The Nation Newspaper

Author: The Nation

  • Jonathan suspends introduction of N5,000 notes

    President Goodluck Jonathan has directed the Central Bank of Nigeria (CBN) to suspend the proposed introduction of the N5,000 notes.

    Dr Reuben Abati, the Special Adviser to the President on Media and Publicity, confirmed this to State House correspondents on Thursday night in Abuja.

    “The introduction is being suspended for now to enable the CBN do more enlightenment on the issue.

    “Yes, President Jonathan has directed that the implementation of the new N5,000 note be suspended for now.

    “This is to enable the apex bank to do more in terms of enabling Nigerians to understand why it proposed it in the first place.

    “So, for now, the full implementation is on hold,” he said

    The News Agency of Nigeria (NAN) recalls that the CBN recently announced that it would introduce the note, and coins to replace the current N5, N10 and N20 notes.

    The policy was endorsed by the National Economic Management Team, an advisory body coordinated by the Minister of Finance, Dr Ngozi Okonjo-Iweala.

    NAN, however, recalls that both the Senate and the House of Representatives have passed separate motions calling for the suspension of the introduction of the note. (NAN)

  • N5,000 note: NBA asks Jonathan to sack Sanusi

    N5,000 note: NBA asks Jonathan to sack Sanusi

    The Nigerian Bar Association (NBA) has asked President Goodluck Jonathan to sack the Central Bank of Nigeria Governor, Sanusi Lamido Sanusi. The association has also disclosed plan to convoke a Summit on Peace and Security in Nigeria to address the insecurity in the nation. NBA said it was embarrassed that the apex bank had not been able to offer any sensible answer to the fears raised by Nigerians over the plan to introduce N5, 000 note. Speaking on Thursday in Abuja, at the Summit on the future of the NBA with the theme “The Nigerian Bar Association: The Past, Present and the Future”, Its President, Okey Wali (SAN) expressed surprise that Sanusi could insult former President Olusegun Obasanjo for holding a contrary view. Amazed by the growing obsession for power under the president’s watch, the association charged him to initiate the process that will lead to removal of Sanusi. He said: “It may well be that the CBN has a case, but the problem is that they are not giving any sensible answer to the fears expressed by Nigerians, aside from such pedestrian reason as, it will make Nigerians to hold Naira instead of Dollar. “We are supposed to be in a democracy and since Nigerians have rejected the policy, even their elected representatives in the House of Representatives and the Senate on Tuesday 18th of September, 2012 condemned the plan. Rather than listen to Nigerians, the CBN is engrossed in distribution of insults and name calling to anybody who dared express a contrary view. To my utter consternation, I watched on National Television as an elder statesman and former President of this country was being called names and ridiculed for daring to hold a contrary view. That is a big shame. “Since all indices show that Nigerians do not want the N5,000 note, even if the leadership of the CBN is right, we believe that they are bound by the wishes of the people or they should take the honorable part of resignation, rather than exhibiting such unbridled high level of arrogance and rudeness.

  • Boko Haram is after Nigerian government – U.S

    Boko Haram is after Nigerian government – U.S

    The United State Government on Thursday said it has not designated Boko Haram as a terrorist organisation because the insurgency is principally targeted at portraying the Nigerian government as ineffective.
    The Assistant Secretary for African Affairs at the U.S Department of State, Ambassador Jonnie Carson, disclosed this during a continent-wide teleconference.
    Mr. Carson said Boko Haram is not a homogenous organisation and therefore does not qualify to be labeled a terrorist group.
    “Boko Haram is an organisation trying to discredit the Nigerian government and trying to show the government as ineffective in protecting its citizens,” he said.
    He, however, conceded that the U.S “constantly keep it (Boko Haram) under review” and that is why it has declared three Boko Haram leaders as terrorists.
    In late June, the U.S Government placed Abubakar Shekau, Abubakar Adam Kambar, and Khalid al-Barnawi on its list of global terror.
    “These three leaders were declared as terrorists because we believe they have established contacts and broader network with foreign terrorist organisations. They have sought funding and materials,” he said.
    In the build up to the November 6 U.S Presidential Election, Mr. Carson spoke extensively on U.S affairs in Africa.
    According to him, the U.S’s predominant activities are targeted at helping “Africa deal with its ongoing security challenges” because crises take away resources meant for development. But he said the country’s larger aim is to help Africa grow its economy, especially agriculture.
    On the recent attacks by Islamists on U.S Embassies and diplomats in some African countries, Mr. Carson’s comments suggested
    that the “provocative video” was only a means for the attackers to show their interest, which is not necessarily religious bu
    t to force U.S government out of those countries.

  • Agitation for regional autonomy not for disintegration – Ekwueme

    Agitation for regional autonomy not for disintegration – Ekwueme

    Second Republic Vice President, Dr. Alex Ekwueme, has told Nigerian leaders not to misinterpret agitation for regional autonomy by some ethnic nationalities for a call for disintegration of the country.
    Ekweume attributed the agitation for self determination by the various groups to failure on the part of the leadership over the years to balance the complex development visions of the various ethnic groups in the country.
    In an address delivered on his behalf by his younger brother, Laz Ekwueme at a public presentation of Blueprint Newspapers in Abuja, on Thursday, the former Vice President warned the leadership against neglecting issues that promote multi-cultural harmony in the country.
    “Amidst economic and political challenges that confront the nation, Nigerians have at one time or the other been inundated with calls from ethnic groups for self determination.
    “While it is the dream of every Nigerian to have transparent governance that would place premium on the common good of the majority, Nigerian leaders should not misinterpret the present rancour for a call to disintegration.
    “Like every nation with a multi-cultural setting, Nigeria is daily faced with the complex task of balancing its development vision among its diverse ethnic groups.
    “While it is a fact that our multi-cultural colouration may serve as a platform for strength; it may turn the country into a nightmare of crises if our nation’s leaders continue to neglect issues that promote multi-cultural harmony among Nigeria’s ethnic nationalities.
    “Sincerity of purpose and political will by government, coupled with the determination to create a symphony of mutual trust among out ethnic groups, remain the means of triumphing over our present challenges,” the former vice president stated.
    Ekwueme sounded the warning that the emergence of groupings with ethnic affiliations signaled a nation in dire straits.

  • How Nigeria lost $2b to gas flaring last year – Gowon

    How Nigeria lost $2b to gas flaring last year – Gowon

    Nigeria flayed over $2 billion worth of gas last year, former head of state, Gen. Yakubu Gowon, has said.
    Gen. Gowon spoke on Wednesday in Finima, Bonny Island, Rivers State.
    The former Head of State, who was on a visit to the Nigeria Liquefied Natural Gas (NLNG) Plant on the Island, said the country would have more money for development projects by ending gas flaring.
    He said the country has to ensure that steps were fast-tracked to complete the NLNG Train Seven and other LNG projects to end gas flaring.
    He said countries such as Qatar have taken over the leadership of the LNG market from NLNG, which used to be the fastest growing in the world.
    He said: “Think of how much cash, sorry gas, we burnt between when we found oil in 1957 and when Nigeria LNG was able to start monetising our gas resources in 1999. Last year, this country flared over 460 billion standard cubic feet of gas that, if processed and exported, would have fetched the country over $2 billion and minimised the health and environmental impact of gas flares.
    “Think of how oil palm industry left Nigeria for Malaysia. Think of how athletics – we won Gold at the Sydney Olympics 12 years ago – left Nigeria to Jamaica. And the worst of all, countries we started out with in the LNG business have all left us behind.”
    Gen. Gowon lamented the country’s loss of the leadership of the LNG market.
    “Nigeria LNG Limited used to be the fastest growing LNG plant in the world. But for the past five years, a country like Qatar has moved from 20 to 80 million tonnes range, whilst a country like Australia has made final investment decision to build LNG projects up to 80 million tonnes. I now understand that Mozambique and Tanzania will soon be joining the gas producers with the export of LNG,” he stated.
    He urged the Federal Government to ensure all the LNG projects were completed.
    The former Head of State said: “All the LNG projects on the drawing board in Nigeria (NLNG Train Seven, Brass LNG, OKLNG) will add about 30million tonnes of LNG to our national output, which is not that much when we compare with Australia, which has only 60 per cent of our reserves but effectively generates much higher domestic electricity and will soon be exporting much more LNG than all the LNG companies in Nigeria combined.”
    He warned of the consequence of not acting on time.
    “So, I am still not completely fulfilled that we haven’t reached our destination in that journey we started so long ago. I am worried that history is about to repeat itself as other players (including the United States, a previous importer now a net exporter) will get to the global market ahead of us and it may be another 30-50 years lost. I will not like to see another great opportunity lost due to our lethargy.
    We can’t afford to sit on the fence any longer,” Gen. Gowon noted.

  • Keshi lists Mikel for AFCON tie

    Keshi lists Mikel for AFCON tie

    Super Eagles Coach, Stephen Keshi, has included Chelsea midfielder Mikel Obi for next month’s AFCON tie with Liberia, MTNFootball.com reports.
    Mikel opted out of the first leg in Monrovia, which finished 2-2, when it was first learnt that the game will be played on an astro turf.
    Keshi’s programme was on Tuesday handed to the Nigeria Football Federation’s technical department, according to top officials of the glass house.
    “The coach has plans to name a killer squad that would include Chelsea stars John Mikel Obi and Victor Moses,” a top official told MTNFootball.com.
    Several top officials who accompanied the Eagles to Monrovia earlier this month clamoured for the recall of Mikel after the team’s midfield collapsed against a rampant home team.
    Mikel has yet to play under Keshi, who took charge of the Eagles in November.
    However, West Bromwich Albion striker, Osaze Odemwingie will have to wait a little longer before he returns to the Eagles fold, another top official told MTNFootball.com
    “For Osaze, he would just be returning from his three-match ban and the coach feels he has not seen enough of him so I don’t think he would be making the Liberia game,” the official revealed.
    MTNFootball.com also gathered that the Eagles coach is expected to name his squad for the AFCON return leg next week with the camp opening for home-based players in the first week of next month.
    The match will be played on October 13 in Calabar.