Nigeria’s external reserve has reached $40.5 billion, data obtained from Central Bank of Nigeria (CBN) on the daily reserves’ movement has revealed.

The reserve had gained $5.99 billion in October, following a $2.76 million gain in September 2021 as a result of the $4 billion Eurobond secured by the federal government and the $3.35 billion IMF Special Drawing Rights facility.

However, in November it started declining as a result of heightened demand for school fees, travels and other import needs but soon regained an upward trajectory the first week in January.

Analysts at Cordros Capital notes that, “However, foreign inflows are paramount for sustained foreign exchange liquidity over the medium term, in line with our expectation that accretion to the reserves will be weak given that crude oil production levels remain quite low.

“Thus, foreign portfolio investors which have historically supported supply levels in the IEW (53.8% of forex inflows to the IEW in 2019FY) will be needed to sustain forex liquidity levels. Hence, we think further adjustments in the naira/dollar peg closer to its fair value and flexibility in the exchange rate would be significant in attracting foreign inflows back to the market.”

Meanwhile, the value of the naira appreciated by 4.6 per cent week on week to N416 to the dollar at the Investors and Exporters window (I&EW) but depreciated by 0.9 per cent to N570 at the parallel market as business activities picked up after the holidays.

In the forwards market, the naira rate appreciated at the one-month to N416.78 to the dollar, 3-month to N422.70, 6-month to N432.4, and at the 1-year contracts at N442.85 contracts.

Also, analysts at Sigma Pensions forecasts that Nigeria’s growth will stabilise, “we expect Nigeria’s external balance to improve as oil export receipts normalize to trend levels amid persisting import demand suppression on account of the CBN’s currency policy.”

Thisday

Standard Chartered Bank Nigeria, the local division of London-headquartered multinational banking and financial services firm Standard Chartered Plc, is discontinuing operation of around 50 per cent of branches in Nigeria, a step targeting prioritisation of digital banking, Bloomberg reported Monday, citing insiders.

The closure teed off in December, which means just 13 branches of the bank will be up and running ultimately, compared to around 25 operating before the move, according to the news outlet.

Lenders are deploying mobile money services on a vast scale in Nigeria to tap the market of the unbanked population comprising approximately 38 million adults, which Dataphyte estimated to be worth N26.2 trillion for the first 11 months of last year.

But formidable competition from mushrooming fintech companies means players late to agency banking rave like Standard Chartered Bank could struggle to gain traction.

The bank is now firming up mobile banking operations at the same time enlisting agents to expand its clientele, according to people who spoke on condition of anonymity.

The lender has centred its operations on corporate banking since it launched in the country but is giving increasing attention to retail banking, which has led to the introduction of digital lending aimed at easing access to soft loans and ramping up the size of retail credit.

Many banks including big lenders see agency banking as a cost-saving alternative to setting up branches and a veritable strategy suitable for reaching rural areas and financially excluded communities.

PT

A former Nigerian leader, Ernest Shonekan, died of “natural causes” on Tuesday morning, his family has said.

Adeboye Shonekan stated this in a statement on behalf of the family.

The late Nigerian leader was 85.

The family said they would release further details in due course.

The Ogun-born statesman was head of the interim government that led Nigeria between the military governments of Ibrahim Babangida and Sani Abacha.

Already, condolences have been pouring in for Shonekan, who was popularly known as the Baba Sale of Egbaland.

President Muhammadu Buhari described the late leader as an internationally-respected statesman with courageous wisdom.

Buhari said Shonekan left his “flourishing business career to become the Head of Government, at a delicate time when the country needed someone of his calm mien and pedigree to save the ship of state from sinking.”

In his condolence message, former President Goodluck Jonathan said Shonekan was a peacemaker and bridge builder who left enduring legacies.

“As a leader, Shonekan was well respected because of the enormous goodwill he brought into governance.

“He was a compassionate and determined administrator, a peacemaker and bridge builder who stepped in to lead the nation at a very difficult time in the history of its political evolution.”

PT

Ojonimi Ossai, an official of Shell Petroleum Development Company, has been killed by his abductors.

The late Ossai was on his way to the burial ceremony of his father in-law at Igala Mela/Odolu local government of Kogi when he was abducted last weekend.

A family source said N5 million was delivered to his abductors, but unfortunately, his corpse was picked from the bush on Tuesday.

Late Ossai, who was said to have spent 23 years in the service of Shell, was reported to have objected to travelling from his base in Port Harcourt, Rivers State, for the burial, but caved in to family pressure.

“He came home in a jalopy car to disguise himself from kidnappers. Yet, he ran into them at Itobe-Anyigba road. We picked his corpse this early morning from the bush,” a family source said.

When contacted, Police Public Relations Officer (PPRO), William Aya, said the command is yet to get details of the incident.

About this time last year, a Saudi Arabia-based oil magnate, Ogacheko Atanu, who was on holiday at Idah was shot dead.

Daily Trust

Humans have found creative uses for bones since prehistoric times. Animal bones have been shaped into spoons, needles, musical instruments, and combs. Meanwhile, bone ash—created by grinding bones to fine powder—has been used in bone china since the 1700s. Now, a designer has brought one of the planet’s oldest raw materials into the 21st century by redesigning the humble electric socket—and fashioning it out of discarded bones from the meat-processing industry.

Swiss-Tunisian designer Souhaïb Ghanmi graduated from ECAL, Switzerland’s famed design school, last summer. For his diploma project, he designed Ecol, a range of electric sockets and light switches made from a bone powder composite material. As the world continues to grapple with the environmental impact of the meat industry, animal bones may seem like a controversial choice for home accessories otherwise made of plastic. But for Ghanmi, the goal is to limit waste streams that already exist: The Swiss meat industry, for example, produces more than 230,000 tons of waste each year.

Ghanmi, who now works with Danish ceramics brand Raawii, joins a host of designers using organic waste as a resource. French company Scalite designs marble-like tiles made of fish scales that otherwise would end up in landfills. California-based startup Full Cycle Bioplastics turns food waste into a kind of bioplastic that can break down in the ocean. There are lamps made from discarded orange peels and planters made of food scraps. If bones aren’t enough to make you squirm, there’s even furniture decorated with human hair collected from hairdressers. Waste is in.

There are several reasons why Ghanmi chose bone as his primary material. “It’s strong as a stone but easy to carve, like wood,” he says, equating the qualities of bone to the way we use plastic today: durable yet easy to work with. Bones are also a good electrical insulator, which explains the choice of electrical outlets.

The sockets come in organic shapes inspired by the articulation of the femur (they can even rotate). Meanwhile, the light switches were inspired by the oval shape of a bone when it’s cut.

That such a ubiquitous part of our homes—one that we use every single day without even thinking about it—could come from slaughtered animals isn’t easy to digest, but Ghanmi sees the material as one that brings value because it’s diverting it from the waste stream, not adding to it. “It’s a process until we have a better world,” he says.

To make the sockets, the bones are prepped by removing the bone marrow (or else it would decompose). Then the bones are cleaned and dried before they can be ground to fine dust. For this part, Ghanmi has tapped into an existing manufacturing chain as cattle bones are already ground to be used for animal supplements, gelatin, fertilizers, and bone china. (Lenox was the last significant manufacturer of bone china in the U.S.; the pandemic shuttered the company’s remaining factory in 2020).

Ghanmi built the first prototype with a 3D printer, but is hoping to use molds to create future versions. (He says carving the outlets from bones could have worked, but he decided against it because it would have led to more waste material.) For now, he’s testing the material to make it as durable as possible. Bone is mostly composted of calcium so it can’t decompose, but Ghanmi notes that it can be gnawed by scavengers or slowly eroded by water.

Ultimately, he wants to create a material that can be crushed back to powder and recycled into another product. And if he gets it right, he plans to use it for more home products.

Fast Company

Super Eagles of Nigeria overcame Egypt 1-0 in their opening match at the ongoing Africa Cup of Nations (AFCON) at the Estadio Roumde Adjia in Cameroon on Tuesday evening.

Kelechi Iheanacho scored the only goal of the match as the Super Eagles outclassed the Pharaohs and took charge of group D.

The Pharaohs, who paraded Mo Salah, Ramadan Sobhi, Mohammed Elneny and Trezeguet, struggled to find their groove in a game that the Super Eagles dominated, most especially in the first half.

Iheanacho put the Eagles ahead in the 30th-minute with a stunning, long-range shot.

The England-based striker, who played behind Taiwo Awoniyi, beat Mohammed El Shenawy, Egypt’s goalkeeper, from a tight angle with his right-footed shot to hand Nigeria the lead.

During the thrilling encounter, the Pharaohs also found it difficult to break down the Super Eagles defence with Kenneth Omeruo and William Troost-Ekong dealing well with long balls from the opposition.

In the second half, the Eagles continued to push for the second goal but Iheanacho couldn’t punish Egypt after they committed a blunder in their box.

Both teams launched attacks with neither side happy to sit back and invite pressure. Salah’s effort was well saved by Maduka Okoye while Chidera Ejuke’s powerful low shot was blocked by El Shenawy.

Egypt looked adventurous as the likes of Sobhi and Salah became a threat in the final third.

A cross from the flank was met by Salah but his strike was blocked by Kenneth Omeruo.

The Super Eagles were however dealt a deadly blow when Kenneth Omeruo was stretched off due to injury.

The match ended 1-0 in favour of Nigeria.

The Nigerian senior national side will face Sudan on Saturday in their second group match as the team seeks to secure safe passage to the round of 16.

The Cable

PRESS RELEASE

President Muhammadu Buhari has approved the appointment of Ayodeji Ariyo Gbeleyi as Chairman of the Board of Directors of the Federal Mortgage of Bank of Nigeria (FMBN).

A Chartered Accountant and an Associate of the Chartered Institute of Taxation, Gbeleyi is a well-known financial expert who was once a Commissioner for Finance in Lagos State as well as a player in the aviation sector.

He replaces Adewale Adesoji Adeeyo who passed on recently.

Femi Adesina

Special Adviser to the President

(Media & Publicity)

January 7, 2022

Nigeria is working to develop a Covid-19 vaccine, President Muhammadu Buhari said in a televised interview on Thursday, as the country battles growing cases of the virus.

Health experts say Nigeria needs to triple its vaccination drive from just over 100,000 doses a day to meet its target of inoculating more than half its population by the end of next year.

The West African country has been exploring options to acquire or purchase vaccines through the COVAX facility to enable it inoculate at least 70% of its population.

"We are working very hard with the ministry of health to develop vaccines," Buhari said on state television. "We shouldn't make noise about it until we succeed."

Speaking to CNN on Friday, Nigeria's minister of state for health, Olorunnimbe Mamora, said the country was working to establish a vaccine-manufacturing hub within two or three years. But this would depend on the availability of funds, he stated.

"Vaccine manufacturing is not done in a jiffy. Yesterday (Thursday), we had engagements with some of our international development partners and funding partners towards developing our vaccine manufacturing hub. It's a joint venture project between the federal government and an indigenous pharmaceutical company," Mamora told CNN.

The senior health official added: "The timeline is a function of how soon we get funding. We have to source funds through international agencies, as well as technological support. So, we are looking at the next two to three years."

Nigeria, which has not tested widely for Covid-19, has recorded 246,195 cases and 3,066 deaths since the pandemic started.

In 2017, Nigeria's cabinet approved a plan to produce basic vaccines with pharmaceutical firm May & Baker Nigeria via a joint venture. It's unclear whether the project took off.

Buhari said his administration is encouraging Nigerians to get inoculated. Fewer than 4% of adults in Africa's most populous nation of over 200 million have been fully vaccinated.

Mamora says vaccine hesitancy was still a problem among Nigerians. "We desire to double or triple our vaccination rate ... to be able to achieve herd immunity by vaccinating not less than 70% of our population, but we are still dealing with vaccine hesitancy," he said, adding, "We have a large stock of vaccines now."

CNN

No fewer than three persons were reportedly killed when gunmen suspected to be Fulani herdsmen invaded Molege community in the Ose Local Government Area of Ondo State on Thursday.

The gunmen allegedly attacked the community following the refusal of the residents to allow the herdsmen to graze on their farms.

After the attack, a source narrated that the herdsmen razed buildings in the community overnight while the villagers fled.

The source said, “The herdsmen in their large number attacked the community in the evening and killed three people. Some hours later in the night, they burnt down houses in the community.”

Another source said the bandits also attacked and injured some men of the Ondo State Security Network Agency also known Amotekun Corps, who moved to the community, to calm the crisis.

Commander of Ondo State Amotekun Corps, Adetunji Adeleye, said the herdsmen attacked his men while on patrol in the community.

Adeleye said, “While on a routine patrol at Molege, our men were informed that some nearby villages in Molege have been taken over by herdsmen while they burnt down some people’s properties.

“We moved in with three patrol vehicles and took control of the situation in the village. On their way back, some men suspected to be herdsmen suddenly opened fire on our men in an unprovoked attack because Amotekun does not want to start firing people.

“We are trying to find out who they were as investigation is ongoing. We urged the people of the community to come back to their homes as peace has returned to the village.”

Similarly, Ondo State Commissioner of Police, Oyeyemi Oyediran, in a statement by the Public Relations Officer, Funmilayo Odunlami, said he paid a visit to community on Friday for an on-the-spot assessment to ascertain the level of damage.

The statement, which also confirmed the attack, said the bandits torched many houses.

The statement read, “The CP during his visit to the scene met with the community members, encouraged them, allayed their fears and vowed to arrest and prosecute all those involved in the evil act accordingly.

‘’Oyeyemi immediately deployed men of the Special Squads and PMF personnel to the community to ensure protection of lives and property in the area.”

Punch

Abimbola Oyewole, identified as a chief superintendent of police (CSP), on Tuesday, defied Babajide Sanwo-Olu, governor of Lagos, during the latter’s visit to Magodo estate to intervene over a planned demolition.

An earlier threat to demolish houses in the estate on December 21 had been resisted by residents, and the police and bulldozers were withdrawn from the estate after the state intervened.

According to the Lagos government, the case dates back to a demolition exercise at Shangisha village between 1984 and 1985, after which a supreme court verdict ordered the state to give the Shangisha landlords 549 plots of land as a “matter of first priority”.

The state, however, said the supreme court verdict only relates to “allocation” and not “possession” of any land, adding that the Shangisha landlords cannot claim any land at Magodo.

On Tuesday, residents had converged in front of the estate, demanding the intervention of the state government amid renewed threat of demolition and police invasion.

Sanwo-Olu had later arrived the estate with some members of his cabinet including Moyosore Onigbanjo, the attorney-general of the state.

On arrival, the governor asked the CSP to explain his reasons for being at the estate without the knowledge of the state.

“It’s a case between the supposed people and the Lagos state government. It has nothing to do with the residents here. Please, can you call your superior in Abuja and tell them the governor is here and I’m the chief security officer and that you don’t have any business being in my state and that I want you to disengage here?” Sanwo-Olu told the CSP.

Responding, Oyewole said: “I’m here on the instruction of the inspector-general of police, through the AGF, sir. I’m too small or too low to call them. Your excellency, with due respect, you can call them directly.”

Sanwo-Olu, however, insisted that he had earlier spoken to Abubakar Malami, attorney-general of the federation, and that the latter had claimed that he wasn’t aware of the police invasion of the estate.

But the CSP insisted on his stance, saying “it is not my duty to call because I’m too low to do that.”

After some back-and-forth, Sanwo-Olu, who described the police invasion as an “illegal operation”, said he would call the IGP and the AGF.

Afterwards, the governor announced that the police officers had been ordered to “stand down”, while a meeting with the affected parties would hold on Wednesday.

The Cable