Author: The Nation

  • The kidnapping business in Nigeria

    The kidnapping business in Nigeria

    By Jide Osuntokun

    The kidnapping business in Nigeria started almost one and half decades ago and people tended to dismiss it as a business peculiar to the southeastern part of the country  not knowing it would soon become a national pastime .The coming of the malady to Lagos soon got the attention of the press in the celebrated trial of one Chukwudumeme or Chuwudubem  Onwumadike alias Evans who  conspired to kidnap one Donatus Duru on February 14th 2017 at Ilupeju Lagos and then freed him after collecting a ransom of  223;000 Euros which is about N112,000000 (one hundred and twelve million Naira) which is a huge amount in any currency. This was one of several cases of kidnapping and murders he organized from his operation centre in one of the suburbs of Lagos. The trial has gone on since then until a rumored report that he was sentenced to death by a Lagos high court on August the 18th of 2020 which has turned to be fake news . The important thing to note is that the man has led a gang of kidnappers and murderers since 2013 operating from the Southeastern part of the country until he shifted his base to Lagos. The notoriety of this case and the way series of five Defence counsels have dragged on the case with one adjournment after another and fruitless argument of a no case submission have led people to feel there will be no adequate punishment for the crimes the man was charged with and people have consequently become inured to the phenomenon of kidnapping. This has now spread to the entire southern part of the country perhaps because kidnappers were emboldened by the rather tepid reaction by the judiciary and officers of the law to the seriousness of the crime of kidnapping. The huge amount people were being forced to pay to secure the lives or freedom of loved ones proved a magnet of attraction for young and unemployed people who formed gangs or acted solo in the business of kidnapping. Even some students got involved. We handled a case in my previous university before I finally retired when a boy friend told his girlfriend to hide in an hotel and got someone to phone us that our student had been kidnapped. The parents were immediately alerted and our institution’s management was running from one police post to another. Eventually the parents of the girl parted with five million naira demanded  by the “ kidnappers “ It was when the money was dropped at the appointed place that the boy was caught and he immediately said it was a joint enterprise between him and his girlfriend . The father of the girl felt humiliated by his own child and we simply expelled the girl involved. What shocked me was how quiet and well behaved the girl had been before she fell in love! I am telling this lived experience to show the perversity and prevalence of the malady and crime of kidnapping.

    What became a crime that was initially domiciled in the Southern part of the country has now metastasized into a national disease now mainly carried out by gangs of dispossessed Fulani Nomads roaming the rural space of both the north and the southern parts of the country. Some of these Fulani, on losing their cows to rustlers or their grazing grounds to the ever expanding urban settlements, take to brigandage. Initially this was happening in Zamfara, Katsina and Kaduna states but has now spread to all parts of the north and some parts of the south where cow rustling has become a phenomenon. Others have of course joined in what seems a lucrative business. We have had several instances where people are kidnapped and millions are demanded from relatives but after serious negotiations the demand is reduced and once the money is paid the victim is released after suffering several sleepless days in the kidnappers’ den usually in the bush. This was the case with a professor of medicine of Obafemi University whose car was intercepted shortly after Asejire dam on his way to Ife from Lagos where he had gone to present a paper in a conference. Chief Olu Falae former Secretary to the Federal government had the unenviable experience of being kidnapped by Fulani nomads on his farm and spirited to a bush on the Owo- Benin road and was not released until appropriate ransom was apparently paid. The most dangerous aspect of the kidnapping phenomenon is its possible ethnic exploitation. This was the case in Katsina, Kaduna and Zamfara where kidnappings became manifestations of ethnic hatred apart from its economic dimension between Hausa and Fulani. In the South Yoruba and Igbo and others see kidnapping especially by Fulani nomads as part of the warped political structure of the country where some people seem to be treated as sacred cows when they commit crimes. They come to this conclusion because Fulani criminals seem to go unpunished. In some cases there are allegations of police refusing to take criminal complaints against them as seriously as the cases demand. The result of this is the accentuation of ethnic differences which have led to violence in a few instances.

    The forests both in the north and the south have become refuge for criminals and the Fulani who over the centuries have known their ways through these forests in grazing their cows and moving them from the north to the south use this knowledge to their advantage in criminal activities. This is why as soon as people are kidnapped they are immediately spirited to the forests which serve as prisons for their unfortunate victims .The forests generally are ungoverned spaces unlike in colonial and immediate colonial times when forest guards maintained some presence in them and gave at least the impression of government’s presence unlike now when they seem to be no man’s land and nature abhors a vacuum. It now seems these forests have become sometimes the redoubt of criminals whether the brigands terrorizing Nigeria or the Boko haram terrorists who have declared war on Nigeria.

    Recently a Science boarding school of 800 pupils was invaded in Kankara in Katsina state by motorcycles riding terrorists. Some of the students apparently fled on hearing gun shots in the night but about three hundred and thirty three students were led to captivity in Zamfara forest several kilometers away from Kankara. Boko haram claimed they were responsible for it, but it is more likely to be the handiwork of pastoral Fulani who are locked in economic struggles with Hausa farmers and who have visited violence on each other over the last decade without a viable solution found to the cause of friction which centres around grazing land and destruction of farm lands and attendant mutual violence and rustling of cows belonging to the Fulani . The  assumption of most observers is that the operation in Kankara falls into the same pattern of violence and kidnapping arising from economic deprivation and the ready money that could be made from kidnapping. It is not clear if any money was paid to the criminals who invaded the Science School in Kankara but my guess is that money changed hands before the children were released. I believe the villagers who must have seen hundreds of children trekking and sandwiched between their captors on motor cycles knew what was happening and just decided to keep quiet out of fear and that it was not of their business. The transactional nature of this particular kidnapping is very revealing. The moment ransom was paid the victims were released compared with the Boko haram kidnapping where victims were usually kept for years particularly if they were girls and women.

    The solution to all this is that punishment has never been sure and swift to punish kidnappers including those who committed murder in the process of kidnapping. Kidnapping must not be seen as a paying profession. When they are caught they should be made to lose whatever money or property that can be traced to them and their accomplices and when murder is committed the kidnappers have to be sentenced to death.

    The question of securing the farms of peasants and the cows of Fulani must be looked into. It is when Fulani cows are taken from them by rustlers that they take to brigandage. The same happens to peasants who lose their lands and take to kidnapping for economic sustenance

    The question of grazing land which the pastoral Fulani have taken their cows to feed and which is being lost to the urban spread needs to be solved. Perhaps a total review of the way cows are bred needs to be done. Instead of the open grazing, ranching provides an alternative. Secondly government should invest in the improvements of the Fulani herds to increase meat yield and consequent revenue for the Fulani herdsmen.

    Nigeria needs to tighten the borders and impose some kind of nationality demands for the wandering Fulani who do not seem to respect national territorial borders and are essentially oblivious of the requirements of national law. This May have to be done within the context of ECOWAS and our neighbors in Chad and  the Cameroons and even The Central African Republic ( CAR) where Fulanis go and come from without paying much attention to national borders and laws . Whatever we do we must effectively occupy our space because effective occupation is the first rule of national sovereignty.

  • Anambra 2021: PDP bans officials from supporting aspirants

    Anambra 2021: PDP bans officials from supporting aspirants

    Our Reporter

    The Peoples Democratic Party (PDP) in Anambra State has banned members of the State Executive Council (SEC) from campaigning for any governorship aspirant ahead of the 2021 election.

    Chairman Ndubuisi Nwobu gave the directive on Wednesday when a governorship aspirant, Wilson Udeh, visited the secretariat.

    Nwobu said the directive affects party officials from state to ward levels. He urged them to maintain neutrality, saying defaulters would be sanctioned.

    According to the chairman, experiences have shown that supporting individual aspirants has been the party’s bane in winning elections. He reiterated that any official who attaches himself to a particular aspirant will be sanctioned.

    Read Also: Ekiti factional PDP backs Makinde

    He said: “It’s our resolve that party officials should remain neutral until after the primaries when all of us shall support one candidate. By so doing, we shall not be factionalised before the main election.

    “Experience has taught us that if we attach ourselves to individual aspirants, and then our choice aspirant fails in the primaries, we will abandon the general cause. That should stop.”

    Udeh promised to support the party’s candidate even if he loses in the primaries.

    “I have not come to promise to build 21 universities but if elected governor in 2021, ugly faces in this state will be made beautiful and happy”.

  • Police nab suspected Ahmed Musa impersonator

    Police nab suspected Ahmed Musa impersonator

    By Fanen Ihyongo, Kano

    The police in Kano State have nabbed a 30-year old Gambo Yakubu of Brigade Quarters, Kano, for impersonating Super Eagles Captain Ahmad Musa.

    Police spokesman, Abdullahi Haruna, a Deputy Superintendent of Police (DSP), said the suspect, posing as Musa, had defrauded unsuspecting members of the public, of huge sums of money before he was arrested.

    “The suspect, a former worker at the Brigade Quarters Sport Centre, used to present himself as the captain of Super Eagles (Ahmed Musa).

    “He forged documents bearing the name Ahmed Musa and defrauded innocent members of the public,” he said.

    Haruna said that a complaint was lodged by the Manager of Ahmed Musa Sport Centre, Musa Muhammad.

    Upon receiving the complaint, Haruna said, the Kano State Commissioner of Police, Habu Sani, raised a team of detectives led by CSP Abdulkarim Abdullahi, to arrest the culprit.

    Read Also: Ahmed Musa announces birth of baby

    The suspect told newsmen he spent the money he got in hotels on his girlfriends in Sabon Gari area of Kano.

    Haruna said the suspect is being investigated for alleged “impersonation, character defamation and fraud,” after which he will be charged to court.

    Delighted with news of arrest of his impersonator, Ahmed Musa -the Super Eagles Captain, visited the state Commissioner of Police, Habu Sani, to appreciate his efforts in crime fighting.

  • Sweet and sour

    Sweet and sour

    Editorial

     

    ONE of the greatest ironies of the African society is the stigmatisation and bullying of childless couples. The woman who is unable to conceive is seen as a failure, irrespective of the medical diagnosis she has gone through. The man also gets the societal bullying, even if not as much as the woman who is often seen as the sole ‘producer’ of children. Very often, a man whose wife does not have a child is mocked as being a woman and the woman is mocked as a man in the union.

    The pressure on couples to have children starts on the wedding day when more than half the prayers is for the couple to have children in the next ‘nine’ months. Some of the gift items often presented at such weddings are often nursery items. So, the pressure starts and has led to couples being under immense pressure to prove their fertility. Some even go as far as stealing or buying children just so they can be seen as ‘fertile’.

    The irony however is that when the children come, the society does not care in most cases to assist the couple financially in raising them. It is part of the hypocrisy of the African society. The pressure is mounted on a couple to have children against all odds, the children eventually come and no help comes their way in the long run. Granted that there might be some cultural value to offspring, but it is sad the pressure couples often have to endure, and even those who have a certain gender only are pressured to continue having kids they can ill afford to train.

    This situation is currently the lot of Mr. and Mrs. Musa who were delivered of a set of quintuplets in Jos, Plateau State, at the Fertile Ground Hospital in the state capital. The mother and the remaining three out of the five children had spent more than three months in the hospital. The babies were premature and had to be delivered through caesarean section and needed to be put in incubators. Unfortunately, they lost two but three are alive.

    The couple had been childless for 23 years and obviously went in for assisted reproduction, the in vitro fertilization (IVF). They recounted their ordeal before the pregnancy and of course it is the regular experience of most couples with pregnancy challenges. Now the kids are here and no one is footing the bill, and the couple were forced to go to the media for publicity that might attract help from any source. The pastor-husband obviously was not expecting more than a child, just so they can be left alone. Now the chances of multiple births through IVF procedures are always there.

    Again, the fate of the poor couples shows again the need for health insurance as a policy that must be diligently implemented. Those children might also have died through some human errors or lack of the equipment to keep them alive.

    We believe that no couple should be put through this kind of stress because they want to have children. Our society must begin to put less pressure on couples to have children by all means. Adoption can get more advocacy as childless couples can legally adopt, instead of resorting to stealing babies or going through IVF processes that are sure routes to multiple babies, especially when the couple cannot financially handle such.

    Plateau State government or other good Nigerians can help the couple raise the money so they can leave the hospital. In other climes, baby products’ manufacturers and other companies often give such couples assistance with year-long supplies as part of their corporate social responsibility. Houses, cars and grocery companies often offer help to such people in ways that are mutually rewarding, as their products serve as adverts to the general public. We believe such companies in Nigeria can help too.

    The poor children are citizens and should not be made to suffer because of poor parentage. The health ministry can equally step in and make sure that fertility clinics enlighten their clients about the chances of multiple births so they can make better choices. Even if they are assisted out of hospital, how would their future be taken care of? The health ministry must begin to do something about population explosion, given the dwindling country’s economic fortunes under a global pandemic.

  • 2020: Diary of a columnist (II)

    2020: Diary of a columnist (II)

    Mohammed Adamu

     

    REST on Kyari, the quintessential loyal aide

    “….few presidential Aides in the corridors of Aso Rock power have been the victims of fiercer denunciation than President Buhari’s one-of-a-kind Chief Of Staff, the late Abba Kyari of blessed memory. He was assailed by treacherous political insiders who were not content with holding the short end of the governance stick even as he was assailed also by opposition political outsiders who were nostalgic about their decadently corrupt golden past time. He was assailed by self-aggrandizing revisionists bent on an inordinate reordering of the subsisting geo-political and socio-economic order of things even as he was assailed also by dissolutely terrorizing irredentists who chanted secessionist tunes and beat the drums of war in the guise of diligent pursuit of geo-ethnic self-determination. Kyari was assailed for being loyal to his Principal, even as he was most bitterly assailed for availing himself as his Commander-In-Chief’s indefatigable body armor –taking the shots from both enemy and friendly fires. Needless to say that he died an honorable death in the line of duty”. – ‘Kyari’s Lincoln’s Height’ (II) (April/30/20)

     

     Democratic societies must not aid atheism to be secular

    “Article 20 of the International Covenant on Civil and Political Rights encourages nation states to adopt legislative measures against “any advocacy of national racial or religious hatred that constitutes incitement to discrimination, hostility or violence”. And what can be more obvious than the fact that any advocacy of religious hatred will necessarily constitute incitement to violence? Until recently with the combative rise of atheism in opposition to blasphemy laws, most countries had in their penal systems laws expressly against blasphemy; reason being that there is a clear jurisprudential raison-d’être leading to the conviction that any advocacy, of a religious or anti-religious nature, “if it has the tendency to lead to breach of peace”, it should be legislated against…. Let’s face it, the easiest way to stop overzealous people of faith from taking laws into their hands is when the law itself is made their avenging angel whenever what they hold sacred is profaned. People of faith must not inadvertently advance the cause of atheism by a mutually-self destructing rivalry that helps neither Caesar nor God”. –‘Atheism And The Rise Of Irreligion’ (II) (May/13/20)

     

     Bill Gates’ ‘dream-vaccine’

    “At the risk of lending credence to the genuine or unfounded fear by apocalypticists, of an end-time ‘mark of the beast’, Bill Gates -even as he has severally denied a depopulation agenda- at least he has admitted being concerned about controlling global population. Plus he has not denied the vision of a digitally certified members of the humans species by some kind of ‘global ID’, funded as the ‘Gates ID2020’. This is not only intended to digitally certify, but ultimately track and control the world’s population. Welcome to George Orwell’s prophetic novel ‘Nineteen Eighty Four’. Many worry that no matter the altruistic benevolence of Gates’ intention about population control it still should worry the world that a few largely irreligious so called defenders of the human race arrogate the power to remote-control humanity. Although they do not believe the ‘conspiracy theory’ that Gates’ dream-vaccine is the ultimate ‘mark of the beast itself’, they believe that it is the prelude to the eventual ‘chipping’ of individuals not only for the purpose of tracking but more worrisomely for what a concerned American Pastor referred to as ‘mood and mind altering’”.  –‘Bill Gates’ Poisoned Chalice’ (II) May 27/20

     

     On the Afro-American: To sing or to swing

    “For the Afro-American it has never been about Floyd really; it has always been about the seizing of rare but opportune moments, at any point in time, to send a clear and unambiguous message to the racist white American, that ‘enough is enough’. That after four hundred years of ‘turning the other cheek’ the scripture by now must’ve been fulfilled, and it is time to let go on singing ‘we shall overcome’, and be prepared to do some ‘swinging’! Like the Jewish rallying call against the humiliation on the ‘Massada’, there is always a time to say ‘Never Again!’” – ‘Not About Floyd’ –June/25/20

     

     Much ado about nothing

    “In a democracy people should dissent without dissension. They should be able to disagree without becoming disagreeable. Politicians getting agitated over democratic schisms is as primitive as the anxiety of unscientific man had once been over the natural phenomenon of lunar eclipse -it is to fret over nature sorting itself. It is to worry over what you cannot help… And this mentality –of fretting over nothing- also defines our attitude to democratic litigation. We worry over going to court to resolve even persistently system-harming issues. We would rather bicker and bicker –feeding the media with the logs and twigs to heat up the system by driving controversy. The existence of courts whereby democratic dissent and disagreements are to be resolved is a primordial provision of the democratic process. Democratic actors –rather than shy away from litigation- must maximally avail the judicial process if our democracy is to grow past it teething nascency into its wisdom tooth. Whenever it becomes necessary we must litigate to resolve dissent before it degenerates into dissension, or to reconcile disagreers before they become disagreeable. And if the courts are tardy or unjust, we must demand from them a return to the path of timeous justice”.    -‘A Knee On The Neck Of Democracy’ (July/02/20)

     

     Keyamo’s baptism of fire

    “….it appears that since the exit of Aminu Wali and Ita-Giwa, this executive Department for Legislative Liaison has virtually lost all its groove, with virtually all three presidents after Obasanjo (Yaradua, Goodluck and now Buhari) no longer paying heed to it…. The secret of executive success at the legislative arena does not only lie in the creation of an Executive Department for Legislative Liaison, or the presence of a single channel of executive-legislature communication, or the appointment of a skilled political-cum-legislative expert, or maybe even his ability and readiness to deploy the most effective executive lobby initiative at the legislative arena; but rather success lies most importantly in the readiness of all executive foot soldiers (namely political appointees of the President heading MDAs) to submit to the superintendence of this office, the Department for Legislative Liaison, and to be rightly guided by it whenever they have issues of concern at the legislature”. -‘Keyamo And The State Of Executive-Legislature Rapport’ (23/07/20)

     

    TY’s misprimed sakabulas

    “….then came the story of Nigeria’s former Defense Minister, Lt. Gen. T Y Danjuma -on the offensive. Again. And although in fairness to those whose ethnic jugular the retired General has now grabbed (namely the late Aguyi-Ironsi’s wife), sometimes even I do get the feeling that this uniquely esprit-de-riche General called TY often amazes as much as he disgusts. He comes across as one whose mind occasionally gets sequestrated by the demons of our post-Civil war history; and given the regularity of these demonic attacks, it appears you can now hardly tell when this lord of the ‘Taraba manor’ is compos mentis or when he has gone completely kolomental. With a cavalierly self-righteous disposition typical of him, TY tends to forget, always, that the Civil War had long ended and that the geo-ethnic ‘bad belle’ that it has left with us is no longer fought with arms and ammunitions. Every time a whiff of imagined tea-cup storm blows across, a war-wary TY goes for the gun. A sense of still being in the trenches dodging ogbunigwes and preemptively striking at phantom objects of his wanton imagination, appears to have gotten the better of TY’s twilight days. His nostalgia for the opportunistic cavalry charges of the sixties when vulnerable hors de combats lay at the mercy of his jackboots, is becoming nauseatingly legendary, as the man now enjoys being the casus belli rather than the source for the much needed peace-time healing that the nation craves”.  – ‘Danjuma And Azunna: A Tale Of Two Insanities’ (Aug/06/20)

     

    • To be concluded.

  • Making sense of Ogun 2021 budget

    Making sense of Ogun 2021 budget

    By Elijah Udofia

     

    WHEN the Coronavirus hit the world early this year, nobody knew that the aftermath would be what Fela called, “sorrow tears and blood”. The pandemic did not only hold the world by the jugular, it dislocated the socio-economic and governance of so many countries.

    In Nigeria, though the pandemic did not really cause so much havoc in terms of number of deaths, as against predictions, the social life and the economic activities of the people were adversely affected as the result of the numerous lockdowns and restriction of movements.

    This health crisis led to the government at the national and state levels losing billions of Naira that would have been gotten through taxes, rates and other government revenue sources. The dislocation came with tonnes of problems and the outcome is still plaguing the country.

    It should be noted that the first case of the pandemic in Nigeria was recorded in Ogun State, when a Liberian consulting for a multinational company located in the state tested positive to the Virus. From then on, the state government in its efforts to contain the disease from spreading among its people, devised various methods including setting up isolation centres in different parts of the state and acquiring medical equipment like molecular and other laboratories, training and retraining of health personnel to handle the crisis and most importantly, giving palliatives to thousands of vulnerable and the extremely poor households that were adversely affected by the pandemic.

    Of course, the pandemic also affected the 2020 Budget of N449. 974bn, as all the assumptions underlying the budget became unrealistic and unattainable. This necessitated the need to review the budget downward to N281B, which is a 38 percent decrease. After the review, it was expected that N114B would come from Internally Generated Revenue (IGR) and N38B expected inflows from the Statutory Allocation and Value Added Tax.  However, as at 31st of October 2020, actual total revenue was N92B, which represented 42 percent of the prorated revenue target.

    For a government that prides itself as existing due to the benevolence of the people and whose sole responsibility is the welfare and well-being of the people, it was time to put the nasty experience of year 2020 behind it and come with strategies that would lead to the recovery of what has been lost. One of the ways of doing this is to think and come up with a budget that would boost the economy and allow people to achieve their aspirations.

    Setting the ball rolling, the state Governor, Prince Dapo Abiodun, let no one in doubt of what to expect next year when on Wednesday, December 2, he presented a proposed Budget of N339bn to the State House of Assembly for consideration.

    Tagged “Budget of Recovery and Sustainability, Abiodun told the state lawmakers that the purpose of the budget was to address the problems that arose as the result of the Covid-19 Pandemic, the #EndSARS protests, the general disenchantment in the polity, the socio-economic yearnings of the people for good governance as well as the stringent calls in all societal sphere for a more representative democracy that speaks to the issues of economic growth, consistent progress and equitable quality of life.

    Taking a quick look at the budget, it could be seen that it is N110.974 less than that of 2020. Government must have realized that it is very important to adhere to the advice of the former United States President, George Washington, who said “we must consult our means, rather than our wishes”, and realized that it is better to have a realistic budget than have one that would be difficult to implement.

    One important aspect of next year’s budget is that emphasis is placed on capital expenditure which gulps N117bn or 52 percent of the total budget, while N162bn or 48 percent would be used for recurrent expenditure. The import of this is that money would be made available for the execution of capital projects, which inevitably would have a positive impact on the lives of the people.

    Going through the sectoral allocation, which the Governor often refers to as ISEYA, government set aside N61bn for Infrastructure, social welfare and well-being which includes health, housing, environment, physical planning, women affairs, among others, get N93bn, Education has N58bn, Youth Empowerment N6bn, Agriculture got N15bn, while the sum of N106bn is allocated to the Enablers.

    Furthermore, Governor Abiodun informed that the sum of N12bn is being set aside for Stabilization Fund and N10bn for public Debt charges. The Medium Term Expenditure Framework (MTEF), according to the state helmsman, was adopted for the second year running (2021-2023) to achieve good practice in financial management, while for the first time in the history of the state, Medium Term Revenue Strategy (MTRS), a major shift in budget preparation process from focus on the expenditure to a greater emphasis on revenue driven model, was adopted.

    Looking at how fund would be generated to finance the budget, Abiodun said N119bn would come from Internally Generated Revenue (IGR), N59bn from statutory allocation, while the larger part of N142bn would be sourced from internal and external loans including grants and aids.

    One would not be surprised if those who put together this year’s budget had stumbled on the words of James Lew who said, “Budget is not just a collection of numbers, but an expression of our values and aspirations”. The insistence on completion of existing projects, projects with revenue potential, which is consistent with priorities articulated in the State Economic Development Strategy as well as projects that could enhance employment generation, was well thought out and this would ensure that the people get value for their money.

    For a government whose commitment to a legacy of hope, financial stability and fiscal prudence is not in doubt, the administration’s commitment to a drastic reduction in the indiscriminate impact of poverty by strengthening all regulatory and institutional framework that are crucial to the preservation of the state’s rich cultural, financial and historical heritage is a welcome development.

    Kevin McCarthy is of the opinion that “budgets are blueprints and priorities”, while James Connelly said “budget affects everything”. No doubt the blueprints and priorities have been set and knowing fully well that the budget has a way of affecting everything, it is hoped that 2021 would help in the recovery efforts of the government, while sustaining the progress made so far.

     

    • Udofia is head of Ogun State Governor’s Press Crew, Oke-Mosan, Abeokuta, Ogun State

     

  • Fed Govt’s December bond oversubscribed by N70b

    Fed Govt’s December bond oversubscribed by N70b

    Our Reporter

     

    THE Debt Management Office (DMO) said the N60 billion bond it offered for December had been oversubscribed by more than N70 billion.

    This was contained in a statement obtained from DMO’s website yesterday.

    “DMO offered N60billion at the FGN Bond Auction of December 2020, which held on December 16. The offer was oversubscribed as total bids received were N134.056 billion, a subscription level of over 220 per cent,” it said.

    DMO stated that the rates of 6.945 per cent and 7.000 per cent for the 15-year and 25-year FGN Bonds, were higher than the rates of 5.000 per cent and 5.785 per cent at the last auction in October.

    Read Also: $22.7b approved loans still intact, says DMO

    “The rates reflect the level of interest rates in the market influenced in part by Monetary Policy Actions,” it said.

    FGN Bonds are debt securities issued by the DMO for and on behalf of the Federal Government and the government has an obligation to pay the bondholder the principal and agreed interest as and when due.

    The Federal Government issues Bonds for some of the following reasons: To finance government fiscal deficits in a non-inflationary and sustainable manner, to enhance fiscal discipline of the Government, to refinance maturing debt obligations and to establish benchmark yield curve.

     

  • CBN directs banks to close naira remittances ledgers

    CBN directs banks to close naira remittances ledgers

    Collins Nweze

     

    THE Central Bank of Nigeria (CBN) has mandated Deposit Money Banks (DMBs) to close all ‘Naira General Ledgers’ used by the lenders to remit naira to Diaspora remittances beneficiaries.

    CBN Governor, Godwin Emefiele who gave the directive to DMBs in his remarks titled:  “Improving Remittance Inflows into Nigeria” said the Naira General Ledgers were channels through which the naira remittances were hitherto carried out.

    The apex bank has also configured the key IT infrastructure in banks, International Money Transfer Operators- IMTOs- which include Western Union, Moneygram and Ria services for remittances collection.

    Read Also: Lawyer sues CBN over POS charges

    The apex bank boss said analyzed data on IMTOs inflows into the country over the past year, and through investigations discovered that some IMTOs, rather than compete on improving transaction volumes and create more efficient ways for Nigerians in the Diaspora to remit funds, resorted to engaging in arbitrage arrangements on the naira-dollar exchange rate, which to a large extent resulted in a significant drop in flows into the country.

  • Kankara: Rowdy tussle for credit

    Kankara: Rowdy tussle for credit

    Hardball

     

    THERE is no doubt the 11th December abduction of nearly 400 pupils of the Government Science Secondary School (GSS), Kankara, Katsina State, was another grim experience of the insecurity that plagues our country. A ‘grimmer’ experience, however, is how officials who should’ve been instrumental to forestalling such incidents in the first place jostle for credit over after-the-fact remediation, like the release of the schoolboys last Thursday after seven days in captivity.

    Were these innocent youngsters ‘rescued’ from abductors or ‘released’ following mutual negotiation between government agents and the abductors mediated by stakeholders? This is a question whose answer is somewhat beclouded by code-switching accounts of how the boys regained their freedom.

    Zamfara State Governor Bello Mohammed Matawalle led the narrative that the schoolboys regained freedom after a protracted negotiation in which he personally invested some 100 hours. Speaking shortly after the pupils were released, he told a newspaper that he enlisted the leadership of Miyetti Allah and repentant bandits to identify the group responsible for the abduction, and then initiated the negotiation process. “When we established contact with them, I persuaded them to release them (schoolboys) unharmed. And so they did tonight. This is not the first time we facilitated the release of our people without payment of ransom. Ask anybody, we don’t pay bandits a dime. What we do is to extend olive branch to them because they also want to live in peace,” he stated.

    In a parallel account, the Defence Headquarters said troops of Operation Hadarin Daji successfully rescued all 344 abducted students following credible intelligence and in demonstration of high degree of professionalism. A statement by the Coordinator, Defence Media Operations, Major-General John Enenche, reported that the rescue was in keeping to the promise by the military to ensure safe return of all abducted students, adding: “The military high command commends troops of Operation Hadarin Daji, including all security agencies for their dexterity. Members of the general public who volunteered information are also appreciated.”

    Both Katsina State Governor Aminu Masari and Information and Culture Minister Lai Mohammed acknowledged that negotiations played a large part in the dynamics leading up to the release of the abducted students. Alhaji Mohammed particularly confirmed the kinetic and no-kinetic mix, saying: “No money changed hands. There were a lot of back channel negotiations. There are a lot of negotiations that take place in this type of case anywhere in the world.”

    However it happened, it was highly welcome that the boys returned in one piece. But it is curious that no attempt was made to bring the perpetrators to justice, even though a security personnel was killed and another injured on the night of the abduction. Was that an inevitable trade-off for the boys’ safe release, and how helpful is that for future deterrence?

     

  • Petrol tanker explosion kills six in Kwara

    Petrol tanker explosion kills six in Kwara

    By Adekunle Jimoh, Ilorin

    A truck laden with premium motor spirit (PMS) on Wednesday exploded and killed six persons at Jebba in Moro Local Government of Kwara State.

    The tanker, said to be travelling through the ancient town, lost control and spilled its contents, as it rammed into houses.

    Eyewitness account said the incident resulted in huge explosions that also burnt down over 30 houses and shops.

    Fire Service spokesman Hassan Adekunle confirmed the incident. Governor AbdulRahman AbdulRazaq has commiserated with the bereaved families and the families of those who lost properties, describing the development as devastating and sad.

    Read Also: Uneasy calm in Kwara APC

    In a statement, his media aide, Rafiu Ajakaye, said: “The governor is very sad at this development, especially with the loss of lives and millions of Naira worth of properties and farmlands.

    “He sends his heartfelt condolences to the affected families. He urges them to take heart and remain calm as believers. He has directed the State Emergency Management Agency (SEMA) to move in to determine the material loss.