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Buhari’s Row with Wife Signals Frustration over FG Inertia

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A row between the Nigerian President Muhammadu Buhari and his wife has brought cracks in the ruling party right into the open, as frustration grows over government inertia in trying to drag the country out of its first recession in 25 years.

Aisha Buhari publicly criticised her husband’s record in office, saying she might not support him if he seeks re-election in 2019 unless he shakes up his administration, which she said had been hijacked by a “few people”.

The president tried to laugh off the rebuke from his wife of 27 years, saying “she belongs in the kitchen” – but without addressing the substance of her remarks, made last week in an interview with the BBC.

Reuters reported that the 73-year-old won last year’s election promising a new era in the West African nation, where graft has enriched an elite while most of the 180 million Nigerians live in poverty despite the OPEC member’s oil wealth.

Buhari came to power backed by his All Progressives Congress (APC) party, a broad coalition of politicians who united to remove his predecessor, Goodluck Jonathan, without having a joint plan on how to run the country.

Now, 17 months into office, there are few signs of Buhari’s promised reforms to diversify the economy away from exporting crude, prices of which have halved since 2014.

Already the naira is down 35 percent this year, making it one of the worst performing currencies in the world, and the National Bureau of Statistics forecasts the economy will shrink by 1.3 percent in 2016.

But criticism of the government goes beyond an apparent lack of urgency in tackling the economic crisis. A belief is growing that power is concentrated among Buhari’s chief of staff and an inner circle at the presidential villa, making it difficult for ministers to get the attention of the president.

The first lady is not alone in her views. Senate President Bukola Saraki, the third most senior politician in Nigeria, took to Twitter to express his concerns.

“It has become clear that there is govt within govt of @MBuhari who’ve seized apparatus of Executive powers to pursue their nefarious agenda,” he tweeted in June.

Buhari’s spokesmen declined to comment while the president himself has defended his economic record in general terms.

“I believe that this recession will not last,” he said this month. “We have identified the country’s salient problems and we are working hard at lasting solutions.”

Annual inflation accelerated in September to 17.9 percent, a more than 11-year high, and last week about 100 young people demonstrated near the central bank over the naira’s fall.

But, generally, the discontent has yet to turn into mass protest. “Let me commend Nigerians for your patience, steadfastness and perseverance. You know that I am trying to do the right things for our country,” said Buhari.

Nevertheless, Buhari has not answered questions about how Nigeria is governed under his presidency.

“People feel that the country is being run by a small clique of people who have taken over and are acting in the name of the president,” said Clement Nwankwo, director of the Policy and Legal Advocacy Centre, a think-tank in Abuja.

Buhari has put Vice President Yemi Osinbajo, a commercial lawyer, in charge of economic politics. But Osinbajo, who favours a more flexible currency policy to attract badly-needed foreign investment, has struggled to get his ideas heard.

“There is great worry that the input of the vice president does not seem to be taken into account in implementing policies, especially on the economic front,” Nwankwo said.

Buhari has said that as an ex-general he is no expert in economics, and yet he long rejected a devaluation of the naira – just as he did as military ruler in the 1980s when Nigeria was also in recession.

When the central bank finally dropped the naira’s peg to the dollar in June, the currency slumped 30 percent and many equity and bond investors had in any case long since gone.

Even now, Nigeria is operating a “managed float” which is keeping the official naira rate at around 305 to the dollar, far stronger than Monday’s black market rate of 455.

As ever in Nigerian politics, the division of powers between the mainly Muslim north, where Buhari is from, and the Christian south is playing a role.

Diplomats say members of northern circles known to Buhari for decades have resisted some ministers such as Finance Minister Kemi Adeosun, a southerner in her 40s who was not his first choice.

A source close to the presidency described the accusations of inertia as grumbling by some in the APC who had hoped for jobs or contracts under a system of patronage which Buhari stopped under his anti-graft drive.

Buhari needed to pick a cabinet from the APC but this was complicated because he was constitutionally bound to pick a minister from each of Nigeria’s 36 states.

To insert his influence he then brought in people he has known for decades. Members of his “kitchen cabinet” include his chief of staff Abba Kyari, whom Buhari has also put on the board of state oil firm NNPC, his uncle Mamman Daura and Babachir Lawal, the secretary to the government of the federation.

“Buhari is deeply suspicious of politicians because of Nigeria’s history of graft,” said one Western diplomat. “There are few people he trusts or regularly talks to to seek their advice.”

The pre-eminence of the inner circle has, say political insiders, created a rift between the president and Bola Tinubu, a former Lagos state governor who rallied southern Christian elites to help win power.

Tinubu has issued statements attacking APC chairman John Oyegun and oil minister Emmanuel Ibe Kachikwu, deepening divisions in the party.

Buhari has won plaudits from ordinary Nigerians by saying he will target a hyper-rich elite accused of massive corruption.

He has also managed to retake most territory lost to the Islamist militants of Boko Haram and negotiated the release of 21 of more than 200 girls kidnapped in 2014, although suicide bombings remain part of life in northeastern Nigeria.

But much of his first year in office was beset by slow progress. A five-month wait for his cabinet to be formed was followed by wrangling with parliament over the 2016 budget, which was only signed off by Buhari in May.

Efforts to make Nigeria more business-friendly have stalled. Trade Minister Okechukwu Enelamah wants to ease visa rules, acknowledging complaints from foreign executives about obstructive embassy officials, but has given no timeframe.

Nigeria could have earned as much as $8 billion in travel receipts this year, instead of the $500 million booked in 2014, had it adopted visitor-friendly visa rules like Ghana, Renaissance Capital said in a report.

Some investors have expressed frustration over hard currency curbs. “You can’t even discuss a rational foreign exchange policy,” David Lapido, director at Amaya Capital invested in Nigeria’s power industry, told a panel debate.

Leading economists recently met Buhari, stressing it was high time for action as there were just 18 months left before the next election would paralyse politics.

“We were very frank,” said Bismarck Rewane, CEO of Financial Derivatives consultancy who attended the meeting. “The president is paying serious attention to the economy. I am now more optimistic.”


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Detained Binance executive drags EFCC, NSA to court

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Binance executive Tigran Gambaryan has has dragged the National Security Adviser Nuhu Ribadu and the Economic Financial Crimes Commission (EFCC), to court alleging violations of his fundamental rights.

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In a filing dated March 18 and presented by his lawyer Olujoke Aliyu from Aluko and Oyebode Law Firm, Gambaryan sought redress before Justice Inyang Ekwo, requesting five reliefs. Similarly, Nadeem Anjarwalla, Binance’s Africa regional manager who escaped custody on March 22, initiated a separate suit before Justice Ekwo.

Gambaryan and Anjarwalla, in the suits marked: FHC/ABJ/CS/356/24 and FHC/ABJ/CS/355/24, had sued the Office of NSA (ONSA) and EFCC as 1st and 2nd respondents.

Gambaryan, a US citizen overseeing financial crime compliance at the crypto exchange platform, alleged that his detention and the confiscation of his international travel passport violated Section 35 (1) and (4) of the 1999 Constitution, constituting a breach of his fundamental right to personal liberty. He further requested the court to order his immediate release and the return of his passport. Additionally, he sought an injunction preventing further detention related to any Binance investigations and demanded a public apology from the respondents, along with costs incurred.

Gambaryan stated that he visited Nigeria on February 26 alongside Nadeem Anjarwalla, representing Binance, in response to invitations from ONSA and EFCC. Despite attending the meeting as requested, both were detained afterward without formal charges.

During the court proceedings, T.J. Krukrubo, SAN, representing Anjarwalla and Gambaryan, informed the court of the respondents’ absence despite being served. Krukrubo also mentioned their notice of withdrawal of legal representation for Anjarwalla, filed on March 26.

Justice Ekwo noted the withdrawal of legal representation and adjourned the matter to April 8 to allow the applicants to seek new representation and give the respondents an opportunity to appear.

In Gambaryan’s case, Krukrubo stated that although the processes were served on ONSA and EFCC, they still had time to respond. He requested an adjournment, indicating that the respondents’ deadline to file their applications would expire the following week.

Consequently, Justice Ekwo scheduled the next hearing for April 8 to continue proceedings.


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AXA Mansard Empowers Female SMEs with Financial, Digital Skills

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AXA Mansard, a member of AXA has empowered 200 female Small and Medium Enterprises with financial literacy and digital business skills.

In collaboration with SME 100 Africa, the two-day training, which was held in Lagos, is part of AXA’s lined-up programmes to commemorate this year’s International Women’s Day.

Speaking, Olusesan Ogunyooye, Head of Marketing AXA Mansard, said the training was aimed to empower female SME owners with skills to improve business output and position them for the increasing economic opportunities available in an increasingly digital marketplace.

Ogunyooye noted that the move was in line with AXA Mansard’s sustainability agenda, explaining that the company was convinced that support for women through its inclusive protection programmes was pivotal to its purpose of acting for human progress by protecting what matters and its mission of moving from being a payer to a partner.

He further said that focusing on digital skills was important because the company realised the importance of digital skills to the growth of the SME sector in Nigeria and wants to ensure that women were empowered enough to be a consequential part of that growth.

“It’s almost trite to say that SMEs are the engine for economic growth, especially in developing countries like Nigeria, where over 45 million adults are business owners. What needs to be continually discussed is how Nigeria is going to unlock that potential for economic development and how much of that potential will be unlocked by women and for women.”

“For us at AXA Mansard, we are aware that digital will play a major role in unlocking these current opportunities and Nigeria’s economic future. So, to ensure that women are equally represented in unlocking these future potentials, that’s why we have collaborated with SME 100 Africa to support them in developing the required skills”.

“Our choice of digital and financial literacy skills is deliberate. We understand the power of the duo. We understand that helping these SMEs with the skills to attract more customers will be a faster means to empower them.

“We see that they have amazing products and services, but they need to understand how to attract value for themselves by attracting the right customers, and you will agree with me that virtually all customer segments are online in one way or another today.

“So, if we can empower them with digital business skills, we would have helped them with the heavy lifting of trying to find and attract customers”. Ogunyooye explained.

According to him, AXA Mansard believes that for the world to experience progress truly, there must be an equitable distribution of creation and access to opportunities for men and women. This quest for balance informed the SHE for Shield initiative, a women-centred inclusive protection programme of AXA Mansard.

SHE for Shield is a group of initiatives designed for the Nigerian woman. The goal is to see them grow, add value, and help them mitigate risks at every step.

According to the company, research has found that access to health care is one of the most important things to Nigerian women, regardless of their economic segment. They desire to be financially independent, secure, and respected in the community.

 


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IFC Invests in New 4DX Ventures Fund to Support Tech Startups in Africa

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IFC is investing $10.5 million in a new fund by 4DX Ventures, a New York-based venture capital firm focused on supporting early-stage African technology companies across a broad set of sectors, including fintech, e-commerce, edtech, climate tech, and health tech.

IFC’s investment in 4DX Ventures Fund III will come from IFC’s $225 million venture capital platform, which was launched last year to strengthen emerging VC ecosystems and invest in early-stage companies in Africa, the Middle East, Central Asia, and Pakistan.

Africa is among the regions least served by venture capital, receiving just 2% of global venture deal volume in the third quarter of 2023. Access to capital on the continent has been further exacerbated by a slowdown in global venture capital investment.

Tech ecosystems are nascent, or even nonexistent, outside of more established markets such as Egypt, Kenya, Nigeria, Senegal, and South Africa.

“IFC and 4DX Ventures share the commitment to supporting tech entrepreneurs with innovations that will help Africa leapfrog in critical areas such as climate, health care, fintech, e-commerce, and education,” said Walter Baddoo, Co-Founder and General Partner of 4DX Ventures.

“We look forward to partnering with IFC to help promising tech startups build transformative businesses and realize sustainable development impact on the continent.”

4DX’s new fund will invest in companies with tech solutions that can improve productivity, efficiency and competitiveness across Africa. The firm’s first two funds invested in companies such as Egypt-based e-commerce platform MaxAB, an IFC portfolio company; Ghana-based health tech firm mPharma; and Kenya-based B2B e-commerce platform Wasoko, formerly known as Sokowatch.

“By supporting the development of tech ecosystems in emerging markets, IFC’s venture capital platform aims to improve access to key services, boost business competitiveness, and promote job creation through digital transformation,” said Mohamed Gouled, Vice President of Industries at IFC.

“Our investment in venture funds such as 4DX Ventures will help African entrepreneurs access more financing and resources they need to scale tech innovations and bolster sustainable growth across the continent.

In addition to providing capital, IFC will work with 4DX Ventures to implement their environmental and social management system.


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