No one can – or should – be surprised by the remarkable decline of foreign capital investment in Nigeria in Nigeria’s economy in recent months and years. The divestment of about N300 billion worth of investment by Procter & Gamble, GlaxoSmithKline, PZ, Unilever and others is simply logical from the standpoint of the business operators. But, as someone who advises some of the world’s largest institutional investors in emerging markets for a living, I believe this phenomenon calls for a more nuanced understanding of the role of foreign investment in economic growth and transformation if such investments are to be truly helpful to our economic aspirations. Outside of a role as part of a grand economic strategy, foreign investment may not serve the purpose of real economic transformation – which is a different thing from growth – whether it rises again or continues to fall. The GSM revolution in the early 2000s was a notable exception and game-changer.

Foreign investment is not just a quest for profits for investors, which is first and foremost what it seeks. It also is a barometer of external market confidence in how a country which has investment potential is managed. We must understand that “the economy” is not some stand-alone item we can separate from every other aspect of how we manage our affairs as a people and as a country. Issues of security, corruption, the courts and the rule of law, who we appoint to certain sensitive positions, all matter. So do how our public institutions are run – their strength, independence, and their effectiveness in achieving their mandates. It is the sum total of these things, together with real, knowledge-based economic management and purposeful political leadership, that determine both investor perception and how the economy performs.

Foreign direct investment (FDI) – “bricks and mortar” or equity investments in business enterprises in one country with capital from another – can create jobs. But this is more the case in some sectors such as agriculture and manufacturing, than in others such as the purely extractive plays in natural resources that have historically formed the bulk of FDI in African countries. Foreign portfolio investment (FPI) – passive investments in financial asset classes such as bonds and equities in the stock market – can help maintain or improve foreign exchange supply for a country such as Nigeria with an undeveloped value-added export economy and a dependence on a natural resource for foreign exchange inflows. This has created a problem for the value of the Naira and is a major reason foreign multinationals are exiting.

Countries with serious economic management have varying attitudes to foreign investment, depending on their overall economic development and transformation strategy. India is a rising economic power, but it is highly suspicious of foreign investment and is less welcoming of it. India is more interested in outward FDI in which its companies invest abroad, than in inward foreign investment in which it is the host of FDI. China takes a similar approach of care in receiving FDI, but has generally been far more open to it than India.

In Nigeria, our political leaders have spent billions on foreign travel chasing increasingly elusive foreign investors.   More work and valuable time at home creating the conditions that will attract such investors would have been a more productive investment. But the frequently misplaced efforts have been stymied by our macroeconomic distress, insecurity, and corruption. Weak physical infrastructure, capricious legal systems, absence of skilled manpower (made even worse by the seemingly endless “japa” wave of emigration), policy inconsistency (investors seek predictability), are a major challenge. The absence of adequate electricity is a foundational disincentive.  Rising poverty rates have also dulled the previous attraction of our 200 million population, as the middle class is under threat of extinction and people have less disposable incomes.

Beyond our present problems, and returning to the standpoint of economic strategy which ought to guide our future outlook, lies the question: How much does FDI/FPI really matter? Does FDI cause economic growth and development? Can investment inflows from abroad play a fundamental role in economic transformation? The answer is: “It depends”. There is a widely held belief that FDI is essential for development. It certainly can play an important role, but only if some conditions are met. FDI facilitated the economic transformation of China and Singapore. But these two countries did not blithely assume that FDI would work a miracle for them, the way we tend to in Nigeria. They approached incoming FDI from the standpoint of strategy. They kept a firm grip on the evolution of their economies and calibrated their FDI strategies to shifts in their domestic conditions such as cheapness of labor and the availability of skilled labor.

But there is evidence that FDI does not automatically trigger productivity. It can complement, but not substitute, LOCAL factors that are essential for development. We need to understand three important things about foreign investment. The first is that the real importance of foreign investment depends on the receiving country’s prior level of development. The economic growth impact of FDI is more in high-income developing countries than in low-income ones. In the latter, investments in secondary school education would matter more than FDI. Second, well-performing economies attract more investment than weak economies, which often experience capital flight.. Growth therefore drives FDI, rather than FDI driving growth. Third, the assumed technology-transfer benefits of foreign investment only happen when the investment is made in countries in which research and development (R & D) is a practical priority. We cannot honestly argue that this is the case in Nigeria. But it is in South Africa. In China, investment in R & D increased by 20% annually between 1999 and 2011, to more than $100 billion.

Foreign direct investment can concretely help lift a country’s economy if it is targeted at the real economy. But two most important factors must be present. These are (a) the presence of a skilled labor force and (b) infrastructure, in particular electric power, efficient seaports, and rail infrastructure. Nigeria is clearly deficient in the former, which brings back the conundrum of an education system that does not position the country for real productivity. A focus on the latter without the former cannot be transformational because there isn’t the required level of human capital to take advantage of the infrastructure projects for real wealth creation. This has been a fundamental error of economic thinking in Nigeria. The first and most fundamental condition of economic transformation is human capital. HCI (Human Capital Index) measures the contributions of health and education to worker productivity. Nigeria has one of the lowest human capital indexes in the world, ranked at 164 out of 169 countries by the World Bank in 2020. Singapore ranked at number one. Borrowing to build roads and rail in a country with nearly 20 million school-age children out of school is to put the cart before the horse. China’s first massive investments in the 1950s, 60s and 70s were in building skilled human capital.  In order words, Singapore and China built the essential foundation before FDI could be of any real help.
Seen from this perspective, we need to return to the drawing board. Rather than a misplaced  belief in the transformative power of FDI on its own, we should focus predominantly on two things – our own local investments, combined with types of FDI, that can help address our problems of weak human capital (e.g. technical/vocational, technological, and health-services education, and building adequate energy infrastructure. This is why you will see companies like Boeing in Egypt, but not in Nigeria.

We must have a real national strategy for FDI, as well as sub-national strategies that key into national priorities in a well coordinated manner. One of the most important priorities we must pursue is the diversification of Nigeria’s seaports. Nigeria’s Southeast region, which is a major trading and industrial hub, needs at least one major seaport. This will massively boost Nigeria’s economy. We need to align FDI with a transformational paradigm shift towards competitive advantage – the ability to source raw materials from anywhere, manufacture value-added products for domestic and export markets at competitive costs, as well as information and communication technologies and a diversification from extractive industries. Investors must be offered strong protections, and we must prioritize governance and institutions. I know from personal experience that investor confidence in the independence and strength of the Central Bank of Nigeria between 2009 and mid-2014 drove high levels of FDI and FPI towards Nigeria at the time.

Finally, we must adopt a national interest stance in engaging with FDI. Nigerian leaders often pursue foreign investment as if investors are doing us a favor. This is a sure recipe for a weak negotiating hand and a failure to identify, and protect, our own national interest. Capital seeks to expand and grow. Providing investors the opportunity to pursue that fundamental  interest must be on the condition that it advances another – the national interest of the FDI host country. Local populations must benefit from job creation, rather than investments serving the rent-seeking interests of political cabals. And investment, domestic or foreign, must be environmentally sustainable. Just ask the impoverished people in Niger Delta’s toxic wastelands of oil spills how much they have benefitted from the “foreign investment” in the region by the oil majors.

In this context, the extraction of solid minerals in Nigeria is the next frontier. The Federal Government’s new policy stance that investments in solid mineral extraction must have -value-addition components is a step in the right direction. But we must first see that happen in real life in a country in which its security apparatus appears unable to stop illegal mining of minerals in various places. To that policy should also be added a requirement for investors to establish technical training institutes for local youth who should eventually be employed in such industries.

*Prof. Moghalu, a former deputy governor of the Central Bank of Nigeria, is the CEO of the consulting firm Sogato Strategies LLC and Chairman of the Africa Private Sector Summit.

With the uncertainty surrounding the future of Nigeria international, Victor Osimhen, at Napoli, the Serie A champions have started shopping for a possible replacement for the striker, The PUNCH reports.

While refusing to give out details on his next move, Osimhen in his latest interview with CBS Sports said he had already made a decision about his future.

“The rumour is going around about me linked with the Premier League,” Osimhen told CBS Sports.

When you’re one of the hottest strikers on the globe, you expect this type of thing, and of course, the Premier League is one of the biggest and best leagues in the whole world.

The recent announcement by PZ Cussons Nigeria PLC regarding the offer made by its majority shareholder, PZ Cussons (Holdings) Limited (referred to as the “Core Shareholder”), to acquire all shares owned by other stakeholders of PZCN (referred to as the “Minority Shareholders”) and subsequently delist from the Nigerian Stock Exchange, has continued to generate attention within the financial sphere.

The move, seemingly driven by the depletion of the shareholders’ funds due to a significant loss and foreign exchange challenges, necessitates a closer examination of the intricate financial dynamics within PZ Cussons.

According to the PZCN Board, the offer is a response to the ongoing challenges faced by the company in securing foreign currencies to meet its trade obligations and settle outstanding debts.

Additionally, the Board highlights the considerable deterioration in the company’s net asset position, as elucidated in the Abridged Unaudited Report for Quarter 1 ended on 31 August 2023, published on 3 November 2023 as another reason for the decision.

The pivotal moment in PZ Cussons’ recent financial history was marked by a post-tax loss of about N24 billion in Q1 2024. This staggering loss was primarily attributed to a foreign exchange loss of about N27 billion.

Before the Q1 2024 setback, PZ Cussons maintained a more conservative debt structure. The debt-to-equity ratio stood at a moderate 50% as of the end of the 2023 financial year, reflecting a balanced mix of debt and equity financing.

However, the subsequent increase in the debt-to-equity ratio to 439% and the debt-to-asset ratio to 23% in Q1 2024 are indicative of the profound impact of the foreign exchange loss and elevated debt on the company’s capital structure.

The company’s decision to acquire minority shares at an increased offer price and subsequently delist from the exchange raises intriguing questions. Is this a desperate move prompted solely by the foreign exchange challenges faced by the company, or is it a strategic play in capital structure management?

While the foreign exchange woes are undeniable, and might have contributed to the decision to acquire minority shares, it may also be seen as a calculated effort to regain control over the company’s ownership structure. This move could offer a lifeline to shore up the eroded net asset position, currently standing at N9.724 billion after an 80% reduction.

With a negative retained earnings position of -N565.265 million, the acquisition of minority shares may be viewed as a strategic step to consolidate ownership and strengthen the company’s financial standing.

The decision to delist from the Nigerian Stock Exchange further adds a layer of complexity. Delisting can be perceived as a means to operate with more flexibility, away from the scrutiny of public markets, and allow the company to implement strategic changes without immediate market repercussions.

However, it’s crucial to acknowledge the potential impact on minority shareholders. The increased offer price to ₦23 per share, endorsed by the Board in consideration of the company’s challenges in obtaining foreign currencies and a deteriorated net asset position, raises questions about the fairness of the deal for minority shareholders.

In navigating these challenges, PZ Cussons could have explored alternative strategies. A rights issue, for instance, might have been a more transparent way to raise capital, albeit with potential dilution. This could have allowed the company to address its financial challenges while maintaining a balance between debt and equity.

As the company proceeds with its acquisition and delisting plans, stakeholders, including minority shareholders, will keenly observe the outcomes.

Transparent communication from the management regarding the rationale behind these decisions and their anticipated impact will be essential in maintaining trust.

AS PZ Cussons grapples with the aftermath of a substantial foreign exchange loss and charts a course toward financial recovery, whether the company’s moves are driven primarily by FX challenges or represent a strategic manoeuvre in capital structure management remains a question that only time and unfolding events will answer.

[Nairametrics]

Former vice president Atiku Abubakar has asked President Bola Tinubu to tell Nigerians what has happened to the $3.3 billion emergency crude repayment loan secured by the federal government last year through the Nigerian National Petroleum Company Limited (NNPCL) to support the Naira and stabilise the foreign exchange market.

Atiku in a statement said it was curious that the federal government continues to keep mum about it, noting that the only information on the mega deal is coming from unofficial NNPC sources.

The former vice president however posed some questions thus “ Has the Federal Government accessed the loan? Is the loan in the government’s borrowing plan as approved by the National Assembly? Who are the parties to the loan, and what specific roles are they expected to play?”

He also asked “What are the conditions to the loan, including tenor, repayment terms, the collateral, and the interest rate? And, lastly, why register an SPV in the Bahamas knowing the recent scandal of the country’s notoriety for warehousing unclean assets?”

Atiku recalled that the Tinubu-led federal government, precisely on August 16, 2023 through the Nigerian National Petroleum Company (NNPC) secured a $3.3 billion emergency crude repayment loan, which according to the NNPC, was to help give support to the Naira and stabilize the Foreign Exchange market.

He however said, “The curious thing about this transaction is that up till now, the Federal Government continues to keep mum about it, and the only information available to the public on the mega deal is coming only through unofficial sources from the NNPC.”

The former vice president, who said the deal is supposed to be a crude-for-cash loan arranged by the African Export-Import Bank, added that according to information available to him, a Special Purpose Vehicle called Project Gazelle Funding Limited is driving the deal, and it was incorporated in the Bahamas.

“The SPV is the borrower while the NNPC is the sponsor, with an agreement to pay with crude oil to the SPV in order to liquidate the loan at an interest rate that is a little over 12 percent.

“What is even more confounding about this deal is why the Federal Government would register a company in the Bahamas, knowing full well the recent scandal of the Paradise Papers that involved that country.

“Curiously also, Nigeria’s current Barrels Produced Daily (BPD) is 1.38 million, and according to the Project Gazelle deal, Nigeria is to supply 90,000 Barrels of its daily production, starting from 2024 till it is up to 164.25 million barrels for the repayment of the loan.

“Now, this is where the details get disturbing because Nigeria’s benchmark for the sale of crude per barrel in 2024 is $77.96. A simple multiplication of that figure by 164.25 will give us a whooping $12 billion.

“It is on this note that we are calling

on the Federal Government to speak up on this shady deal.”

He added that it is inconceivable that the federal government will lead the country to take a loan of $3.3 billion with an interest rate that is not more than 12 percent, but with estimated repayment amounting to $12 billion.

“That is a humongous differential of about $7b between what is in the details of the deal on paper and what indeed is the reality.

“There are questions to be answered on the integrity of this deal, and we earnestly request the federal government to talk directly on these cloudy details behind the deal,” he said.

The Super Eagles have urged President Bola Tinubu to stop watching them on television but to join other Nigerians to cheer them live at the ongoing Africa Cup of Nations in Cote d’Ivoire.

The team has also assured Nigerians that they would win the title for the fourth time.Speaking in a zoom meeting with Sports Minister, John Enoh, yesterday, the Super Eagles, through their captain, Ahmed Musa, said having the President live in Cote d’Ivoire would add more fillip to their quest to win the Africa Cup of Nations.

Musa said: “We have a message that we want to send through you to Mr President… we don’t want the president to watch our matches on television any more, we want him over here to come and cheer us to victory.

“Finally, we really appreciate your word of encouragement to the team, and we promise to bring the cup back to Nigeria.” Earlier, Senator Enoh had told the players that he had a chance meeting with President Tinubu, who congratulated him for the Super Eagles’ progress so far, adding, however, that the president said he was not too impressed with the way they played in the group stage of the competition. He added that now that the Eagles have qualified for the second round, he hoped they would improve in subsequent games.

“That meeting at Aso Rock told me that Mr President has been watching your games and showing understanding that there is a lot of cautiousness at the group stage. He knows that from the round of 16, you are going to be more impressive,” he said.

Enoh also told the players that Nigerians are rooting for them to win the championship and urged them to continue listening to their coach, Jose Peseiro, who, he said, is ambitious to win the competition.

“I have had cause to tell people that there is nobody as eager to win the AFCON as Peseiro. So, I would like to urge you to listen to everything that he will say to you. Don’t lose focus, forget about the social media. I will even suggest that you do away with your social media… don’t listen to WhatsApp messages.

“Imagine what it would be like to be among the boys that won Nigeria’s fourth Africa Cup of Nations title. That would be a great achievement,” he told them.

[Guardian]

A former governor of Edo State, Prof. Oserhemen A. Osunbor, has asked the National Chairman of the All Progressives Congress (APC), Dr Abdullahi Umar Ganduje, and the National Working Committee (NWC) members to be wary of mistakes that pushed the party out of power in the state in 2020.

Osunbor made the appeal on Thursday during an interview with newsmen at the APC national secretariat in Abuja, shortly after obtaining his expression of interest and nomination forms to contest the party’s ticket ahead of the September 21 governorship election in the state.

He urged the top echelon of the APC to conduct proper primaries, devoid of undue influence and manipulations.

Why I join gov’ship race – Shaibu

Meanwhile, the deputy governor of Edo State, Philip Shaibu, has said he is contesting the state’s governorship to prevent some people from “hijacking the state”.

He stated this yesterday while addressing party leaders and stakeholders at the party headquarters after the submission of his nomination form to contest the Edo governorship election.

Shaibu said, “I am contesting for governor today, not because Philip Shaibu has inordinate ambition but my ambition is to save Edo State from businessmen that now want to take over the state. We have already dealt with the issue of godfatherism but it is rearing its ugly head again.”

[DailyTrust]

The Confederation of African Football, CAF, has released the best eleven players from the group stage of the 2023 Africa Cup of Nations.

The list, which has mostly players from Senegal and Morocco, does not have any Nigerian footballer included.

Equatorial Guinea’s Jesus Owono is the goalkeeper that made the cut, while his team mate Emilio Nsue, the leading scorer with five goals, is up front.

Morocco are represented by four players: midfielders Sofyan Amrabat and Azzedine Ounahi, defenders Achraf Hakimi and Nayef Aguerd.

Defending champions Senegal have three players picked in the list. They are center-back Kalidou Koulibaly, winger Ismaila Sarr and midfielder Lamine Camara.

Angolan attacker Gelson Dala and left-back Arthur Masuaku of the Democratic Republic of Congo complete the line-up.

[DailyPost]

Lagos State is set to venture into airline business, Governor Babajide Sanwo-Olu hinted yesterday.

The state, he said, would soon begin the construction of its own airport in Lekki, a Lagos suburb which is fast-developing on the Epe axis.

Sanwo-Olu spoke during the Lagos West Senatorial District Town Hall meeting at the Balmoral Convention Centre, Ikeja, where he presented the scorecard of his administration to Lagosians.

He presented a catalogue of achievements in the West of Lagos.

The governor also attributed the delay in the kick-off of the ambitions 38-kilometre Fourth Mainland Bridge to funding challenges.

The bridge will connect Lagos Island across the Lagoon from Langbasa (Lekki) to Baiyeku, Itamaga in Ikorodu.

The 2 x 4 lane carriageway, with permission for Bus Rapid Transit Lane and future road contraction was designed to relieve traffic on the three bridges connecting Lagos Island to the Mainland.

They are: Eko Bridge, Cater Bridge and the Third Mailand Bridge.

A one-time permanent secretary and retired Auditor- General for Local Government in the state, Pa Muhammed Hassan, believed Lagos was ripe to own an airline. He backed the governor’s proposal.

According to Sanwo-Olu, the airline business plan had been in the pipeline for months, with the state now finalising the financing model.

“What is being considered is the Federal Government’s approval and operational contingency for the airline,” the governor said.

At the meeting, Sanwo-Olu and his deputy, Dr. Obafemi Hamzat, took feedback from residents, who posed questions.

The governor noted that the input from the public was necessary to guide his government’s decision on planned programmes and interventions before their implementation.

He pointed out that his administration had completed and opened 42 new roads projects and two flyovers in the district, with the combined length of the infrastructure spanning over 72 kilometres.

Saying that the last four and half years had seen Lagos taking a leap forward in its socio-economic and development trajectory, the governor said he remained resolute in doubling his efforts to keep the state on the sustainable growth path as his second term progresses.

The event was attended by members of the Governance Advisory Council (GAC), political, religious, business leaders and traditional rulers. Also there were members of the state executive council.

Some of those who spoke include: Executive Secretary of the Nigerian Christian Pilgrims Commission (NCPC) Bishop Stephen Adegbite, a child disability advocate, Mrs. Mathilda Otitoju, community leaders, among others.

The governor said: “Over the last five months, Mr. Deputy Governor and I have been working to put a concise plan together for the establishment of an airline, but we did not make the plan open because of the need to get adequate knowledge about the operational procedures of airlines. The business plan is viable and there is no issue about financing. The conversation has gone to an advanced stage but we need to get the proper information on operations before we go ahead to implement the plan.

“In Lagos West Senatorial District, infrastructure development has been our priority since we came in. Over the last four years, we have completed over 70 kilometres of new roads and over two kilometres of bridges.

“These include Pen-Cinema Bridge, Ikeja Flyover, and over 42 roads we have completed in Alimosho, Ifako, Agege, Ikeja, Mushin, Amuwo Odofin and Badagry. We also have over 30 ongoing road projects which are at various stages of completion within this district.”

The governor said the senatorial district was also the major beneficiary of the intra-city railway development projects of his administration, with Lagos West hosting major passenger hubs of Blue Line and Red Line trains.

He said the new General Hospital being constructed in Ojo axis has reached an advanced stage, adding that its completion would boost access to health care in the district.

To further enhance security and safety in Lagos, Sanwo-Olu said his administration would be releasing additional patrol vehicles and work gadgets to raise surveillance and capacity of security agencies to respond to emerging threats.

He said: “We are in talks with you, the citizens, today because we believe the government does not know it all. The feedback and inputs we are taking away from here will help us to cater for your needs and wellbeing better.

“We will strive to make it easier for you to be law-abiding. It is not enough to say the laws must be obeyed, we must also ensure that the laws are clear, fair and just.

“When people break the law and don’t do the right thing, they make governance a lot more difficult for us. We must discharge our civic responsibility and fulfil our obligations as citizens.

“When we do this, it reduces the cost of governance and saves resources that will enable us do a lot more. While we appreciate your suggestions, we are also encouraging you to ensure that all citizens do the right thing at all times.”

The Commissioner for Information and Strategy, Mr. Gbenga Omotoso, likened the town hall parley to the annual general meeting, which offers stakeholders the opportunity to discuss with the leadership.

Omotoso noted that the move was to engender an all-inclusive government in which citizens would have an input.

“The conversation continues with the citizens on the Lagos project. Today, Lagos West Senatorial District leads the way; other districts will take their turns of the Town Hall meeting where they will have unfettered discussions with the Governor,” Omotoso said.

[TheNation]

It has turned out so far, to be the only centenary conference marking the passage of Vladimir Lenin, the first person to lead a socialist revolution. The other activity was in Moscow where flowers were laid in his mausoleum.

In Abuja, Nigeria, over 300 of us from Nigeria, United States, Cuba, Ghana, South Africa, Venezuela, Palestine, Russia and United Kingdom met physically for two days from January 22-23, 2024 to mark the January 21, 1924 exit of Lenin. We were joined virtually by people from various countries, especially in Europe.

As the Chair of the Conference Coordinating Committee, I said the main issue is the examination of Lenin’s ideas, especially within the context of current global challenges, and how they can help extricate humanity from crises.

Conference Chairperson, Professor Warisu Alli, a political scientist and international relations expert, said apart from its international dimensions, the conference offers Nigerians an opportunity to review the state of the country, especially its high levels of unemployment, increasing poverty, frightening insecurity, as well as to chart the way forward.

Professor Nuhu Yaqub, former Vice Chancellor of the University of Abuja, and Sokoto State University, said Lenin was able to mobilise and lead the workers; so what we need is leadership of that calibre that can bring about progressive change.

Cuban Ambassador, Miriam Morales Palmero, emphasized the socialist character of the Cuban Revolution, adding that Cubans are convinced that socialism is “the only possible solution to the serious problems facing humanity…”

Russian Embassy Councellor, Andrey Savushkin, said the ideals of Lenin are still alive in the hearts of Russians a century after his passage.

Palestinian Ambassador, Abdullah Abu Shawesh, argued that the issue in the Palestine is not Israelis versus Palestinians, or about religion. Rather, it is the aim of imperialists to exploit and dominate people. He added that the region should be safe for everyone with justice and freedom for all. The audience rose in solidarity with the Palestinian people.

The representative of the Socialist Movement of Ghana, Yaw Appiah-Kubi, asserted that Lenin showed humanity that the world is not given and can be recreated for all, irrespective of race, ethnicity and other divides.

The International Communist League representative, Raymond Bishop, who flew in from the United States said the League does not see how any meaningful discussion on human development can hold without tapping into the ideas of Lenin. He added that key problems in the universe, including the underdevelopment of Africa and Latin America, can be defeated with proper programming.

President, Nigeria Labour Congress, NLC, Joe Ajaero, said Leninism encourages workers to transcend their immediate economic concerns and recognise their broader class interests, which involves the masses taking control of their country. He added that the new Minimum Wage, to be negotiated, should not be seen solely as the business of the NLC and the Trade Union Congress of Nigeria, TUC, but rather, as a collective struggle in which all should join.

The presidential candidate of the African Action Congress, Omoyele Sowore, recalled that when in 2018 his party proposed a National Minimum Wage of N100,000, a workers’ party made fun of his party, claiming that it would cause inflation. He argued that it is not wages that will cause inflation but rather the system being run.

Ene Obi, former Country Representative of ActionAid Nigeria, noted that many of the poor who have gained admission into tertiary institutions have been unable to register as students due to high school fees. She pointed out that if the Nigerian state invests in human capital, it will not be doing anybody a favour, but would instead be addressing the problems of human capital and the economy.

The President of the Academic Staff Union of Universities, ASUU, Professor Emmanuel Osodeke, posited that the unprecedented looting in the country has become so endemic that it demands peoples’ intervention. Represented by Professor Adelaja Odukoya, Dean, Faculty of Social Sciences, University of Lagos, the ASUU President added that the crises in Nigerian require that the working people, in line with Lenin’s ideas, go beyond theory to the level of praxis.

Twenty six papers were presented and discussed at the conference. Former Deputy Permanent Representative of Nigeria to the United Nations, Ambassador Usman Sarki, made a presentation on “The Philosophical Foundations of Lenin’s Foreign Policy and its influence on State Relations”. He noted that, with the severe and unprecedented sanctions against Russia, the country is employing the same strategies Lenin adopted after the October 1917 Revolution when it was under siege by imperialist countries. The strategies, he added, include appealing for solidarity from non-Western countries and building closer relations with African, Arab, Latin American and Asian nations. These paid off handsomely.

Papers by the elderly radicals in the country include “Back to Lenin: A Political Introduction” by mathematician and journalist, Dr Edwin Madunagu. Professor Abubakar Mohammed Sokoto spoke on the “The Relevance of Marxist Theory in the Teaching of Sociology in Academic Institutions.” Jonathan Ihonde, who 61 years ago created the long running satirical drama series, ‘Hotel De Jordan’, wrote on “Maxify Lenin In Our Clime.”

On the other hand, the papers by the young generation included: “The Dialectics of Terrorism: Exploring the October 20, 2020 Lekki Toll Gate Massacre from a Marxist Lens” by Olusegun Michael Ogundele; and “Students, Youths and the Struggle for Total Liberation” by Juwon Sanyaolu, one of the leaders of the EndSARS (Anti-Police brutality) Movement.

South African Lawrence Mmoiloi spoke on: “The Breakdown of US Hegemony and the Struggle for Workers Power.” His comrade, Jesse Altman, presented a paper on “South Africa: In Defence of a Permanent Revolution.” Dew Povey of the Socialist Labour, United Kingdom, spoke on: “Lenin Supported Strikes as Seeds of Working Class Self-Emancipation.”

Two ladies, Comrades Ene Obi and Hauwa Mustapha, the Chairperson of the Closing Session, carried out ‘a revolutionary coup’ at the conference when they organised a surprise birthday for former ASUU President, Dr Dipo Fashina, who on January, 23, 2024, turned 76. Fashina, a philosophy lecturer delivered a paper on: “The Growth and Development of Leninism.” In it, he examined the centrality of Africa in Lenin’s theory of imperialism; his impact on African socialism; and espousal on students, youths and trade unions in revolution.

The conference was a beautiful mixture of the old and young, women and men, academics and non-academics, political theorists and political activists. Notably were students, mainly from the Bingham University, Keffi, who displayed a thirst for knowledge, raised critical questions, and demonstrated a grasp for issues.

Fittingly for a Lenin programme, it was a conference populated by people who are not afraid of ideas, are willing to discuss and are ready to go wherever ideas lead.

In December 2023 when armed men attacked his Dungwel community, in Mangu Local Government Area of Plateau State, Manji Le’an moved from there to stay with his uncle at Mangu town.

Though his house at Dungwel was not burnt, he said he was worried by the threats the attackers pose to the community, hence the need to relocate to a safer place.

Now, the recent attacks in Mangu Local Government Area of Plateau State have put more burden on him. He said his blood pressure has gone up, having managed to escape unhurt with his uncle as their neighbours set his uncle’s house ablaze.

This is the account of one of the survivors of Wednesday’s attack on Mangu which claimed over 30 lives, with several houses razed.

Le’an said: “I left Dungwel on December 13, last year, to stay with my uncle in his house near EKAN Primary School in Mangu town. I thought I will have peace there but as we speak, we have moved to Angwan Mission to stay with some relatives because my uncle’s house was burnt by his Muslim neighbours, on Wednesday. We managed to escape unhurt but we heard and saw them rejoicing that we had been burnt in the house.

“Three days ago, some Fulani herders attacked some Mwaghavul youths around the Sabon Gari area. The youths in that area protested against the action and were moving towards Ruga, (a Fulani settlement) to iron out the matter.

“Before we knew it, the Muslims settling at Sabon Kaswa (new market) started attacking their Mwaghavul neighbours, asking why the people would go to Ruga.

“The natives asked if they were supporting the actions of the Fulani herders that always attack the people and they said yes. The situation degenerated, leading to the burning of houses and the COCIN Church at Sabon Kaswa.
“The thing was snowballing from one place to the other and it got to our area around EKAN Primary school where our Muslim neighbours also joined in burning houses.

“When the thing started in our area, we locked ourselves in the house because we didn’t think they will want to harm us but surprisingly, we heard our neighbours asking if we were in and when they confirmed it, they started throwing things on the zinc, breaking the windows as the rampaging youths approached.

“When we saw that the house was on fire, we sneaked out through the back door without a pin as the attackers were gathered at the front.

“As we were walking away, we could hear them saying in Hausa language, “mun kona baban dake cikin dakin,” meaning we have burnt Baba inside the house, referring to my uncle. We are still shocked that this could happen and my BP has gone up. We are waiting for the curfew to be lifted, so I can take my uncle to join his son in Jos.”

The violence has been controlled and the curfew enforced at the time of this report. The poor network in the area is limiting communication but some natives say there is rising threat in some communities in Panyam district of Mangu.

‘Fulani herders killed our boys’

Another survivor, Longji Fwangmun from Aloghom 1 community which was among the communities attacked last year, said: “The Fulani herders killed some of our boys who were returning from a mining site.

“Our people came out to confront them but soldiers came and escorted them and their cows to their settlement but within a short time, some IDPs taking refuge in Mangu were passing and they attacked them. They managed to escape and brought the report to us.

“This provoked our people who made efforts to go back to Ruga. My brother and I joined others to go there but the soldiers returned and tried to stop us while the Fulani herders retreated to Derkong, a Muslim community where they hibernate and come out to attack people.

“When some of our boys refused to step back, the soldiers opened fire and a bullet hit and killed my brother, Joel.

“While we were running, I couldn’t return to my village, so I went to my brother’s house at Kwahaslahir where we witnessed a complete destruction of property. The COCIN Church and houses were burnt. Julius clinic was also burnt and we heard patients were there.

‘’I can’t say if the patients were killed but I had to sleep in the bush at night so that I will not be burnt in the house. I managed to dodge the Fulani herders, Muslim youths and soldiers to return to Mangu where I am speaking with you from.

We’ve arrested 9 suspects – Police
Meanwhile, the Assistant Inspector General of Police, AIG, Zone 4, Ebong Eyibio, through the State Police Public Relations Officer, DSP Alfred Alabo, said nine suspects had been arrested in connection with the incident.

“I have ordered the deployment of additional Special Intervention Personnel to Mangu LGA to be commanded by the Area Commander, Pankshin, to restore normalcy in that area. The command is grateful to inform you that the situation as at today, is under control and so far, nine suspects have been arrested.

‘’Exhibits recovered from them include dangerous weapons such as machetes, kegs containing petrol, and other items. The area remains highly secured by security forces and strict compliance to the curfew is being complied with.

“We called on the leadership of both faiths to call their followers to order and ensure total compliance with the government-imposed curfew. Both parties have promised to comply in the interest of peace in their communities. So far, over 10 corpses have been recovered from various locations, two injured persons currently receiving treatment at the hospital, one car and 10 houses were burnt down.”

We won’t tolerate further security breaches – Gov Mutfwang

Also, Governor Caleb Mutfwang, denounced the recent security breach that claimed numerous lives in Kwahaslalek community and various parts of Mangu LGA

A statement by his Director of Press and Public Affairs, Gyang Bere, said the governor will not tolerate any further breakdown of law and order in any part of the state and urged security agencies to intensify their efforts to “guarantee absolute peace across the state.”

Bere said: “The governor extends heartfelt condolences to grieving families, affected communities, and those injured in the unfortunate incidents. Governor Mutfwang further conveyed sympathy to the residents of Mangu LGA and other affected communities, and urged them to remain vigilant and promptly report any suspicious activities for swift intervention.

“However, he implored the communities involved to refrain from taking the law into their hands, and restated the state government’s unwavering commitment to ensuring the security of all citizens. He acknowledged the crucial role played by security agencies in restoring calm and called for continued collaboration between them and the government to provide maximum protection to all citizens.”

Tension in Kerang as security men kill woman, shoot 3 others

In spite of efforts to contain the insecurity, security men allegedly shot and killed one Rejoice Puttu at Kerang community in Mangu LGA, a sibling and community members confirmed.

The elder brother to the deceased, identified as Clifford, told Vanguard on phone that the sister was killed this afternoon (yesterday) while returning from the farm.

He said: “The military men just shot dead my younger sister, Rejoice Puttu, this afternoon opposite COCIN RCC Kerang. She was coming back from the farm without knowing that military men from the Air Force Base in Kerang came to town in the name of enforcing the curfew.

“They saw some okada men going about their businesses, they started beating and shooting sporadically in the name of scaring people. When my sister heard the gunshots she turned to run but they shot her in the back and she died on the spot. The community boys and some policemen tried to convey her to the Pebang hospital but she had already died.

“My younger brother was macheted by the same military men at Mangu town yesterday when he was making efforts to leave Mangu for Kerang. He was taken to the hospital and he didn’t even know that our sister had been killed until I called to inform him.

‘’My worry now is that we are not able to go pick her corpse to the mortuary and the people at Pebang hospital are calling us to come.

“I am looking for a way of getting a security escort to go there to retrieve her corpse. The world should know that the military is going from house to house hunting people, with cutlasses, I have posted my sister’s corpse on social media for the world to see what the military is doing to my family.”

Another resident, Joshua Plangdi, confirmed he witnessed the situation and added: “Apart from Rejoice who died, three other boys were shot and are now in the hospital. People are just sitting in front of their houses and different sets of security personnel from the Air Force Base and Mangu town are coming in to harass us. It was their bullet that killed Rejoice and injured others.”

NIO calls for restraint over killing of members

Reacting to the present state of affairs in the area yesterday, the Ngwang Ishi O’Tarok, NIO, one of the tribes in Plateau State, called for calm, following the burning of five members of the Tarok family in Mangu, and asking that no one takes the law into one’s hands.

Nangor Ndam, the National Secretary of NIO in a statement, said: “The attention of the NIO leadership has been drawn to various social media platforms about the burning alive of a Tarok family of five in Mangu yesterday, following the unfortunate outbreak of crisis.

“NIO wishes to inform Tarok sons and daughters that the leadership of NIO, led by Amb. Nanpon Sheni, is fully aware of this incident and has been in contact with the security agencies handling the investigations.

‘’The NIO President has also been in touch with his counterpart, the President of the Mwaghavul Development Association, MDA, for a full briefing on the situation in Mangu.

“The leadership of NIO calls on all Tarok sons and daughters to remain calm and law-abiding, while investigations continue. There should be no cause for retaliatory action as security agents are on top of the situation.

‘’NIO assures the Tarok Nation that it shall continue to work to protect them and their interest in full
collaboration with appropriate security agencies.”

We remain neutral-DHQ

Following accusations in a trending video that Wednesday’s attack and killing of over 30 persons in Mangu LGA and burning of houses, despite the curfew in place, was made possible because of collaboration by security agencies, Defence Headquarters, DHQ, yesterday, said the military remains neutral and committed to protecting the lives and property of law-abiding citizens.

A statement by Brigadier Gen Tukur Gusau, Director of Defence Information, denied the allegations made in the video saying “we will deal with anybody found disobeying the law without bias or prejudice.”

While calling on the public to support ongoing military operations aimed at decimating non-state actors operating in these troubled areas of the state”, the defence scribe said: “We will not be distracted by baseless accusations and remain steadfast in our commitment to restoring peace and security.

The statement read: “The attention of the Defence Headquarters, DHQ, has been drawn to a malicious video made by the Chairman, Christian Association of Nigeria, CAN, Mangu Chapter, Reverend Timothy Daluk.

“The video has been circulating in the media, aiming to malign military personnel deployed to address the security challenges in the Mangu general area.

“The video made baseless and untrue accusations, claiming that the military is biased and supports a particular group against others.

“We categorically state that these accusations hold no truth, are malicious and lack any reasonable foundation.
“It is important to recall that on 23 January 2024, there was a breach of security in the Mangu municipal area, resulting in the Government of Plateau state declaring a 24-hour curfew.

“Troops of Operation Safe Haven were reinforced in Mangu to enforce the curfew and bring the situation under control, thereby preventing its spread to other areas.

“The troops have carried out their duties professionally and in accordance with the rules of engagement.
“They have successfully arrested criminals involved in looting and burning of properties, as well as recovered weapons.

“It is deeply disturbing that a religious leader, who is expected to demonstrate high levels of moral judgment and truthfulness, has resorted to spreading falsehoods about the military and its personnel.

“We strongly caution individuals involved in making malicious comments against the military to cease such acts.
“Henceforth, any person found spreading falsehoods will face constitutional redress, regardless of their status in society.”

DHQ to invite CAN chairman accusing military of aiding killings

In the viral video, Daluk said: “I am here to report the situation happening in Mangu Local Government for the whole world to understand. What is happening in Mangu at this particular point in time, the military are the ones sending our people away for the militia to burn their houses.

“At this particular point in time, they have sent every Christian away from the new market, thereby leaving the Muslims to come and burn their houses.”

However, responding following an inquiry, the Director, Defence Media Operations, Maj. Gen. Edward Buba, said: “DHQ is in the process of reaching out to him to come and substantiate the claims. It is not unusual for emotions to cloud people’s judgment when they have been confronted with a very traumatising experience.

“We will get to the bottom of his allegations after we have an audience with him. All the same, the military will continue to discharge its duties professionally and in line with the best international standards.”

Reps Speaker to meet Tinubu, seeks end to Plateau killings

Disturbed by the rising killings, speaker of the House of Representatives, Dr Tajudeen Abbas, said it is devastating to read the news about renewed attacks and hostility in communities around Mangu LGA.

He said he would meet with President Bola Tinubu on the matter, adding that the House will take a strong position when it resumes from the Christmas and New Year break next Tuesday.

In a statement by his Special Adviser on Media and Publicity, Musa Abdullahi Krishi, the speaker said “enough is enough” on the Plateau killings.

Speaker Abbas added that on resumption on January 30, 2024, the House will kick-start plans to organise a security submit to find lasting solutions to the security challenges in the North and other parts of the country.

[Vanguard]