APA – Lagos (Nigeria)
The report that Fitch Ratings has affirmed Nigeria’s long-term foreign-currency issuer default outlook at ‘B-‘with a stable outlook is one of the trending stories in Nigerian newspapers on Monday.
The Punch reports that Fitch Ratings has affirmed Nigeria’s long-term foreign-currency issuer default outlook at ‘B-‘with a stable outlook.
It said at the weekend that the country’s major strengths are a large economy, a developed and liquid domestic debt market, and large oil and gas reserves.
This affirmation came as the Governor of the Central Bank of Nigeria Olayemi Cardoso, while playing host to former CBN governor, Muhammadu Sanusi II, reiterated his commitment to change the story of the apex bank and make its policies more impactful on Nigerians.
The rating agency, however, noted that the rating was constrained by weak governance, structurally very low non-oil revenue, high hydrocarbon dependence, security challenges, high inflation, low net foreign exchange reserves, and ongoing weakness in the exchange-rate framework.
It observed that Tinubu’s cabinet is supportive of reform which had contributed to the reform of the exchange rate framework much more quickly than it anticipated.
“However, there has recently been some backtracking on reforms, notably a lower degree of price discovery in the FX market than in late June, raising doubt about the strength of this positive momentum.
“In addition, new data on the Central Bank of Nigeria (CBN) suggests its net foreign-exchange position is substantially weaker than we previously understood. These factors are reflected in the stable outlook,” Fitch said.
The newspaper says that Dangote Industries Limited has revealed that it has so far repatriated over $687.98m through various banks in Nigeria.
In a statement on Sunday, the company said it brought in $576,008,672.41 through various banks in Nigeria, in addition to a $111,968,109.38 cash swap arrangement between Dangote Cement Plc and Ethiopian Airlines.
Dangote re-affirmed its determination and belief in Nigeria, noting that the government of President Bola Ahmed Tinubu had shown the will and resolve to get the economy moving again.
“We are not body-shop investors. We believe in Nigeria, and we believe in Africa. We are genuine and authentic about our investments, and we call on all relevant agencies to investigate our FX transactions in the past 10 years and make public any infraction noticed or discovered.”
Insisting that all forex purchased in respect of its African Project Expansion were genuine and fully utilised for what they were meant for, the firm noted that the projects for which the forex was utilised were visible for everyone to see.
“It is on record that some of these projects were commissioned by Nigerian top-ranking government officials and in attendance were chief executives of various banks, captains of Industries, and the Presidents of the host countries supported by their Senior Government officials.
“The commissioning events of these projects were well documented and covered by both local and international media. There are also print and electronic copies of the commissioning ceremonies as further testimony to the judicious utilisation of the funds.”
The Guardian reports that the Nigeria Labour Congress (NLC) has alleged that the invasion and attack on Azalla Owalla in Emekuku, Owerri, Imo State, hometown of the NLC President, Joe Ajaero, at the weekend, was Governor Hope Uzodimma’s sinister objective to assassinate the labour leader.
The NLC alleged that the invasion motive was laid bare by Uzodimma’s latest act of aggression on the community, under the misguided belief that Ajaero was still present, recovering from injuries inflicted by the state’s police and hired thugs.
A statement by the NLC Head of Media and Information, Benson Upah, yesterday, stressed that the use of excessive force on citizens, who hold dissenting opinions or dare to question the governor’s governance style, particularly regarding the inhuman treatment of workers in Imo State, was an affront on democracy.
According to Upah, the current situation in Imo is nothing short of a descent into fascism, where terror takes precedence over reason, and dialogue is pushed to the sidelines.
He alleged that the brazen and violent assault on the NLC chief and others on November 1, inside the congress’ secretariat in Imo by Uzodimma, his thugs, and the Commissioner of Police stands as a stark reminder of the length to which they were willing to go in their pursuit of suppression and brutality.
Upah called on the Inspector General of Police (IGP), Olukayode Egbetokun, to rein in the Imo CP to prevent further abuse and desecration of the nation’s police force.
He alleged that the police boss had become a tool of oppression in the hands of the governor, intimidating and harassing the people of Imo. According to him, immediate removal of the CP is essential to prevent impending crisis.
Meanwhile, the Civil Society Situation Room has expressed worry over the current security situation in Imo ahead of the off cycle governorship election on Saturday.
Reacting to the assault on Ajaero, Situation Room said the level of violence and insecurity appears to be largely politically-motivated and condoned by security agencies in the state whose loyalty at the time of the occurrence may have assumed a partisan colouration.
The newspaper says that for smooth off-cycle elections this weekend, Inspector General of Police (IGP), Kayode Egbetokun, has ordered the deployment of fresh 220 operational vehicles and other logistical equipment.
He had organised training for officers on security management and sought approval of the Federal Government for payment of their allowances to boost morale of the officers during the operations.
The IGP, therefore, urged stakeholders to embrace peace and rule of law before, during and after the polls. Meanwhile, the Coalition of Civil Society Groups, has charged the IGP to tackle the Peoples Democratic Party (PDP) candidate, Dino Melaye, over his alleged involvement in a 2007 mayhem.
It accused him of instigating the reported violence that led to alleged murder of his political opponents when he contested and won the Kabba/Bunu/Ijumu Federal Constituency seat in the 2007 House of Representatives election.
Convener of the group, Wisdom Chinedu, who addressed a press briefing in Abuja, said those, who allegedly died in controversial circumstances during the 2007 poll, include Jimoh Asimi and Victor Obafaiye.
He said: “While in the tribunal, Akanmode had a star witness, who saw the violence happen and how his kinsmen escaped death with one unlucky victim murdered. His name is Victor Obafaiye, and was equally an agent of the ACN.
“It may interest you to note that just a day before his appearance before the tribunal slated for Monday, he got a strange call on Sunday night, instructing him to come outside his house. That was the last that was heard of him, as he was also murdered in cold blood and his head smashed.”
GIK/APA