The Lagos State Police Command has identified Feyisayo Ogedengbe, an auxiliary nurse, as a prime suspect in the controversial demise of Nigerian rapper Mohbad.

In a press conference on Friday afternoon, Lagos State Police Commissioner Idowu Owohunwa provided an update on the ongoing investigation into the singer’s death.

Mr Owohunwa said the auxiliary nurse administered multiple highly potent injections, which triggered an immediate adverse reaction in the singer.

“At approximately 14:35hrs on September 12 2023, Miss Feyisayo arrived carrying a pack of Ceftriaxone injection, a paracetamol injection, along with several needles and syringes. She proceeded to administer these drugs, leading to Mohbad experiencing symptoms such as vomiting, goosebumps, and convulsions,” he said.

It was noted that Ms Ogedengbe was not qualified for the role and conducted the actions in a non-clinical setting, a manner characterised as professional negligence.

Several individuals, including the auxiliary nurse, Naira Marley, Sam Larry, and Primeboy, a childhood friend of Mohbad, are presently in police custody as part of the ongoing investigation.

The police commissioner revealed they were in custody for their “alleged roles in the sequence of events that led to the singer’s death.”

Meanwhile, Mr Owohunwa said Mohbad’s autopsy results were still awaited as the investigation continued.

Mohbad, 27, died on September 12, a few weeks after he had petitioned the Assistant Inspector-General of Police heading the Force Criminal Investigation Department, Lagos, over threats to his life by Sam Larry and thugs who allegedly attacked him with guns, cutlasses and other weapons while shooting a video with Zlatan.

Several videos where Naira Marley was accused of threatening Mohbad, his former signee, also surfaced after the “KPK” singer’s death.

Justice Nicholas Oweibo of the Federal High Court sitting in Ikoyi, Lagos, on Friday, October 5, 2023, issued a production warrant against Nigerian singer, Azeez Fashola, also known as Naira Marley.

Naira Marley is being prosecuted by the Economic and Financial Crimes Commission, EFCC, on 11-count charges bordering on conspiracy and credit card fraud.

At the resumed sitting on Friday, counsel to the defendant, Olalekan Ojo, SAN, informed the court that the defendant was unavoidably absent from court owing to his being detained by the police for interrogation in respect of the murder of Ilerioluwa Oladimeji Aloba, also known as Mohbad.

Mr Ojo, therefore, prayed the court for an adjournment of the trial.

Responding, prosecution counsel, Bilkisu Buhari, however, prayed the court to issue a production warrant against the defendant to ensure his presence in court on the next adjourned date.

Mr Oweibo granted the prayers of the prosecution counsel and issued a production warrant against the defendant.

The judge further adjourned the matter till October 30, 2023, for continuation of trial.

The Nigeria Football Federation has congratulated the Government and people of the Kingdom of Morocco over Wednesday’s decision by FIFA that the North African country will co-host the 2030 FIFA World Cup finals with Spain and Portugal.

Morocco first threw her hat into the ring more than three decades ago, with a bid to host football’s biggest showpiece in 1994, but lost to the United States of America. The country lost a couple of other bids after that, including that for the 2010 finals which went to South Africa.

President of NFF, Alhaji Ibrahim Musa Gusau, said on Thursday that Morocco fully deserves the honour: “The NFF is celebrating with the Government and people of Morocco for the success of their tripartite bid with Spain and Portugal to host the 2030 FIFA World Cup.

We have no doubt that the tournament will be a huge success, as the stadia infrastructure and other relevant facilities are already there on ground, and the country has an established culture of hosting major tournaments.

“The whole of Africa is excited at the prospect of the continent hosting the FIFA World Cup for the second time.”

The 2030 finals will be the centenary anniversary of the FIFA World Cup, which began in 1930 with Uruguay as host and Cup winners. FIFA has also announced that as part of the celebrations, the first three matches in 2030 will be staged in Uruguay, Paraguay and Argentina, before the whole party moves to North Africa and the Iberian Peninsula.

Gusau added that the NFF will be throwing its weight behind the Kingdom of Saudi Arabia’s bid to stage the 2034 finals – four years after the expected spectacle in Morocco, Spain and Portugal.

“We believe the Kingdom of Saudi Arabia has the infrastructure and facilities to stage a spectacular FIFA World Cup in 2034.”

USA, Mexico and Canada will stage the next FIFA World Cup finals in 2026.

André Onana is reluctant to take time away from Manchester United to play for Cameroon at the Africa Cup of Nations (AFCON) in January after a difficult start to his career at Old Trafford, a source has told ESPN.

Onana quit international football following the World Cup in Qatar after a disagreement with head coach Rigobert Song. He agreed to return for the final AFCON qualifier against Burundi in September amid pressure from the government and Cameroon FA.

A 3-0 victory for Cameroon booked their place at the tournament, which starts in the Ivory Coast on Jan. 13.

Onana, however, is reluctant to take part because it could mean the 27-year-old missing a month of the Premier League season and, according to a source close to the player, his priority is to focus on his new club.

Onana is particularly keen to stay at Old Trafford following a tough start to his first season, which has included a series of costly mistakes, and wants to show his commitment to United.

He made a horrible error in the 4-3 defeat to Bayern Munich in September and was also at fault for the incident which saw Casemiro sent off in 3-2 defeat to Galatasaray on Tuesday.

“We are happy with our goalkeeping group,” said Ten Hag following the defeat to Galatasaray. “Andre was in one semifinal of the Champions League [with Ajax], he was in the final last season [with Inter] so he has capabilities to be one of the best goalkeepers in the world and he has shown that. We have already seen in games his great capabilities, also his personality. He will bounce back.”

During negotiations over his £47.3 million ($57.37m) move from Inter, Onana told Ten Hag and United bosses that he had no plans to return to the Cameroon set-up.

However, a source has told ESPN that the Dutchman is sympathetic to the goalkeeper’s situation and won’t interfere in his decision.

Onana has been called up to the Cameroon squad for games against Russia and Senegal during the October international break, but a source has told ESPN there will be further talks with officials before he commits to playing at AFCON.

A Philippines drag queen was arrested on Wednesday over their performance as Jesus Christ reciting the Lord’s Prayer.

A video of the performance by Pura Luka Vega had sparked criminal complaints by Christian groups in July.

The 33-year-old, whose real name is Amadeus Fernando Pagente, faces up to 12 years in jail under the Catholic-majority country’s obscenity laws.

Nearly 80% of the Philippines identifies as Roman Catholic.Pagente has been charged with the offence of “immoral doctrines, obscene publications and exhibitions and indecent shows”, according to a copy of the arrest warrant shared by Manila police.

The video features a bearded Pagente dressed as Jesus Christ, performing a rock version of the Lord’s Prayer in Tagalog. It has since been deleted.

The Philippines for Jesus Movement, comprising Protestant church leaders, registered the first criminal complaint with the Manila Prosecutor’s Office at the end of July.

A second complaint was then filed in August by Nazarene Brotherhood, a Catholic group.

Several cities in the Philippines, including its capital Manila, also declared Pagente “persona non grata”, a Latin phrase for an “unwelcome person”.

For decades, drag queens in the Philippines have been popular entertainers who impersonate singers and actresses and deliver punchlines in stand-up shows.

But Pagente is part of a new generation of drag queens who use their performances to champion their causes and test the limits of free speech.

They told the AFP that the arrest shows “the degree of homophobia” in the Philippines. “I understand that people call my performance blasphemous, offensive, or regrettable.

However, they shouldn’t tell me how I practice my faith or how I do my drag.

Supporters have been calling for Pagente’s release with the #FreePuraLukaVega hash tag, arguing that “drag is not a crime”.

Some compared the performer’s predicament with alleged murderers and sex crime offenders, whom they claimed remain free and have not been justly dealt with.

Ryan Thoreson, a specialist at the Human Rights Watch’s LGBT+ rights programme, also called for the charges against Pagente to be dropped.

“Freedom of expression includes artistic expression that offends, satirises, or challenges religious beliefs.”

Governor Babajide Sanwo-Olu of Lagos has pledged to reverse the shortage of teachers in the state’s education system through continuous recruitment of qualified teachers in line with the international best practice.

Mr Sanwo-Olu said this at the 2023 World Teachers’ Day celebration at the NUT Pavilion, Agidingbi, on Thursday in Lagos, with the theme: ‘The Teachers We Need For The Education We Want: The Global Imperative To Reverse Teacher’s Shortage’.

The governor, who was represented by his deputy, Obafemi Hamzat, assured that his administration was resolute in attracting the brightest minds and most compassionate hearts to the profession.

He said the state government was convinced that no society can develop beyond the quality of its education system and that teachers occupy a prominent space.

“This administration understands that education is the bedrock upon which the state progress and prosperity are built.

“Therefore, we will continue to be steadfast in her pursuit of the education the state desires for the children, through a continuous review of her education curriculum to reflect current and emerging realities.

“We will also take proactive measures not only to address the global imperative of reversing teacher shortage but also improve the delivery capacity of our teachers through a well-structured training and development program,” he said.

Mr Sanwo-Olu stated that the state government had taken substantial steps to recognise the invaluable contributions of the educators.

He said, “It is no doubt that a motivated and fulfilled teacher is the cornerstone of a thriving educational system.

“Efforts are aimed at igniting and sustaining the passion for teaching and the pursuit of knowledge.”

He, therefore, called for collective efforts that would involve governments, communities, parents, and every stakeholder interested in the future of children.He also called for attitudinal change toward the sector.

The governor said his administration’s commitment to investing in the professional development of educators had yielded tangible results in the impressive performance of students among their peers both locally and internationally.

“This included the provision of access to cutting-edge resources and established support networks to ensure that our teachers are equipped to inspire and empower our students.”

Earlier, Jamie Alli-Balogun, Commissioner for Basic and Secondary Education, pledged that the state government would always prioritise the welfare of teachers.

The commissioner also assured that the government would continue to provide capacity building for the teachers in the state.

“We will provide investment in digital tools for improved teaching delivery and performance.

“The ministry will also increase focus on technical education which will help to provide more opportunities for the learners,” he said.

The Ogun government has lifted the curfew imposed on Sagamu town, following deadly clashes between rival cult groups in the state.

This is contained in a statement by Secretary to the State Government (SSG), Tokunbo Talabi, in Abeokuta.

The restriction of human and vehicular movement between 7:00 p.m. and 6.00 a.m. was imposed on September 18, as an immediate response to the cult clashes in Sagamu town, Ogun.

Mr Talabi said that the improved security situation across the troubled town informed the decision to lift the curfew.

He said that normalcy had returned to the town while security agents continued with investigations into the remote and immediate causes of the cult clashes.

According to him, Governor Dapo Abiodun was committed to ridding the state of all forms of violence.

The SSG urged the people of Sagamu to go about their daily activities without fear, adding that adequate security would remain on ground in spite of the lifting of the curfew.

The police confirmed the arrest of 19 persons suspected to be members of different cult groups in connection with the cult clashes that left eight persons dead in Sagamu area of the state.

This is contained in a statement by the Police Public Relations Officer in Ogun State, Omolola Odutola, on Monday.

According to the statement, the 19 persons were arrested at different locations in the Sagamu area of the state through combined effort of various formations of the Police Force.

She said that during the operation, a suspected kingpin of the Eiye Confraternity, Ogunnibi Hammed, who was allegedly responsible for attacks against rival cult groups in the state, was also arrested.

She noted that the state Commissioner of Police, Abiodun Alamutu, had ordered the immediate investigation of the individuals arrested while promising that the public would be duly informed of further development on the case.

“The Commissioner of Police is informed about the arrests and has ordered an immediate investigation into the individuals apprehended.

As the investigation progresses, the police will provide updates to the public regarding any relevant developments in this case”, she said.

The Minister of Works, David Umahi, says that the ministry needs a total of N217 billion to reconstruct 260 road projects and eight bridges across the country.

The minister disclosed this while inaugurating four road project committees on Thursday in Abuja.

He said the committees were being inaugurated not just to maintain the road but also to ensure that contractors implement the contracts signed.

The task force committees are to monitor the reconstruction of Benin-Warri Dual Carriageway (Section I, II and III) and dualisation of East-West road Section III: Port Harcourt (ElemeJunction) Oone Port Junction road in Rivers.

“The directors in this ministry met and we agreed to constitute a taskforce that will be resident in these locations for efficient supervision.

“They will redesign the roads to meet the site situations and article two of the contract we signed that under section 51 of General Conditions of contract gives us the permission and legal right to redefine the projects.

“Which means we can rescope the projects and quality, we are leveraging on that to save our people from the hardship. We will use one foot thick concrete to rebuild the road. We are already working on the bills to redefine it,” the minister said.

Mr Umahi said the federal government was giving serious attention to the roads between Benin and Warri and the road between Eleme and Onne Port.

“Let me graciously announce that the ministry contacted Mr President on 260 projects that need very immediate and quick intervention across the federation.

“The projects are from the motions of the National Assembly, outcry of the public and compilations from controllers of our states and the total cost is N217 billion.

“We have sent it to Mr President and the National Assembly is aware and he has directed that we submit at FEC for discussions,” he said.

He added that the roads are key factors for the revolution of the nation’s commerce, education, security and power and that President Tinubu is committed to the nation’s road infrastructure.

Still on approval of funds, the former Ebonyi governor said the president had approved funds for the rehabilitation of the Third Mainland Bridge in Lagos.

The minister decried the failures of several parts on the East West Road saying, “Last week, we had a lot of failures on our East West Road between Warri and Cross Rivers.

“We had 12 points that totally collapsed and if we have another flood, the entire section may collapse. Three bridges totally collapsed and we have to reconstruct all of those roads.

“I will also announce that Mr President has not only approved but released money for immediate attention of these 12 points and three bridges that collapsed on our East-West roads between Warri and Cross Rivers.

“Also reconstruction of Shendam-Lafia bridge and Enugu bridge that collapsed a week ago and the president has released money for the reconstruction of those two bridges.

“The projects are being worked upon so that we can allay the fears of our people. These are life-threatening emergencies and we must move very fast to begin on all those roads,” he said.

The minister recalled that his team spent 14 hours traveling from Abuja to Benin “and that wasn’t palatable.” He therefore called for the diversion of the road from Benin city.

“I have spoken to the governor of Edo and we need to divert the highway and that can be done even if it is one lane.

“We also identified four sections between Benin and Warri and the situation is so terrible. We witnessed five kilometres of continuous trucks that parked and we could not find it easy to pass.”

He said the reconstruction has a timeline of 18 months, adding that the Nigerian Union Journalists (NUJ) would be part of the monitoring to ensure transparency and good reportage of the projects as part of the new policy of the administration.

“Let me also advise our contractors that no new project under my leadership will be done asphalt. We are doing all our projects on concrete. Let it be known that it is our policy.

“Any contractor that can’t cope, it is not compulsory. On ongoing projects, if you have done 80 per cent, we expect the contractors to complete it without asking for increment.

“All ongoing projects have N6 trillion funding gap and we cannot increase our projects. We will not do any variation of price on asphalt any longer,” he added.

Mr Umahi said no contractor is compelled to continue with their projects saying they have the right to terminate such contracts if no longer convenient for them.

He said that the Nigerian masses deserve sustainability and integrity of the roads constructed for their daily use.

Ekiti Governor, Biodun Oyebanji, has announced cash gifts for the state’s athletes who participated in the just concluded National Youth Games in Asaba, Delta.

Mr Oyebanji made the announcement during a reception ceremony for the athletes at the Governor’s Office in Ado-Ekiti on Thursday.

At the reception, he disclosed government’s plan to upgrade training facilities and that government is already investigating the circumstances that led to the poor kitting of the state contingent at the opening ceremony of the games, promising to ensure that erring officials do not go unpunished.

The reception was attended by the Deputy Governor, Monisade Afuye; secretary to the state government, Habibat Adubiaro; head of service, Sunday Kokolafe, as well as members of the state executive council and officials of the state’s sports council.

Mr Oyebanji, who lauded the young athletes for their “impressive performances”, apologised to them and all Ekiti indigenes for the embarrassment caused by the inappropriate behaviour of the officials of the sports council during the competition.

He added that there would be dire consequences for officials who caused the harrowing experience for the athletes.

He, however, praised the athletes for defying all odds to win medals for the state, assuring them of government’s support to attain greater heights in their respective areas of specialisation.

Mr Oyebanji, who pledged cash gifts to each of the athletes, called on relevant stakeholders to join government in making sports a lucrative business, as government cannot do it alone.

Mr Oyebanji also assured that government would continue to pay more attention to sports development with a promise to sign the bill establishing the state sports commission within the next two weeks.

He said that efforts were in top gear to set up indoor games centres in the state next year.

The governor said the Oluyemi Kayode Stadium in Ado Ekiti as well as other stadia in Ikere, Ijero and Ikole would soon be given facelift.

He said his administration would leave no stone unturned in the quest to maximise the potential of young talents in sports and other areas.

“Let me start on the note of apology to you for the indiscretion and the inappropriate behaviour of the officials of the sports council, as a government, we tried our best to provide for you, but the officials for reasons best known to them decided to act inappropriately.

“As a government, I accept responsibility for this not because I support those that decided to act in a way and manners that has brought embarrassment to you and to all Ekiti indigenes all over the world but as the Governor of Ekiti state.

“I apologise to all Ekiti indigenes for the embarrassment caused by sports council officials to all of us and I hope you accept my apology but I can assure you that justice will be served.

“My takeaway from what happened is that it has strengthened our resolve to pay more attention to sports development, you will realise that in one of our campaign promises, I said we would take sports away from the ministry, we did that because we realised that people are pushing sports development to the background.

“So, we took sports management away from the ministry, we have sent the bill to the House of Assembly to put in place the Ekiti State Sports Commission, the House has passed the bill and within the next two weeks we are going to sign the bill into law,” the governor added.

The elated young athletes responded intermittently to the governor with loud applause and songs.

Speaking on behalf of the team, Aisha Ololade, said they are happy at the governor’s prompt intervention during the games as well as hosting them upon their return to the state.

She said they were all fully motivated to do more for the state in future tournaments.

The police spokesperson in Lagos State command, SP Benjamin Hundeyin, says five suspects have been arrested so far in connection with the death of a singer, Ilerioluwa Aloba, popularly known as Mohbad.

Mr Hundeyin told journalists on Thursday in Lagos that one of the suspects was a singer, Owodunni Ibrahim (aka Primeboy), who was earlier declared wanted by the Police.

Others are Naira Marley, Sam Lerry and two others not mentioned.

He said that Primeboy turned himself into the police on Thursday morning and had been taken into custody for interrogation and further proceedings.

Mr Hundeyin said that the police had assured the public and the family, friends, and fans of Mohbad that they would conduct a thorough investigation, leaving no stone unturned.

According to him, the command has also made it clear that anyone found responsible for the death of Mohbad will be brought to justice.

Primeboy was declared wanted by the Nigeria Police Force, Lagos Command, after failing to comply with police invitations related to the ongoing investigation into the circumstances surrounding Mohbad’s death.

The Supreme Court has fixed December 15th as the judgement date for the case against Nnamdi Kanu, the leader of the proscribed Indigenous People of Biafra (IPOB).

The Supreme Court would deliver judgement on the appeal seeking to compel the federal government to release the IPOB leader from detention.

The court of appeal had previously ordered the release of Mr Kanu in a judgement delivered on October 13, 2022.

The three-member panel in the appellate court unanimously rejected a 15-count terrorism charge the FG entered against the IPOB leader, before the Federal High Court in Abuja.

The federal government, unsatisfied with the judgement, proceeded to take the matter before the Supreme Court.

At the proceedings on Thursday at the Supreme Court, a five-member panel led by Justice Kudirat Kekere-Ekun, fixed the matter for judgement after hearing the final briefs from both parties.

While adopting his final brief, Mike Ozekhome, SAN, counsel for Mr Kanu, urged the court to order the immediate release of his client and penalise the federal government with a heavy punitive cost.

“We urge my lords to uphold our Cross-Appeal to do substantial justice to this matter and to the Respondent who has been in detention since June 29, 2021, even after the lower court ordered his release and that he should never be prosecuted again on the same counts,”Mr Ozekhome said.

“They are still holding him unconstitutionally. We pray my Lords to deliver justice and use this case, just like in Ojukwu vs. State, to demonstrate that no man or government should be above the law,” he added.

However, counsel for the FG, Tijani Gazalli, SAN, urged the Supreme Court to set aside the judgement delivered by the appeal court which ordered Mr Kanu’s release.

He then prayed the court to order the resumption of Mr Kanu’s trial before the Federal High Court in Abuja for terrorism-related charges.

Mr Kanu, the leader of IPOB, has been detained by the federal government since June 29, 2021.

South-East leaders have collectively demanded his release for an improved security in their region.

Belarusian Sabalenka, US Open runner-up last month, beat the world number 36 6-4 7-6 (7-4).

The Australian Open winner will face 2022 Wimbledon champion Elena Rybakina in the last eight.

Meanwhile, US Open champion Coco Gauff saved four set points to beat Veronika Kudermetova 7-6 (7-5) 6-2.

The victory marks Gauff’s 15th consecutive win – the longest winning run of any player on the WTA Tour this year – surpassing Polish world number two Iga Swiatek’s run of 14 victories which came earlier this year.

“I’m really happy with how I’ve been able to troubleshoot and problem-solve,” Gauff said after the win.

“I played a good match overall.

“The American 19-year-old’s last loss came in Montreal in August against compatriot Jessica Pegula, with her winning run including a maiden WTA 1000 title in Cincinnati and a first Grand Slam title at Flushing Meadows.

Since her Wimbledon first-round loss to Sofia Kenin, Gauff has won 21 out of 22 matches.

The win over Kudermetova books her 11th quarter-final of the year, where she will meet Greek sixth seed Maria Sakkari, who beat China’s Wang Xinyu 6-4 2-6 6-3.

Gauff beat Sakkari in the final of the Cincinnati Masters and said she is “one of the most athletic players on the Tour” before their match on Friday.

France’s Caroline Garcia beat Ukrainian Anhelina Kalinina 6-3 6-2 and will face four-time Grand Slam champion Swiatek in the quarter-final.

Actor Julia Ormond has filed a lawsuit against Harvey Weinstein, claiming he sexually assaulted her in 1995 after a dinner in New York.

The Legends of the Fall star is also seeking damages from Disney, Miramax and her former talent agency who she says failed to protect her from abuse.

The case was filed in New York under a law that allows sex cases to be filed outside of the statute of limitations.

Weinstein is currently serving a 23-year prison sentence for rape.Ormond – best known for roles in 90s films First Knight, Smilla’s Sense of Snow and Sabrina – alleges that her career never recovered after the attack by Weinstein.

The suit argues that at the peak of her career, she and Weinstein returned from a business dinner to an apartment provided by the production company, where he “stripped naked and forced her to perform oral sex on him”.

“That sexual assault on Ormond could have been prevented if Miramax or Disney had properly supervised Weinstein and not retained him while knowing that he was a danger to the women he encountered at work,” states the lawsuit, which was filed on Wednesday.

Weinstein’s attorney Imran Ansari told the Associated Press that his client “categorically denies the allegations made against him by Julia Ormond and he is prepared to vehemently defend himself”.

Ormond is also suing the Creative Artists Agency (CAA), her former talent agency which she says failed to warn her about Weinstein’s abuse and “suggested that if she reported Weinstein to the authorities, she would not be believed, and he would seriously damage her career”.

“Still worse, not long after Weinstein’s assault on Ormond and her reporting of the assault to them, CAA lost interest in representing her, and her career suffered dramatically,” the lawsuit adds.

“The damage to Ormond’s career because of Weinstein’s assault and the aftermath was catastrophic both personally and professionally,” the lawsuit says, adding that she “nearly disappeared from the public eye” since the alleged attack and retaliation by the defendants.

In a statement issued through her lawyers, the British actor said: “After living for decades with the painful memories of my experiences at the hands of Harvey Weinstein, I am humbled and grateful to all those who have risked speaking out.”

The “courage” of other survivors has “shed light on how powerful people and institutions like my talent agents at CAA, Miramax and Disney enabled and provided cover for Weinstein to assault me and countless others”.

“I seek a level of personal closure by holding them accountable to acknowledge their part and the depth of its harms and hope that all of our increased understanding will lead to further protections for all of us at work.

“The lawsuit asks the court to award Ormond, 58, an unspecified amount for lost wages, and for “mental pain and anguish and severe emotional distress”.

CAA said they take allegations of sexual assault seriously and “has compassion” for Ms Ormond but denied the claims made against the firm.

“Ms Ormond’s claims against CAA are baseless, and the agency will vigorously refute them in court,” the organisation said in a statement.

The BBC has also contacted Disney and Miramax for comment.

More than 80 people have made rape and misconduct claims against Weinstein, 74, dating back as far as the late 1970s.

The Nigerian naira is among the worst-performing currencies in Africa, the World Bank has said.It noted that the currency weakened by nearly 40 per cent against the US dollar since a mid-June devaluation.

The global bank explained in its report titled, ‘Africa’s Pulse: An analysis of issues shaping Africa’s economic future (October 2023 | Volume 28).’

It stated that, “So far this year, the Nigerian naira and the Angolan kwanza are among the worst performing currencies in the region: these currencies have posted a year-to-date depreciation of nearly 40 per cent.

“The weakening of the naira was triggered by the central bank’s decision to remove trading restrictions on the official market. For the kwanza, it was the decision of the central bank to stop defending the currency as a result of low oil prices and greater debt payments.”

Other currencies with significant losses so far in 2023, according to the World Bank, included South Sudan (33 per cent), Burundi (27 per cent), the Democratic Republic of Congo (18 per cent), Kenya (16 per cent), Zambia (12 per cent), Ghana (12 per cent), and Rwanda (11 per cent).

It noted that parallel exchange market rates are also compounding inflationary problems for some countries in the African region.

In June 2023, the Central Bank of Nigeria directed Deposit Money Banks to remove the rate cap on the naira at the official Investors and Exporters’ window of the foreign exchange market, and allow the free float of the naira against the dollar and other global currencies.

Since then, the naira had fallen from N473.83/$ to around N800/$ officially.

Highlighting the widening difference between the parallel and official exchange rates of the naira, the bank stated that this had been the case from March 2020 until June 2023.

It said the parallel rate premium increased to 80 per cent in November 2022, and then to about 60 per cent in June 2023, as the Central Bank’s interventions to restrict foreign exchange demand and keep the exchange rate artificially low were met with declining FX supply from oil revenues.

The unification and liberalisation of the exchange rates in June 2023 allowed the NAFEX rate to converge to the parallel one, closing the gap, it said.

It added, “However, resistance toward the increasing pressure on the Nigerian naira coupled with limited supply of FX at the official window has led to the reemergence of the parallel market premium.”

Nigeria’s growth rate would decelerate from 3.3 per cent in 2022 to 2.9 per cent in 2023, the Washington-based bank highlighted.It stated that the country’s oil production had remained below OPEC+ quota amid capacity issues and lower international oil prices and while non-oil economic activity, particularly industry and services still supported growth, policy actions to remove fuel subsidies and unify the exchange rates might be weighing on these activities in the short term.

The World Bank noted that activity in Nigeria’s manufacturing and services sector contracted in August.

“Weak business confidence and rising input costs are driving the contraction of activity,” it said. It stresses business confidence appears to have weakened in Nigeria.

Commenting on the recent reforms of the new administration of Bola Tinubu, the global bank disclosed that purchasing power of households was expected to suffer in the short term.

It said, “The incoming Tinubu administration implemented a series of reforms that included the removal of fuel subsidies and the devaluation and unification of the exchange rate system. Petroleum prices have more than tripled since the subsidies were lifted at the end of May.

“The naira has weakened by nearly 40 per cent against the US dollar since the mid-June devaluation. Although these measures are intended to improve the fiscal and external accounts of the nation, their inflationary effects in the near term can erode the purchasing power of households and weigh on economic activity.”