The Nation Newspaper

Author: The Nation

  • African leaders to hold summit on Kenya’s ICC cases

    African leaders to hold summit on Kenya’s ICC cases

    African leaders will meet in the Ethiopian capital on October 13 to take a position on whether to join Kenya’s planned pull-out from the International Criminal Court (ICC) over the prosecution of its leaders, officials said on Thursday.

    Reuters says so far there seems not to be much support for it.

    However, Heads of State from the 54-member Africa Union may still discuss the possibility of a pullout by the 34 African signatories to the Rome Statute that created the tribunal.

    Last week’s start of the trial of the Kenyan Deputy President, William Ruto, for crimes against humanity, with President Uhuru Kenyatta’s trial due in November, has fuelled a growing backlash against the Hague-based court from some African governments, which sees it as a tool of Western powers.

    “The Kenyans have been criss-crossing Africa in search of support for their cause, even before their parliament voted to withdraw from the ICC,” an AU official said.

    “An extraordinary summit will now take place to discuss the issue. A complete walk-out of signatories to the Rome Statute is certainly a possibility, but other requests maybe made.”

    The summit would be preceded by a meeting of African foreign ministers a day earlier, he said.

    The Kenya’s Spokesman for the Presidency, Mr. Manoah Esipisu, said the country had not canvassed for the summit, but “welcomed the opportunity by African leaders to discuss what is obviously an important matter for the continent.”

    ICC prosecutors had accused Kenyatta and Ruto, alongside radio journalist, Joshua Arap Sang, of fomenting ethnic violence that killed about 1,200 people after a disputed election in December 2007.

    The three suspects denied the charges.

     

     

  • Why Nigeria was excluded from 2015 DV lottery – U.S envoy

    Why Nigeria was excluded from 2015 DV lottery – U.S envoy

    The United States Consul-General, Mr. Jeffery Hawkins, on Thursday, gave reasons why Nigeria was excluded from the 2015 Diversity-Visa-Programme registration.

    Hawkins told journalists at the U.S. Consulate General in Lagos, that Nigeria was among other countries that had in the last five years, sent more than 50,000 immigrants to the country through the programme.

    “As at today, Nigerians have graduated from being under-represented to being a fully well represented group in the U.S.

    “There is therefore no longer any need to encourage Nigerians to apply to travel to the U.S. through the Diversity-Visa-Programme.

    “Already there are too many Nigerians in the U.S. that have benefited from this programme,’’ he said.

    The envoy explained that the diversity visa was created to promote countries with low rates of immigration to the U.S.

    Hawkins said that Nigeria and other affected countries had already exceeded their quota in the last five years.

    He, however, stressed that the U.S. authorities would continue to give preference to Nigerians travelling to U.S for visits, business transactions, studies and professional engagements.

    “All other types of immigration from Nigeria to the U.S, apart from the diversity visa, would continue unabated.

    “Also, let me say that the ban has nothing to do with our relations with Nigeria now, and in the years ahead,’’ the News Agency of Nigeria quoted the envoy as saying to journalists.

    He also dismissed insinuations making the rounds that the move was to reduce the number of Nigerians travelling to the U.S.

    The U.S official also said that the development had “nothing to do with insecurity, activities of Boko Haram and other forms of upheaval in Nigeria.”

    It would be recalled that the U.S. Department of State, banned Nigeria, Bangladesh, Brazil, Canada, China, Colombia, Dominican Republic, Ecuador, El Salvador and Haiti from participating in the 2015 Diversity-Visa-Programme.

    Other affected countries are: India, Jamaica, Mexico, Pakistan, Peru, Philippines, South Korea, United Kingdom and Vietnam.

     

     

  • Stolen Nigerian oil, profits laundered worldwide

    Stolen Nigerian oil, profits laundered worldwide

    At least 100,000 barrels of the country’s oil is lost per day to theft from its onshore and swamp operations alone, a new Chatham House report estimates.

    The illicit oil which is around 5% of total output in the first quarter of 2013 oil is said to have likely found ready buyers in West Africa, the US, Europe and several Asian countries.

    Chatham House, home of the Royal Institute of International Affairs, based in London  is a world-leading source of independent analysis, informed debate and influential ideas on how to build a prosperous and secure world for all.

    The Institute noted that stolen Nigerian crude and the profits from it are laundered around the world, threatening the integrity of financial markets and the legitimate oil business.

    Worried by the development, the Federal Government last June urged  the  United Kingdom and other countries to help Nigeria curtail the growing incidence of crude oil theft in the country by rejecting stolen Nigerian crude destined for their refineries.

    Speaking at the Chatham House  on ‘Nigerian Defence Priorities: Domestic Stability for Regional Security’, former  Minister of State for Defence, Erelu Olusola Obada likened Nigerian stolen crude to the Liberian and Sierra Leonean blood diamond, and demanded the confiscation of assets and property of foreign vessel owners and businessmen involved in such illicit transactions.

    In a press statement issued on September 19 by its press office, Chatham House said despite the threat “ no Nigerian oil thieves have been prosecuted internationally, and knowledge of the illegal business and its practitioners remains poor, says Nigeria’s Criminal Crude: International Options to Combat the Export of Stolen Oil.”

    “Criminal Crude – the first independent, in-depth report on the international dimensions of Nigerian oil theft – explores the problem in the context of legal trading markets and Nigeria’s own oil sector and political culture.

    “The report describes oil theft as a species of organized crime that is almost totally off the international community’s radar.

    “Nigeria cannot resolve the problem alone, but it needs to take the initiative to develop an achievable strategy with its foreign government partners. Even then, much more intelligence is needed to connect the very complex issues and range of actors involved.

    “Foreign governments may want to say this is not their problem,” says co-author Aaron Sayne, “But without better knowledge of how oil theft affects security and strategically important markets, not every government can say so with confidence.”

    “Criminal Crude offers a four-point framework for states seeking to take first steps against Nigerian oil theft.

    “First, Nigeria and its foreign government partners should prioritize the gathering, analysis and sharing of intelligence on oil theft. The report offers preliminary conclusions about how much oil is stolen, how the oil and money move globally and the links between oil theft and insecurity. It highlights knowledge gaps and points out specific priorities for investigators overseas.

    “Second, Nigeria should consider taking other steps to build the confidence of

    foreign government partners. Interviews for Criminal Crude found officials in other countries willing to act on oil theft, but only if Nigeria takes some serious steps first.

    “Third, other states should begin cleaning up parts of the trade they know are taking place within their borders. This could involve tracking ships by satellite; investigating possible links between crude theft, drug smuggling or terrorism; following international money trails; or targeting known thieves through “smart sanctions.”

    “Fourth, Nigeria should articulate its own multi-point, multi-partner strategy for addressing oil theft. Most international initiatives would require Nigerian cooperation to succeed, and the stolen oil trade is a Nigerian problem first.

    “The Nigerian government is likely to have the best intelligence on how the business works.

    “The analysis in the report finds that there are no easy answers: tackling this form of transnational organised crime is about making smart choices with tools that work, in a high risk environment where political will easily waivers. Criminal Crude provides a solid basis for greater international engagement on the trade in stolen Nigerian oil.

    “A key issue is how much other stakeholders such as international oil companies, oil traders and shippers would be willing to contribute at the risk of undermining their relationships, reputations and capacity to operate in Nigeria, “ says Christina Katsouris, co-author.”

     

  • CBN expects ‘below-target’ inflation in 2014

    CBN expects ‘below-target’ inflation in 2014

    The Central Bank of Nigeria expects inflation to remain below its single-digit target throughout 2014, as it has this year, Deputy Governor Kingsley Moghalu told Reuters on Thursday.

    He also said growth next year was projected at 7.6 percent, which compares with a rate this year of around 6.5 percent.

    He added that better prudence meant the government would be able to keep Nigeria’s fiscal deficit below three percent in 2014, as it has this year.

     

  • World Cup playoffs: Eagles won’t rely on records – Echiejile

    World Cup playoffs: Eagles won’t rely on records – Echiejile

    Super Eagles defender, Elderson Echeijile, has said Nigeria will not depend on their past records against Ethiopia in next month’s World Cup playoffs.

    MTNFootball.com reports that Nigeria enjoys a favourable record against Ethiopia having won four, drawn two and lost only once to the East Africans.

    But Sporting Braga defender Elderson said what would matter most when both clash again next month would be what they produce on the pitch.

    “Records are always there, but we will just go all out to do our best so we could be in Brazil next year,” maintained the left back on his official website www.elderson3.com

    He said the Eagles cannot afford to underrate Ethiopia even though most Nigeria fans have already given the Eagles the ticket to Brazil 2014.

    “I can understand the belief the fans now have in the Eagles, but we cannot afford to underrate any team especially at this stage of the qualifiers,” he said.

    “What is certain is that they will come with everything at us because they also want to be in Brazil for the World Cup.

    From our match at the AFCON, they showed they are a good team. They have speed and like to keep the ball. They are tactically not an easy team to come up against.”

    The high altitude of Addis Ababa has been widely seen as a major factor that could swing the first leg in favour of the home team.

    “It could be a problem (high altitude),” admitted Elderson.

    “But we are up for everything that will come up against us because we want to be in Brazil next year.”

    The Braga star would also back Ghana to beat Egypt in possibly the toughest-looking World Cup playoffs in the African zone.

    “It will be a very tough match for both teams,” he said.

    “But I will be supporting Ghana because I have some friends in the team – Asamoah Gyan and John Boye. We were together at Rennes in France.”

     

  • Osun begins sales of Islamic bond

    Osun begins sales of Islamic bond

    Osun State has begun offering the country’s first Islamic bond, taking a major step towards developing an Islamic finance industry in Nigeria, bankers said on Thursday.

    The issue makes Nigeria the first big economy in sub-Saharan Africa to market a sukuk, although Gambia has been selling small amounts of Islamic bonds for several years.

    Other African countries including South Africa, Kenya and Senegal have been laying plans to issue sukuk, seeking to tap into growing global demand for Islamic bank, particularly among cash-rich Islamic funds in the Gulf and Southeast Asia.

    The state issuing of up to 10 billion naira ($62 million) of seven-year sukuk, denominated in local currency, will pay investors a fixed return of between 14.25 and 14.75 percent, according to a prospectus seen by Reuters.

    The offer will close at the end of this month, the bankers said, declining to be named under briefing rules. The sukuk is based on an ijara structure, a common leasing arrangement in Islamic finance, which bans the payment of interest.

    Local credit rating agency Agusto & Co gave an A rating to the sukuk, suggesting it will attract ample investor demand. Bankers said earlier that Osun hoped the issue, which is expected to be listed on the Nigerian Stock Exchange, would be bought by local pension funds and international investors.

     

  • Abiola’s wife to invest in tourism

    Mrs. Dupe Onitiri-Abiola, one of the wives of the late M.K.O Abiola on Thursday said she plans to invest in the country’s tourism sector.

    Onitiri-Abiola told the News Agency of Nigeria (NAN) in Lagos that tourism had enormous potentialities that could enable the sector earn high returns for investors.

    She expressed the belief that every sector of the economy had a tourism element that could be developed after thorough research and feasibility studies.

    “Tourism opportunities in the country are therefore very huge; I am passionate about investing in the tourism business.

    “ I appreciate nature and also enjoy seeing beautiful creations,” Onitiri-Abiola said.

    She said her areas of interest with respect to tourism investment were beaches, monuments, museums, tour operations and event centres.

    Onitiri-Abiola said she would put millions of naira into the projects in her drive to boost tourism development

    She said that such projects would create employment opportunity for the youths and earn profit as well.

    Onitiri-Abiola said tourism was one of the largest employers of labour all over the world.

     

  • Alleged theft: Akingbola’s case transferred to another judge

    Alleged theft: Akingbola’s case transferred to another judge

    The trial of a former managing director of Intercontinental Bank, Erastus Akingbola and his associate, Bayo Dada, was on Thursday transferred to a new judge.

    The Chief Judge of Lagos State, Justice Ayotunde Phillips, re-assigned the case to Justice Lateef Lawal-Akapo for trial.

    This followed the transfer of the former trial judge, Justice Adeniyi Onigbanjo, to the Commercial Division of the Lagos High Court, Ikeja.

    The case was previously re-assigned to Onigbanjo, after the first trial judge, Justice Habeeb Abiru, was elevated to the Court of Appeal on November 2.

    The News Agency of Nigeria reports that this is the second time the case will be re-assigned since the defendants were arraigned by the Economic and Financial Crimes Commission (EFCC).

    The defendants are standing trial on a 22-count charge of conspiracy and stealing of N47.1 billion belonging to the Intercontinental Bank (now Access Bank Plc).

    NAN reports that the defendants were first arraigned on May 31, 2011 before Abiru on the same charges.

    They had pleaded not guilty to the charges and the judge granted Akingbola bail in the sum of N100 million with two sureties in like sum.

    He also granted Dada a N50 million bail with two sureties in like sum.

    The trial, which was at the stage of adoption of final written addresses by the parties, was aborted as a result of Abiru’s elevation.

    Consequently, Akingbola and Dada were re-arraigned before Onigbanjo on February 26, 2012 and the matter started afresh.

    They had again pleaded not guilty to the charges and were granted bail with the terms earlier given to them by Abiru.

     

  • Egyptian forces raid pro-Morsi town

    Egyptian forces raid pro-Morsi town

    Egyptian security forces are fighting gun battles in a town near Cairo after launching an operation targeting “criminal and terrorist hotbeds.”

    At least 28 suspected militants have been held in Kerdasa, state TV says.

    But several hours after the operation started, security forces took cover from gunfire.

    At least 11 police officers were killed at a police station in Kerdasa last month, weeks after the overthrow of Islamist President Mohamed Morsi in July.

    Soldiers went into Kerdasa at about 05:30 local time (03:30 GMT) on Thursday, backed by helicopters.

    State media said a senior policeman had died in clashes with militants.

    BBC says security forces were exchanging fire with unidentified gunmen who appeared to have taken up positions in a number of buildings in the town.

    Security forces were taking cover behind buildings, the report adds.

    Earlier residents had told the BBC that security forces were searching homes in Kerdasa for members of Mr. Morsi’s Muslim Brotherhood movement.

     

     

  • Economy doing well, I will not resign – Okonjo-Iweala

    Economy doing well, I will not resign – Okonjo-Iweala

    Finance Minister responds to call for her resignation, says 2014 budget to be prudent

    The Coordinating Minister for the Economy and Minister of Finance Dr. Ngozi Okonjo-Iweala has ruled out resigning from government based on the performance of the economy.

    Addressing journalists in Abuja on Wednesday  on the state of the economy, Okonjo-Iweala said she is the minister of finance for the country and works for President Goodluck Jonathan.
    Asked if she would consider the call by some governors for her to resign Ngozi Okonjo-Iweala said “I will not involve myself in political issues with the state governors, we are here to manage the economy for the good of the nation and what we are doing here is based on facts on the ground. I am minister for the economy, am working for president Goodluck Jonathan and am answerable to him. Do I look like someone who is preparing to resign? I am not resigning, I dey kampe. I have a very committed and dedicated team and so I am not going to respond to such issues.”
    Speaking about the state of the economy, Okonjo-Iweala said Nigeria’s economy “is doing reasonably well but not is perfect and the administration of President Goodluck Jonathan wants to focus on concrete achievements.
    Evidence that the economy is sound she said can seen from the fact that nine state governments have expressed interest to float bond from the Nigerian capital market.
    She noted that if the economy was unhealthy the state governments would not have had the confidence to float the bonds. According to her, “you cannot float bonds in a bad economy.”
    Okonjo-Iweala commended the nine state governors who have indicated interest in floating the bonds for the confidence they have in the economy by floating the bonds. She then called on Nigerians “to have confidence in ourselves.”
    However, she called on the citizens and legislatures of the states to monitor what the proceeds of the bonds are used for noting that they should not leaving the monitoring to the federal government and the Securities and Exchange Commission (SEC) alone.
    With regards to other aspects of the economy, the finance minister said the government has the resources to manage the economy and does not need outside assistance to manage the economy.
    In addition, Okonjo-Iweala said Nigeria’s macro-economic fundamentals are strong with $46 billion in the foreign reserve and of this amount, $5.1 billion is in the excess crude account.
    However she cautioned that the $5.1 billion in the excess crude account will be drawn down today after payment has been made from it to oil marketers whose payments she said has been due.
    The economy saved a lot of money with the measures put in place to pay oil marketers as a fall out of the subsidy row in 2012. These measures include avoiding conflicts of interest, and the introduction of checks and balances.
    The minister said that N2.2 trillion was paid to oil marketers in 2011 but after the measures were instituted and a forensic audit carried out, N971 billion was paid in 2012 and there are wrong indications that about N950 billion will be paid to marketers in 2013.
    Also inflation and exchange rate fundamentals she noted have remained stable with GDP growth better than six per cent thus making Nigeria “one of the fastest growing economies worldwide.”
    As part of the soundness of the economy, the minister of finance disclosed that the September salaries of civil servants was paid yesterday. And still on payments to federal workers, Okonjo-Iweala said over $2 billion has so far been realized from the sale of the Generation Companies and Distribution Companies (Gencos and Discos) to investors and part of this proceeds will be used to pay off staff of the Power Holding Company of Nigeria (PHCN).
    The finance minister when asked on what the 2014 budget will look like said prudence will guide next year’s budget execution. According to her, Nigeria has to prepare itself and plan, yes the price of oil in high now but with the recent discoveries of shale oil and arctic oil Nigeria need to be prudent with its spending. She however assured that the economy will grow if the both the executive and legislature work together towards removing bottle necks.
    Already she said the nation’s current account is in surplus, as such prudent management of the economy is required.