Nigeria launches first multilingual LLM trained in local languages

The Nigerian government has launched the country’s first multilingual large language model (LLM) that will reflect its diversity and play a major role in its national artificial intelligence (AI) strategy.

Communications, Innovation and Digital Economy Minister Bosun Tijani announced the new LLM at the National Artificial Intelligence Strategy Workshop.

The new LLM will be trained in five “low-resource local languages and accented English to ensure stronger language representation in existing datasets for the development of artificial intelligence solutions.”

The language model is the product of a partnership between the government and the private sector. Awarritech, a local AI firm, and Data.org, a global data democratization initiative by Mastercard (NASDAQ: MA) and the Rockefeller Foundation, represent the private sector. The National Information Technology Development Agency (NITDA) and National Centre for Artificial Intelligence and Robotics (NCAIR) represented Nigeria’s government in the development of LLM.

Additionally, the government relied on over 7,000 fellows from its 3MTT Nigeria program, which targets 3 million graduates who are fully proficient in technical courses, from AI and cybersecurity to cloud computing and machine learning.

One of the greatest challenges facing AI is bias. While policies can help reshape AI to be more inclusive, diversity in AI input will have a greater impact. One key solution is to develop localized LLMs that incorporate language and cultural nuances, resulting in AI that promotes connections globally.

In addition to the new LLM, Tijani announced the launch of the Nigeria AI Collective, a community of industry players pushing for AI development.

“We are inviting AI researchers, practitioners, academia, government, civil society organisations, startups, entrepreneurs, students and AI enthusiasts in general to join the collective to harness the power of artificial intelligence,” the minister said.

Tijani further relaunched the NCAIR, a subsidiary of NITDA focused on developing the two sectors.

By Steve Kaaru, CoinGeek

Former aviation minister of Nigeria arrested for money laundering

Nigeria's former aviation minister, Hadi Sirika, is expected to be arraigned in an Abuja court next week after being arrested earlier this week by the country's corruption watchdog in connection with fraud and money laundering allegations involving NGN8 billion naira (USD6.4 million). He was reportedly also questioned about the controversial Nigeria Air (NWB, Lagos) project.

According to local news reports, Sirika was detained on April 23 and remained in custody while being questioned by the Economic and Financial Crimes Commission (EFCC) in Abuja, which was preparing charges against him.

As first reported by the newspaper The Punch, the investigation focuses on contracts Sirika allegedly approved during his tenure as aviation minister for Engirios Nigeria Limited, owned by his brother Abubakar Sirika, also a deputy director at the Federal Ministry of Water Resources.

The contracts included the construction of a terminal building at Katsina Airport in August 2022 for NGN1.35 billion (USD1.1 million); a fire-truck maintenance centre at the same airport in November 2022 for NGN3.8 billion (USD3.1 million); the procurement of lifts and other equipment for the Abuja office of the Nigerian Civil Aviation Authority (NCAA) in February 2023 for NGN615 million (USD498,000); and procurement of Magnus Aircraft for pilot training and a simulator for the Nigerian College of Aviation Technology in the city of Zaria in May 2023 for NGN2.2 billion (USD1.8 million).

It is alleged that at least NGN3.2 billion (USD2.6 million) was paid to Engirios Nigeria Limited, which then transferred the funds to various entities.

The EFCC started investigating Sirika in February 2024 concerning allegations of conspiracy, abuse of office, diversion of public funds, and contract inflation during his time in office between August 22, 2019 and May 29, 2023. The Punch revealed that Abubakar Sirika was arrested on February 4 and has been assisting the commission in its probe.

An unnamed source close to the investigation told the newspaper that Hadi Sirika was also being questioned about the controversial Nigeria Air project but gave no further insight. The EFCC is probing the proposed joint venture between a consortium led by Ethiopian Airlines and the previous government of Muhammadu Buhari. The consortium won a tender process run by the state-owned Infrastructure Concession Regulatory Commission (ICRC). However, Nigeria Air's certification process was suspended in November 2022 after private airlines under the mantle of the Airline Operators of Nigeria (AON) lobby group won an interim court interdict against its further establishment, followed by legal to-and-fros about the jurisdiction of the case.

Sirika in particular came under public fire after he approved a publicity charter flight operated by Ethiopian Airlines bearing Nigeria Air branding shortly before the government left office. After taking office in August 2023, new Aviation and Aerospace Development Minister Festus Keyamo suspended the Nigeria Air venture pending the outcome of the EFCC investigation.

By Hilka Birns, chi-aviation 

Video - Nigeria government directs crude oil be sold to domestic refineries first

Nigerian authorities introduced new regulations to enable domestic refineries to pay for crude supply from oil producers in the country in the local currency. The government also introduced a new directive requiring producers to first sell crude oil to local refineries. The actions will hopefully reduce Nigeria's dependence on imported petrol products.

CGTN

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Dangote refinery supplies petroleum products to local market in Nigeria

 

 

Nigeria seeking up to $2.25 bln in World Bank loans

Nigeria is seeking up to $2.25 billion in World Bank loans and expects the bank's board to approve the request in June, the government said in a statement following the IMF/World Bank spring meetings in Washington, D.C.

Nigeria also aims to issue diaspora bonds later this year to attract much-need foreign exchange into the country, Finance Minister Wale Edun said in the statement.

The World Bank loans would comprise $1.5 billion in development policy financing and $750 million in programme-for-results financing, the statement said, adding the bank would meet in June to consider final approval of the package.

The World Bank did not immediately comment on the statement.

Nigeria, typically Africa's largest oil exporter, has faced a shortage of foreign exchange that pushed its naira currency to record lows versus the U.S. dollar this year, though it has since rebounded.

President Bola Tinubu also inherited an economy saddled with record debt, high unemployment and large central bank financing, though Edun, in an interview with Reuters last week, said the government had halved federal borrowing from the central bank.

By Maxwell Akalaare Adombila, Reuters

Analysts skeptical about improvement of local crude refining in Nigeria

Nigeria has been Africa’s largest or second-largest oil exporter for years, but relies heavily on imports to meet local energy needs. The government is trying to change that, saying the country’s four moribund oil refineries will be revived and put back in operation.

This week, authorities also announced a new policy that oil producers must sell a share of their crude oil to local refiners before they are permitted to export crude.

Nigeria’s petroleum regulatory commission announced the new Domestic Crude Oil Supply Obligation (DCSO) during a meeting with industry players. It's part of an amendment to Nigeria’s Petroleum Industry Act of 2021.

Under the policy, Nigerian oil producers are allowed to export crude only after meeting their supply obligations to local refiners.

The measure will take effect in the second half of the year, but it does not specify what quantity of crude must be supplied to local refineries.

Authorities said the objectives of the guideline are to bolster Nigeria’s refining capacity, improve the oil industry and earn foreign exchange.

Public affairs analyst Jaye Gaskiya said it was the right move. "In the current situation globally, this is actually going to turn out much more beneficial to both the producers and refiners in the country," Gaskiya said. "Essentially this is designed to ease the problem of supply to the local refineries so that they don't become redundant. The second thing is that it is also designed in such a manner to ease the pressure on the naira," which is the currency of Nigeria.

According to the regulations, payments for crude to domestic refiners can be made in dollars, naira or a combination of both.

Nigeria relies heavily on imports to meet the population’s energy needs. Analysts say refining crude oil locally could reverse this trend.

But oil and gas analyst Toyin Akinosho said he had concerns.

"In principle, I do not have a problem with it, but we need to be very careful about the foreign exchange implications and also the volumes that are going out," he said. "My challenge has always been, if you are overzealous about certain regulations, you can burn your fingers. In an era of very low forex [currency trading] and this being the major avenue for inflow into the country, you have to find a way of managing it."

The new measure includes penalties for oil producers who divert crude oil or refiners who fail to meet payment obligations.

But Gaskiya said there were some loose strings to the rule.

"The regulation says it is on the basis of willing buyer and willing seller, and that's quite tricky," Gaskiya said. "A situation where you have the suppliers, for instance, being unwilling, what are you then going to do as the regulator? So those are the things that the regulator needs to be on the lookout for."

The refineries in Nigeria, including the latest one built by Africa's richest man, Aliko Dangote, will have a combined processing capacity of 650,000 barrels of crude oil per day when rehabilitated.

While experts have doubts the new guidelines will be effective, authorities are optimistic Nigeria is getting closer to its goal of having a self-sufficient energy sector.

By Timothy Obiezu, VOA 

Related story: Dangote refinery supplies petroleum products to local market in Nigeria

Libya overtakes Nigeria as Africa's largest oil producer

Nigeria strikes deal with Shell to supply $3.8 bln methanol project

Nigeria has struck a deal for Shell to supply gas to its proposed $3.8 billion Brass methanol facility, resolving a major hurdle to a final investment decision on the project, the minister of state for gas said on Thursday.

Nigeria, which holds Africa's largest natural gas reserves of more than 200 trillion cubic feet, has struggled to tap the commodity due to capital constraints and a lack of infrastructure.

Minister Ekperikpe Ekpo said in a statement that the Gas Supply and Purchase Agreement, crucial for the Brass methanol project, will be executed next month following successful talks with Shell's Nigeria CEO and executives from other companies involved.

The GSPA will secure a long-term gas supply from a Shell-operated joint venture for the methanol production facility that will be built on Brass Island in the oil-rich coastal Bayelsa state.

"The NNPC/Shell joint venture partners are now fully committed to uninterrupted gas supply for the development of the Brass Methanol project," Ekpo said.

"Mr President is very passionate about this project and wants something positive to happen in respect of the Brass Methanol project before the end of May this year," Ekpo said.

The project includes a gas processing plant, a methanol production and refining site, and product export facilities.

By Camillus Eboh, Reuters

Related story: Amnesty International says Nigeria must stop Shell Niger Delta business sale

 

Nigeria says no record of child deaths from recalled J&J cough syrup

Nigeria's drug regulator has no record of children dying or falling ill from exposure to a batch of cough syrup made by Johnson & Johnson in South Africa that was recalled last week, a senior official said on Tuesday.

Nigeria's National Agency for Food and Drug Administration and Control (NAFDAC) announced the recall after laboratory tests found an unacceptably high level of diethylene glycol, which is toxic to humans, prompting regulators in five other African countries to also issue recalls.

South Africa's drug regulator said on Tuesday that there was no record of adverse reactions in South Africa or anywhere in the world to the two batches of Benylin Paediatric Syrup it recalled.

It said it was conducting tests and investigations, as was manufacturer Kenvue, which now owns the brand after a spin-off from J&J last year.

"We hope to finalise these soon," the South African Health Products Regulatory Authority told Reuters.
Consuming diethylene glycol can result in acute kidney failure. The substance has been linked to deaths of dozens of children in Gambia, Uzbekistan and Cameroon since 2022 in one of the world's worst waves of poisoning from oral medication.

Fraden Bitrus, NAFDAC's director of pharmacovigilance, told Reuters the regulator had been testing cough syrups in response to those deaths, not because of any specific report of harm to children in Nigeria.

"We sampled a number of products. Some failed and some passed. This particular product had been sampled earlier, but we were not thinking of diethylene glycol, and because of this, we decided to test the product again," he said.

The recalled batches of syrup were made by J&J in South Africa in May 2021. Asked whether J&J was working with Kenvue to investigate what had gone wrong, Joe Wolk, chief financial officer of J&J, told Reuters: "This is just with Kenvue at this point."

Kenvue has said it is working with health authorities to determine next steps.

In addition to Nigeria and South Africa, regulators in Kenya, Tanzania, Rwanda and Zimbabwe have recalled the same batch of Benylin Paediatric Syrup.

By Ope Adetayo and Bhargav Acharya, Reuters 

Related story: Nigeria recalls J&J children's cough syrup over toxic substance

Video - Concerns over electricity rate hike in Nigeria

An increase in electricity prices by nearly three times has sparked a backlash in Nigeria. The decision to remove electricity subsidies is part of President Bola Tinubu's reform drive to ease pressure on the economy as the government targets up to 2.6 billion U.S. dollars from the subsidy removal.

CGTN

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Amnesty International says Nigeria must stop Shell Niger Delta business sale

More than 40 civil society organisations call for proposed sale to be blocked as it risks worsening human rights abuses

Deal appears to fall far short of several regulatory and legal requirements

There have been hundreds of oil spills from Shell infrastructure in the Niger Delta during its decades of operation

‘There’s a substantial risk Shell will walk away with billions of dollars, leaving those already harmed facing continued abuse’ - Isa Sanusi

The proposed sale of Shell’s onshore oil business in the Niger Delta region of southern Nigeria risks worsening human rights abuses and should be blocked by the Government unless a series of safeguards are put in place, a group of 40 civil society organisations including Amnesty International said today.

In an open letter to the Nigerian industry regulator, the signatories said the sale of Shell Petroleum Development Company to Renaissance Africa Energy should not be allowed to proceed unless the environmental pollution it caused has been fully assessed, it provides sufficient funds to guarantee clean-up costs, and local communities have been fully consulted.

The letter highlights how the deal appears to fall far short of several regulatory and legal requirements including the apparent lack of an environmental study to assess clean-up requirements, and an evaluation to ensure sufficient funds are set aside for potential decommissioning of oil infrastructure - a sum likely to amount to several billions of US dollars.

It also notes the lack of an inventory of the physical assets being sold, which potentially indicates the state of disrepair of pipelines and infrastructure that caused leaks which have frequently had devastating consequences on local people’s health and wellbeing.

Isa Sanusi, Amnesty International’s Nigeria Director, said:

​“There is now a substantial risk Shell will walk away with billions of dollars from the sale of this business, leaving those already harmed without remedy and facing continued abuse and harms to their health.

​“Guarantees and financial safeguards must be in place to immediately remedy existing contamination and to protect people from future harms before this sale should be allowed to proceed.

​“Shell must not be permitted to slip away from its responsibilities for cleaning up and remedying its widespread legacy of pollution in the area.”

​Olanrewaju Suraju, chairman of Human and Environmental Development Agenda , commented:

“Shell’s operations in the Niger Delta over many decades have come at the cost of grievous human rights abuses of the people living there. Frequent oil leaks from its infrastructure and inadequate maintenance and clean-up practices have left groundwater and drinking water sources contaminated, poisoned agricultural land and fisheries, and severely damaged the health and livelihoods of inhabitants.”

Hundreds of oil spills

There have been hundreds of oil spills from Shell infrastructure during the decades it has been operating in Nigeria.

​Renaissance Africa Energy is a consortium consisting of ND Western Limited, Aradel Holdings Plc, FIRST Exploration and Petroleum Development Company Limited, the Waltersmith Group and the Petrolin Group.

The letter with a full list of signatories is available here. 

Amnesty International

Related story: Video - Challenges arise as Shell plans exit from Nigeria

Libya overtakes Nigeria as Africa's largest oil producer

Libya overtook Nigeria as the top African crude oil producer for March, data from the Organization of Petroleum Exporting Countries (OPEC) has shown. According to the April 2024 Monthly Oil Market Report (MOMR), Libya recorded 1.236 million barrels per day (bpd) of crude production in March, up from 1.173 million bpd in February.

Meanwhile, Nigeria recorded an output of 1.23 million barrels per day in March 2024, compared to 1.32 bpd in February 2024. Despite the drop in output by 6.8 per cent, Nigeria retained its leadership position on the continent, producing 1.398 million bpd, while Libya produced 1.161 million bpd during the period.

“According to secondary sources, total OPEC-12 crude oil production averaged 26.60 mb/d in March 2024, 3 tb/d higher, m-o-m. Crude oil output increased mainly in IR Iran, Saudi Arabia, Gabon, and Kuwait, while production in Nigeria, Iraq, and Venezuela decreased.”

According to direct communications from OPEC, the recent drop in the country’s crude production can be attributed to a surge in pipeline vandalism and crude oil theft incidents in its oil-producing region.

Experts weighed in, saying that this has led to a decline in business activity and subdued consumer spending, high input-cost inflation, and lower employment levels compared with the previous year.

In other news, the Dangote oil refinery in Nigeria has started supplying petroleum products to the local market, a major step in the country's journey towards energy self-sufficiency. Devakumar Edwin, an executive at Dangote Group, confirmed the arrival of diesel and jet fuel shipments in the local market.

Abubakar Maigandi, head of the Independent Petroleum Marketers Association of Nigeria, also said that local oil marketers reached an agreement on the price of diesel at 1,225 naira ($0.96) per litre following a bulk purchase deal. Maigandi noted that the association's members oversee about 150,000 retail stations throughout Nigeria. 

By Victor Oluwole, Business Insider Africa

Related story: NNPC faces $3 billion backlog on petrol payments

Consumers in Nigeria upset at electricity rate hike

A sudden hike in electricity rates in Africa's most populous country, Nigeria, has sparked a backlash.

Until now, Jude Okafor has spent an average $25 on electricity to run a frozen fish and meat business that he started in 2021. But since last week, when the government announced a rate hike of nearly 300 percent for electricity, Okafor says running his business has been tough.

"There is no escape. Light has gone high, fuel has gone high. And for a businessman, there's no way we can cope with that,” Okafor said. “If there's no light or fuel to ice our fish, what are we going to do? Our business is running down. This is [a] first-class act of wickedness."

The Nigerian Electricity Regulatory Commission (NERC) announced the price change last Wednesday and said only its bigger power consumers, about 15 percent overall, would be affected by the subsidy cut.

Authorities said consumers in that category enjoy up to 20 hours of electricity a day and that the rate hike was only fair to customers who receive fewer hours of light.

The decision to remove electricity subsidies is part of President Bola Tinubu's reform drives to ease pressure on the economy.

Authorities argue that state-controlled electricity rates are too low to attract new investors or allow distribution firms to recover their costs, leaving the sector with huge debts.

Economic analyst Ogho Okiti says the government’s move is a good one.

"The government is not able to pay those subsidies on time, and because they're not able to [pay] them on time, gas companies are withdrawing their gas supplies,” Okiti said. “The timing is right. I think the government had waited till April to do this because they expect power supply to improve from now because of [the] rainy season."

But the decision is being criticized by many, including businesses, manufacturers and workers' unions.

This week, the Abuja chapter of the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture, or NACCIMA, said the decision would threaten the survival of many thousands of businesses already struggling to cope with soaring inflation.

"First of all, the timing is wrong,” said Dele Oye, national president of the NACCIMA. “We all know that electricity is underpriced, but to some extent, there must be some level of subsidy. There's nowhere in the world where there's no subsidy. We cannot compete if we have to pay everything at market value when we don’t see market value service from the government. We do our roads. We do our security as investors."

Nigeria last revised electricity rates four years ago. Authorities say the country could save up to $2.6 billion from the subsidy removal.

But a similar reform applied on petrol last year worsened a cost-of-living crisis for many Nigerians after the annual rate of inflation rose to more than 30 percent — its highest level in three decades.

Critics will be watching to see how this newest subsidy removal unfolds.

By Timothy Obiezu, VOA

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Video - Nigeria suffers from most power cuts in the world

Nigeria recovers $24m in poverty minister Betta Edu investigation

Nigeria has recovered 30bn naira ($24m; £19m) as part of an ongoing corruption probe into a suspended minister, the financial watchdog says.

The funds were traced to more than 50 bank accounts, it said.

Humanitarian Affairs and Poverty Alleviation Minister Betta Edu was initially suspended in January over the alleged diversion of $640,000 of public money into a personal bank account.

President Bola Tinubu then ordered an investigation into her ministry.

At the time Dr Edu, 37, denied any wrongdoing. Her office said she had approved the transfer into a personal account, which was not in her name, but said it was for the "implementation of grants to vulnerable groups".

The Economic and Financial Crimes Commission (EFCC) said during its nearly six weeks of investigating so far, it had found "many angles" to examine.

"As it is now, we are investigating over 50 bank accounts that we have traced money into. That is no child's play. That's a big deal," its chairman Ola Olukoyede said in the latest edition of the agency's monthly e-magazine, EFCC Alert.

He urged Nigerians seeking redress to give the agency time to finish its probe thoroughly.

"We are exploring so many discoveries that we have stumbled upon in our investigation. If it is about seeing people in jail, well let them wait, everything has a process to follow," he said.

The EFCC chairman gave an assurance that the recovered funds were "already in the coffers of the federal government".

The suspension of a minister is a rare occurrence in Nigeria.

By Gloria Aradi, BBC

Related story: President Tinubu suspends humanitarian minister in corruption scandal

Nigerian govt unveils mobile app to track MDAs’ performance

The Federal Government of Nigeria has launched a mobile application that allows citizens to track the activities and performance of ministries and government agencies using their deliverables and key performance indicators.

The mobile application, which is tagged: “Citizens’ Delivery Tracker,” was unveiled by the office of the Special Adviser to the President on Policy and Coordination and Head of the Central Coordination Delivery Unit (CDCU), Hadiza Usman, at Transcorp Hilton, Abuja, on Monday, 8 April.

Ms Usman said the new application is an upgraded version of the previous Delivery Tracker, which would provide a strong feedback loop between the government and the people.

Ms Usman speaks

According to her, the CDCU aims to build public trust in the government and promote transparency and accountability at all levels with the delivery tracker.

“In arriving at the deliverables and key performance indicators, the CDCU, supported by development partners and consultants, held numerous bilateral meetings with all the Ministers, Permanent Secretaries, and their respective technical teams over six weeks.

“The bilateral sessions looked at the mandate of the respective ministries in line with the Presidential Priority Areas and arrived at the final deliverable and KPIs,” she said.

Ms Usman listed some of the areas of priority including reforming the economy to deliver sustained inclusive growth; strengthening national security for peace and prosperity; boosting agriculture to achieve food security, and unlocking energy and natural resources for sustainable development.

Others are to enhance infrastructure and transportation as growth enablers; focus on education, health, and social investment as essential pillars of development; accelerate diversification through industrialisation, digitisation, creative arts, manufacturing, and innovation, and improve governance for effective service delivery.

The presidential aide also noted that the CDCU would ensure that data and information released on the app to the public are accurate and credible.

She added: “We are working to ensure that people cannot decline, dodge, or dispute our data. So, we are looking to have data from the NBS and work in collaboration with MDAs to ensure accuracy.

“Part of citizen engagement is for citizens to point out our errors, allowing us to query our own data whether credible or not.

“We are trying to strengthen the NBS’ capacity to ensure credibility. So, that means anything outside of the approved government data will not be recognised. The government needs to invest in data, recognise the need for data integrity, and hold on to that”.

She said the platform is currently available as a web link on the CDCU website and will soon be available as an app for download.

By Beloved John, Premium Times

Related story: Video - AI-powered phone helps Nigerians with visual impairment access information

NNPC faces $3 billion backlog on petrol payments

Nigeria's state-oil company NNPC owes around $3 billion to fuel traders for imported petrol, three sources told Reuters, as the tumbling naira currency and rising global fuel prices have increased the effective subsidy it is paying.

The payment backlog is a blow to the government's efforts in Africa's largest economy to shore up its strained finances by curbing costly energy subsidies.

"They are paying, but it's slow," one of the sources with knowledge of the matter said. Five sources said that NNPC - the country's main importer of petrol - was taking more than 130 days to make the payments instead of within 90 days.

An NNPC spokesperson said the company was "not aware of any such debt nor any financial issues of such magnitude".

"Our focus remains on sustaining sufficiency in the supply of petroleum products in Nigeria," the spokesperson said.

NNPC's suppliers, including international traders like Vitol, Mercuria and Gunvor as well as Nigeria-based trading houses, are still supplying fuel, the sources said. They declined to be named because they are not authorised to speak to the media. The trading firms declined to comment.

But the payment delays underscore the creeping return of fuel subsidies - scrapped in May 2023 - that sap NNPC's cash for imports and what it can send to President Bola Tinubu's government.

Nigeria had subsidised fuel for years to keep pump prices affordable, but Tinubu removed them as part of wider reforms, allowing prices to triple. Petrol consumption fell by around 30% as higher prices curbed smuggling to neighbouring countries.

In June, the government capped pump prices at a nationwide average of 617 naira per litre as Nigerians grappled with punishing inflation.

"It's hard to overstate the significance of fuel subsidies for the administration," said Clementine Wallop, director for sub-Saharan Africa at political risk consultancy Horizon Engage.

"It was subsidy removal and exchange rate reform that had investors and lenders initially positive about his administration, and it was their removal Tinubu hoped would give his team the ability to spend in the many other areas that need funding."

Nigeria is almost wholly reliant on fuel imports due to years of mismanagement and under-investment at state-owned oil refineries.

QUEUES AND BACKLOG OF BILLS

Last week, motorists queued for petrol across Nigeria's commercial capital Lagos, due to a shortage of fuel from depots. Clement Isong, head of the Major Oil Marketers Association (MOMAN), said logistical issues over Easter caused the constraints, which would soon abate.

Oil industry sources said rising global gasoline prices and a weaker naira had also impacted NNPC's ability to import.

At their peak in February, market prices for petrol in West Africa were 1,229 naira per litre, 150% above the level the government capped prices in June, according to pricing data from Argus Media converted with tracking site Aboxifx naira rates. They have since fallen to around 912 naira per litre, still 295 naira above the capped price.

That left NNPC as the sole importer of the roughly 40 million litres per day the country consumes, as private importers cannot recoup their costs.

Since the naira has slid against the dollar and oil prices have risen, NNPC is losing money on every litre sold, traders said.

The International Monetary Fund recently warned that capping pump prices and electricity tariffs below cost recovery could shave up to 3% off GDP in 2024.

"The government still needs to begin formulating a plan to remove the fuel subsidy when conditions allow," Tellimer's Patrick Curran said in a note. 

By Libby George and Julia Payne, Reuters

Ex-Central Bank Governor of Nigeria Godwin Emefiele pleads not guilty to fresh charges

The Economic and Financial Crimes Commission accused Emefiele of arbitrarily allocating foreign exchange of about $2 billion without bids and due process, it said in a fresh charge sheet with 26 allegations.

The move escalates the legal battle between the anti-graft agency and the former bank governor who’s also facing charges of fraud, corruption and criminal conspiracy.


Emefiele, who appeared before Lagos High Court Judge Rahman Oshodi, pleaded not guilty to all of the accusations, Bloomberg reported.

Following his inauguration in May, Nigerian President Bola Tinubu suspended the former central bank governor, whose policies on naira redesign and foreign exchange controls had drawn criticism.

Tinubu later ordered an investigation of the central bank’s operations and a report in December made more fraud accusations against Emefiele including holding hundreds of unauthorized overseas bank accounts, buying two banks through proxies and obtaining dollars through false claims. The allegations were added to his old charges in January.

However, Emefiele has vehemently denied all accusations levelled against him.

Emefiele's successor, Olayemi Cardoso said in February that about $2.4 billion unmet foreign-currency claims on the central bank were fraudulent and dismissed them because of irregularities.

By Adekunle Agbetiloye, Business Insider Africa

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Nigeria to cut electricity subsidy to ease pressure on public finances

Nigeria plans to axe an electricity subsidy for 15% of consumers to reduce its 3.3 trillion naira ($2.6 billion) cost, part of a series of reforms to ease pressure on public finances, presidential spokesperson Bayo Onanuga said on Tuesday.

Onanuga said the government was under pressure to allow a price increase in the electricity sector as it only budgeted 450 billion naira for the subsidy this year.

He did not say when the tariff increase would come into effect, but said that when it did the government expected to save close to 1.1 trillion naira per year.

Nigeria last reviewed electricity tariffs in 2020, Onanuga said, adding the proposed increase would help businesses recover costs and boost investment.

"With the huge subsidy burden and high cost of gas ... the current electricity tariff is not realistic," he said.
President Bola Tinubu embarked on Nigeria's boldest reforms in decades last year after he scrapped a popular but costly fuel subsidy and allowed the currency to devalue sharply.

The reforms Tinubu hopes will revive growth in Africa's biggest economy have stoked inflation to more than 30% and worsened a cost of living crisis, angering workers.

Onanuga said only 15% of consumers, accounting for 40% of electricity consumption, would be affected.
Nigeria's power sector faces a myriad of problems including a failing grid, gas shortages, high debt and vandalism. The country has 12,500 megawatts of installed capacity but produces only about a quarter of that, leaving many reliant on expensive diesel-powered generators.

Also, state-controlled power tariffs are too low to allow distribution companies to recoup costs and pay generating companies - leaving the sector with ballooning debts.

Onanuga said the government would consider helping generating companies to offset around 1.5 trillion naira of debt owed to the country's bulk electricity purchaser.

By Felix Onuah, Reuters

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Video - Nigeria SMEs turn to alternative energy sources to address chronic power crisis

Government of Nigeria warns against protest at Lekki shooting site

Nigeria's information minister called on activists to drop plans for a protest in the commercial capital Lagos over the reopening of the site where demonstrators against police brutality were shot last year, saying it risked being "hijacked by hoodlums".

Protesters were shot on Oct. 20 by people witnesses said were soldiers at the toll gate in the affluent Lekki district of Lagos. Rights group Amnesty International said soldiers and police killed at least 12 protesters in Lekki and another district. The military and police have denied involvement.

Nationwide protests against police brutality were largely peaceful until the Oct. 20 shooting, which spawned some of the worst civil unrest since the 1999 return to civilian rule in Africa's most populous country.

A judicial commission in Lagos is looking into the allegations that the army and police opened fire on protesters on Oct. 20. Social media campaigners said a demonstration would be held at the toll gate on Saturday in protest at its reopening before the commission had completed its investigation.

In response, Information Minister Lai Mohammed said the planned rally could turn violent because of "hoodlums".

"We therefore strongly warn those who are planning to re-occupy Lekki Toll Gate on Saturday to desist," Mohammed told a news conference on Thursday in the capital Abuja.

"While peaceful protests are the constitutional rights of Nigerians, violent protests are not. At this time, the chances that any peaceful protest will be hijacked are very high."

Violence would not be tolerated, he said, adding: "The security agents are ready for any eventuality."
The unrest in October led to the deaths of six soldiers, 37 policemen and 57 civilians, as well as the destruction of 269 private and public properties, Mohammed said. 

Reuters

Detained Binance executives sue Nigeria's security adviser, anti-graft agency

Two executives from Binance, the world's largest cryptocurrency exchange, have sued Nigeria's national security adviser's office and the anti-graft agency for violating their fundamental rights and asked the court to set them free.

Tigran Gambaryan, a U.S. citizen and Binance's head of financial crime compliance, and Nadeem Anjarwalla, a British-Kenyan who is Binance's regional manager for Africa, flew to Nigeria following the country's decision to ban several cryptocurrency trading websites and were detained on arrival on Feb. 26.

Anjarwalla fled the country last week and now faces the prospect of an international arrest warrant.
On Thursday, Gambaryan appeared in a Federal High Court in the capital Abuja requesting Judge Iyang Ekwo declare his detention and seizure of his passport by the National Security Adviser and Economic and Financial Crimes Commission (EFCC) "amounts to a violation of his fundamental right to personal liberty" as guaranteed by Nigeria's constitution.

The executives, who said they had not been informed of any offences committed, requested an order to release them and return their passports, a public apology and a restraining order from further detention.

The judge adjourned the hearing to April 8 without making a ruling because lawyers for the Office of the National Security Adviser (ONSA) and the EFCC were not in court.

Gambaryan and Anjarwalla were caught up in a crackdown following a period during which several cryptocurrency websites emerged as platforms of choice for trading the Nigerian currency, as the country battles a chronic dollar shortages. 

By Camillus Eboh, Reuters 

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The Central Bank of Nigeria raised its monetary policy rate to 25 percent from 23 percent to contain inflation. Inflation is presently above 30 percent, leaving millions of people in Africa's most populous nation struggling to meet their basic needs.

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Detained Binance executive escapes detention in Nigeria amidst probe

 Nadeem Anjarwalla, one of the two Binance executives detained in Nigeria has reportedly escaped from lawful custody, according to sources.

These sources revealed that Anjarwalla, aged 38, escaped on Friday, March 22nd, from the Abuja guest house where he and his colleague were being detained, Premium Times reported.

Guards on duty escorted him to a nearby mosque for prayers as part of the ongoing Ramadan fast.

The British national, who also holds Kenyan citizenship, is believed to have departed Abuja via a Middle Eastern airline.

The circumstances surrounding how Anjarwalla managed to board an international flight despite being in custody and his British passport being held by Nigerian authorities remain unclear.

Authorities are reportedly working to uncover Anjarwalla's intended destination to apprehend him and return him to custody.

According to an Immigration official, the Binance executive fled Nigeria using a Kenyan passport. However, authorities are trying to ascertain how he acquired this passport, as he did not possess any other travel documents apart from his British passport when he was detained.

Before now, WIRED reported that Anjarwalla fell ill while in custody, possibly due to malaria, although the precise nature of his symptoms was unclear.

Nadeem Anjarwalla, Binance's regional manager for Africa, along with Tigran Gambaryan, Binance's head of financial crime compliance and a U.S. citizen had travelled to Nigeria after the country banned several cryptocurrency trading websites to halt what the CBN described as continuous manipulation of the forex market and illicit movement of funds.

Upon their arrival on February 26, they were arrested by the office of the National Security Adviser (NSA), and criminal charges were filed against the two executives.

Binance was instructed to provide the Economic and Financial Crimes Commission (EFCC) with detailed data and information regarding all Nigerian traders on its platform.

According to Yemi Cardoso, the governor of the Central Bank of Nigeria (CBN), over $26 billion passed through Binance Nigeria from unknown sources. The government even hit the exchange with a $10 billion fine amidst a crypto exchange probe.

On February 28, 2024, the court granted the EFCC an order to remand the duo for 14 days. Due to Binance’s refusal to comply with the order, the court extended the remand of the officials for an additional 14 days to prevent them from tampering with evidence. The court then adjourned the case till 4 April 2024.

By Adekunle Agbetiloye, Business Insider Africa

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