Former Deputy Governor of Central Bank of Nigeria (CBN), Professor Kingsley Moghalu, has said Nigeria’s economy only works for the rich and not for the poor citizens.

Professor Moghalu said the issue between President of Dangote Group – Aliko Dangote and Nigeria National Petroleum Company Limited (NNPCL), as it concerns Dangote Refinery, showed government’s inability to create an economy that works for the citizens.

Moghalu said unholy ties and vested interests between government and businesses were responsible for economic failures in the country.

In a statement on Wednesday, on his X handle, Moghalu said, “The NNPCL and AlikoDangote saga is a sad tale of how successive governments of Nigeria have failed to create a real economy that generates wealth for its citizens. Our economy works only for a very few who get rich while Nigerians continually get poorer.

“The economic failure of Nigeria’s leaders because of loyalties to vested interests and unholy ties between “business” and government is deeply unfortunate.

“Nigeria government is, and has been unable, to stimulate through effect economic policy a set of strategic oligopolies across sectors under which smaller businesses and supply chains thrive, making up a successful national economy as in South Korea.

“Neither has the government, on the other hand, been able to create a truly competitive, level playing field for business in Nigeria so that wealth creation can be more democratic. So it’s just failure, corruption and incompetence all around.

“Instead, we are regaled with sensational accusations on all sides when sweetheart deals go sour for reasons that actually lie outside the immediate subject of dispute.”

The President of Institute for Governance and Economic Transformation, Africa said foreign investors would interpret Nigeria’s business environment as risky because of the issues surrounding Dangote Refinery.

He added that unless patriotic leaders take over Nigeria’s leadership, the country may not make economic progress in the future.

“Meanwhile, what will investors and potential investors think of all this? That Nigeria is a truly risky business environment, that’s all. Until our more selfless and competent leaders arrive on the scene, I am afraid our country’s economy has little real prospects in the immediate future,” Moghalu added.

Activist lawyer, Femi Falana, says no amount of threat from the government can stop the nationwide protest slated for August 1.

Recall that some organisations and even the presidency have decried the planned nationwide protests aimed at drawing the attention of the Federal Government to the perennial hardship in the country.

Falana advised the FG to identify the organisers of the protest and engage them in productive dialogue.

He gave the advice during an interview on Channels TV on Tuesday.

He noted that threatening people was counterproductive and that such move would make the protest even more popular.

He said: “They have a way of contacting themselves and I think the government can draw some lessons from that 2020 (#EndSars) experience. Identify those who are planning the protest and then engage with them productively.

“Threat will not work. In fact, the action of the government has a way of popularising such protests.

“Nobody listens to such warnings. This time around, the government should identify the leaders of the movement and have some dialogue with them. There are demands that are being raised, the government should address those demands.”

Amnesty International has cautioned President Bola Tinubu’s administration against threatening Nigerians who are planning to protest against the current hardship and hunger in the country.

The global human rights body emphasized that threatening intended peaceful protesters is unlawful, adding that Nigerians have the constitutional right to protest.

According to reports, some youths plan a nationwide protest between August 1 and 15 to express their concerns over the rising cost of living and economic hardship.

Following these reports, President Tinubu’s media aide, Dada Olusegun, warned that the intending protesters would face the strongest resistance if they protested against the Nigerian government.

In a post via X, Olusegun stated that those who gave Tinubu the mandate to rule the country would strongly resist the protest. He tweeted, “Those who want to burn the country down under whatever guise will meet the strongest resistance of their lives. Not from security agencies but from the silent majority that gave their mandate to President Bola Ahmed Tinubu for four years in the first instance. We are waiting.”

Amnesty International responded by stating that threatening peaceful protesters is not only unlawful but also a clear attack on freedom of assembly, as guaranteed by international law and Nigeria’s 1999 Constitution.

“Threatening peaceful protesters is unlawful. It is a clear attack on freedom of assembly, guaranteed by international law and Nigeria’s 1999 Constitution. Nigerians must not be denied the constitutionally and internationally guaranteed right to peaceful protest through veiled threats of violence and false insinuations,” Amnesty International stated.

Special Adviser on Information and Strategy to President Bola Tinubu, Bayo Onanuga, has responded to the Labour Party (LP) presidential candidate, Peter Obi, over the threat of ₦ 5 billion defamation suit.

Recall that Peter Obi issued Onanuga a 72-hour ultimatum to apologise and pay ₦5 billion damages to him over defamation and libel or face legal action.

The demand follows Onanuga’s wild allegation, linking Peter Obi to the planned mass protest scheduled for August.

Recall that the Presidential Spokesperson had on July 20, 2024, in a post via his X handle, said, “Peter Ob’s supporters are the people planning mayhem in Nigeria and that Obi should be held responsible for anarchy.”

However, the former Governor of Anambra State, writing through his counsel, Alex Ejesieme, SAN, said that the allegation, which was widely published in social and mainstream media and read by many within and outside the country, maligned his hard-earned reputation as a man who indulges in violence when all his antecedents are vivid that he abhors violence even in the face of extreme provocation.

Peter Obi said the demeaning and scandalous publication also caused a severe emotional injury to him, given his decades of stellar stewardship in private and public life.

In response, Onanuga, in a post via his X handle on Tuesday, said he is not afraid of any legal action and is ready to meet Peter Obi in court.

He wrote, “I am still waiting for the letter from Peter Obi’s lawyer threatening a N5 billion suit and demanding an apology to Peter Obi over the planned ‘revolution’.

“Let me just tell Obi and his lawyer: I am not afraid of any legal action. We shall meet in court.”

The house of representatives has asked the federal government to suspend Farouk Ahmed, chief executive officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), over “unguarded comments”.

The lower legislative chamber passed the resolution during plenary session on Tuesday following the adoption of a motion of urgent public importance sponsored by Esosa Iyawe from Edo.

The motion was titled ‘Urgent Need to Address the Outrage Resulting from Unguarded Comments by the Chief Executive of the Nigerian Midstream and Downstream Petroleum Authority’.

The NMDPRA and Dangote refinery have been embroiled in a dispute that began recently.

On July 18, Ahmed said local refineries, including the Dangote Petroleum Refinery, were producing inferior products compared to the ones imported into the country.

He also said Dangote requested all importation of petroleum products — especially automotive gas oil (AGO) or jet kero — be suspended or stopped, and all oil marketers be directed to his refinery.

This, Ahmed said, is not good for Nigeria in terms of energy security and also not good for markets because of monopoly.

Aliko Dangote, CEO of Dangote Group, denied Ahmed’s claims.

On Monday, Heineken Lokpobiri, minister of state petroleum resources (oil), met with Dangote, Ahmed, Gbenga Komolafe, CEO of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), and Mele Kyari, group CEO of the Nigerian National Petroleum Corporation (NNPC) Limited, to resolve the matter. 

The house of representatives joint committee on petroleum resources (downstream and midstream) has also launched a probe into Ahmed’s claims.

The committee is also investigating the allegations that international oil companies (IOCs) in Nigeria are frustrating the survival of the Dangote refinery.

‘CARELESS STATEMENT, UNPROFESSIONAL’

Moving the motion, Iyawe described Ahmed’s statement as “careless,” as well as “unprofessional and unpatriotic” in the wake of calls for protest against the federal government.

Iyawe said Ahmed made the statement without conducting any prior investigation.

The lawmaker said the “unguarded statement” by the NMDPRA CEO has “sparked outrage from Nigerians who tagged his undermining of local refineries and insistence on the continued importation of fuel an act of economic sabotage, as the imported products have been shown to contain high levels of dangerous compounds”.

The motion was adopted when it was put to a voice vote by Tajudeen Abbas, speaker of the house.

Consequently, the lower chamber asked the federal government to suspend the NMDPRA CEO pending the conclusion of the investigations into the claims.

President Bola Tinubu has pleaded with aggrieved Nigerians, especially youths planning a national protest over the high cost of living to shelve the action, saying there is no need for it. 

The President also assured those behind the planned protest that he has heard their grievances and is working seriously to ensure that all their concerns are addressed.

Minister of Information and National Orientation, Mohammed Idris, conveyed the President’s plea while speaking with State House correspondents after he met with Tinubu at the Presidential Villa, Abuja.

The President’s assurance came as the face-off between Special Adviser to the President on Information and Strategy, Mr Bayou Onanuga; and the 2023 presidential candidate of the Labour Party, LP, Mr. Peter Obi, took a new twist, yesterday.

Obi’s lawyers, yesterday, wrote Onanuga, demanding N5 billion and an apology within 72 hours for accusing him and his supporters of high treason in allegedly being masterminds of the planned “EndBadGovernance protest.”

In like manner, former presidential aspirant and a chieftain of the LP, Professor Pat Utomi, challenged Onanuga to produce evidence of his involvement in the planned protest or face N500 billion litigation.

Tinubu’s assurance

The minister said that at the meeting with the President, general issues on the country were discussed and that the President said he is working assiduously to ensure the country’s economy is placed in a good position.

His words: ‘’We discussed the issue of the country in general and Mr President has asked me to again inform Nigerians that he listens to them, especially the young people that are trying to protest.

“Mr President said he listens to them and takes what they say seriously and he is working assiduously to ensure that this country is good not just for today, but also for the future.

“The issue of the planned protest, Mr President does not see any need for that, he asked them to shelve that plan and he has asked them to await the government’s response to all their pleas, he has listened to them.’’

Former vice president, Atiku Abubakar has condemned attempts by the federal government and security agencies to scuttle the nationwide protests planned to take place from August 1.

Vanguard reports that plans are in motion to stage nationwide protests against bad governance, the current economic hardship, and a range of issues.

Taking to his verified Facebook page on Tuesday, the 2023 presidential candidate under the Peoples’ Democratic Party, PDP, expressed concern that even supporters of President Bola Tinubu and the ruling APC are not left out of the hardship.

He wondered why President Tinubu and some key figures who were part of the nationwide protest against the Goodluck Jonathan government in 2012 were attempting to stop the planned protests.

He wrote, “For the avoidance of doubt, the rights of citizens to protest are ENSHRINED in the Nigerian Constitution and AFFIRMED by our courts. Section 40 of the 1999 Constitution (as altered) unequivocally guarantees the right to peaceful assembly and association.

“Chasing shadows and contriving purported persons behind the planned protests is an exercise in futility when it is obvious that Nigerians, including supporters of Tinubu and the ruling APC, are caught up in the hunger, anger, and hopelessness brought about by the incompetence and cluelessness of this government.

“It is deeply ironic that those who now seek to stifle these rights were themselves leading protests in 2012. A responsible government must ensure a SAFE and SECURE environment for citizens to exercise their constitutionally guaranteed rights to PEACEFUL PROTEST.

“Any attempt to suppress these rights is not only unconstitutional but a direct affront to our democracy,” he said.

Peter Obi, presidential candidate of the Labour Party (LP) in the 2023 elections, has issued a 72-hour ultimatum to Bayo Onanuga, special adviser to President Bola Tinubu on information and strategy, to retract his alleged defamatory statement against him.

Onanuga had alleged that supporters of Obi are behind the proposed nationwide protest against economic hardship in the country.

In a letter by Alex Ejesieme, a senior advocate of Nigeria (SAN) and Obi’s lawyer, the former governor of Anambra is also asking Onanuga to tender a public apology published in four national newspapers over the “widespread defamation and libel” or face legal action.

Obi is demanding N5 billion in damages from Onanuga.

There have been reports of a youth-led nationwide protest over the rising cost of living and economic hardship.

The protest is reportedly slated for August 1 to 15.

Onanuga further alleged that the organisers of the planned protest were the same individuals who “hijacked” the #ENDSARS protest of 2020.

“Obi should be held responsible for anarchy. Don’t be fooled: the malcontents planning to stage nationwide protests are supporters of Peter Obi, the failed presidential candidate of the Labour Party. And he should be held responsible for whatever crisis emanates from the action,” Onanuga had written on X.

However, Obi said the allegation, which went viral on social and mainstream media and was read by many within and outside the country, maligned his hard-earned reputation.

He added that the allegation dented his image as “a man who indulges in violence”.

“It’s our client’s conviction that the publication was a calculated plot to demean, ridicule, humiliate, and embarrass him by the estimation of every right-thinking member of the society,” the letter reads.

“His appellation as ‘Okwute’ (the Rock) notwithstanding, the demeaning and scandalous publication has also caused a serious emotional injury to our client given his decades of stellar stewardship in private and public life.

“Consequently, we have our client’s mandate to demand that you retract the statement made in the publication and tender an unreserved apology to him within 72 hours of the receipt of this letter in not less than 4 National Dailies to wit: Vanguard, THISDAY, Punch, and TheCable, including your verified X“@aonanuga1956.

“Our client is also making an unequivocal demand for the monetary damage of N5b for the embarrassment your defamatory publication has caused him and his family.

“In the event of your failure to meet the demands set out above, our client shall be constrained to approach a Court of Competent jurisdiction and take legal action against you for defamation and libel.

The United Nations (UN) department of safety and security has warned that the planned protests in Nigeria may be hijacked by groups with ulterior motives.

Recent reports indicate that various Nigerian groups are planning a nationwide protest from August 1 to 10, dubbed “10 days of rage,” to address the country’s soaring cost of living and economic hardship.

In a threat and risk assessment finding dated July 19, the UN expressed concerns about the possibility of violence, citing past instances where similar protests in Nigeria escalated.

“Recall that in the 13–16 February 2023 interval, tensions generated by the paucity of new Naira currency (financial crisis) reached high levels amongst the civilian population, which materialized in violent protests in the South-East and South-South regions of Nigeria, in the states of Akwa Ibom, Delta, Edo, Imo, Kwara, Lagos, Ondo, Ogun, Oyo, and Rivers,” the threat and risk assessment reads.

“During the civil unrest in the different states, several bank branches and ATM points were vandalized, and major roads were blocked.

“As the turnout for the ’10 days of rage’ protest is expected to be high, large-scale disruptions to normal economic and social activities cannot be discounted.”

The threat assessment also showed that confrontations between groups supporting the government and those disagreeing with its policies cannot be ruled out from the end of July towards August 10-15.

“While acknowledging the economic hardship in the country, some organizations and leaders of ethnic groups (especially in South-South and South-East) were discouraging participation in any of the 1-10 August protests (E.g. Ọhanaeze Ndigbo, a socio-cultural organization in Nigeria, claiming to represent the interests of all Igbos),” the UN said.

“This highlights the possibility of the events being hijacked by other interest groups/detractors, thus complicating the security landscape of different areas.”

Those calling for the protests are asking for a reverse of some policies implemented by President Bola Tinubu believed to have engendered hardship in the country.

Some of the demands include the reinstatement of petrol and tertiary education subsidies, restoring affordable electricity tariffs, and reducing import duties to previous values established before the economic crisis.

Others are declaring a state of emergency on inflation, more transparency in public administration, publicly disclosing and reducing the salaries and allowances of political office holders, and reforms to the judicial system.

In a statement addressed to Tinubu, Joe Ajaero, president of the Nigeria Labour Congress (NLC), said it would be hard to prevent Nigerians from expressing dissatisfaction with the government’s policies.

Aliko Dangote, the chairman of Dangote Industries Limited, has been invited by President Brice Oligui Nguema of Gabon to invest in cement and fertiliser production in the country.

According to a statement by the media office of Dangote Group, the billionaire was invited to explore investment opportunities in cement and fertiliser (urea and phosphate).

“President Brice Oligui Nguema of Gabon has invited the President and Chief Executive Officer of Dangote Industries Limited (DIL), Aliko Dangote to invest in Cement and Fertiliser production in Gabon,” Dangote Group said.

“The President urged Dangote to explore potential investment opportunities in the country’s cement and fertilizer sectors, specifically urea and phosphate production.”

According to the statement, Dangote conversed with Nguema and other top government officials during the visit.

“The talks focused on how Dangote Industries could contribute to Gabon’s economic growth by establishing cement and fertilizer plants, which are vital for the country’s infrastructure development and agricultural productivity,” Dangote Group said.

“President Nguema expressed enthusiasm about the potential partnership, highlighting Gabon’s commitment to creating a conducive environment for foreign investments. 

“He noted that the collaboration with Dangote Industries would bring significant benefits, including job creation, technology transfer, and enhanced industrial capacity.”

‘INVESTING IN GABON ALIGNS WITH DANGOTE INDUSTRIES GOALS’

On his part, Dangote underscored his company’s dedication to fostering economic development in the continent.

He emphasised that investing in Gabon’s cement and fertilizer sectors aligns with Dangote Industries’ strategic vision of expanding its footprint and supporting sustainable development across Africa.

“We are excited about the opportunity to invest in Gabon. Our goal is to contribute to the country’s economic diversification and industrialization efforts,” Dangote said.

“By leveraging our expertise in cement and fertilizer production, we aim to support Gabon’s infrastructure and agricultural sectors.”

Dangote Group said the visit signifies a significant step towards deepening economic ties between Nigeria and Gabon.

The company said as Dangote Industries continues to explore and finalise investment opportunities, both nations anticipate mutual benefits that would propel economic progress and regional integration.

“The potential investment by Dangote Industries in Gabon is expected to bolster the country’s industrial landscape, ensuring a steady supply of essential materials for construction and agriculture,” the statement reads.

“This development aligns with President Nguema’s vision of transforming Gabon into a diversified and self-sustaining economy.

“In the coming months, further discussions and assessments will be conducted to finalize the investment plans. The collaboration between Dangote Industries and the Gabonese government holds promise for a robust partnership that will significantly impact Gabon’s economic landscape.”

The invitation comes days after Dangote announced he will halt investment in Nigeria’s steel industry. 

On July 21, the businessman said Dangote Industries would no longer continue with plans to enter Nigeria’s steel industry to avoid being accused of wanting to be a monopoly.

Dangote’s threat comes two months after his company said it was making plans to invest in the steel industry and expand the economy.