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  • Cardosonomics and return of common sense to central banking

    Cardosonomics and return of common sense to central banking

    • By Opeoluwa Dapo-Thomas

    After 9 years of Emefiele who conjured different ways and means to traumatize an entire generation, nous and prudence have been restored to the Apex bank at ​​Plot 33, Abubakar Tafawa Balewa Way, Central Business District, Abuja.

    Nigeria’s new Central Banker, Dr Olayemi Cardoso seems to be righting the wrongs of the embattled ex-Central Bank Governor of Nigeria, who oversaw an FX backlog of $7 billion, a 14.02 percent rise on inflation from 8.2% to 22.41% during his reign, reckless abuse of Ways and Means that contravened the CBN Act coupled with shoddy intervention financing, all of which made a mess of CBN’s balance sheet.

    In December 2023, the CBN issued a circular which was a thinly veiled dig at the previous management. “In furtherance of the Central Bank of Nigeria’s new policy thrust focusing on its core mandate of ensuring price and monetary stability, the Bank has commenced its pullback from direct development financing interventions – accordingly, the CBN would be moving into more limited policy advisory roles that support economic growth”.

    With a series of policy changes in the past quarter, communicated via Friday-released circulars, Nigeria is beginning to witness different reforms that seek to steady the nation’s ship.

    So far, remittances have been flowing in through the proper channels, portfolio investors have their interests piqued and market theorists seem to align with his methods in combating inflation with the monetary tools at the bank’s disposal.

    So do we still need an economist as CBN governor or do we just need someone who has common sense?  Do we need someone who would just focus on the apex bank’s objectives or someone who would gaslight Nigerians to queue under canopies to collect limited redesigned naira notes?

    Let’s examine what is the objective of the CBN. The CBN Act of 2007 of the Federal Republic of Nigeria charges the Bank with the overall control and administration of the monetary and financial sector policies of the Federal Government.

    The objectives of the CBN are as follows:

    ●Ensure monetary and price stability;

    ●Issue legal tender currency in Nigeria;

    ●Maintain external reserves to safeguard the international value of the legal tender currency;

    ●Promote a sound financial system in Nigeria; and

    ●Act as a banker and provide economic and financial advice to the Federal Government.

    Now, there were question marks on Dr Yemi Cardoso when he was appointed CBN governor. There were legitimate concerns over how his friendship with the current Nigerian president might affect the independence of the Central Bank. Their friendship began when he first met Tinubu, a Treasurer at Mobil while being a bank officer handling Oil accounts.

    There was also worry around Cardoso’s suitability for the role, with preference in some quarters for someone with a strong macroeconomic background, perhaps a Professor in economics who would have the gravitas to turn the tide. However, people largely forget that the CBN has a large army of Ph.D. economists that they can deploy to help guide policy decisions.

    “There had been a dislocation of monetary transmission mechanism, for quite some time, which rendered the MPC meetings largely ineffective” – Cardoso said in one of his speeches, as he said the Bank has reviewed the effectiveness of the Central Bank’s monetary policy tools and had spent time fixing the transmission mechanism to ensure the decisions of Monetary Policy Committee (MPC) meetings resulted in desired objectives.

    Now he is doing the conventional work needed to battle against inflation which is his prerogative. He has tightened and aggressively hiked rates to an accumulated 600 basis points this quarter.  Yields on one-year Treasury Bills now flirt within the 19%-27% range. NAFEM has recorded its highest FX turnover since the beginning of this administration as Naira assets are beginning to look more attractive than holding dollars.

    The FX backlog has been cleared and Cardoso contracting Deloitte to work out the invalid claims of about $2.3 billion has proven shrewdness which his predecessor struggled to fathom.

    Two interesting things can be observed with his FX management. One, the approach to liberating the FX market with liquidity, and two, the attempt to achieve convergence of the official and parallel market exchange rates. In some developed and stable countries, black market premiums rarely exceed 5%. Black market premiums measure differences between NAFEM rates and the spot rates. At some point in Nigeria, black market premiums exceeded over 20%.

    Cynics argue that applauding Cardoso for the recent naira rally after taking the dollar at N700/$1 to the four-digit territory is a bit ironic. However, they forget that at the other end of a lower exchange rate was an ever-growing backlog which in the long run reduces investors’ confidence and stifles liquidity.

    Since March 2020, liquidity challenges in the Nigerian foreign exchange (FX) market have consistently affected the accessibility of its equity market, leading to capital repatriation concerns and a significant gap between the official and parallel exchange rates for the Nigerian Naira. This caused global institutional investors to face recurring challenges with index replicability and investability of the MSCI Nigeria Indexes and other indexes they are part of.

    Whatever it is, the unorthodoxy of using depleted reserves to heavily defend the currency while dishonoring FX commitments which saw Nigeria relegated to standalone markets with the likes of Argentina seems to be coming to an end.

    Cardoso has a lot to do going forward, but market participants see a man who knows what he is doing. He needs some help from the “fiscal side” in the fight against inflation and FX inflows as carry trade from portfolio investors could be evanescent. Crude oil receipts and non-oil export earnings need to come in to support the rates or build the FX reserves.

    Cardoso’s onerous task is to tame inflation, however month-on-month inflation has followed an upward trajectory and there’s no assurance it may peak in H1 of 2024. His deployment of monetary tools and FX management would be tested in the long run as without support from his bosom colleague Wale Edun, the Minister of Finance, he may not have enough wriggle room to emerge victorious.

    Read Also: Nigeria has what it takes to end insecurity – Kwankwaso

    One thing we are encouraged by is that he would not encourage the excesses of the FG and has said CBN will no longer grant loans to FG until the outstanding is paid. By also hiking rates, he has ignored the wishes of the President who prefers a low-interest rate environment to boost economic growth.

    For now, it appears there is an end to the days when the Central Bank failed to strictly adhere to the law. They would now limit advances under ways and means to 5 percent of the previous year’s revenue. FG now has to be creative in looking for alternative sources of financing.

    But there are a few concerns the CBN governor must begin to consider. How would the CBN resolve its monetary policy conundrums where high MPR is affecting Nigeria’s high growth and employment costs on the economy? 

    Can interest rates keep following inflation to where it is not known as food inflation and arbitrary price gouging as a result of FX volatility means there’s still some upside for inflation? How long will he hold on to the liquidity ratio with CRR going higher? What are the opportunity costs of liquidity management with yields at 27%?

    How does he reform the bank in a way that functionally separates its responsibilities for monetary policy and micro/macro-prudential policies? How does he disprove the Economist’s theory that the CBN is inexperienced in handling a managed float exchange rate system?

    When you open the website of the Bank of England, the first thing you see is the tagline “Promoting the good of the people of the United Kingdom by maintaining monetary and financial stability”, it is safe to say that Cardoso and the new Central Bank team is determined to promote the good of the people of Nigeria the same way.

  • ‘Job creation, central to attaining SDGs’

    Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI) President, Comrade Oyinkan Olasanoye has said job creation is the key factor for poverty reduction, lives improvement, and meeting the Sustainable Development Goals (SDGs) by 2030.

    Olasanoye, therefore, urged the Federal Government to create an enabling environment for the private sector to create jobs.

    She said: “Creating more jobs requires economic transformation that would open up opportunities to move workers from lower to higher productivity activities. It also means a spatial transformation with urbanisation pulling villagers into secondary towns and cities.

    “This shift will need to be led by the private sector, the main engine of job growth. For this to happen on a scale large enough, government needs to look at what has worked best to create jobs, focusing on sectors that have the highest potential.

    “Agriculture still accounts for almost 70 per cent of total employment in the country. The challenge here is for agriculture and the food system to generate high value-added jobs across the value chain, especially for women and youth,” he told The Nation in Lagos.

    The ASSBIFI chief said manufacturing, which has driven economic growth in many countries, is changing with new technologies and shifting patterns of globalisation.

    “While some industries remain feasible entry points for low-skill employment, technological innovations could cause substantial job losses,” she said.

    She said governments needed to take public policy actions to create an enabling environment.

    “Government at all levels need to invest in education, from early childhood to adulthood, to build the human capital needed for a rapidly evolving global economy. They need to build quality infrastructure to connect domestically and globally. They need to set up the right ecosystem for private investments, especially for smaller businesses and entrepreneurs,” she said.

     

     

    She said China has in recent decades, succeeded in creating millions of employment opportunities and absorbing millions of new entrants into its labour market, while transforming its economy and society. According to her, China’s path offers useful lessons for others as it has moved higher on the global value chain; China is also creating fresh opportunities for other developing countries.

    “We call on the Federal Government to work with China to share lessons of job creation and economic transformation and use them to support other developing countries. By looking closely at these successes, the Federal Government can identify what other governments can do to generate incomes and create jobs, by engaging the private sector and unleashing people’s energy and creativity,”she said.

     

     

  • Anambra Central: Has a Daniel come to judgement?

    You have to read The Merchant of Venice to underscore the import of that cry – A Daniel come to judgement by Shylock the main character in William Shakespeare’s yet epochal classic, and how it could be the final refrain in the Anambra Central Senatorial zone seat, which has been vacant for about two years, owing to several court disputes. The summary: Shylock, was a rich Jewish money lender in Venice. He made cut-throat deals and practically squeezed the anatomy of his victims for maximum effects. Antonio, a rich merchant in the same city, who was the direct opposite, opposed Shylock’s Semitic ways, thus attracting a bitter hatred of the Jew.

    Now, the plot thickened when Antonio had to rush to Shylock to raise a loan for a friend, Bassanio, who needed money to court a Venetian princess, Portia. Shylock seeing this as an opportunity to deal with his arch-enemy, made a deal to slice a pound of flesh of Antonio in the event of a default. Taking it as a joke, without knowing the real intention, Antonio agreed, as he was sure that his ships at sea, carrying his merchandise would have returned on time with more than enough to repay the loan.

    Unfortunately, his ships wrecked forcing him to default. Bassanio, who learnt of the calamity, had to abandon his mission half-way, but missed the deadline for the repayment of the loan on return. That practically put the life of Antonio in Shylock’s hands and he would have nothing in place of it.

    So, the drama began in the court in Venice. All pleas to Shylock for mercy, including offer of 10 times the bond value, even from the Duke, who presided over the matter, but could not intervene to reverse the terms because he was bound to obey the law, failed.

    Implacable, pitiless and determined, he needed nothing more than what the bond provided. By my soul I swear, there is no power in the tongue of man to alter me. I stay with my bond,” were his words to underscore his resolve. So, why waste time?

    Then Portia, who invariably, was the cause and source of the entire sad episode, and who later came in disguising as a man and the judge to execute the bond, in another powerful speech aimed at saving the situation, reminded the Jew that mercy was even mightier than the power of life and death of a king. But it cut no. “My deeds upon my head! I crave the law, the penalty and forfeit of my bond,” Shylock insisted.

    Bassanio, had even attempted to get Portia bend the law a little to save his friend. “To do a great right, do a little wrong. But she would have none of it.

    No power in Venice can alter a decree, lest it be recorded as a precedent, with which many errors would be committed in future against the state, she argued.

    Hearing this, Shylock cried in reference to the biblical Daniel’s penchant to give sound judgements: “A Daniel come to judgment! yea, a Daniel! O wise young judge, how I do honour thee!

    Thoroughly sated, he made with his well-sharpened knife for Antonio, only to be halted: “Tarry a little. There is something else. This bond doth give thee here no jot of blood. The words expressly are ‘a pound of flesh.’ Take then thy bond, take thou thy pound of flesh. But, in cutting it. If thou dost shed one drop of Christian blood, thy land and goods are by the laws of Venice, confiscate unto the state of Venice.” That did it.

    Now, does this equate to the situation under reference? To a large extent, I think so. I don’t want to state how Chief Victor Umeh’s penchant for going for the maximum benefits of any political situation, including the story behind his ascendancy to the office of the national chairman of the All Progressives Grand Alliance (APGA), from a mere treasurer of the party and the use to which he put that office, depicts him as a political Shylock per se.

    That is the story for another day. Besides, there are a number of persons, from Chief Chekwas Okorie, founder and first national chairman, former Governor of Central Bank of Nigeria (CBN), Prof. Chukwuma Soludo, oil magnate, Chief Ifeanyi Uba to tell it better.

    But, like Shylock flaunted his bond before the court in Venice, insisting that only its full interpretation and implementation would satisfy both the law and his own personal quest, Umeh, has similarly told any willing listener that the verdict of the Court of Appeal in Enugu, which sacked Iyom Uche Ekwunife as the senator representing Anambra Central Senatorial seat, was an open and shut case and invariably, the end of the matter.

    Not only was Ekwunife removed in a judgement a lot of people, including some sound legal minds found both curious and outlandish, but the appellate court, went further to bar the People’s Democratic Party (PDP), from participating in the rerun election it subsequently ordered, in a manner that would have made his going to the upper legislative chambers of the National Assembly, a fait accompli, since there is hardly any other party capable of challenging him.

    Let me confess, boldly that I’m one of those who feel that there is something wrong with the document Umeh is flaunting, even if not legally, as it seemed in the case of Shylock, but morally and thus, he should not be the beneficiary of this situation.

    For instance, I feel that Ekwunife, who during her short stay at the Senate, captured the chairmanship of one of the most powerful and prestigious offices in the red chamber – Petroleum Upstream, would have given a better representation than Umeh, given his uninspiring record in the APGA top job, where he practically crashed the fortune of the party, which under Okorie, was already making waves in far-flung parts of the country, to a one-state affair.

    Beyond that I appreciate the reasoning of many, who insist that the appellate court judges nullifying the election because Umeh complained that the PDP did not hold a valid primaries to pick its candidate as akin to an uncle demanding that a marriage should be nullified before a priest because the bride price was not paid in the presence of the bride’s father. What else qualified more to a meddlesome interloper and a busybody?

    It is in this context that I find it not too difficult to align with those who believe that the recent judgement obtained by Dr. Obiora Okonkwo, one of the aspirants to the senatorial seat as a Daniel coming to judgement.

    Every politically conscious Nigerian has seen the powers of pre-election matters. We have seen how cases concluded even by Supreme Court and beneficiaries enjoying the fruits were practically uprooted by the effects of such matters on conclusion. Starting from Rotimi Amaechi, former governor of Rivers State, to Okezie Ikpeazu who was only saved by the skin of his teeth to Herman Hembe and a surfeit of other cases, the force of pre-election matters are quite evident.

    Surprisingly, Umeh, who was insisting a few days ago on AIT that the latest judgement amounted to nothing because the Court of Appeal had given him judgement which was superior to that Justice John Tsoho of the Abuja Federal High Court, cited the injustice done to Okonkwo in the processes he filed in court. Today, he is recanting. Phew!

    It was surprising that neither he nor his interviewer made any reference to it in his AIT outing. He is presently insisting that the January 13, 2018 date set for rerun must hold. Of course nobody needed be told the reason for his haste, just like Shylock in the Venetian court. He believes he holds the aces, once there is an election and his road to Abuja is clear. But he forgets the law is an ass. Let us see how it will turn out this time.

    Let us see how the Independent National Electoral Commission (INEC), which Okonkwo has approached with Tsoho’s orders to issue him with certificate of returns, will discountenance that in preference for Umeh’s desired rerun, at least, without another court’s pronouncement. Let’s see if that will not amount to cutting the flesh without spilling the blood. Let’s see another Umeh magic.

     

    • Igboanugo, a journalist writes from Lagos.

  • Anambra Central: candidates urge INEC to respect judgment

    Candidates in the March 2015 senatorial election in Anambra Central have urged the Independent National Electoral Commission (INEC) to respect the court judgment and issue a certificate of return to Dr. Obiora Okonkwo of the Peoples Democratic Party (PDP).

    According to the candidates, the judgment of Justice John Tsoho of an Abuja High Court is a welcome development as “it signalled the resolution of a battle that had denied the people of Anambra Central quality representation at the Senate”.

    The candidates, who spoke under the aegis of Coalition of Candidates in the Anambra Senatorial Zone Election Rerun, said the zone had suffered deprivation due to the pre-election dispute which, according to them “by the grace of God, has now been resolved.”

    Leaders of the Coalition Chief Akudo Chikwendu and Comrade Peter Okala, in a statement said: “It is time we allowed the law to rule our dealings irrespective of how emotionally attached we are to issues. The judgment of the Federal High Court was straight and unambiguous; we welcome it and call on INEC not to delay the process of actualising the judgment.

    “We believe the judgment will begin a healing process that will enable the people to rebuild and plan for 2019. We are just a few months away from electioneering for 2019, and so we believe that swearing Dr. Okonkwo in will enable us to refocus and plan early for 2019.”

    The coalition also said it was wrong and misleading for anyone to insinuate that the Court of Appeal nullified PDP’s victory at the March 2015 polls.

    It added: “We have read insinuations and suggestions that the Court of Appeal in Enugu nullified PDP’s victory at the March 2015 senatorial election; this is false and misleading.

    “We believe those spreading this false information do not mean well for Anambra Central and its people; we have no doubt that such persons are enemies of the peace, who may be profiting from the legal quagmire that had kept the zone without senatorial representation since 2015.

    “It is wrong to put words into the mouth of the justices of the Court of Appeal; we are certain they are courageous enough to make any pronouncement they deem necessary. Since nothing of such was pronounced, it will amount to criminality to put words into their mouths and see to use same to deceive the public.

    “While we call on INEC to issue Dr. Okonkwo his certificate of return, we also urge the leadership of the National Assembly to swear him in. We are all interested in moving forward into 2019. 2015 is in the past and must be closed, and we thank the Federal High Court for helping us close it.”

  • When ‘ll INEC conduct Anambra Central rerun?

    When ‘ll INEC conduct Anambra Central rerun?

    In this piece, a commendator, Michael Jegede, writes on the agitations of political parties for the conduct of the Anambra Central Senatorial rerun by the electoral umpire.

    Eighteen months after the Enugu Division of Court of Appeal quashed the election of Mrs. Uche Ekwunife as the Senator representing Anambra Central Senatorial District, and ordered a rerun poll to be held within 90 days (from the date the judgement was delivered), the Independent National Electoral Commission (INEC) is yet to conduct the exercise. Hence, the people of the senatorial district have remained unrepresented and continued to be denied the opportunity of feeling the positive impact of governance from all that should rightfully accrue to them through their representative in the Senate.

    The Supreme Court had on February 10, 2017, ruled that the December 7, 2015 verdict of the Court of Appeal on the Anambra Central Senatorial election was final forever. The apex court maintained that no court can overturn the judgement of the Appellate Court on National Assembly election matters, in line with the letter and spirit of the 1999 Constitution (as amended). It made the pronouncement, after Ekwunife ignored the provisions of the Constitution, to appeal the nullification of her election and disqualification from participating in the ordered rerun poll, on the ground that she was not appropriately nominated by her then party, the Peoples Democratic Party (PDP).

    Observers had thought that, following the February 10,  ruling of the Supreme Court on the issue, coupled with the February 13, 2009 verdict of the same Supreme Court that new candidates are not allowed in a court ordered fresh election, INEC would immediately put necessary machinery in motion to conduct the long awaited Anambra Central rerun. Unfortunately, the electoral body has continued to drag its heels and failed to take a firm decision, even though the law appears to be fully on its side to hold the rerun poll, regardless of the so-called pending court cases some politicians in Anambra Central are trying to use to frustrate the conduct of the election.

    Evidently, the electoral body was prepared to conduct the rerun as directed by the Court of Appeal on March 5, 2016, but decided to postpone it indefinitely after the February 29, 2016 order of Justice Anwuli Chikere asking INEC to include the PDP against the ruling of the Appeal Court which disqualified the party and its candidate. The Chikere’s judgement in favour of PDP was believed to have been given to pave way for the former Governor of Anambra State, Peter Obi, to replace the disqualified Ekwunife. INEC appealed the decision and that gave rise to other frivolous cases from different litigants all meant to perpetually put the Anambra Central rerun on hold.

    A year after her order compelling INEC to allow the PDP bring in a fresh candidate, the same Justice Chikere gave a conflicting judgement declaring that All Progressives Congress (APC) cannot replace its candidate in the Anambra Central rerun election. The APC had also gone to court last year when INEC refused to allow the party to substitute its original candidate, Senator Chris Ngige, now Minister of Labour with Barrister Sharon Ikeazor after the former voluntarily withdrew from the race.

    In the latest judgement of Chikere, delivered on March 14, 2017, she ruled: “That the time for nomination/withdrawal or substitution of candidates for the Court ordered election in Anambra Central Senatorial District had elapsed; that as decided by the Court of Appeal in the case of LABOUR PARTY VS. INEC (2008) 13 NWLR PT. 1103 PG. 73 (and duly affirmed by the Supreme Court on February 13, 2009), there is no room for fresh candidates in Court ordered election.”

    Again, the recent ruling, in the thinking of those who are genuinely worried about the outright denial of the right of the people of Anambra Central to have a voice in the Red Chamber, should ordinarily give more leeway to INEC to go ahead with the rerun poll without further ado. After all, it has been held that when there are two contradictory rulings on a similar issue from the same court, the decision later in time prevails. So, it is safe to say that Chikere’s latest verdict has taken precedence over the earlier order that PDP must be allowed to participate with a fresh candidate.

    A legal practitioner, Ikechukwu Ikeji, in a recent interview on Channels Television, while decrying INEC’s failure to conduct the Anambra Central Senatorial rerun election, argued that the commission ought not to have announced the indefinite postponement of the exercise in the first place.

    According to Ikeji, “They (INEC) are right in rejecting candidates that were not part of the original general election. But they are wrong in stopping to hold or refraining from holding or not holding that election. INEC has a strong platform, a strong foundation of law to stand on to hold the election and let whatever court processes that was going on to continue. In whatever ramification and dimension you want to talk about it, there is absolutely no challenge stopping INEC legally, morally, and jurisprudentially from holding the election.”

    The legal pundit explained further that “Section 87, subsection 10 of the electoral act (as amended) clearly states that no court process or court proceeding or court order can stop the holding of any general election. And the Supreme Court in the Labour Party and INEC case which is the locus classicus on fresh elections has clearly held that any court ordered election is a general election. And therefore if it is a general election the law says that nothing can stop it from being held. So, it is surprising that INEC hasn’t held that election…  The law is very clear. When you are faced with two judgements of the court, you do not cherry-pick. You obviously have to do one of two things. You obey the one that is later in time or you obey the one that has superior jurisdiction. And the one that has superior jurisdiction is the one that there should be no new candidate for a fresh election.”

    Expressing joy over the March 14, 2017 judgement by Chikere which validated INEC’s position in refusing to accept new candidates for the Anambra Central rerun, the commission’s Chairman, Prof. Mahmood Yakubu, said the appeal on the PDP case will be withdrawn and he urged other parties to follow suit, so that the rerun can be conducted. He said: “We are happy that not long ago, the Supreme Court has given a favourable judgement (the February 10, 2017 verdict) on one of the cases. Also, the lower court (Justice Chikere) has recently given a judgement stating that INEC was right on its decision.” What then is holding INEC from fixing a date for the election? With all the superior judgements on the matter, should the electoral body still be bogged down and confused on the right way to go?

    Responding to Ngige’s recent outburst that the Anambra Central election would not hold until all pending court cases are disposed of, the leading candidate for the rerun contest and former National Chairman of All Progressives Grand Alliance (APGA), Chief Victor Umeh, remarked: “I was surprised to read those audacious statements by Dr. Chris Ngige. My surprise stems from the fact that I could not fathom under what capacity Ngige was saying categorically that the poll can never take place until all court cases are cleared. From the question you asked me, he is the Minister of Labour and Employment, he does not work for the Independent National Electoral Commission, INEC that is empowered by the constitution to conduct elections.”

    Umeh maintained that none of the cases the Labour Minister was referring to in his assertion can stand as legal impediment against the conduct of the rerun, stressing that “The issue of the eligible candidates who can take part in a court ordered fresh election or rerun election has been permanently settled by the Supreme Court of Nigeria in its judgment in a case between Labour Party and INEC, which judgment was delivered on the 13th February 2009.”

    He warned that “Ngige should not intimidate INEC in the discharge of its constitutional mandate. The era of intimidation by ruling parties in Nigeria should be over in line with President Buhari’s promise of change. We experienced these things during the PDP days, but now that we are in a government that has preached change, nobody should use his membership of the ruling party or any arm of government to intimidate and dictate to INEC. That is what Ngige has demonstrated, and he has said it everywhere.”

    The Advanced Congress of Democrats (ACD) candidate for the Anambra Central rerun poll, Oby Kate Okafor, has also called on INEC to do the needful by conducting the long delayed election. Okafor gave the electoral body an ultimatum of two months (from April), after which according to her, she might be compelled to sue the commission for unnecessarily delaying the conduct of Anambra Central election.

    Lamenting that people from the senatorial district had lost so much for the past two years due to non-representation, in terms of funds, amenities and empowerment opportunities, she said: “They (Anambra Central people) can no longer afford to waste further time, and they want to be like their counterparts. The issue is that Anambra Central is losing. What I am seeing now is a case of sabotage, because since the election was cancelled nothing has been done.”

    Various groups and individuals have continued to appeal to INEC to take urgent steps towards ensuring the conduct of Anambra Central rerun election in the interest of the citizens of the senatorial zone. It is described as completely unfair that of all the court ordered fresh polls, resulting from the nullification of about 80 National and State Assemblies results in the 2015 general election, only Anambra Central case remains unresolved.

    The people of the constituency are the greatest losers and not the politicians, who are doing everything possible to stop the election from holding. INEC must therefore, be decisive on the Anambra Central rerun. The electoral umpire should not in any way pander to the whims and caprices of those who have lost out and vowed to ensure that the rerun does not hold. The people of the senatorial district have patiently waited for too long.  They deserve to have a voice in the highest legislative body of the country.

    • Michael Jegede, a media expert writes from Abuja.
  • Fresh confusion over Anambra Central Senatorial election

    Fresh confusion over Anambra Central Senatorial election

    Following recent court rulings on Anambra Central Senatorial Election, the confusion over parties’ candidates seem to have deepened, reports Associate Editor, Sam Egburonu 

    The confusion surrounding the seemingly illusive Anambra Central Senatorial Election has increased since 14th March, 2017, when an Abuja High Court ruled that the time for nomination, withdrawal or substitution of candidates for court ordered election in the district has elapsed and that the concerned political parties can no longer substitute any of their candidates.

    As soon as the verdict was made, there were reports that it means both All Progressives Congress (APC) and the Peoples Democratic Party (PDP), the strongest opposition political parties in the state, cannot field candidates in the election. Accusing the ruling All Progressives Grand Alliance (APGA) of deliberately sponsoring such media interpretation to deepen the confusion and discourage opposition, some Anambra stakeholders, especially APC henchmen, said there is nothing in the judgment that suggested the party does not have candidate for the election.

    But APGA organs had insisted PDP and APC are out of the contest, following the Abuja High Court’s ruling. For example, in a press statement made available to The Nation during the week, APGA Women for Good Governance (APGAWGG) said the court ruling has cleared all the hurdles for INEC to conduct the election and for APGA to win the seat.

    Explaining its stand on the confusion and its understanding of how the matter deteriorated to its present situation, the group’s National Coordinator, Mrs. Grace Chike, said in a release made available to The Nation during the week that: “It is INEC’s task, function or role to clear all hurdles impeding the smooth conduct of elections in the country and fix appropriate dates. No political party or candidate can influence that or speak for the Commission which is independent as its name denotes, adding: “The good people of Anambra Central Senatorial District desire and deserve effective representation in the Senate. Patriotism demands that the rerun should be conducted immediately.

    “APGA Women for Good Governance (APGAGG) will continue to campaign for sustainable democracy and good governance in Nigeria.”

    APGA Integrity Group also called on INEC to conduct the rerun as soon as possible, saying the Court has, by its recent ruling cleared all the hurdles that had hindered the conduct of the election. The Publicity Secretary of the group, Mr. Great Martin Kalu, said, “It has become necessary to conduct the Court ordered Anambra Central Senatorial rerun two years after the March 28, 2015 National Assembly elections.

    We call on the Independent National Electoral Commission (INEC) to take urgent steps to ensure that the rerun is conducted. The Supreme Court has cleared the hurdles in its landmark judgements that will guide the Commission in discharging its constitutional duties.”

    The group also argued that “to abandon the people of Anambra Central Senatorial zone to their fate is justice juxtaposed and a big step backward in quest for democratic ethos, ethics and ideals.”

    The confusion

    Since Justice Anwuli Chikere gave the judgment, declaring that the candidates that contested the original election can no longer be substituted, APGA and her supporters have rolled out the drums, announcing that PDP and APC had been barred from presenting candidates for the rerun.

    Reacting to this, Sharon Ikeazor, who had approached the court to be declared the substituted candidate of All Progressives Congress (APC) in the Anambra Central Senatorial Election, said in a statement made available to The Nation that “The import of the judgment is that the APC can still be part of the election, but the candidate MUST be Chris Ngige, who, by the Grace of God, also has the capacity to win this seat for the APC. This is contrary to the celebration of opponents of the party in the media, that the court has barred the APC from fielding a candidate for the election. The correct interpretation of her judgment is that only Senator Ngige, our duly nominated candidate, can fly the flag of our great party in the election,” Barrister Ikeazor said.

    She added that: “The moral burden is now on Senator Ngige, as a leader of the party, to rescue the APC from a psychological defeat, which we do not need as we go into the governorship election later in the year.

    “In football, when an opponent refuses or fails to show up, the referee declares a walk over; my appeal is that Senator Ngige graciously spares the APC the agony of being walked over. This will be a great sacrifice to the party at this crucial moment of need.

    “At this point, I must thank my supporters, members of the APC, especially the leadership for the confidence reposed in me to fly the party flag. I gave it my all but unfortunately the court has ruled that I can’t be a candidate in that election.

    In the greater interest of the good people of Anambra and the party, I consulted widely and also as a lawyer with over 30years experience, I will not challenge the decision. As any further appeal will continue to short-change our people, who deserve to be heard on the floor of the Senate of the Federal Republic of Nigeria. The district has been without a representative since 2015, when the court disqualified our sister, Uche Ekwunife, on the grounds of invalid nomination.

    “I call on the National Chairman, Chief John Oyegun, NWC, the leaders and elders of the party and indeed all members of our great party to encourage and support Senator Ngige to clinch this crucial Senatorial seat in Anambra for APC,” she said.

    Following this development, observers have expressed concern following claims by some stakeholders that Ngige, a former governor and former senator, who is now a serving minister, may not want to leave the position to vie for the senatorial election because of the uncertainty associated with an election.

    Although the actual disposition of the senator towards the current development is yet to be ascertained, a source close to him said the minister’s fear may not be unconnected with the provisions of the 1999 Constitution which requires a public servant to resign his position before contesting an election. Section 66, sub-section 1 of the constitution says “No person shall be qualified for election to the Senate or the House of Representatives if:  (f) he is a person employed in the public service of the Federation or of any State and has not resigned, withdrawn or retired from such employment 30 days before the date of election.”

    Given this provision, the source said the Minister of Labour may not be allowed by INEC to fly APC ticket, except he resigns first and that it is doubtful if the minister will like to resign from his current job to contest the election.

    But unlike the position of most of his party men, Chief Victor Umeh, the APGA candidate for the senatorial election, had said in an interview he granted a national daily in February that Ngige is free to contest in the election. He said: “Since Senator Chris Ngige, the APC candidate, is now a minister, can the APC bring another candidate to replace him? The answer is still no because the time for withdrawal and substitution has elapsed and Ngige is still alive,” he said, adding, “So, Senator Chris Ngige is qualified to run. If he wants to run, he has to join the race and resign within 30 days to the election date. That is what the law says.”

    Reacting to the claims made by some organs of APGA in Anambra State that APC has been barred to present a candidate in the senatorial election, Okelo Madukaife, the APC Publicity Secretary in Anambra State told The Nation on Friday that such a claim is both “premature and preposterous. It also conveys the level of immaturity of the people making it.” He said there is nothing in the court rulings so far to suggest that APC has no candidate or that APC has been barred from Anambra Central Senatorial Election.

    According to him, “We have a candidate, because, as you and the court admitted, APC has a candidate in the election. So, our position today is that whenever all the issues entangling the senatorial election are disentangled and a date is fixed for the election, APC will not only field its candidate but will also win the election. We are favourably disposed to the resolution of all the issues, particularly along the rule of law and we are confident that when all the issues are resolved and the election date is fixed, APC will field its candidate and will win the election,” he said.

    INEC’s hesitation

    Besides the issue of parties’ candidates, another source of confusion is INEC’s delay in fixing a date for the rerun election.

    It would be recalled that since March 28, 2015 National Assembly elections, various National Assembly Election Petition Tribunals and Court of Appeal Tribunals nullified about 80 elections and ordered fresh or rerun polls. Most of these rerun elections had held but Anambra Central’s re-run has remained an illusion.

    Madam Chike, blaming it on INEC’s hesitation, said, “It will be in the interest of justice, equity and good conscience for INEC to fix a date to conduct the Anambra Central Senatorial rerun.

    “We urge the Commission to withdraw its matter in court as the Supreme Court has decided the PDP fate, while Mega Progressive Peoples Party (MPPP) and United Progressive Party (UPP) did not file any suit against the conduct of the election. Their candidates are eligible to participate in the rerun.”

    We gathered at the weekend that the last may not have been heard about the Anambra Central Senatorial Election intrigues as more stakeholders from both PDP and APC are still approaching the courts to straighten more grey areas. While such individual moves are being made, we learnt that the concerned parties are meeting behind the scene to resolve outstanding issues.

  • When ‘ll Anambra Central by-election hold?

    When ‘ll Anambra Central by-election hold?

    Anambra Central District stakeholders are protesting the refusal of the Independent National Electoral Commission (INEC) to conduct the senatorial by-election, almost two years after the 2015 general elections. Correspondent NWANOSIKE ONU examines the obstacles on the way of a new poll. 

    When the Anambra Central senatorial by-election was postponed by the Independent National Electoral Commission (INEC) in 2015, little did the stakeholders guess that the exercise will be inconclusive, almost two years after.

    The postponement has continued to generate controversy in the district and state.

    The by-election became necessary, following the nullification of the victory of Senator Uche Ekwunife by the Court of Appeal in Enugu on December 7, 2015.

    Then, the Peoples Democratic Party (PDP) was in crisis. There were two factions fighting for the soul of the troubled chapter. The gladiators had to drag themselves to the court. A protracted litigation ensued up to the Supreme Court.

    The All Progressives Congress (APC), which had become popular, was unable to rise above the tension unleashed its politics of nomination. It was evident that it was still trailing behind the ruling All Progressive Grand Alliance (UPGA).

    To APGA, the coast was clear. Its candidate, Victor Umeh, the former national chairman of the party, was a popular candidate. The poll was expected to be a walk over for him since the attention of the APC and PDP candidates were distracted by litigations.

    At the Appeal Court, the judges declared that the PDP should not present any candidate for the election.

    The reason was that the party had no leadership and could not have presented any candidate for the election.

    Since then, the parties have shifted the battle to the court.

    Up to now, Anambra Central does not have a representative in the Senate. The stakeholders are not happy that the district has been denied representation in almost two years, owing to the inability of the parties to put their houses in order.

    Many groups had alleged that some top politicians in the APC and the PDP are behind the refusal of the electoral commission to conduct a fresh poll, adding that they were using their positions to frustrate APGA and its candidate.

    Before now, Umeh had been boastful, saying that he was the candidate to beat. He believed that his ambition was a done deal with the backing of Governor Willie Obiano.

    But, reality has dawned on him the political atmosphere had changed, following the change of baton at the centre. The cloud of uncertainty hovering over his ambition has not fizzled out because the APC is a threat to his bid.

    Eyes are on the INEC. But, for the agency, mum is the word. Some stakeholders have criticized the commission, saying that its silence was not helping matters. A source said the INEC has been reluctant to set a new date, until the court cases arising from the nominations and the first botched poll are resolved.

    The Supreme Court is expected to give its verdict on the case instituted by Ekwunife. She is her sack by the Appeal Court in December 2015.

    The waiting game is on. There is anxiety across the political divides. Parties and their candidates are being kept on their toes.

    The APC has replaced its former candidate, Chris Ngige with Lady Sharon Ikeazor. But, the INEC has refused to accept the substitution.

    The electoral body has insisted that only those who were on its initial list could participate in the by-election, except the PDP, whose candidate was dropped by the court.

    Ngige, the Minister of Labour and Employment, does not have a senatorial interest any longer. He told reporters that he wanted to concentrate on his job, which he has described as enough headache for him.

    However, a source said Ngige may soft pedal on his decision, if his party maintains that the he participate in the exercise.

    The Chairman of APGA, Sir Norbert Obi, said his party was ready to face any party during the election, adding that APGA is the only known party in Anambra State.

    Since the indefinite suspension of the election by INEC on March 5, last year, the political arena has been quiet. Umeh, who was traversing the nooks and crannies of the state, has suddenly gone cold.

    The APC, which has garnered enough support and become the beautiful bride, is not resting on its oars. Its secretary, Chukwuma Agufugo, said  the party was ready for the poll.

    The candidates of APGA and the smaller parties seem to be ready for the election. But, the reality is that the cases are still pending in the various courts. Thus, the hands of the INEC are tied..

    Apart from the pending Supreme Court judgment, the PDP case at the Appeal Court challenging the INEC over its exclusion is still on. Some cases on the poll are also pending at the lower courts.

    The suspense is on. The anxiety is rising. The question is: when will the coast be cleared for the INEC to conduct the by-election?

  • Anambra Central rerun: Umeh pleads for patience

    Anambra Central rerun: Umeh pleads for patience

    The candidate of All Progressives Grand Alliance (APGA) in the Anambra Central rerun, Chief Victor Umeh, has appealed for calm and patience.

    The former past National Chairman of APGA, assured that the rerun would hold, despite politician’s antics to frustrate the conduct of the exercise with frivolous court cases.

    The rerun fixed March 5  was postponed indefinitely by the Independent National Electoral Commission (INEC) to enable it appeal an Abuja High Court ruling compelling it to include the Peoples Democratic Party (PDP) against the judgement of the Court of Appeal that disqualified the party and its candidate from participating.

    The APGA candidate said: “What played out in Anambra Central was what played out in Kogi East and Kogi Central Senatorial districts.

    The PDP challenged conduct at the tribunal on the ground that they did conduct primaries. And the elections were nullified and their candidates were also disqualified by the Court of Appeal.

    He said the rerun had  been concluded in Kogi East and Kogi Central senatorial districts.

    Umeh said: “In the case of Anambra Central, PDP doesn’t want to give up. Their candidate has also gone to the Supreme Court, I mean their then candidate, who is no longer a PDP member, had gone to the Supreme Court to seek reinstatement, even when the final court that handles National Assembly matters is the Court of Appeal.

    “So, they are doing everything to deny the people of Anambra Central the right of representation. Why PDP is struggling to be part of an election they are already out of the way, their candidate who was disqualified by the Court of Appeal is also struggling to get reinstated outside the provisions of the law.

    “They’ve boasted openly that since they can no longer occupy that senatorial seat that nobody will occupy it until 2019. And they are working hard to frustrate the Court of Appeal from hearing the Appeals pending at the Court of Appeal against the judgement of the High Court that ordered that PDP should take part in a rerun after their candidate has been disqualified.

    ‘They are doing everything to frustrate the progress of the matter at the Court of Appeal. For me, I feel so bad because there are so much to be done for our people using that opportunity. But they have no option other than to be patient. I am urging them to be calm and patient. The antics of those causing this unnecessary delay will be exhausted very soon.”

    He explained that Ekwunife’s adventurous appeal at the Supreme Court, was argued on the November 14, noting that the Supreme Court has reserved judgement for  February 10 next year.

    “If on that day the Supreme Court upholds the law and puts her case to rest, that distraction will be completely over; her own distraction will be over. Then we will accelerate action on the pending appeal at the Court of Appeal for which they have gone on an interlocutory appeal to the Supreme Court. So, God willing and God being our helper all those protracted issues will be resolved. And the election will be conducted by God’s grace.

    Umeh added: “I know the good people of Anambra Central are missing a lot already, because if I have been there before now, the story would have completely changed. But they must know that anything that will be good, before it will come your way; you have to put up a very strong fight for it.

    “I am assuring them that even if it is two years that we are able to salvage in the current tenure they will see the difference, very big difference than what they have been seeing before. And like I have said before, they will just have to be patient because there is no alternative to doing what is lawful.

    “If we don’t fight all this brigandage that has been going on in Anambra State during elections – the manipulations they have been doing in this state, there will be no stop to it. So, by the time we go through the whole hog of this Anambra Central senatorial district issue, people will learn their lessons.

    “People will be prepared to submit themselves to the provisions of the law. Anybody who wants to contest election knows that there is no shortcut to obtaining the mandate to represent the people.

    “When elections are called in the future, people will be prepared to be vigilant and look at what the law say, keep yourself in line with the laws and go to the people to obtain your mandate, without keeping your hope in rigging elections, manipulating the security agencies and the INEC.”

  • Dangote, Saipem sign Joint Venture in Central, W/Africa

    Dangote, Saipem sign Joint Venture in Central, W/Africa

    Africa’s leading indigenous conglomerate, Dangote Industries Limited has announced a multi-million dollar Joint Venture (JV) agreement with Saipem, the Italian engineering and construction giants.

    The agreement has given birth to a new company called Saipem-Dangote E&C.

    Dangote Group said in a statement that Saipem-Dangote E&C is a significant new player in the Nigerian and Central/West African market, with high technical and financial capabilities.

    Group Executive Director at Dangote Group, Mr. Devakumar Edwin was quoted as saying that the new company aims to secure complex engineering & construction projects and to execute them at the highest levels of efficiency in terms of costs and timing, while maintaining sufficient flexibility to adapt to different project requirements.

    Saipem and Dangote Group have a track record of successful collaboration, drawing on the strengths and competences of both companies. Dangote’s financial strength, expertise and standing in the Sub–Saharan African market will complement Saipem’s unique capabilities in E & C

    This new partnership confirms the shared commitment of the two groups to both the Nigerian market and sub-Saharan Africa more widely.

    “We are confident that our partnership with Saipem will position us as a major player in the oil & gas sector.

    “Dangote’s financial strength, expertise and standing in the sub–Saharan African market will complement Saipem’s unique capabilities in E & C in developing new business. Saipem values the satisfaction of its clients in the energy industry, tackling each challenge with safe, reliable and innovative solutions. Dangote Industries and Saipem shall gain mutual benefit from this partnership,” Edwin was quoted to have said in the statement.

    Commenting on the development, Saipem Central Africa Regional Manager, Giuseppe Surace said: “The combination of two excellences like Saipem and Dangote in Central Africa creates a new efficient and sustainable (business entities).”

  • PDP Senatorial ticket: ‘Anambra Central requires fresh ideas’

    PDP Senatorial ticket: ‘Anambra Central requires fresh ideas’

    As the campaigns for the ticket of the Peoples Democratic Party’s (PDP) senatorial ticket in Anambra Central District coasts home ahead this weekend’s National Assembly congress, several factors may have coalesced in favour of Dr. Obiora Okonkwo. More than any other senatorial zone, observers say Anambra Central is likely to be the most interesting zone. The zone comprises of seven local government areas (LGAs), namely, Anaocha, Dunukofia, Njikoka, Idemili South, Idemili North, Awka North and Awka South.

    Taking cognizance of the confusion that trailed the State Assembly congress of the party last weekend and the ongoing crisis in All Progressives Grand Alliance (APGA), The Nation gathered that concerned elders and leaders of the PDP have come together to canvass for a more generally accepted candidate, if the party hopes to contest favourably in the Anambra Central Senatorial District, which is currently occupied by All Progressives Congress’ (APC) Senator Chris Ngige. The ruling APGA has resolved to field Chief Victor Umeh for the Senate seat.

    Though dismissed by supporters of other aspirants like Hon. Uche Ekwunife and Senator Annie Okonkwo as a new comer, Obiora Okonkwo, who is the leader and chairman, Board of Trustees, Nzuko Imeobi of Idemili North and South Councils, appear to have, more than the other aspirants, convinced the youths in the PDP and majority of the party leaders that he not only represents the change that the people are agitating for in the party and that unlike most of the other aspirants in the party, he has less baggage and will therefore stand a better chance against whoever the other parties will field.

    An entrepreneur and the political /economic adviser to the ArchBishop of Onitsha, insiders in Anambra power game, including some of his political opponents, admit that he is not entirely new. As a top politician puts it off record, “We all know that Obiora has for years played big, but from behind-the-scene. It remains to be seen how he will cope in a real contest involving him.”

    Confronted with the contention that his chances may be affected by the fact that he is contesting against some experienced politicians who dismiss him as lacking experience in politics, he told The Nation: “To start with, you cannot win a project of this nature if you worry about those who, because of the recurrence of their presence at every election, appear to be favourites. There is something about freshness. We cannot ignore the idea behind a new way of thinking; the enthusiasm of the new kid in the block, if I may use that phrase. We need a new energy source, a new face, a change in the way we have been doing things, a shift in gear, which can come only from a collective desire to look elsewhere for movement. Experience counts, but what is the benefit of experience if all it does is to keep us all stirring the same old pot of stew.

    “This is the difference we are bringing into the race. There are people who keep boasting of how long they have been around. If that is so important, what have they done? There are others who have done so much and ought to move to other challenges. I am saying; let others dance on the stage. My strength is in my dance steps; my chances are hinged on the number of persons that will key into the dexterity we promise to show on the stage. Here, I am talking about fresh ideas, perspectives, motivation, and an unyielding desire to give to the people, my people, a dose of fresh air.”

    The state is currently experiencing some interesting developments. For instance,last weekend’s PDP State Assembly congress and the delegates’ congress held earlier left little to be desired. At the State Assembly congress, for example, delegates’ lists were manufactured by the various factions. There are three factions fighting for the PDP ticket in Anambra State. There is the so-called team from Abuja, which is from the party secretariat. This group seemingly worked with no party structure on ground because the court before the congress had ruled that the tenure of the state working committee had expired. There is also the dissolution of the so-called caretaker committee that showed up in Anambra at the night of the delegates’ congress and according to some aggrieved stakeholders never showed up again.

    So, in the midst of the confusion, each of the three factions simply produced their lists. This being the case, it seems right to predict that having manufactured delegates’ lists, and since, during the State House of Assembly congress last Saturday, names were just written down and votes apportioned to them, the situation is not likely to be different during this weekend’s National Assembly congress.

    As would be expected, PDP leaders and some other stakeholders are currently making last minutes plans to save the situation and to ensure that only acceptable candidates that can win the general elections for the party would emerge.