Category: Lead

The controversy surrounding the Nigeria Air project deepened yesterday with former Aviation Minister Hadi Sirika alleging sabotage by some key industry players.

Sirika specifically mentioned domestic airline owners and a former Chairman of the House of Representatives Committee on Aviation Nnolim Nnaji, for causing the delay in the national carrier’s takeoff.

He claimed that while the airline operators under the aegis of Airline Operators of Nigeria(AON), begged him to truncate the project, Nnaji demanded a five percent equity in the project as a precondition for the support of the House committee.

The Minister claimed that his refusal to acquiesce to the demand must have made Nnaji describe Nigeria Air as a fraud.

Sirika also said that only N3 billion out of the N5 billion budgeted for the project was released to the Aviation ministry.

The N3 billion, according to him, was meant for the acquisition of offices, payments of consultancy fees,  workers’ salaries and processing of Air Operators ‘ Certificate (AOC).

Sirika also dissociated the Federal Government and himself from the hiring of an  Ethiopian Airlines Boeing 737 aircraft which was unveiled at the Nnamdi Azikiwe International Airport on May  28 as the national carrier. The aircraft, which bore Nigeria Air’s colour and logo, flew back to Ethiopia hours after the ceremony. 

He stated these while being featured on a national television programme monitored by our correspondents.

Sirika whose allegation was swiftly denied by Nnadi, explained that the promoters of the project flew in the aircraft to show to Nigerians and industry stakeholders what Nigeria Air would look like. 

The former minister said he made a recording of his conversation with   Nnaji, whom he alleged did not do a thorough job as a House committee chairman.

He explained that he was only invited to the unveiling of the aircraft a few days before the curtain drew on the Muhammadu  Buhari administration. Sirika said it was during the event that he announced that Nigeria Air would take off after the issuance of the   AOC by the Nigerian Civil Aviation  Authority (NCAA).

He claimed that there was nothing fraudulent or secret about the process leading to the naming of preferred bidders and equity partners for the national carrier.

Sirika said the fears of the local carriers were unfounded as they were invited to participate in the bid processes.

Sirika made direct reference to one of the  AON leaders whom he alleged visited him when he was indisposed and pleaded with him to truncate the setting up of Air Nigeria.

He put the investment value of Nigeria Air at  $200 million.

Ethiopian Airlines, according to the former minister,   was to pay 49 percent of the $200 million.

 and  Federal Government, five percent; The remaining 46 percent was to be taken up by  SAHCO Plc and MRS.

Sirika explained that    Federal Government was not paying any cash as the five percent was to be converted in kind to the services and processes it had so far contributed to the project.

He said that the industry players peddling figures that over  N53 billion had so far been spent on the national carrier were distorting facts.

His words:” The whole process is open for investigation. There was nothing shrouded in secrecy about Nigeria Air. To put it in perspective,  only N5 billion was budgeted for the project,  out of which only N3 billion was released.  We have not even utilised the entire sum.  People peddling information that over N53 billion has been spent on the project keep muddling the issues. They can go to the relevant agencies of government to find out.”

The former minister said it was curious that some local carriers have stakes in foreign carriers were challenging   Federal Government’s efforts to birth a formidable national airline.

He accused local carriers of lack of capacity on designated international routes, saying they do not have any moral right to be uncomfortable with the government’s decision to rescue the Aviation industry.

“The structures of these airlines opposing the national carrier are not sustainable.  Imagine out of the over 130 airlines so far registered in Nigeria, less than 10 are in active flight operations.”

Sirika argued that some airlines hugely indebted to the Asset Management Corporation of Nigeria (AMCOM), could not have been converted to a national. carrier because of litigation and other challenges.

He said that the Nigeria Air project was on course as it had already scaled beyond the Phase One stage of its AOC issuance by the NCAA.

Sirika said anytime the promoters are through with the AOC processing,  the Ethiopian Airlines aircraft used for the  Nigeria Air unveiling would return to begin scheduled flights.

Read Also: Nigeria Air: Why EFCC must probe, prosecute<br>Sirika, Emefiele, others, by APC chief

 He added: “On the aircraft that was flown in, neither myself nor the federal government was directly involved.  It was a marketing strategy that the partners of Nigeria Air Limited and Ethiopian Airlines carried out that exercise to market the project to the industry.

“ The aircraft did not take revenue passengers out of Nigeria as some people are making us believe. It had to return to Ethiopia pending when the air operators certificate is issued by the Nigerian civil aviation regulator.

“ We do not want to keep the aircraft on the ground when the relevant processes had not been completed. “

On the court order directing that the project be stopped till a suit by the AON is determined,  Sirika said the   Aviation ministry had made frantic efforts to vacate it (order).     

He said:” It is not in my place to determine whether there was contempt of court or not. Our legal counsel is in the best position to report to that.

The former minister also clarified that the government had withdrawn the 15 years tax moratorium proposed for   Nigeria Air operations.

  ”We thought there should be a level playing field for all carriers.  There was going to be no preferential treatment given to the national carrier. The fear by local operators is unfounded,” he said.

Nnaji, who swiftly reacted to the allegation again him, described Sirika as a “drowning man “ desperate to defend himself.  He challenged him to tell Nigerians the truth.

“It is not strange that Sirika came up with this spurious allegation against my person because l remained consistent in demanding that he followed due process.

“He should not deviate from the subject matter. Let him tell Nigerians the truth about the contraption he sold to us as Nigeria Air.  Nnaji is not his problem,” the federal former lawmaker said in a statement.

Meanwhile, the  Arewa Youth Consultative Forum (AYCF) has called for the immediate arrest of Sirika over his role in the  Nigeria Air scandal.

It said in a   statement by its  National President,   Yerima Shettima, said that Nigeria was not a Banana Republic where everything should be allowed to go.

The statement reads partly:” President Bola Ahmed Tinubu has already started demonstrating that it is no longer going to be business as usual in Nigeria, he should also go a step further by giving an immediate order to the anti-graft agency to bring Former minister of aviation, Hadi Sirika to book to serve as a deterrent to others going forward.

“The action of Hadi Sirika amounts to deception and breach of trust that should not go unpunished, He must be made to face the law, particularly in the face of absolute disregard to the rule of law and the entire justice system by proceeding on the unveiling against the order of a competent court of law.

“This national embarrassment and waste of resources incurred on the country would have been averted if he had listened to advice, yet Hadi Sirika went ahead knowing it was a charade, to deceive Nigerians.”

AYCF  said it would sue the former minister if that the Economic and Financial Commission (EFCC) failed to arrest and prosecute him.

A stitch in time, an adage says, saves nine. For the suspended Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, a voluntary exit from the scene with former President Muhammadu Buhari would probably have saved him all the troubles. Now that his day of reckoning has come, he needs to be held accountable for all past mistakes or misdeeds of his former office, write SIMEON EBULU, MUYIWA LUCAS and COLLINS NWEZE

For Godwin Emefiele, former governor of the Central Bank of Nigeria (CBN), his current travails were foretold; he didn’t need any prophecy from whatever quarters to know that trouble was lurking in the corner. The most surprising thing to most people, however, was that he missed a golden and honourable opportunity to quit the stage with his erstwhile principal, President Muhammadu Buhari on May 29, 2023.

 By offering to stay on beyond the exit date of the former President, he inadvertently exposed himself to this avoidable ridicule and helpless web that he now finds himself. Emefiele, the suspended CBN boss, is not yet before the crucifix; far from it. He has a lot of leverage to fall back on, no doubt whatsoever, but it’s certainly not going to be a pleasant experience for him; nor a good narration for the country’s CBN Czar, who ought to be retiring to a well-deserved rest, having served as the country’s Central Banker for almost two terms of five years each, save for just 10 months. Many think his strategy failed him and beclouded his sense of reasoning.

 For the most part and nearly over the nine years that Emefiele was in the saddle, he was credited for initiating and shouldering the key components of the economic thrust of the Buhari administration. His brief, though limited to monetary policy and interest rate determination, he was, nonetheless, active, most times in driving fiscal policies as well. His push for expanding the productive base of agriculture through the Anchor Borrowers’ Programme (ABP) saw to the increase in rice production mainly, and other staple foods, readily came to mind. The effectiveness and the long-term impact of the CBN intervention in the agriculture sector were checkmated by the later-day activities of herdsmen and the general state of insecurity that pervaded most parts of the country, most especially in the Northern part of the country.

 Next to agriculture, were several other interventions in critical sectors of the economy, including manufacturing, entertainment, aviation, and funding backward integration efforts, that were intended to indirectly influence the cost of production for firms and impact positively on prices by improving the flow of credit, or funds. However, there are arguments and divergent views on how the CBN under Emefiele handled its core area of monetary matters, including the interest rate regime and foreign exchange management.

 For years, even before the onset of his tenure, on June 3, 2014, there were concerns raised by well-informed segments of the society, among them industrialists, manufacturers, bankers, parents with wards studying overseas and the like, about the CBN’s foreign exchange multiple rates regime and the rising cost of money occasioned by high-interest rates charged by commercial banks. While it is difficult to explain why these concerns lingered and remain unresolved, one cannot rule out the Nigerian factor, which always tends to circumvent the rules of the game, and most especially the recent global negative overwhelming impact of COVID-19 pandemic which literarily rubbished all governments’ efforts to grow their economies.

 Given the parlous state of the economy currently, where over 85 per cent of the country’s revenue is devoted to servicing its debts, both local and foreign (put at N77 trillion), coupled with the high expectation of Nigerians on the new government of President Bola Ahmed Tinubu to turn the fortunes of Nigeria for the better, it was no surprise, therefore, that something has to give way for the desired change to manifest. Emefiele’s foray into politics and the CBN’s subterranean moves to effect a currency redesign could be seen as the last straw that may have broken the camel’s back and exposed him to his present predicament.

Mixed reactions trail Emefiele’s suspension

The Chief Executive Officer, Centre for the Promotion of Private Enterprise (CPPE), Dr Muda Yusuf, said the suspension of Godwin Emefiele did not come as a surprise. Yusuf, an economist, told The Nation at the weekend that given that the monetary and foreign exchange policy thrusts of President Tinubu’s administration is at variance with the policy disposition of the CBN under Emefiele, the suspension was just a matter of time. “President Tinubu was very clear in his inaugural speech about his resentment of some current CBN policies such as the multiple exchange rate and the Naira redesign policy.  The President also hinted at a house-cleaning plan for the CBN.  It is impractical to reform the apex bank and review some of its major policies with Emefiele remaining on the seat as Governor,” Yusuf said, adding that it is therefore logical that the CBN Governor be advised to proceed on suspension.

 Yusuf further explained that the CBN under Emefiele had presented a compatibility issue between the apex bank and the present administration, thereby making the parting of ways inevitable. “The truth is that there is a major compatibility issue. The parting of ways was inevitable,” additionally,” “the brazen involvement of the CBN Governor in partisan politics was an aberration and most unbecoming. It was damaging to the credibility of the CBN and the reputation of the Governor himself.”

 The Managing Director of Economic Associates, Dr Ayo Teriba, said the appointment of the Acting Governor to lead the CBN affords the opportunity to reflect on what lessons from the preceding regimes can teach the country about the next five years. He said Emefiele, a dedicated banker, both by training and nearly three decades of assiduous professional practice, was made to lead a CBN Board on which there is currently no economist, and a Monetary Policy Committee (MPC) on which only a couple of the part-time members are economists.

Read Also: Iwuanwanyu: Ohanaeze has no intention to interfere with Emefiele’s probe

 “While one cannot question the collective wisdom of former President Goodluck Jonathan and the 109-member Senators in nominating and confirming Emefiele for the role, one must point out that the technical expertise required for the Board of the CBN and the MPC to confront contemporary global economic and financial complexities and translate them to growth, employment, price, exchange rate and financial stability outcomes for Nigeria, cannot be currently assumed to exist within the CBN,” he said.

 He said both the Board of the CBN and the MPC are now populated by lawyers, accountants, bankers and/or stockbrokers. “None of the current members of the Board of the CBN, or the full-time members of the MPC has any track record of writing to publicly articulate any aspect of monetary policy,” he said.

 The Nigeria Country Representative of the European Organisation for Sustainable Development, Jide Akintunde said the fact that the last two CBN governors have failed to complete their legal tenures of office, is a cause for concern. “This trend must end with Emefiele’s suspension. How to ensure this is simply a function of who is appointed as the next substantive governor of the apex bank. It is at the point of the appointment that we miss the road and end up with the inevitability of removing the CBN governor,” he said.

 On the impact of Emefiele’s suspension on the exchange rate and economy, Akintunde said the suspension of Emefiele will send conflicting signals to the Nigerian market participants. Fundamentally, this suspension will, by itself, not make much impact. What would be impactful, over the medium term, is what follows from here and who is announced as the next substantive CBN governor.

 “I am concerned that President Bola Tinubu – much like his predecessor – may be seen to want to predetermine the reform that is necessary at the CBN. No matter how well-intentioned he may be, this is a problematic approach. Political influence on monetary policy is not going to reassure investors. After a short period of hurrah – which may see the naira marginally appreciate and a brief surge in Nigeria’s main equity index – the excitement will not sustain itself. We will start to deal with the perception of executive influence over monetary policy. Foreign investors would greet such ‘reform’ with circumspection,” he said.

Akintunde said that to reduce the period of wait-and-see attitude about the financial markets and the economy, a new CBN governor-designate should be announced as soon as possible. The timing of the resumption of such an appointee requires a combination of political and technical solutions. On who should be the next CBN governor, Akintunde said the next Governor of the CBN should be someone who is unlikely to be removed before the end of his tenure. But this simple characterisation throws up many important requirements that are discernible from our experience since 2009.

“First, the next CBN governor should be temperamentally fit for the office. We need someone who would focus on doing the job professionally. Two, we should avoid appointing someone who would be transactional, rancorous, and predisposed to conflict of interest. This means such an individual should not be a former private-sector banker. Three, and perhaps, most importantly, the individual should be an intellectual (a necessity for good policymaking) and combine senior-level experience in local and international institutions. If such a candidate has experience in policy-making – especially central banking – that would enable him or her to be ready-made for the job from day one,” he said.

 Former Executive Director, of Keystone Bank Limited, Richard Obire, said Emefiele’s suspension would not have come as a surprise to keen watchers of the political-economy space. He said some, maybe many, hold the view that he got a bit too involved in politics mainly due to his desire to run for the office of President. “Some felt his Naira Redesign Policy was badly implemented because it was targeted more at achieving some political aim rather than sensible economic goals. The new President has hinted at his desire to see a unified exchange rate to remove damaging distortions in the foreign exchange market and draw in forex inflows,” he said.

 According to Obire, that will be a key expectation of the successor to Emefiele. He explained that current inflation at about 22.22 per cent is high and could go higher with the recent fuel price adjustments and likely wage increases. “Policies to moderate inflation and achieve macro-price stability will be another expectation of the new CBN Governor. A third expectation will be to see interest rates come down and stabilise. The Monetary Policy Rate currently at 18.5 per cent, indicates that the best borrowers will be paying about 20.5 per cent. Most SMEs will be borrowing at much higher rates. This is not supportive of production to drive output and jobs,” he said.

 On the impact of Emefiele’s suspension on the exchange rate, Obire said: “I do not see it having any effects. Only a move to unify the exchange rates will change the dynamics towards the weakening of the Naira, at least in the short term until supply increases.”

 On his part, the President of the Association of Bureaux De Change Operators of Nigeria (ABCON) Alhaji Aminu Gwadabe, said power is transient, and should be used to better the lots of the people. According to him, the Bureaux De Change (BDCs) faced very severe regulatory challenges during Emefiele’s tenure, which can be reversed by the current leadership. Reconsider restrictions on BDCs operations and open up the forex space for more dollar inflows.

 He said: “Godwin Emefiele has both his weaknesses and strengths which will be subject of public discourse as we wish him well in his future endeavours. In every change, there is always an expectation of triggers of sentiments. I, however, foresee positive sentiments in the exchange rates trajectory. We also congratulate the Acting Governor on the new appointment. I have no doubt that he will perform, given his sterling qualities at the Nigerian Interbank Settlement System (NIBSS) as Managing Director/CEO.” Gwadabe said the Acting CBN Governor should use his wealth of experience to usher in confidence in the foreign exchange market.

But Dr. Olisa Agbakoba, renowned human rights lawyer and activist, has faulted the Department of State Service (DSS) on its role in the arrest and detention of Emefiele.

The experienced rights activist said as long as there was no issue of security surrounding why the former CBN governor was arrested, the state secret service had no business with his arrest and detention. Taking to his Twitter handle yesterday, Agbakoba said he had no issue with the suspension of the erstwhile CBN boss, admitting that the suspension did not come to him as surprise but questioned the constitutional framework under which the DSS got involved.

 He highlighted that the constitutional role of the state secret service remained internal security, saying unless there is an issue of security, the involvement of DSS in the Emefiele issue was unnecessary. Agbakoba twitted: “The suspension of the Governor of CBN @cenbank from office is not a surprise as his tenure was way beyond monetary policy. But confirmation by DSS @StateDeptDSS that Governor Emefiele is in its custody comes as a shock. The statutory role of DSS is internal security and I shudder to think what role DSS will play in this matter. The rule of law says it all. Can the relevant agency responsible for Governor Emefiele step forward but this excludes the DSS unless this has security implications,” he said.

The 30th anniversary of June 12, 1993, presidential election is an opportunity to reminisce and honour the memory of the late Chief Moshood Abiola and other fallen martyrs of democracy, as well as to proffer solutions on the way forward. Deputy Political Editor RAYMOND MORDI reports

Thirty years ago, the military authorities tried without success to sweep the outcome of the June 12, 1993, presidential election under the rug. It was an election in which 14 million Nigerians gave the late Chief Moshood Abiola and Alhaji Babagana Kingibe the mandate to govern the country. But, 10 days after the historic election, the military junta led by General Ibrahim Babangida annulled the election.

However, this development threw the country into several months of chaos, as angry Nigerians questioned the decision of the military government to cancel an election that was adjudged to be one of the most credible polls in the country’s history. By the time Abiola died on July 7, 1998 — the day he was due to be released from detention — he had become an unexpected symbol of democracy. Many observers believe the country’s current 24 years of uninterrupted civil rule was erected on the blood of innocent citizens who paid the prize for insisting on the restoration of June 12, as the annulled poll has come to be known.

The late Abiola was a committed democrat who paid the supreme price for democracy to flourish in the country. But, all the fuss about June 12 transcends the late Abiola as a person; he was a symbol of the people’s aspiration for democracy. There is a consensus that the annulment represents the killing of the aspirations of the majority of Nigerians for elected representatives to preside over their affairs, rather than self-imposed dictators. Nigerians were fed up with military dictatorship then and wanted change.

With the benefit of hindsight, June 12 was a watershed in Nigeria’s political history, though the military authorities did not know what they were toying with then. Babangida continues to defend his action, but he is likely to go to his grave pondering what might have been if he had not annulled that election. It came after a convoluted transition and political engineering that lasted 10 years. The Babangida-led ruling military junta had organised elections to return the country to civil rule. After successful governorship and parliamentary elections, the presidential election was held on June 12, 1993. But midway into the official declaration of the results, the self-styled President Babangida, annulled the election, citing spurious reasons.

A series of events followed in the wake of this development: protests, unrest, an interim government led by the late Ernest Shonekan, and a bloodless “palace coup” by the late Gen. Sani Abacha. Nigeria’s longest period of military rule eventually ended on May 29, 1999, when Gen. Abdulsalami Abubakar who succeeded Abacha organised fresh elections that returned the country to civilian rule.

But, 30 years after June 12, 1993, presidential election, how far has the country imbibed its positive lessons, particularly the sanctity of the ballot box?

In recognition of Abiola’s sacrifice, former President Muhammadu Buhari five years ago honoured the Abeokuta, Ogun State-born businessman and politician by awarding him the country’s highest national honour, the Grand Commander of the Order of the Federal Republic (GCFR), which is reserved for only heads of states. Buhari also made June 12 a national public holiday to commemorate Democracy Day; thereby reducing May 29 to merely a handover day from one administration to another.

The National Chairman of the Afenifere Renewal Group, Hon. Olawale Oshun said the late Abiola deserves the honour because he sacrificed for the democracy Nigerians are currently enjoying. He told The Nation: “He had a choice; some people had suggested that he should give up the struggle and leave the country after he was purportedly granted bail by the military. Some people felt he should have taken the advice and fled the country. If he had accepted it, they would not have succeeded in killing him. But, we would still probably be wallowing in military rule.

“But, he opted to remain and fight for the people’s mandate that was given to him. That was the reason he gave and he defended that mandate and lost his life in the process. Various pro-democracy movements, such as the National Democratic Coalition (NADECO) and many other groups in the diaspora, participated, but he invigorated the process of getting the military to come to terms with the fact that they have to leave the corridors of power. So, the June 12 struggle was more like an action that precipitated the exit of the military. Abiola was a great man; he had a vision about how to develop the country.”

Following the June 12 debacle, Nigeria has made progress, by being able to sustain civil for 24 years so far. But, indications are that the country is still struggling to find its feet. Oshun who was the Chief Whip of the House of Representatives during the aborted republic said democracy usually thrives once there is a vibrant economy. He said: “One of the crucial things we need to do to advance in our democratic journey is to build a thriving economy. We must make Nigeria a productive economy; not one that is claiming to be a member of the global community but all it can boast of is importing practically everything it requires from countries like China.

Read Also: June 12 annulment, tragic mistake – Jerry Gana

“We were once an aspiring productive economy under General Yakubu Gowon, whatever his weaknesses were. The duties placed on imported goods yielded enormous revenue for the government and it also stimulated industrialisation. There were strict controls on goods imported into the country and there were massive investments in the various industries.

“All that is gone now and we have suddenly become an importing country but I hope not forever. Once the country is productive and people are gainfully employed, the security challenge we are talking about will disappear. It will remain only petty crimes. Criminal activities like banditry are crimes of bitterness and protest against the society that produced them. If the majority of the people have something to do, you will see that the bitterness will gradually recede and will be eliminated.” 

The elder statesman said it is gratifying that someone who was an active participant in the struggle for the restoration of June 12 and democracy has emerged as the democratically elected leader of the country at this point. His words: “For now, I can say that we have somebody who was an active participant in the June 12 movement as the president of the Federal Republic of Nigeria. What that would do is that with the anticipated good governance that is bound to emerge from the stable of Asiwaju, because of his experience at the Senate and as governor, I believe that dividends of democracy are going to follow shortly.

“If that is the case, I will say that democracy has started to evolve. This is because once he settles down, he will change the direction of our economy, to a productive one, and improve our security situation by making our country a much more secure one. He would also provide more infrastructure, and then everything about growth and development would fall into place. If that happened, we would have started benefitting from the struggle for June 12.”

A civil society activist and former lecturer in the Department of Political Science of Bayero University, Kano, Dr Naseer Kura said the gains of the last 30 years have been a mixed bag of fortunes. He said: “When the military was at the helm of affairs, Nigerians from all walks of life firmly stood together to ensure that the country transmitted from dictatorship to democracy. But, unfortunately, the zeal with which Nigerians fought for the restoration of democracy and good governance has waned. Now, Nigerians are even afraid to speak out and point out the failings of those in authority. Today, all the gains of June 12 and the entire struggle for the de-militarisation of the political space are no longer there, and Nigerians are afraid to point out their feelings. The tyranny and impunity in the system have continued to weigh down some of the gains of the June 12 struggle.”

He said the areas Nigeria needs to improve on include ensuring that institutions of democracy are not hijacked by the political elite. He added: “Before now, Nigerians from different backgrounds and social statuses were able to come together and discuss the interest of the country, to ensure that everything works for the benefit of the generality of the people. But, now, things have changed; ethnicity and religion now play a major role in politics and governance. In this state of affairs, corrupt individuals are supported either because they share the same religion or ethnicity.”

Broadcaster, social worker and human rights activist, Ambassador Emmanuel Gabari said Nigerians did not learn much from the June 12 saga, “Otherwise politicians will have embraced the sanctity of the ballot box and respect the choice of other citizens,” he said, adding: “One of the things Nigerians have been clamouring for over the years, which I believe we are ripe for now, is independent candidacy.

“Political parties in the country have become a challenge because they are working against the advancement of democracy, rather than supporting its growth. Like I always tell people, the electioneering process starts from the primaries of political parties. But, from the way political parties are organised today, they have become a cesspool of corruption; the motive of people who come together as members of political parties is now primarily to enrich themselves.”

Kano State-based Gabari, who is the Executive Director of African Focus For Youth Development (AFFYD), said members of political parties do not contribute anything towards achieving the objectives of establishing the parties, particularly in cash. This, he said, puts the financial burden of running the parties on people with deep pockets that are eyeing one elective or appointive position or the other.

He added in his interview with our reporter over the telephone: “Since the constitution makes political parties the only means through which Nigerians can vie for elective positions, the emphasis of those at the helm of affairs in these parties is on selling their party’s tickets to the highest bidder. So, a potentially good candidate that does not have the wherewithal and who is not able to throw money around and lobby party delegates do not stand any chance of flying his party’s flag in an election. The country at large would have lost the services of such persons because they do not have the financial muscle to participate in our expensive electioneering process. So, we must try to discourage money politics because the Nigerian is the ultimate loser.

“Secondly, the electoral umpire, INEC, needs to do more to regain the trust of Nigerians; the body must convince Nigerians that their votes still count because the image of INEC was further battered during the just concluded election as a result of the way and manner it conducted the election. Many people were disenfranchised because electoral officials did not arrive at some polling units until about 2 pm and because some other people could not find their names in the electoral register, following the so-called creation of new polling units. In some places, voting was still on until about midnight and the wee hours of the day. An election should not be that stressful. This is particularly given the huge sum of money that was voted for the conduct of the just concluded election.

“If the commission is sincere about organising free, fair and transparent elections, going forward, it should work out the modalities for online voting, so people can vote from the comfort of their homes. This is because the lives and security of some people were threatened during the recent exercise; people were beaten up for daring to come out to vote; and others were coerced to vote for political parties against their choice. While all this was happening, the security officials posted to ensure that there is law and order, just sat down and watched helplessly. This is capable of discouraging many people from exercising their right to vote in future.

“When it comes to the collation of results, it could well be that the last election was not rigged. But, the way INEC went about the whole process leaves much to be desired. It’s not about coming to a live television programme to promise heaven on earth, but on the day of the election, you do the very opposite. Officials of the commission, including its chairman, Prof. Mahmood Yakubu, kept assuring Nigerians that following the declaration of results at each polling unit, they will be uploaded in real-time to the commission’s result viewing portal. But, this was done selectively on the day of the election by uploading results for the House of Representatives election, as well as that of the Senate, but ignoring the results of the presidential election.”

Besides the issue of organising free, fair and transparent elections, observers believe the way forward is for the Nigerian state to re-engage with its diverse people; and to decentralise the governance structure by devolving power and functions to the federating units as befits its plural nature.  

Two of the speakership aspirants Hon Aliyu Betara and Hon Yusuf Gagdi have withdrawn from the race for Hon. Tajudeen Abbas.

They agreed to step down from race on Sunday after a meeting with President Bola Ahmed Tinubu abd Vice President Kashim Shettima.

The meeting was attended by Speaker Femi Gbajabiamila and Niger Governor, Mohammed Bago who was also a member of the 9th Assembly.

When contacted, an aide to Hon. Gagdi confirmer the incident. He said: “Have you seen the video making the round after a meeting with the President and the Vice President? That is the position for now. You can wrote your story along that line’.

Read Also: Tinubu’s parley boosts Akpabio’s, Abbas’ chances

The Tajudeen Abbas/Benjamin Kalu media campaign team announced Betara and Gagdi have stepped down from the race.

The campaign team said: “It is worthy to note that Betara and Gagdi announced that they stepped down for Rt. Hon. Tajudeen Abbas today, Sunday June 11, 2023 after a meeting with President Bola Ahmed Tinubu and Vice President Kashim Shettima.

“As of Sunday June 11, Rt. Hon. Tajudeen Abbas (PhD) has secured the endorsement of the overwhelming majority of members-elect across the eight political parties in the six geopolitical zones, and he is ready to compete on the floor of the House and take the mantle of leadership of the 10th House come Tuesday, June 13, 2023”.

With the withdrawal of Betara and Gagdi from the race, only Deputy Speaker Ahmed Idris Wase, Sani Jaji and Sada Soli are left to slug it out with Abbas when the House is inaugurated on Tuesday.

Aliyu Betara and Yusuf Gagdi , two of the Speakership aspirants have stepped down for Tajudeen Abbas, the preferred candidate of the All Progressives Congress (APC).

They announced their withdrawal from the race after a meeting with President Bola Tinubu and Vice-President Kashim Shettima, on Sunday.

Read Also: Fourth-term Rep Akinlade backs Abbas for Speaker

The ruling party has nominated Abbas and Benjamin Kalu for Speaker and Deputy Speaker of the 10th National Assembly respectively.

Details Shortly…

President Bola Tinubu will make his first broadcast address to Nigerians by 7am on Monday in commemoration of this year’s Democracy Day.

A statement on Sunday afternoon by the State House Director of Information, Mr Abiodun Oladunjoye, said the President’s broadcast would air on the Nigerian Television Authority (NTA) and Radio Nigeria.

Read Also: Tinubu’s emergence as president new dawn for Nigeria

The statement advised all broadcast and other media outlets to hook up with NTA, for television stations and Radio Nigeria for radio stations for the broadcast.

“President Bola Ahmed Tinubu will broadcast to the nation on Monday, June 12, 2023, at 7am to commemorate this year’s Democracy Day.

“Television, radio stations, and other electronic media outlets are enjoined to hook up to the network services of the Nigerian Television Authority and Radio Nigeria for the broadcast,” the statement reads. 

• BDCs ask new CBN Governor to reconsider restrictions on operators

• NBA commends Tinubu over suspension of CBN Governor

• Labour Party faults removal of apex bank chief

The suspended Governor of the Central Bank (CBN), Mr.Godwin Emefiele, spent his first night in the custody of the Department of State Services (DSS) in Abuja yesterday following his arrest in Lagos earlier in the day and subsequent transfer to Abuja.

He was sent on suspension of Friday on the order of President Bola Tinubu on account of “ongoing investigation of his office and the planned reforms in the financial sector of the economy.”

The Nigerian Bar Association (NBA) yesterday expressed support for the CBN governor’s suspension and called for a thorough investigation of his “alleged role in the mismanagement of the economy.”

The Association of Bureaux De Change Operators of Nigeria (ABCON) pleaded with the CBN Acting Governor, Folashodun Shonubi, to reconsider restrictions on Bureaux De Change (BDCs) operations and open up the FOREX space for more dollar inflow.

Confirmation of Emefiele’s arrest came from the DSS a few hours after it said on its Twitter handle that “Currently, Emefiele is not with the DSS.”

In its first reaction on Friday to reports about Emefiele’s arrest, the DSS had said: “Inundated. I may not be able to make any confirmations NOW, please.”

But in confirming Emefiele’s arrest yesterday, spokesman of the Service, Peter Afunanya, said: “The Department of State Services (DSS) hereby confirms that Mr Godwin Emefiele, the suspended Governor of the Central Bank of Nigeria (CBN), is now in its custody for some investigative reasons.

“The public, particularly the media, is enjoined to apply utmost caution in the reportage and narratives concerning this.”

No further details were given about his arrest but it was gathered that he was arrested at his Ikoyi,Lagos residence yesterday morning by a team of security agents.

A video that went viral showed Emefiele getting down from what appeared to be a security van.

He wore a gray Kaftan with a  cap to match.About six men in suit and suspected to be security personnel surrounded him and led him into a plane.

NBA hails Tinubu over removal of Emefiele

Chairman of the Nigeria Bar Association Section on Public Intetest and Development Law (NBA-SPIDEL), Dr. Monday Ubani, welcomed Emefiele’s suspension but said government should go the whole hog by investigating what he called the Air Nigeria scam.

Briefing reporters ahead of the association’s annual conference scheduled for June 20 to 23 in Lagos, Ubani said Emefiele’s tenure should be “thoroughly investigated for his alleged role in the mismanagement of the economy.”

Ubani also drew the attention of the President to the controversy surrounding Air Nigeria.

His words:”Mr. President is being called upon to look into the scam of ‘Air Nigeria’ which the immediate past Aviation Minister, Hadi Sirika, perpetrated before his exit.

“If the assertion by the Managing Director of Nigeria Air, Dayo Olumide, during a Senate hearing that the aircraft said to be for Air Nigeria was merely a chartered flight from Ethiopian Airline to hoodwink Nigerians, we enjoin Mr. President to institute a high-powered panel of investigation to unearth this large-scale scam that has turned Nigeria into a laughing stock in the global aviation community.

“This matter is a litmus test for the new administration, especially if President Bola Tinubu wants to be seen as desirous of combating corruption in the polity”, Ubani emphasised.

The chairman NBA-SPIDEL urged the Tinubu administration to develop a strong zero tolerance policy towards corruption and mismanagement of public funds.

“The government must respect the rule of law and avoid executive lawlessness and impunity,” he said.

“These are acts that will bring his administration into collision course with the civil society and human rights community.

“If the government abides by the rule of law, respects human rights, ensures transparency and accountability as fundamental objectives of state policy, it should rest assured of tremendous goodwill from majority of the citizens of Nigeria.

“President Bola Tinubu has a choice to make. May God guide him to make the right choice.”

On the removal of fuel subsidy, Ubani said that though majority of Nigerians do not understand the huge scam that subsidy represents in the oil sector, the process and procedure for the removal was faulty.

He observed that this has occasioned severe consequences and taken a toll on the hapless citizens who are always the victims of such government policies that are not well thought out.

“We welcome efforts by the government amid consultations to birth palliatives aimed at alleviating the harshness of the sudden removal,” he said.

He however remarked that the issue of palliatives should have preceded the announcement of the removal of subsidy.

According to him, Nigerians are groaning in pains, especially with the sudden removal of the fuel subsidy.

“Salary increase for civil servants – whose population is infinitesimal compared to millions that are outside government employment – will not be enough to solve the present crisis,” he noted.

He therefore urged the President to put in place more drastic and well-thought-out economic packages to cushion the harsh effects of the new policy.

“Again, Mr. President must seek wisdom and the right kind of advice to navigate out of the present quagmire the country has found itself. I do not envy him at this time”, he said.

On the coming NBA-SPIDEL conference holding in Lagos, Ubani thanked the former Attorney General of Lagos State, Mr. Moyosore Onigbanjo (SAN) for being a Bar-man, and expressed appreciation for his assistance towards the success of the forthcoming annual Conference of the section of the law.

He also expressed appreciation to the Chief Judge of Lagos State, Justice Kazeem Alogba, for his commitment to the success of the forthcoming conference.

BDCs ask new CBN Governor to reconsider restrictions on operators

In its own reaction, the Association of Bureaux De Change Operators of Nigeria (ABCON) asked the CBN Acting Governor, Folashodun Shonubi, to reconsider restrictions on Bureaux De Change (BDCs) operations and open up the FOREX space for more dollar inflow.

Speaking on the change of guard at the CBN, ABCON President, Alhaji Aminu Gwadabe, said the BDCs sub-sector have in recent years gone through a lot of discriminatory, disdained  and inhibitive policies which fueled an inefficient informal market.

He said the domination of Diaspora remittances space by foreign companies has reduced dollar inflows into the economy and limited liquidity in the market.

Gwadabe said the CBN should break the monopoly of few foreign players in Diaspora remittances space and allow BDCs serve as exclusive pick up agents for Diaspora remittances in the industry.

He said this would help inject liquidity, confidence and a market clearance rate in the critical retail exchange market in particular and the entire FOREX market in general.

He said: “Godwin Emiefiele have both his weaknesses and strength which will be subject of public discourse as we wish him well in his future endeavors.

“In every change there is always an expectation of triggers of sentiments. I, however, foresee positive sentiments in exchange rates trajectory.”

According to Gwadabe, the naira volatility has continued to underpin the slow economic growth during Emefiele’s tenure at the apex bank with unintended illegal economic behaviors like rent seeking, currency substitution and unethical FOREX holding position.

Continuing, he said: “We also congratulate the Acting Governor on the new appointment. I have no doubt that he will perform giving his sterling qualities at the Nigerian Interbank Settlement System (NIBSS) as Managing Director/CEO.”

Gwadabe said Shonubi should use his wealth of experience to usher in confidence in the foreign exchange market.

“And our advice to him is to reconsider working with BDCs as the most potent transmission mechanism of the apex bank mandate of exchange rate stability.

“Our suspension for straight two years in 2021 till date and the subsequent naira volatility and weaker position to other currencies have vindicated our most valuable roles of distribution and availability of liquidity in the critical retail exchange market,” he said.

He said the Acting CBN boss should review various proposals and collaborating with the BDCs to achieve the President’s objective of a true market clearance rate in achieving our local currency stability.

Osinbajo’s former aide says Emefiele inflicted colossal damage on economy

Also speaking yesterday on the Emefiele years at the CBN, Laolu Akande, former spokesperson for the immediate past Vice President, Prof. Yemi Osinbajo, claimed Emefiele caused the economy colossal damage.

Akande also said the suspension and investigation of Emefiele was long overdue and should be supported by any Nigerian with integrity.

“It was about time the CBN Governor faced suspension and investigation. All people of goodwill and those who value integrity irrespective of political leanings would be thankful for this development,” he wrote on Twitter.

“Emefiele was given a long rope, but he failed to redeem himself. His shenanigans and the colossal damage he perpetrated at the CBN was to the utter detriment of the Nigerian people.

“This is not even about cashless policy, but apparent corruption especially in the dual exchange rate policy which never made sense. What a sigh of relief!”

LP faults suspension of Emefiele as CBN Governor

However, the Labour Party faulted the suspension of Emefiele as CBN Governor.

The party said the suspension was unconstitutional because the President did not seek the permission of the National Assembly.

The National Publicity Secretary of the party, Obiora Ifoh, argued that the action was not in good taste and sounded punitive.

He said: “Drawing inspiration from what Femi Gbajabiamila, then Minority Leader, had said years ago over a similar situation when President Goodluck Jonathan sacked former CBN Governor, Sanusi Lamido Sanusi, wherein he questioned the powers of the President in sacking the CBN Governor.

“The opposition leader made it clear that the President lacks powers under the laws of the land to sack the CBN boss. One wonders what has changed between that time and now.

“Femi Gbajabiamila is the current Speaker of the House of Representatives and also holds the enviable portfolio as the Chief of Staff to President Tinubu.

“He had then argued that the law requires the President to seek the approval of two-thirds of the Senate to be able to sack the CBN Governor; reasons being essentially to enforce the doctrine of checks and balances and to avoid the abuse of powers of a capricious and arbitrary President, while at the same time guaranteeing the autonomy of the CBN.

“But under Gbajabiamila’s watch, Emefiele was fired in a most unconstitutional and vindictive manner.

“It is only in Nigeria that we find people that approbate and reprobate at the same time. People say one thing from one side of their mouth and another from the other side, especially when it favours them politically and otherwise.

“That explains why the country is in a shambles: no rule of law, no equity, no justice, and no fair play. People don’t follow standard rules and procedures. That is why every aspect of our lives, be it our economic, political and social lives, is challenged.

“Gbajabiamila, because he was in the opposition at that time, he saw everything wrong with President Jonathan sacking Sanusi. Today he is on the other side of the divide he doesn’t see anything wrong with it. This is what Nigerians will face in the APC government, where

perceived enemies are dealt with, perceived opposition parties and their members are dealt with, even when they are protected by the law.”

Emefiele’s trouble with the DSS blew into the open last December when the agency in suit FHC/ABJ/CS/2255/2022 filed in the Federal High Court Abuja accused him of various acts of terrorism financing, fraudulent activities.

The Chief Judge of the Federal High Court, John Tsoho, however, refused to grant the DSS application for an order against Emefiele, citing an irregularity in the procedure adopted by the department in its application.

Details of the charges were not made available at the time.

But online newspaper, Premium Times, reported yesterday that the DSS, in court documents newly obtained on the matter, accused Emefiele of funding terrorism, unknown gunmen terrorising the South-east region, the IPOB and its armed wing, the Eastern Security Network (ESN).

The funds allegedly came from the resources he had raised for his failed presidential bid last year and funds diverted from government coffers.

The DSS said Emefiele “on several occasions in actions prejudicial to the security of the Nigerian state,” engaged in “criminal conspiracy to divert government resources into suspicious acts of terrorism financing”.

It said the actions of the CBN governor were “meant to subvert and sabotage” the President Muhammadu Buhari administration.

Emefiele’s handover note ready

The Nation gathered yesterday that Emefiele had prepared his handover note for his successor.

One of his close aides said the suspended CBN Governor was aware he would be relieved of his job soon.

The source said they suspected that Emefiele was on his way out “because of the documents he was asking for since Monday. We knew that something was going to happen.”

“We thought he was going to be called to the villa and informed of his suspension, instead of just issuing out a statement,” he aide said.

Manchester City has won the 2022/2023 Champion Leagues with a 1-0 victory over Inter Milan.

Rodri scored the decisive in the second half after a fine combination of play between Bernardo Silva and John Stones.

It was the first time the English Champions will win the coveted trophy, completing a historic tremble after winning the FA Cup last weekend.

The Department of State Services (DSS) has said the suspended Central Bank Governor (CBN), Godwin Emefiele, is now in custody.

Spokesman of the Service, Dr Peter Afunanya, confirmed this in a statement on Saturday afternoon.

Afunanya said: “The Department of State Services (DSS) hereby confirms that Mr Godwin Emefiele, the suspended Governor of the Central Bank of Nigeria (CBN) is now in its custody for some investigative reasons. 

“The public, particularly the Media, is enjoined to apply utmost caution in the reportage and narratives concerning this.”

Read Also: VIDEO: DSS takes suspended Emefiele into custody

Emefiele was suspended by President Bola Ahmed Tinubu on Friday. Reports emerged he had been arrested by operatives of the Department of State Services (DSS).

Between Friday evening and Saturday afternoon there was uncertainty over his whereabouts.

He was reported to have been arrested in Lagos and flown to Abuja by the Service allegedly over terrorism-related allegations among other issues.

Unconfirmed reports had it he was trying to leave the country.

The Department of State Services initially kept mum over the development.

Late on Friday, Afunanya, in a WhatsApp message said: “Inundated. I may not be able to make any confirmations NOW, please.”

He did not categorically state if the suspended CBN Governor had been arrested or not.

On Saturday morning Dr Afunanya dropped another one-sentence response to the situation in a WhatsApp message.

He said: “Currently, Emefiele is not with the DSS.”

Emefiele had been accused by the DSS of offences bordering on terrorism.

In February, it said preliminary investigation revealed various acts of terrorism financing, fraudulent activities perpetrated by Emefiele and his involvement in economic crimes of national security dimension.

The DSS had attempted to arrest Emefiele but a Federal High Court in Maitama, Federal Capital Territory (FCT), Abuja issued an order restraining the Service from arresting him.

This ruling, delivered by Justice M.A. Hassan also applied to the Inspector-General of Police (IGP), the Attorney-General of the Federation (AGF), the Economic and Financial Crimes Commission (EFCC) who were listed as defendants.

A Federal High Court sitting in Abuja declined an application filed by the DSS to arrest and detain Emefiele over the allegations against him.

In declining the motion ex parte filed by the secret police, Justice J. T. Tsoho, the Chief Judge, said the DSS did not provide any concrete evidence to substantiate its claims that Emefiele was involved in terrorism financing and economic crimes.

When Emefiele returned to Nigeria after some time away, military personnel and intelligence officers were deployed to ensure that he was not arrested by the DSS.

He had gone to his office after his return with massive security, specifically military protection.

The Presidential Election Petition Court (PEPC) has struck out two applications filed by Peter Obi and his party, the Labour Party (LP).

Obi and the LP had by one of the motion filed on May 22 sought the court’s leave to issue and deliver interrogatories on the Independent National Electoral Commission (INEC).

They had intended, by the interrogatories, to obtain more information from INEC.

In the second, filed on June 2, the petitioners sought the court’s permission to have the first application heard outside the pre-hearing session.

Read Also: BREAKING: Court rejects request by Obi/LP for more information from INEC

In a ruling on Saturday, the court’s five-member panel was unanimous that the two applications were without, having been filed outside the time allowed by law, a development which denied the court the jurisdiction to hear them.

The Presiding Justice (PJ), Justice Haruna Tsammani noted that the petitioners’ lawyers were not diligent in their conduct which informed why they did not file the applications within the time allowed.

Justice Tsammani held that the petitioners did not establish any circumstance of extreme urgency that would have made the court to exercise discretion in their favour.

Details shortly…