WESTERN PERSPECTIVE

Russia launches 'inhuman' Christmas Day attacks, Ukraine says

Russia attacked Ukraine's energy system and some cities with cruise and ballistic missiles plus drones on Wednesday in an "inhuman" Christmas Day assault, Ukraine's President Volodymyr Zelenskiy said.

Nearly three years into the war, the strikes wounded at least six people in the northeastern city of Kharkiv and killed one in the region of Dnipropetrovsk, the governors there said.

U.S. President Joe Biden denounced the "outrageous" attack and said he had asked the U.S. Defense Department to push forward with a new surge of military aid to Kyiv.

Half a million people in Kharkiv region were left without heating, in temperatures just a few degrees Celsius above zero, while there were blackouts in the capital Kyiv and elsewhere.

"Today, (Russian President Vladimir) Putin deliberately chose Christmas to attack. What could be more inhuman? More than 70 missiles, including ballistic missiles, and more than a hundred attack drones," he said.

Russia's Defence Ministry confirmed it had conducted a "massive strike" on what it said were critical energy facilities supporting the work of Kyiv's "military-industrial complex".

"The aim of the strike was achieved. All facilities have been hit," it said in a statement.

Ukraine's military said its air defences downed 59 Russian missiles and 54 drones overnight and on Wednesday morning.

Biden, who is being replaced by Donald Trump next month, said the purpose of the attack was "to cut off the Ukrainian people's access to heat and electricity during winter and to jeopardize the safety of its grid".

Washington has committed $175 billion in aid for Ukraine. It is not certain the flow will continue at that pace under Trump, who has said he wants to bring the war to a quick end.

In Moldova, Ukraine's western neighbour, pro-European President Maia Sandu said one Russian missile crossed through her country's airspace during the air assault.

"While our countries are celebrating Christmas, the Kremlin has chosen the path of destruction, launching strikes on Ukraine's energy infrastructure and violating Moldova's airspace," Sandu wrote on social media.

Moldova has seen several cases of drone fragments landing on its territory and missiles passing through its airspace.

Ukrainians were marking their second Christmas on Wednesday, according to a new calendar in another step towards erasing Russian influence.

Most Ukrainians are Orthodox Christians and the independent Orthodox Church of Ukraine, set up in 2018, agreed in 2023 to move away from the traditional Julian calendar used in Russia where Christmas is on Jan. 7.

Russia has intensified attacks on the Ukrainian energy sector since spring of this year, damaging almost half of its generating capacity and causing prolonged blackouts.

'RUSSIA WEAPONIZES WINTER'

Ukraine's air force said Kharkiv was attacked by ballistic missiles. Regional governor Oleh Syniehubov said on Telegram there was damage to civilian non-residential infrastructure, without giving more detail.

Dnipropetrovsk Governor Serhiy Lysak said the fatality there occurred in an attack on regional power facilities.

"Since the morning, the Russian army has been massively attacking the Dnipro region. It is trying to destroy the region's power system," he said.

Ukrainian Energy Minister German Galushchenko said on Facebook that Russia was massively attacking the power sector and that restrictions on electricity supply were in place.

Ukraine's largest private energy company DTEK said its generating facilities were attacked, with power equipment seriously damaged, in the 13th large-scale assault on the energy sector this year.

"We appeal to every ally of Ukraine to end this state-sponsored terrorism now by giving our armed forces the air defence ammunition they need to protect essential energy infrastructure," DTEK CEO Maxim Timchenko said in a statement.

"Russia's Christmas gift to Ukraine: more than 70 missiles and 100 drones, directed at Ukrainian families celebrating in their homes and the energy infrastructure that keeps them warm," said U.S. Ambassador Bridget Brink.

"For the third holiday season, Russia weaponizes winter."

RUSSIAN PERSPECTIVE

Russian barrage hits Ukrainian defense infrastructure – MOD

Russian forces conducted massive long-range precision strikes against targets in Ukraine on Wednesday morning, the Defense Ministry in Moscow has reported.

Missiles and drones were launched at “critically important objects of Ukrainian energy infrastructure supporting the operation of the military-industrial complex,” the ministry said in a regular update. The Russian military said it had achieved all the goals it set for the strikes.

Moscow used some 70 missiles and over 100 kamikaze drones in the attack, Ukrainian Deputy Prime Minister Aleksey Kuleba claimed. Targets in six regions of the country came under fire, the senior official said, blaming damage caused by the weapons for exacerbating power and heating problems in Ukraine.

Ukrainian authorities announced rolling blackouts to stabilize the power grid, after detecting incoming Russian weapons. Energy Minister German Galuschenko said the measure was necessary to minimize the fallout from the expected damage.

Ukrainian leader Vladimir Zelensky claimed that Moscow deliberately “chose Christmas” for the strikes, referring to the fact that many Christians celebrate the holy day on Wednesday.

Orthodox Christians, the predominant religious denomination in Ukraine, use a different calendar and will celebrate Christmas on January 7. Kiev has been pushing the population to mark it Western-style rather than sticking to the traditional religious date as part of its campaign to sever all cultural and spiritual ties with Russia.

The Russian military previously reported the interception overnight of 59 Ukrainian drones launched against targets inside Russia. Of those, 26 robotic aircraft were downed over the border Belgorod Region, according to the statement.

On Wednesday morning, a powerful explosion rocked a shopping mall in the southern Russian city of Vladikavkaz, setting it on fire. Regional head Sergey Menyailo reported that it was likely caused by a downed plane-type drone, adding that investigators were looking for evidence at the scene. A woman was killed in the incident.

Reuters/RT

Within a mere four days, an estimated 70 people were recorded dead from three different instances of stampedes that occurred in Ibadan, Oyo State; Okija, Anambra State; and Abuja. In the case of Ibadan, the organisers had promised to give several gifts to as many as 5,000 children, but so many people turned up that the event went out of their control. Funny, when I heard the chief organiser, Olori Naomi Silekunola, promoting that event and saying they expect as many as 5,000 children, I briefly thought, “There we go again, the Nigerian penchant for stating figures without thinking of their import!”

In Nigeria, we have this habit of seeing figures as little more than zeroes on paper rather than an illuminative source of logical planning. Innumeracy—that is what they call it. While the term has been used for describing quantitatively incompetent individuals, it is hardly ever applied to a culture. But when you think about it, Nigeria variously suffers from this; it shows up when disasters like stampedes occur. Any event that involves 5,000 children will involve at least 2,500 parents if one parent brings two children. To Silekunola who kept announcing the number of expected guests and induced a hunger-driven public to attend her event, the idea of 5,000 children in a confined space probably never struck her as unwieldy. I doubt she can adequately visualise what 5,000 people would truly look like in space. Or she did not think so many people would respond to her invitation?

A statement attributed to Oriyomi Hamzat, one of the organisers of the carnival, stated that when he went to inspect the venue a day before the incident, she met Silekunola there, and “she said the place was more spacious than the place they wanted to use (earlier)”. But by what metrics did either she or Hamzat arrive at the logical conclusion that the place would be sufficient for the number of people they were expecting? Did they measure and calculate the space according to the number of people per square meter or simply use their eyes to judge? Did they factor in the number of exits and entrances necessary for a crowd that huge even if there were no gatecrashers?

Ideally, it should not be an individual event organiser’s job to work out the mathematics. It is the government’s responsibility to provide guidelines for every space where more than 50 people will gather. Every event centre should have safety protocols limiting the number of people who can occupy available space. You should also not be allowed to claim that you have a space that can contain, say 5,000, until you demonstrate the capacity to handle emergencies that can occur because of that many people staying within a confined space.

Not to exonerate the organisers of the event, but what was the Oyo State Government doing when they heard repeated announcements that 5,000 children were being invited to a carnival that would take place within a school compound? Now, they have arrested the event organisers, but are they taking responsibility for their own failures?

Our lack of quantitative sophistication is why we are a society where anyone can get away with anything. There is a reason we build a massive event centre to host large gatherings but forget to add parking spaces commensurate with the number of people we say can occupy the building. Hardly anyone even thinks of an evacuation plan as they design such buildings. God help you if a disaster breaks out.

An innumerate society does not count to plan; they plan and then count later. When they eventually count, they tamper with the figures because they are not looking for the truth; they just want to score some goals. That infidelity with numbers routinely shows up in every aspect of our lives. To date, nobody can definitively state the population of Nigeria. We go by exaggerated estimates. We plan in darkness.

Underlying the drama that followed the Nigerian Bureau of Statistics’ release of figures of kidnapping across the country is still the problem of our inability to count (and account for ourselves) properly. According to the 2024 NBS Crime Experience and Security Perception Report, 2.23 million kidnapping incidents reportedly occurred during the year, with 63.5 per cent of these occurring in the North-West geopolitical zone alone. The report stated that N2.2tn was paid as ransom, an average amount of N2.7m per incident. Not long after the report was published on their website, they rescinded it and claimed their website was hacked. And this is the organisation that is supposed to supply the government figures with the data with which they will plan our lives? I find their lack of institutional integrity more worrisome than their curious figures.

 Tinubu and his friend

One of the remarkable moments in the otherwise dull presidential chat that President Bola Tinubu had on Monday was when he referenced his friend. He said, “People are learning management. A friend used to brag to me that he had five Rolls Royce. The other day I saw him in his Honda Accord. He said that’s where you put me. I told him, ‘I did not put you there.’ But he said it was because of fuel prices that he could no longer maintain five limousine-type vehicles. It is not negative to learn to manage. Switch off the light to control your electricity bill. Let us learn to manage.”

Please file this under the list of things that never happened. Tinubu has no such friend. It is easy to tell he cooked up the story. Note that he did not say he actually ever saw the five Rolls Royce but only knew about it because the friend bragged about it. Yet, the same Tinubu who knew of his friend’s stupendous wealth through reported speech somehow saw him in a Honda Accord (and probably driving himself too)! Where and when did he manage to see this friend in a Honda? In Aso Rock or on the streets of Bourdillon?

In any case, stories like this one are not parsed for their truth value. We scrutinise them for what they say about the person telling them. Around this time in 2022, then-President, Maj. Gen. Muhammadu Buhari (retd.), revealed how a friend had begged him to speak to the FCT Minister, Mohammed Bello, to allocate him a parcel of land to sell so he could use the proceeds to marry another wife. As I said in an article then, the kind of conversations presidents have (or they say they do) with their friends is telling of their character and the quality of the company they keep. If you get a chance to talk to the president, even if he is your friend, you should be asking for a favour of land allocation to build an industry and not your sagged libido.

For Tinubu, whose “friend” is at best imaginary, this supposed conversation is telling of his sadism. If truly he had a friend who was stupendously wealthy enough to have five Rolls Royce and the person now drives a lesser-valued car, he should be seriously worried about that kind of misfortune under his administration. Even if the person were a political opponent, such a fate befalling them should be a loud indication to Tinubu that the country is not prospering. If a person who boasted five Rolls Royce can downgrade so much, that means the person who started with a Honda Accord is now crawling. If you were a humane leader, that would be an epiphanic moment. The revelation should have prompted you to vow to change the course of your nation’s fortunes, not dismiss such a staggering tale of oríburúkú as needful asceticism.

Merry Christmas, everyone!

Punch

Christmas celebrations across the globe have taken on a more somber tone this year, with Nigeria particularly hard hit by economic challenges that have dampened the festive spirit.

In Nigeria, where inflation has reached a 28-year high of 34.6%, markets that typically bustle with holiday shoppers are unusually quiet. Traders across major cities including Lagos, Abuja, and Kano report dramatically reduced sales as food prices have skyrocketed. A bag of rice that cost N41,000 last year now sells for N90,000, while a basket of tomatoes has surged from N20,000 to as high as N70,000.

"We are not happy about the situation because customers are complaining bitterly, but we have no choice but to sell at these prices since we also buy at higher rates," said a Lagos trader identified as Iya Mustafa. The situation has been exacerbated by high fuel prices and transportation costs following the removal of fuel subsidies.

The economic strain has forced many Nigerians to scale back their holiday celebrations, with the World Bank reporting that poverty now affects 104 million people in the country, up from 79 million five years ago.

Meanwhile, in Bethlehem, the traditional birthplace of Jesus, Christmas Eve was marked without the usual festivities due to the ongoing conflict in Gaza. The customary lights and giant tree in Manger Square were absent, and tourist numbers have plunged from 2 million in 2019 to fewer than 100,000 in 2024.

Other global celebrations showed contrasting scenes. Paris's Notre Dame Cathedral celebrated its first Christmas Eve Masses since the 2019 fire, welcoming about 2,000 people. In Syria's Saydnaya, residents gathered for a rare moment of joy around a towering Christmas tree, while in the United States, communities faced travel disruptions and some, like Madison, Wisconsin, mourned recent tragedies.

However, the situation in Nigeria exemplifies the broader economic challenges facing many regions this holiday season. As one shopper in Abuja noted, "I couldn't buy as much as I needed. We will manage whatever I can afford" – a sentiment echoing across many Nigerian households this Christmas.

The steep rise in prices has transformed what is traditionally a period of celebration and family gatherings into a time of careful budgeting and scaled-back festivities, with many Nigerians forced to choose between basic necessities and holiday celebrations.​​​​​​​​​​​​​​​​

The Advent season is about preparing our hearts, minds and souls to welcome the birth of the King of Kings. It is those magical and mystical weeks after Thanksgiving that lead to Christmas — and as Pastor Max Lucado has said, Advent is to Christmas what Lent is to Easter. 

The two big Christian holy days are eternally linked. Lucado told Fox News, "Christmas begins what Easter celebrates."  

Christmas is about the birth of Jesus. Easter is about what He was born to do.

In the last few decades, that knowledge has taken a back seat to the hustle and bustle of shopping, parties and Santa Claus. Even the "comfort and joy" heralded is more about general feelings of delight and glee than the meaning of the birth of the Lion of Judah.  

As one theologian said, all of these things are fine — but we should remember that they all flow from one event: the birth of the Savior.

Just as with the meaning of each Advent candle, there are four things to keep us laser-focused on what Christmas is all about — and what it leads us to know and understand. 

They are the hope prophesied in the Old Testament; the peace of the Incarnation; the joy it brings; the love we can experience — and Jesus Christ as the culmination of all. 

Hope: The Prophecies

When the first candle was lit, it begins the hope that is in every human heart, that there is a love that surpasses all understanding. That hope has its origins in the Old Testament. 

Woven through the Bible's Old Testament are hundreds of prophecies that tell of a Messiah, a Savior, that will be born sometime in the future. Many of the prophecies, like those in Isaiah, were written centuries before the birth of Jesus. 

Cumulatively, they predict the conditions of His birth, meek and lowly; the location of His birth, Bethlehem; to whom He will be born, a virgin; and what He is coming to do — the Lamb of Godwho takes away the sins of the world.

Hank Hanegraaff, the Bible Answer Man, said that if we just look at the geneology of Abraham, Isaac and Jacob — through to the tribe of Judah and the royal line of King David, King Solomon and continuing up to the beginning of the New Testament, the Gospel of Matthew — Jesus is the strongest candidate for this Messianic figure. 

Hanegraaff says, "The lineage is so precise that no imposter can walk through the doorway of that prophecy."  

Theologians aren't all in agreement as to how many of the Old Testament prophecies Jesus fulfills. It could be anywhere from 100 to 400. 

However, evangelist Anne Graham Lotz, the daughter of Billy Graham, says Isaiah's prophetic voice is one that many are familiar with. 

Says Graham, "That there would come the Messiah who would be a wonderful counselor, Almighty God, Prince of Peace, Everlasting Father — and by His stripes we would be healed."

One of the strongest ties from the Old to New Testament, says Lotz, is the Exodus, in which the Israelites were told to put the blood of a lamb on the doorpost so the angel of death would pass over. The Israelites would be saved by putting themselves under the protection of the blood of a lamb.

For centuries after the Exodus, Jews remembered the Passover by sacrificing a lamb. The sacrificial lambs had to be without blemish. So the shepherds, who watched after these animals, wrapped their legs with strips of cloth, aka swaddling cloths, to protect them from injury.

It was a dirty job, tending the sheep. It was also considered defiling. So shepherds were not allowed into the temple where the sacrifices took place.    

A little more than 2,000 years ago, the Bible says when the angels came to announce the birth of Jesus, they came first to those shepherds tending the sheep.

From Luke 2:10-14:  "Then the angel said to them, ‘Do not be afraid, for behold, I bring you good tidings of great joy which will be to all people. For there is born to you this day in the city of David a Savior, who is Christ the Lord. And this will be the sign to you: You will find a Babe wrapped in swaddling cloths, lying in a manger.’"

Says Lotz, "They were in the fields outside of Bethlehem. That's where the Passover lambs were kept. And so God … was announcing to these shepherds who watched over the Passover lambs that would be sacrificed in the temple, that the Passover lamb had been born."

As for the strips of cloth, the swaddling clothes — this is how the shepherds would know this was the long-awaited Messiah, the Lamb of God.  

There are many historians and archeologistswho doubt the Bible's account of the Exodus. That would mean, if the account of a mass migration of tens of thousands of Jews is not true, then it would also negate much of the biblical narrative, including the sacrificing of the lambs.

But investigative filmmaker Tim Mahoney says there is evidence of the Exodus. Mahoney is the director and producer of "Patterns of Evidence: Exodus." 

He said on a recent episode of the "Lighthouse Faith" podcast, "I can tell you that there's archeological evidence of a smiting of the Egyptians. And then in our films, it shows that this group of people just leave."

Mahoney added, "And so the evidence in the Old Testament is there for setting up this understanding that there would need to be a sacrificial lamb. And that is, you know, the story of Christ coming to be this pure, part-man, part-God being who would be sacrificed for our sins."

Peace: The Incarnation

The second Advent candle gives us the peace our heart craves. But it can only happen when we understand the Incarnation. 

While the birth of Jesus describes what happened that first Christmas, it's the Incarnation that tells us what it means. 

It means that the Creator of the Universe took on human flesh and made His dwelling among us. 

This is the part that separates Christianity from every other religion.

The Gospel of John tells it most poignantly by echoing the opening of Genesis, "In the beginning was the Word and the word was with God and the Word was God." 

A more probing analysis of that line finds that the Greek word for "word" in most English translations doesn't really get to the heart of what John is telling us. 

The Greek word for "word" is Logos. It means far more than words on a paper or even the spoken word.

The Logos is the underlying reality that is holding up the world. It means the science, the philosophy, the nature of the physical world as well as all that we experience — they meet as one in this Logos. 

And what John is saying is that this Logos took on human flesh and made His "dwelling among us."

Further scrutiny reveals much about the word "dwelling." Some translations will use the word "tabernacled," which divulges a tie to its historical context. 

"And the Word [Logos] became flesh and Tabernacled among us."  

The Tabernacle of Moses was the portable tent and mobile temple. It was the Israelites' dwelling place for God as they wandered in the wilderness. The Incarnation, "God with us," means God dwells within. He is the living and breathing Tabernacle.

Hanegraaff says this is no small matter: "This is not just an event. It's not just a discussion. It's the discussion. The Incarnation separates all of human history."

Christianity makes a claim that no other religion makes, that Jesus IS God. It's not that Jesus has divine qualities or is divinely inspired. He is God come to us in human form.

One pastor said, "You can reject the claims, but don't mistakenly believe Jesus is just a teacher or adviser."

Said Timothy Keller, "The Gospel is Good News, not good advice." The Gospel is the Good News of what God has done to save us, not a set of teachings about how we can save ourselves.    

Keller was the founder of Redeemer Presbyterian Church in New York City; he

In his 1991 sermon "God With Us," he revealed why people shouldn't be offended at Christianity's exclusive claims. He also understood how those claims don't sit well in a pluralistic culture in which all religions are treated equally.

Said Keller, "Every other religion says morality and goodness is enough ... Christianity comes along and says, ‘No. Your situation is so dire that morality and goodness will never be enough. The unique Son of God had to come and die for you and you have to put all your hope and trust in Him.’"

Keller said this is not narrowness. Instead, "it's a radically different diagnosis of your problem."

For example, he said, "Suppose you were sick and you'd gone to see several other doctors. And every one of them said, 'It's not serious, just rest and drink lots of fluids and you'll be fine.' But what if I came along, and I'm a doctor and I say to you, 'The other doctors are wrong. You are terminal unless you take this particular medicine.' How would you respond to me? Would you say, 'I don't want to deal with you because you're narrow-minded'? No. You'd say, 'You're either right or you're wrong, but you're not narrow-minded. I need to find out if you're right.'"

Said Keller, "I may be  crazy, or I may be a liar, or I may be right. But it has nothing do with narrowness."

Joy: Events, Christmas Carols, singing

The third Advent candle is about Joy. 

There's certainly a lot of it in New York City, though it's considered one of the most secular places in the world. Yet it is known as one of the top cities to visit for Christmas, regardless of a person's religious background.

Among the options every December, thousands attend the "Messiah" sing-along at Lincoln Center. 

People of different cultures, races and religionscome together armed with their own vocal scores to sing what could be considered a divinely ordained musical masterpiece.

The libretto of George Friedrich Handel's "Messiah" is a version of the biblical narrative of redemption, a compilation of Old and New Testament verses of Scripture that talk of this Messiah, Christ the Lord, who comes to us. 

"He shall purify the sons of Levi" — that "surely, He has born our griefs and carried our sorrows." And of course, "Hallelujah, the Kingdom of this world is become the kingdom of our Lord and of His Christ. And He shall reign forever and ever." 

Handel's "Messiah" is the luxury car version of the Christmas carol. But carols are just as theologically rich with the reality of Christmas.

"Joy to the World, The Lord is come ... Joy to the earth, the Savior reigns ... No more let sin and sorrow grow ... He comes to make these blessings flow, Far as the curse [sin] is found."

Pastor Lucado says that while Christmas has gotten overly commercialized with all the buying and selling, the Christmas carols piped into retail outlets are opportunities for people to hear the Christmas story. Says Lucado, "You know, when I go into a shopping mall and I hear ‘Silent Night’ [and other songs], there's Gospel in those songs."

Love: God knows your heart

As the fourth Advent candle is lit and we look at Christmas Eve, it is time to see the fullness of this event.   

Lucado says forgetting that Christmas is about the birth of Jesus would be like forgetting the Fourth of July is about the founding of America. 

Says Lucado, "Can you imagine if all of a sudden on the 4th of July we could not mention the United States or the birth of our country? Even if you're not pro-American, you acknowledge that the reason this event happens is the birth of our country."

In the end, says Lucado, "the Christmas story is about a narrative that no human being could have ever imagined: It's about our great Creator, our blessed Lord, the God who has always been, who has all power, and who holds the entire universe in the palm of his hand." 

He said, "God loved us so much that He chose to enter the world, but not as a king or as an emperor, but as a baby. And not just as a baby — but in the most humble circumstances imaginable."

Lucado is a bestselling author whose bookshave sold over 150 million copies. He spoke on the "Lighthouse Faith" podcast recently, saying the most important thing to remember about Christmas is that this is about hope and love. 

Jesus was not born in a chalet or in a palace, or in a large city like Rome or Athens, but born instead in some forgotten little one-camel town called Bethlehem. 

He entered the world through the birth canal of a simple Jewish girl into the calloused hands of a simple carpenter.

Says Lucado, "The way He entered the world is, to me, the message of Christmas, that He would so love us, that He would become like us. And that He would so be like us. That there would never be a person who would say, ‘Jesus cannot understand me.’"

He added, "Because if you're poor ... Jesus has been poor. If you're forgotten ... Jesus was forgotten. If you're cold ... Jesus was cold. Everything that any human could ever experience, our Savior experienced."

Lucado also said, "That's the message of Christmas — how far Christ would go to reach the people he loves." The message of Christmas is, "For God so loved the world..."

The fifth and final Advent candle, of course, is the one we light on Christmas Eve. 

This candle represents Jesus — the culmination of the previous four. He is our Hope, our Peace, our Joy, and our Love.

Fox News

The Nigerian Exchange (NGX) is ending the year on a high note, with investors adding over N1 trillion to their portfolios last week, marking a remarkable rally ahead of the Christmas season. The market continued to gain traction on Christmas Eve, as the All-Share Index (ASI) rose by 0.82%, closing at 102,186.03 points, bringing the total market capitalization close to N62 trillion.

This sharp rise in investor wealth is attributed to a combination of strong buying interest, particularly in blue-chip stocks and consumer goods companies. The ASI’s gains last week, which saw it rise from 99,378.06 points to 101,129.09 points, reflect its best weekly performance since March 2024. Over the week, investors saw a boost of N1.062 trillion in market value, with major players like ARADEL, GTCO, and Zenith Bank driving much of the upward momentum.

Despite some declines in major stocks such as MTN Nigeria and BUA Cement, the market has remained buoyant, with a year-to-date return of 35.2%, outpacing the nation’s inflation rate of 34.6%. The surge in the stock market is also being fueled by year-end buying, as many investors take positions before the holidays, pushing some companies to achieve new 52-week highs.

MTN Nigeria’s share price, which had been under pressure in previous weeks, saw a 9% gain on Christmas Eve, contributing to the overall positive sentiment. Similarly, UBA emerged as the most traded stock by volume, with 51 million shares changing hands, while DANGCEM led in trading value at N11.14 billion. The market saw 37 stocks appreciate, with MRS and IKEJAHOTEL both gaining 10%, leading the day’s rally.

This pre-Christmas surge is reflective of a broader trend in Nigeria’s financial markets, where the rally in equities has provided a welcome boost for investors looking to close the year with strong returns. With the market capitalization now nearing N62 trillion, there is a sense of optimism despite the broader economic challenges the country faces.

The ongoing bullish trend underscores the growing confidence in Nigeria’s stock market, as investors prepare for a festive season marked by both economic hardships and rising opportunities in the financial sector. However, with high inflation, the steep cost of living, and concerns about insecurity, many Nigerians may remain cautious about the holiday season, as they balance the joys of the festive period with the reality of financial strain.

An Abuja High Court has ordered the Department of State Services (DSS) to release the detained president of Miyetti Allah Kautal Hore, Bello Bodejo, pending the resolution of his trial. Mohammed Zubairu, sitting as a vacation judge, issued the ruling after an ex-parte motion was filed by Bodejo’s lawyer, Reuben Atabo.

The court instructed the Attorney-General of the Federation (AGF), Lateef Fagbemi, and the DSS Director-General, Adeola Ajayi, to immediately grant Bodejo administrative bail. The motion, filed on December 19, sought the release of Bodejo from DSS custody while awaiting the determination of his substantive application.

The ruling, made on Monday, was formally documented and made available to the News Agency of Nigeria (NAN) the following day.

Bodejo had requested that the court compel his release pending the hearing of his case. He also sought permission to apply for a writ of habeas corpus to challenge the legality of his detention by the DSS. Habeas corpus is a legal procedure used to seek relief from unlawful detention, compelling authorities to justify the detention’s legality.

The Miyetti Allah leader has sued both the AGF and the DG of the DSS as the first and second respondents in the case.

Looting cripples food supply in Gaza as Israel neglects pledge to tackle gangs, sources say

Israel has failed to crack down on armed gangs attacking food convoys in Gaza, despite a pledge to do so in mid-October to help ward off famine in the Palestinian enclave, according to three U.N. and U.S. officials familiar with the matter.

The commitment, made behind closed doors, seemed like a breakthrough because, since the beginning of the war in October 2023, the international community has struggled to enlistIsrael's support to improve the dire humanitarian situation in the war-ravaged territory, the three senior officials said.

But the Israel Defense Forces (IDF) has remained focused on its fight against Hamas and taken only limited actions against the handful of gangs operating in parts of Gaza under Israeli control, according to the three officials, who requested anonymity because of the sensitivity of the information.

The office of Israel's Prime Minister Benjamin Netanyahu referred questions on the pledge and relief operations in Gaza to the military. An IDF spokesperson declined to comment on what was agreed in October and what has been done to curb looting.

"Israel has taken significant steps to allow the maximum possible scope of aid to Gaza," the spokesperson said.

Now, U.N. and U.S. officials say gang violence has spiraled out of control, crippling supply lines on which most of Gaza's 2.1 million civilians rely for survival.

In October, $9.5 million worth of food and other goods – nearly a quarter of all the humanitarian aid sent to Gaza that month – was lost because of attacks and looting, according to a previously unreported tally of incidents compiled by U.N. relief agencies with charity organizations.

The assessment of looting in November is still underway, but preliminary data shows that it was far worse, two people familiar with the matter said.

In mid-November, a 109-truck convoy chartered by U.N. agencies came under attack minutes after it was ordered by the IDF to leave a border crossing in southern Gaza during the night, several hours ahead of the agreed schedule, according to five people familiar with the incident, including two who were present.

Stationed nearby, the IDF did not intervene, the five people said. The IDF spokesperson declined to comment on the incident.

Georgios Petropoulos, a coordinator at the U.N.'s emergency-response arm, OCHA, said that aid agencies were unable to resolve the problem of lawlessness there by themselves.

"It's just gotten too big for humanitarians to solve," he told reporters upon returning from Gaza on Thursday.

The U.S. Department of State declined to comment on Israel's October commitment, but said that looting remained the primary obstacle to aid delivery.

"We continue to press Israel on the need for bolstered security to ensure convoys with critical humanitarian assistance reach Palestinian civilians throughout Gaza," a spokesperson said.

An Israeli security official, who asked not to be identified, said that looting has ebbed in recent weeks but remains a challenge. “We have learned a lot, together with the international organizations,” the official told reporters on Tuesday. “It's very hard to reach no looting at all.”

HUMANITARIAN NADIR

Fourteen months into Israel's war against Hamas, the international relief machine is in disarray: U.N. agencies and charities say the humanitarian crisis in Gaza has reached one of its worst points because they cannot deliver and distribute enough food and medical supplies to Gaza's population.

A new round of ceasefire talks this month has rekindled hope that Hamas would release Israeli hostages it has held captive since its Oct. 7 attack on Israel last year, and that solutions can be found to boost humanitarian aid.

For now, however, relief operations are hobbled by a disagreement between Israel and much of the international community over who is responsible for feeding civilians in Gaza and maintaining order in the tiny territory.

The U.N. and the United States have repeatedly called on Israel to comply with international humanitarian laws, and provide security and assistance to Gaza civilians. But Israeli authorities say their only duty is to facilitate the transfer of food and medical supplies, and that they regularly do much more out of goodwill.

The stalemate has made organizing and coordinating relief operations immensely difficult, said Jamie McGoldrick, who was the U.N. Humanitarian chief for the Occupied Palestinian Territory from December to April.

To gauge the depth of the hunger crisis, U.S. officials said they watch the percentage of Gaza's population to whom U.N. relief agencies could provide food assistance each month.

In November, it was 29%, up from 24% in October, but a sharp fall from a wartime peak of more than 70% in April, according to U.N. data.

Mohammad Abdel-Dayem, owner of the Zadna 2 bakery in central Gaza, said he and his 60 employees have been out of business for a month, unable to provide bread to the 50,000 people they normally serve.

"We're not receiving any flour because of looting," he told Reuters by phone last week.

The IDF spokesperson challenged the claim that some bakeries are not receiving flour.

But a daily World Food Programme review of bakery operations seen by Reuters showed that 15 of the 19 bread factories the U.N. agency supports in Gaza were out of operation as of Dec. 21, and that Zadna 2 has been closed since Nov. 23 due to a lack of flour.

Some of the stolen food makes its way to the market, Abdel-Dayem said, but at prohibitive prices that only very few people can afford.

Relief workers said they also face difficulties in accessing northern Gaza, where the IDF resumed combat against Hamas in October. An estimated 30,000 to 50,000 civilians remain stranded there, with little food and medical assistance.

The IDF spokesperson said a dedicated humanitarian response has been formulated for the area.

Aside from fighting in the north, more than a dozen U.N. and U.S. officials traced the deterioration of humanitarian conditions inside Gaza in the past three months to a decision by Israeli authorities in early October to ban commercial food shipments by businesses.

Those shipments accounted for nearly all the fresh food and more than half of all goods going into Gaza between May and September, according to Israeli military data.

Their abrupt suspension caused a sharp drop in supply and made attacking aid trucks an increasingly lucrative proposition, the U.N. and U.S. officials said.

In October, 40% of aid collected from the Kerem Shalom crossing in southern Gaza was looted, according to the tally of incidents seen by Reuters.

Israeli authorities have opened a new crossing, Kissufim, but gangs have also attacked convoys along that route, the U.N. said.

The gangs are formed along tribal and family lines, and include some criminal elements freed from prisons in Gaza during the Israeli offensive, according to relief and transport workers in Gaza.

The U.N. and the United States have pressed Israel to restore commercial shipments, saying that flooding Gaza with food would drive down prices and discourage looters, but Israeli authorities have not agreed to do so.

DEPLETED TRUCKS

Early in the war, the U.N. sought to rely on unarmed Gaza policemen to secure convoys, but Israel was opening fire on them, saying it could not tolerate any force tied to Hamas.

Visiting the Kerem Shalom crossing in late November, an Israeli officer said it was the responsibility of the U.N. to distribute aid to Gazans once Israel allowed food across the border.

Waiving at piles of food, Col. Abdullah Halabi – clad in a bullet-proof vest and ballistic helmet – told reporters it was aid "waiting to be picked up by international organizations."

But OCHA's Petropoulos said gang violence makes this nearly impossible.

He and other relief workers said they were stunned by the attack on the 109-truck convoy on Nov. 16 about four miles from the crossing.

Gunmen from several gangs surrounded the convoy and forced drivers to follow them to nearby compounds where they stole flour and food kits from 98 trucks, according to the five people familiar with the matter.

Drivers and their depleted trucks were released in the morning, they said.

Reuters

WESTERN PERSPECTIVE

Ukraine says Russia used 60 drones in overnight attack

Ukraine said Russia had attacked it with 60 drones overnight, of which 36 were downed, 23 were jammed by electronic warfare and one was still in the air.

The Ukrainian air force said drones had been shot down in eight regions across the country in a statement posted on the Telegram app on Tuesday.

Moscow is pressing on the 1,000-km front line along Ukraine's east and south almost three years into its full-scale invasion. It has launched near-daily waves of drones in the past few months, seeking to exhaust Ukrainian air defences and hit key infrastructure.

RUSSIAN PERSPECTIVE

Russian forces pound Ukrainian military airfields, ammo depots over past day — top brass

Russian forces struck Ukrainian military airfields, ammunition depots and amassed enemy manpower and military hardware in more than 140 areas over the past day in the special military operation in Ukraine, Russia’s Defense Ministry reported on Tuesday.

"Operational/tactical aircraft, attack unmanned aerial vehicles, missile troops and artillery of the Russian groups of forces struck the infrastructure of military airfields, ammunition depots, warehouses of unmanned aerial vehicles and amassed enemy manpower and military equipment in 146 areas," the ministry said in a statement.

Russia’s Battlegroup North inflicts 40 casualties on Ukrainian army in Kharkov area

Russia’s Battlegroup North inflicted roughly 40 casualties on Ukrainian troops and destroyed four enemy howitzers in its area of responsibility in the Kharkov Region over the past day, the ministry reported.

"Battlegroup North units operating in the Kharkov direction inflicted losses on formations of a mechanized brigade of the Ukrainian army and a territorial defense brigade in areas near the settlements of Liptsy and Volchansk in the Kharkov Region," the ministry said.

The Ukrainian army’s losses in that frontline area over the past 24 hours amounted to 40 personnel, three motor vehicles and four 122mm D-30 howitzers, it specified.

Russia’s Battlegroup West inflicts 380 casualties on Ukrainian army over past day

Russia’s Battlegroup West inflicted roughly 380 casualties on Ukrainian troops and destroyed six enemy artillery guns in its area of responsibility over the past day, the ministry reported.

"Battlegroup West units improved their tactical position and inflicted losses on manpower and equipment of three mechanized brigades and an assault brigade of the Ukrainian army and two territorial defense brigades in areas near the settlements of Dvurechnaya, Zagryzovo, Kopanki and Ivanovka in the Kharkov Region, Novoyegorovka in the Lugansk People’s Republic and Terny in the Donetsk People’s Republic. They repelled three counterattacks by enemy assault units," the ministry said.

The Ukrainian army’s losses in that frontline area over the past 24 hours amounted to 380 personnel, three pickup trucks, a 152mm Akatsiya self-propelled artillery system, a 122mm Gvozdika motorized artillery system, two 122mm D-30 howitzers and two US-made 105mm M119 artillery guns, it specified.

In addition, Russian forces destroyed two Bukovel-AD and Anklav-N electronic warfare stations of the Ukrainian army over the past day, it said.

Russia’s Battlegroup South inflicts over 250 casualties on Ukrainian army over past day

Russia’s Battlegroup South inflicted more than 250 casualties on Ukrainian troops and destroyed an enemy armored vehicle and an artillery gun in its area of responsibility over the past day, the ministry reported.

"Battlegroup South units improved their frontline positions and inflicted casualties on formations of three mechanized brigades, an assault brigade and an airmobile brigade of the Ukrainian army in areas near the settlements of Serebryanka, Seversk, Druzhkovka, Konstantinovka, Chasov Yar and Kurakhovo in the Donetsk People’s Republic. They repelled a counterattack by an assault group of the Ukrainian army," the ministry said.

The Ukrainian army’s losses in that frontline area over the past 24 hours amounted to more than 250 personnel, an armored personnel carrier and a 152mm D-20 howitzer, it specified.

Russia’s Battlegroup Center inflicts 585 casualties on Ukrainian army over past day

Russia’s Battlegroup Center inflicted roughly 585 casualties on Ukrainian troops and destroyed an enemy tank and four armored combat vehicles in its area of responsibility over the past day, the ministry reported.

"Battlegroup Center units kept moving deep into the enemy’s defenses and inflicted damage on manpower and equipment of three mechanized brigades and a motorized infantry brigade of the Ukrainian army, two territorial defense brigades and a National Guard brigade in areas near the settlements of Krasnoarmeisk, Udachnoye, Zverevo, Andreyevka, Dzerzhinsk, Shcherbinovka, Shevchenko and Novoolenovka in the Donetsk People’s Republic. They repulsed 10 counterattacks by Ukrainian armed formations," the ministry said.

The Ukrainian army’s losses in that frontline area over the past 24 hours amounted to 585 personnel, a tank, an infantry fighting vehicle, two armored personnel carriers, including a US-made M113 troop carrier, a Kozak armored combat vehicle, four motor vehicles and a 152mm Msta-B howitzer, it specified.

Russia’s Battlegroup East inflicts 160 casualties on Ukrainian army over past day

Russia’s Battlegroup East inflicted roughly 160 casualties on Ukrainian troops and destroyed three enemy artillery guns in its area of responsibility over the past day, the ministry reported.

"Battlegroup East units gained more advantageous positions and inflicted losses on formations of a motorized infantry brigade and a mechanized brigade of the Ukrainian army and two territorial defense brigades in areas near the settlements of Vremevka, Konstantinopol, Neskuchnoye and Razliv in the Donetsk People’s Republic and Temirovka in the Zaporozhye Region. They repelled a counterattack by an assault group of the Ukrainian army," the ministry said.

The Ukrainian army’s losses in that frontline area over the past 24 hours amounted to 160 personnel, two motor vehicles, a US-made 155mm Paladin self-propelled artillery system, a 152mm Msta-S howitzer and a 152mm Akatsiya self-propelled artillery system, it specified.

Reuters/Tass

“All animals are equal, but some animals are more equal than others,” George Orwell famously wrote in Animal Farm, his allegory of Stalinism. But Orwell’s maxim could just as easily apply to the sovereign-debt crisis in Africa. Low-income African countries have the smallest share of global public debt but are more likely to be in debt distress or at high risk of it.

This paradox reflects a dysfunctional international financial system. Unlike advanced economies, which have highly developed local-currency bond markets, African countries are subject to prohibitively high interest ratesand often cannot borrow from international investors in their own currency (the “original sin” of sovereign-debt markets). Instead, over 80% of African countries’ external debt is denominated in dollars or euros, which heightens their vulnerability to monetary-policy changes by a handful of systemically important central banks – and thus to a “debt doom loop” that only exacerbates their debt burdens.

Unless the policymakers convening next week for the annual Spring Meetings of the World Bank and the International Monetary Fund pursue reforms that address the inequities in the global financial system, a few privileged countries will continue to be more equal than others. Inaction would have negative consequences for macroeconomic stability, debt sustainability, global growth, and income convergence, and could undermine the World Bank’s institutional credibility as it embarks on a new mission “to end extreme poverty and boost shared prosperity on a livable planet.”

Amid increasing financial volatility, supply-chain vulnerabilities, and inflationary pressures, many African countries have already adopted difficult and unpopular policies – including removal of government subsidies and aggressive interest-rate hikes, despite widespread poverty and Great Depression-levels of unemployment – in a bid to escape the debt doom loop and foster macroeconomic stability.

For example, in Nigeria, where unemployment currently hovers around 30%, the central bank recently raised its main lending rate by 400 basis points, to 22.75%, to bolster the naira and tame inflation, stoked by exchange-rate pass-through resulting from the naira’s sharp depreciation against the dollar. This exchange-rate depreciation – which increases debt-service costs – has been further exacerbated by capital outflows, with investors chasing higher relative returns following interest-rate hikes by the US Federal Reserve.

The sub-investment grade of African sovereigns has further heightened the challenges of managing the debt doom loop. In fact, most African countries suffered large-scale procyclical downgrades at the height of the pandemic, which only further curtailed their access to global finance, considering the cliff effect. This, in turn, has raised refinancing risks and increased the likelihood of default.

The few African countries that could still tap capital markets faced significantly higher borrowing costs. An analysis of bond yields in 2022-23 shows that the borrowing rates for African countries (11.6% on average) are almost twice as high as rates for countries in Asia and Oceania (6.5%), nearly four times higher than in the US (3.1%), and eight times higher than in Germany (1.5%). These growth-crushing and default-driven borrowing rates set unrealistic expectations for return on investment. Given these figures, it is unsurprising that Africa has suffered from financial repression for decades.

Africa’s most recent debt doom loop began at the end of the commodity super-cycle in 2014-15, which led to widening fiscal and current-account deficits and rising external liabilities. Emergency government relief measures in response to the COVID-19 pandemic accelerated this trend, pushing debt levels to new highs. From 2019 to 2020, the number of African countries with public debt exceeding 60% of GDP – considered to be a threshold for sustainability – increased sharply, from 18 to 27, while public debt on the continent (both domestic and external) reached $1.8 trillion in 2022, up 183% from 2010.

But that still pales in comparison to the total debt of advanced economies such as Franceand Italy, both of which owe more than $3 trillion each. The European Union’s combined national government debt stood at $14.6 trillionin September 2023, while the US owes $34 trillion. Africa’s debt-to-GDP ratio was 62.5% at the end of 2022, far below the global average (92.4%) and well below that of the US (121.4%) and Japan (261.3%).

Moreover, Africa’s interest payments-to-revenue ratio – a key metric for assessing debt-servicing capacity – has doubled since the early 2010s and is now around four times the ratio in advanced economies, largely because of default-driven interests rates. Debt service has become the largest item in many governments’ budgets, with interest payments projected to consume nearly 40% of Nigeria’s revenue this year.

These shifts in the composition of public spending have reduced fiscal space, preventing governments from addressing critical social and environmental challenges and expanding growth-enhancing public investments. This is especially damaging for Africa, given that the continent has immense development needs and is already contending with widespread poverty and unemployment, escalating climate emergencies, and conflict and insecurity.

Moreover, the region has long suffered from a chronic infrastructure deficit that has impeded structural transformation to sustain heightened exposure to global volatility and narrowed governments’ capacity to crowd in private capital to diversify the sources of growth and reduce the imbalance between debt and exports.

Ethiopia – the latest African country to default on its debt – illustrates how the massive inequalities built into the international financial architecture have subjected African sovereigns and corporate entities to punishing borrowing costs. Although Ethiopia has one of the lowest post-pandemic debt-to-GDP ratios (33.8%), the combination of prohibitively high interest rates and the sharp currency depreciation has dramatically increased its external debt burden.

Given Africa’s remarkably small share of global public debt, the continent’s mounting debt crisis attests to the underlying problem: the lack of affordable financing. Providing African countries with the fiscal space to meet growth and development objectives requires fixing the global financial system. Although urgent, this is hardly a new idea: French President Emmanuel Macron made the case for “fairer financing rules” for African economies at the height of the COVID-19 pandemic, while recent summitsand initiatives have called on multilateral development banks to increase financing capacity.

But the big question remains: Are all countries equal, or are some countries more equal than others? Whether the World Bank can fulfill its new mission will largely depend on the answer.

Project Syndicate

Renowned visionary English physician William Harvey wrote in 1651 about how our blood contains all the secrets of life.

"And so I conclude that blood lives and is nourished of itself and in no way depends on any other part of the body as being prior to it or more excellent," he wrote. "So that from this we may perceive the causes not only of life in general … but also of longer or shorter life, of sleeping and waking, of skill, of strength and so forth."

Kevin Watt, team leader of the Heart Regeneration and Disease Laboratory at the Murdoch Children’s Research Institute (MCRI) in Melbourne, Australia, understands this concept deeply. 

He lives it every day, as he and his fellow researchers study and reprogram the potential of the blood to treat disease, specifically heart failure in children. 

Building on the work of Dr. Shinya Yamanaka of Japan, who discovered that specialized cells could be reprogrammed back to immature stem cells, Watt and his collaborators have taken this work several steps further. 

They have used small molecules to turn these new stem cells from the blood into heart cells.

Small heart organoids are developed in the lab — which can then be injected into the failing hearts of children. 

Relying on the philanthropic support of the Murdoch Institute, the work is progressing rapidly and has been shown to be effective already in mice, pigs and sheep.

Clinical trials in humans will be starting soon, and as Dr. Watt told me in an interview from Australia, "Large sheets of heart tissue will be stitched into the failing heart." 

Congenital heart failure as well as side effects of chemotherapy in children will be targets for this miracle therapy. Millions of children around the world suffer daily from these conditions. 

Watt said that certain chemotherapy (anthracyclines) have a higher risk of heart failure – up to 15% of the time – and this treatment may be useful to protect the heart.

Watt said, "Heart failure remains an urgent, unmet clinical challenge across the world. While we have made significant advances over several decades in managing the disease, we lack targeted therapies to treat these devastating conditions."

He added, "More than 500,000 children around the world live with advanced heart failure that requires transplantation. The vision of our research is to develop new therapies that can transform the lives of children with heart failure."

To achieve this, he said, "we use a technology called induced pluripotent stem cells, where we can convert blood or skin cells of patients with heart failure into stem cells that we then turn into heart cells … or even make engineered heart tissues that can be stitched onto the patient’s heart to help it pump." 

The cells that are targeted in the blood are known as peripheral blood mononuclear cells (PBMCs). 

They are "pushed back in time to an earlier time before they became differentiated into heart or kidney cells," he said. 

Then they can be pushed forward to become healthy heart cells or mutations — or other abnormalities can be corrected.

While the team at the Murdoch Children’s Research Institute is making heart cells from stem cells in the blood for clinical use, it's also using these stem cells to figure out new drugs to treat heart failure directly.  

Said Watt, "Using stem cells from patients with heart failure caused by chemo, we are actively developing new drugs and cell-based treatments that we believe will transform the lives of patients with these conditions … Our research group has pioneered methods to turn these stem cells into miniature heart tissues that can be used to model disease-in-a-dish, to identify new drug targets for the development of new therapies."

These treatments are personalized and highly expensive, but they're also highly effective.

Correcting heart failure in young children is only a few years away from becoming a reality. 

It's a Christmas miracle that relies on the kind of philanthropic support that MCRI is famous for arranging.

"Philanthropic support plays a critical role in accelerating the development of these new, transformative treatments," said Watt, "and this support will be essential as we work toward bringing stem cell-based precision therapies for heart failure to every child who needs it." 

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