Monday, February 24, 2025

Nigeria ex-military leader for first time admits regret over cancelled poll
















Nigeria's ex-military ruler Gen Ibrahim Babangida has expressed deep regret for the first time for annulling the results of the 1993 presidential election.

The poll was supposed to bring about an end to military rule after 10 years and the cancellation of the outcome threw the country into turmoil. The date of the vote – 12 June - is now remembered in Nigeria as Democracy Day.

Gen Babangida was forced to resign. Moshood Abiola, widely believed to have won the election, was later imprisoned and his wife assassinated.

Nigeria's current President, Bola Tinubu, said Gen Babangida had shown courage by admitting what took place.

The former military leader, 83, expressed his regret at the launch of his autobiography A Journey in Service in the capital, Abuja, on Thursday.

"Undoubtedly credible, free and fair elections were held on 12 June 1993," he told the audience made up of the cream of Nigerian society, including Tinubu, two former presidents – Olusegun Obasanjo and Goodluck Jonathan - and two other ex-military leaders, Abdulsalam Abubakar and Yakubu Gowon.

"However, the tragic irony of history remains that the administration that devised a near-perfect electoral system and conducted those near-perfect elections could not complete the process.

"That accident of history is most regrettable. The nation is entitled to expect my expression of regret."

Gen Babangida, popularly known as IBB, also acknowledged that Abiola, who died in 1998, won the election.

However, in 1993 as results were being collated, the military government abruptly stopped the process - an action that triggered widespread protests and a political crisis.

For three decades, the circumstances surrounding the 1993 election have been shrouded in controversy, with conflicting accounts emerging overtime.

This new admission, seen as reopening old wounds, has triggered fresh debates rather than closure.

Many people will be expecting the former military ruler to also provide answers to some questions relating to his policies at the time.

Gen Babangida, who overthrew another military leader Muhammadu Buhari in 1985, led the county for eight years.

Multiparty democracy did eventually return to Nigeria in 1999 with the election of Obasanjo – who had also been a former military leader – as president.

By Chris Ewokor, BBC

Friday, February 21, 2025

Video - Nigeria's Afrobeats music dominates global scene



Afrobeats music continues to make waves globally, with Nigerian artists taking center stage at the 2025 Grammys. Nigerian singer Tems won the newly created Best African Music Performance category with her song "Love Me Jeje." Tems was also featured at a Formula 1 event in the lead-up to the season opener in March.

Thursday, February 20, 2025

Nigeria suing Binance for $81.5 billion

Nigeria has filed a lawsuit seeking to compel Binance to pay $79.5bn for economic losses the country’s government says were caused by the cryptocurrency exchange’s operations there and $2bn in back taxes, court documents showed on Wednesday.

Authorities blame Binance, the world’s largest crypto exchange, for Nigeria’s currency woes and detained two of its executives in 2024 after crypto websites emerged as platforms of choice for trading the local naira currency.

Binance, which is not registered in Nigeria, did not immediately respond to a request for comment. It has previously said it is working with Nigeria’s Federal Inland Revenue Service (FIRS) to resolve potential historic tax liabilities.

The inland revenue service alleges that Binance has a “significant economic presence” in Nigeria and is therefore liable for corporate income tax. It is seeking a court declaration that Binance pay income taxes for 2022 and 2023, plus a 10% annual penalty on unpaid amounts. FIRS is also requesting a 26.75% interest rate on the unpaid taxes, based on the Central Bank of Nigeria’s lending rate.

Binance was already facing four counts of tax evasion in Nigeria after a government crackdown on the industry last year. The charges include non-payment of value-added tax, company income tax, failure to file tax returns and complicity in helping customers to evade taxes through its platform.

Binance, which is contesting the charges, announced last March that it was stopping all transactions and trading in the naira. The company is also facing separate anti-graft agency money laundering charges, which it has denied.




Wednesday, February 19, 2025

Video - Nigeria’s local oil refineries struggling for crude supply



Despite Nigeria's oil production surpassing 1.5 million barrels per day, many of the country’s local refineries remain almost inactive. Operators report that they have yet to receive crude from local oil companies, leaving refineries in a state of underutilization and hindering the country’s refining capacity.

US to probe past foreign aid to Nigeria, others amid terrorism funding concerns

The United States government has announced plans to investigate how past foreign aid to Nigeria and other countries was spent.

This decision follows President Donald Trump’s January 20, 2025, directive to suspend all foreign aid for 90 days, citing concerns about global destabilization and the misuse of American resources.

The move is in response to growing demands for a thorough review of funds disbursed through the United States Agency for International Development (USAID), particularly in the health sector.

During a hearing of the Subcommittee on Delivering on Government Efficiency last Thursday, US Congressman Scott Perry, a Republican from Pennsylvania, alleged that USAID funds may have indirectly supported terrorist organizations, including Boko Haram.

“Who gets some of that money? Does that name ring a bell to anybody in the room? Because your money—$697 million annually—plus the shipments of cash funds in Madrasas, ISIS, Al-Qaeda, Boko Haram, ISIS Khorasan, and terrorist training camps. That’s what it’s funding,” Perry claimed.

In response to the allegations, the US Mission to Nigeria issued a statement on Tuesday via its official X handle, reaffirming its commitment to ensuring that aid funds reach legitimate recipients.

“Comprehensive monitoring and evaluation systems are in place to help verify that U.S. assistance reaches intended recipients.

“The United States condemns the violence and blatant disregard for human life perpetrated by Boko Haram and other terrorist groups in Nigeria and the region”, the statement read.

The mission also highlighted that Boko Haram was designated a Foreign Terrorist Organization on November 14, 2013, as part of efforts to freeze the group’s assets, block its fundraising activities, and prosecute its members.

“The United States continues to work with Nigeria and regional partners to counter terrorism,” the statement concluded.

The suspension of aid have sparked concerns among some development agencies, who warn that a prolonged funding freeze could disrupt critical health, education, and humanitarian programs across Africa and beyond.

By Ojochenemi Onje, Business Day