Fitch revises Nigeria’s credit outlook to negative
NEW YORK/LAGOS, Oct 22 (Reuters) – Fitch Ratings on Friday
lowered its sovereign credit outlook on Nigeria to negative from
stable, citing the depletion of its windfall oil savings and
heightened political uncertainty ahead of elections next year.
Nigeria’s rating of BB-minus, three notches below investment
grade, was affirmed, Fitch said in a statement.
Nigeria militants threaten new bomb attack in Abuja
LAGOS (Reuters) – A Nigerian militant group said on Friday it planned to carry out another bomb attack in the capital Abuja this month, after claiming twin car bombs in the city two weeks ago which killed at least 10 people.
The October 1 blasts near an independence day parade and the threat of further violence have raised political tensions in Africa’s most populous country as it prepares for nationwide elections due to be held next April.
Nigeria banker’s fall a symbolic step in graft war
LAGOS, Oct 11 (Reuters) – When Nigeria’s central bank sacked
eight of the country’s most senior bankers last year during an
unprecedented $4 billion bailout, many doubted they would be
prosecuted, let alone jailed.
Just over a year later, Cecilia Ibru, the former head of
Oceanic Bank (OCEANIC.LG: Quote, Profile, Research, Stock Buzz), was sentenced on Friday to six months
in prison for fraud and agreed in a plea bargain to hand over an
eye-popping 190 billion naira ($1.2 billion) worth of assets.
Lax UK bank oversight aids Nigeria graft -watchdog
LAGOS, Oct 11 (Reuters) – Britain needs to enforce money
laundering regulations more strictly after some of its leading
high street banks accepted millions of pounds in deposits from
corrupt Nigerian politicians, a graft watchdog said on Monday.
Global Witness said in a 40-page report that five banks had
taken millions of pounds between 1999 and 2005 from two former
Nigerian governors accused of corruption, but had failed
sufficiently to investigate the customers or the source of their
funds. ( www.globalwitness.org )
Bomb fallout overshadows run-up to Nigeria elections
LAGOS, Oct 7 (Reuters) – Less than a month after launching
his election campaign in a blaze of optimism, Nigerian President
Goodluck Jonathan has found himself fighting a potentially
damaging propaganda war over last week’s car bombs.
Jonathan’s assertion that rebels from his Niger Delta home
region were not wholly responsible for twin bomb attacks near an
independence day parade last Friday has laid him open to a
barrage of criticism from rivals who accuse him of partisanship.
Nigeria’s leader fights propaganda war
Less than a month after launching his election campaign in a blaze of optimism, Nigerian President Goodluck Jonathan has found himself fighting a potentially damaging propaganda war over last week’s car bombs.
Jonathan’s assertion that rebels from his Niger Delta home region were not responsible for the twin bomb attacks near an independence day parade last Friday has laid him open to a barrage of criticism from rivals who accuse him of partisanship.
As the first head of state from the southern Niger Delta, Jonathan already faced a tough battle convincing some in the ruling party to back his election bid and jettison a gentleman’s agreement that means the next president should be a northerner.
The unwritten pact in the People’s Democratic Party (PDP) is meant to prevent tribalism and regional rivalries becoming a factor in federal politics by ensuring power rotates every two terms between north and south.
Jonathan’s comments that the Movement for the Emancipation of the Niger Delta (MEND), which claimed the blasts, was not responsible and suggestions from the authorities that associates of his main rival, former military ruler Ibrahim Babangida, may be involved have infuriated and united his northern opponents.
“The man … who only a few weeks ago moved us with lofty words of hope and a vision of transformation, shot himself in the foot and then put the bloody foot in his mouth,” wrote Tolu Ogunlesi, a journalist on Nigeria’s Next newspaper.
“The incident momentarily stripped him of his presidential garb and wrapped him in the gaudy garments of a tribal chieftain,” he said.
Babangida and three other northerners running against him in the primaries issued a joint statement slamming Jonathan for “exonerating” MEND and accusing him of using the bomb blasts as a pretext to intimidate his opponents.
A separate group of northern politicians led by ex-finance minister and founding PDP member Adamu Ciroma described it as a “rude shock to the nation” and called on Jonathan to resign.
Their fury was piqued by the brief detention of Babangida’s campaign director Raymond Dokpesi for questioning over the blasts by the secret service on Monday.
The presidency said the investigations were being carried out on the back of U.S. and British as well as Nigerian intelligence and that anybody could be invited for questioning.
“It is unfortunate that an unprecedented national tragedy of this nature has been politicised by people whose only interest is what they can get from the country and not what the country can get from them,” Jonathan said on his Facebook page.
“They specialise in playing one part of the country against the other and riding on sectional sentiments to promote their narrow ambitions,” he said.
Jonathan started his election campaign almost three weeks ago on a high, having unveiled plans to privatise the power sector and end chronic power shortages, better manage the country’s oil savings and fight criminality.
He pledged a new era of leadership “uncontaminated by the prejudices of the past” and his campaign team hoped the momentum would carry him into the primaries, originally due this month.
But the timetable was revised to allow the electoral authorities to overhaul voter lists, handing his northern rivals more time to steel themselves.
The bomb blasts were another blow to his strategy.
Beneath all the finger pointing and rhetoric, none of Nigeria’s political class emerge well from the episode.
Jonathan was vice president when Henry Okah, a senior militant figure charged in Johannesburg this week with conspiring to carry out the attacks, had treason and gun-running charges against him dropped under an amnesty deal.
Aliyu Gusau, another northern presidential candidate who has criticised Jonathan, was the country’s national security adviser until three weeks ago. Security experts say Friday’s attacks would have been months in the planning.
Babangida’s opponents say his assertion that Jonathan does not have a firm grip on national security is rich coming from a man largely remembered for his 1993 cancellation of an election generally regarded as fair which led to civil unrest and a bloody crackdown by the security forces.
“Politicians in Nigeria are very good at arguing with each other,” said Antony Goldman, a Nigeria expert and head of London-based PM Consulting.
“But the temptation to try to extract political advantage from a national emergency reveals the deeper issue that ten years after the end of military rule, the whole political class struggles to make itself relevant to the people.”
The propaganda war will rumble on and it is unclear what impact, if any, it will have on the candidates’ fortunes. But it bodes ill for any hopes that the elections will be based on real issues rather than scaremongering and personality clashes.
“The bomb blast is a shame because it could have been prevented, but you know in Nigeria we don’t pay attention to the things that really matter,” said Kehinde Osho, 24, a graphic artist in the commercial hub Lagos.
“Elections are next year and the voters are not even registered yet. We are fighting a lost battle — we won’t have a credible election with this kind of preparation.”
Analysis: Bomb fallout overshadows run-up to Nigeria elections
LAGOS (Reuters) – Less than a month after launching his election campaign in a blaze of optimism, Nigerian President Goodluck Jonathan has found himself fighting a potentially damaging propaganda war over last week’s car bombs.
Jonathan’s assertion that rebels from his Niger Delta home region were not responsible for the twin bomb attacks near an independence day parade last Friday has laid him open to a barrage of criticism from rivals who accuse him of partisanship.
Q+A-What are the consequences of Nigeria’s bomb attacks?
LAGOS, Oct 5 (Reuters) – Car bombs claimed by Nigeria’s main
militant group may not be the start of a crippling campaign of
violence against the oil industry but they could pose a wider
threat to political stability in the run-up to elections.
Following are some questions and answers about the bomb
attacks, who could be responsible, and what the consequences
might be for the oil sector and the political landscape.
Q+A: Nigeria’s presidency and the north-south question
LAGOS (Reuters) – Nigerian President Goodluck Jonathan on Saturday launched his campaign for elections due in January, but will need to persuade northern factions to back him if he is to win a clear victory in the ruling party primaries.
Although not formally set in writing, there is an agreement among the political elite in the ruling People’s Democratic Party (PDP) that the presidency should alternate between north and south after every two four-year terms.
Nigeria president declares election bid on Facebook
LAGOS (Reuters) – Nigerian President Goodluck Jonathan on Wednesday declared his intention to run in January elections on social networking site Facebook, in an apparent bid to divert attention from a rally being held by a key rival.
A statement appeared on Jonathan’s Facebook page announcing his intention to run as thousands of people convened in a square in the capital Abuja for the campaign launch of his rival, former military ruler Ibrahim Babangida.

