Twenty-four hours after President Bola Tinubu revealed strategies to address the ongoing food crisis, the Federal Competition and Consumer Protection Commission (FCCPC) took decisive action, sealing Sahad Store, a prominent supermarket in Abuja’s Garki area.

The move follows accusations of deceptive pricing practices, sparking a wave of criticism from economists. Acting Executive Vice Chairman of the FCCPC, Adamu Ahmed Abdullahi, leading the enforcement, asserted the commission’s findings of price manipulation by the store management.

“What we have found out that these people are doing is misleading pricing and lack of transparency in the pricing, which is against Section 115 (3) of the law,” Abdullahi stated.

He emphasized that the store would remain closed pending further investigation, citing legal consequences for such violations.

“In the long run, they sent a lawyer whom we asked if he was familiar with the facts of the case. He said he wasn’t. To unseal the store, they have to make sure that they do what is required to be done,” Abdullahi added, emphasizing the gravity of the situation.

This development coincides with the federal government’s collaboration with state governors to combat hoarding of essential commodities. Minister of Information and National Orientation, Mohammed Idris, announced the formation of a committee to address this issue following a meeting convened by President Tinubu.

“Mr. President has agreed to set up a committee to deepen the conversation that has happened at the just-concluded meeting. Of course, you know that it is impossible to complete most of the issues that were raised at the meeting so it is going to be a continuous one.

“The National Security Adviser, the Director General of the state services, and the Inspector General of Police have been directed to coordinate with the state governors to look at the issue of those hoarding commodities.

“At this point, the nation requires foods to be brought out to the people so that we can control prices and put food on the table of most Nigerians. Other commodity traders are busy hoarding these commodities so that Nigerians will suffer or they will make more money as a result. ?
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“So the governors and Mr. President have taken this decision that security agencies will collaborate with the state governors to ensure that this ends,” the minister said.

The Nigerian Customs Service (NCS) also arrested a fleet of trucks exporting food products from Kebbi State to Niger Republic.

Customs intercepts food trucks going to Niger Republic in Kebbi https://t.co/f8D2O8fYAF

— P.M. NEWS (@pmnewsnigeria) February 16, 2024

However, economic experts have voiced concerns over the approach, warning of its potential repercussions. Financial analyst Kelvin Emmanuel criticized the move, labeling it as “a very dangerous thing” that could deter investor confidence and disrupt market dynamics.

“It’s a very dangerous thing and a huge red flag to investors in industrial goods as well as FMCG,” said financial analyst Kelvin Emmanuel. “That the President will mandate security agencies to raid warehouses holding goods under the pretext of fighting hoarding. Whoever is advising the President is doing him a huge disservice. Focus on demand and supply economics fgs!”

The government’s crackdown on businesses and the implementation of new measures to tackle hoarding has stirred concerns about broader economic implications and its potential for exacerbating hardships faced by the populace. Critics argue that a more holistic approach addressing underlying economic fundamentals is crucial to achieving sustainable solutions to the ongoing crisis.

Very strange that landlocked countries could do this: “The junta-led Burkina Faso, Mali, and Niger have disclosed a plan to establish a confederation that will deepen their ties following their exit from the regional West African bloc.

“According to the statement issued by the Malian foreign ministry on Thursday, the three countries would form the Alliance of Sahel States (AES). The three neighboring countries in the Sahel region announced in January they would quit the Economic Community of West African States (ECOWAS), despite a decision by the bloc urging them to rethink.”

On paper, this alliance makes no economic sense. Yet, things happen. Just raise the tariffs transiting to them by 1000%, and they will understand a different language in trade! Of course, they can also go to court and argue that you cannot do that due to the African Union charter. 

This is a lesson for ECOWAS. The best way to protect democracy is free and fair elections. The citizens are not stupid as we have seen in Gabon and some of these countries. You cannot use sanctions to fix improper elections where votes are illegally stolen.

Of course, this is not to support what these khaki men do. My point is that when we fail to have free and fair elections, we create fertile grounds to allow them to operate. Look at Gabon, and some of these countries, and examine the support from the citizens. Yes, the citizens are just fine!

ECOWAS and AU must work harder to make sure elections are done right. 

The junta-led Burkina Faso, Mali, and Niger have disclosed a plan to establish a confederation that will deepen their ties following their exit from the regional West African bloc.

According to the statement issued by the Malian foreign ministry on Thursday, the three countries would form the Alliance of Sahel States (AES). The three neighboring countries in the Sahel region announced in January they would quit the Economic Community of West African States (ECOWAS), despite a decision by the bloc urging them to rethink.

Reuters reported that during a meeting in the Burkinabe capital of Ouagadougou, the three ministers from the respective countries affirmed their collective dedication to promptly withdrawing from ECOWAS.

They “reaffirmed their commitment to advancing resolutely in the process of implementing the AES and creating the Tri-State Confederation,” the Malian foreign ministry said in an online post. The group has not revealed details on how the proposed confederation would operate or on how closely they plan to align political, economic, and security interests.

One of the mishaps in the three countries is their struggle to contain an epidemic battle with Islamist insurgents that has destabilized the subregion. In November 2023, their finance ministers said they would weigh the option of establishing a monetary union, and top officials from all three countries have, to varying degrees, voiced support for abandoning West Africa’s CFA franc common currency.

The juntas have all severed long-standing military ties with former colonial ruler France, dealing a blow to France’s influence in the Sahel and complicating international efforts to fight the militants linked to al Qaeda and Islamic State.

Nigerian leader and ECOWAS Chairman, President Bola Tinubu has had to face challenges of restoring democratic governments in the three countries, as his efforts were met with opposition. He sent a delegation at different times including former military leader, Abdulsalam Abubakar, and Benin Republic President Patrice Talon, to Niger which experienced the recent military takeover.

On 26 July 2023, a coup d’état occurred in Niger when the country’s presidential guard detained President Mohamed Bazoum, and Presidential Guard commander General Abdourahamane Tchiani proclaimed himself the leader of a new military junta, shortly after confirming the coup a success.

Before Niger’s coup d’état took place, Burkina Faso, on 30 September 2022, had its military takeover when the Interim President Paul-Henri Sandaogo Damiba was removed over his alleged inability to contain the country’s Islamist insurgency. Damiba had come to power in a coup d’état eight months earlier before Captain Ibrahim Traoré took over as interim leader.

In 2021, the Malian coup d’état began on the night of 24 May when the Malian Army led by Vice President Assimi Goïta captured President Bah N’daw, Prime Minister Moctar Ouane and Minister of Defence Souleymane Doucouré. Goita has remained in power since then.

The implications abound

The potential implications of a new confederation in West Africa are multifold. Firstly, it could lead to a consolidation of power among the junta-led governments, potentially entrenching authoritarian regimes in the region. This could further exacerbate issues of governance, human rights abuses, and political instability.

Secondly, the confederation could disrupt existing regional dynamics, particularly within ECOWAS, and strain diplomatic relations between member states. Thirdly, the withdrawal of these countries from ECOWAS and the establishment of a new confederation could weaken regional efforts towards economic integration, security cooperation, and development initiatives.

Lastly, the confederation may face challenges in gaining international recognition and legitimacy, particularly if it is perceived as undermining democratic norms and principles. Overall, the establishment of a new confederation in West Africa has the potential to reshape regional politics and security dynamics, with significant implications for stability and governance in the Sahel region.