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Meet Bandits’ Demand, Secure Abductees’ Release – Gumi To FG

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Popular Islamic cleric, Sheikh Ahmad Gumi, on Thursday in Kaduna said Nigeria was under the captivity of bandits.

Gumi spoke during a prayer session organized by Jama’iyyar Matan Arewa for the 62 kidnapped passengers of the Abuja-Kaduna train.

The prayer session, which attracted religious leaders from both the Muslim and Christian faiths, was held at the JMA headquarters in Kaduna.

Gumi, who led the Muslim prayer, assured the families of the kidnapped passengers that the prayers would make the captives feel a divine presence as God would comfort them.

The cleric urged the Federal Government to give to the bandits what their demands were in order for the victims who had spent over 40 days in their den to regain their freedom.

He said, “Whatever they (the terrorists) want, give it to them so that they can release these people and when they release them then, you are at the liberty, to deal with them the way they deserve because when they have captives, you have to tread with caution so that their captives will not be injured.

“When we pray, we pray for the whole nation because it is not only the families of the victims that are affected, the whole nation is under captivity. So we pray to God to release us from this captivity, release us from this oppression to unite this nation on the right path. This should be our prayer constantly until they are released.”

On his part, the Chairman of the Christian Association of Nigeria in  Kaduna State, Rev Joseph Hayab, tasked leaders to do the right thing and ensure the safe return of the victims.

“We do not have the power or the resources but we have a God who can do it. The challenge we have is that God has also instituted a leadership, and given leadership responsibility to do what is right, and that is why we hear people challenging leaders, we are not asking them for anything, we are telling them to do the right thing and just because we are talking to the government does not mean we want to topple the government, we just want them to do the right thing,” he said.

Earlier, the President of JMA, Rabi Saulawa, said the association decided to organise the prayer session to seek God’s intervention for the quick and safe return of the victims and peace of the country in general.

BIG STORY

Killing Of Soldiers Communally Orchestrated, We Won’t Retaliate — Nigerian Army

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The Nigerian Army says the killing of its personnel in Delta state was “communally orchestrated” by residents of the Okuoma community.

A lieutenant colonel, two majors, a captain, and thirteen soldiers were among the seventeen military personnel that perished last Thursday while participating in a “peacekeeping mission” in Okuoma, Bomadi LGA of Delta.

The federal and state administrations in Delta had denounced the event and vowed to hold those responsible for it accountable.

Some hours after the incident, several houses in the community were reportedly on fire.

In a statement on Monday, Onyema Nwachukwu, spokesperson of the Nigerian Army, said the Delta community resorted to “media propaganda and shenanigans” instead of “engaging in a positive effort to fish out the perpetrators of this heinous crime”.

Nwachukwu said the falsehood being peddled is to “whip up sentiments and sway the public to endorse” the murder of the military personnel.

The army spokesperson said no degree of propaganda would “arm-twist the narrative”, adding that the community is “complicit” in the killing.

“These were troops committed to peace and security of lives and property of citizens and non-citizens alike in the Niger Delta Region, murdered in cold blood by an armed youth gang of Okuoma Community in the most gruesome, heartless, and cruel manner, and went ahead to sacrilegiously debase their remains by ripping out their hearts by the very people they were there to protect,” the statement reads.

“Regrettably, the community complicit in this dastardly act has resorted to media propaganda and shenanigans, rather than engage in a positive effort to fish out the perpetrators of this heinous crime.

“This is again a clear indication that the murder of the troops was a communally orchestrated attack against legitimate forces.

“The falsehood being peddled by these criminals and their cohorts to whip up sentiments and sway the public to cover up, endorse, or support the outrageous criminal acts of their armed youth gang.”

Nwachukwu said “there will be no reprisal on the part of the troops” while urging residents to continue with their legal activities.

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Nigerian Army Releases Images Of Officers Killed In Delta Community [PHOTO]

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The Nigerian Army has published the names and pictures of the 17 soldiers killed recently in a Delta state community.

Last Thursday, 17 military personnel, comprising a lieutenant colonel, two majors, one captain, and 12 soldiers, were killed while on a “peacekeeping mission” in Okuoma, Bomadi LGA of Delta.

The Delta state and federal governments had condemned the incident while promising that perpetrators would face the wrath of the law.

Some hours after the incident, several houses in the community were reportedly on fire.

In a statement released on Monday, the Nigerian Army said the killing was masterminded by members of the community, noting that the troops would not retaliate.

Below is the list of names and ranks of the soldiers killed:

 

Name                                   Rank

1. AH Ali                       Lieutenant Colonel (Commanding officer, 181 Amphibious Battalion)

2. SD Shafa                  Major

3. DE Obi                     Major

4. U. Zakari                 Captain

5. Yahaya Saidu         Staff Sergeant

6.  Yahaya Danbaba   Corporal

7. Kabiru Bashir          Corporal

8. Bulus Haruna         Lance Corporal

9. Sole Opeyemi         Lance Corporal

10. Bello Anas             Lance Corporal

11. Hamman Peter     Lance Corporal

12. Ibrahim Abdullahi   Lance Corporal

13. Alhaji Isah               Private

14. Clement Francis     Private

15. Abubakar Ali            Private

16. Ibrahim Adamu  Private

17. Adamu Ibrahim     Private

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Foreign Reserves Hit Nine-Month High Amid Economic Optimism, Buildup Positive Multipliers

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Nigeria’s foreign exchange (forex) reserves, over the weekend, reached their highest level in nine months as expectations that the country’s ongoing fiscal and monetary authority reforms would support steady forex management and price stability grew.

After rising steadily for the previous month, total reserves increased by almost $209.9 million to conclude the weekend at $34.416 billion, the highest level in nine months. The previous record high, reached on June 20, 2023, was $34.449 billion.

The nation’s forex reserves have risen by $1.50 billion so far this year in a steady build-up that has eased volatility in the currency market and reinforced monetary reforms.The reserves had closed 2023 at $32.912 billion.

Experts agreed that the steady recovery in forex reserves has several positive implications for the economy.

“The naira will appreciate in the forex market. The exchange rate will stabilise. Inflation rate is most likely to moderate given the exchange rate pass-through to commodity prices,” President, Association of Capital Market Academics in Nigeria, Prof Uche Uwaleke, said.

Data by the Central Bank of Nigeria (CBN) indicated average crude oil price at $88.84 per barrel. Global reports showed that benchmark Brent crude rose by 3.2 percent to close weekend at about $84.71 per barrel.

With the lingering crises in Middle East and Eastern Europe amid elevated oil demand, most analysts expected crude oil price to remain substantially above Nigeria’s budget benchmark of $77.96 per barrel.

The International Energy Agency (IEA), in its latest report, increased its global crude oil demand projection for 2024 by 1.3 million barrels per day (mbpd) to 103.2mbpd. IEA estimated that extended output cuts by Organisation of the Petroleum Exporting Countries (OPEC) and its affiliates (OPEC+) would continue to moderate supply output, keeping off any major downside volatility.

OPEC+ members had two weeks ago extended their voluntary production cuts of 2.2mbpd into the second quarter of 2024, with expectation of further extension beyond the first half.

Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, last week indicated that the country’s oil production has risen to 1.65mbpd, from some 1.25mbpd in June 2023.

OPEC had recently reported that Nigeria’s crude oil production rose to 1.476 mbpd in February 2024, an increase of 47,000 barrels on 1.429 mbpd recorded in January 2024. The data was based on secondary market intelligence sources surveyed by the organisation.

“According to secondary sources, total OPEC-12 crude oil production averaged 26.57 mb/d in February 2024, 203 tb/d higher, mo- m. Crude oil output increased mainly in Libya and Nigeria, while production in IR Iran and Iraq decreased,” OPEC stated in its Monthly Oil Market Report.

The Federal Government’s N28.78 trillion 2024 budget is premised on 1.78mbpd daily oil production, $77.96 oil benchmark price, exchange rate of N800 per dollar and GDP growth rate of 3.88 percent.

Oil sector and currency management reforms are two of President Bola Tinubu’s administration’s economic blueprint. A multi-stakeholders reform agenda involving the Ministry of Finance, security services, Nigerian National Petroleum Company Limited and the CBN has seen a steady improvement in crude oil management and accountability.

In its latest macroeconomic assessment report, the International Monetary Fund (IMF) had sounded upbeat on the Nigeria’s macroeconomic reforms citing the improvement in oil production, ongoing efforts to boost food production and social welfare programmes among others.

Governor, Central Bank of Nigeria (CBN), Dr Olayemi Cardoso, has outlined that ongoing efforts to strengthen the country’s forex position would lead to increased stability in forex reserves and naira.

According to him, the collaboration with Ministry of Finance and the NNPCL to ensure that all forex inflows are returned to the CBN will greatly enhance forex flows and contribute to the accretion of reserves.

“The expected stability in the foreign exchange market for 2024 can be attributed to the reduction in petroleum product imports and the recent implementation of a market-determined exchange rate policy by the CBN. This reform is designed to streamline and unify multiple exchange rates, fostering transparency and reducing opportunities for arbitrage. The resulting consistent and stable exchange rate will not only boost investor confidence but also attract foreign investment, elevating Nigeria’s appeal to global investors.

“We are implementing a comprehensive strategy to improve liquidity in our forex markets in the short, medium, and long term. Our focus is on addressing fundamental issues that have hindered the effective operation of our markets over the years,” Cardoso said.

He pointed out that the apex bank understands that upholding the integrity of financial markets is crucial for building confidence, thus it remains committed to decisively address any infractions and abuses.

He noted that in efforts to stabilise the exchange rate, the CBN prioritises transparency and a market environment that enables the fair determination of exchange rates, ensuring stability for businesses and individuals alike.

“We believe that the naira is currently undervalued and, coupled with coordinated measures on the fiscal side, we will expedite genuine price discovery in the near term. This coordinated approach will contribute to a more balanced and stable exchange rate,” Cardoso said.

Finance and economy experts were unanimous that the buildup in external reserves was a good indication for the country’s currency management and macroeconomic stability.

Analysts expected that changes in forex management rules, steady improvement in crude oil production and upbeat in global oil price could help the country mitigate its volatile forex situation.

Managing Director, Arthur Steven Asset Management, Mr. Olatunde Amolegbe, said the continuing increase in forex reserves will support government’s current efforts aimed at fostering liquidity and stability at the forex market.

“The increase is a positive signal for improved liquidity in the forex market. This should ultimately help to stabilize the exchange rate of the naira or even strengthen it against the dollar if the increase is steady and consistent,” Amolegbe said.

Uwaleke said any increase places the CBN in a stronger position to meet forex obligations as well as intervene in the forex market.

“If this development is sustained, we are likely to witness an appreciation of the naira in the forex market and more stability in the exchange rate following improved liquidity. This is one positive development capable of keeping away destructive speculators from the forex market,” Uwaleke said.

He explained that the increase could be due to increase in oil revenue as a result of the rise in crude oil price and the recent increase in crude oil production.

He added that the external reserves could also increase if the government has received any of the concessional loans it has negotiated with the World Bank.

Uwaleke however said Nigeria needs to curb excessive import dependence to support its forex recovery.

“It goes without saying that export- base diversification remains the only sustainable solution to the present forex crisis,” Uwaleke said.

According to him, to curb the demand pressure, government should compel a change in consumption behaviour by enacting a ‘Buy Nigeria law’ akin to the ‘Buy America Act’ of 1933 and recently the ‘Build America, Buy America Act’ of 2021.

“Also, Nigeria’s import data support revisiting and scaling up the CBN’s currency swap deal with the Peoples Bank of China. Given that the bulk of Nigeria’s imports are from China, it stands to reason, therefore, to explore ways of bypassing the dollars and settling these transactions in the Yuan. This was the idea behind the currency swap with China which was largely inadequate in size. In order to increase the stock of Yuan in our external reserves, Nigeria can issue panda bonds, which are bonds denominated in the Chinese Yuan and are considered cheaper than Eurobonds,” Uwaleke said.

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