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Full Text Of Buhari’s Controversial Press Briefing In Germany

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By Dipo Olowookere

Last week, President Muhammadu Buhari travelled to Germany on an official visit. During the trip, he addressed the media in Berlin alongside his host, Angela Merkel, the Chancellor of Germany.

After his address, questions were received from newsmen at the event and Mr Buhari was asked to react to an interview his wife, Mrs Aisha Buhari, granted the BBC, where she claimed a cabal had taken over her husband’s government.

Mr Buhari gave a response that has set the cyber space on fire since then and even caused his host in Germany to abruptly end the briefing.

Business Post Nigeria has got hold of what Mr Buhari actually said during the press briefing and it is reproduced below:

I am very grateful to you for this invitation. The Germans have always been concerned about Nigeria. This is very welcome, and we are grateful for it.

They invited me here during the G7 presidency. They asked me to provide the G7 with a report on the security situation in Nigeria, but above all in the region. I have done this very much and I have submitted a report to the G7.

I have mentioned on this occasion that Boko Haram has been considerably restricted in its possibilities. 14 of 177 local regions are still left where they actually have an influence, where they actually hold something like a caliphate.

But there is no real power that they have over any of our communal, regional authorities. In the meantime, they have, of course, concentrated on schools, mosques and markets in their attacks. But this possibility to carry out such attacks is also largely taken away.

We received economic and humanitarian aid from the Federal Republic of Germany. In this way, Nigeria has been enabled to expel terrorists from these areas.

The second point is the economy. We are very grateful for the fact that we have been offered training opportunities. There are about 100 German companies operating in Nigeria – most of them in the manufacturing sector. This means that the Nigerians have not only jobs, but also training opportunities. For this we are very grateful.

The new security problem that has emerged is, above all, that there have been acts of sabotage against institutions of the oil industry in the Niger Delta. I have already submitted a detailed report to the German Government, and this will continue.

We will say what we need for help, for example, information of a message service type or other, but also ways to provide us with equipment. With the leadership of the militants in the Niger Delta, with the traditional institutions there, we are currently talking. But oil companies, which have been operating in Nigeria for more than 30 years, must of course also participate in this dialogue.

As far as the economy is concerned, it is this year that we have had a lot of rain in Nigeria and we expect a very good crop so that the problems with the food imports will not be so great. We will not be so dependent on it. In a few months we will be able to create food security and even export food. Most of the foods that we have imported were, for example, wheat, maize and rice. I think in about 18 months we will be self-sufficient in this area.

As for the girls from Chibok, you have probably learned that 21 of these girls have been released. But still 100 of these girls are somewhere in the area around Lake Chad, Cameroon, Niger or Nigeria. Where they are, we do not know exactly. We have been able to free these 21 girls. We hope that we can provide it with the appropriate information to find even more and to find out. We are very grateful to the United Nations who have participated in the mission of saving these girls. But please do not forget that the whole thing takes place against the background of terrorism in Nigeria. Thousands of Nigerians have been killed by Boko Haram. There are 1.5 to 2 million people who are internally displaced and have to live in camps for internally displaced persons. At least 60 percent of them are women and children. 60 percent of these children are orphans who do not know their parents and do not know where they come from. This is a great concern for my government, which we must face. We must, of course, provide the appropriate infrastructure, especially in education and health, so that these children and displaced persons can return to their region, their city, their village and live a normal life. That is why we are very grateful for the support given by the German government. We hope for further support whenever we need it and ask for it.

Thank you very much.

Question and answer time

I come from Nigerian television. Federal Chancellor, Mr Buhari has devoted himself to combating corruption. One option he pursues is to retrieve funds outside the country. What do you do to help him? As you have said, you appreciate him.

Merkel: I appreciate him very much. We will, if he has hints, follow these instructions, of course. In all that the President has to say to Germany, we will, of course, look to help him work against corruption.

In addition, our finance minister has worked very hard to ensure the international exchange of information is compulsory. This means that in the future, it will be much harder to deal with such corrupt business. As countries, we will also work much more closely with banks to pursue all traces.

I have a question to the President. In the context of the migration crisis, the importance of re-transferring the foreign Nigerians is always written and reported. How important are these retransferments for the Nigerian economy?

Your woman has today given an interview in which she said she does not support you in the 2019 re-election if you do not transform your government. Maybe you can comment on that. Are you ready to meet your wife’s demands?

Buhari: I do not know exactly which party my wife belongs to. Actually, she belongs to my kitchen, my living room and also to the other rooms in my house. It is not easy to deal with the opposition, with those who were not with one in the election campaign. I hope that my wife will remember that I was 12 years in the field, that I have tried three times to win. The fourth time I was successful. The first three times I was in Nigeria’s highest court. So I would say that I know better about all this.

I think I know better than the members of the opposition. After all, my efforts had been successful. It is not so easy to satisfy everyone, the entire opposition of Nigeria and all parties there. They all want to be at the government, of course.

Perhaps I may briefly tell you what we have inherited.

From 1999 to 2014, Nigeria averaged 2.1 million barrels of oil per day at a price of $100. Then we had less than 40. It must also be said that the production by the actions of militants has reduced by half. This means that Nigeria has inherited a huge problem. You certainly know that 27 of the 36 states could not pay salaries to their employees. That is, there were very serious economic problems, problems of security, business, corruption, problems we try to resolve to the best of our knowledge.

I told you what the problem was with Boko Haram. We almost succeeded in preventing them from dominating somewhere in Nigeria. As far as the economy is concerned, we have now concentrated on agriculture. We ask you to invest primarily in the mineral sector, in the field of mineral resources.

In the Niger Delta, too, we have turned to the militant leadership and the people they support locally. We have approached the oil companies, which have been operating in the country for a long time, more than 30 years, and know the whole environment, including the local people. We want to negotiate with them, so that there will be a truce.

The government has the ability and the ability to cope with these people, just as we have come to terms with Boko Haram. But it is in the interest of Nigeria and all regions of Nigeria that we solve these issues through dialogue, as a much more civilized way of dealing with each other.

Your country has opened its doors to a large number of refugees from other countries, with a great deal of insecurity and a great deal of poverty. But this is now a problem for you. How can you prevent such a destabilization from happening to you and also in Nigeria?

Merkel: Firstly, we must, of course, be politically committed to peace and security. This is very difficult, for example, in Syria or Iraq. We are therefore all the more pleased that much has already been achieved in the fight against terrorism in Nigeria and at Lake Chad.

People who do not really live peacefully have big problems, of course. But there are also the economic problems. We have said in Germany that we want to give protection to many who have come to us because of war and expulsion. This is why the rate of recognition in legal proceedings is very high, for example, for people from Syria and Iraq. But for people coming from Nigeria, the recognition rate is only 8 percent. That is, we must assume that many come for economic reasons. We can understand that. But we must then say that in order to provide humanitarian protection to those who really flee before the war, we must return to those who do not have a right of residence in Germany.

This is what the European Commission is talking about. We also talked today about how we can do this and send out the signal at the same time: We want to put the smugglers and the traffickers the craft. But we also want to help people who are in need in Nigeria. That is why we want to offer those who do not go on the illegal path, for vocational training, for training, for the acquisition of skills, so that they have a better chance of achieving a good future for themselves. Then this is good for both sides.

There can be no business about corruption, illegal trafficking, arms trafficking, drug trafficking – all of which are connected – and states are destabilized, but we are working together as states, so that the people of Nigeria have some of it and at the same time the signal “Those who do not have a right of residence in Germany – 92 per cent of the people from Nigeria who come to us – have to return” to stop the illegality.

You said you had talked about the problem of return. Have you received any commitments, or do you intend to conclude a regular return contract with Nigeria?

Just a quick glance into the next week: Are you confident that a meeting in Normandy will be held here in Berlin?

Merkel: As for the next week, I cannot say that yet, because I have to wait and see what messages I get from the now ongoing conversations on the workbene. We keep this open, but we have not yet reached the decision.

On your first question: the negotiations with the European Commission are only starting in October. That is, we have not made specific arrangements today. But I have, of course, said that Germany supports these negotiations by the European Commission, and that in return, both on the basis of the Valletta agreement, we can use both European and German resources, especially to promote legal opportunities for vocational training that illegality can be combated. But we have not discussed details yet.

Courtesy TAZ

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via [email protected]

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DisCos Collect N196bn in March, Miss N50bn of Billed Revenue

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By Adedapo Adesanya

Nigeria’s electricity distribution companies (DisCos) generated N196.13 billion in revenue in March 2026, despite billing customers a total of N246.43 billion during the month, according to the latest commercial performance report released by the Nigerian Electricity Regulatory Commission (NERC).

The figure represents a slight decline from the N196.68 billion collected in February, highlighting persistent challenges in revenue recovery across the power distribution segment, even as energy supplied to the grid continued to improve.

NERC’s March 2026 fact sheet showed that electricity billing rose by 1.71 per cent from N242.29 billion recorded in February, reflecting increased energy deliveries and customer charges. However, collection efficiency declined to 79.59 per cent from 81.17 per cent in the previous month, indicating that a significant portion of billed revenue remained uncollected.

The regulator disclosed that DisCos received 293.76 million kilowatt-hours of electricity during the review period, representing a 6.02 per cent increase compared to February. The development suggests a modest improvement in power availability across the distribution network.

Despite the increase in energy supplied, revenue recovery remains uneven across the industry. NERC reported that the average approved tariff for March stood at N124.30 per kilowatt-hour, while actual collections averaged ₦100.75 per kilowatt-hour, resulting in an overall revenue recovery efficiency of 81.05 per cent.

Among the eleven DisCos, Ikeja Electric emerged as the strongest performer, posting a revenue recovery efficiency of 99.30 per cent. Eko Electricity Distribution Company followed with 95.73 per cent, while Benin DisCo recorded 85.18 per cent.

At the lower end of the performance table, Kaduna Electric recorded the weakest recovery rate at 35.65 per cent. Jos DisCo and Yola DisCo also struggled, achieving recovery efficiencies of 53.53 per cent and 58.58 per cent, respectively.

Ikeja Electric also led in collection efficiency with 96.38 per cent, ahead of Benin DisCo at 90.97 per cent and Eko DisCo at 87.68 per cent. Kaduna, Jos and Yola remained the poorest performers in this category, underlining the persistent commercial and operational challenges facing power distributors in parts of northern Nigeria.

In terms of billing efficiency, Eko DisCo ranked first with 92.30 per cent, followed by Port Harcourt DisCo at 90.36 per cent and Ikeja Electric at 87.76 per cent. Yola DisCo recorded the lowest billing efficiency at 58.68 per cent.

The latest figures underscore the mixed realities within Nigeria’s power sector. While electricity supply and customer billing continue to improve, revenue collection remains a major obstacle to the financial sustainability of the industry.

Analysts note that stronger metering penetration, improved customer confidence, reduction in energy theft and more efficient collection systems will be critical if DisCos are to close the widening gap between electricity supplied, billed revenue and actual collections.

The March performance report comes as regulators and industry stakeholders intensify efforts to strengthen the commercial viability of the electricity market, attract fresh investment and improve service delivery across the country.

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Interswitch Adopts Temenos Platform to Deliver Banking Services to African Lenders

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By Adedapo Adesanya

Interswitch has entered into a partnership with Geneva-headquartered banking software provider Temenos to offer managed banking services to financial institutions across the continent, deepening its push into banking technology.

The partnership will see Interswitch adopt Temenos’ banking technology across core banking, digital banking, payments, wealth management, and financial crime management.

This will enable the firm to provide cloud-hosted and on-premises managed services to lenders on the continent. The service will initially target Nigeria, Ghana, Côte d’Ivoire, Kenya, and other African markets.

“This is a pivotal moment for Interswitch as we accelerate our expansion beyond payments and reimagine digital banking for Africa,” Mr Jonah Adams, managing director for Digital Infrastructure and Managed Services at Interswitch, said in a statement.

By combining Temenos’ software with its existing footprint across the continent, Interswitch is positioning itself as a technology partner that can help banks upgrade critical systems without having to manage the complexity of large-scale technology deployments.

“By adopting Temenos’ cloud-native, composable platform, Interswitch gains the flexibility and scalability to accelerate its next phase of growth and deliver banking services that meet the needs of African markets,” Mr Adams added.

For Temenos, the deal strengthens its presence in Africa through a partner with deep relationships across the banking sector. It lost one of its banking customers, Sterling Bank, in 2024 after the tier-2 Nigerian bank switched to SEABaaS, a new custom-built core banking application.

“Interswitch is an important new customer and partner for Temenos in Africa,” said Mr William Moroney, Chief Revenue Officer at Temenos. “Interswitch’s strong presence across the continent also extends our reach and further strengthens our ecosystem and partner network.”

Founded in 2002, Interswitch built its reputation as one of Africa’s largest payments companies through products such as Quickteller and Verve, its domestic card scheme.

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TGI Group, Wilmar to Form $12bn West Africa Food Giant in Major Merger

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By Adedapo Adesanya

Tropical General Investments (TGI) Group and Singapore-based Wilmar International have agreed to combine their Nigeria and Republic of Benin operations into a 50:50 joint venture aimed at building a dominant integrated food and agribusiness platform across West Africa, targeting a market estimated at $12 billion.

The proposed merger will consolidate operations across several value chains, including agriculture, oil palm plantations, edible oils, edible nuts, rice, food manufacturing, and distribution, creating one of the region’s largest end-to-end food production and supply chains.

Under the arrangement, both firms will integrate their complementary strengths, with Wilmar contributing global expertise in palm oil, speciality fats, and large-scale agribusiness operations, while TGI brings established local manufacturing capacity, consumer brands, and an extensive distribution network across Nigeria and neighbouring markets.

Chairman and Chief Executive Officer of Wilmar International, Mr Kuok Hong, said the partnership would enhance both firms’ ability to serve Africa’s expanding consumer base, describing Nigeria and Benin as strategic growth markets.

“For more than four decades, TGI Group has built a leading position in Nigerian food manufacturing and distribution. This partnership will leverage Wilmar’s global scale and expertise as well as TGI’s local knowledge to deliver innovative food solutions across Africa,” added TGI Group founder and chairman, Mr Cornelis Vink.

On his part, Vice Chairman of TGI Group, Mr Farouk Gumel, said the deal reflects confidence in Nigeria’s long-term economic prospects, adding that it would deepen domestic value addition, strengthen food security, support smallholder farmers, and create jobs.

Adding his input, Wilmar’s Africa Head, Mr Santosh Pillai, described the transaction as a strategic fit, noting that the combined entity would have the scale, local insight, and operational depth needed to better serve consumers in the region.

The companies said the transaction is expected to be completed in the 2026 financial year, subject to regulatory approvals and other customary conditions.

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