDonald Dzirutwe, Christina Fincher Organizations: Nigeria's Central Bank Governor, MPC, REUTERS, Nigeria's, Central Bank of Nigeria, Thomson Locations: Abuja, Nigeria, ABUJA

☆ West Africa threatens force on Niger coup leaders, French Embassy attacked
▼ + stars: | 2023-07-30 | by ( ) www.cnbc.com time to read: +1 min

NIAMEY, NIGER - JULY 30: Coup supporters take to the streets after the army seized power in Niamey, Niger on July 30, 2023. (Photo by Balima Boureima/Anadolu Agency via Getty Images)West African nations imposed sanctions and threatened force on Sunday if Niger's coup leaders fail to reinstate ousted President Mohammed Bazoum within a week, while supporters of the junta attacked the French embassy in Niamey. At an emergency summit in Nigeria to discuss the coup last week, leaders of the Economic Community of West African States called for constitutional order to be restored, warning of reprisals if not. ECOWAS and the eight-member West African Economic and Monetary Union said that with immediate effect borders with Niger would be closed, commercial flights banned, financial transactions halted, national assets frozen and aid ended. Military officials involved in the coup would be banned from travelling and have their assets frozen, it added.

Persons: Balima Boureima, Mohammed Bazoum, Mahamat Idriss Deby, Bola Tinubu Organizations: Anadolu Agency, Getty Images, Economic, West, Nigerian, West African Economic, Monetary Union, Military Locations: NIAMEY, NIGER, Niamey, Niger, Niger's, Nigeria, States

Meanwhile, the black market for smuggled subsidised Nigerian fuel in Togo and neighbouring Benin and Cameroon has collapsed, further reducing demand for shipments via Nigeria. Average monthly West African (WAF) gasoline imports fell by 56% in the second quarter compared with the first, according to Refinitiv Eikon data. "The key point is demand from West Africa is drying up," said Refinitiv Lead Oil Analyst Raj Rajendran. There may simply be a baseline decrease in demand," said Sparta Commodities gasoline market analyst Philip Jones-Lux. The challenge is coming from the new refineries in the Middle East that are expanding from their traditional East Africa market to now include West Africa and beyond even to the Americas," Rajendran said.

Persons: Bola Tinubu, Jeremy Parker, Raj, naira, Philip Jones, Jones, Lux, Rajendran, Shadia, Barbara Lewis Organizations: Nigeria's, West, ARA, Reuters Graphics, Sparta Commodities, Thomson Locations: Africa, Nigeria, North America, West Africa, Europe, United States, Asia, Ukraine, Togo, Benin, Cameroon, Amsterdam, Rotterdam, Antwerp, Sparta, Mideast, Russia, European, East Africa

☆ Niger response: 'Washington has to thread a very difficult needle'
▼ + stars: | 2023-07-28 | by ( Jennifer Hansler | ) edition.cnn.com time to read: +9 min

CNN —The United States and its Western allies are faced with a difficult conundrum as they navigate potential responses to the military takeover in Niger if democratic rule is not restored. Experts told CNN that punitive measures could push Niger toward Russian mercenary groups like Wagner and away from its partners in the West. US officials have said there are no indications that the organization was involved in the military takeover. We don’t really know who this new general is” who has seized power, she told CNN. Felbab-Brown told CNN that Prigozhin is trying to “personally” take advantage, given his “precarious” place following his failed revolt.

Persons: Biden, Vedant Patel, John Kirby, Wagner, Yevgeny Prigozhin, ”, Cameron Hudson, ‘, Antony Blinken, Vanda Felbab, Brown, Bob Menendez, Jim Risch, Kirby, Mohamed Bazoum, Gen, Abdourahamane Tiani, Bazoum, “, ” Hudson, Kamissa Camara, Camara, Ibrahim Boubacar Keïta, We’re, ” Prigozhin, Vladimir Putin, “ It’s, Prigozhin, Putin, shouldn’t, ” Kirby, Blinken, United Nations Linda Thomas, Greenfield, Kamala Harris, Bola Tinubu, African Affairs Molly Phee, Hassoumi Massoudou, Mahamadou Issoufou “, Patel Organizations: CNN, US State Department, Nigerien, State Department, National Security Council, Experts, Center for Strategic, International Studies, Central African, West, Brookings, Senate Foreign Relations, Democratic, US Institute of Peace, Russian Foreign Ministry, African Union, Economic, West African States, United Nations, African Affairs, Nigerien Foreign, ” State Department Locations: United States, Niger, Russian, Africa, “ Washington, Sahel, Mali, Burkina Faso, Central African Republic, Niamey, “, Hudson, Russia, St . Petersburg, Moscow, Sudan, New Zealand, Nigeria

CNN —The leader of Niger has reportedly been seized by members of the presidential guard, triggering warnings from regional powers a coup is underway. They said heavily armed members of the Presidential Guard began assembling outside the Presidential Palace early on Wednesday morning. The journalist observed roughly twenty members of the Presidential Guard outside the palace complex later in the day. A statement on the presidency’s social media channels said President Mohamed Bazoum is “doing well.” CNN cannot verify the statement. Boureima Hama/AFP/Getty ImagesNigerian president Bola Tinubu – the current chair of ECOWAS – has also issued a statement condemning “unpleasant developments” in Niger.

Persons: Mohamed Bazoum, ”, Boureima, Bola Tinubu, –, Tinbu, Bazoum Organizations: CNN, West African States, “, Presidential Guard, Republic, Army, National Guard, “ ECOWAS, United States Africa Command, Reuters, Agence France, Presse, country’s Ministry of Defence, Ministry, Interior, la Republique, Agency, Getty Images, ECOWAS Locations: Niger, Niamey, ”, West, Republic, United, AFP, “, Rue, Boureima Hama, Republic of Niger, West Africa, France

A teacher in northern Nigeria walks three hours to school every day, no longer able to pay for a ride in a tuk tuk rickshaw. Bakers operate at a loss amid soaring flour prices. Workers in Lagos sleep overnight in their offices to avoid the prohibitive cost of commuting. Now the question is whether Nigeria, Africa’s most populous country, with 220 million people, will thrive or just get sicker from the bitter medicine dispensed by its new president. Gas stations tripled their prices overnight.

Persons: Bola Tinubu, Tinubu Organizations: Workers, Gas Locations: Nigeria, Lagos, Africa’s, Africa

☆ London judge orders confiscation of $130 mln from Nigerian ex-governor Ibori
▼ + stars: | 2023-07-21 | by ( Estelle Shirbon | ) www.reuters.com time to read: +3 min

Ibori, who is in Nigeria, said he would appeal against the confiscation order, one of the largest imposed on an individual in recent British legal history. Ibori was governor of oil-producing Delta State from 1999 to 2007 and was extradited from Dubai to Britain in 2011. Judge David Tomlinson, delivering the confiscation order at Southwark Crown Court, said Ibori should pay the sum immediately or face an eight-year jail sentence. Spokespersons for Nigerian President Bola Tinubu did not immediately respond to requests for comment on whether the Nigerian government would cooperate with the British authorities in enforcing the confiscation order. The confiscation process took over a decade after Ibori's conviction because of lengthy court delays and legal wrangling in London.

Persons: James Ibori, Ibori, David Tomlinson, Bola Tinubu, Helen Taylor, Felix Onuah, William Maclean Organizations: Delta State, Southwark Crown, Delta, Thomson Locations: Britain, Nigeria, Nigerian, London, Dubai, Southwark, Delta State, Ibori, Ibori's, Abuja

☆ Convicted Nigerian politician Ibori faces huge UK confiscation order
▼ + stars: | 2023-07-20 | by ( Estelle Shirbon | ) www.reuters.com time to read: +2 min

LONDON, July 20 (Reuters) - A London court should order the confiscation of more than 100 million pounds ($129 million) from Nigerian politician James Ibori, a convicted fraudster who spent years in prison in Britain, a state prosecutor told the court on Thursday. A former governor of oil-producing Delta State in southern Nigeria, Ibori was extradited in 2011 from Dubai to London, where he was charged with laundering a corruptly acquired fortune. He told Reuters by text message he planned to appeal against the confiscation order. In 2021, it returned 4.2 million pounds that had been confiscated from Ibori's ex-wife and his sister, who also served jail time for helping him launder money. ($1 = 0.7745 pounds)(This story has been corrected to say the judge made 'factual findings' not a 'confiscation order' after clarification from judge, in paragraph 6)Reporting by Estelle Shirbon; Editing by Alex RichardsonOur Standards: The Thomson Reuters Trust Principles.

Persons: James Ibori, fraudster, Ibori, David Tomlinson, Jonathan Kinnear, Bola Tinubu, Estelle Shirbon, Alex Richardson Organizations: Delta, Southwark Crown, Thomson Locations: Nigerian, Britain, Delta State, Nigeria, Dubai, London, Southwark, Ibori, Ibori's

☆ Nigeria to distribute grains, fertiliser to soften impact of rising fuel prices
▼ + stars: | 2023-07-20 | by ( Felix Onuah | ) www.reuters.com time to read: +2 min

The grain and fertiliser distribution will be through the central bank, the vice president's office said in a statement, adding that state governors have backed the plan. Last week, the Senate approved a request by President Bola Tinubu to borrow $800 million from the World Bank to help address rising fuel prices after stopping a popular but costly petrol subsidy in May. Nigerian petrol prices reached 617 naira ($0.78) per litre on Tuesday, the highest ever. Labour unions have criticised government's ending of the fuel subsidy without measures to mitigate rising prices. Nigeria, Africa's largest oil producer, imports almost all its refined fuel due to inadequate refining capacity and neglect of existing refineries.

Persons: Bola Tinubu, Tinubu, Felix Onuah, Chijioke Ohuocha, Cynthia Osterman Organizations: World Bank, Thomson Locations: ABUJA, Nigeria, Africa's

ABUJA, July 20 (Reuters) - Nigeria's naira traded at a record low of 860 per dollar on the black market on Thursday, according to traders, weakening below its official rate a month after the country devalued the currency and ahead of a central bank policy meeting next week. The naira has been swinging widely on the official market since the devaluation. It touched a new low of 853 naira per dollar on Wednesday, according to OTC market regulator, FMDQ Exchange. The currency closed at 742 naira against the dollar on the official market on Thursday, Refinitiv data showed. Dollar shortages on the official market have seen customers turning to the black market, helping to widen the gap between the spot rate and the black market, one trader said.

Persons: Nigeria's naira, Bola Tinubu, Elisha Bala, Andrew Cawthorne, John Stonestreet, Tomasz Janowski Organizations: FMDQ Exchange, Thomson Locations: ABUJA, Nigeria

☆ Fact Check-Macron and Tinubu photos altered to show Obi
▼ + stars: | 2023-07-12 | by ( Reuters Fact Check | ) www.reuters.com time to read: +1 min

The original photos depicted Nigerian President Bola Tinubu with Macron. However, photos spreading on social media purporting to show Macron beside Obi appear to have been altered, despite users sharing them as if authentic here and here . “Peter Obi with French President, Emmanuel Macron, at the Paris summit in France,” one post reads here . An online search for the images reveals they originally depicted the French President with Nigerian President Bola Tinubu at a State Banquet on June 22. Photos edited to show Peter Obi with Emmanuel Macron originally featured Nigerian President Bola Tinubu with the French president.

Persons: Emmanuel Macron, Peter Obi, Bola Tinubu, Macron, Obi, “ Peter Obi, ”, Tinubu, Tinubu’s, Nigeria’s, Read Organizations: Anambra State Governor, Macron, Twitter, Nigerian Tribune, Reuters Locations: Anambra, Nigeria, Paris, France

☆ Nigerian President Tinubu chosen as new West Africa bloc chief
▼ + stars: | 2023-07-10 | by ( Felix Onuah | ) www.reuters.com time to read: +1 min

ABUJA, July 10 (Reuters) - West African regional bloc ECOWAS has chosen Nigerian President Bola Tinubu as its new chairman at a time of deepening insecurity, including military coups and terrorism, in the region. West Africa has witnessed six successful military coups since 2020, marking a backslide of democracy in a region that had been seen to be making progress in shedding its "coup belt" moniker. Tinubu, who was voted in on Sunday and takes over from President Umaro Sissoco Embalo of Guinea-Bissau, called for swift action against insecurity including terrorism and coups in West Africa which he said had reached "alarming proportion." "On peace and security, the threat has reached an alarming level and needs urgent actions in addressing the challenges. Tinubu pledged to prioritise political stability, peace and security and regional economic integration in the 16-member ECOWAS.

Persons: Bola Tinubu, Umaro Sissoco, ”, Tinubu, Felix Onuah, Elisha Bala Organizations: African, ECOWAS, Thomson Locations: ABUJA, West Africa, Guinea, Bissau

☆ Nigeria's cost-of-living crisis is getting worse daily after an 'abrupt' fuel hike
▼ + stars: | 2023-07-07 | by ( Nimi Princewill | ) edition.cnn.com time to read: +9 min

“The hike in fuel price has caused a scarcity of passengers,” Hanwa, 50, added. “Before the hike in fuel price, Abuja to Kano was 5,500 ($7.26) but is now 8,500 ($11.22),” he said. Successive governments had carried on with fuel subsidy since its introduction in the 1970s but had also mooted deregulating the country’s oil sector. Along with soaring transport fares, food prices and costs for other essentials have skyrocketed across the country. Economist Bismarck Rewane agrees that halting fuel subsidy “makes economic sense,” but mentions that the saved proceeds from the scheme must be ploughed back into bettering the lives of Nigerians.

Persons: Hanwa, ”, ” Hanwa, Jume Hanwa, Nimi Princewill, Bola Tinubu, Tinubu, Usman Imam, “, Sam Amadi, ” Amadi, ” Fabian Grace, Grace, who’s, Fabian Grace, ” Grace, “ I’ve, I’m, Bismarck Rewane, ” Rewane Organizations: Nigeria CNN —, CNN, CNN Transport, National Petroleum Corporation, ” Travelers, Usman, Abuja School of Social Locations: Abuja, Nigeria, Nigeria’s, Nimi, Kano, Africa’s, Maraba, Nasarawa State, Edo State

☆ Analysis: Nigeria's Tinubu faces daunting hurdles after reform sprint
▼ + stars: | 2023-06-27 | by ( Macdonald Dzirutwe | ) www.reuters.com time to read: +6 min

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

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