Economy
HRW Accuses Borno Government of Harming Displaced Persons
By Adedapo Adesanya
The decision of the Borno State to shut down its camps for people displaced by the Boko Haram conflict has pushed over 200,000 people into deeper suffering and destitution, says Human Rights Watch (HRW).
In a new report, HRW said Borno State is harming hundreds of thousands of displaced persons already living in precarious conditions to advance a dubious agenda to wean people off humanitarian aid.
In the same breath, the group called on the state to stop closing camps until the authorities have had genuine consultations with the camp residents and other key actors and made adequate plans for them to resume their lives and livelihoods.
The 59-page report, Those Who Returned Are Suffering’: Impact of Camp Shutdowns on People Displaced by the Boko Haram Conflict in Nigeria, documents the effect of the shutdowns, which have disrupted food support for internally displaced people and compelled them to leave the camps.
The report noted that the government had not provided those removed with adequate alternatives, violating their rights to housing, food, and livelihoods.
It added that Nigerian authorities should recognize that the hasty closure of camps is sabotaging efforts to improve the lives of displaced people.
”The authorities have failed to provide adequate information or sustainable alternatives to ensure their safety and well-being. As a result, displaced people are struggling to meet their most basic needs, including food and shelter in the places which they have returned to or where they have resettled,” the report noted.
Speaking on this, Anietie Ewang, Nigeria researcher at Human Rights Watch and author of the report, said, “The Borno State government is harming hundreds of thousands of displaced people already living in precarious conditions to advance a dubious government development agenda to wean people off humanitarian aid.
“By forcing people from camps without creating viable alternatives for support, the government is worsening their suffering and deepening their vulnerability.”
The report showed that from May 2021 to August 2022, Borno State authorities compelled over 140,000 people to evacuate eight camps in the state capital, Maiduguri. Two other camps are also set to be closed this year, Muna Badawi and 400 Housing Estate (Gubio) Camp, housing a combined total of nearly 74,000 people.
Between April and September 2022, Human Rights Watch interviewed 22 internally displaced people, including 8 in either Dalori I or Gubio camps, as well as 14 who had left the Bakassi camp, which was shut down in November 2021. Those who left Bakassi camp sought shelter in Maiduguri or in Bama, their home community. Human Rights Watch also interviewed camp management officials, representatives of international humanitarian agencies, and United Nations officials coordinating assistance in Borno State.
Food support to the camps stopped soon after Borno State Governor Babagana Umaru Zulum announced in October 2021 that all camps in Maiduguri would be shut down by December 2021.
Although several remained open beyond that date, organizations, including the UN World Food Program, could not provide support because the slated shutdowns and funding gaps made it impossible to scale up their 2022 plans.
HRW noted that even though the Borno State Emergency Management Authority has provided some ad hoc food distribution, deliveries have been sporadic and insufficient to meet needs. It put forward that, based on its interviews, many people said they had been forced to skip meals or go for days without something substantial or nutritious to eat.
By Adedapo Adesanya
Market bellwethers, Central Securities Clearing System (CSCS) Plc and FrieslandCampina Wamco Nigeria Plc, lifted the NASD Over-the-Counter (OTC) Securities Exchange by 2.08 per cent on Monday, August 3.
CSCS Plc, the Nigerian securities depository company, gained N10.00 to close at N112.00 per share compared with the previous session’s N102.00 per share, and FrieslandCampina Wamco Nigeria Plc advanced by N4.71 to quote at N152.64 per unit versus last Friday’s N147.93 per unit.
As a result, the NASD Security Index (NSI) added 92.14 points to finish at 4,523.85 points compared with the preceding session’s 4,431.71 points, and the market capitalisation appreciated by N55.31 billion to N2.715 trillion from N2.659 trillion.
Business Post reports that the price of MRS Oil Plc crashed during the trading day by N12.00 to N120.00 per share from N132.00 per share, and UBN Property Plc dipped by 3 Kobo to N1.90 per unit from N1.93 per unit.
Trading data showed that the volume of securities exchanged rose by 113.1 per cent to 1.5 million units from 690,990 units, and the number of deals climbed by 19.2 per cent to 31 deals from 26 deals, while the value of securities slid by 13.1 per cent to N65.2 million from N75.0 million.
Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units sold for N6.5 billion, and CSCS Plc with 76.8 million units traded for N5.5 billion.
GNI Plc also closed the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units worth N8.4 billion, followed by Infracredit Plc with 2.3 billion units exchanged for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
By Adedapo Adesanya
The Nigeria Revenue Service (NRS) has introduced a 1.5 per cent stamp duty on eligible virtual asset transactions, with the tax deducted directly from the cryptocurrency purchased before it is credited to the buyer’s wallet.
According to the new guidelines issued on Monday, anyone buying Bitcoin (BTC), USDT or other cryptocurrencies in Nigeria will receive fewer digital assets due to the deduction.
This requires registered crypto exchanges and other Virtual Asset Service Providers (VASPs) to withhold the levy in the digital asset being traded and remit it to the government, marking Nigeria’s most comprehensive move yet to bring cryptocurrency transactions into the country’s tax net.
Unlike traditional taxes deducted from a customer’s bank account, the 1.5 per cent charge will be taken from the cryptocurrency itself, meaning buyers will receive less Bitcoin, USDT or other tokens than they paid for.
The tax body stated that “income tax deducted at source and stamp duty shall be remitted to the service in the originating token of the transaction.”
Besides the new stamp duty, the guidelines also clarify how income tax, Value Added Tax (VAT) and other tax obligations will apply to virtual asset activities such as trading, staking, mining and other crypto-related transactions.
To illustrate the new rule, the tax authority said a buyer who pays N1 million for one Bitcoin will receive only 0.985 BTC after 0.015 BTC is deducted as stamp duty and remitted to the government. When that Bitcoin is later sold, the next buyer will also have 1.5 per cent deducted from the cryptocurrency credited to their wallet.
The NRS said the guidelines are intended to provide clarity for taxpayers, crypto exchanges, peer-to-peer (P2P) marketplace operators, financial institutions, tax consultants and all participants in Nigeria’s virtual asset ecosystem.
According to the guidelines, the 1.5 per cent duty applies to eligible virtual asset transactions facilitated through registered exchanges and other recognised intermediaries. Where a cryptocurrency is used to complete a transaction that already attracts stamp duty under the law, the applicable duty on the underlying instrument will also be payable.
For crypto users, the implication is higher transaction costs, as eligible purchases will attract the 1.5 per cent stamp duty, while VAT on exchange service fees and income tax on taxable gains may also apply, depending on the nature of the transaction.
By Adedapo Adesanya
The Naira opened the week on a positive note, as it appreciated against the US Dollar by N3.39 or 0.25 per cent in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Monday, August 3, to N1,364.83/$1 from N1,368.22/$1 last Friday.
However, it suffered a marginal decline against the Pound Sterling in the official market during the session by 10 Kobo to close at N1,837.89/£1 compared with the preceding session’s N1,837.79/£1, and lost 6 Kobo on the Euro to sell at N1,573.93/€1, in contrast to the previous trading day’s N1,573.87/€1.
At the black market segment, the Nigerian currency traded flat against the Dollar yesterday at N1,405/$1, and at the GTBank forex counter, it was unchanged at N1,374/$1.
Interbank FX transactions increased sharply as market makers’ activities raised total Dollar volume exchanged to $137.048 million, more than 132 per cent above $58.990 million in turnover at the previous close. The surge in turnover was driven by increased deals at the NFEM window. The central bank reported that deal count at the interbank FX window rose to 138 from 67 on Friday.
As for the cryptocurrency market, major tokens advanced despite ongoing uncertainty around unresolved Coldcard wallet sweeps that have drained hundreds of Bitcoin (BTC), while traders are watching whether bitcoin can hold above $63,000 through the US session. BTC rose by 1.70 per cent to $63,765.88.
Bitcoin treasury firm Strategy disclosed Monday it sold 1,638 bitcoin for about $105 million between July 27 and Aug. 2, its third sale of 2026, per an SEC filing.
Also, an attacker has moved about 1,816 bitcoins, or roughly $114 million, from more than 5,200 addresses since July 30 in a fourth wave of sweeps targeting BTC in Coldcard-generated addresses.
Cardano (ADA) appreciated by 6.7 per cent to $0.1959, Binance Coin (BNB) gained 1.5 per cent to sell for $590.82, Solana (SOL) jumped by 1.3 per cent to $73.72, TRON (TRX) soared by 0.9 per cent to $0.3286, Dogecoin (DOGE) also grew by 0.9 per cent to $0.0703, Ripple (XRP) advanced by 0.5 per cent to $1.07, and Ethereum (ETH) rose by 0.4 per cent to $1,863.33, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 apiece.
