Bola Tinubu

Niger coup: west African union has pledged to intervene – but some members support the plotters

Retrieved on: 
Thursday, August 3, 2023

Tinubu insisted that Ecowas would work collectively to combat terrorism and promote democracy in west Africa, explaining:

Key Points: 
  • Tinubu insisted that Ecowas would work collectively to combat terrorism and promote democracy in west Africa, explaining:
    We must stand firm on democracy.
  • There is no governance, freedom and rule of law without democracy.
  • We will not accept coup after coup in west Africa again.
  • But the junta has pledged not to back down despite these “inhumane sanctions”.

What is Ecowas?

    • Over the years, it has expanded its remit to include a security role.
    • In neighbouring Sierra Leone, Johnny Paul Koroma, an army major, led a military coup on May 25 1997, overthrowing the government of Ahmad Tejan Kabbah.

Stretching military capacity

    • But conditions are very different in the region now from when the organisation successfully led the interventions described above.
    • West Africa is riddled with violence associated with jihadi terrorism involving Islamic State’s West Africa Province (ISWAP) and Boko Haram.
    • These issues have stretched the military capacity of Ecowas member states, many of whom have their own problems to deal with.

Unpopular leader

    • His election was also condemned in some quarters as cronyism, as he was the handpicked successor of the outgoing president Mahamadou Issoufou.
    • Bazoum’s decision to ban members of his government from having more than one wife has also ruffled powerful feathers.
    • His chief of staff, General Christopher Musa, has assembled Ecowas defence ministers for a two-day summit in Abuja.

Four priorities for Nigeria’s newly elected national assembly

Retrieved on: 
Monday, July 3, 2023

The 109 senators and 360 representatives were elected on 25 February 2023.

Key Points: 
  • The 109 senators and 360 representatives were elected on 25 February 2023.
  • Godswill Akpabio was elected Senate president and Tajudeen Abass House of Representatives speaker.
  • In Nigeria, the power of the National Assembly’s two houses to legislate is enshrined in section 4 of the 1999 constitution.

Issues deserving attention

    • I think the National Assembly should focus on the following issues for the next four years: the economy; power supply; infrastructure; and security.
    • The recent removal of the fuel subsidy will make it harder for people to make a living and survive.
    • Thus, a legislative agenda to redeem the national economy is imperative..

      Read more:
      Nigeria's economy: four priorities president-elect Bola Tinubu must deliver on

      .

    • Power supply Second, meaningful economic policies and programmes require a regular power supply.
    • Since 1999, an estimated N11 trillion (about US$14 billion) has reportedly been committed by successive governments to electricity supply.
    • On top of this, a 40% electricity tariff hike is due to take off on 1 July.

The way forward

    • Since the Fourth Republic began on 29 May 1999, Nigerians have been waiting in vain for the assembly to fulfil this role.
    • Under President Olusegun Obasanjo’s government from 1999 to 2007, the National Assembly was unable to assert its relevance.
    • When other institutions of the government fail in their responsibilities, the legislature cannot afford to fail its principal, the people.

Nigeria's new foreign exchange policy is good news - but it can't work wonders for the economy on its own

Retrieved on: 
Tuesday, June 20, 2023

The Central Bank of Nigeria recently announced changes to the way the country’s foreign exchange market will work.

Key Points: 
  • The Central Bank of Nigeria recently announced changes to the way the country’s foreign exchange market will work.
  • Foreign currencies can now be bought and sold at rates determined by the market – not by the central bank.
  • The huge gap between the official and unofficial rates caused severe shortages of foreign exchange by discouraging supply.
  • The three key problems that afflict Nigeria’s foreign exchange market are the lack of transparency, foreign exchange shortages and volatility.
  • It should reduce Nigeria’s bloated parallel market for foreign exchange, discourage rent-seeking, foster a stable macroeconomic environment, attract foreign investment, boost exports, stabilise the exchange rate and prevent the dollarisation of the economy.

Deflating a bloated parallel market

    • Allowing market forces to determine the exchange rate will eventually bring the parallel and official rates together.
    • But some black market activity will remain, not least for money laundering and other illicit financial transactions.

From rent-seeking to productive investment

    • There are people whose main preoccupation is to mop up foreign exchange at the official rate and then flip the currency at the black market rate.
    • If the new policy is put into practice effectively, these speculators will have to engage in more productive activities.

Macroeconomic stability and economic growth

    • The new policy will foster exchange rate stability and predictability.
    • Previously, it was unclear how the central bank determined the exchange rate.
    • What matters for economic growth and development is not the exchange rate itself but whether it is likely to change rapidly.

Attraction of foreign and portfolio investment

    • It becomes very challenging to forecast the return on investment.
    • This causes a fall in the supply of foreign exchange.
    • Speculators hoard foreign currencies (depleting supply), while those awash with naira mop up whatever foreign currencies they can find – increasing demand.

Export growth and long-term exchange rate stability

    • This will ultimately make Nigerian goods cheaper in the international market and increase the flow of foreign exchange through exports.
    • This will be a short-term effect, as a more stable exchange rate will boost the economy’s productive capacity in the long run, and subsequently curb inflation.

A decrease in the pressure for dollarisation


    The new foreign exchange policy will reduce the pressure to use US dollars. Businesses in Nigeria have tended to demand payment in hard currencies. The US dollar has been used as a “store of value” because of inflation and the fall in the naira’s value. Preference for hard currencies will lessen if the new policy stabilises the exchange rate.

Conclusion


    In the final analysis, what determines the stability and effectiveness of a country’s exchange rate policy is the state of the economy and the quality of the country’s economic policies. People should not expect the new exchange rate policy to work wonders. The naira will become more stable only when the country attracts investors and tourists, diversifies the economy and exports more non-oil products.

Nigeria's fuel subsidy: it's time to kill it and spend the money in ways that benefit the poor

Retrieved on: 
Thursday, May 4, 2023

These include rising cost of living which is reflected in double-digit inflation, stagnant wages, non-payment or the late payment of salaries, a cash crunch and fuel scarcity.

Key Points: 
  • These include rising cost of living which is reflected in double-digit inflation, stagnant wages, non-payment or the late payment of salaries, a cash crunch and fuel scarcity.
  • It is expected that President-elect Bola Ahmed Tinubu will jettison Nigeria’s fuel subsidy, which is estimated to cost the Nigerian treasury about US$10 billion annually.
  • In recent years the World Bank has been urging Nigeria to remove the fuel subsidy.
  • There are concerns that the removal of the subsidy will impose even further hardships on Nigerians by raising fuel and transportation costs.
  • The fuel subsidy should be discontinued, and a significant portion of the savings distributed to low-income Nigerians.

Three reasons why subsidies are bad

    • Over-consumption: Setting fuel price below market price encourages over-consumption, with no significant linkage effects on other sectors of the economy.
    • Linkages are usually created when the consumption of a good or service results in the emergence of new economic activities.
    • The global trend is to discourage fuel consumption by making it more expensive through higher sales taxes.
    • With an abysmally low minimum wage of N30,000 per month and non-availability of car loans, most Nigerian workers cannot afford a car.

Solutions

    • These are described by the United Nations Conference on Trade and Development as:
      the productive resources, entrepreneurial capabilities and production linkages that together determine a country’s ability to produce goods and services that will help it grow and develop.
    • the productive resources, entrepreneurial capabilities and production linkages that together determine a country’s ability to produce goods and services that will help it grow and develop.
    • This practice is partly responsible for the perennial fuel scarcity in Nigeria.
    • Cash transfers: Savings from scrapping the fuel subsidy could be used to augment Nigeria’s Conditional Cash Transfers programme.
    • The inflationary impact of cash transfers from fuel subsidy savings will be minimal, since new money is not created in the economy.
    • The harsh reality is that fuel subsidies benefit mainly upper class households, who consume most of the fuel in Nigeria.

Conclusion


    At first blush, one might think it’s politically risky for the Bola Tinubu administration to start on the rocky foundation of scrapping Nigeria’s fuel subsidy. But fixing difficult and politically unpopular economic problems is a hallmark of effective leadership. If implemented properly, fuel subsidy removal may be an important legacy of the Tinubu administration, one that will differentiate him from past administrations.

Tinubu Appoints Gilles Goaoc as Surety Business Manager EMEA & APAC, Subject Matter Expert

Retrieved on: 
Tuesday, September 20, 2022

Key Points: 
  • View the full release here: https://www.businesswire.com/news/home/20220920005129/en/
    Gilles GOAOC - Surety Business Manager for EMEA & APAC regions & Subject Matter Expert at Tinubu (Photo: Tinubu)
    Gilles Goaoc as Surety Business Manager EMEA & APAC, Subject Matter Expert.
  • Gilles has a solid background as a surety expert and is recognized for his business development skills.
  • He then joined Atradius as a Market Manager, in charge of Credit Insurance products and, more specifically, Surety & Guarantee solutions.
  • I am very excited to join the Tinubu team bringing my expertise to develop innovative digital surety solutions for the ecosystem, states Gilles Goaoc.

Tinubu® Square Rebrands as Tinubu

Retrieved on: 
Tuesday, April 19, 2022

Tinubu is now the commercial and brand name of our company, as well as the prefix of all our product names.

Key Points: 
  • Tinubu is now the commercial and brand name of our company, as well as the prefix of all our product names.
  • Tinubu covers the entire value chain of credit insurance & surety with one end-to-end platform, said Jrme Pez, co-founder and CEO.
  • Over the last 5 years, Tinubu has been consolidating and scaling up its Credit Insurance and Surety products and services offering.
  • Read more on tinubu.com Tinubu on Twitter Tinubu on Linkedin
    View source version on businesswire.com: https://www.businesswire.com/news/home/20220419005575/en/

Tinubu Square Appoints Aurelien Pelletier as Chief Product & Technology Officer

Retrieved on: 
Wednesday, January 26, 2022

Tinubu Square, a proven SaaS solutions editor and a leader in enabling Credit Insurance & Surety digital transformation, is expanding.

Key Points: 
  • Tinubu Square, a proven SaaS solutions editor and a leader in enabling Credit Insurance & Surety digital transformation, is expanding.
  • To sustain its current growth, Tinubu recently made acquisitions, onboarded new technologies and is equipping itself with the capabilities to achieve its ambitions.
  • View the full release here: https://www.businesswire.com/news/home/20220126005498/en/
    This is reflected in the investments made in its products, but also in the evolution of its organization, such as the arrival of Aurlien Pelletier as Chief Product & Technology Officer, a recognized specialist in cutting-edge digital technology.
  • Tinubu Square has an international footprint with customers in over 20 countries, including 30 of the top 60 worldwide Credit & Surety underwriters.

Tinubu® Square Announces Acquisition of U.S. Company eSURETY®

Retrieved on: 
Monday, March 9, 2020
Key Points: 
  • View the full release here: https://www.businesswire.com/news/home/20200309005409/en/
    Jrme Pez, Tinubu Square Group, founder and CEO, declared: By combining expertise and resources with eSURETY, Tinubu Square Group provides its end-to-end solutions to 30 of the top 60 credit and surety underwriters.
  • Six years ago, we launched Tinubu Square Americas, said Olivier Placca, Tinubu Square Group co-founder and Deputy CEO.
  • Based on this success and experience, with the recent 15 million euros cash equity increase , Tinubu Square moved on this acquisition.
  • Committed to pursuing the development of eSURETY and Tinubu Square Solutions, Dan Buckles, former CEO of eSURETY, was appointed Deputy CEO of Tinubu Square Americas and President of Tinubu Square Surety Americas.

Insuretech Tinubu Square Raises €15M Capital Investments

Retrieved on: 
Thursday, February 13, 2020

Tinubu Square, the market leader for enterprise software solutions to Credit and Surety Insurers, announces an additional investment of 15M by New York-based Long Arc Capital and the French investment bank Bpifrance.

Key Points: 
  • Tinubu Square, the market leader for enterprise software solutions to Credit and Surety Insurers, announces an additional investment of 15M by New York-based Long Arc Capital and the French investment bank Bpifrance.
  • Tinubu Square intends to use the additional 15M of capital to target high growth international markets for Credit Insurance and Surety software.
  • At the end of 2017, Long Arc Capital and Bpifrance invested 53M in Tinubu Square.
  • The Tinubu team has performed incredibly well over the last few years, said Vincent Fleury, Tinubu Board Member and a Partner of Long Arc Capital.

Tinubu Square Reaches Top 5 of Corda InsurTech Challenge and Demonstrates a Unique Breakthrough Solution for Surety Industry Players

Retrieved on: 
Thursday, August 29, 2019

Tinubu Square has progressed through a number of different rounds, initially competing against more than 60 companies.

Key Points: 
  • Tinubu Square has progressed through a number of different rounds, initially competing against more than 60 companies.
  • The entrants were asked to design a CorDapp that could be used to solve a unique insurance business challenge.
  • The CORDA InsurTech Challenge has been a stimulating and often demanding test for the Tinubu Innovation LAB, commented Jrme Pez, CEO and founder of Tinubu Square.
  • Founded in 2000, Tinubu Square is a software vendor, enabler of the Credit Insurance, Surety and Trade Finance digital transformation.