Tag: fall

  • Davido’s ‘Fall’ hits 100m views on YouTube

    ‘Fall’, the 2017 hit song of pop star, David Adeleke aka Davido has become the first Nigerian music video to hit 100 million views on YouTube.

    The Daps-directed video has made Nigerian YouTube history as the most -viewed Nigerian music in recent times.

    This feat was anticipated by fans after the video beat Yemi Alade’s 2014 hit ‘Johnny’ and gathered over 98 million views on Dec. 4.

    With Alade’s video reading 98 million views, she and Davido are the only Nigerian acts who have topped YouTube’s ‘10 most viewed videos’ list.

    Read Also: Davido, others to perform at ‘Face of Okija’

    This comes after three of Davido’s songs, ‘Assurance’, ‘Nwa Baby’ and ‘Fia’ appeared on Google’s list of ‘most searched Nigerian songs’.

    His recently released ‘Wonder Woman’ was listed as one of the hottest tracks from across the African continent by Apple Music.

    NAN reports that the YouTube list also features defunct P-Square’s ‘Personally’ tied with Tekno’s ‘Pana’ at 86 million views and Rundown’s ‘Mad Over You’ at 78 million.

    Korede Bello’s ‘Do Like That’ hit 76 million, Davido’s ‘If’ has 72 million and Wizkid’s ‘Come Closer’ features on the list with 67 million views.

  • The Rise and Fall of Apartheid for launch

    Since the collapse of apartheid regime in South Africa in 1993, not many publications have offered Africans and the world, detailed and penetrating presentation of facts on Frontline States’ roles, particularly Nigeria’s contributions to the happy ‘requiem’ to apartheid.

    That seeming void is what a book The Rise and Fall of Apartheid-Nigeria as a factor, by retired Ambassador L. T. Bade-Afuye, who as a diplomat served in Botswana, during the twilight of apartheid, is set to fill.

    Inspired by The White Tribe of Africa, a book on the Africannas (The Boers), Bade-Afuye scaled up his doctoral degree thesis into a book as part of his contributions to the true stories surrounding the rise and fall of apartheid regime in South Africa. “I discovered that hitherto, there is no publication such as this that maximises the contributions of Nigeria towards apartheid,” he said of why he wrote of the book.

    The book is about the troubled political history of South Africa and the tragedy of Apartheid. It narrates the political ideology, the oppression of the blacks in their own country as well as the origin and diversity of the country’s white population. It also examines and analyses the contributions by Nigeria as a Frontline State, to the demise of the evil system.

    He recalled that his working days in Botswana exposed him to many aspects of apartheid regime in South Africa, which literarily inspired him to write a book on the rise and fall of the regime. He noted that during his stay in Botswana where Prof Alaba Ogunsanwo was in charge, the mission was in charge of affairs in South Africa, including putting up structures in Johannesburg for the consulate and the mission in Pretoria.

    The Rise and Fall of Apartheid-Nigeria as a factor will be launched tomorrow at the Nigerian Institute for International Affairs (NIIA), Victoria Island, Lagos, by 11 am.

    The presentation will be chaired by Ambassador Dapo Fafowora, while Governor Akinwunmi Ambode will be special guest of honour.

    Oba Samuel Adejimi Adu-Alagbado, the Ogoga of Ikere Ekiti, will be royal father of the day.

    Afuye said the book contains his experiences and detailed accounts of the apartheid struggle, the rivalry between the Boers and the English speaking white settlers, the roots of apartheid, which dated beyond 1948 and the travails of the Black South African majority.

    According to Bade-Afuye, the story of apartheid did not start in 1984 when the irredentist political activist and leader of the National Party, Dr. F. Malan opened the new parliament and took off with the terrible socio-economic and political ideology of apartheid.

    “From the moment Jan Van Reinbeck docked at the Cape of Good Hope in 1940 and the take-over of the entire South Africa by Britain through the 1910 Union Constitution, the whites of all colouration had consciously made sure the indigenous black population would only be seen and not heard in specific areas of the country. While the discrimination against the non-whites had actually been underlined in all spheres, it was only in 1948 that ‘separateness’ as a creed was codified, making it impossible for the blacks and other non-white groups seek redress about their devastating and crushing life in the country.”

    In this book, you will get details of how Nigeria contributed immensely, not only as a black nation but as a member of a Frontline State to the liquidation of apartheid. So, when you juxtapose these contributions to the behaviours of South Africans to us now, you wonder if Nigeria deserves such payback,” he said.

    He lamented fickleness of Nigeria in handling its foreign policies, especially in countries it has invested much to restore law and order, citing  countries, such as South Africa, Liberia, Angola, Mozambique and Sierra Leone.

    “No nation gives resources or support without expecting anything in return. The tragedy of Nigerian state is that when we invest others will reap.  It is not the problem of policy but I will say the fickleness,” he said.

    On his experiences about Black Africans in South Africa, he said: “No tribe in South Africa ever traded any of their people for slave trade. They never did. They refused to do so for any amount unlike what other African nations readily did.  Black South Africans the suffered a lot of indignity to the extent that their mental colonisation will take ages before it can be washed away. Everything is sad and that’s the truth. It’s the reality. Blacks in South Africa will quiver like a jelly immediately they see a white person. It is unbelievable, but that’s the reality.”

     

     

     

  • 116 quoted companies to fall under one-kobo pricing rules

    116 quoted companies to fall under one-kobo pricing rules

    More than two-thirds of quoted companies will come under the pricing band of one kobo. The Nigerian Stock Exchange (NSE) is  set for the implementation of new pricing rules that will remove the current stop-gap that has supported stocks at their nominal value and allow shares of quoted companies to trade for as low as one kobo.

    The NSE will begin the implementation of its amendments to the pricing methodology and par value rules on January 29. The Exchange will today begin a week-long intensive hands-on training for stockbrokers and dealers on the new pricing methodology in order to ensure a seamless transition on January 29, 2018.

    Under the new pricing rules, share prices shall be allowed to trade as low as a floor price of one kobo. The new rules effectively remove the rule which places minimum allowable price to trade for any stock at its nominal value, irrespective of the market forces.

    A classification guideline for the implementation of the new pricing methodology indicated that about 67 per cent of quoted companies will come under the immediate pricing band of one kobo, 27 per cent will come under a band of 5.0 kobo while the remaining 6.0 per cent will come under a band of 10 kobo.

    The new rules stipulate that “notwithstanding its par value, the price of every share listed on the Exchange shall be determined by the market, save that no share shall trade below a price floor of one Kobo per unit”.

    Par value is the nominal value of a share as stated in the Memorandum of Association of the company while price floor means the amount below which the price of one unit of a share shall not be permitted to trade, and the minimum amount which must be paid for a share in the event of a drop in the unit price of that share.

    The amendments to the pricing technology at the stock market will see a categorisation of quoted companies under three groups with different pricing rules.

    The tick size – the minimum price movement by which the price of a trading instrument can change, will also be lowered to as low as one kobo, although all quoted companies shall continue to trade within the current pricing band of 10 per cent maximum allowable change per day.

    Under the new groupings and pricing rules, stocks under the first category – Group A, shall consist of large-cap equities that are priced at N100 per share or above for at least four of the last six trading months, or new security listings that are priced at N100 or above at the time of listing on the Exchange.

    The second category – Group B, shall consist of medium – priced equities that are priced at N5 per share or above but less than N100 per share for at least four of the last six months, or new security listings that are priced at N5 per share or above but less than N100 per share at the time of listing on the Exchange.

    The third category – Group C, where majority of listed companies fall, shall consist of equities that are priced at one kobo per share or above but below N5 per share for at least four of the last six months, or new security listings that are priced at one kobo per share or above but below N5 per share at the time of listing on the Exchange.

    The new rules expectedly link price movements and minimum quantity of equities traded that will change the published price of an equity security. Stocks under Group A shall have price change with minimum of 10,000 units; stocks under Group B shall have price movement with a minimum of 50,000 units while stocks under Group C shall have price change with minimum volume of 100,000 units.

    The tick size – the minimum price movement that any equity shall trade, shall also be linked to the groups. Group A will have a tick size of 10 kobo, Group B, five kobo while Group C will have a tick size of one kobo. This implies that the share price of each stock shall be allowed to move up or down in multiples of its tick size.

    A breakdown at the weekend showed that 116 companies will be under Group C while 46 companies and 10 companies will come under Group B and Group A.

    Companies that will fall under the Group C include ARBICO, BOC Gases, Ellah Lakes, Africa Prudential, Eterna, Nigerian Aviation Handling Company, Custodian And Allied, Interlinked Technologies, Fidson Healthcare, and Nigeria-German Chemicals.

  • Mugabe’s fall from Grace

    SIR; Comrade Robert Gabriel Mugabe, Zimbabwe’s only ruler since it became a democracy in 1980, and one of Africa’s longest serving rulers (37 years in power) finally bowed to pressure and resigned as President of the republic. It was a fitting climax to a series of events which began when the military rolled out tanks unto the streets and effectively placed Mugabe under house arrest. It also marked the end of a power struggle within the ruling ZANU-PF party between the G-40 made up of Mugabe’s wife, Grace and her allies, and the Lacoste faction made up of former Vice President and now President Emmerson D. Mnangagwa, General Constantino Chiwenga (representing the military) and the war veterans of Zimbabwe’s struggle for liberation. The struggle for power in ZANU-PF actually began in 2014 when the two factions united to oust former Vice President, Dr Joyce Mujuru from power. They later turned against each other in a bid to produce Mugabe’s successor as the 93 year old leader grew increasingly weak and frail. However, things got to a head when Mugabe sacked Mnangagwa as Vice President citing disloyalty which triggered a chain of events that eventually culminated in his outing from power. But how did Zimbabwe get to this point?

    Circa 1980, Mugabe came to power as a hero beloved not only by Zimbabweans but by the whole of Africa. He was regarded as a hero, liberator, emancipator and an African statesman. He transmuted from Prime Minister to President and everything went on smoothly for him and the country until Britain repudiated the terms of the Lancaster House Agreement which was signed in 1980. The Lancaster House Agreement stipulated that Britain would pay a certain amount of money to Zimbabwe annually as compensation to enable Zimbabwe redress the inequitable distribution of land in the country. The money would then be given to Black farmers to buy back land from the White settler farmers; land which originally belonged to their ancestors. Everything went on as planned with Britain making the payments annually and Mugabe even receiving a Knighthood from Her Majesty, Queen Elizabeth II until Tony Blair came to power as Prime Minister in 1997 and put an abrupt end to the payments citing lack of finances even when Britain was not known to be experiencing any recession of any sort at that time. Three years later, under pressure from the war veterans, Mugabe ordered the forced seizure of lands from White settler farmers and the redistribution of such lands to the blacks most especially to the war veterans. This attracted sanctions from not only Britain but also from her allies-America and other European countries, which effectively crippled Zimbabwe’s economy turning the once bread basket of Africa into a basket case-apologies to Archbishop Desmond Tutu.

    Every effort by the West to remove Mugabe from power failed as he enjoyed maximum support from the triad of the party, the military, and the war veterans. But that was until 2014 when his wife Grace who had hitherto remained incognito became increasingly active in public life. Her vaunting ambition to succeed Mugabe as President is at the heart of the political crisis that has engulfed Zimbabwe since 2014. As a matter of fact, it will not be wrong to posit that Mugabe’s fall from grace was due to his wife Grace as her active involvement in public life including her incendiary statements alienated Mugabe from his power base. A similar situation in the 18th century led to the downfall of a French king and marked the beginning of the French Revolution. We have also had two similar cases in Nigeria, one more recently which led to the downfall of two Nigerian presidents. Indeed, those who fail to learn from history are doomed to repeat it’s mistakes.

    • Peter Ovie Akus,

    Ifo, Ogun State.

  •  The fall guy

    Poor Jim Obazee. He was until Monday boss of the Financial Reporting Council (FRC). He lost his job barely 48 hours after the respected General Overseer (G.O) of the Redeemed Christian Church of God (RCCG), Pastor E.A. Adeboye, stepped down for Pastor Joseph Obayemi as G.O, RCCG Nigeria. If only Obazee had known, he would not have been bent on implementing the code of corporate governance for not-for-profit organisations to which churches, mosques and civil society groups belong. Obazee appears to be a stickler for the rule.

    He believes that things should be done in accordance with the law. Remember his spat with former Central Bank of Nigeria (CBN) Governor Sanusi Lamido Sanusi? Obazee insisted that CBN is subject to the scrutiny of the Financial Reporting Council (FRC). He asked that the CBN  should open its books to the FRC for vetting. Since that was under another era – an era in which Sanusi was not favoured by those in power – Obazee had his way not only in dealing with Sanusi, who is now the emir of Kano, but with those in the banking sector.

    Obazee’s stock grew. After all, he was doing the job for which he was appointed. Before his coming, nobody knew anything about FRC. His activities brought the council to the limelight. Initially, we all mistook the council for the Federal Radio Corporation of Nigeria (FRCN) because of the similarity in their acronym. He changed all that as he gave FRC its own image within a short time of coming to office. He was passionate about his job and he insisted on playing by the rules. He threw the book at those who questioned his actions, telling them that, that is what the law says. He forgot that laws are made for man and not man for the law.

    His insistence on implementing the governance code for religious organisations, many of which have today become profit-making bodies, may have cost him his job. He might have had good intentions on insisting that churches and mosques play by the rules, but he forgot that in a society like ours, there are exceptions to the rule. In a society where mega churches and mosques abound, the law cannot but be silent. This is what Obazee did not know. If he knew, he would have trodden softly in enforcing the law against them. He also forgot one thing and that is that virtually all our leaders are the spiritual children of these powerful clerics. So, how do you expect a spiritual child to correct his spiritual father?

    The odds were against Obazee. Head or tail, he would lose. You cannot fight religious organisations and win. The faithful will tell you that will be tantamount to fighting God. Forget that many of these bodies may not be doing God’s will, but that does not matter to their members, who are die-hard believers in their spiritual fathers. Obazee may have suffered from misjudgement. He might have thought that since he was serving under a government – which is fighting corruption and other unethical practices – whatever he does in that regard would be appreciated.

    If he could not enforce the governance code under the Jonathan administration, which appointed him, because of certain reasons, he might have thought that he could have his way under the Buhari administration, which has no special relationship with the Christian Association of Nigeria (CAN) leadership. From the word go, CAN has been against the implementation of the code, which it sees as interference in its members’ internal affairs. Its former president, Pastor Ayo Oritsejafor, criticised the law and used his connection then with Aso Villa to stop Obazee from moving against churches. Obazee’s hands were strengthened with the coming of the Buhari administration. The law can now take its course, he would have told himself and proceeded to implement it. Unknown to him, he was standing in the path of a moving train. The powerful whether in mainstream politics or outside it will always have their way.

    But Obazee did not read the situation well before moving against the churches as development as shown following Pastor Adeboye’s exit as G.O, RCCG, Nigeria. Industry, Trade and Investment Minister Okechukwu Enelamah was said to have directed him to suspend the implementation of the code’s provision, stipulating 20 years tenure for heads of religious and civil society groups . But he was said to have replied that there is no gazette to that effect and as such the provision could not be suspended. Adeboye cited this provision when he stepped down for Obayemi, saying many other G.Os in his shoes will soon follow suit

    Why did the minister want the code suspended? According to a newspaper report : ‘’There is an issue with the code of corporate governance and the minister wrote the FRC and told the council not to execute it because a lot of people from the private sector have complained about it. So, the minister wanted to look into it and see what the issues were. He (FRC boss) was asked not to go ahead with executing it. There is a controversy on that FRC issue and we are now looking into the matter to know what the issues are before we can finally take a decision. This is where the matter is currently’’. Denying the suspension of the code, the FRC said it is still in force. ‘’All the banks are complying with the code. If it has been suspended, why are they complying with it. The churches do not want it and that was why they went to court and they have lost’’.

    One would have thought that a matter like this would have been pursued up to the Supreme Court. But, no, the churches did not do anything after losing at the high court. Perhaps, they opted for ‘’administrative’’ solution to avoid a lengthy legal battle. So, whose order was Obazee executing in implementing the code? Can he allow his personal interest to conflict with his official function? Why did he not comply with the minister’s directive to suspend the implementation of the code? Who is in charge – he or the minister? Was anything at stake in his implementation of the code? Obazee might have misread the situation and conferred himself with the power he did not have in implementing the code, thereby forcing Adeboye to quit as RCCG, Nigeria leader.

    The government kept quiet for too long over this matter. If it had a position on the issue, did it make it clear to Obazee, who is expected to execute such decisions? Was the minister’s letter to him the government’s position? To avoid this kind of mess in future, which does not portray the government in good light, matters of this sensitive nature should be handled in public domain. By this,  I mean the government should have made it known through the media that it has suspended the implementation of the code. If it had done so, Adeboye would not have resigned ,  thereby throwing Nigeria, nay the world, into a frenzy.

    This turn of events at FRC is not good for the government. It shows that its house is not in order. If it was not Adeboye that resigned, would it still have sacrificed Obazee for ‘overreaching’ himself ? Blame not Obazee, but the government for this misadventure.

  • Buildings don’t just fall

    It happened again. This time, it almost resulted in the death of a governor. But 200 others reportedly died. The tragedy occurred on December 10 with Akwa Ibom State Governor Udom Emmanuel right inside the Reigners’ Bible Church Int’l in Uyo, the state capital.

    A report said: “The governor was in the church attending the ordination of the church’s Presiding Pastor, Bishop Elect Akan Weeks, when the building gave way a few minutes before offering period.”

    It is unclear what led to the building collapse, but it is clear enough that buildings don’t collapse without a cause. It was reported that “construction works on a section  were rushed because of Saturday’s event.”

    A piercing eyewitness account by a student of the University of Uyo, Department of Communication Arts, Uduak Effiong, said: “I saw over 100 dead bodies. These were the ones close to me. From my estimation, more than 300 people might have died as people came from other churches in all parts of the state, including government-sponsored praise singers with uniforms to attend the programme. For some of us that escaped, we only did by the special grace of God.”

    It is reassuring that the state government said a panel of enquiry would be constituted to find out the immediate and remote causes of the collapse of the church building with an estimated 10,000-seater capacity. A statement by the Chief Press Secretary also said that persons found to have compromised professional standards in the construction of the building would be sanctioned.

    We have been at this juncture many times before. We may yet be at the same juncture many times after this. What happened? Was the building overcrowded because of the governor’s presence?  Is it true that work was rushed to get the building ready for the governor’s attendance?  Who supervised the work?

    There are several other questions that may be asked concerning the disaster and what may have been responsible for it. But at the end of the day, what is more important is that answers are found to the questions, and whoever is blamable gets the deserved penalty.

    It is sad that such a tragic incident happened when people were in a celebratory mood in a celebratory season. Unfortunately, those who died are out of it. But the living can be protected from what appears a cycle of tragedy.

  • Nigeria: How countries fail and fall

    The country named Yugoslavia in south-eastern Europe broke up in 1990, after 72 years of existence. While it existed, it was similar to Nigeria of today in many ways. Like Nigeria, Yugoslavia consisted of many different nationalities – the Serbs, Croats, Slovenes, Bosnians, Macedonians, Montenegrins, Albanians, etc. Britain had thoughtlessly pushed many nationalities together to create Nigeria in 1914; Britain and France also thoughtlessly pushed many nationalities together to create Yugoslavia in 1918.

    Like Nigerian leaders, Yugoslav leaders were never able to manage their inter-ethnic relationships amicably. Like Nigeria therefore, Yugoslavia was always unstable, always about to break into massive inter-ethnic conflicts, always seeming about to collapse. One of the nationalities, the Serbs, were always obsessed with the ambition to dominate the other nationalities and the whole country, and that ambition led them into actions that frequently threatened Yugoslavia with disruption.

    During the Second World War, 1939-45, Yugoslavia, like most of Europe, suffered under German Nazi conquest and domination. A resistance movement of Yugoslav people developed to liberate Yugoslavia, and adopted communism. When the war ended, this communist group, under a leader named Joseph Tito, became the rulers of Yugoslavia. Tito and his communists ruled until 1980.

    The communist rulers hated the inter-ethnic troubles and adopted many tough measures to keep them under control. Until Tito died in 1980, therefore, the world heard very little about the Yugoslav inter-ethnic troubles.

    But, in reality, the inter-ethnic divisions did not go away. It is almost impossible to make inter-ethnic divisions in a multi-nation country go away. Each nationality took thousands of years to develop as one people, with one culture, one national image, and one national pride. If it happens that some nationalities find themselves combined as one country, the only successful approach is that each of the nationalities should be carefully respected, and that each be given some autonomy to manage its own unique concerns in the country. The only sustainable structure for the country therefore has to be a federal structure, and the federating units have to be, as much as possible, based on the nationalities. We see this in the Union of India, in Switzerland, and even in Britain – the country that created Nigeria. Wherever attempts are made to force the nationalities to surrender their individuality and integrity in order to unify the country, disharmony, hostility, violence, and ultimate collapse are usually the outcome.

    After Tito’s death, most of Yugoslavia’s ethnic leaders did try to save the country. Throughout the 1980s, they held national conferences to find a settlement. But the Serbs (the largest of the nationalities, though not a majority in the country) foiled all the attempts. The Serbs would not accept any agreement that did not guarantee their dominance. The country slipped gradually on – until it finally exploded in 1990.

    The explosion started when two of the nationalities, the Croats and the Slovenes, announced secession and proclaimed themselves as separate sovereign countries. The Serbs mobilized a large army and tried to suppress them, but more nationalities then followed and announced secession. Yugoslavia descended into a horrendous conflagration.

    The lesson here is clear. When different nationalities, each living in its own homeland, different in culture and religion, are forced together into one country, and the leaders of the various nationalities cannot agree on how to manage their country equitably and harmoniously, dark forces of rivalry, envy, fear, ill-will, hatred and domination, are often generated in the hearts of the nationalities against one another. That is what happened in Yugoslavia. It has happened in many Black African countries too.

    Signs of these dark forces have been gradually growing in Nigeria, especially since Nigeria’s independence in 1960. Sure, many of us Nigerians do desire that Nigeria should become harmonious and peaceful, continue to exist, and become a prosperous and powerful country. But, there exists the perpetual fact that the political elites of Nigeria’s various peoples do not know, and have never known, what it takes to make a country like Nigeria work. One of the largest of the nationalities, the Hausa-Fulani, because they were seriously behind the rest in education at independence, harbour the belief that the only way they can be anything in Nigeria is to hold perpetually to federal power and dominate all the other peoples of Nigeria. In the context of efforts to sustain this ambition, Nigeria has descended steadily into decline, a culture of electoral fraud and violence, and of mind-boggling corruption. Of course, most of the elite of the various peoples of Nigeria, eager to benefit personally or collectively from this confusion, have delved down into it – with the result that Nigeria’s problems have become essentially insoluble.

    In the vortex of this horrible situation, many attendant evils have grown. For instance, it has become widely acceptable for citizens of various nationalities to vent very disrespectful attitudes at one another. Those who, taking advantage of Nigeria, migrate to other peoples’ homelands and choose to live there and take advantage of the opportunities there, now think that the proper kind of behaviour is to be viciously disrespectful of their hosts, and to indulge in aggressive and unruly claims and insults against their hosts.

    Anybody who makes a habit of reading what Nigerians write on the internet against each other’s nationalities would wonder why Nigerians are claiming to be citizens of the same country. The Nigerian filthy kind of mind now regularly produces persons who give much time, energy, and intellectual effort to writing whole treatises to fabricate falsehood about one or other nationality, and to assert that cultural achievements known to belong to that nationality do not, in fact, belong to that nationality – or, even, do not exist in human experience.

    But these kinds of behaviour are not limited to the lowest fringes of Nigerian society, they also feature even in very high levels of Nigerian society. Under the Abacha and Abdulsalami military dictatorships and the Obasanjo civilian dictatorship, there arose a spirited effort to persuade Nigerians that their various nationalities do not exist or should not exist, that such nationalities are essentially myths – myths that are dangerous to the identity and progress of Nigeria, and that deserve to be suppressed out of existence. In those years some persons working for, or under the auspices of, the Nigerian Federal Government favoured Nigeria with serious writings which informed Nigerians that it is backward and perverse to include any consideration for our nationalities in any plans for Nigeria’s future, and that the nationalities are no more than myths. Even today, some prominent citizens still think that it is their patriotic duty to Nigeria to remind Nigeria of these things.

    It is therefore not strange that these adversarial patterns of relationship are today producing some actions and trends that may soon push Nigeria to its demise. A few years past, the frightful news began to surface that persons belonging to one Nigerian nationality were from time to time bursting upon peaceful villages belonging to other nationalities in the Nigerian Middle Belt, wantonly killing the villagers, destroying the villages, and occupying the land. Continued year in year out, this development has now assumed the stature of genocide.

    And this terrible outrage has now spread beyond the Middle Belt to the Southern regions of Nigeria. In most parts of Nigeria today, the outcry is up about armed and murderous Fulani cattle herders who lead their cattle to destroy farms, and who then attack farmers who protest, kill farmers and their families, and wipe out whole villages.

    By and by, Nigerians are getting to know more and more about these killers. We now know that some of them are Nigerians and many others are non-Nigerians. Of the non-Nigerians, Nigeria is now hearing from some official sources that these are in fact not cattle herders but militiamen from Libya – the ones that Ghadafi trained as his private army who, after the fall of Ghadafi, fled southwards to West Africa. The question is now agitating Nigeria as to how these trained terrorists have invaded Nigeria without the Federal Government doing anything to stop them – and even without the government alerting Nigerians that Nigeria has been invaded. Many are asking, is it possible that some influential Nigerians, intent on conquering and subduing the rest of Nigeria, have hired Libyan militiamen and added them to the Fulanis who have been massacring various peoples of Nigeria?

    Some days ago, President Buhari lamented that many Nigerians want Nigeria to be dissolved. Happily, he added that he would do everything to keep Nigeria together. But, in the light of the mutually hostile trends in Nigeria, is it surprising that more and more Nigerians peoples would wish to cease being part of Nigeria? This is an example of how countries fail and fall apart.

  • Blame governors for naira’s fall

    SIR, The naira has been on a steady decline for the past few months. The disparity between rates at the Central Bank of Nigeria (CBN) and that of the parallel market is as clear as the difference between day and night.

    Many economic analysts and keen followers of the economy have blamed the situation on factors varying from the fall in oil prices to the depletion of the Excess Crude Account and the role of the Bureaus De Change (BDCs).

    It would be recalled that former Minister of Finance and Coordinating Minister of the Economy, Dr. Ngozi Okonjo-Iweala had a run-in with the 36 governors under the auspices of the Nigeria Governors’ Forum. Against her advice, significant portions of the Excess Crude Account (ECA) were used to augment monthly allocations to local and state authorities. The states had maintained that rainy days were already at hand and in fact (the rain) was already pouring, so the money needed to be used right away.

    This rash nature of the governors, who always want to spend, spend, and spend, is why we are presently facing this freefall in the value of the naira. If they had heeded the counsel of the former finance boss to save for the rainy day, we would not be in the mess we are in now.

    But, no! They decided to feed fat on the nation’s oil boom and ended up plunging the entire country into economic crisis. Between 2011 and 2014, the 36 states of the federation received a total of N2.92 trillion from the Excess Crude Account. This amount alone is close to 50% of the country’s 2016 budget. What would be the strength of the naira if these monies were saved and not expended by the governors?

    Dr Okonjo-Iweala also said that a significant portion of the billions of dollars drained from the oil savings account over the past two years was distributed to “powerful governors” instead of being saved.

    The decline in oil price reduced the earnings of the country. This situation in turn made the CBN to devalue the naira last year by eight percent stating that it was running out of forex reserves with which to defend the currency.

    If the governors had not arm-twisted Dr Okonjo-Iweala by depleting the ECA, the CBN would have had enough forex to defend the naira instead of having to devalue it. And since then, the naira has declined steadily before its recent rise against the dollar.

    You would remember that these same state governors requested $2 billion from the ECA to complete projects and provide security ahead of last year’s elections. The powers the governors wield have to be put on a leash lest they run this nation aground with their insatiable appetite. Nigerians must rise up and speak with one voice to confront waste in government so that our economy can be brought back to life.

     

    • Daniel Osofisan,

    University of Jos

  • Enyimba falls in Uganda

    Enyimba falls in Uganda

    •Beaten 1-0

    Two-time Ugandan  champions Vipers SC defeated Enyimba 1-0 in the first leg of the Caf Champions League preliminary round on Friday.

    Erisa Sekisambu’s goal in the last 20 minutes was enough for the Ugandan club to take a goal advantage into the second leg in Port Harcourt in a fortnight.

    Paul Aigbogun, head coach of two-time African champions, named a startlist and bench without Mfon Udoh with Christian Pyagbara anchoring their attack.

    Vipers head coach, George Nsimbe included two of Uganda’s national team players, Kizito Keziron and Sekisambu, among his outfield players with Moses Alitho in goal.

    The Ugandans had the first say with some good early spells and Mike Mutyaba almost stole the lead inside the opening 15 minutes but his effort from a free kick missed the target by inches.

    It was the turn of Halid Lwaliwa to miss from a volley after a fine build-up in Enyimba’s area.

    Then within the space of seconds, the Peoples Elephant created anxious moments for their hosts who had their hearts in their mouths.

    Pyagbara did well to evade two of his markers but could not apply the finish.

    Enyimba captain Chinedu Udoji watched in agony as his headed attempt was cleared off the line.

    Andrew Abalogu was the biggest culprit when he failed to convert Pyagbara’s perfect pass into an empty goal just a minute to the half hour mark.

    After the first 45 minutes the Peoples Elephant looked capable of stealing the show at the Nakivubo War Memorial Stadium in Kampala.

    On the hour mark, Sekisambu spurned the best chance of a cagey second half.

    Twelve minutes later, the Ugandan international midfielder made no mistake when he brilliantly fired the ball past Theophilus Afelokhai for the winner.

    Aigbogun’s attempt to salvage a draw witnessed the introduction of Stephen Chukwude for Pyagbara in the 85th minute.

    Nsimbe’s men held out for the last five minutes and added time to claim a goal victory over their more illustrious opponents.

  • Honeywell records high profit as costs fall

    Honeywell International Inc, a U.S. manufacturer of aerospace parts and climate control systems, reported a better-than-expected quarterly profit as costs fell.

    The company, whose customers include Airbus Group SE (AIR.PA), Boeing Co (BA.N) and Bombardier Inc (BBDb.TO), has been cutting jobs and selling or merging businesses to reduce costs and boost efficiency.

    Honeywell’s expenses fell  by  seven percent to $6.65 billion in the third quarter, while operating margins rose to 18.3 per cent from 16.2 per cent, a year earlier.

    However, the company’s revenue fell five percent, missing analysts’ expectations, hurt by a strong dollar.

    Honeywell also cut its 2015 revenue forecast to $38.7 billion from $39 billion-$39.6 billion.

    Sales fell by two  per cent in the company’s aerospace business, its largest, and three percent in its automation and controls business.

    Excluding the impact of a strong dollar, sales rose about two percent in the aerospace business and three percent in the automation and controls business.

    The net income attributable to Honeywell rose to $1.26 billion, or $1.60 per share, in the quarter ended Sept. 30 from $1.17 billion, or $1.47 per share, a year earlier.

    Analysts had expected a profit of $1.55 per share and revenue of $9.85 billion, according to Thomson Reuters