Defence Chief Warns Protesters Over Foreign Flags and Escalation

ABUJA — Amid ongoing protests across the country, General Christopher Musa, Chief of Defence Staff (CDS), has warned that demonstrators have crossed a critical line. In a press briefing following a security meeting with President Bola Tinubu, General Musa condemned the display of foreign flags during the #EndBadGovernance protests.

The protest, now in its fifth day, has seen the appearance of Russian flags in cities like Kano, Plateau, Kaduna, and Zamfara. This development has alarmed authorities and led to a call for urgent measures to restore order.

General Musa criticized the protesters for allowing their cause to be exploited by criminal elements. He stated, “The actions of the protesters, including the display of foreign flags and the involvement in looting, justify the government’s stance against the demonstrations.” He emphasized that any involvement with foreign symbols in Nigeria is considered a serious offense, highlighting the administration’s resolve to maintain national sovereignty.

The CDS stressed that the military and other security agencies are fully committed to defending democracy and preventing any attempts at regime change. The recent incidents, which have included looting and destruction of property, have prompted the government to take decisive action.

In response to the escalating situation, the Kaduna State Government has imposed a 24-hour curfew on Kaduna and Zaria to curb the unrest. This measure follows reports of violence and property damage linked to the protests. The state government urges citizens to stay indoors while security forces work to restore order.

Additionally, the Department of State Services (DSS) has confirmed the arrest of individuals allegedly involved in producing and distributing Russian flags for the protests. The DSS is continuing its investigation and has reassured the public that those responsible will face legal consequences.

The Russian Embassy in Nigeria has disassociated itself from the protests, clarifying that it does not support or coordinate the use of Russian flags in the demonstrations. The embassy stressed that Russia respects Nigerian democracy and does not interfere in Nigeria’s internal affairs.

As protests continue, the situation remains volatile, with authorities urging all parties to avoid actions that could further escalate tensions.

NELFUND Allocates ₦20,000 Monthly Support to Over 20,000 Students

The Nigerian Education Loan Fund (NELFUND) has distributed a monthly stipend of ₦20,000 to 20,371 students from various Nigerian universities for July. This initiative aligns with President Bola Tinubu’s pledge to enhance educational support across the country.

NELFUND’s Managing Director, Mr. Akintunde Sawyerr, highlighted that this disbursement is part of the federal government’s effort to ensure financial stability for students throughout their academic careers.

Mr. Ibom Uche, Director of Finance and Accounts at NELFUND, confirmed that the stipend also covers the school fees for the beneficiaries. The students receiving the July stipend are enrolled at Bayero University Kano, Federal University Dutsin-Ma, University of Ilorin, University of Benin, University of Ibadan, and University of Maiduguri.

NELFUND is preparing to extend this support to students from approximately 55 additional tertiary institutions, with the process expected to be completed within the next two weeks. The organization remains committed to timely and efficient disbursement of stipends to support the educational goals of Nigerian students.

NELFUND appreciates the patience and cooperation of students and institutions as it continues to deliver on its commitment to providing essential financial assistance.

Kamala Harris to Announce VP Pick and Embark on Key Swing State Tour

US Vice President and 2024 Democratic presidential candidate Kamala Harris is expected to reveal her vice-presidential running mate today. The announcement will be followed by a five-day tour of crucial battleground states, with the presidential election just three months away.

Harris, who recently took over the top spot on the Democratic ticket from Joe Biden, has energized her campaign, surpassing fundraising records and closing the gap with Republican rival Donald Trump. Pennsylvania Governor Josh Shapiro is widely speculated to be her choice, alongside Minnesota Governor Tim Walz. Reports suggest that Harris will make the announcement via a video.

The campaign’s swing state tour will start with a rally at Temple University in Philadelphia, followed by visits to Wisconsin, Michigan, Arizona, and Nevada. Planned stops in North Carolina and Georgia have been postponed due to a tropical storm, with the campaign yet to provide details on rescheduling.

Shapiro’s potential selection could bolster Harris’s appeal in Pennsylvania, a key state in the upcoming election. His selection would also make history as the first Jewish vice president, although his stance on Israel has drawn some criticism from the left. Meanwhile, Walz is seen as a strong communicator with a rural Midwestern perspective, though he is viewed as part of the party’s liberal wing.

Other candidates considered include Arizona Senator Mark Kelly, Kentucky Governor Andy Beshear, and Illinois Governor J.B. Pritzker. Harris began her search for a running mate after Joe Biden’s withdrawal from the race on July 21, as Trump gained momentum following a Republican National Convention boost.

Recent polls show Harris gaining ground, with a Morning Consult survey placing her ahead of Trump nationally. However, a CBS News poll highlights challenges, particularly among Black voters, suggesting that the race remains tight. David Axelrod, former strategist for Barack Obama, warns that the battle ahead will be fiercely contested.

Obasanjo: Fuel Importers Likely to Sabotage Dangote Refinery

Former President Olusegun Obasanjo has warned that those benefiting from fuel importation in Nigeria will likely attempt to sabotage the Dangote Petroleum Refinery. He praised the refinery as a positive development for both Nigerians and international investors but acknowledged that its success could threaten established interests in the fuel import business.

Obasanjo’s comments come in response to allegations by Dangote Group President Aliko Dangote, who has claimed that certain ‘mafias’ are trying to obstruct the $20 billion refinery project. Reports indicate that the refinery, along with other domestic refineries, has yet to purchase crude oil in naira, as per President Bola Tinubu’s directive to the Nigerian National Petroleum Company Limited.

In an interview with Financial Times, Obasanjo explained that those involved in oil importation may resist the shift towards domestic refining due to fears of losing their lucrative business. He also criticized Nigeria for relying heavily on oil, neglecting gas and agriculture, which he believes should have been central to the country’s economic strategy.

Obasanjo recalled his efforts to invite Shell to manage Nigeria’s refineries during his presidency, but the company declined due to concerns over corruption and poor maintenance.

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.