Tag: finance

  • Skye Bank, KIA Motors sign auto finance pact

    Skye Bank, KIA Motors sign auto finance pact

    Skye Bank Plc and Kia Motors have signed a strategic auto finance agreement to enable customers of Skye Bank, who wish to purchase brand new Kia vehicles, do so without difficulty. The arrangement covers Kia models like Picanto, Rio, Cerrato, Optima and Sportage.

    Speaking at the agreement signing ceremony in Lagos, Head, Retail Banking Group, Skye Bank Plc., Nkolika Okoli, said Skye Bank, as a retail focused bank, is always on the lookout for ways to add value to its customers and the partnership is to provide avenue for customers to easily acquire brand new cars.

    Okoli said, Kia brand is one of the fastest growing brands in Nigeria’s automobile industry today and she described Kia cars as very popular to average Nigerians. She also said that Kia spare parts and Kia service centers are readily available across the country, thereby offering convenience to the teeming car owners.

    Speaking on “who is eligible?”, Okoli said, salary earners and business owners can acquire cars under the partnership with down payment as low as 20 per cent of the total cost of the car. So, rather than opt for fairly used cars popularly called ‘Tokunbo’ in local parlance,  customers are encouraged to provide 20% equity contribution for a brand new car while the balance can be repaid over a four year period. Okoli also noted that there is no need for salary domiciliation for salary earners; they can meet monthly repayment using post-dated cheques.

    Also speaking at the event, Kia Motors’ Chief Commercial Officer, Mr. Sandeep Malhotra, described the partnership as an important one given Skye Bank’s customer centric orientation. Malhotra said the partnership would make ownership of Kia cars very easy, cheap and affordable for anybody with a regular source of income who ordinarily may not have the required money to pay for the car at once.

    He listed the benefits accruable to customers who buy Kia cars under the special arrangement to include free first three services, discounted prices, free delivery, five year warranty and free vehicle tracker.

  • UN finance ministers meet to cut Islamic State financing

    UN finance ministers meet to cut Islamic State financing

    Finance ministers of UN Security Council member states began a meeting on Thursday to pass a resolution making global financial system to stop funding of the Islamic State group.

    U.S. ambassador to the UN, Samantha Power, said in New York that the meeting would bring together leaders in an effort to coordinate financial systems worldwide.

    She said that the time had come for a unanimous decision to starve the Islamic State of its funding.

    She said that finance ministers had the technical expertise needed to consolidate efforts to successfully cut off the extremist group from its resources.

    Adam Szubin, acting Under Secretary of Terrorism and Financial Intelligence at the U.S. Department of Treasury, said the council would adopt a resolution to strengthen existing UN sanctions regime on al-Qaeda to focus on the Islamic State.

    He said the text would allow the UN to impose sanctions on any entity that aided or associated with the extremist group.

    Szubin said that the body would also call on countries to step up information sharing across borders and with the private sector.

    “It’s about when banks see a suspicious transaction, are they flagging that for financial authorities?
    “Is that information accessible to law enforcement and can it be married with travel and intelligence data, so that we can have the best possible chance of disrupting the next attack?’’ he said.

    The Security Council adopted a resolution in February aiming to cut off funding sources of the Islamic State by suppressing illegal oil exports, trafficking of cultural heritage, ransom payments and donations to the extremist groups.

  • Edo drums support for rural finance programme

    The Edo state government has restated its commitment to the Rural Finance Institution Building programme to ensure availability of funds for rural dwellers in the state.

    Mr Joe Okojie, the state Commissioner for Agriculture, made the promise in Benin when RUFIN’s Leader of 11th Supervision Mission, Mr Swandip Sihna, ýpaid a courtesy visit to the state.

    The commissioner said the government was mapping out strategies to take ownership of the programme when the project was over.

    While noting that the state is an agrarian society with more than 67 per cent of the residents involved in different form of agricultural activities, he however assured that the state government is putting in place measures that would boost agricultural production, especially in the rural areas.

    “RUFIN is a programme through which help and relief can be given to people at the grassroots,” he said, adding: “That is why when I took over office, I took interest in the project and I made itý my project.”

    “I am doing my best so that, we as a government will fulfill our own end of the project.

    “I promise you that we will do the needful and will do more to take ownership of the programme when RUFIN is gone.

    “My hope is that, going forward, we will have better synergy so that we are able to deliver on our promises.”

    Earlier, RUFIN’s Deputy National Project Coordinator, Mrs Unekwu Ufaruna, said the programme was targeted at building informal rural financial institutions, and linking them to formal micro finance institutions to access loans without collateral.

    She said RUFIN had formed 700 village savings and credit groups also known as ‘Esusu’ mainly made up of women.

    Ufaruna said the programme was working with seven Micro Finance Institutions in the state, through which N1.2ýbn had been disbursed as loans to rural farmers, since its inception.

    She said at the beginning of RUFIN Edo government was regular at paying counterpart financing, stressing that this should be sustained.

  • ‘We need affirmative finance action for women’

    ‘We need affirmative finance action for women’

    Afoma Adigwe studied film and acting in London but today she is a woman of many parts. The energetic entrepreneur had been an air hostess, actress, designer and she has been passionate about empowering women through her organisation, Uplifting Women Through Farming (UWTF), in the last fifteen years. In this interview with Yetunde Oladeinde, the woman who hails from Issele-Uku in Delta State talks about  poor infrastructure, accessing credit facilities for women in the grassroots and why feeding Nigeria and Africa must be given adequate priority.

    WHY are you interested in the agricultural sector? My passion has always been for women in agriculture. For me, food is life. We all eat food and we must eat to survive.  Agriculture is the only viable alternative to oil and gas. A lot has been said about agricultural development in Africa.  Recently, my organisation was invited to partner with African Development Bank from the just concluded high level conference in Senegal tagged, “Feeding Africa: an action plan on transformation of agriculture in Africa” organised by African Development Bank under the auspices of His Excellency, Macky Sall, President of the Federal Republic of Senegal, who co-hosted with the African Union Commission, UN Economic Commission for Africa and Partnership.

    Why are you passionate about women?

    Over the years, a lot has been said about the key constraints affecting women and youths’ ability in transforming agriculture in Africa. UWTF is here to walk the talk with action. I speak on behalf of our women and our youths who are the leaders of tomorrow. Our focus is not to criticise but to encourage our government and other African countries by reaching out to the different stakeholders. We are in partnership with African Development Bank and the organisation is ready to take a quick action on the solutions of transforming agriculture in Africa to the next level. The Dakar conference was marked by bold decisions to inform on the Action Plan for agricultural transformation in Africa.

    What are some of the things that would bring about the required change in the sector?

    The intention is to launch an affirmative finance action for women in Africa. The bank would therefore work with partners to leverage 43billion in financing for women farmers, agribusinesses and other women-owned enterprises. This will be achieved through the establishment of a US $300 million facility to derisk financing to women owned businesses by commercial banks and micro finance institutions.

    In addition, the central banks in Africa will set aside special funds to allow farmers access credit at reduced interest rates and also for long term agricultural loans with longer term maturity. There would also be increase in commercial financing in the agriculture sector by establishing an agricultural risk sharing facility to de-risk the financial value chain and de-risk the agricultural value chains across the continent. That is not all. Some of the other things being worked on include developing agribusiness Diaspora bonds to securitise remittance flows for investments in African agriculture and agribusiness.

    How long have you been doing this?

    I have been on this for about fifteen years now. When I started at that time, I told them that it was the alternative to oil and gas. Now you can see the trend, not just in Nigeria but in Arica as a whole. It is important to uplift women through farming. It is important for each stakeholder to partner with the African Development Bank on the transformation agenda. We need to find a lasting solution to agriculture and stop doing lip service to it, now it is action.

    My desire is to wake up everybody and I have been advocating that our first ladies should have agriculture as part of the projects they would be working on. A lot of times funds are released for women’s projects but somehow the women do not have access to these funds. I strongly believe that it is better for the women to work together and be able to access what would be beneficial to all.

    The problem that grassroots farmers have is lack of information. This, I have studied in the last fifteen years. Of course, we know that the other problem is lack of fund, but, unfortunately, if there is a fund set aside somewhere and I do not know about, how can they access the funds? So, the women are handicapped, most of them do not go to the bank and when they go to the bank, there are so many other limitations waiting for them there.

    We know the protocols in the bank. If someone like me cannot get to access the fund, how can the layman access the funds? So, we have to go to the women at the grassroots and solve their developmental needs. Sometimes, these women do not even need the funds. What they need is the facility to work with or infrastructure. When we talk about infrastructure, then we are talking about road, water, land, transportation and electricity. If you give them funds and they pay so much to transport their goods from one point to the other, then they would still not be okay.

    We also know what it takes for a woman to own land or property in some parts of the country. Unfortunately, these are some of the things that they ask for as collateral. In the banking system, there is nothing like self identification, so where do these women stand? So, my fight for women has always been how can these women have collateral or be able to access the funds that are set aside for them? We all have to solve this problem collectively. Government must make sure that the right infrastructure is in place.

    How do you intend to get to your targets?

    I am also targeting not just first ladies in Nigeria but African first ladies, so that all hands would be on deck. Right now, we are planning a summit to get all the African first ladies together; everybody has to wake up. We are also looking at the corporate sector and CEOs of banks and their spouses. If you cannot plant what your husband is eating, farm and produce for Nigeria, plant and produce for Africa.  We must all try to produce for Nigeria and bring about a positive change in the economy. If banks can set aside some staff to go look for deposits, how come they cannot go to the grassroots and look for investments?

    Experts also believe that farming would help to reduce the problem of unemployment in the country

    Agriculture has to go with patience; our youths have to be patient. If you are talking about agriculture, you do not have to grow something today and expect to get the money immediately. We have to start afresh. I was born and bred in Lagos, but now I am back at home because of farming. I have a palm plantation there. We have to take action and get things back on track. A number of people think that it is not interesting but we can learn new ways of framing. How can we do it these days so that our mothers do not carry fire wood on their heads or cassava on their backs?

    I started the program in Delta state in year 2000. The first thing I did a workshop on how to make use of cassava and we collaborated with IITA. The following year we work with FAO and later the UN. That was how we started working with women in Kogi state and then spread to other parts of the country. We have been able to access funds from the Nigerian Industrial bank for microfinance.

    Recently, I have been putting my house in order to set up a microfinance bank for women. I have always had a relationship with the international community but I prefer to have a bank which the women can access directly. We also have the Agric talk show which I would be anchoring. Here we would have the stakeholders talk about the issues and how to proffer solutions to the problems. What I did was to get people attracted to Agriculture. I have also been doing a number of things with the youths. I have also been collaborating with Embassies and agencies. Let us rise and feed Africa.

  • Financial reforms saves Lagos N3bn monthly- Ambode

    Financial reforms saves Lagos N3bn monthly- Ambode

    Lagos State Governor, Mr. Akinwunmi Ambode on Tuesday rendered his account of stewardship revealing that ‎efforts geared towards stabilising the finances of the state has saved about N3billion monthly.

    Addressing residents, party chieftains, traditional rulers and top government officials at the maiden edition of the quarterly Town Hall meeting at Abesan Mini Stadium, Lagos, Governor Ambode said one of his first key tasks on assumption of office was to stabilize the finances of the State.

    He said his administration embarked on financial re-engineering and reviewed the revenue and expenditure framework of the State coupled with the realignment of Ministries, Departments and Agencies.

    “This has provided us with more funds to inject into capital projects and the initial funds to establish the Employment Trust Fund which we promised our youths,”, he said.

    Governor Ambode who reiterated his vision to make the state globally competitive in all sectors, said that his administration has mapped out long-term plans and programmes that will lead Lagos on the path to becoming a truly competitive city-state.

    Highlighting some of his administration’s strides in the last four months, the Governor said that aside using the period to set up an institutional framework to pilot the programmes and policies of government, remarkable interventions and reforms have been made in the areas of road rehabilitation, health care, security, service delivery, transportation and education.

    On road rehabilitation, Governor Ambode said about N1.3billion have been ploughed towards the construction and rehabilitation of over 190 roads across the state, most of which were not catered for in the 2015 budget.

    He listed some of the roads to include Agege Motor Road, Herbert Macauley Way, Yaba, Murtala Mohammed Way, Isolo, Ahmadu Bello Way, Victoria Island, Dopemu Road, Agege, Akowonjo Road, Akowonjo, Obalende Bridge, Obalende, Isaac John Road, GRA and Apapa Road, Ebute Meta.

    Other roads, he mentioned include Apapa-Oshodi Expressway, Toyota-Charity Axis, Olufemi Street, Shomolu, Billy Street, Epe, Aswani Road, Isolo, Yekini Street, Shogunle, Oshodi, Isawo Road, Ikorodu, some of which he said are federal roads.

    “As I speak, work has commenced on the Ago Palace Way-Okota Road. The State, in conjunction with your Local Governments and Local Council Development Area, are coming to your neighborhood soon”.

    “The Ejigbo–Ikotun Road, Okota-Cele Road, Metalbox Road and Acme Road in Ikeja are currently being rehabilitated, while work has started on Brown Street, Oshodi, Ladipo Street as well as Mushin Road”.

    “Till date, we have committed N1.386billion to road construction and rehabilitation. We will pump more funds into road infrastructure in this present quarter”, the Governor said.

    On transportation, Governor Ambode said he was not unmindful of the challenges Lagosians face daily, noting that in recent times, the menace of trucks on the roads have caused untold hardships and loss of man hours and revenue for residents.

    He however restated his commitment to ensure that residents commute within the state with less congestion on the road.

    “This administration will stop at nothing to find a lasting solution to this challenge and ensure our people can move from one part of the state to another with less traffic impediment”.

    He said the Apapa traffic gridlock was most worrisome as it affects other parts of the state and slowing down businesses, noting that he has met with various stakeholders to find solutions to the persistent traffic.

  • Euro finance confab holds in Frankfurt

    THE 18th Euro Finance Week conference billed for Frankfurt, Germany will hold in November.

    According to Chief Cliff Ogbede, chief executive officer, Kleef and VTS, whose firm is the official  country partner for the Week, the German group has accepted to dedicate a special session for Nigeria at the event.

    He said the ministry of finance in Germany and the State of Hessen have described the hosting of the conference as a huge milestone for the largest economy in Europe .

    Ogbede said the conference billed for Congress Messe Frankfurt, would play host to major European investors, who have developed genuine interest to invest in Nigeria under the new leadership of President Muhammadu Buhari.

    Major speakers at this event include: The Minister President of State of Hessen, Dr Volker Bouffier, the Minister of Finance of Federal Republic of Germany, Dr Wolfgang Schaubble, the President of European Central Bank, Mr Mario Draghi, the Lord Mayor of City of Frankfurt, Peter Feldmann.

     

    Others are the President European Investment Bank, Dr Werner Hoyer, Mr Dieter Lehmann, Managing Director of Volkswagen, Prof Dr Axel Weber, Chairman UBS Group Switzerland and Dr Jens Jens Weidmann, President of Deutsche Bank.

    Apart from Nigeria, this year’s conference, would host China, Iran  and Turkey.

    Ogbede said: “The President, who is perceived to be a man of high integrity whose commitment to stamp out corruption, end insurgency in some part of the country and reposition Nigeria for socio-political and economic growth is being applauded globally and attracting renewed attention to Nigeria.

    “This plan became reality based on a renewed trust and hope for Nigeria under the present leadership, which would showcase the enormous potential of Nigeria at the week-long conference.

    “This is expected to bring huge investible outflow from the European Union  countries which would help to stimulate economic growth and create jobs in the country.

    “We are excited about the new interests for Nigeria from the European Union  investors which shows that Nigeria, apart from being the most populous black nation in the world and the largest economy in Africa is now repositioned to attain economic greatness, having considered to diversify the economy from the non oil sector, which places the country as a prime destination for foreign direct investments within the continent of Africa.

    “We believe that the Nigerian delegation to the event will take advantage of this great opportunity to showcase potentials, thereby outlining government policies in terms of supporting foreign direct investment to   ensure match making which will lead to signing up of new partnerships for the country.

    “Euro Finance week is the biggest European financial services sector conference which offers a platform for financial policy formulation, business and investment promotion and high level business match making and networking.

    “Apart from hosting several receptions for the World Economic Forum in Davos Switzerland, the Conference continues to play host to Presidents and Heads of government of several countries, having developed a strong relationship with major financial institutions, including the World Bank and its subsidiaries.’’

     

  • Finance houses hasten to beat CBN’s N100m deadline

    The Central Bank of Nigeria (CBN’s) 18-month timeline for Finance Houses to meet the new N100 million capitalisation for the subsector will expire this month-end.

    This has sparked a new wave of frantic preparation by operators to beat the deadlien.

    With tight liquidity in the market, many operators are yet to secure the needed fund to continue their operation and this may lead to exit of several fringe players, The Nation learnt yesterday.

    An insider source from the Finance Houses Association of Nigeria (FHAN) an umbrella body for the sector, said many of the operators have not secured the needed fund to stay in business.

    “The N100 million minimum capital base looks small, but surprisingly, not many operators have been able to get it. I see many of them closing shop after the deadline elapses,” the source said.

    CBN Director, Other Financial Institutions Supervision Department, Ahmad Abdullahi said operators that fail to meet the deadline will be forced to stop operation, or move into new business with lesser capital base.

    He said the deadline for compliance with the provisions of the Revised Guidelines shall be 30th September 18 months from April last year.

    Abdullahi said the subsector also operates on a ratio of non-performing loans to total loans now pegged at maximum of 10 per cent. He said FCs shall consult at least two licensed credit bureaux to obtain credit information on borrowers.

    The CBN director said the finance companies sub-sector was envisioned to operate at the middle tier of the financial system, largely to cater for the financial needs of the Micro, Small and Medium Enterprises (MSMEs). They are also expected to leverage on the resources from the banking system among other sources of funding.

    He explained that the CBN had in a bid to sanitise the sub-sector, revoked the licences of 208 finance companies and cancelled the approvals-in-principle of 462 others due to the distress in the sub-sector.

    By 2012, there were 116 FCs in the records of the CBN; 51 licences were revoked by the CBN in September, 2012 thus leaving a balance of 65 FCs with valid licences.

    “The idea is to have finance companies that are strong and virile to perform the functions they were set up to per form. The objective of shareholders in the operation of finance companies is to make profit, but for the CBN, it is to have stable and strong finance companies,” he said.

    Abdullahi said the CBN will continue to sanction finance companies that do not have the licences but re in operation as such would ensure that the subsector is run efficiently to the benefit of the economy.

    He advised finance companies to maintain a database of their customers and generate quarterly risk management reports to be submitted to the CBN. “Finance companies shall be permitted to participate in accessing and disbursing funds to SMEs via relevant vehicles/ intervention funds set up by the CBN, the Federal/State Governments and other relevant bodies. The CBN shall continue to provide support towards capacity building in the Finance Company sub-sector,” he said.

     

  • Stanbic, Access, Coscharis in automobile  finance deal

    Stanbic, Access, Coscharis in automobile finance deal

    Stanbic IBTC Bank Plc and Access Bank Plc have entered into a partnership with Cosharis Motors that will enable the lenders provide financial support for customers interested in buying cars and paying instalmentally.

    Speaking during a Memorandum of Understanding (MoU) signing between the parties held at the weekend in Lagos, Stanbic IBTC Executive Director, Personal Banking, Obinnia Abajue said the pact is an opportunity for the lender to empower its customers. He said giving credit to consumers is part of what the lender does on daily basis, to ensure that standard of living of beneficiaries are lifted to new heights.

    The bank director said Stanbic IBTC Bank has a track record of success in automobile financing and that the lender will spread the payment for the vehicle across 48 months or less depending on agreement between the parities.

    He said that the financed vehicle will serve as collateral while the bank also ensures that there is comprehensive insurance for it. He said the interest rte for the transaction is 16.5 per cent and that the customer also gets three per cent reduction from the total cost for the car.

    Access Bank Executive Director, Personal Banking, Victor Etuokwu said the partnership will transform the vehicle finance scheme in Nigeria. He encouraged the bank’s customers to take advantage of the scheme and but cars of their choice at reduced prices adding that beneficiaries can only pay 10 per cent equity contribution, and gradually pay the balance.

    Deputy Group Managing Director, Coscharis Motors, Okey Nwuke advised bank customers to also take advantage of the opportunity and spread their payment for choice cars. He said the time has passed when people use their life savings to buy a car or wait for years to be able to but a car of their choice.

    “The scheme is offering good rates . Whether you are a large corporate or an individual, you cannot get a better deal than this,” he said.

     

  • Niger borrows N5b to finance rigging, says APC

    Niger borrows N5b to finance rigging, says APC

    Niger State All Progressives Congress (APC) yesterday accused the Peoples Democratic Party (PDP) administration in the state of taking N5 billion loan to finance the rigging of the March and April general elections.

    APC State Publicity Secretary Jonathan Vatsa, who addressed reporters yesterday in Minna, the state capital, said N3 billion was borrowed by the Ministry of Local Government, Community Development and Chieftaincy Affairs while the state government secured N2 billion.

    But the government said the allegation was false.

    The Aliyu administration said the allegations were “lies from the pit of hell”.

    The Chief Press Secretary to the Governor, Israel Ebije, challenged the opposition to back its claims with documents.

    The opposition wondered why a government that was rounding off would borrow money, if not to use the facility to buy security agencies and the Independent National Electoral Commission (INEC) officials to rig the election in its favour.

    Vatsa alleged that the government recently summoned a meeting with the INEC state electoral officers for an alleged  deal to assist the ruling party in the general elections.

    He said: “At the end of the meeting, each of the officers was given N100,000 with a promise of N3 million to be released when the election commenced.”

  • Campaign finance and abuse of incumbency

    The abuse of State and Administrative Resources (SARs) in the context of electioneering campaigns has been a recurring decimal in Nigeria’s electoral democracy since the first republic. Yet the links between campaign finance rules and misuse of incumbency powers have not been receiving significant attention it requires until much recently. Perhaps, given the undue advantages derived from incumbency factors, especially in the context of campaign finance, it becomes very important that the Civil Society Organizations (CSOs) and the Independent National Electoral Commission (INEC) start tracking the misuse of SARs for electioneering campaigns purposes.

    The stakes are always high whenever the incumbents contest as candidates as immense public resources are often deployed towards retaining power at all costs. As long as an election presents a possibility of defeat for the ruling parties, the same perverse techniques perfected at every turn, would be called into use to avert the imminence of defeat. This perversion is seen as a symptomatic of a political culture in which competitive party politics is equated with either a zero-sum game or warfare by which one’s enemies (sorry, opponents) must be annihilated.

    Again, the ongoing electioneering campaigns have thrown up the issue of misuse of incumbency factors where the ruling parties at all levels overtly exploiting public resources and privileges attached to their offices for undue personal political ambitions. For example, the People’s Democratic Party (PDP) Presidential candidate, Dr. Goodluck Ebele Jonathan, has not disavowed the use of SARs attaches to the office of the President for his re-election campaigns. For instance, there were many credible news reports in both the electronic and print media that the ruling PDP held series of partisan political meetings in the State House (Presidential Villa), including a fund-raising dinner for the President/PDP, or using presidential aircrafts, motorcade (convoys of SUVs), state house facilities and other paraphernalia, including deploying publicly paid presidential aides/staffers for electioneering campaign purposes. Undoubtedly, this remains an abuse or misuse of privileges by the incumbent as other candidates or parties have no access to similar governmental facilities and or resources for their electioneering campaigns; as such, they might have to source for fund in order to hold similar meetings in hotels/event centres.

    Aside the federal level, the employment of SARs for election campaigns has also been played out by the incumbent state governments even in the All Progressive Congress (APC) controlled states. For instance, the APC controlled Rivers State government reluctantly accepted the PDP to use its 40,000 capacity (Adokiye Amiesiemeka) Stadium in Port Harcourt for the party’s South-south presidential rally.

    Estimating the market value (or cost) of using, for instance, the Banquet facilities at the State House, Abuja, could be benchmarked at the cost of hiring either the Congress Hall of Transcorp Hilton Hotel or International Conference Centre, Abuja. The rates charged for hiring Transcorp Hilton Congress Hall is given at N2millon excluding food and drinks. A three-course meal at the prestigious Hotel is N7300 per head, when this rate is multiplied by the total number of over 500 guests that was reported to have attended the PDP presidential fund-raising dinner on Saturday, December 20, 2014, more than N6million could have been expended on only the venue and meals; not to talk of accommodation and honorarium for event managers, performing artistes and live coverage of the event on three major news television channels (AIT, Channels Television and NTA). The same simple costing can be done for estimating other monetary value of all SARs items like chartering of aircraft, vehicular convoys/motorcade and accommodation for Presidential campaigns entourage using the market value or cost of the items in question.

    More so, abuse of public resources by the ruling parties in their electoral campaigns also include the coercive, regulatory, legislative, institutional (human/material), and financial resources, etc. for example, the opposition APC has accused (and even taken) the Nigerian Communications Commission (NCC) to court for shutting down its online fund-raising SMS platform. Media reports had it that the chair of APC fund raising committee for the Buhari/Osinbajo presidential campaign, Governor Babatunde Fashola, accused the NCC of shutting down the SMS platform set up by the party for interested Nigerians to donate to its campaign fund; noting that the commission had even threatened to sanction any service provider that runs political advertisement or promotions which could portray them as being partisan. Suffice to say that the same NCC that couldn’t flex its regulatory muscles on the avalanche of complaint over daily bombardment of unsolicited SMS on subscribers quickly remembers its regulatory powers to sanction erring GSM service providers!

    More recently, the opposition APC has had course to accuse the Federal Government of planning to use the State Security Services, SSS, and the Police to harass and intimidate its leaders. While noting the threats of arrest on its leaders by key government officials and the collaboration of the security agencies, the party said it was clear that the Jonathan administration was set to crackdown on the opposition. Although the presidency dismissed the allegation as baseless; and stressed that it was part of APC’s agenda to malign the President.

    The tussle between the Lagos State Signage and Advertisement Agency (LASAA) and the state Police Command may amount to infraction in terms of the SARs as other federal authorities purportedly ban outdoor ads on all federal roads in the state even against the backdrop that the Federal Capital Territory (FCT) Department of Outdoor Advertisement and Signage (DOAS) has been doing similar removal of unauthorized political campaign materials without any hindrances. The Lagos Police command was reported to have threatened LASAA officials with arrests for allegedly destroying campaign posters and billboards of opposition parties within the state.  The police said it was being bombarded with series of complaints from candidates of other political parties (apart from APC), alleging mass destruction of their posters and billboards by LASAA.  The police thus said it won’t take lightly the report of anyone caught in such act as it was ready to ensure a level playing field for all political parties and their respective candidates seeking any elective office in the forthcoming general elections.

    In a nutshell, the issue of party and or campaign finance remain integral to sanitize Nigeria’s growing electoral democracy given the corrosive influence of dirty money and abuse of state and administrative resources on our electoral geography. It is at the root of political corruption as campaign corruption has been noted to take three main forms; namely: Quid Pro Quo donations where parties or candidates receives campaign resources in return for favourable treatments (which the World Bank considers as the foundation of state capture); use SARs where incumbent candidates or parties overtly exploit their official paraphernalia unduly; and bribery of voters (apparently decipher in sudden charitable gesture by candidates now termed stomach infrastructure) and election officials. The need for a level playing field for the various contending political parties and their candidates cannot be achieved if some candidates enjoy undue advantages attached to their offices for electoral gains. Thus, the level of openness or otherwise of funding for political parties and the effectiveness of campaign finance rules remain very important to contain the abuse of SARs and corrosive impact of moneybags (and their dirty money) on the electoral process.

    • Salman writes from Kuje, Abuja.