20 Apr

Infographs – EFCC’s recoveries

The data contained in the infographs paint a picture of monies recovered by the EFCC in the War on Corruption since 2015. This data, accurate as of 19 April 2017, was compiled from public sources, mainly the EFCC’s website, and newspaper reports. All data which had a single source was eliminated.

Download details of recoveries (2 pages)

04 Apr

What does Nigeria’s amended electoral act mean?

In one of its more consequential decisions, Nigeria’s Senate on March 30, passed the Electoral Act No. 6 2010 (Amendment) Bill 2017. This follows years of mostly unsuccessful attempts – the current amendments are aimed at instituting more reform in the electoral process and make it freer, fairer and credible.

Last Thursday’s amendments are the most ambitious and wide ranging attempt at further enhancing the provenance of electoral conduct in Nigeria. The new

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30 Mar

The tragedy in Benue – Zaki Biam through the eyes of people there

Fifty. That is the minimum number of people residents say were killed in an attack on the evening of Monday, 20 March, 2017 by gunmen on the yam market in Zaki Biam, Benue State. Samuel Ortom, the governor of Benue State, has said that the number of dead is less than twenty.

At about 3 pm on that day, the gunmen, amongst whom was a woman, stormed the market in a pick-up truck, four Toyota Corolla vehicles and about twelve motorcycles, and began shooting at the hundreds

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13 Mar

How much does your pot of jollof cost? The SBM Jollof Index

The SBM Jollof index is a composite index that tracks the prices of the main ingredients used to prepare a pot one of Nigeria’s primary delicacies – Jollof rice. This meal was chosen because it is a delicacy in every part of the country. We believe that this index gives a bird eye’s picture of national inflationary trends.

An SBM tally of these prices since the second half of 2016 has showed a quarter by quarter increase in the average national index– from

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02 Mar

Could Jihadis confront each other in the Sahel?

In what is sure to have significant security and counter-terrorism implications on three continents, al-Mourabitoun, AQIM (AL Qaeda in the Maghreb), Ansar Dine, Macina Liberation Front have announced that they have all joined together to create a new but unified al-Qaeda Trans-Sahelian franchise.

While some, or all of the groups have been operating in concordance at least since late 2015, this public declaration changes the game in some ways, and is significant in that

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27 Feb

The dollar rain – a look at the FX situation

Last week saw a rare sell-off in the FX parallel market. After recording all time lows the previous week, the naira strengthened to between ₦440 and ₦460 per US dollar following the release of new foreign exchange policy guidelines by the Central Bank of Nigeria, and subsequent market intervention.

The question at this point is which market reflects the true value of the naira. Is it an under-supplied interbank market into which CBN intervenes to repeatedly to cushion

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21 Feb

La crise au Cameroun – How does it affect Nigeria?

There is a situation in the South-West and North-West regions of Cameroon. These, the only English-speaking regions in the country, account for about 19 percent of the population.

In November 2016, lawyers and teachers took to the streets to protest against perceived marginalisation and the use of French in courts and schools in the English-speaking regions of the country.

The government responded by sending soldiers and military police to suppress the protests. The

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07 Feb

A critical look at the Southern Kaduna crisis

Dan Azumi moved back home to Sanga in Kaduna in 1994 with his parents. Some of his siblings are married and reside in Fadan Karshi. His late sister, Ande, got married to a Gwandara man and they had five children.

According to Dan, his village was attacked by some Fulani who the villagers claimed had a week prior, sent a letter informing the community they would be carrying out a raid of the community. Men and young adults formed a vigilante group. At about 10pm on the

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02 Feb

Analysis – What does Morocco’s reentry into the AU mean for Nigeria?

The African Union’s re-admittance of Morocco brings to an end a 33 year old dispute that began in 1984 when members of the then Organisation of African Unity—including Nigeria—voted to admit the Sahrawi Arab Democratic Republic (a partially recognized state that controls a thin strip of area in the Western Sahara) into its fold, despite protests from Morocco which has laid claim to the territory.

Western Sahara, a sparsely populated region in the Sahara Desert

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24 Jan

Analysis – Much ado about FX

In December 2016, SBM Intelligence was commissioned to do a study on the FX market. The report was delivered, and the client granted permission for an updated and redacted version to be released to the public six weeks after the presentation of the original report.

Being a largely import dependent consuming economy, Nigeria needs foreign exchange in order to function. This has been the story for half a century at least.

The Nigerian FX market has evolved over the years

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