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Tag: Agbakoba

  • Agbakoba launches maritime law tutorial

    Agbakoba launches maritime law tutorial

    The firm of Olisa Agbakoba Legal (OAL), which specialises in maritime law and practice, has held its inaugural quarterly Maritime Master Class Series (MMCS).

    Participants, mostly from financial institutions, learnt the intricacies of ship arrest procedure.

    According to the Head, Maritime Unit of OAL, Dr. Oluwole Akinyeye, it is recognised that financial institutions provide finance to ship owners for various maritime business activities, especially in the area of ship building, ship mortgage and ship purchase.

    “It is also understood that conflicts could arise between both parties in respect of the loans provided. In such respect, the financial institution would definitely be interested in how it could recover its loan facility from any defaulting ship owner.

    “A crucial tool available to such financial institution is the possible arrest of the ship in respect of which a loan has been provided,” Akinyeye said.

    He said MMCS, therefore, provides an opportunity for sensitising the legal departments of various financial institutions about the dynamics and intricacies of the ship arrest procedure.

    “The MMCS provided detailed knowledge of the options open to the financial institution/creditor, taking into cognisance that there could be other competing creditors.

    “Further insight was provided into where a financial institution/creditor stood within the scheme of such competing creditors.

    “Consideration was also given to the due diligence measures that ought to be taken in future by financial institutions in the granting of loan facilities to ship owners, in order to ensure that such loans could be recouped, with appreciable returns.

    “OAL will be holding subsequent Maritime Master Class Series on a quarterly basis which will address various topical issues in maritime law and practice,” Akinyeye added.

  • Agbakoba lauds CBN’s forex policy

    Agbakoba lauds CBN’s forex policy

    The introduction of the new foreign exchange (forex) single market and the opening up of the petroleum industry to competition has been described as a good omen for the economy.

    In an interview, former President, Nigeria Bar Association (NBA), Dr Olisa Agbakoba (SAN), who stated this, also said the policy holds the best solution to the nation’s economic problem.

    He said: “I am confident that if well managed, Nigeria will be out of depression by the first quarter of 2017; Nigeria has been in recession from the last quarter of 2014 up to last quarter of this year. A recession is characterised as a period of negative economic growth for two successive quarters as in our case. We have suffered five consecutive negative growths between December 2014 and December 2015.

    “Our situation got worse in the first quarter of 2016 when for the first time in about 30 years, the economy did not grow at all and actually contracted. The report of the National Bureau of Statistics (NBS) is likely to show a further contraction of the economy in the second quarter of 2016. So we are in depression but the good news is the new foreign exchange single market and the opening up of the petroleum industry to competition. Even though the government is still not showing us a direction in relation to its economic philosophy and agenda, the petroleum and foreign exchange pronouncements are clear indications that we are now moving towards a market driven, liberalised deregulated economy.’’

    Agbakoba said it was too early to say that we were out of the economic wood. He said there were several important critical nuggets of economic and other policy that must be made or taken by the government quickly. The first, he said, is peace and stability.

    He said Nigeria is at a kind of low grade war caused by structural defects in the federal system. He said the President should address this problem urgently by announcing a new balanced Federation. He said the process is simple and that all the president would do is to present a bill to the National Assembly for the devolution of some powers from the centre to the state and local governments.

    “Related to the problem of a fractured structure of Nigeria is the issue of insecurity. While government has done well on Boko Haram issue, many other issues create instability and impede economic investments. The President must deal with the Biafra agitations, which in my view are genuine grievances; The President must deal also with exclusion felt by the people of Niger Delta, who in my view have genuine reasons to feel aggrieved; The president must deal with mass poverty in the North, because it allows the festering of fundamentalism in the North. Boko haram in the North is caused in part by underlying issues of hunger and poverty.”

    The maritime lawyer also urged President Buhari to design strong public infrastructure policy to deal with our broken bridges, broken roads, no power.

    “Mr. Fashola has shown himself more than capable to lead an infrastructure transformation agenda that can clean out the infrastructure mess in Nigeria. The President will need to empower Mr. Fashola.

    “Last but not the least is the need to strongly and urgently articulate the social benefits package for those Nigerians identified to be in desperately dire straits. Even though a political and economic agenda has not been set by the government, what is important is that the government is able to implement some of the critical nuggets of policy that I have identified. And I dare say there has to be a lot more elements of policy that can stimulate the depressed Nigerian economy.

    “We need massive stimulus not simply a reflation package of N350 billion. Again we need an effective import substitution policy. The reason Nigeria’s economy is depressed is simply because we import everything, export very little and produce nothing. Import substitution turns the story around. We should only import the very essentials and produce everything else in Nigeria. In this way we create millions and millions of jobs. But this policy can only work if the economic and investment ministers apply the correct fiscal and trade tariff by building high walls to discourage useless import,” he said.

    Agbakoba also said the government should initiate a policy that would find the right balance between market liberalisation and social regulation that allows benefits, free education and the likes, so that millions of excluded Nigerians can be protected by strong government regulations and safety nets.

  • CBN’s new monetary policy transformational – Agbakoba

    CBN’s new monetary policy transformational – Agbakoba

    Former president of the Nigerian Bar Association (NBA), Dr. Olisa Agbakoba (SAN), on Thursday praised the Central Bank of Nigeria (CBN) for the new fiscal policy, saying it was “potentially transformational.”

    He said the impact of a single foreign exchange market will have the best possible outcome for the economy.

    “I am confident that if well managed, Nigeria will be out of depression by the first quarter of 2017,” Agbakoba said in a statement.

    According to him, the economy is depressed because everything is imported, very little is exported and nothing is produced.

    “Import substitution turns the story around. We should only import the very essentials and produce everything else in Nigeria. In this way we create millions and millions of jobs. But this policy can only work if the economic and investment ministers apply the correct fiscal and trade tariffs by building high walls to discourage useless import,” he said.

    To him, Nigeria has been in recession since the last quarter of 2014.

    “So, we are in depression but the good news is the new foreign exchange single market and the opening up of the petroleum industry to competition.

    “Even though the government is still not showing us a direction in relation to its economic philosophy and agenda, the petroleum and foreign exchange pronouncements are clear indications that we are now moving towards a market driven, liberalised deregulated economy.”

    Agbakoba said the Federal Government must ensure peace and stability in the country and balance the federation by presenting a bill to the National Assembly for the devolution of certain powers from the centre to the state and local governments.

    Also needed, he said, are a strong public infrastructure policy, as well as social benefits package for those in desperately dire straits.

    Agbakoba added: “We need massive stimulus not simply a reflation package of N350 billion. Again we need an effective import substitution policy.

    “I hope that government policy will find the right balance between market liberalization and social   regulation that allows benefits, free education and the likes, so that millions of excluded Nigerians can be protected by strong government regulations and safety nets.

    “I once said that I was cautiously negative about Nigeria but with Governor Emefele’s statement on the single currency market, I can now say I am cautiously positive.”

  • How to win corruption war, by Agbakoba

    How to win corruption war, by Agbakoba

    A former Nigerian Bar Association (NBA) President Dr. Olisa Agbakoba (SAN) yesterday said the war against corrupt will not succeed, if anti-corruption agencies are not well-funded.

    He spoke in Lagos during a briefing on his appraisal of President Muhammadu Buhari’s one year in office.

    He said the Economic and Financial Crimes Commission (EFCC), for instance, lacks the capacity, resources and skill to successfully investigate and prosecute some cases.

    Agbakoba said corruption must be dealt with in its many facets through strong prosecution strategies.

    He said: “Corruption is also manifest in over bloated budgets for the presidential villa and government houses, corrupt/weak public procurement procedures and abuse of discretion of ministers in the award of contracts.

    “All these have taken a major toll on our resources and encouraged corruption. The first crucial challenge is for the President to stop these aspects of corrupt practices and introduce major spending cuts,” he said.

    According to Agbakoba, the current foreign exchange policy is unclear and uncertain and could breed corruption.

    He said there were the Central Bank of Nigeria (CBN) rates, which are different from the rates for fuel importers, autonomous markets rates and parallel (black) market rates.

    This, Agbakoba said, breeds corruption from differentials in the four markets as fraudulent beneficiaries could buy from one market and sell to the other.

    The senior advocate decried the huge salaries and emoluments voted to legislators by themselves, which he said is about 25 per cent of the national budget.

  • How to win anti-graft war – Agbakoba

    A former Nigerian Bar Association (NBA) president, Dr Olisa Agbakoba (SAN), on Wednesday said the war against corruption will not succeed if anti-corruption agencies are not well funded.

    He said the Economic and Financial Crimes Commission (EFCC), for instance, lacks the capacity, resources and skill to successfully investigate and prosecute some cases.

    “Corruption is endemic in Nigeria and to reverse it requires strong new institutions. There has to be roots and branch reform of the anti-corruption agencies if we must succeed in slowing down corruption before even thinking of reversing it,” Agbakoba said.

    He spoke in Lagos during a briefing on his appraisal of President Muhammadu Buhari’s one year in office.

    Agbakoba, founder of the Civil Liberties Organisation (CLO), said corruption must be dealt with in its many facets through strong prosecution strategies.

    He said: “Corruption is also manifest in over bloated budgets for the presidential villa and government houses, corrupt/weak public procurement procedures and abuse of discretion of ministers in the award of contracts.

    “All these have taken a major toll on our resources and encouraged corruption. The first crucial challenge is for the President to stop these aspects of corrupt practices and introduce major spending cuts,” he said.

    According to Agbakoba, the current foreign exchange policy is unclear and uncertain and could breed corruption.

    He said there were the Central Bank of Nigeria (CBN) rates, which are different from the rates for fuel importers, autonomous markets rates and parallel (black) market rates.

    This, Agbakoba said, breeds corruption from differentials in the four markets as fraudulent beneficiaries could buy from one market and sell to the other.

     

  • Why judges are exposed to corruption, by Agbakoba

    Why judges are exposed to corruption, by Agbakoba

    • ‘Chief judges beg governors for money’

    A former Nigeria Bar Association (NBA) President Dr Olisa Agbakoba (SAN) has said poor funding of the judiciary exposes judges to corruption.

    The National Judicial Council (NJC) member, yesterday, said many judges were in financial difficulties and cannot meet most of their needs.

    Agbakoba said it would be difficult to blame a poorly paid judge, whose mother has a terminal illness, for asking for help from friends.

    “You don’t expect a judge, whose mother is dying, would be thinking about Code of Conduct. I don’t think so,” Agbakoba asked.

    The SAN said due to lack of proper funding, chief judges beg governors for funds, adding that such problems would persist as long as the judiciary is underfunded.

    He recalled the case of a Supreme Court justice, who retired and said in her valedictory speech that she had no home because there was no money to build a house.

    Agbokoba spoke in Lagos at a briefing on “moving the economy forward”, in which he recommended the unbundling of the Central Bank of Nigeria (CBN).

    Asked for his thoughts on the charge filed against a senior advocate, Dr Joseph Nwobike, by the Economic and Financial Crimes Commission (EFCC), Agbakoba said it was important to examine the underlying causes of why a judge would ask a lawyer or a friend for financial assistance.

    Nwobike was accused of attempting to pervert the cause of justice by giving Justice Mohammed Yunusa N750,000, but the senior advocate said the judge sought his help to enable him pay the bill of his mum, who was undergoing treatment for kidney failure.

    Agbakoba said: “When my father was the chief judge in the old East Central State, to attempt to approach our gate if you’re a lawyer could land you in jail. I remember the late Justice Kayode Eso, who was my dad’s friend, saying that he would refuse to accept a Christmas hamper from me, but he would accept a card wishing him a happy birthday.

    “But we also know that moral values have changed. Part of the challenge is, why would that judge be in a situation of such helplessness? That is the underlying question.

    “If a judge is in a situation where his mother is dying, he will take money from anybody and lose his job. It doesn’t have to be from a lawyer. But the issue is, why would he be in that sort of position in the first place?

    “If you ask the late Eso, he will tell you it’s wrong to help a judge in need, but in his time, they were properly funded; everything was in place,” Agbakoba said.

    According to Agbakoba, poor funding of the judiciary manifests in Chief Judges going to governors to seek financial assistance.

    “A SAN is even a better person to ask for assistance than a governor. Why would CJs go cap in hand to governors for goodies for their judges? Why? I know so many judges who are in difficulty. Some can’t even pay school fees. It’s about funding of the judiciary.

    Agbaboka said the anti-corruption fight is yielding results, but the CBN needs to be unbundled if the economy is to be stimulated.

    “CBN is currently over-burdened. CBN should focus on lending, interest rate and exchange,” he said.

     

  • Agbakoba advocates ‘Union of Nigeria’

    Agbakoba advocates ‘Union of Nigeria’

    A former President of the Nigerian Bar Association (NBA) Olisa Agbakoba (SAN) has advocated a law to recognise a union of peoples and nationalities of Nigeria. This, he said, would address agitations for cessation.

    Agbakoba said the country may consider adopting a new name-the ‘Union of Nigeria’.

    The former NBA boss, who spoke in his Ikoyi office, warned on what he called a conspiracy of the elite and its resolve to frustrate the reform agenda.

    The ‘elite’, he said, includes people in high positions in the churches, traditional institutions, professions and businesses, etc.

    “They represent a small per cent of Nigerians, but exert tremendous influence, with a view to capture the state. This class is very dissatisfied with the ideological change of your government.

    “They see new agenda as a threat to their privileges. As set out below, they are the greatest roadblocks to your economic and political policy agenda,” he said.

    He praised the Buhari administration, saying it has created an ideological shift to the left (pro-people).

    He continued: “I am not sure that this shift has been well communicated. Nigeria can now be classified as a country advancing towards social democracy. This is the first time in the history of our country that such a major shift has occurred.

    “Evidence of this shift includes Treasury Single Account, which  needs redefinition; quality of ministers; generally blocking finance leaks; social regulations; benefits and stimulus strategy, like paying employment benefits and keeping the oil subsidy, at least, in the short term and zero tolerance to corruption.”

    On political governance Agbakoba said: “It is clear that Nigeria’s political landscape is very problematic. We are still not a nation. Many Nigerians feel alienated and disconnected. The consequences are all too clear. The situation is made worse by the powerful elite class, controlling the system.”

    He then suggested that the government must avoid communication lethargy in 2016. “I suggest that government create an Office for Strategic Communication to link government with the people. There is no need to have two press secretaries. One may be assigned to the Office of Strategic Communication.

    “On political governance, I suggest that you build a grand alliance of pro people institutions, like  Civil Society Organisations (CSOs) and labour unions. I also suggest that you set up a small technical committee on national order.

    “The first and urgent task of this committee is to work on a bill for an Act of the Union of Peoples and Nationalities of Nigeria. The Bill must resolve the Nigerian fault  lines and contradictions. We may consider adopting a new name the ‘Union of Nigeria’.

    ‘’In conclusion, I endorse the change agenda represented by the ideological shift in creation of structures for social benefits and inclusive political architecture.”

  • Agbakoba advocates ‘Union of Nigeria’

    Agbakoba advocates ‘Union of Nigeria’

    Former Nigerian Bar Association (NBA) president Olisa Agbakoba (SAN) has advocated a law to recognise a Union of Peoples and Nationalities of Nigeria.

    This, he said, would address agitations for cessation.

    Agbakoba said the country may consider adopting a new name – the ‘Union of Nigeria’.

    The former NBA boss, who spoke in his Ikoyi office, warned about what he called a conspiracy of the elite and its resolve to frustrate the reform agenda.

    The ‘elite’, he said, includes people in high positions in the churches, traditional institutions, professions and businesses, etc.

    “They represent a small percent of Nigerians but exert tremendous influence, with a view to state capture. This class is very dissatisfied about the ideological change of your government.

    “They see new agenda as a threat to their privileges. As set out below, they are the greatest roadblocks to your economic and political policy agenda.”

    He praised the Buhari administration, saying it has created an ideological shift to the left (pro-people).

    “I am not sure that this shift has been well communicated. Nigeria can now be classified as a country advancing towards social democracy. This is the first time in the history of our country that such a major shift has occurred.

    “Evidence of this shift includes Treasury Single Account which  needs redefinition, quality of ministers, generally, blocking finance leaks, social regulations, benefits and stimulus strategy, like paying employment benefits and keeping the oil subsidy, at least in the short term, zero tolerance to corruption.”

    On political governance Agbakoba said: “It is clear that Nigeria’s political landscape is very problematic. We are still not a nation. Many Nigerians feel alienated and disconnected. The consequences are all too clear. The situation is made worse by the powerful elite class, controlling the system.”

    Agbakoba suggested that the government must avoid communication lethargy in 2016.

    “I suggest that government create an Office for Strategic Communication to link government with the people. There is no need to have two press secretaries. One may be assigned to the Office of Strategic Communication.

    “On political governance, I suggest that you build a grand alliance of pro people institutions, like  Civil Society Organisations (CSOs) and labour Unions. I also suggest that you set up a small technical committee on national order.

    “The first and urgent task of this committee is to work on a bill for An Act of the Union of Peoples and Nationalities of Nigeria. The Bill must resolve the Nigerian fault lines and contradictions. We may consider adopting a new name the ‘Union of Nigeria’.

    ‘’In conclusion, I endorse the change agenda represented by the ideological shift in creation of structures for social benefits and inclusive political architecture”.

     

  • Ikoyi hosts Agbakoba daughter’s Samantha’s Bistro

    Ikoyi hosts Agbakoba daughter’s Samantha’s Bistro

    Samantha’s Bistro’ has berthed in Ikoyi, Lagos. Owned by Dumebi Agbakoba, daughter of former president of the Nigerian Bar Association (NBA), Olisa Agbakoba.

    The outlet comprises a bistro, a café and outdoor and indoor grills. The outdoor – Village Grill – offers a different menu of well prepared hearty meals weekly. The restaurant offers three services – breakfast, lunch and dinner.

    At its launch, Dumebi, the editor-in-chief of Side View magazine, spoke on what led to her opening the outlet.

    She said:“Food has always been part of me. Every time I try to switch career, food always comes in. I started cooking when I was nine years old and I have always been creative with my hands. The reason for my floating this unique, exquisite restaurant is to ensure that there is an offering for everybody, hence, the touch of Italian, British and French influences in my style of cooking.”

    As an experienced chef, she fuses her knowledge of Italian, French and Nigerian food to create an ever-changing seasonal menu such as Jacqueline, Bon Sergeant breakfast Burger and a classic cheese burger.

    “Samantha’s is like the end-product of my talent in one place. This place is for everybody who loves good food and I will expand soon to meet the need of making good food available to people all the time.”

    On how the restaurant will stand out, Dumebi said: “We will retain our quality services, our meals will be consistent in taste. We are here to do business, leave a legacy and create reputations like that of international brand. We are not going to drop out.”

  • Agbakoba to chair Eastern Bar dinner

    Agbakoba to chair Eastern Bar dinner

    A former Nigerian Bar Association (NBA) president Dr. Olisa Agbakoba (SAN) will on Friday chair a  dinner  organised by the Eastern Bar Forum (EBF) in honour of Justice Walter Onnoghen of the Supreme Court.

    The dinner, to be hosted by Cross River State Governor, Ben Ayade, is part of the programmes commemorating the maiden meeting of EBF’s new leadership, which holds on Saturday at the Tinapa Hotel and Resorts.

    EBF chairmanship Effiong  Ekong was elected at the Sir Louis Mbanefo Bar Centre, Onisha Anambra State in June and was inaugurated the same day.

    He succeeded Mr. Ogbonna O. Igwenyi.

    Other members of the new executives are:  Arthur Chukwu (Vice-Chairman), Basil Aguigwo (Secretary), Emeka Anosike (Financial Secretary), Promise Iwezor- (Rivers Representative) and Charles Azubuike (Abia State Representative).

    Imo, Bayelsa and Akwa Ibom States representatives in the governing council will be presented at the Calabar meeting on Saturday.

    Chairman of the Organising Committee Mr. Mba Ukweni said: “Every arrangement is  concluded and we are putting finishing touches to make sure that we have a very successful  dinner and meeting. Baring one or two confirmations, which we will make early this week, I can say that we are done with the  preparations.”