June 2024

30 June 2024
Business AM
Nigerians seek refuge in personal loans as inflation nightmares linger
As the cost of living continues to soar, an increasing number of Nigerians are seeking out credit facilities from financial institutions to finance their daily expenses, a move that has become a widespread coping mechanism in the face of rising economic pressures…

BusinessDay
Resilient Nigerians defy tough times with stunning creativity
Despite a tough economic climate and government policies that would dampen spirits in many countries, Nigerians are demonstrating remarkable resilience and creativity in finding ways to survive. The economic hardship in Nigeria is severe, and has destabilised other nations in the past…

29 June 2024
BusinessDay
FG partners group to halt farmers/herders conflicts
The Federal Government has signed a partnership agreement with Search for Common Ground (SFCG), a community-based conflict resolution initiative, as part of moves to tackle lingering farmers/herders conflict, as well as other forms of insecurity, especially in the northern region…

26 June 2024
BusinessDay
Small arms proliferation worsening Nigeria’s insecurity
Nigeria’s increasing insecurity has been linked to the proliferation of small arms within and across the country’s borders. Incidences of small arms have led to 676 deaths, out of a total of 130 cases between 2019 and the first half of 2024, according to a report released by SB Morgen…

Punch
MAN’s warning on kidnapping
After the recent release of the Managing Director of Fouani Group, Mohamed Fouani, and four others, the Manufacturers Association of Nigeria has raised concerns that the continuous abduction of company executives could undermine confidence in the Nigerian economy…

25 June 2024
BusinessDay
Apps drive ₦1.22trn loan demand in one year
Nigerians borrowed ₦1.22 trillion over the past year as a surge in digital lenders improved access to credit for many grappling with worsening economic conditions. Between January 2023 and January 2024, personal loans surged by ₦1.22 trillion to ₦3.03 trillion…

Leadership
High Living Cost Pushes Personal Loans Up 14% To ₦3.03trn
The rising cost of living in Nigeria has led to a significant increase in personal loans, with the total value of personal credit rising by 14 per cent to N3.03 trillion in just one month, according to the latest data from the Central Bank of Nigeria (CBN)…

Punch
Rising food prices and insecurity
Economic hardship is not subsiding. According to a fresh note by the Abuja Chamber of Commerce and Industry, the persistent hike in food prices is worsening poverty levels…

Reuters
Nigerian farmers abandon farms after attacks, sending food prices higher
Hassan Ya’u, a 42-year-old maize and sesame seed farmer in Nigeria’s northern Katsina state, was tending to his crops early this month when dozens of armed men on motorcycles rode towards his plot and started shooting at close range…

24 June 2024
BusinessDay
Personal loans surge 14% as Nigerians battle collapse in disposal income
The amount Nigerians borrowed for personal needs in January 2024 rose by 14.3 percent when compared with December 2023, according to a recent report from the Central Bank of Nigeria (CBN)…

ICIR Nigeria
How illegal arms proliferation, porous borders fester insecurity in Nigeria
The desire by Nigerians to sleep with their eyes closed may remain elusive for a long time due to the high level of illicit arms and ammunition in circulation. Analysts and other security stakeholders say this situation, coupled with the nation’s porous borders, have worsened insecurity in the country…

Punch
332 farmers killed amid rising food inflation
At least 332 farmers have been killed in attacks across the country since the beginning of the year. The attacks which have been dominant in the northern parts of the country were carried out by bandits and Boko Haram/Islamic State of West Africa Province terrorists. The number of farmers killed was counted based on news reports…

Nigerians borrow ₦3.9tn as economic crisis bites harder
Nigerians affected by the rising cost of living obtained credit facilities worth ₦3.82tn from banks as of January 2024, the Central Bank of Nigeria has stated. An analysis of the latest monthly economic report posted on its website revealed that the total consumer credit rose by 11.9 per cent to ₦3.82tn in January 2024, driven, mainly, by the rise in personal loans on the back of heightened inflation…

23 June 2024
News Central TV
Nigeria & Turkiye’s Power Play in the Sahel: Unveiling Security Dynamics
Explore the evolving security dynamics in West Africa with us on Breakfast Xtra. Recent reports highlight Turkiye’s deployment of fighters from the Turkish-controlled Free Syrian Army to several Sahel countries, including Nigeria. Join Confidence McHarry, Senior Security Analyst at SBM Intelligence, as we delve into the implications of this deployment, the role of SADAT, and the broader geopolitical strategy of Turkiye in Africa…

22 June 2024
The Cable
Gunmen abduct Catholic priest in Zamfara
Some armed men suspected to be bandits have abducted Mikah Suleiman, parish priest of St. Raymond Catholic Church in Zamfara state…

Clout Bucks Crypto
Nigeria’s foreign investment at risk due to Binance bribery allegations
SBM Intelligence, a leading Africa-focused risk consultancy, issues a stark warning on the bribery allegations against Binance CEO Richard Teng by Nigerian officials, highlighting potential repercussions for foreign investment…

21 June 2024
BusinessDay
Nigeria’s drug stockpiles surge by 65% in Q1’24, as inflation squeezes consumer spending
Nigeria’s rising inflation impacts pharmaceuticals, with firms’ finished goods inventory increasing by 64.6 percent in Q1 2024, Businessday findings show. Fidson Healthcare, May & Baker Nigeria, Mecure, and Neimeth reported ₦15.8 billion in finished goods in Q1 2024, up from ₦9.6 billion in 2023…

20 June 2024
AIT
Rising cost of food: How are Nigerians surviving?
SBM senior analyst, Glory Ehiremen joins AIT’s Nancy Iloh on Moneyline with Nancy to talk about how the common Nigerian is surviving with the increase in the cost of food prices…

News Central TV
Concerns Over Growing Turkish Influence in Africa’s Sahel
In early June 2024, several Middle Eastern and Western media outlets reported that Turkiye is deploying fighters from the Turkish-controlled Free Syrian Army to various countries in the Sahel, including Nigeria…

19 June 2024
Nairametrics
Fouani kidnap: Unchecked abductions could erode investor confidence in Nigeria – MAN
The Manufacturers Association of Nigeria (MAN) has warned that the continued abductions of company executives could undermine confidence in the Nigerian economy…

18 June 2024
BusinessDay
Social engineering, website hacking lead channels Nigerian bank customers lost money in 2023
Social engineering, website/server hacking and robbery lead channels through which Nigerian bank customers lost most money from January to December last year, new data has shown…

16 June 2024
BusinessDay
Mass abductions in Nigeria skyrocket in 2024, surpassing 2019, 2020 combined
It’s just the middle of the year and Nigeria has had more mass abduction victims than it did in 2019 and 2020 combined. This was disclosed in an intelligence report published by SB Morgen Intelligence, an international security intelligence-gathering firm, recently…

15 June 2024
Leadership
A New Minimum Wage That Favours Economic Stability
The increase in the cost of living has not only impacted necessities but has also diminished the overall quality of life for Nigerians. With the escalating prices of goods and services, many households are forced to cut back on discretionary spending, which affects their mental and physical well-being. The struggle to make ends meet has become a daily reality for many, prompting a growing demand for wage increments to help offset these rising costs…

14 June 2024
Leadership
Bank Customers Lose ₦59.3bn To Fraud In 5 Years
A total of ₦17.67 billion was lost to fraud in Nigeria’s banking industry in 2023, a figure that has soared by 496.96 per cent compared to what was recorded in 2019 and bringing the total figure of what was lost to fraud in five years to ₦59.33 billion…

New Telegraph
Banking Sector’s Losses To Fraud Surge 496.96%
The amount of money lost to fraud in Nigeria’s banking sector jumped by 496.96 per cent or ₦14.71 billion, between 2019 and 2023, a report by SB Morgen (SBM) Intelligence has said. According to the report, the amount of money lost to fraud in the country’s financial sector maintained an upward trend in the five year period…

Premium Times
Fraud in Nigeria’s banking sector rose by ₦14.71 billion in five years
There has been an increase in fraud cases within Nigeria’s banking sector over the past five years, according to a report by SBM Intelligence. SBM Intelligence, an Africa-focused research firm, said financial losses due to fraudulent activities surged by ₦14.71 billion from 2019 to 2023…

The Sun
Nigeria’s banking sector lost ₦56.4bn to fraud in 4 years
Geopolitical research firm, SB Morgen (SBM) Intelligence, revealed that the amount of money lost to fraud in Nigeria’s banking sector stood at ₦56.37 billion in four years. This represents an 83 per cent increase between 2020 and 2023…

13 June 2024
BusinessDay
Living vs minimum wage: Labour’s fresh push for salary increase
The ongoing battle between organised labour and the Federal Government of Nigeria over the right minimum wage, also known as “a living wage,” for public sector workers has intensified over the past few days. Experts say the minimum wage negotiation is the most contentious in the history of minimum wage negotiation in Nigeria, exacerbated by the economic reforms…

The Cable
Fraud in Nigeria’s banking sector rose by ₦14.71bn in four years
SB Morgen (SBM) Intelligence, a geopolitical research firm, says the amount of money lost to fraud in Nigeria’s financial sector increased by ₦14.71 billion or 83 percent between 2019 and 2023. According to the research firm, the amount increased steadily from ₦2.96 billion to ₦17.67 billion within the reviewed period…

FIJ
Chronicles of Kidnap Survivors (II): Kaduna Teenager Learned to Shoot at 14 Because ‘Kidnappings Happen Everyday’
In Dicko Sangare’s (not real name) household, almost everyone knows the art of assembling and shooting a gun. Like clockwork, they can each couple a local or foreign shotgun, feed it gunpowder and bullets and return unfriendly fire. Two women bore children for the man, and when he sat with this reporter, other than his irritation for insecurity in his community, he spoke of nothing more passionately than his wives…

NAN
Hypertension: Rise In Drug Prices And Implications For Heart Diseases Surge
As the sun rises over the Federal Capital Territory, Mrs Adesuwa Monday wakes up with a familiar feeling that she dreads. Her blood pressure medication, essential for keeping her hypertension in check, has become increasingly unaffordable. Like many other Nigerians Monday, a civil servant, has been forced to seek alternative remedies to manage her condition…

Semafor
Diageo’s Guinness Nigeria sale puts new spotlight on struggling economy
The move by British drinks maker Diageo to sell its majority stake in Guinness Nigeria this week renewed fears that more Western conglomerates will flee Africa’s most populous country as inflationary pressure continues to cut consumer spending power. Diageo will sell its 58% stake in Guinness Nigeria to Singaporean group Tolaram for about $70 million but will retain ownership of the Guinness brand…

12 June 2024
Upgrade TV
25 Years Of Democracy: Has Nigeria Progressed?
Partner and Head of Research at SBM Intelligence, Ikemesit Effiong joined the WAYS Primetime show on the anniversary of the 12 June 1993 election to discuss 25 years of Nigerian democracy…

11 June 2024
Daily Maverick
Rampaging attackers in Nigeria’s capital, Abuja, force residents to sleep with one eye open
Communities in Abuja are under siege. In the last year, about 87 residents have been killed and another 176 kidnapped. There has been a steady rise in violent attacks within the city since the assumption of office by President Bola Tinubu, and it is fueling fear and tension among residents…

Premium Times
Abuja’s rampaging bandits: Forcing continuous alertness on residents
Abuja, Nigeria’s capital city and seat of power, used to be one of the most secure places in the country. Home to politicians and military officers, one would assume that the city would be protected from criminality, especially armed robbery and banditry. The city has a perception of relative immune from the security challenges plaguing many parts of the country. However, this appears no longer to be the case…

The Whistler
Smugglers Using Forex Proceeds To Finance Terrorism-Customs CG
The Comptroller General of Customs (CGC), Bashir Adeniyi, has claimed that the forex inflow from smuggling is being used to finance terrorism. The CGC disclosed this while speaking on the strategic efforts of the Nigeria Customs Service (NCS) in addressing the critical issue of fuel smuggling across the nation’s borders…

9 June 2024
News Central
Cocoa Prices Soar to Unprecedented Heights: Industry Experts Weigh In
We examine the cocoa market crisis that has sent prices skyrocketing to record levels. With cocoa prices exceeding $10,000 per ton due to severe weather and disease outbreaks in West Africa, the global market is feeling the strain. We speak with Fiifi Boafo from Cocobod on Ghana’s response, Obed Owusu from the Ghana Civil-Society Cocoa Platform on the social and economic impacts, and Isaac Kofi Agyei from SBM Intelligence for crucial market analysis…

Premium Times
Inside illegal operations of mining firm responsible for Ibadan fatal explosion
Amidst the mineral riches of Oyo State lies a shadowy truth: illegal mining thrives. In the heart of Olode Village, located in the capital Ibadan, where clandestine extraction persists, caution is currency, and outsiders are treated with suspicion. But their wariness is not only to keep the environmentally damaging illegal mining hidden, they are also trying to conceal an even worse dangerous reality – illicit use of explosives…

7 June 2024
Benjamin Dada
Binance becomes poster child for Nigeria’s protracted crypto war
Nigeria, Africa’s crypto kingpin, is locked in a tense duel with Binance, the world’s heavyweight crypto exchange. This sagacious, real-life financial thriller is replete with damning accusations, arrests, a rather daring escape, and a high-stakes battle over digital currency…

Independent
Tinubu, One Year After: Bad Wind That Spared None
Inside one of the Super Stores along the Lagos-Abeokuta Expressway, a sad event that truly exemplified the current reality in Nigeria played out while shoppers were going from shelves to shelves assessing the prices of commodities before yanking off required items into their trolleys…

News Central
Security Challenges and Political Dynamics in West Africa
A recent report by SBM Intelligence, titled ‘West Africa Security and Political Economy,’ provides an in-depth analysis of the region’s security situation, political landscape, alongside travel and deal advisory. This comprehensive overview is designed to help the public stay informed about potential risks and take appropriate measures to avoid and mitigate them…

6 June 2024
Al Jazeera
Why are Nigeria’s worker unions up in arms?
Nigeria’s trade unions earlier this week went on a nationwide strike, shutting down the country’s power grid and disrupting flights as they resorted to drastic measures to press the government to hike minimum wages amid a cost of living crisis…

5 June 2024
Arise News
Minimum Wage: Wages Should Be Reviewed Annually In Line With Inflation
Senior Analyst, SBM Intelligence, Oluseyi Awojulugbe says that this will enable workers to afford and maintain a certain lifestyle. We hope the conversation can reach a point where the Government and employers commit to reviewing the minimum wage annually so everyone can live well…

Mail & Guardian
Good choices, bad outcomes, harder lives in Nigeria
When Bola Tinubu became Nigeria’s president a year ago, he inherited a weak economy from his predecessor, Muhammadu Buhari, who he succeeded as head of both the state and the ruling All Progressives Congress party…

Punch
Soldiers’ killing in Abia deplorable
The recent killing of five soldiers and six civilians by suspected members of the Indigenous People of Biafra in Aba, Abia State, represents not just a tragic loss of life but a symbolic fracture in the fragile peace of Nigeria. The deaths underscore an escalation of violence in a region already fraught with tension. The PUNCH strongly condemns the dastardly act. We urge the government to bring the perpetrators to justice without delay…

2 June 2024
AP
Nigeria cracking down on illegal mining
Nigeria’s government is cracking down on illegal mining, making dozens of arrests of unlicensed miners since April for allegedly stealing the country’s lithium, a critical mineral used in batteries for electric vehicles, smartphones and power systems…