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Tag: flays

  • Lagos Assembly flays Jonathan, Mbu over Assembly fracas

    Lagos Assembly flays Jonathan, Mbu over Assembly fracas

    Members of the Lagos State House of Assembly yesterday blamed President Goodluck Jonathan and Commissioner of Police Mbu Joseph Mbu for the crisis rocking the Rivers State House of Assembly.

    Majority Leader Ajibayo Adeyeye, under matter of urgent public importance, brought the matter to the notice of his colleagues calling on the House to demand Mbu’s redeployment and the creation of state police.

    The House passed resolutions condemning the “barbaric and illegal impeachment” of the speaker by five lawmakers.

    The House urged Jonathan “to rise to the occasion by doing what is right and consider the ways and manner Nigerians stood by him to ensure that all obstacles to his assumption of office were removed”.

    The House also called on the National Assembly to save the legislative arm of government and also and consider the adoption of the state police system as proposed by some stakeholders.

    Leading the debate, Sanai Agunbiade said even though the Constitution made provision for removal of a Speaker, members ought to follow the laid down procedure.

    He said: “This abracadabra going on in Rivers State poses grave danger to our democracy which we all fought for. We have suffered for the emergence of democracy in this country, it should not be allowed to be truncated. It is wrong signal to the upcoming 2015 general elections.”

    Segun Olulade (Epe II) said the crisis was an offshoot of the Nigerian Governors’ Forum (NGF) election, saying if adequate measures were not taken, it would continue to escalate.

    Olulade said: “When the crisis of the NGF began, the President was outside the country. Now the same thing is happening, Mr. President is also in far away China.”

    Abiodun Tobun (Epe I) demanded that the Rivers police chief should be sacked rather than redeployed, saying: “The CP’s action is a dereliction of duty.”

    The Pilot Group (TPG) condemned the incident, which it called “a show of shame.”

    The group said: “It portends an impending doom where the state will be witnessing another era of restiveness, kidnapping, armed robbery, assassinations and other forms of criminality previously but painfully witnessed in the past.”

    The group’s spokesman, Mr Festus Egbe who spoke in Port Harcourt yesterday, called on authorities to find out where the security details of the Deputy Governor Tele Ikuru were when he was attacked at the assembly’s premises.

  • LCCI flays Nigeria’s reliance on oil

    LCCI flays Nigeria’s reliance on oil

    The Lagos Chamber of Commerce and Industry (LCCI) has criticised the dependence of the government finances and external trade balances on proceeds from the petroleum sector.

    It said this development has exposed the nation to significant risks from global oil price and production shocks.

    LCCI President, Mr Goodie Ibru, said the evolving global energy market dynamics suggest an urgent need to take a sober look at the oil and gas subsector in particular and the energy sector in general.

    He said: “Despite the declining contribution to the nation’s Gross Domestic Product (GDP), currently at 14.7 per cent, the extreme dependence of government finances and external trade balances on proceeds from the sector exposes the nation to significant risks from oil price and production shocks.

    “There are profound concerns over dwindling performance of the sector, which has been attributed to the structural gaps in its regulatory, fiscal and business practices, which have supported high inefficiencies.”

    He said the Petroleum Industry Bill (PIB), adjudged the most significant attempt to address these challenges through the reform of the governance and business structure of the sector as well as resolution of fiscal issues, is yet to see the light of the day.

    The LCCI bos said from 18.89 per cent in the first quarter of 2009, oil contribution to the country’s Gross Domestic Product (GDP) has fallen to 14.7 per cent by the first quarter of the year, stressing that the risk of a glut in the global oil market, is potentially detrimental to Nigeria.

    He said: “The international oil market landscape is changing very fast and eroding the competitive value of Nigeria’s oil and gas. First, the number of countries discovering oil and gas reserves within their national boundaries is increasing; thus expanding the supply base of oil and gas products in the international market. Also, improvement in refining technology is helping to eradicate the difference between the Nigeria light crude and the other types of crude oil; a feature that reduced the price premium on Nigerian’s bonny light for many years.

    “Countries in East Africa and West Africa including Ghana, Liberia, Sierra Leone, Kenya, Uganda and Tanzania have discovered large oil reserves and have started oil production. Vast natural gas resources have also been discovered in South Africa, Mozambique offshore, Namibia and Botswana. Additional discovery in an offshore oilfield in Angola will potentially make the country the largest oil producer in Africa, ahead of Nigeria. Furthermore, oil exploration in Madagascar, Seychelles, Ethiopia and Somalia is under way.

    “Outside the African continent, Israel discovered natural gas reserves off its Mediterranean shores in late 2010, which led to the discovery that the entire eastern Mediterranean is endowed with huge untapped oil and gas reserves.”

    Ibru said the domestic and international issues facing the oil and gas sector pose both risks and opportunities for the economy.

    He added that the greatest risk is the potential shock to fiscal sustainability if the global oil price slumps at a time when Nigeria’s oil output is declining.

     

  • ACN flays Accord chieftain over attack on Ajimobi

    ACN flays Accord chieftain over attack on Ajimobi

    A Chieftain of the Action Congress of Nigeria (ACN) in Oyo State, Alhaji Abass Oloko, has castigated an aide of former Governor Rashidi Ladoja, Alhaji Lanre Lantinwo for criticising Governor Senator Abiola Ajimobi. Latinwo had criticised Governor Ajimobi’s developmental programmes by alleging that he was causing hardship for the people by demolishing their houses. Oloko wondered why Senator Ladoja’s aide was chasing shadows, stressing that many structures were also pulled down during the administration of Senator Ladoja in the state.

    The ACN chieftain warned the opposition against inciting members of the public against the government. He urged the people of the state to ignore the pronouncement, which he described as “emanating for a jaundiced and biased mind”.

    He also condemned the purported return of money to the coffers of the Economic and Financial Crimes Commission (EFCC). Oloko described the defence put up by the former governor’s aide as a fluke since he aslo confirmed that in an unspecified amount of money was returned to the EFCC by another aide of the former governor, Mr Adewale Atanda.

    According to Oloko, the return of the money to the anti-graft agency clearly demonstrated the high level of corruption prevalent during the administration of Ladoja.

    He said: “I am happy to note that the former governor’s aide also testified to the fact that another of his principal’s aide, Mr Adewale Atanda really returned the money to the coffers of the EFCC. It contradicts logic, if the said aide can engage in any government business on behalf of the state without the approval of his boss. The theory of collective responsibility should hold sway in this case.”

    Oloko argued that if in actual fact Senator Ladoja did not know of the transaction, it shows the level of aloofness and lack of attention to details the former governor exhibited in conduct of the business and affairs of the state during his tenure.

    He added: “Senator Ladoja was the governor of the state and the bucks stop on his table. So, if he is now claiming ignorant of the deals, he should tell that to the marines. How can an official of the state involve the state in such huge investment without the knowledge and approval of his boss? Anyway, there is no ignorance in law.”

    Oloko urged the ex-governor’s aide to wait for the judgement, adding that he should avoid any comment on a case that is before the court of law.

  • ACN flays PDP over attack on al-Makura

    ACN flays PDP over attack on al-Makura

    A Nasarawa State Action Congress of Nigeria (ACN) has decried the statement credited to the People Democratic Party (PDP) that the state is witnessing communal crisis for the first time. ACn said PDP was being mischievous, adding that its leaders lacked understanding of the situation in the state.

    ACN chairman Alhaji Bashir Moh Jabiru said in a statement that PDP was deliberately inciting the people against the government.

    He recalled that Nasarawa South Senatorial District engulfed in crisis during Abdullahi Administration.

    Jabiru said that the former Commissioner for Women Affairs and Socuial Development Maimuna Katai was killed during the crisis.

    He added: The 2001 crisis also led to the murder of a third class paramount ruler of Azazi, Alhaji Musa Ibrahim. This traditional ruler was even slaughtered and his head was taken away. PDP was in power then. In fact, Tiv people were thrown out of Nasarawa South to Benue State because many of them were killed and their houses burnt. Benue State was saddled with problems of refugee.

    “Then, we opposition, because I’ve been in this party since 1998 when it was AD, did not say communities were up in arms against one another”.

  • Ondo ACN flays barring of Adaba FM from tribunal

    The Action Congress of Nigeria (ACN) in Ondo State has condemned the barring of an independent radio station, Adaba FM, from covering proceedings at the Governorship Election Petition Tribunal Court by security agents on Tuesday.

    In a statement by its Publicity Secretary, Mr. Rotimi Agbede, ACN said the “provocative act is embarrassing and ridiculous”, considering the importance of publicising the tribunal’s activities.

    “It is on record that Adaba FM became the darling of everybody for its unbiased reporting of events during the proceedings of the last governorship election petition tribunal, which lasted for close to three years. This could not have been possible in a restricted environment like the present one.”

    The party urged security agencies “to be above board” in discharging their responsibilities.

  • Public Complaints Commission flays pension fraudsters

    The Public Complaints Commission (PCM) yesterday berated those behind the pension scam in the country, assuring that they would not escape the wrath of the law.

    The commission noted the complaints of the pensioners who have forwarded petitions to its Lagos office, assuring that their grievances would be made known to the appropriate investigative authority for action.

    The Public Complaints Commissioner in charge of Lagos State, Mr. Funso Olukoga, said: “The commission will refer cases of contributory pensions that are not remitted in breach of the provisions of the Pension Reform Act of 2004 to the appropriate authorities.”

    He said the commission viewed the non-remittance as a criminal practice, adding that directors of companies involved may face serious penalty, if found guilty.

    Olukoga, who addressed reporters in Lagos on the activities of the commission in the state, disclosed that 349 petitions were received by the Lagos office this year, stressing that 255 of the registered cases were fully resolved.

  • CIBN flays amendment of CBN Act

    CIBN flays amendment of CBN Act

    The Chartered Institute of Bankers of Nigeria (CIBN) has said that the proposed amendment of the Central Bank of Nigeria (CBN) Act would jeopardize the membership composition of the Board.

    CIBN President, Segun Aina said the proposed bill will reduce the impact of the CBN’s management on the board’s decisions, as it will create situations where only one member of its management, the Governor, sits on the CBN’s seven man board.

    He said that currently, five members of the management of CBN, that is, the Governor and Deputy Governors, sit on a 12 -man board.  This, he said, does not augur well for good governance and management succession.

    The board composition proposed by the Bill increases the number of direct government officials on the CBN Board from two to five despite the almost 50 per cent reduction in the board’s size. “Consequently the new composition would create the perception of a government majority on the Board.  This is capable of undermining the “independence” of the CBN and may lead to unintended consequences,” he said.

    According to him, the situation where the Governor acts as Chairman of the CBN’s Board is aligned to international best practice and is designed to support the independence of the CBN. Such independence, he explained, includes the authority of the apex bank to manage or handle its own operations without excessive involvement of the government.

    Such practices, he maintained, exists in many countries including Australia, Belgium, Canada, Germany, Japan and Netherlands, India, Korea. The same is true of other African Countries such as The Gambia, Ghana, Botswana, Zambia, Kenya and South Africa.

    “A survey of many Central Bank Boards, in countries at various levels of development revealed that, without exception, the Central Bank Governors act as Chairmen of the Boards of Central Banks. It is also pertinent that, in Mexico and South Korea, there are no external Directors, as their Central Banks Boards consist of solely the Governor and a number of Deputy Governors,” he said.

    Aina said many Central Bank laws set out qualifications for board members that are designed to reduce the risk of conflicts of interest. He added that board members could come from different backgrounds but must not be delegates of special interest groups. Also, some countries have mechanisms, which ensure that a wide range of political interests are involved in the appointment process and enhance, the legitimacy of the board.

    He said the ability of the Central Bank to speak out, if needed, and possibly on critical issues with respect to economic and budgetary policies, might also be impaired if the Governor, or the other members of the board are subjected to restrictive controls and this might be interpreted as political interference.

    He said the subsisting CBN Act is a product of several rigorous efforts to align with international best practices, adding that the independence and autonomy of the apex bank must be guaranteed to ensure effective execution of its mandate.

    “In this era of globalization, Nigeria cannot afford not to follow well tested and enduring global trends and practices. A truly independent and autonomous Central Bank of Nigeria has become more imperative for the integration of the Nigerian financial and economic systems with the rest of the world, and it is therefore necessary that the independence and autonomy of the Central Bank be strengthened to ensure it effectively, efficiently and successfully executes it’s very important national mandates in the interest of the economy and the citizenry,” he said.