Daily Watch – FG to mass prosecute terror suspects, Ramaphosa survives

Nigeria’s Attorney-General Abubakar Malami says the FG will soon resume the mass prosecution of Boko Haram suspects held in selected military formations. Speaking during a special session to mark the new legal year for the Federal High Court, Malami said President Muhammadu Buhari has approved the release of funds needed for prosecuting the suspects. Represented by Solicitor-General of the Federation Beatrice Jedy-Agba, Malami said: “I would like to use this opportunity to appreciate the recent special intervention granted by his excellency, President Muhammadu Buhari, for the provision of funds and other logistics for the commencement of the second phase of prosecutions of Boko Haram suspects.” In 2017, the government commenced a trial for persons suspected to be Boko Haram insurgents, with the proceedings taking place at a military base in Niger state. At the time, the United Nations had raised concerns about human rights issues in relation to the suspects. During the trial between 2017 and 2018, more than 100 people were convicted and several others were discharged on the grounds of no-case submissions.

The U.S. military on Tuesday called on Nigeria to conduct an independent investigation of allegations in a Reuters report that the Nigerian army killed children in its fight against insurgents. “The Department of Defense is concerned by the allegations reported in the Reuters article, and we join our colleagues from the State Department in urging the Government of Nigeria to conduct an independent investigation,” a Pentagon spokesperson said in a statement. The spokesperson added that the U.S. military had no planned or scheduled meetings with the Nigerian armed forces or leadership at this week’s U.S.-Africa Leaders Summit.

The Nigerian Exchange Group (NGX) has revealed that foreign investors withdrew a total sum of ₦171 billion from the capital market between January and October this year. The NGX disclosed this in its monthly foreign portfolio investment report published on its website on Tuesday. Investors also invested ₦171.3 billion during the period. This implies that these portfolio investors left just ₦6.83 billion in Nigeria equities. In 2021, the foreign portfolio investors (FPI) staked ₦156.3 billion and took away ₦173.32 billion from Nigerian equities. The monthly breakdown showed that in January 2022, foreigners invested ₦18.10 billion in stocks but took out ₦23.21 billion from the market. They brought in ₦20.86 billion and took out ₦24.57 billion in February. In March, foreigners invested ₦16.37 billion in Nigerian stocks but took out ₦25.80 billion. In April, foreign inflows into the market were ₦15.02 billion while ₦12.06 billion was taken out of the market by foreign portfolio investors. By May, ₦25.53 billion was invested in Nigerian stocks with outflows of ₦19.7 billion; in June, they invested ₦24.63 billion in stocks and moved out ₦17.56 billion. The foreign inflow into the Nigerian capital market was ₦15.78 billion while ₦12.43 billion was recorded as an outflow by foreign investors in August. In September, foreign investors ploughed ₦10.08 billion in the stock market but moved ₦9.59 billion out of the market while in October they invested ₦18.16 billion in stocks but went away with ₦10.39 billion.

South Africa’s parliament on Tuesday voted against starting an impeachment process against President Cyril Ramaphosa, the speaker of parliament said. Lawmakers voted to reject a report by a panel of experts that found preliminary evidence Ramaphosa may have committed misconduct over a stash of foreign currency hidden at his private game farm. Ramaphosa has denied wrongdoing in the scandal, which has been dubbed “Farmgate” by the media. He has challenged the report in court and has not been charged with any crime, but some opponents have called for his resignation.