Daily Watch – Pastor abducted in Benue church attack, Kenyan opposition suspend anti-government protests

Armed men in the early hours of Sunday killed one worshipper during an attack on the Christian Pentecostal Church in the Akenawe-Tswarev community in Logo Local Government Area of Benue State. Three persons, including a resident pastor, were abducted in the incident. Locals said the incident happened while the congregation were at a service. The chairman of Logo LGA, Salome Tor told Daily Trust via telephone that the incident happened in the early hours of Sunday.

The Nigerian Sovereign Investment Authority (NSIA) recorded drops in most of its income sources for last year, resulting in sharply weaker revenue and causing net profit to fall by one-third. Profit before tax decreased 31.1 percent to ₦102.4 billion, while profit for the year stood at ₦102.4 billion compared to ₦153.6 billion in the same period of 2021. Total assets for the year fell by 15.9 percent or ₦195.1 billion to ₦1 trillion. In a separate document, the authority linked the slump in its earnings to the performance of its Future Generations and Stabilization portfolios that are invested in emerging and developed financial market instruments. The institution also saw increases in investment management and custodian fees, depreciation and amortisation as well as operating and administrative expenses. The organisation highlighted the key projects it executed during the year as the Second Niger Bridge, the Lagos-Ibadan expressway and the Abuja-Kaduna-Kano highway.

Ghana’s domestic debt restructuring will weigh considerably on banks in 2023, according to Fitch. The rating agency said the Domestic Debt Exchange Programme (DDEP) will significantly weaken banks’ capital levels, with expected capital shortfalls at some banks. Capital buffers have fallen considerably in 2022 despite a sudden rise in December. The fall, Fitch said, was largely driven by mark-to-market losses on investments and increased risk-weighted assets of banks, due to the depreciation of the cedi and growth in loans and advances. Capital levels narrowly avoided falling below the minimum requirement in December 2023. The agency said Ghanaian lenders would be more selective regarding the sectors they lend to in the coming years. 

Kenyan opposition leader Raila Odinga said on Sunday he was suspending anti-government protests and was ready for talks after an appeal from President William Ruto, though he warned that demonstrations could restart in days. Thousands have joined three marches over the past two weeks against high living costs and alleged fraud in last year’s vote. All have been marred by violence, and a fourth rally was scheduled for Monday. Earlier on Sunday, Ruto asked Odinga to call off the protests that he said had resulted in three deaths and injured more than 400 people, including at least 60 security officers. Ruto defended his administration’s record and said there could be bipartisan reform to the election commission — one of the opposition’s central demands. Odinga said he saw Ruto’s statement as an olive branch and a “positive development.”