Chief Correspondent; Nigeria
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Jun 13, 2011

Nigeria says rescued lenders in dire straits

LAGOS, June 13 (Reuters) – Nigeria’s central bank has warned
that eight lenders rescued in a 2009 bailout are in a “grave
situation” as their operating losses mount and that vested
interests risk derailing plans to recapitalise them.

The central bank injected $4 billion into the lenders, found
to be dangerously undercapitalised, in 2009. A state “bad bank”
(AMCON) has brought them back to zero shareholders funds while
new investors have been sought to recapitalise them.

Jun 1, 2011

Key political risks to watch in Nigeria

LAGOS, June 1 (Reuters) – Nigeria enters a crucial period as
President Goodluck Jonathan assembles his new administration in
the coming weeks, a team which could make or break the nation’s
hopes of forging ahead with reforms over the next four years.

Jonathan, who was sworn in for his first full term on May 29
after winning April elections, has said he will form his cabinet
within two weeks of taking office. Ministries in Africa’s top
oil exporter will be run by civil servants until then.

May 31, 2011

Nigeria sets deadline for rescued bank deals

LAGOS/ABUJA, May 31 (Reuters) – Nigeria’s rescued banks have
until the end of September to reach recapitalisation deals with
new investors or face liquidation if they refuse to accept funds
from state bad bank AMCON, the central bank said on Tuesday.

Nigeria in 2009 injected $4 billion into nine lenders deemed
by auditors to have become so weakly capitalised that they posed
a risk to the entire banking system in sub-Saharan Africa’s
second-biggest economy.

May 30, 2011

Nigerian leader Jonathan starts naming new government

LAGOS/ABUJA, May 31 (Reuters) – Nigerian President Goodluck
Jonathan has started appointing his new administration, a team
which will be closely watched for its ability to drive
badly-needed reform in Africa’s most populous nation.

Jonathan named former Senate president Anyim Pius Anyim as
secretary to the federal government late on Monday — a day
after being sworn in for his first full term — a powerful post
that coordinates between ministries and the presidency.

May 3, 2011

Nigeria budget office sees tighter 2011 budget soon

LAGOS, May 3 (Reuters) – Nigeria’s government is in talks
with parliament over the country’s 2011 budget proposal and
expects to agree an amended version with a narrower deficit
within weeks, the head of the budget office said on Tuesday.

President Goodluck Jonathan initially proposed a 4.226
trillion naira ($27.32 billion) budget in December but
parliament inflated the spending plans, passing a 4.972 trillion
naira version three months later.

May 3, 2011

Key political risks to watch in Nigeria

LAGOS, May 3 (Reuters) – Nigerian President Goodluck
Jonathan’s choice of cabinet ministers and top officials will be
key to the outlook for reform in Africa’s most populous nation
after elections which were deemed the most credible for decades.

Jonathan emerged from last month’s polls with a strong
mandate, having won 59 percent of the vote, but with a ruling
party (PDP) chastened by a weaker parliamentary majority and the
loss of several powerful state governorships.

Apr 28, 2011

Analysis: Nigeria’s new political landscape to test Jonathan

ABUJA (Reuters) – Nigerian President Goodluck Jonathan faces the toughest challenge of his career in uniting the country after elections which reshaped the political landscape and threw religious and ethnic fault lines into sharp relief.

This month’s polls, while far from perfect, have been heralded as a step change in Africa’s most populous nation, which had experienced virtually nothing but military rule and rigged votes for the past half century.

Apr 26, 2011

Nigerians vote in poll finale despite violence

UYO, Nigeria (Reuters) – Nigerians voted in state governorship elections on Tuesday that were plagued by irregularities but largely free from the violence that left hundreds dead after a presidential poll earlier this month.

Tuesday’s vote is the last stage of an election process that while considered to have been the fairest in decades has not escaped the violence long associated with Nigerian politics.

Apr 26, 2011

Nigeria heads for polls finale after bloody riots

UYO, Nigeria, April 26 (Reuters) – Nigeria headed to the
polls on Tuesday to choose powerful state governors amid fears
of a resurgence of the violence that left hundreds dead after a
presidential election earlier this month.

Tuesday’s vote is the last stage of an election process that
while considered to have been the fairest in decades has not
escaped the unrest long associated with Nigerian politics.

Apr 25, 2011

High stakes as Nigerians vote for state governors

UYO, Nigeria (Reuters) – After a parliamentary vote delayed by administrative chaos and a presidential election that triggered deadly rioting, Nigerians head to the polls Tuesday to elect state governors who exert more control on their lives.

The contests are set to be fiercely fought. The 36 state governors are among the most powerful politicians in Nigeria, wielding influence at national level and controlling budgets in some cases larger than those of small African nations.

    • About Nick

      "Based in Lagos since early 2008, responsible for coverage of Africa's most populous nation. Previously based in Senegal for four years, covering West and Central Africa, and before that in Germany and Britain."
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