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Nigeria Sinks Below Zimbabwe Stock Valuations

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Ngozi Okonjo-Iweala, Coordinating Minister for the Economy
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Nigeria’s Islamist insurgency, tumbling oil revenue and a looming presidential election have turned the nation’s stocks into Africa’s biggest laggards, according to Bloomberg.

The country’s main equity index lost 25 percent this quarter after tumbling to a 22-month low, the continent’s largest retreat.

The Nigerian measure dropped to 8.1 times estimated earnings Dec. 11 in Lagos, falling below Zimbabwe for the first time since Bloomberg started tracking the southern African nation in 2010.

Bloomberg reported that tension in Africa’s largest economy is escalating before polls in February pitting southern Christian President Goodluck Jonathan against former military ruler Muhammadu Buhari, a northern Muslim, with attacks by the Islamist militant group Boko Haram killing at least 450 people in November.

Crude’s plunge below $65 a barrel has deepened the rout as Nigeria needs a price of $126 to balance its budget, more than any other major developing-nation producer bar Venezuela and Bahrain, according to Deutsche Bank AG.

“The government situation is somewhat chaotic,” Mark Mobius, who oversees about $40 billion as the executive chairman of Templeton Emerging Markets Group, said by phone from Bangkok on Dec. 9.

“You’re going to get a lot of hesitation on the part of investors” until after the polls, he said.

The Nigerian Stock Exchange All Share Index decreased 3.5 percent to 31,062.03, the lowest level since January 2013. The gauge has dropped 28 percent from this year’s high in July.

 It is the fourth-biggest fall among 93 stock gauges tracked by Bloomberg worldwide this quarter through Dec. 11.

The last time Nigeria held general elections in 2011, stocks declined 1 percent in the six months before the April poll to end the year 16 percent down.

Jonathan’s victory triggered riots across the north that killed more than 800 people and led to the burning of churches, mosques and homes and was challenged by the runner-up.

Investors are more concerned this year as increased attacks by Boko Haram “make these elections particularly fraught,”

Nnamdi Obasi, a senior analyst for West Africa at Brussels-based International Crisis Group, a conflict resolution organization, said in a report last month.

Consumer and energy shares have been among the biggest drags on the benchmark index. Dangote Cement Plc, controlled by the continent’s richest man, Aliko Dangote, has dropped 28 percent this year.

The stock makes up about a quarter of the gauge’s $62 billion market capitalization. FBN Holdings Plc, owner of the country’s biggest lender, fell 47 percent amid higher capital requirements.

The estimated price-to-earnings ratio for Nigeria is the lowest of nine of the largest markets in sub-Saharan Africa and compares with 8.14 times for the main measure of the stock exchange in Zimbabwe, where a decade-long recession that began in 2000 reduced the size of the economy by half.

Kenya’s Nairobi All Share Index is valued at 11.4, while Russia’s Micex Index is at 4.6 times estimated earnings as the economy teeters on recession amid international sanctions against the world’s biggest energy exporter. Brazil’s Ibovespa Index is valued at 10.3, while the MSCI Frontier Markets Index measures 9.1.

The selloff in some consumer stocks and banks has been extreme even after accounting for a more difficult business environment amid lower oil prices, Joseph Rohm, who helps manage about $2 billion in Africa for Investec Asset Management, said by phone from Cape Town Dec. 10. “It’s a better environment now for stock-pickers with a long-term horizon.”

Nigerian securities will rebound in 2015 if the political environment improves, Mobius said. The $1.8 billion Templeton Frontier Markets Fund hasn’t reduced its exposure to Nigeria during the recent downturn, he said.

The latest data from Nigeria’s stock exchange show foreign investors have been net sellers of the nation’s shares and bonds on the whole. They pulled $273 million from the country in October, the most since February when central bank Governor Lamido Sanusi was suspended.

Oliver Bell, a money manager at T. Rowe Price Group Inc. in London, said last month that the firm’s Africa and Middle East fund has cut holdings of Nigerian shares to the lowest level since the fund’s inception in 2007, even as he predicts the country’s long-term investment case will stay intact.

“We’re not seeing this as a buying opportunity at all,” David Wickham, director of frontier and emerging-market equity at HSBC Global Asset Management, which has $850 million in frontier market shares, said by phone from London Dec. 10.

“It’s a pretty challenging period. Most investors, unless they’re extremely contrarian, will sit back and wait.”

While Jonathan will probably win the elections, he is weakened by Boko Haram’s Islamist attacks along with his administration’s failure to curtail corruption and by senior party member defections to the opposition, Sebastian Spio- Garbrah, managing director at New York-based consultancy DaMina Advisors LLP, said last month.

Nigeria’s economy, which relies on oil for more than 90 percent of exports and 70 percent of government revenue, is getting buffeted by Brent crude’s more than 40 percent plunge since June to the lowest level in more than five years.

 The finance ministry, which had projected 6.35 percent economic growth in 2015, may reduce that forecast by about one percentage point next week, spokesman Paul Nwabuikwu said by phone Dec. 10 from the capital, Abuja.

The central bank raised interest rates to a record 13 percent last month in a bid to stem capital outflows and defend the local currency, which dropped to a record low against the dollar on Dec. 2 and is heading for its biggest annual decline since 2008. The naira weakened 0.3 percent to 181.82 per dollar as of 9:50 a.m. in Lagos, extending losses this quarter to 9.9 percent.

“In the next 30 years, it’s a fantastic place to be,” said HSBC’s Wickham. “Right now, it’s a different story.”


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Maida, EVC NCC to Lead Speakers @ 17th Africa’s BoICT Merit & Leadership Lecture

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Dr. Aminu Maida, executive vice chairman and chief executive officer (EVC/CEO),  Nigerian Communications Commission (NCC), has has been confirmed as a Special Guest of Honour at this year’s Africa Beacon of ICT Lectures and Awards.

Maida, EVC NCC to Lead Speakers @ 17th Africa’s BoICT Merit & Leadership Lecture

Dr. Aminu Maida, executive vice chairman and chief executive officer, NCC

Africa Beacon of ICT Lectures and Awards, is widely regarded as the most prestigious annual event available in the ICT industry in Nigeria.

The event according Ken Nwogbo, editor-in-chief of Nigeria Communications Week,“is digital transformation edition” will hold on  Saturday, May 30, 2026 at the Four Points by Sheraton, Lagos.

Africa’s BoICT Lecture is designed to explore efforts to put Nigeria on the global Information and Communications Technologies map.

It will also to recognise and celebrate organisations and individuals in the ICT and banking industries that have impacted in digital transformation of the economy.

Nwogbo said that Dr. Maida, oversees the regulation, development, and strategic direction of the Nigerian telecommunications industry.

His administration at the NCC, actively drives initiatives to improve telecom consumer experience, enhance infrastructure, and foster collaborations (such as with the Central Bank of Nigeria) to protect citizens from financial fraud

He holds a PhD in Electrical & Electronic Engineering from the University of Bath, UK.

Prior to joining the NCC, he served as the Executive Director, Technology and Operations at the Nigeria Inter-Bank Settlement System Plc (NIBSS).

At NIBSS, Dr. Maida was responsible for spearheading the technical and operational standardization of all devices deployed in the financial system in Nigeria for interoperability.

He led a dynamic team that ensured that all terminals used in the e-payment industry and all devices deployed in Nigeria would accept all cards issued by banks and other licensed card schemes without discrimination.

Prior to his appointment at NIBSS, Maida was the Chief Technical Officer (CTO) at the Nigerian-based FinTech Arca Payments Network and Senior Manager at Cisco Systems, United Kingdom.

As a seasoned technical professional with over 15 years of multi-functional and international experience in FinTech & Telecoms & Enterprise Technology, Dr. Maida between 2010 and 2014, worked as a Network Design Consultant at EE, part of BT Group, and one of the largest mobile communications companies in the UK.

He was also at some point (2006-2010) a System Engineer at Ubiquisys, a leading company in intelligent 3G and LTE small cells, which is now part of Cisco.

Dr. Maida will be joining will join top dignitaries who have graced the  event in the past including: Dr. Ernest Ndukwe, former executive vice-chairman, Nigeria Communications Commission (NCC); Engr. Yomi Bolarinwa, former Director-General of National Broadcasting Commission (NBC); Dr. Jean Luc Fort, CEO at OR System France and a specialist in Counterparty Risk; and Professor Chris Nwagboso, Chairman, Knowledge Factory International, United Kingdom.

Others are: Chris Uwaje, chairman, Mobile Software Solutions Ltd; Uche Orji, former managing director/chief executive officer, Nigeria Sovereign Investment Authority (NSIA); Biodun Omoniyi, Managing Director/CEO, VDT Communications;  and John Obaro, CEO and founder of Systemspecs; Dr. Isa Pantanmi, former DG, NITDA; Dr. Obadare Peter Adewale, co-founder and COO, Digital Encode Limited; among others.

The highpoint of the BoICT Lecture will be the conferment of awards to companies and individuals for their significant contributions to the growth of technology in Nigeria and indeed Africa.

The event is a five-star event; easily Nigeria’s ICT Oscars.

 


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Pantami, Ex Minister of Communication Withdraws from Gombe APC Governorship Primaries over Alleged Electoral Violations

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Professor Isa Ali Ibrahim Pantami, former minister of Communications and Digital Economy, has withdrawn from the All Progressives Congress (APC) governorship primary election in Gombe State, citing alleged violations of the Electoral Act 2026 and failure by party officials to provide conditions necessary for a credible primary process.

Pantami, Ex Minister of Communication Withdraws from Gombe APC Governorship Primaries over Alleged Electoral Violations

Professor Isa Ali Ibrahim Pantami

Pantami announced his withdrawal in a statement issued by Barrister Ibrahim M. Attahir on behalf of the Pantamiyya Movement.

The former minister said his decision followed extensive consultations with stakeholders and careful assessment of developments surrounding the APC direct primaries in the state.

According to the statement, Pantami participated fully in the governorship process out of loyalty to the APC after accepting appeals from party leaders, youths, women groups and other stakeholders urging him to contest for the state’s top seat.

The statement noted that Pantami complied with all party requirements and procedures and was the only governorship aspirant represented at the Peace Accord meeting organised by the Nigeria Police Force, Gombe State Command, on May 14, 2026.

It added that his representative was also the only aspirant’s delegate who signed the peace accord during the event.

Despite this, the Pantamiyya Movement alleged that the APC leadership repeatedly failed to provide critical information relating to the conduct of the direct primaries.

According to the statement, several letters sent by Pantami’s solicitors to relevant organs of the party seeking clarification on procedures, accreditation, collation centres and other operational details were neither acknowledged nor responded to.

“In a democracy, the law must guide the process. Non-compliance with the Electoral Act 2026 and the party guidelines renders the exercise unsafe and illegitimate,” the statement said.

The movement further alleged that no actual election took place during the recent National Assembly direct primaries conducted in Gombe State on May 16 and 18, 2026, claiming that many aspirants were not informed about voting venues, accreditation procedures or collation arrangements before results were announced.

The statement maintained that Pantami’s political strength lies in his grassroots support base, particularly among youths and women, but alleged that ordinary party members were sidelined in the recent primaries.

It also claimed that despite President Bola Ahmed Tinubu’s insistence on credible and transparent direct primaries, the directives were allegedly not implemented in Gombe State.

“Prof. Pantami had requested details on the time and place for accreditation of agents and observers, the procedures for accreditation, voting and collation, and the location of collation centres. This information should have been provided to all aspirants without being solicited. As of this moment, nothing has been provided,” the statement added.

Pantami expressed appreciation to supporters, especially youths who reportedly raised funds through crowdfunding to purchase his expression of interest and nomination forms.

The movement disclosed that donations from supporters ranged between ₦5,000 and ₦4 million, with contributors publicly sharing receipts online.

The former minister also thanked women groups, coordinators at ward and local government levels, elders, campaign officials and members of the Campaign Coordinating Committee for their support and loyalty throughout the process.

He urged his supporters to remain calm, peaceful and law-abiding, stressing that democracy must be anchored on the rule of law, peace and security.

The statement added that the Pantamiyya Movement would communicate its next political direction and future plans to supporters and followers across Gombe State and the country in due course.

“All followers, admirers and supporters of Malam Pantami are to remain united for the next alignment and realignment in the political space,” the statement said.

Pantami’s withdrawal is expected to significantly reshape political calculations within the APC ahead of the 2027 governorship election in Gombe State, given his strong support base among youths and grassroots mobilisers.

 

 


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US to Deploy Wireless Technology in Nigeria, Others 

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The U.S. Trade and Development Agency (USTDA) has concluded arrangements to deploy U.S.-made wireless infrastructure in Nigeria and other three West African countries.

US to Deploy Wireless Technology in Nigeria, Others 

Donald Trump …..credit..foxbusiness

According to a statement made available by the U.S Embassy, Abuja, U.STDA, disclosed the funding for a feasibility study to install approximately 1,500 turnkey mobile communications base stations for deployment of wireless technology across Benin, Côte d’Ivoire, Ghana and Nigeria.

The deployment of American-made mobile base stations, it further stated will address West Africa’s urban-rural connectivity gap and provide millions of West Africans with faster, more reliable mobile access, aimed at supporting economic activity in areas.

The statement reads: “USTDA announced funding for a feasibility study to install approximately 1,500 turnkey mobile communications base stations from Massachusetts-based company Vanu Inc. (Vanu), across Benin, Côte d’Ivoire, Ghana and Nigeria.

“USTDA is bringing private sector solutions to unlock widespread, affordable, trusted internet access in off-grid communities across West Africa,” said Thomas R. Hardy, USTDA’s deputy director.

“By helping American companies compete in these critical markets, we are offering an alternative to insecure infrastructure while creating export opportunities that make America more prosperous.”

“USTDA’s assistance will fund the study for Vanu Côte d’Ivoire, which has selected Georgia-based Vernonburg Group LLC to provide U.S. expertise to assess the commercial viability of large-scale deployment and help mobilize financing for implementation.

The study will evaluate existing network infrastructure, analyze market conditions across all four countries, assess legal and regulatory frameworks, and develop a comprehensive financing plan.

The project will generate substantial opportunities to deploy trusted U.S. wireless solutions, network management systems, and other digital infrastructure throughout the project’s implementation.

“The deployment of American-made mobile base stations will address West Africa’s urban-rural connectivity gap and provide millions of West Africans with faster, more reliable mobile access, supporting economic activity in areas that have historically been offline or limited to outdated 2G and 3G networks.

Andrew Beard, CEO of Vanu Inc., said: “Vanu is proud to partner with USTDA to demonstrate how our systems enable mobile network operators in West Africa to deliver broadband Internet and voice services in some of the most economically and operationally challenging markets and prove that connectivity in these markets can be profitable, sustainable and scalable. Building on our pioneering world-first Federal Communications Commission certification of a software radio product, Vanu has developed an ecosystem of American companies to deliver cost-effective systems based on open interfaces and architectures. The USTDA study will help catalyze new investment, expand U.S. exports, and accelerate deployment of trusted, secure digital infrastructure to connect billions of people worldwide.”


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