Economy
Nigeria—No be Juju be this?
By Prince Charles Dickson PhD
This is not just primitive rural superstition; [juju] is practised by all kinds of people, from illiterate herd boys to multi-degreed university professors. If you don’t understand the power of this belief, you will never truly grasp the rich albeit often incomprehensible spirituality of Africa. Lawrence Anthony, The Elephant Whisperer.
Nobody respects the law of Nigeria. Judges don’t. Police don’t. Lawyers don’t. Politicians don’t. Citizens don’t. Why? Because there are no consequences. Those who fear the laws are the downtrodden who have no godfathers. That is why stealing a goat is more dangerous than stealing billions. Nigeria is a country of absurdities. J. S. Okutepa. (SAN)
No be juju be this…
So, wetin be or what is juju?
juju; plural noun: jujus.
A charm or fetish, especially of a type used by some West African peoples. Supernatural power attributed to a charm or fetish. “Juju and witchcraft”.
Juju, an object that has been deliberately infused with magical power or the magical power itself; it also can refer to the belief system involving the use of juju. Juju is practised in West African countries such as Nigeria, Benin, Togo, and Ghana, although its assumptions are shared by most African people.
Juju comes from the traditional African religion popularly known as voodoo. Juju refers specifically to objects used in conjunction with spells or curses, and like any practice or belief, it can be manipulated to create power over people.
Witches and juju things are absolutely fascinating—they can fly on broomsticks, do magic spells with their wands and stir up incredible potions in their cauldrons. They can ask for and do the unimaginable. In Nigeria, it is just about the unthinkable things they can and cannot do or are held liable for doing or not allowing to happen.
The Harry Potter books for example have made witches (and wizards) really cool recently – who wouldn’t want to be as smart as Hermione Granger, as brave as Ginny Weasley or play Quidditch as well as Cho Chang? However, in Nigeria, it is about child rights abuse and killings.
This admonition is not about juju or witchcraft but it is about juju and the witchcraft ‘worrying’ Nigeria. Kindly follow me for the next few paragraphs and then we can share thoughts.
Almost eight years and the government could not get one refinery working at full capacity, providing employment and serving Nigerians in a land blessed with the resources. A nation of all typologies of expertise in the oil sector and still cannot simply have an agreement on whether there is subsidy or not and what to do with it—no be juju be that!
Police follow PHCN abi DisCo officials to disconnect electricity from another police station. Meanwhile, DisCo is indebted to the Water Board and the Water Board is indebted to local contractors that supply purifying chemicals and the contractors cannot pay local tax because they are indebted to the local electrician who repairs household electronics destroyed as a result of terrible electricity current supplied to homes. We have changed names, balkanized the utility company, privatized it, funded it yet the energy problem persists, it is one hellish vicious cycle—No be juju be that!
How many times have you seen policemen wear protective gloves, or collect forensic evidence? Do we have a data bank? A country of different data capture for NIN, another for driver’s licence, another for BVN, even another set of data for ‘unavailable’ Nigerian passports (printed in another country). Yet, there’s ‘no-go-to’ data bank, wait…have you seen a desktop in a local police station, not-to-talk of a laptop, apart from the ‘big boys’—No be juju be that!
We close factories to build places of worship and then pray for jobs, every national celebration has an interdenominational service and Juma’at prayers as accompaniment, yet we are a religiously wicked people. Every Christian with his personal juju-man, and every Muslim her own ‘boka-man’. We do interfaith prayers at official events, meetings and steal afterwards, and then do thanksgiving; saying ‘na God ooo’—No be juju be that!
A government official builds a hospital and calls it world-class, and yet he goes to another country for healthcare. They commission schools they describe as world-class and yet they are kids, are schooling in puppet colleges in other climes. They live in villages and build castles in the US, and beg these dudes for aid and loans—no be juju be that!
We are venting on power relations across balance of the geographical spread called Nigeria. In other words, we want power to go the South, the North has had its share, we are talking Muslim-Muslim ticket, and can’t say Christian-Christian ticket. No one is talking about the Ogboni-Krishna ticket.
Sadly, we are stuck with if the President is from here the Vice must be from there in the only nation with the aberrations such as South-South, North East, North West, South East and too many juju-like political expediency laced necessities such as federal character, catchment area, indigene and non-indigene, educationally disadvantaged; still no way, In fact, historically, we have no history so we cannot agree on who is at fault or what the solution is—No be juju be that!
Who remembers in 2015, the Witches and Wizards Association of Nigeria (WITZAN) announced that it had endorsed Goodluck Jonathan as its candidate for the 2015 presidential election.
“We just held a meeting of witches in Kogi State where it was revealed to me that Jonathan would win the presidential election. He has the support of all witches to continue in office,” said a certain Dr Iboi, the President of the association.
Well, we can see that WITZAN’s pick ended up not winning the race. The following year, WITZAN made a cry for help, as the association released a statement for Nigerians to stop persecuting them, we are waiting for them towards 2023—no be juju be that!
Last week in the news, brother and mother colluded to murder a sibling. Another son attempted to kill his mother. Young lads ate their ‘poo’ in public and in the same week, three lads, the oldest being 20, beheaded the girlfriend of one of them, all for money ritual. A trend that has seen a scary rise in the last two years, and being the pretentious people that we are, acting like it’s new, only a few years back it was ‘panties stealing’ and till date, nobody has been arrested, prosecuted, convicted, and jailed—no be juju be that!
Our Federal Road Safety Corps Officers only work during the day and close by 5:00 pm and the roads can be left unsafe at night. Nigerians cannot be ‘de-jujulized’ by praying, by big grammar, by protests, the juju has to be engaged, the gatekeepers of power and resources in Nigeria are not up to 5000 but their juju is strong and is holding the nation down.
It is a sad reality that 2023 really does not offer much if we refuse to address the witchcraft that has beset the motherland if we refuse to see that all is not well and keep behaving like a bewitched people, a big storm is not far away, and if we don’t act, the disaster that looms—Only time will tell.
Economy
NGX Seeks Suspension of New Capital Gains Tax
By Adedapo Adesanya
The Nigerian Exchange (NGX) Limited is seeking review of the controversial Capital Gains Tax increase, fearing it will chase away foreign investors from the country’s capital market.
Nigeria’s new tax regime, which takes effect from January 1, 2026, represents one of the most significant changes to Nigeria’s tax system in recent years.
Under the new rules, the flat 10 per cent Capital Gains Tax rate has been replaced by progressive income tax rates ranging from zero to 30 per cent, depending on an investor’s overall income or profit level while large corporate investors will see the top rate reduced to 25 per cent as part of a wider corporate tax reform.
The chief executive of NGX, Mr Jude Chiemeka, said in a Bloomberg interview in Kigali, Rwanda that there should be a “removal of the capital gains tax completely, or perhaps deferring it for five years.”
According to him, Nigeria, having a higher Capital Gains Tax, will make investors redirect asset allocation to frontier markets and “countries that have less tax.”
“From a capital flow perspective, we should be concerned because all these international portfolio managers that invest across frontier markets will certainly go to where the cost of investing is not so burdensome,” the CEO said, as per Bloomberg. “That is really the angle one will look at it from.”
Meanwhile, the policy has been defended by the chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Mr Taiwo Oyedele, who noted that the new tax will make investing in the capital market more attractive by reducing risks, promoting fairness, and simplifying compliance.
He noted that the framework allows investors to deduct legitimate costs such as brokerage fees, regulatory charges, realised capital losses, margin interest, and foreign exchange losses directly tied to investments, thereby ensuring that they are not taxed when operating at a loss.
Mr Oyedele also said the reforms introduced a more inclusive approach to taxation by exempting several categories of investors and transactions.
Economy
Food Concepts Return NASD OTC Exchange to Danger Zone
By Adedapo Adesanya
Food Concepts Plc neutralized the gains recorded by three securities, returning the NASD Over-the-Counter (OTC) Securities Exchange into the negative territory with a 0.27 per cent loss on Thursday, December 4.
Yesterday, the share price of the parent company of Chicken Republic and PieXpress declined by 34 Kobo to sell at N3.15 per unit compared with the previous day’s N3.49 per unit.
This shrank the market capitalisation of the OTC bourse by N5.72 billion to N2.136 billion from N2.142 trillion and weakened the NASD Unlisted Security Index (NSI) by 9.57 points to 3,571.53 points from 3,581.10 points.
Business Post reports that Central Securities Clearing System (CSCS) Plc went down by 50 Kobo to N38.50 per share from N38.00 per share, FrieslandCampina Wamco Nigeria Plc gained 29 Kobo to sell at N55.79 per unit versus N55.50 per unit, and Geo-Fluids Plc added 5 Kobo to close at N4.60 per share compared with Wednesday’s closing price of N4.55 per share.
Trading data indicated that the volume of securities recorded at the session surged by 6,885.3 per cent to 4.3 million units from the 61,570 units posted a day earlier, the value of securities increased by 10,301.7 per cent to N947.2 million from N3.3 million, and the number of deals went up by 146.7 per cent to 37 deals from the 15 deals achieved in the previous trading session.
At the close of business, Infrastructure Credit Guarantee Company (InfraCredit) Plc was the most traded stock by value on a year-to-date basis with the sale of 5.8 billion units for N16.4 billion, trailed by Okitipupa Plc with 170.4 million units worth N8.0 billion, and Air Liquide Plc with 507.5 million units valued at N4.2 billion.
InfraCredit Plc also finished the session as the most traded stock by volume on a year-to-date basis with 5.8 billion units transacted for N16.4 billion, followed by Industrial and General Insurance (IGI) Plc with 1.2 billion units sold for N420.2 million, and Impresit Bakolori Plc with 536.9 million units traded for N524.9 million.
Economy
Investors Gain N97bn from Local Equity Market
By Dipo Olowookere
The upward trend witnessed at the Nigerian Exchange (NGX) Limited in recent sessions continued on Thursday as it further improved by 0.10 per cent.
This was despite investor sentiment turning bearish after the local equity market ended with 23 price gainers and 28 price gainers, indicating a negative market breadth index.
UAC Nigeria gained 10.00 per cent to finish at N88.00, Morison Industries appreciated by 9.94 per cent to N3.54, Ecobank rose by 8.53 per cent to N36.90, and Coronation Insurance grew by 8.47 per cent to N2.56.
On the flip side, Ellah Lakes depreciated by 10.00 per cent to N13.14, Eunisell Nigeria also shed 10.00 per cent to finish at N72.90, Transcorp Hotels slipped by 9.95 per cent to N157.50, Omatek shrank by 9.23 per cent to N1.18, and Guinea Insurance dipped by 8.46 per cent to N1.19.
Yesterday, the All-Share Index (ASI) went up by 152.28 points to 145,476.15 points from 145,323.87 points and the market capitalisation chalked up N97 billion to finish at N92.726 trillion compared with the previous day’s N92.629 trillion.
Customs Street was bubbling with activities on Thursday, though the trading volume and value slightly went down, according to data.
A total of 1.9 billion stocks worth N19.2 billion exchanged hands in 23,369 deals during the session versus the N2.3 billion valued at N21.0 billion traded in 21,513 deals a day earlier.
This showed that the number of deals increased by 8.63 per cent, the volume of transactions depleted by 17.39 per cent, and the value of trades decreased by 8.57 per cent.
For another trading day, eTranzact led the activity chart with 1.6 billion units sold for N6.4 billion, Fidelity Bank traded 31.0 million units worth N589.3 million, GTCO exchanged 28.3 million units valued at N2.5 billion, Zenith Bank transacted 27.1 million units for N1.6 billion, and Ecobank traded 21.9 million units worth N744.3 million.
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