Friday, February 10, 2017

Video - Nigerian soldiers caught on camera beating up disabled man


Two Nigerian soldiers have been arrested and charged with assault after they were filmed beating a disabled man with sticks in a busy street.

The army said the reason for the assault, in Onitsha in Anambra state on Tuesday, appeared to be because the man was wearing a camouflage shirt.

It said the soldiers had been charged "in line with our zero tolerance for acts of indiscipline".

Many Nigerians complain that soldiers are rarely punished for excesses.

Human rights groups have persistently accused Nigeria's military of abuses against civilians, especially in north-east Nigeria, where it has been fighting a long-running insurgency by militant Islamist group Boko Haram.

Wearing camouflage clothing is a sensitive issue in Nigeria because militants and criminals have often worn camouflage clothing either to carry out attacks or impersonate soldiers for other criminal purposes.

Section 110 of the Nigerian criminal code says it is an offence to unlawfully wear uniform of the armed forces or dress "having the appearance... of such uniforms".

Footage of the assault on the disabled man in Onitsha, in southern Nigeria, had been circulating on social media before the army commented.

It said the "ugly incident" was "an isolated case which is not [a] true reflection of the Nigerian army".

News of the soldiers being charged came a week after another soldier was jailed for seven years for shooting dead a civilian at a market in the city of Maiduguri, in the north-east, last year.

The soldier, who was not identified, was found guilty of manslaughter.

In court, he argued that he acted in self-defence after the man he killed, named as Umar Alkali, tried to wrestle his rifle from him. The military court rejected this argument, deciding that he had used disproportionate force.

800% over-subscription recorded by Nigerian's $1bn Eurobond

The Federal Government, yesterday, said that it had issued the $1 billion Eurobond with 800 per cent over-subscription, as foreign investors demanded for $7.8 billion, reflecting investors‘confidence in the nation’s economy.


In a statement yesterday, the Ministry of Finance said that the 15-year bond was priced at 7.875 per cent and will mature on February 16, 2032. According to the statement by Director of Information, Ministry of Finance, Salisu Dambatta:  “The notes will bear interest at a rate of 7.875 percent and will mature on February 16, 2032 with a bullet repayment of the principal. 

The republic intends to use the proceeds of the notes to fund capital expenditures in the 2016 budget. The notes represent the republic’s third Eurobond issuance, following issuances in 2011 and 2013. “The notes were approximately eight times over-subscribed with orders in excess of $7.8 billion compared to a pre-issuance target of $1 billion demonstrating strong market appetite for Nigeria. 

This is despite continued volatility in emerging and frontier markets and shows confidence by the international investment community in Nigeria’s economic reform agenda. “The offering attracted significant interest from leading global institutional investors.  

The notes will be admitted to the official list of the UK Listing Authority and available to trade on the London Stock Exchange’s regulated market. The republic will apply for the notes to be eligible for trading and listed on the Nigerian FMDQ OTC Securities Exchange and the Nigerian Stock Exchange. “The pricing was determined following a roadshow led by Mrs. Kemi Adeosun, the Minister of Finance, Senator Udoma Udo Udoma, the Minister of Budget and National Planning, Mr Godwin Emefiele, Governor of Central Bank of Nigeria, Dr. Abraham Nwankwo, Director-General of the Debt Management Office, DMO, and Mr Ben Akabueze, Director -General of the Budget Office, to key global financial centres.”



Thursday, February 9, 2017

Video - Nigerian designer creates cool sneakers for big feet



With a love for shoes and the goal to create a manufacturing sector for quality footwear in Nigeria, entrepreneur Babajide Ipaye created Keexs - an Africa-inspired brand with a social brief. Take a look.

Boko Haram is broke according to United Nations

The destructive Boko Haram group is currently plagued by financial difficulties, the UN Under-Secretary-General for Political Affairs, Jeffrey Feltman, has said.

According to the News Agency of Nigeria (NAN), Feltman stated this Tuesday while briefing the Security Council on the UN Secretary-General’s Fourth Report on the threat the group poses to international peace and security efforts to “check and roll it back”.

The UN envoy also revealed that Boko Haram was under intense military pressure, but warned against undermining its capacity to launch fatal attacks.

“ISIL-affiliate Boko Haram is attempting to spread its influence and commit terrorist acts beyond Nigeria.

“And Boko Haram remains a serious threat, with several thousand fighters at its disposal.

“It is, however, plagued by financial difficulties and an internal power struggle, and has split in two factions,” Feltman said.

While the previous reports on the subject had focused on South East Asia, Yemen and East Africa, Libya and Afghanistan, the fourth report focused on Europe, North Africa and West Africa.

It said ISIL had conducted a range of attacks in Europe since declaring in 2014 its intent to target the region.

Some of these attacks were directed and facilitated by ISIL personnel, while others were enabled by ISIL providing guidance or assistance or were inspired through its propaganda, it said.

The report stated that while the military offensive in Libya has dislodged ISIL from its stronghold Sirte, the group’s threat to Libya and neighbouring countries persists.

“Its fighters, estimated to range from several hundred to 3,000, have moved to other parts of the country.

“ISIL has increased its presence in West Africa and the Maghreb, though the group does not control significant amounts of territory in the region.

“The reported pledge of loyalty to ISIL by a splinter faction of Al-Mourabitoun led by Lehbib Ould Ali may elevate the level of the threat.”

Following the increased military pressure, Feltman said ISIL was now on the defensive militarily in several regions, but was also adapting to military pressure by resorting to covert communications such as the ‘dark web’.

“Although its income and the territory under its control are shrinking, ISIL still appears to have sufficient funds to continue fighting,” he warned.

Feltman noted that ISIL relies mainly on income from extortion and hydrocarbon exploitation, even though resources from the latter are on the decline.

According to him, UN member states are concerned that ISIL will try to expand other sources of income, such as kidnapping for ransom, and increase its reliance on donations.

“ISIL is adapting in several ways to military pressure, resorting to increasingly covert communication and recruitment methods, including by using the ‘dark web,’ encryption and messengers,” he warned.

The report also focused on some some of the measures taken by member states and the UN, stressing the need to develop sustained and coordinated responses to the grave threat posed by ISIL and associated groups and entities.

Feltman said that there were 19 universal counter-terrorism conventions and protocols, as well as related regional instruments on international terrorism, and relevant UN General Assembly and Security Council resolutions.

“But we need to do more, as member states continue to face significant challenges to ensure effective international cooperation,” he said.

He warned that foreign terrorist fighters leaving the conflict could pose a grave risk to their homeland or to the countries they are travelling to or transiting through, such as Iraq and Syria’s neighbours, as well as countries in the Maghreb.

“Ultimately, it is the spread and consolidation of peace, security, development and human rights that will most effectively deprive terrorism of the oxygen it needs to survive,” he concluded.

Wednesday, February 8, 2017

Video - Nigeria's All Share index stands at 4.5% in the red, in the year to Feb 3rd




On paper, Nigeria is an investors dream, with vast tracts of arable land, strong and growing demand for processed agricultural goods, a fast-growing population, and many others. But the reality, for many investors is very different, with the current exchange rate policy a huge turn off, and that's just one factor. Billions of dollars in loans from the African Development Bank, and the World Bank have been withheld, since by late January, Nigeria had not submitted an economic recovery plan. As Aly Khan Satchu, CEO at Rich Management, without a plan, and a flexible exchange rate, Nigeria is a place to avoid.