A Day With The Gày Community

Image

By Reuben Abati

I was invited to deliver the keynote address at this year’s special event on ‘Human Rights, Sèxuality and the Law’, an annual symposium organized to promote awareness on issues relating to the plight of the Lèsbian, Gày, Bisèxual, Trànsgender, Queer and/or Intersèx (LGBTQI) Community in Nigeria. When this was announced on social media by the organizers, The Initiative For Equal Rights (TIERS) and @YNaija, hell practically broke loose within the LGBTQI community.

I was dismissed as a wrong choice, and the organizers were accused of being insensitive to the feelings of the community. A broad-based protest was launched on twitter and there were essays on the subject on NoStringsNG.com (the online media advocacy platform for LGBTQI issues in Nigeria), with the most scathing objection written by Bisi Alimi, the Nigerian-born, London-based gày rights activist. Bisi Alimi described me as a “homōphobe.” He said the invitation extended to me was an abuse of TIERS, and he was offended that a group he had helped to co-found would offer its platform to an “oppressor.”

Following a pre-event twitter chat with me on the subject, co-ordinated by @YNaija, the attacks got even more aggressive. Someone wrote that having Reuben Abati as Keynote Speaker was like inviting the “KKK to an NACCP event.” An article written by Kritzmoritz and published by KitoDiaries.com (another Nigerian LGBTQI blog) was titled “Of TIERS, Reuben Abati and all that angst.”

The anonymous author reflected the sentiments of the gày community in the following words: “Let me get this out of the way from the onset so we are clear. I don’t like Mr Reuben Abati. Over the past five years, I have come to view him as a rather unpleasant human being…” Another commentator, Mandy in a piece titled “There is no engaging with a keynote Speaker” took the additional step of launching an online petition and called for signatures to “drop Reuben Abati” because in his or her view: “you cannot invite the person who killed me to come apologize at my funeral; things are not done that way.”

My offence is that I had participated in a discussion of the Same Sèx Marriage (Prohibition) Act 2014 shortly after President Goodluck Jonathan signed it into law. Alimi, in particular, was on an Al-Jazeera panel with me. He argued that I exhibited homōphobia, defending the law. The complaints by the gày community were so loud and their objection to the possibility of my being allowed to invade “their space” was so trenchant. I called the organizers to ask if they were considering a change of mind about their choice of Keynote Speaker. Their answer was in the negative.

On December 14, I participated in what turned out to be a lively, engaging, open and inclusive symposium on Human Rights, Sèxuality and The Law. I did not see any reason to beat about the bush. I opened my address with a response to Alimi and the critics. The labels used to describe me do not fit me. I am neither a homōphobe nor an extremist. My views are liberal and I consider the rights of every man to be ontological, interdependent and indivisible. These rights are well-covered in all the major nine documents on International Human Rights, including the Universal Declaration on Human Rights (1948) and its 30 articles, the International Convention on the Elimination of All Forms of Racial Discrimination (1965), the International Covenant on Civil and Political Rights (1966) and the International Convention on the Elimination of All Forms of Discrimination Against Women (1979). Nigeria is a signatory to majority of these conventions, protocols and covenants as well as the African Charter on Human and Peoples’ Rights (1981). Chapters Two and Four of the Nigerian Constitution, 1999, expressly uphold these rights.

The enactment of certain legislations such as – The Fundamental Rights (Enforcement Procedure) Rules 2009, HIV/AIDS (Anti-Discrimination) Act, 2014, Violence Against Persons (Prohibition) Act, 2015, the National Human Rights Commission Act, 2015, the Prohibition Against Domestic Violence Law No 15 of Lagos State, 2007, Gender Based Violation Prohibition Law of Ekiti State, 2011, Trafficking in Persons (Prohibition) Law Enforcement and Administration Act, 2003, the Legal Aid Act, 2011 and the Child Rights Act, 2003 – also point to considerable advancements in human rights legislation in Nigeria since 1999. Human rights are important. They are indeed matters of urgent and high priority because they are at the core of the idea of our humanity. They are indispensable vehicles for achieving peace, stability, justice and development in the world. Every human being is entitled to these rights; to devalue the right of any person is to violate that person’s right to dignity and justice.

Nigeria in spite of acknowledged advancements remains a nightmare where human rights are concerned. The failure of institutional mechanisms and the absence of political will to translate constitutional rights into effective human rights realities have resulted in what is clearly a governance and accountability crisis. The average Nigerian suffers the after-effects in various ways: poverty, lack of access to justice, violence, kidnappings, police brutality, extortion, wanton resort to self-help by both state and non-state actors, and a general regime of lawlessness reminiscent of the brutal days of military rule. Political leaders and state officials are so powerful that they have no regard for the people. They choose when it is convenient for them to respect court orders.

There is a disconnect between Nigeria’s international human rights obligations and what it does at home, creating conflicts and tensions in the implementation of human rights law. Nigeria is a member, for example, of the ECOWAS Community Court of Justice, but the government routinely ignores the rulings of this strategic regional court. Non-state actors are emboldened by the negligence of state actors to take the law into their hands, as seen in the conflict between Corporate Responsibility and Human Rights in Nigeria. Nigeria is a member of the International Labour Organization, the enabling principles of which are covered in the Labour Act, 2004, but with the unemployment crisis in the country, employers of labour trample on the rights of workers at will. The non-justiciability of the social, economic, cultural and group human rights goals in Chapter Two of the Nigerian Constitution further compounds the nightmare.

It is within this overall context of the human rights situation in Nigeria, that the issue of sèxuality is to be located. Section 15 (2) of the 1999 Constitution talks about national integration without discrimination on the grounds of sèx, among others. Section 17 states that the social order is founded on the ideals of “freedom, equality and justice”, while Section 17(3) says state policy shall be directed towards “all citizens, without discrimination on any group whatsoever”, a goal that had earlier been covered also in Section 14(2)(b). Section 42 further upholds every Nigerian’s right to freedom from discrimination. Whereas the Constitution talks about sèx, and not sèxuality or gender orientation, the principle of equality before the law and the right to be human is without exemption of any persons or groups. Article 2 of the International Covenant on Civil and Political Rights indeed says sèx should be taken to include sèxual orientation and gender.

Minority groups are often targets of violence in Nigeria – apart from ethnic and religious minorities, women, children, the girl-child and the physically challenged, perhaps the most targeted and the most violated in recent times are members of the LGBTQI community. Gàys in Nigeria have found themselves in a hostile society. There have been reported cases of persons with suspected LGBTQI orientation being subjected to various forms of violence: kidnapping, extortion, ràpe, assault, inhuman and degrading treatment, denial of access to justice and curtailment of their fundamental rights. The state looks the other way, the rest of society says serves them right.

There is no plan or structure in place for protecting gày persons in Nigeria from outright violation even by the police and the state. Section 214 of the Criminal Code criminalizes “any person who has carnal knowledge of any person against the order of nature”. Section 217 thereof frowns at “gross indecency”. Similarly, Sections 284 and 405-408 of the Penal Code, and the Sharia Law in 12 states of the North make homosèxuality a punishable felony. Public hostility towards the LGBTQI is widespread. It is risky to reveal sèxual orientation in Nigeria. No political party or politician has formally endorsed LGBTQI rights in Nigeria.

The Same Sèx Marriage (Prohibition) Act 2014, which is a particular source of anxiety and the target of protest by the Nigerian and global LGBTQI community, establishes a legal basis for formal discrimination on the grounds of sèxuality. This law forbids any form of gày marriage, or civil union (sections 1-3), the registration of gày clubs, societies and organisations or the holding of gày meetings (section 4(1)) and the display of amorous relationship between two persons of the same sèx in Nigeria (section 4(2). Anybody who enters into a same sèx marriage contract or runs a gày club or association or group or is seen to be aiding and abetting homosèxuality is considered guilty of a felony. The punishment ranges from 10 to 14 years (section 5). Although the SSMPA deals with marriage or civil union, it is a much stronger law than the Criminal and Penal Codes and the Sharia on gày issues. It is a law fraught with ambiguities, which devalue the gày person’s rights to privacy, dignity of the human person, freedoms of expression and freedom from discrimination.

But it remains a popular law with the majority of Nigerians who rely on culture and traditional values, public morality as defined in Section 45 (1) of the 1999 Constitution, and the fact that Nigeria being a sovereign nation should be free to make its own laws and not subject itself to Western notions of sèxuality. Research findings accordingly indicate that more than 95 percent of the Nigerian population considers homosèxuality a sin. Religion and culture remain major barriers to human rights expression as seen in the case of Christians quoting such anti-gày Scriptural passages as Leviticus 18:22, 20:23, the poor fortunes of the Child Rights Act in spite of its ratification by 26 out of 36 states, constructive and continuing gender discrimination, and the disgraceful politicking over the Gender Equality and Prohibition of Violence Against Women Bill, 2016 which has now been reduced pathetically, at second reading, to a bill on violence and sèxual abuse.

There are specific posers to be raised in relation to the SSMPA 2014. One, culture to the extent of its dynamism should evolve, and must not be erected into a given barrier to human rights expression. Two, human rights and sovereignty should not be antithetical. Three, who should determine what is right and wrong? Is there an objective universal morality in a world of diverse beliefs and practices? And is morality necessarily as determined by the majority? Can the majority possibly be wrong in a democracy?

Where sèxuality is concerned, the insistence on basic rights can only be a continuous and inclusive struggle. The debate can only continue to evolve as society itself evolves. The irreducible minimum lies in the need by state and non-state actors to continue to make efforts to dismantle barriers and extend the frontiers of how human rights are respected, protected and fulfilled. Gày persons in Nigeria are subjected to police brutality and assault, targeted killings, hate crime, and sundry forms of discrimination. Their relatives are stigmatized. The jungle justice that is imposed on the community is outside the province of the law. Enforcing the law as it is, until it is amended, revised, or repealed, should be within the province of the rule of law, not the jungle. The right of all persons to freedom, justice and equality should be considered sacrosanct. Any law, which contradicts this principle, in its operation or expression, is to the extent of its inconsistency, questionable.

The more memorable aspect of the 2016 symposium on Human Rights, Sèxuality and the Law, attended by both gày and non-gày persons, was the interactive session where further issues were raised and interrogated. One fellow stood up and insisted that I needed to apologise to the LGBTQI community for views I had expressed in the past. My response was that when I defended the SSMPA publicly in 2014, I was doing my duty as the Official Presidential Spokesperson. In that capacity, it was part of my responsibility to explain and promote government policies and decisions. A spokesman’s loyalty is to country, state, government and principal; he or she is essentially a Vuvuzela. Besides, the SSMPA is not a law about my personal views but the values and the choice of the majority of Nigerians. What people do with their private lives is their business as free human beings without interpreting freedom as absolute, however, but as a guarantee for the equality of all persons.

Someone else wanted to know why President Jonathan considered it expedient and urgent to sign a bill that was first proposed in 2006 into law. The chronology is that the National Assembly rejected the bill in 2007. It was passed by the Senate on Nov 29, 2011, by the House of Representatives on May 30, 2013 and signed into law on January 13, 2014. If President Jonathan had withheld assent, the National Assembly could have exercised its power of veto override. What is required, in all of this, to be honest, is not ex post facto hand-wringing and blame games, but continued advocacy and awareness building. Incidentally, the African Commission on Human and Peoples’ Rights has called on the Nigerian Government to consider a revision of the SSMPA given the manner in which it is being exploited to violate fundamental human rights. A day may well come when this would happen in line with the Yogyakarta Principles on sèxual orientation and gender identity, as has been experienced in Mozambique, Nepal and Nicaragua.

A lady stood up and added: “Dr Abati, it is important that you realise you are in our space. This is a very sensitive space and community. My husband is your very good friend, but I still think you owe this community an apology because even when doing your job as a government official, there are certain things you should not say.” I thought I already answered that question. Another lady intervened: “Hi, Dr Abati, I am made to understand you don’t believe we exist in Nigeria. Well, now you know we do. I am a citizen. I work in this country. I pay my taxes. My name is Pamela. And I am a Lèsbian.” I have never said any such dumb thing as to insist that the LGBTQI community does not exist either in Nigeria or elsewhere in Africa. Having read Bernadine Evaristo and other writers on the subject, I have a clear understanding.

I left the symposium with two special gifts. The 2016 Human Rights Violations Report Based on Real or Perceived Sèxual Orientation and Gender Identity in Nigeria, a 61-page publication by TIERS Nigeria which was formally presented at the occasion and “Tell Me Where I Can Be Safe”: The Impact of Nigeria’s Same Sèx Marriage (Prohibition) Act, a 108-page publication by Human Rights Watch. Both publications provide detailed and up-to-date information including statistics and the impact of the law with regard to the status of the LGBTQI community in Nigeria, focusing mainly on human rights violations on the grounds of sèxual orientation and gender identity. I recommend both publications for general reading and for the benefit of those seeking answers on the subject under review.

Sitting by my side during the interactive sessions was Olumide, the gifted and resourceful activist who runs TIERSNigeria. We reviewed the comments as they flowed forth from the participants in the room. What is clear is that there is a vibrant LGBTQI community in Nigeria led by internationally exposed, media-savvy and knowledgeable young men and women who are determined to insist on their fundamental human rights and their right to be who they want to be. They are aggrieved. They are organized. They have set up platforms for self-expression including the use of technology, publications, movies (re: Hell or High Water, November 2016), the media and other social networking opportunities. Their voice is likely to grow louder as they become more organized. For how much longer can they be ignored?

As the event drew to a close, the microphone got to a young fellow who incoherent at first, still managed to deliver his punch-line killer: “Please, I don’t understand what people are saying. They are saying they are liberal, or that we need to unlearn certain things. Liberal, about what? When you say you are liberal, it is like you are patronizing us. Can you talk about rice when you have not even tasted it?” Yes, I think. One of the privileges of intellection is the right to talk robustly and nineteen to the dozen about rice, without ever tasting it.

Share
Related Stories
Image
29-August-2023

Mastering the Art of Pitching Media Monitoring and Intelligence to Clients: A Guide for PR Agencies

By Philip Odiakose In today’s rapidly evolving digital landscape, effective public relations strategies are more critical than ever for maintaining a strong brand presence and reputation. One indispensable tool that PR agencies can offer to clients is media monitoring and intelligence. This sophisticated resource empowers businesses to stay ahead of their competition, adapt swiftly to changing trends, and make data-driven decisions. In this article, we delve into the art of pitching media monitoring and intelligence services to clients, showcasing the value it brings to the table. Understanding the Basics Before diving into the pitch, it’s essential to have a clear

Image
19-September-2023

Oboreivwori, IYC And Ayakoromo Bridge Project

By Jerome-Mario Chijioke Utomi It is pedestrian information that the Ijaw Youth Council, IYC, Western Zone, comprising Delta, Edo and Ondo States, in a recent media statement signed by the trio of Comrade Doubra Collins Okotete (Zonal chairman), Comrade Olu Derimo (secretary) and Lugard Izoukumor (Information Officer), specifically called on Governor Oborevwori to commence work on the long-awaited Ayakoromor bridge project, the Ogulagha-Odimodi road project, the permanent site of the School of Marine Technology, Burutu among other critical projects. Indeed, while there exists glaring evidence that Oborevwori has, in the last 100 days of his administration in the state, demonstrated

Image
09-September-2023

Africa: Why Startups and Private Universities Failed on Development

By Nneka Okumazie How many startups in Africa can say that their existence is the reason a major problem was solved in Africa, for the majority of Africans? Some may easily dismiss this as not being a part of their mandate, but maybe looking at what they do through that lens could make their services more useful to their people. The startup scene in Africa is full of activities, but there is no evidence that those activities are connected to solving major problems on the continent, as most of the problems that Africa faces are still there, or worse, with

Image
02-September-2023

Coup d’état in Africa: A Legal and Moral Implication of Nigeria’s Damning Ironies

By Benson Uche Egbuchiwe Incidences of coup d’état within the West African subregion have yet again brought a new dimension to the question of democratic stability on the African continent. Recently, I had the opportunity to participate in a Zoom debate organized by my Law school classmates and the topic of discussion was coup d’états in Africa and its impact on democracy within Africa. Participants took turns to share opinions on this worrisome issue of military incursions and the obvious consequences. Interestingly, this topic aligned perfectly with my university project from over 25 years ago. For my undergraduate studies at

More Stories
Image
08-September-2021

Maize, Soybean, Paddy Rice Decline at Commodity Market

By Ashemiriogwa Emmanuel The price of maize, soybean and paddy rice declined at the commodity market last week, data harvest by Business Post from the AFEX Weekly Commodities Price Report revealed. The exchange traded price of maize last week went down by 4.6 per cent to N22,097 per contract from N23,200 per contract but at the open market, the value of the grain appreciated by 5.0 per cent to N21,185 per contract from N20,170 contract. While harvest of 2021 maize has begun in major producing regions of Nigeria, commercial quantities of the grain are yet to be available as drying

Image
26-November-2021

Oyo Begs 1,115 C of O Applicants to Come for Collection

By Modupe Gbadeyanka Those who applied for certificates of occupancy (C of O) in Oyo State have been urged to come forward for collection at Room 4, Ministry of Lands, Housing and Urban Development. This appeal was made by the Commissioner for Lands, Housing and Urban Development, Mr Olayiwola Olusegun Emmanuel, on Friday. The Commissioner disclosed that since he assumed office about a month ago, he has signed not less than 1,606 C of Os but only 491 have been collected. He, therefore, appealed the 1,115 outstanding C of O applicants to come forward to pick them up as they

Image
18-December-2017

Market Looks Forward to N136.4b Maturing T-Bills This Week

By Modupe Gbadeyanka Treasury bills worth N136.39 billion are expected to mature this week through open market operations (OMO) and the primary market. This is expected to provide a big boost in the financial system liquidity with resultant decline in interbank lending rates. According to analysts at Cowry Asset, from the N136.39 billion worth maturing T-bills, N92.56 billion is expected from the OMO, while N43.84 billion is from the primary market. Last week, interbank lending rates moderated on the back of boost in financial system liquidity as fixed income securities; T-bills and FGN bonds worth N158.56 billion matured. However, there

Image
01-November-2021

In One Week, Four Stocks Yank Off N550m from NASD Exchange

By Adedapo Adesanya It was a volatile trading week on the floor of the NASD Over-the-Counter (OTC) Securities Exchange in week 43 as the market went down week-on-week by 0.09 per cent. The dominance of the bears at the NASD Exchange was caused by four securities, which depreciated in price in the five-day trading week, leaving the market capitalisation of the bourse to reduce by N550 million. As a result of this, the total value of stocks on the exchange closed last Friday at N617.04 billion compared with N617.59 billion it finished at the preceding week. In the same vein,

Image
23-November-2017

DMO Raises N87.77b from Bond Market

By Modupe Gbadeyanka A total of N87.77 billion was realised on Wednesday from the bond auction exercise carried out by the Debt Management Office (DMO) on behalf of the Federal Government. Business Post reports that the debt office, at the exercise yesterday, received a total subscription of N105.39 billion from investors. But of out of this, the DMO only allotted bonds worth N87.77 billion to investors with rates lower than the previous sales. Details of the bond auction released by the DMO on its website showed that the FGN JUL 2021 note, offered at 14.50 percent, was eventually sold at

Image
31-August-2020

Nigerian Bottling Company’s Ikeja Plant Gets High-Speed Canning Line

By Modupe Gbadeyanka The Ikeja, Lagos plant of the Nigerian Bottling Company Ltd (NBC) has successfully installed a new high-speed canning line, which is expected to boost NBC’s local production and export capacity, allowing it to meet up with increasing sales demand. This is part of the company’s determination to forge ahead with its business transformation and optimisation plan and according to its Director of Public Affairs and Communications, Mr Ekuma Eze, the new line and its supporting capital investment are in line with the organisation’s commitment to continue investing in the country. It was stated that the new high-speed

Image
02-June-2017

Nigeria Beat Togo 3-0 in Int’l Friendly

By Modupe Gbadeyanka The international friendly match played between Nigeria and Togo on Thursday, June 1, 2017 ended three nil in favour of the Super Eagles. The duo of Ahmed Musa and Kelechi Iheanacho netted for the Eagles to see the downfall of the Hawks. The match was wrapped up in the 28th as Nigeria had scored the three goals at that time. Ahmed Musa opened the scoring in the 3rd minute of the game before increasing his tally to two 14 minutes later. Our correspondent reports that 28 minutes into the match played at the Municipal Stadium in the

Image
08-September-2022

Sanwo-Olu Redeploys Special Duties Commissioner to Physical Planning

By Aduragbemi Omiyale The Commissioner for Special Duties and Intergovernmental Relations in Lagos State, Mr Paul Omotayo Bamgbose-Martins, has been redeployed to the Ministry of Physical Planning and Urban Development. This followed a minor reshuffling of the cabinet by Governor Babajide Sanwo-Olu of Lagos State and the resignation of the Commissioner for Physical Planning and Urban Development, Mr Idris Salako, a few days ago. He tendered his resignation after a seven-storey building under construction in the Victoria Island area of the metropolis collapsed, killing about six people. In a statement issued on Wednesday, the Commissioner for Information and Strategy, Mr

Ad
Ad
Recent Stories
Image
24-September-2023

Nigerian Banks Capable To Support Big-Ticket Transactions—Adeduntan

By Bliss Okperan The Managing Director and chief executive of First Bank of Nigeria Limited, Mr Adesola Adeduntan, has disclosed that financial institutions in the country have the balance sheet to support big-ticket transactions, particularly from offshore investors. President Bola Tinubu travelled to the United States last week for the United Nations General Assembly (UNGA) and went with some businessmen and bank executives, including Mr Adeduntan. The Nigerian leader used the occasion to urge foreign investors to bring their funds into the country because he would create a business-friendly environment to make their investments grow. Nigeria, which is the largest

Image
24-September-2023

SERAP Tasks Tinubu to Probe Missing $15bn, N200bn Oil Revenues

By Adedapo Adesanya President Bola Tinubu has been charged by the Socio-Economic Rights and Accountability Project (SERAP) to investigate the allegations that over $15 billion of oil revenues and N200 billion budgeted to repair the refineries are missing and unaccounted for between 2020 and 2021, as documented by the Nigeria Extractive Industries Transparency Initiative (NEITI). In the letter dated September 23 and signed by SERAP deputy director, Mr Kolawole Oluwadare, the organisation urged him to “name and shame anyone suspected to be responsible for the missing and unaccounted for public funds and to ensure their effective prosecution as well as

Image
24-September-2023

Nigeria Picks 12 Gold Medals at ITTF African Para Championships

By Adedapo Adesanya Nigeria emerged as the overall champion of the 2023 International Table Tennis Federation (ITTF) African Para Championships, which ended on Saturday, September 23, 2023, in Giza, Egypt. The country went away with 12 gold medals to dethrone Egypt as the new para table tennis champion in Africa. The three-day tournament had hosts – Egypt – Algeria, Nigeria, Mauritius, Cameroon, South Africa, Kenya, and Cote d’Ivoire competing in the singles, doubles, and mixed doubles events. However, Nigeria dominated as the continent’s champions by leading the singles event to pick up most of the tickets to the Paris 2024

Image
23-September-2023

Dr Abayomi Baiyewu of Obitoks Hospital is a Quack Surgeon—LAHA

By Modupe Gbadeyanka The medical practitioner who performed surgery on the late 12-year-old Adebola Akin-Bright at the Obitoks Hospital in the Alimosho area of Lagos State, Dr Abayomi Baiyewu, has been described as a quack surgeon. The Chairman of the Lagos State House of Assembly ad-hoc committee with the mandate to investigate the circumstances that led to the disappearance of Adebola’s small intestine, Mr Noheem Adams, said the doctor was not qualified to carry out the exercise. Adebola died on Tuesday at the Lagos State University Teaching Hospital (LASUTH), Ikeja, where he was receiving treatment after he underwent surgery two

Image
23-September-2023

Advans Nigeria Scores Brace at Marketing Edge Awards

By Modupe Gbadeyanka It was a double reward for a foremost microfinance institution, Advans Nigeria, at the recently concluded Marketing Edge Awards in Lagos. The firm, a subsidiary of Advans Group, was announced as the Most Innovative Microfinance Bank of the Year and the Most Customer-centric Microfinance Bank of the Year. The double awards are coming after the organisation was recently named as The Best in Retail Banking of the Year at the Pan African International Award. Advans Nigeria won the accolades due to its top-notch financial services and unwavering commitment to its customers. “We are immensely proud to receive

Image
23-September-2023

UNIOSUN Targets Spot in 10 Top Universities in Nigeria by 2026

By Bliss Okperan The University of Osun State (UNIOSUN) has set a goal to achieve a spot in the 10 top universities in Nigeria by 2026. The Vice Chancellor of the institution, Prof. Clement Adebooye, while speaking on Friday at the main campus of the university in Osogbo, said the management also intends to make the school one of the 25 best in Africa in three years’ time. According to him, the management has begun to implement the strategies designed to meet this target, including providing a peaceful academic environment for students and others. He expressed the commitment of the

Image
23-September-2023

Why Debt Financing is so Important for the African Business Market

By Nathaniel Nyika Small and medium-sized enterprises (SMEs) are the beating heart of Africa’s economies. According to the World Economic Forum, as engines of growth, SMEs are responsible for around 80% of the continent’s employment, ultimately helping to reduce poverty and income inequality, enabling the establishment of a new middle class and driving demand for new goods and services. That’s why creating an enabling environment for SMEs to access finance will enhance their ability to not only contribute to Africa’s labour force but also facilitate the continent’s development and economic growth while driving the innovation needed to help solve the

Image
23-September-2023

Food Concepts, Two Others Rescue OTC Exchange From Bears

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange closed in the green territory after it chalked up by 0.37 per cent on Friday, September 22, as three securities finished on the price gainers’ chart and one stock closed in the price losers’ table. This raised the market capitalisation of the OTC Exchange by N4.24 billion to N1.143 trillion from the previous day’s N1.139 trillion, as the NASD Unlisted Securities Index (NSI) increased during the session by 3.00 points to finish at 808.95 points compared with Thursday’s 805.95 points. At the close of transactions, investors traded a total of 10.7

Image
23-September-2023

Naira Falls at I&E, P2P, Gains at Black Market on New CBN Leadership

By Adedapo Adesanya The Naira closed mixed at the foreign exchange (FX) market on Friday, depreciating against the US Dollar in the Investors and Exporters (I&E) and Peer-to-Peer (P2P) segments and appreciating in the parallel market amid a new leadership at the Central Bank of Nigeria (CBN). On Friday, the CBN announced the resumption of Mr Olayemi Cardoso as the next head of the apex bank, in an acting capacity pending his confirmation by the Nigerian Senate. He is taking over the role amid a worrying FX market, high inflation, and increased call to halt interest rate hikes which currently

Image
23-September-2023

Crude Oil Trades Mixed on Demand Concerns Despite Supply Woes

By Adedapo Adesanya Crude oil prices went in different directions on Friday amid profit-taking as markets weighed supply concerns from Russia’s fuel export ban against demand woes from future rate hikes. While the Brent futures lost 3 cents to close at $93.27 a barrel, the US West Texas Intermediate crude (WTI) futures rose by 40 cents to sell for $90.03 a barrel. However, both benchmarks closed downwards on a week-on-week basis, with Brent shedding 0.3 per cent, breaking a three-week streak of gains, and WTI sliding by 0.03 per cent for the week, the first decline in four weeks. Russia