February 2024

29 February 2024
CNBC Africa
Nigeria detains Binance executives over cryptocurrency exchanges
Two senior executives of Binance are currently in detention in Nigeria as the country cracks down on cryptocurrency exchanges. That’s according to reports from the Financial Times stating the executives were detained by the office of the National security adviser and their passports seized. Cheta Nwanze, Lead Partner at SBM Intelligence joins CNBC Africa for more on this crackdown and the future of cryptocurrency trading in the country…

Semafor
Arrest of Binance executives shakes up Nigeria’s crypto ecosystem, again
Nigeria intensified its crackdown on cryptocurrency by detaining two executives of Binance, the prominent crypto trading platform that authorities allege enabled the naira currency’s slide to record lows this month. The arrest, first reported by the Financial Times on Wednesday, follows a move last week that saw telecom providers shut off user access to the websites of Binance, Coinbase and other crypto exchanges…

27 February 2024
BusinessDay
Drugmakers see decline in fortunes despite soaring prices
The prices of drugs jumped last year in Nigeria but five of the major manufacturers saw a decline in their financial performance on the back of the worsening shortage of foreign exchange and rising inflation. The firms are Fidson Healthcare Plc, May & Baker Plc, Morison Industries Plc, GlaxoSmithKline (GSK) Consumer Nigeria Plc and Neimeth International Pharmaceuticals Plc…

Tech Cabal
CBN raises interest rates by 400 basis points as it moves to “aggressive regulatory environment”
Nigeria’s Central Bank has raised the benchmark lending rate by 400 basis points to 22.75%, from 18.75% in the most aggressive push to contain inflation. Olayemi Cardoso, the CBN governor, announced this today after the bank’s Monetary Policy Committee (MPC) meeting that began Monday…

26 February 2024
Business Post
NITDA, e-Health, reaffirm committment to Nigeria’s 95% digital literacy target
The National Information Technology Development Agency (NITDA) as well as its collaborating partner, e-Health Africa, has reaffirmed its commitment to achieve 95 per cent digital literacy by the end of 2030. The Director-General of NITDA, Mr Kashifu Inuwa, said this on Monday when a team from e-Health Africa, led by Mr Abdulhamid Yahaya, paid him a working visit in Abuja…

23 February 2024
BusinessDay
Unlocking the Potential of Cassava: A recipe for economic growth and food security
Amidst global challenges to food security and the rising cost of living, Nigeria finds itself at a crucial turning point. The key might lie in one of our nation’s most abundant crops—cassava. This versatile root crop, which has been a dietary staple in Nigeria for centuries, still holds untapped potential…

22 February 2024
BusinessDay
Remittances, trade with Nigeria seen dropping as UK economy slows
Nigeria’s remittances inflow and exports to the United Kingdom are being threatened by the recession the UK suffered in the second half of last year, analysts have said. A recession is two consecutive quarters of contraction. The UK is Nigeria’s second-largest source of remittances after the United States…

Guardian Nigeria
Wave of kidnappings unsettling schools, education in Abuja
These are tough times for parents, teachers, and children in Abuja, as bandits take over the capital city, raising concerns over the safety of schools in FCT. Investigations by The Guardian showed some of the black spots notorious for criminal activies in the city to include: the Julus Berger roundabout, central business district, Maitama, Asokoro, Mabushi, Apo roundabout, Galadimawa, Airport road, Wuse 2, Lugbe all in the Abuja Municipal Area Council (AMAC); Cashew forest, Kwaku, Gwombe, Gadoro and Tukuba in Kuje Area Council; Kawi, Igu, Tokulo, Gaba, Zuma 1 and 2, Shere, Mpape, Jikoko, Berge Quarry, and Nukuchi Villages in Bwari Area Council as well as Gwagwalada and Kwali Area Councils…

Punch
Dissuading fears over state police
As the consensus and clamour for state police grows across the country, it is opportune to address the fears being expressed by some stakeholders against the decentralisation of civil security in Nigeria. Essentially, there is still opposition in several quarters that it could be deployed by state governors to oppress their political opponents, leading to clashes over federal and state police jurisdictions, and entrenching ethnic disunity and discrimination nationwide…

Veegil
Emancipating Nigeria From Renewed Banditry
Barely two months into the New Year, there has been a renewed upsurge in banditry across Northern Nigeria. The most terrible hit states are Benue, Niger, Kaduna, Zamfara, Katsina, Adamawa and Taraba. President Bola Tinubu ought to convey rapidly on his pre-election mantra to emancipate Nigeria from brutality…

21 February 2024
The Africa Report
Nigeria: Is south-east region immune to economic hardship?
South-easterners have endured decades of political and economic marginalisation; does that make them immune to today’s difficulties? Despite the challenges, past and present, analysts the region has always found a way around harsh government policies…

New Telegraph
2023: A year of kidnappings, killings and vultures encircling corpses
As the curtain fell on the Year 2023, headcounts were taken, and it was discovered that many Nigerians could not be accounted for. The Year 2023 was bloody and consumed a lot of Nigerians as kidnapping for ransom, ritual killings, violent crimes and wanton killings rocked the nation…

Punch
Now that there is consensus on state police
I have been a staunch advocate of state police despite the concerns raised in some quarters about the propensity of governors to grossly abuse the security outfit if created. Even the rank of Nigerian governors was divided on whether or not to establish state police…

Save Nigeria from renewed banditry
Barely two months into the New Year, there has been a renewed upsurge in banditry across Northern Nigeria. The worst-hit states are Benue, Niger, Kaduna, Zamfara, Katsina, Adamawa and Taraba. President Bola Tinubu should deliver quickly on his pre-election mantra to save Nigeria from violence…

Ventures Africa
Can the government tax content creators in Nigeria?
How do you tax a viral video? This is the question content creators in Nigeria have been asking since the Corporate Affairs Commission (CAC) and the Federal Inland Revenue Service (FIRS) declared their intention to register and regulate their activities under the Company and Allied Matters Act (CAMA) 2020…

20 February 2024
BusinessDay
Anger, protests spread across Nigeria as citizens battle for survival
The atmosphere in Nigeria is laced with anger and discontent as protests continue to spread across the country over rising cost of living. Nigerians are battling with persistent economic hardships caused by the policies implemented by the current administration…

19 February 2024
BusinessDay
Has the military tech failed to tame Nigeria’s insecurity?
The security landscape of Africa’s largest economy is deteriorating rapidly, with each region facing its unique challenges, from cybercrime in the South-West to the Boko Haram insurgency in the North-East. “From 2012 to 2020, we have lost over 70,000 lives to various acts of insecurity, indicating the cost of this violence,” a security expert said…

Rome Reports
Nearly 4,000 civilians kidnapped in Nigeria in less than 1 year
Nearly 4,000 civilians have been kidnapped in Nigeria since May of 2023, according to SBM Intelligence. These kidnappings have included families, children and members of the Church. Early this month, two religious were abducted by armed men and released a few days later…

16 February 2024
Agenzia Fides
Kidnappings in Nigeria are now out of control: Dicastery for Evangelization expresses solidarity with those affected
“In these trying times, this Dicastery offers its deepest and heartfelt solidarity to the Nigerian people, who are grappling with a crisis that is expanding in scope and intensifying in proportion”. Thus Cardinal Luis Antonio Tagle, Pro-Prefect for the Section for the First Evangelization and the new Particular Churches of the Dicastery for Evangelization, and the Secretary of the same Dicastery, the Nigerian Archbishop Fortunatus Nwachukwu, expressed the solidarity of the Dicastery with the Church and the Nigerian people, after having “learned from various news sources about the frequency of kidnappings in Nigeria, a situation that has notably escalated in recent times”.

FIJ
Victoria Ezenachukwu Started Creating Shoes in Her Room. She’s Now an International Brand
Victoria Ezenachukwu always knew that she had a gift of craftsmanship. Growing up, she exhibited qualities that proved that she would earn with the skills of her hands. But she did not know how to go about it. For instance, her home economics practical, which was the design of an apron in JSS 3, was picked as the best in the entire school by the external invigilator…

Our Sunday Visitor
Nigeria faces surging crisis, becoming a ‘killing field’
Nigeria’s government must urgently address the “evil of kidnapping” and the “looming crisis” in the country, two Vatican officials said. “In addition to putting measures on (the) ground to secure lives and properties, the state, with the support of the church, should seek ways of repositioning the nation on the path of economic growth, political stability and religious cohesion,” said a letter from the leaders of the Dicastery for Evangelization’s Section for the First Evangelization and New Particular Churches…

15 February 2024
Jeune Afrique
Débarrassée de Godwin Emefiele, la Banque centrale du Nigeria entame un grand ménage
La Banque centrale du Nigeria (CBN) a récemment annoncé le licenciement et le remplacement du conseil d’administration et de la direction de trois banques, en raison de défaillances de direction. Selons certains observateurs, ce n’est que le début d’un ménage plus vaste que souhaite mette en oeuvre Olayemi Cardoso, le noveau gouverneur qui a succédé en septembre 2023 à Godwin Emefiele…

New Telegraph
Wike Places ₦20M Bounty On Wanted Abuja Kidnappers
Minister of the Federal Capital Territory (FCT), Nyesom Wike, yesterday, offered a reward of up to ₦20 million for information leading to the arrest of two suspects said to be the brains behind the series of abductions in Abuja. Wike announced the bounty when the Commissioner of Police, Bennett Igweh, paraded 23 criminal suspects. Igweh said they were on the trail of two other criminals. He said they recovered ₦9 million, six AK-47 rifles, bullet- proof vests, and a walkie-talkie from them…

Reuters
Nigeria mulls state policing to combat growing insecurity
Nigeria is considering the introduction of state police in its 36 states to bolster its national police force as it struggles to contain widespread violence and insecurity, the information minister said on Thursday. An Islamist insurgency in the northeast, kidnappings for ransom, deadly farmer-herder clashes in the central belt and separatist and gang violence in the southeast are some of the challenges faced by Nigeria’s police force…

Tech Cabal
Open banking can change Nigeria’s financial industry. Why is the CBN stalling on it?
Open banking, which allows banks to share customer data consensually with fintechs, is believed to be a game-changer for Nigeria’s financial space. Yet the country’s banking regulator, the Central Bank of Nigeria, is moving slowly on its adoption…

14 February 2024
The Africa Report
Nigeria’s central banker Cardoso rows back errors of the previous regime
Godwin Emefiele’s catastrophic tenure as Nigeria’s Central Bank Governor ended with his dramatic arrest by the police. Now his successor, Olayemi Cardoso, wants to clean house. The central bank recently announced, for example, the firing and replacement of the board and management of three banks due to management failures. It is just the start, say some observers…

Premium Times
Nigeria’s security challenges: A troubling failure of governance
The worsening insecurity in Nigeria, particularly in places like Kaduna, Katsina, Zamfara, Abuja, and other towns, looms larger than ever. As the nation grapples with an unprecedented myriad of challenges, ranging from rampant banditry to kidnapping for ransom, there has been the relentless onslaught of criminal activities and other overlapping security challenges…

13 February 2024
BusinessDay
Data links naira weakness to FAAC disbursements
The activities of governments after the disbursement of money by the Federation Account Allocation Committee (FAAC) contributed to the depreciation of the naira, according to data and interviews with people familiar with the matter…

Punch
Ekiti: State police, not troops deployment
Government in Nigeria likes being pretentious. In one such case, the Federal Government has deployed military troops to bolster the security system in Ekiti State following the January kidnapping of five pupils and four staff members of the Apostolic Faith Group of Schools, Emure-Ekiti and the killing of two kings…

11 February 2024
BusinessDay
Nigerians perplexed as security agents can’t track down kidnappers
Nigerians have continued to wonder why the nation’s security agents have been unable to track down kidnappers despite the sophisticated gadgets said to be at their disposal…

The Eagle Online
2023: A year of kidnappings, killings, vultures circling dead bodies
As the curtain fell on the Year 2023, headcount was taken, and it was discovered that many Nigerians could not be accounted for. The Year 2023 was bloody and consumed a lot of Nigerians as kidnapping for ransom, ritual killings, violent crimes and wanton killings rocked the nation…

Libération
Au Nigeria, «une épidémie des actes de kidnapping contre rançon»
Sa mort avait suscité une émotion nationale au Nigeria. Début janvier, une jeune fille kidnappée par des hommes armés avec ses quatre sœurs près de la capitale, Abuja, était assassinée après l’expiration du délai pour le paiement de la rançon…

Punch
Nigerians turn to traditional healers as prices of drugs go out of reach
In the busy Sango Ota market, in the Ado-Odo/Ota Local Government Area of Ogun State, Mrs Ayoni Oladipo graciously showcased her array of herbal products…

10 February 2024
Daily Trust
Unmasking Nigeria’s Insecurity: A Failure Of Governance And Responsibility
The worsening insecurity in Nigeria, particularly in regions like Kaduna, Katsina, Zamfara, Abuja, and other towns, looms larger than ever. As the nation grapples with unprecedented myriad of challenges ranging from rampant banditry to kidnapping for ransom, and a relentless onslaught of criminal activities and other overlapping security challenges, the nation has witnessed the loss of thousands of lives, displacement of millions of people, disruption of economic activities and the legitimacy and authority of the government undermined…

9 February 2024
Dataphyte
Naira’s Free Fall
Shifting focus to Nigeria, in an attempt to drive economic development, the Central Bank of Nigeria (CBN) adopted a free-floating policy for the Naira against international currencies on June 14, 2023…

8 February 2024
Daily Trust
How The Bystander Effect Is Killing Nigeria
I have recently found myself reminiscing about an incident I witnessed on the New York subway in the summer of 2018. This reminiscence was triggered by a conversation with one of my doctoral professors about the crazy things he too had witnessed on the same subway while he lived and worked in the Big Apple.

Joy News
SBM Intelligence’s Ikemest Effiong speaks on the death of the Nigerian monarch, Segun Aremu
SBM’s head of research, Ikemesit Effiong, spoke to Joy News in Ghana about the recent spate of kidnaps in Nigeria, and the murder of some traditional rulers in Ekiti state…

7 February 2024
ICIR Nigeria
Over 5,000 Nigerians killed in Tinubu’s first 7 months in office
After the December 24, 2023 attack, which led to the death of over 90 Nigerians in Plateau State, there was much grief, anger and frustration across Nigeria over continuous attacks on innocent citizens…

6 February 2024
ADF Magazine
Chinese Gold Miners Fuel Insecurity in Nigeria
Illegal gold mining is a growing problem in Nigeria that is benefiting terrorist groups, causing violence and increasing pollution. Residents of mining areas blame Chinese nationals who set up and oversee mining and refining operations…

The Chanzo Initiative
Protecting the Rights of Persons With Disabilities Will Foster Africa’s Economic Development
Every December 3, the United Nations (UN) celebrates the International Day of Persons with Disabilities. The day is set aside to promote the rights and well-being of persons with disabilities (PWDs)…

5 February 2024
AFP
35 Wedding Guests Kidnapped in Nigeria
At least 35 women are missing after kidnappers seized guests returning from a wedding in northwestern Nigeria, officials told AFP on Monday. The mass kidnapping in Katsina state is the largest in a series of recent abductions across Africa’s most populous country…

Channels TV
SBM Intelligence: Security Estate Fees Increase By 20% Following Spike In Kidnapping
SBM Intelligence Partner Ikemesit Effiong spoke to Channels’ Business Morning about Nigeria’s security challenges and the company’s latest report on insecurity in Nigeria’s capital, Abuja…

Daily Trust
Nigeria’s Insecurity: A Failure Of Governance And Responsibility
The worsening insecurity in Nigeria, particularly in states like Kaduna, Katsina, Zamfara, Abuja, and other areas, looms larger than ever. Nigerians are grappling with an unprecedented myriad of challenges ranging from rampant cases of banditry to kidnapping for ransom, and a relentless onslaught of criminal activities and other overlapping security challenges…

Inkstick
Nigeria’s Kidnapping Crisis Highlights the Country’s Problematic Intelligence Infrastructure
When Joy Ebube learned from a WhatsApp group chat that her former high school classmate Nabeeha Al-Kadriyar was kidnapped in Abuja, she found it hard to believe…

NaijaNews
How Kidnappers Take Advantage Of Financial System Flaws
Several financial institutions have strayed from their primary duties, disregarding regulatory guidelines and engaging in activities that pose harm to the economy…

Punch
Abduction epidemic: Further delay of state police fatal
Long relegated to the background because of politics, the call for state police is growing louder as Nigeria’s insecurity challenges threaten to overwhelm the country. The new converts include the Peoples Democratic Party governors, some northern groups, and a former National Security Adviser, Aliyu Gusau…

ThisDay
Nigeria: In the Throes of Insecurity
Insecurity everywhere, Nowhere to run! This appears to be the plight of most Nigerians in the past few months, and there doesn’t seem to be any respite. The once serene Plateau State is now under siege, because of bandits and terrorists. Most worrisome is the fact that the nation’s Capital, Abuja, is not spared from the grip of kidnappers and bandits, and the situation appears to be getting worse…

4 February 2024
Law and Society Magazine
As kidnapping, banditry wreck havoc on lives and businesses, will the influential Nigerian Senator allegedly in bed with terrorists ever face the law?
As the spate of kidnaping continue across the country with a wedding ceremony ruined when terrorists abducted the bride and about 52 women escorting her to her matrimonial home in Dandume Local Government Area of Katsina State, a top Northern Senator is allegedly being closely watched by security agencies spearheading terrorism, banditry and Kidnapping…

RFI
Des États du Nigeria recrutent des miliciens pour affronter les bandes criminelles
Le gouverneur de Zamfara a annoncé cette semaine la création d’une nouvelle force de 2600 hommes pour combattre les gangs criminels dans cet État du nord-ouest du Nigeria…

ThisDay
Economic Toll of Expensive Medications in Nigeria
In Nigeria, a challenging trinity emerges as a stark reality – the convergence of ailing pockets, an ailing economy, and ailing health. As citizens grapple with the burden of the high cost of drugs, the dilemma intensifies, creating a complex interplay between financial strain, economic repercussions, and compromised well-being…

The Whistler
Inside Gbau Zokwoyako, Tales Of Alleged Fulani Banditry And Kidnap For Ransom
The violent bangs continued on the frail metal door, accompanied by sporadic gunshots at midnight on January 28, 2024. The door lost its grip from the concrete wall, and in a second, Henry Yanana, 32, saw armed men burst into their house and take him along with his father…

3 February 2024
The Cable
Nigeria’s security falters as non-state actors killed 3,841 persons, abducted 4,243 in 2023
According to data sourced from the National Security Tracker (NST), an initiative of the Council on Foreign Relations (CFR), and the Armed Conflict Location & Event Data Project (ACLED), 3841 people were reported to have been killed by non-state actors, while 4,243 others were kidnapped in 2023…

First Post
Assassins kill traditional monarch, abduct wife in palace raid
Unidentified gunmen shot dead Oba Aremu Olusegun Cole, one of Nigeria’s revered traditional monarch in Kwara state. The assailants, after storming the palace, not only claimed the life of the monarch but also abducted his wife and another individual on Thursday…

Punch
Why bandits are killing monarchs cheaply – Traditionalists
Amid the haze of the harmattan on Monday, January 29, 2024, a car conveying three Ekiti monarchs glided across the landscape of the Ajoni Local Government Area of Ekiti State, on a road framed by thick bushes on both sides…

2 February 2024
AFP
Nigerian traditional monarch shot dead and wife kidnapped from palace
Gunmen killed a Nigerian traditional monarch and kidnapped his wife after raiding his palace, police said, as outrage grows over a spate of abductions across the country…

BBC
Segun Aremu: Nigerian traditional monarch shot dead and wife kidnapped
Armed men have shot dead a traditional ruler, and kidnapped his wife plus one other person in south-western Nigeria, authorities say. The attackers stormed the palace of Segun Aremu – a retired army general and monarch whose official title is the Olukoro of Koro – on Thursday night…

Blueprint
Eyes on NASS as women arise over insecurity
The rising rate of crime and other security challenges has been a cause for concern for Nigerians, especially women, who are largely believed to be at the receiving end of the consequences of the situation…

FIJ
Can Nigeria’s Economy Be Revived With the Proposed $1b Sale of Power Plants?
In 2022, the federal government and governors of Nigeria’s 36 states reached an agreement to sell five power plants under the National Integrated Power Plants and use the money generated from the sale to fund the 2023 budget…

Escalating Kidnappings Transforming FCT Into Economic Nightmare
The alarming surge in kidnappings within the Federal Capital Territory (FCT) has significantly impacted economic activity and has led to an escalation in the cost of living in the city…

Guardian Nigeria
Bandits abduct director near military base as report cites rising impact of insecurity
There seems to be no immediate end to the insecurity in Abuja as bandits, yesterday, abducted a director with the Federal Housing Authority (FHA)…

Time for a new beginning
The consequences of befuddled thinking flowing from parochial interests and not for the general welfare of all, are staring all in the face. The country is in a choke –hold of anguish, uncertainties and disillusionment…

1 February 2024
AFP
Nigerian State Turns To Vigilantes In Fight Against Bandits
The governor of a troubled Nigerian state has inaugurated a 2,600-strong vigilante force to combat violent criminal gangs terrorising the country’s northwest…

BusinessDay
67 soldiers, 31 police officers killed in three months under Tinubu
No fewer than 129 security personnel, including 67 soldiers and 31 police officers, were killed under President Bola Tinubu in the last quarter (October–December) of 2023, a new report by SBM Intelligence says…

Gas shortage casts doubt on $25bn Nigeria-Morocco pipeline
The quest by the federal government to supply uninterrupted gas to the Nigeria-Morocco gas pipeline, a $25 billion project aimed at transporting Nigerian gas to Europe through Morocco, is being threatened by lingering gas supply challenges in the country, BusinessDay’s findings have revealed…

The Cable
Rising cases of kidnappings driving up cost of living in Abuja
A report by SB Morgen (SBM) Intelligence says the rising cases of kidnappings in the federal capital territory (FCT) are driving up the cost of living in the city…

Channels TV
‘They’ll See Fire For Fire,’ Wike Vows To Flush Out Criminals From Abuja
Bandits and other criminal elements have in recent months held sway in some parts of the FCT, killing and kidnapping others. But Wike told a gathering at the flag off of the construction of Paikon-Kore Road in the Gwagwalada area of the FCT that his administration is on course to flush out criminals…

ICIR Nigeria
Gunmen kidnap FHA director in Abuja
Gunmen suspected to be bandits have reportedly kidnapped a director of the Federal Housing Authority (FHA), Aondo Ver, in the Federal Capital Territory (FCT) Abuja…

Nairametrics
Businesses in Abuja record 33% drop in revenues over insecurity and kidnapping
Revenues of businesses in Abuja recorded a 33% decline occasioned by the rising spate of kidnapping and insecurity in the city between January 2023 and January 2024…

Premium Times
Kidnapping: Abuja businesses record 33% fall in revenues
The rising cases of kidnapping in Abuja, Nigeria’s capital city, has left an undesirable economic impact on residents, a new report has said. SBM Intelligence, a research advisory firm, disclosed this in its report titled ‘Inside Nigeria’s Hostage Capital: Unraveling the Economic Impact of Abuja’s Kidnap Epidemic’, released on Thursday…

Punch
Weak naira slows down japa rate
Leaving is the Nigerian dream. The average young working Nigerian saves and prays towards it as it is an escape route from the myriad challenges confronting the country…

Vanguard
Business revenue in Abuja down 33% due to insecurity
A new report by SBM Intelligence, a reputable market intelligence, security analysis, and strategic consulting firm, has shed light on the alarming rise in insecurity that is plaguing Nigeria’s capital, Abuja…