Tag: cash

  • P – D – P ! Cash to the people

    Well dear reader, would it be stupid to ask where all this money is coming from? All the money we hear, see and know is being thrown around by the campaign office of the Peoples Democratic Party (PDP). Could this be the fabled dividend of democracy much spoken about in the last 16 years? Is it possible that there is any Nigerian who has not been hit by the PDP cash wagon; at least indirectly?

    The PDP cash train has been hurtling across the land like a mobile, giant ATM machine dispensing cash directly to anyone who as much as stretches out his hands. It is an endless feast and the treat continues till at least March 28, 2015. Not to have picked up your PDP bundle by now would suggest that you are either smart by half or you are ‘poorly’ brought up.

    Being smart by half means that you consider yourself a member of the opposition group whereupon you sit at your corner and pontificate (not unlike Hardball here) about the licentious profligacy of PDP over the treasury in a time of economic failure. You probably forgot that what is being disbursed so recklessly is our commonwealth. On the other hand, you may be ‘poorly’ brought up and unfit for this age in which case you turn your nose up in righteous indignation about this bizarre new dollars and the naira suffrage. By the time you realize that it is a ‘new’ day and age, the deed would have been done and you would have yourself to blame for not cottoning on to the act.

    But it is not too late to join the band, no, money wagon if you are minded. In fact find out from the leaders of your church or mosque if they have already got their share. If the answer is yes, insist on getting your share or you expose them (some church denominations that chose to visit Aso Rock got as much as N20 million). If your church has not got, you may arrange to lead them to Aso Rock quickly to pay homage to the big man and endorse his second term. You will never return empty handed, neither will you be the same again.

    If you are not of any religious group, form an ethnic or tribal association now, especially of southwest or southeast bent. Call it a good name like Igbo Union Howling for Jonathan’s Second Term or O’dua Renaissance Troops for Jonathan. Find your way to Aso Rock. If you cannot get in, let your group mount a sentry at the nearest outpost. Soon enough you will be noticed and ‘settled.’

    If you are lucky, you may be given a bigger assignment like being mobilized to go rally for Jonathan along the famous Lagos-Ibadan Expressway or on the first Niger Bridge. That indeed will be the big stake. By the time you are through hiring the crowd and all the logistics, you would be shocked that you probably have almost as much cash to be able to fix the long-forsaken road.

    There are simply a thousand and one way you can log into this PDP’s who wants to be a billionaire election campaign. It is the new area of growth; the new economy!

  • Cash crunch hits National Assembly

    Cash crunch hits National Assembly

    The National Assembly is broke, unable to meet its financial needs, The Nation learnt yesterday.

    Administrative responsibilities, such as payment of monthly salaries to lawmakers, their aides and members of staff, are not being met and the management is worried.

    Legislators, their aides and civil servants are yet to be paid February salaries as at yesterday.

    The January salary was paid two weeks into February. According to sources, the management borrowed from a bank to pay last month.

    The salary issue is just one of the many problems facing the National Assembly.

    The one that is biting the lawmakers most is the inability of the management to pay their usual quarterly allocation, which should have been paid in January.

    Their displeasure over the non-payment of the allocation stem from the obvious fact that most of them were banking on it to fund the final phases of their election campaigns, leaving many to think that perhaps the executive deliberately withheld their funds as a punitive measure.

    It was learnt that late last year and also early in January, the leadership of the National Assembly met with the Minister of Finance, Dr. Ngozi Okonjo-Iwela, to resolve the financial crisis.

    While not admitting that the nation was broke as was variously insinuated, the minister was said to have told her guests that her office would release only half of their quarterly allocation.

    The National Assembly’s leadership, according to a source who was part of the meeting, but would not want to be named, turned down the offer, insisting that since the money had been appropriated and the minister claimed the nation was not broke, all and not part of the money should be released. This meeting took place at the Presidential Villa.

    By the time the National Assembly’s leadership met with the Minister again last January, both parties finally agreed that the quarterly allocation would be paid in three installments, beginning from January.

    This plan has been disrupted by the ministry, which paid only the January installment. Both the February and March payments that would have completed the agreed three installments are still pending.

    This situation, according to insiders, has put many of the legislators in a precarious position as some of them are finding it difficult to meet up with commitments with banks where they have taken loans.

    A source said the morale of most of the employees of the National Assembly Service Commission is at its lowest ebb with many of them struggling to transport themselves to work, their woes compounded by the recent fuel scarcity in Abuja.

    The financial crisis in the Assembly has also brought about frequent power outages. Electricity bills and others, such as Internet, maintenance and other sundry bills are said to be over N1 billion, leaving the service providers with no option, but to disrupt services.

    Construction giant Julius Berger recently pulled out of the maintenance arrangement it had with the Assembly. Several elevators in the complex have been faulty for several months.

     

  • ‘Three councils to generate cash for Taraba’

    ‘Three councils to generate cash for Taraba’

    Three local councils have been identified as inexhaustible sources of revenue or what is popularly referred to in business as cash cows. One of the councils is Ibi in the southern part of the state known for the famous Nwonyo  Fishing Festival.

    Another revenue source is Sardauna Council in the central area of the state where the equally renowned Mambila Plateau is located.

    The third is Yorro on the northern tip of the state, where you find rocks so neatly arranged that you might think some ancient hands placed them there. Yorro rocks remind visitors of those in Plateau State.

    Who identified these cash cows? It was Darius Dickson Ishaku, who is running for governorship of the state on the platform of the Peoples Democratic Party (PDP).

    Some have said his campaigns have been issue-based and innovative, from house to house. He has toured the entire state canvassing support and eliciting votes. During the campaign tours, he had firsthand information on the nature of the state, popularly called Nature’s Gift.

    Ishaku said he believed those three councils could generate enough revenue to drive the state. So why not develop the tourist havens?

    Ibi council

      The attraction here is the Nwonyo Lake, which has produced the biggest fish in Nigeria. The fishing festival is a tourism product that has put the country in world reckoning. The lake has been the identity and heritage of southern Taraba people for 101 years now. A tributary of River Benue flows into it, covering a distance of about 10km. Most of the aquatic creatures from the main river course take asylum at Nwonyo due to its cool and serene habitat and the fact that the lake is a reserve. The main business of the festival is the fishing expedition.

    But there is also the search for turtles and crocodiles. Boat regatta, horse race, traditional wrestling, masquerades and cultural dances are other exhilarating attractions that herald the day. The atmosphere is generally that of a carnival. The catcher of the biggest fish is usually rewarded with a car prize. The biggest catch ever at Nwonyo has been the Nile Porch fish, known in Hausa as Giwa Ruwa by Hudu Yakubu which weighed 280kg.

    The state, however, has not been spinning the kind of currency it desires to derive from the fishing festival and other tourists attractions. And the socio-economic lifestyle of more than half of the natives in Ibi  and its environs contrasts sharply with the nature’s benevolence. Ishaku said he will rebrand it to yield economic benefits. The candidate is not happy that Taraba is richly blessed with natural endowments, but its people are wallowing in misery.

    Sardauna council

    In Sardauna, the ‘great’ Mambilla Plateau and other beautiful mountains are the essence, as far as tourism is concerned. And that was the reason why the candidate began his campaign at the Mambilla Plateau, a breathtaking 1,840 meters above sea level.

    He said the plateau is one of the greatest tourist destinations in Africa, with the best climate in Nigeria. Being the most accessible high altitude, offering the largest and most impressive eco-system sights, Ishaku said he will build a world-class holiday resort in the area where world presidents shall be going to enjoy their holidays.

    One favourable factor for this the temperate weather which does not exceed 25°C  all year round.

    Ishaku said, “The plateau will become an ideal place for hosting ECOWAS Summits. I believe participants who would come across West Africa would love to visit some of the exciting historic sites on the mountains and the plateau.

    Besides the captivating mountains, the fields look beautiful, with evergreen lengthy belts of tea plantation and gallery forests that inhabit beautiful birds, chimpanzees and little mammals that tourists love to watch.

    To achieve this, Ishaku said he has to complete the Mambilla Hydroelectric power dam which is to generate 3050 megawatts electricity. The people of Mambilla Plateau had confronted the candidate with seven demands. But the former minister of Niger Delta Affairs told them that the hydroelectric dam shall be their life wire when completed.

    “The venue (Mambilla Plateau) for this rally is deliberate because of President Goodluck Jonathan’s efforts to complete the Mambilla Dam project.

    “The Mambilla Hydroelectric Dam project had been on the drawing board since 1960. It was when Jonathan came on board that the project came to fruition. It can employ many youths in Sardauna and other parts of the state.

    “After voting for Jonathan on February 14, you must vote me on February 28, because I was the one the president sent to work on the dam project when he appointed me as minister of state for Power,” he told a curious mammoth crowd at the Mansur Stadium in Gembu, headquarters of Sardauna local government area.

     Yorro (Northern Taraba)

    Yorro is another council area in the north of Taraba identified by Ishaku as a tourist haven. But it is usually difficult getting to Yorro, because of bad roads. The absence of road alone can scare a tourist, especially a new comer. Here, the sun can rise piercingly and ferociously sharp above 45°C. The dust and searing heat can also put a visitor to flight. But while in Yorro, you will marvel at what nature has offered the state. The blazing heat becomes dissipated in the shadows of hills and inselbergs. Some of the hills are a heap of stones or boulders. You will think a human being arranged them. In some areas a boulder is perfectly placed on another, as though it would fall, but it has been there for thousands of years, according to the natives. Like in Gembu, you can see the rock with giant footprints of an unnamed ancient warrior. Another rock looks like a woman and her daughter, without any application of art work.

    The vegetation is beautiful too, a mix grill of Guinea Savannah shrubs and desert tree species. These plants have the abilities to adapt to both dry/hot and wet/humid seasons using both physical and behavioral mechanisms to endure, resist and or retain water. Saguaro, Joshua tree and Palmyra palm trees are good examples.

    One major setback for these tourist havens is woeful roads.

    Ishaku said he would build those roads if elected.

    “Roads and other infrastructural facilities must be built in these tourist areas to speed up massive development,” he said. The candidate said he believed that when this is done, the people would be more united and bridged closer to their cultures. The tourism, which he referred to as an “effervescent industry,” shall create wealth for the people.

    Ishaku, who was ferried via local boats when crossing from Lau to Karimlamido, made a covenant with the electorate. “Do you want roads? Do you want development?” When the crowd answered in the affirmative, he solicited: “Give me your votes and I will build beautiful roads for you; I will complete the Mambilla Hydroelectric Power Dam; I will rebrand tourism in Taraba.”

    Good news! President Goodluck Jonathan, during his presidential campaign in Jalingo, said he has released $1 billion of the $1.5 billion contract sum, through counterpart funding for the Mambilla dam project.

    “The contractors are already on the site. The Mambilla dam is the best in West Africa. We shall develop it with top grade infrastructure for all African presidents to be going there to holiday. I believe this would generate revenue for the state,” Jonathan said.

    Acting Governor Abubakar Sani Danladi also assured the people that Ishaku is an architect while his running mate, Haruna Manu, is an engineer. “These technocrats will design and reconstruct a beautiful Taraba for us,” Danladi said.

    The people will decide on February 28, whether they want Ishaku to ‘beautifully’ transform Taraba, or not.

  • NNPC owes JV partners over $5b in cash calls

    NNPC owes JV partners over $5b in cash calls

    The Nigerian National Petroleum Corporation (NNPC) owes its Joint Venture (JV) partners over $5 billion being arrears of unpaid cash calls, an industry leader said at the weekend.

    The Chief Executive Officer of Seplat Petroleum Development Plc, Mr. Austin Avuru, spoke at a symposium in Lagos at the weekend in honour of Chief Festus Marinho, the first Managing Director of the NNPC, who turned 80 last week.

    Avuru expressed dismay over the state of the oil and gas industry despite the solid foundation laid for the industry. He said the NNPC lacks the capacity to efficiently run the industry and the critical oil infrastructure under its care such as the refineries.

    He said the corporation is not adding value, made contract cycle cumbersome and lengthy, caused project delays and lacks financial muscle to run the industry as shown by the over $5 billion cash call debt.

    Cash call is the money paid by joint venture partners according to equity holdings of the partners for projects development usually determined and paid at the beginning of the year.

    Avuru attributed NNPC’s inability to meet its cash call obligations to improper management of proceeds from crude oil sales.

    He recalled that in June 1992, Prof Aminu, former Minister of Petroleum was relieved of his duties because queues surfaced at petrol stations but in 23 years, things have moved only downwards to a point now where we don’t remember if our refineries are working at all.

    He said: “Cost of operation in the upstream sector has soared. Two critical factors account for this – security issues in the Niger Delta and bottlenecks in the NNPC; project delays and $5billion of cash calls in arrears that have not been paid to the point now where you ask the question: Is NNPC really adding value to the industry today?

    “Today, Norway which has a GDP of $512 billion has a Sovereign Wealth Fund (SWF) of $893 billion; Qatar with GDP of $203billion has SWF of $256 billion and Saudi Arabia with GDP $748 billion has SWF of $762 billion. Why I have given these figures is because these same countries started with Nigeria but they have managed their economy better. They saved for the rainy day and today they can play the game while Nigeria is watching. This means Kuwait and Saudi Arabia can afford to derive zero revenue from crude oil production over the next three years and survive because of their SWF.

    “That’s why they are playing with the United States to see who blinks first but we are watching helplessly with the SWF of $500million only (half a billion dollars). If this oil price crash subsists for the next nine months, be sure we will go back to 1998 when salary cannot be paid, pupils will be out of school because schools will close.”

    Former Group Managing Director, Mr. Funsho Kupolokun and top officials of the corporation called for the privatisation of the NNPC and the refineries for transparency and efficiency.

    Kupolokun said: “I was there and was one of those people that said privatisation of the NNPC is not the answer. Today, I have now known better. NNPC should just leave these refineries alone and let the industry move. Privatisation of the refineries should just go ahead.”

  • 2015 ITTF-Africa Senior Championships:  NTTF appeals to NSC for cash

    2015 ITTF-Africa Senior Championships: NTTF appeals to NSC for cash

    Few weeks to the kick-off of the 2015 International Table Tennis Federation (ITTF) Africa Senior Championships holding in Cairo, Egypt, the Nigeria Table Tennis Federation (NTTF) is passionately appealing to the National Sports Commission (NSC) to support the team financially to be able to be part of the championship.

    The tournament, according to Africa Table Tennis Federation (ATTF), serves as qualifiers for this year’s World Championship scheduled for April in China. Also, the championship will aid Nigeria’s players in their quest to improve their world rating.

    According to NTTF Secretary-General, Chinedu Ezeala-Ogundare, the Cairo tournament serves as prerequisite for any team to be part of the 2015 World Championships in China, while it would also improve the country’s chances of getting good rating in the world.

    “The competition was scheduled to hold in Sudan this year but because of the Ebola Virus Disease, it was cancelled. But the African Table Tennis Federation (ATTF) just confirmed to us that the tournament will now be hosted by Egypt and this is a must for us and we must make it down there. For now, we are hoping to assemble our best players within and across the globe so that we can have a strong team.

    “We are using this medium to appeal to NSC to support us financially in order to be part of this competition. The performance of Aruna Quadri has now put more attention on Nigeria and for us, we need to be part of the competition to ascertain our status as a continental power house,” the NTTF scribe said.

    She, however, lauded the NSC for their unflinching backing in 2014, adding that she is optimistic that the country would make it to Egypt.

    In a statement made available by ATTF and signed by Mokhtar Toukabri, the tournament serves off on January 23 to 29.

    “ATTF has the pleasure in sending to all African Associations the new date of the 2014 ITTF-Africa Senior Championships, 23-29 January 2015 and it will be held in Cairo – Egypt. We need to remind all Associations that this event is a prerequisite for all who would like to participate in the 2015 WTTC in Suzhou – China during 27/4 – 3/5/2015, which means that no entries from Africa in the WTTC except for those African Associations with at least one player to join us in the 2014 ITTF-Africa Senior Championships, Cairo 23-29 January 2015 according to the new rules of ITTF. We are waiting for your final entries before January 15, 2015,” he said.

    However, Nigerian players led by Portugal-based Aruna Quadri are eager to be part of the tournament in order to halt the dominance of Egypt in Africa.

  • ‘Osun won’t accept cash for revenue payment’

    ‘Osun won’t accept cash for revenue payment’

    •State goes cashless

    The Osun State government has said it will no longer accept cash for payment of fees, fines, charges and other forms of revenue collection from Thursday.

    Governor Rauf Aregbesola said this when members of the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) submitted a report on alternative sources of revenue for the state.

    The governor said arrangements had been concluded to go digital in the collecting of revenues and in stopping acceptance of cash by revenue officials.

    Aregbesola said: “I must announce this to all of you that as from Thursday, no revenue official will be allowed to handle cash again.

    “We have decided to go digital in our revenue collection. So, be it school fees, fines, charges, and all other forms of payment to the government, no cash will be collected again.

    “The government, at this critical time, must know what accrues to it and not only what is recorded by revenue officials.

    “I thank the workers for their sense of responsibility; for their exhibition of the Omoluabi ethos.

    “I find it difficult to deprive any worker his or her income at the end of each month.

    “So, for the workers to express their readiness to tolerate and absorb the delay in salary payment is the highest demonstration of understanding and patriotism.

    “That sense of duty, patriotism and extreme sacrifice is appreciated.

    “We will study this report very seriously and intimately and come up with our own white paper such that you will appreciate the consideration we shall give to your suggestions.

    “Either at the federal or at the state level, where is it that are workers in this country are being paid as at when due?

    “We thought this situation will not last long. That was why we used our strategic reserve to augment salaries for one year.

    “All our savings were spent on augmentation of salaries. Our commitment to the welfare of workers is incomparable.”

    State NLC Chairman Saka Adesiyan said the workers took the initiative because it was more realistic for them to intervene.

    TUC’s Adetunji Oladele, who read the highlight of the proposals, said the labour leaders met 64 agencies to seek their input into the proposal.

  • Falconets get cash rewards

    Falconets get cash rewards

    Nigeria players who were beaten in the final of this year’s FIFA U20 Women’s World Cup have been rewarded by the country’s President with a cash gift of a million Naira each (about $6,000).

    Coach Peter Dedevbo received 750,000 Naira. His assistants got N500,000 and the backroom staff.

    The Falconets lost 1-0 to Germany to make it the second time they will lose in the final of the same competition in four years.

    Asisat Oshoala emerged as the MVP and top scorer at the 2014 World Cup.

    She was also conferred with a national honour.

    President Jonathan also rewarded the country’s contingent to the recent Commonwealth Games in Glasgow.

     

  • ‘Trophies,cash can keep Reus at Dortmund’

    Jurgen Kohler believes that Borussia Dortmund will have to spend big if they are to persuade Marco Reus that they can challenge Bayern Munich for the Bundesliga title on a regular basis.

    The Germany international still has three years to run on his current contract with BVB but speculation is rife that their Bavarian rivals will make a move for the attacker next summer, with FCB president Karl-Heinz Rummenigge having gone public with his belief that the player’s release clause will drop to €25 million at the end of the 2014-15 season.

    Dortmund have repeatedly reaffirmed their desire to hold onto Reus but Kohler believes that Bayern’s bigger budget could ultimately prove decisive.

    “For Dortmund it is getting harder and harder to keep Marco,” the former BVB centre-half told Bild. “The club can only keep hold of Reus if they invest properly for the next four or five years.

     

     

  • PDP plans to ‘win with cash, rice,’ APC alleges

    PDP plans to ‘win with cash, rice,’ APC alleges

    Osun State All Progressives Congress (APC) has accused the Peoples Democratic Party (PDP) of vowing to use money and bags of rice to “win” the governorship election on August 9, as it allegedly did in Ekiti State.

    Its Director of Publicity, Research and Strategy, Kunle Oyatomi, in a statement yesterday, said sources quoted a PDP national official of revealing the plan to a monarch in Ile-Ife.

    “We are in power and we have the cash. At best, Osun voters would not be worth more than N10,000 and a bag of rice each. That is what we gave them in Ekiti. We will repeat it in Osun and win,” the PDP chieftain was quoted as saying.

    The party accused the party stalwart of assuring the old man that he had nothing to worry about the election, as the Federal Government has the power and the money to make him win.

    “We did it in Ekiti and we are prepared to do it in Osun again,” the PDP chieftain was reported by eye-witnesses to have said.

    But the APC vowed that the PDP will meet its waterloo in Osun because the people “do not suffer fools and do not sell their birthrights.”

    “The insinuation that the total value of an Osun voter is a bag of rice and N10, 000 constitutes an abominable insult on the Yoruba nation and for that alone, the people of Osun will show the PDP that we are neither hungry nor ready to be slaves.

    “Sooner or later, the PDP leadership will be held to account for its misuse and abuse of political power, the reign of criminal impunity and the squandering of Nigeria’s wealth through massive corruption unprecedented in the political history of Nigeria,” the statement read.

  • Rotary cash for women

    The Rotary Club of Asokoro has empowered women in Wumba Community in the Federal Capital Territory (FCT). This it did by disbursing cash to them to help them start up a trade.

    Speaking during the event, the club’s secretary, Francis Bekey stated that the club embarked on the project because of its belief that sharing with and empowering the less-privileged ones will go a long way in reducing the level of poverty among the people.

    Bekey further revealed that the Rotary Club of Asokoro has outstanding record of empowering women in the FCT, adding that the focus of the club was economic development, especially for women and the indigent people in the society.

    “This micro-finance scheme will encourage the women to expand their businesses and contribute not only to the well-being of their families but also to the society,” she said.

    Bekey, who is the Coordinator of the micro-finance scheme, advised the women to use the money given to them wisely to ensure that they don’t disappoint the club.

    “The micro-finance scheme started with 30 members and has grown to over 100 in the FCT. Our concern is to empower women because we believe that empowering a woman translates to empowering a nation,” she said.

    She further stated that women were the targets because they are the vanguard of everything move towards development of the home and managers of families.

    Also speaking, the Director of International Service of the club, Nikky Uchime said the micro- finance scheme by the club is a programme designed to empower women in order to help contribute to the well-being of the society.

    “Our coming to Wumba Village is another achievement of the Rotary Club of Asokoro in its efforts to empower women through this kind of gesture. A total of 20 women were selected to participate in the micro-finance scheme.

    “After series of training, 16 were selected and nine people received cash. Rotary does not give money by proxy; they will have to wait for next time.

    “I encourage them to be ambassadors of Rotary Club of Asokoro. My prayer for them is that, through this micro-finance scheme, they will boost their businesses,” she said.

    Responding on behalf of the beneficiaries, Mrs. Chidinma Uche expressed her appreciation to the club for remembering and identifying with them, adding that though a lot of women were looking for such opportunity to grow their businesses, they have not been blessed with such opportunity.

    “This is really encouraging because what we have received today will boost our business. We call on benevolent Nigerians to support the activities of the Rotary Club of Asokoro,” she said.