Global Markets Tumble Amid US Recession Worries

Market Rout Spreads Globally; Nigerian Stocks Dip

Wall Street faced deepening losses on Monday, while Tokyo experienced its most severe drop in 13 years, as global panic set in over potential U.S. recession fears. The Nigerian stock market also fell by 0.2%, reflecting the broader market turmoil.

The Nigerian Exchange Limited’s benchmark NGX All Share Index (ASI) decreased to 97,582.41 points from last week’s 97,745.73 points. Similarly, the NGX market capitalization fell by over N97 billion, ending at N55.404 trillion compared to N55.497 trillion previously.

Trading activity surged on the NGX, with volume and value increasing by 53.63% and 57.36%, respectively. Zenith Bank led the trading charts, with notable activity likely due to a significant cross transaction.

Sector Performances

The sectoral performance showed mixed results. The Consumer Goods Index rose by 0.89%, the Banking Index by 0.19%, and the Industrial Goods Index by 0.03%, driven by gains in stocks like Dangote Sugar and UBA. Conversely, the Insurance Index and Oil & Gas Index saw slight declines due to selling pressures in specific stocks.

Global Market Overview

In global markets, New York’s Nasdaq Composite Index fell over six percent initially but later recovered slightly to a 2.8% decline. The S&P 500 and Dow also experienced more than two percent drops. Major European indices ended the day down around 1.5-2.0 percent.

Tokyo’s Nikkei Index plummeted more than 12%, marking its worst day since the Fukushima crisis and its largest ever points loss.

Weak US Jobs Report Sparks Concern

The market turmoil was triggered by a disappointing U.S. jobs report released on Friday, showing a significant rise in unemployment and fewer jobs added than expected. This data followed a Federal Reserve decision to maintain high interest rates, leading to fears that the Fed might have acted too late to prevent a recession.

Some analysts are pointing to the “Sahm Rule,” which indicates the early stages of a recession based on recent unemployment data. However, Chicago Federal Reserve President Austan Goolsbee suggested that current conditions do not yet signal a recession and that the Fed is prepared to respond if needed.

Currency and Commodity Reactions

The dollar fell below 142 yen for the first time since January, influenced by both the unwinding of yen carry trades and geopolitical tensions. Brent crude oil prices dropped to their lowest in over six months, and Bitcoin slumped more than 10% to under $50,000.

Political and Economic Implications

Former President Donald Trump has used the market downturn to criticize Vice-President Kamala Harris and the Democrats, framing it as a choice between “Trump prosperity” and a potential “Kamala crash.” This may become a significant electoral issue if the economic situation continues to deteriorate.

Fed’s Potential Response

Economist Steven Blitz suggests that an emergency rate cut by the Federal Reserve is unlikely but that a larger cut in September could be possible if economic conditions worsen. The Fed’s decision to hold interest rates steady last week has led to speculation about whether it has acted too slowly to address the economic downturn.

As the situation evolves, further market movements and central bank decisions will likely continue to influence global financial stability.

Chaos Escalates: Kaduna and Zaria Hit Hard, N700 Billion Economic Losses in 5 Days Amid Protests

The ongoing nationwide protests against economic hardship have spiraled into severe unrest in Kaduna and Zaria, prompting the state government to impose a dusk-to-dawn curfew. The demonstrations, which began as peaceful calls for economic relief, have led to substantial economic damage and civil unrest across several states.

Economic Damage Soars: Initial reports from the Association of Small Business Owners of Nigeria (ASBON) and the Kano Chamber of Commerce and Industry (KACCIMA) estimate that the protests have resulted in over N700 billion in economic losses within the first five days. Lagos alone accounted for N600 billion in losses, while Kano suffered over N100 billion in damages.

Violent Turn in Kaduna: The protests in Kaduna have escalated into violence as criminal elements hijacked the demonstrations, leading to widespread looting and vandalism. Security forces have struggled to contain the chaos, and military intervention was required to restore some semblance of order.

Protesters Clash with Authorities: In response to the violence, the Kaduna State government has implemented a curfew. Despite this, clashes between protesters and security forces continue, with hoodlums overpowering police and vandalizing property. The situation in Zaria remains tense but under control after intervention by security personnel.

Russian Flag Controversy: The appearance of Russian flags among protesters has sparked allegations of foreign involvement, though the Russian Embassy has denied any connection. Protesters in Zamfara and other regions are reportedly using the flags to attract international attention to their cause.

Federal and State Responses: President Bola Tinubu’s recent address to the nation has been criticized for failing to meet the protesters’ demands, which include action on food inflation, hunger, and fuel subsidies. The government’s response has been deemed insufficient, and unrest continues in major cities like Lagos, Abuja, and Benin.

Security and Arrests: The Nigerian Police have arrested several individuals for distributing Russian flags and engaging in what they term “treasonable acts.” The police emphasize that the arrests are targeted at criminal elements rather than peaceful protesters.

Business Impact: The Abuja Chamber of Commerce and Industry reports significant financial losses due to the protests, with many businesses shut down and infrastructure damaged. Recovery from these setbacks is expected to be challenging.

Federal Offices Affected: Government offices in Abuja remain largely deserted as protests persist. The disruptions have had a notable impact on daily life and economic activities in the Federal Capital Territory.

As the situation continues to develop, the Nigerian government faces increasing pressure to address the underlying issues driving the protests and to restore stability across the affected regions.

IgboMustGo Threat: South-East Senate Caucus Intervenes

Serving senators under the South-East Caucus have condemned the ethnic profiling of the Igbo amid ongoing mass protests across Nigeria. This intervention follows threats of genocide against the Igbo in Lagos.

The caucus, represented by Senator Enyinnaya Abaribe and Igariwey Iduma Enwo (leaders of the South East Senate Caucus of the National Assembly and the South East Caucus of the House of Representatives, respectively), called for an immediate investigation and prosecution of those instigating such threats.

In a statement issued in Abuja, they emphasized that the Igbo, following the advice of their leaders—including governors, Ohanaeze Ndigbo Worldwide, parliamentarians, and private sector leaders—had strategically chosen not to participate in the ongoing protests. This decision is reflected in the relative calm in the five southeastern states.

“We are surprised and disappointed that the Igbo are still being targeted as instigators of protests, evidenced by statements like the #IgboMustGo hashtag and videos circulating online,” the statement read. “This dangerous ethnic profiling is unwarranted and must stop. It led to millions of deaths from the 1950s to the unfortunate civil war in 1967-1970 and genocides elsewhere in Africa.”

The caucus demanded that security agencies bring the purveyors of these hate speeches to justice under the cybercrimes act and criminal laws of Nigeria. They also urged the Igbo across the country to stay away from protests and remain law-abiding.

IBN Demands Decisive Action from Tinubu and Sanwo-Olu

The Igbo-Biafra Nationalists (IBN) have called on President Bola Tinubu to take decisive action against those promoting the #Igbomustgo threat in Lagos. Mazi Uche Mefor, IBN’s convener, expressed disappointment over the inadequate responses from President Tinubu and Governor Babajide Sanwo-Olu of Lagos State.

“The Igbo-Biafra Nationalists and the Indigenous People of Igbo Nation for Self-Determination express deep concern over the ethnic profiling and discrimination against the Igbo community, particularly in Lagos State,” Mefor said. “Mere public statements are insufficient. We demand comprehensive punitive measures against the perpetrators of these acts of ethnic bigotry.”

Mefor urged for the robust prosecution of those responsible for hate publications and ethnic profiling. He highlighted that anti-Igbo policies have encouraged hate speech, citing individuals like MC Oluomo. He also drew parallels to the 1966 pogrom against the Igbo in Nigeria, stressing the importance of preventing such atrocities in the 21st century.

IBN called on South-East political representatives, including governors, state house assembly members, and other stakeholders, to take decisive action. They also urged these representatives to raise these issues in the National Assembly and consider coordinated legal action against the Nigerian state.

Nigeria’s Favour Ofili Qualifies for 200m Finals at Paris 2024

Nigeria’s rising star Favour Ofili has moved one step closer to realizing her Olympic dream by qualifying for the final of the women’s 200m at Paris 2024. Ofili finished second in her heat with a season’s best time of 22.05 seconds, just behind Julien Alfred, who won the race with a time of 21.98 seconds.

The 21-year-old athlete, hailing from Delta State, missed competing in the women’s 100m due to registration issues by the Athletics Federation of Nigeria (AFN) and the Nigeria Olympic Committee (NOC). Despite this setback, Ofili expressed her determination to showcase her talent at the Games.

Ofili’s qualification marks a historic achievement as she becomes the first Nigerian woman to reach the 200m final in 28 years. The last Nigerian to achieve this feat was Mary Onyali, who won a bronze medal at the Atlanta 1996 Olympics—a year before Ofili was born.

In other Olympic news, Nigerian wrestler Blessing Oborududu lost her semi-final match against Meerim Zhumanazarova of Kyrgyzstan in the women’s freestyle 68kg category, with a score of 3-1. The 35-year-old had a tough start to the Games, initially conceding two points against Canada’s Linda Morais. However, she made a remarkable comeback, scoring six unanswered points to secure an 8-2 victory, propelling her to the semi-finals.

Oborududu continued her strong performance by defeating France’s Koumba Larroque 6-2 in a fiercely contested quarterfinal bout. Despite her semi-final loss, Oborududu will now compete in a repechage mini-tournament, aiming to secure one of the two bronze medals available.

PDP Challenges APC Candidate to Debate Ahead of Edo Governorship Election

The Peoples Democratic Party (PDP) governorship campaign council has called on the All Progressives Congress (APC) candidate, Senator Monday Okpebholo, to participate in a debate ahead of the September 21 governorship election in Edo State.

Rev. Olu Martins, the campaign council’s deputy director general, issued the challenge in Benin while speaking to journalists.

“We are challenging the APC candidate and others to a debate with our candidate, Asue Ighodalo. The Edo NUJ is organizing one, and we hope the APC candidate and others will attend,” he said.

Martins emphasized that PDP candidate Asue Ighodalo has shown the readiness and capacity to govern the state. He claimed that the APC lacks a substantial campaign platform and noted that only the PDP candidate has presented a manifesto among those contesting.

“They should analyze where Edo was during the administration of former Governor Adams Oshiomhole and the eight years under Governor Godwin Obaseki, who has transformed several sectors.

“Edo State will never go back. We will not relinquish power to those who lack the sagacity and capacity and have no manifestos,” Martins asserted.

President Tinubu Orders Crackdown on Those Flying Russian Flags

President Bola Tinubu has directed security agencies to crack down on individuals flying Russian flags within the country. This directive was announced by Gen. Christopher Musa, the Chief of Defence Staff, during a briefing with State House correspondents after the National Security Council meeting.

Gen. Musa reported that the service chiefs updated the President on the current security situation, which has been exacerbated by ongoing nationwide protests that have resulted in violence in several states.

“Initially, when the protest started, it was said to be peaceful, but we have realized that there are individuals taking advantage of it to cause mayhem. Criminals have taken over with looting and other illegal activities,” Musa stated.

The situation has become particularly concerning due to the presence of foreign flags during the protests. “Flying foreign flags within Nigeria’s sovereignty is totally unacceptable,” he added.

Musa conveyed a stern warning from President Tinubu: “We will not accept anybody flying any foreign flag in Nigeria. That is a treasonable offense and will be treated as such. Individuals should not allow themselves to be used by any parties.”

The General noted that children were primarily being used to fly these flags, pushed by certain sponsors. “We have identified those behind it and will take serious action against them,” he said.

President Tinubu’s instructions were clear: “We will not accept anyone disrupting the peace and tranquility of Nigeria. All security agencies are ready to defend democracy and the nation’s sovereignty.”

The President, in a national broadcast on Sunday, urged the protest organizers to suspend their actions as they had turned violent in some states, leading to loss of lives and property damage. He warned against opposition politicians attempting to disrupt democracy.

The National Security Council meeting was attended by all service chiefs, Vice President Kashim Shetima, National Security Adviser Nuhu Ribadu, and Inspector-General of Police Kayode Egbetokun, among others.

Hunger Protest: Military Cracks Down as Pro-Russia Rallies Spread

Operatives of the Nigeria Police Force have arrested over 30 #EndBadGovernance protesters for waving Russian flags in Kano, Kaduna, Katsina, and Bauchi states.

The Force spokesperson, Muyiwa Adejobi, reported that a total of 873 protesters have been detained, including a tailor named Ahmed Bello, who was found with a large number of flags in Kano.

This follows President Bola Tinubu’s directive for security agencies to crack down on those displaying Russian flags in the country.

Gen. Christopher Musa, the Chief of Defence Staff, announced this on Monday during a briefing with State House correspondents after the National Security Council meeting.

All the service chiefs, including Vice President Kashim Shetima, National Security Adviser Nuhu Ribadu, and Inspector-General of Police Kayode Egbetokun, attended the meeting.

Gen. Musa stated that the service chiefs briefed the President on the current security situation, emphasizing that the briefing was prompted by the ongoing nationwide protests, which have led to violence in some states.

Related News:

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  • ‘Christian leaders should engage media during protests’
  • #EndBadGovernanceInNigeria protests continue in Kano despite curfew

Travel Warnings Issued Amid UK Riots Following Violent Incident

BRITAIN-CRIME-POLICE-UNREST

Police officers face off with protesters during the ‘Enough is Enough’ demonstration called by far-right activists in Bristol on August 3, 2024. (Photo by JUSTIN TALLIS / AFP)

Gift Habib, Abiodun Nejo with Agency report

Countries including Nigeria, Indonesia, Malaysia, Australia, and Canada have advised their citizens against traveling to the United Kingdom following violent riots across the country.

According to Reuters, the unrest began after a knife attack at a children’s dance class in Southport, northwest England, last Monday, resulting in the deaths of three girls and injuries to 10 others.

The incident sparked widespread protests fueled by misinformation suggesting the attacker was an immigrant and radical Islamist. However, police confirmed that the suspect, born in Britain, is not being treated as a terrorist.

Foreign media reported over 420 arrests as social media-fueled riots spread across the UK. In one instance, a hotel housing asylum seekers in Rotherham, near Sheffield, was petrol-bombed, leading to clashes with police and injuries to 10 riot officers.

Prime Minister Keir Starmer vowed to do “whatever it takes to bring these thugs to justice” as he addressed the nation on Sunday.

In response to the violence, Nigeria’s Ministry of Foreign Affairs, through its spokesperson Ambassador Eche Abu-Ode, advised citizens to avoid political processions, rallies, and crowded areas, urging them to stay vigilant.

“There is an increased risk of violence and disorder occasioned by the recent riots in the UK, stemming from the killing of three young girls at a concert.

“The violence has assumed dangerous proportions as evidenced by reported attacks on law enforcement agents and damage to infrastructure.

“To this end, citizens are advised to be extra vigilant and take measures as follows: Avoid political processions and protests, rallies, or marches. Avoid crowded areas and large gatherings. Be vigilant and self-aware at all times.”

The Federal Government also encouraged citizens to contact the Nigerian High Commission in the UK for relevant information via email (hc@nigeriahc.org.uk) or phone (+442078391244).

Similarly, the National Association of Nigerian Students in Diaspora advised Nigerian students in the UK to exercise caution and avoid violence-prone areas.

NANS-Diaspora President, Chris Fayomi, and Public Relations Officer, Olajesu Osalade, expressed deep concern over the recent unrest and violence in various parts of England and Northern Ireland.

“The recent wave of violence, which has impacted areas including Hull, Liverpool, Manchester, Middlesbrough, Sunderland, Rotherham, Bristol, Belfast, and Stoke-on-Trent, poses significant risks to the Nigerian student community.

“We urge all Nigerian students in these regions to exercise caution, stay informed through reliable sources and avoid areas where unrest is occurring.

“We encourage students to reach out to their local NANS-Diaspora representatives for any support or information they may need. We call for peace and understanding, emphasizing that violence and misinformation only serve to divide communities and create further harm.”

The NANS-Diaspora “unequivocally” condemned the rioting that has erupted since 30 July 2024, following the tragic events in Southport on 29 July.

“Our hearts go out to all those affected by these incidents. We extend our deepest condolences to the families and friends of those who lost their lives or were injured in the tragic mass stabbing in Southport on 29 July. This senseless act of violence has left a profound impact on the community, and our thoughts and prayers are with all those grieving during this difficult time,” the student body said.

Similarly, Malaysia issued a travel warning on Sunday night, followed by Indonesia urging its citizens in the UK to stay away from protest areas and remain vigilant.

By Monday, Canada and Australia had followed suit, expressing concerns over the safety and welfare of their nationals.

The Malaysian Ministry of Foreign Affairs issued an urgent notice, advising citizens to register with the ministry for timely information and assistance.

The ministry said in its notice, “Malaysians residing in or traveling to the United Kingdom are urged to stay away from protest areas, remain vigilant and follow the latest updates and guidance provided by local authorities.”

The Indonesian Embassy in London issued an appeal on Sunday, urging its citizens in the UK to exercise increased vigilance, particularly when traveling or engaging in outdoor activities. They advised, “avoid large crowds and places that have the potential to become gathering places for masses or groups of demonstrators.”

Canada raised the risk level of travel to the UK due to the “threat of terrorism.”

Australia advised its citizens to “exercise a high degree of caution” when visiting Britain, adding, “Avoid areas where protests are occurring due to the potential for disruption and violence.”

Elderly Woman Appeals for Intervention in Land Dispute with Influential Nigerians

IBADAN – An 80-year-old retired civil servant, Mrs. Tinuke Okesanu, has sought the assistance of President Bola Tinubu and Oyo State Governor, Engr. Seyi Makinde, in resolving a land dispute involving her and several prominent Nigerians.

Accompanied by her lawyer and sons, Mrs. Okesanu guided journalists to the contested land located along the Lagos-Ibadan Expressway, Odo-Ona Kekere, near Sat Guru Maharaj Village. She accused allies of the Inspector General of Police, IGP Kayode Egbetokun, of being complicit in the matter.

Mrs. Okesanu claimed that the Inspector-General of Police, via a department in the Oyo State Police Command, is colluding with land grabbers to seize her property.

Presenting various documents, including the deed of conveyance from 2017, Mrs. Okesanu demonstrated her ownership of the land to the journalists.

Despite her legal efforts, Mrs. Okesanu alleged that the Surveyor General’s office and the police have obstructed her attempts to resolve the issue.

Speaking to journalists, Mrs. Okesanu stated, “I have reported this case to the Oyo State Police Command and the office of the Surveyor General, always presenting my valid documents. Recently, the Surveyor General told me my documents are not genuine, claiming my deed of conveyance has expired. I suspect he is compromising the case. I urge Governor Seyi Makinde and President Bola Tinubu to investigate this matter.”

Mrs. Okesanu continued, “I bought this land with my hard-earned money. I can’t allow them to take it from me. They have turned my land into an illegal police post. The same people who approached me to sell the land are now using their power against me. But I believe God will not allow them to take my property.”

Mrs. Okesanu called on President Tinubu and Governor Makinde to investigate the issue and safeguard her rights.

CSO Berates Governor Lawal’s Role In Plots To Destabilise Tinubu’s Administration

A rights group, Coalition of Northern Youths for Peace and Stability (CNYPS) has strongly condemned the role of Zamfara State Governor, Dauda Lawal, in the recent #EndBadGovernanceInNigeria protests, accusing him of using the demonstrations as a smokescreen to hide his administration’s ineptitude, massive corruption, and cluelessness.

At a press conference, the group’s spokesman, Muhammad Garba Yahaya, alleged that Governor Lawal had orchestrated the deployment of thugs and miscreants to infiltrate and hijack the peaceful protests, resulting in violent acts, destruction of properties, and looting.

This, they said, was a blatant disregard for peaceful demonstrations and a propensity to resort to clandestine tactics to further his own self-serving agenda.

The group criticized Governor Lawal’s administration for its pervasive corruption, cluelessness, and failure to address the state’s pressing security challenges.

They described his leadership as a “duplicitous political machination” that has brought Zamfara State to its knees.

“It is imperative that Governor Lawal redirects his focus towards addressing the pressing security challenges and rampant corruption within Zamfara State, rather than employing diversionary tactics to deflect attention from his administration’s glaring failings,” the statement said.

“Unfortunately, he has chosen to exacerbate the situation, fanning the embers of conflict and prioritizing his political interests over the well-being of his citizens.

“In light of this, it would have been prudent for Governor Lawal to join forces with all stakeholders to calm the situation and welcome President Tinubu’s negotiation table, while concentrating on revitalizing the dilapidated state of Zamfara.

“However, his current trajectory is cementing his international reputation for large-scale corruption and governing a state plagued by the highest level of insecurity in the country. This should be his paramount concern, as his reputation teeters on the brink of collapse.

“It is pertinent to acknowledge that the current economic predicament was not solely created by the administration of President Bola Ahmed Tinubu, as implied by many, but rather is a culmination of years and decades of flawed administrative decisions, misguided government policies, and inadequate planning by previous administrations.

“It would be beneficial for all stakeholders if every governor were to collaborate with the president in achieving the Nigeria of our collective aspirations.”

The group commended President Bola Ahmed Tinubu’s efforts in addressing the country’s socioeconomic challenges and urged Governor Lawal to follow suit by focusing on revitalizing the dilapidated state of Zamfara.

They also called on security agencies to apprehend those responsible for orchestrating violence and disruption.

The group advised Governor Lawal to desist from fanning the flames of discord and instead focus on combating corruption and addressing the pressing issue of insecurity within the state.

They also urged him to take immediate action to restore peace in the state and address the underlying causes of the current unrest.

“Governor Dauda Lawal is urged to take immediate action to rein in the alleged PDP miscreants and restore peace in the state,” Yahaya said.

“He must cease from exacerbating the tensions and instead focus on combating corruption and addressing the pressing issue of insecurity that has plagued Zamfara State. His actions thus far have severely tarnished the reputation of democratic governance in the state, and it has become evident that he is more of a political actor than a leader.

“Zamfara State requires a leader who can provide visionary guidance, not a political actor who prioritizes personal interests over the welfare of the citizens.

“Governor Lawal’s inability to address the surge in insecurity has convinced the people of Zamfara that he lacks the understanding and capacity to fulfill the responsibilities of his office.

“Therefore, he should consider stepping down and relinquishing power to a capable individual who prioritizes service to the people, values human life, and is committed to transparency and accountability.”