Tag: money

  • How we lost money to MMM, by students

    Some students of the Federal Polytechnic, Bida (Bida Poly) in Niger State are in dilemma following the expiration of the deadline for payment of their fees.

    It was gathered that some students were unable to pay their fees after they invested their money in  MMM, which has been described as a Ponzi scheme.

    Unless management extends the deadline, the students may have to defer their programmes till next session. The students are worred following the indefinite suspension of payment. The students appealed to the school to give them time to pay their fees.

    Some of them, who spoke with CAMPUSLIFE, said they invested their fees in MMM, because they needed the interest.

    A victim, Abdulrahman Adeboye, an Electrical Engineering student, said he expected the interest to be paid 30 days after he invested his fee, but he did not receive it before the MMM account was frozen indefinitely.

    He said: “The MMM system merged me with people that will pay me N15,000, but they refused to pay because many people no longer believed in the scheme. I can’t get the money I invested and the interest on it.”

    A Mechanical Engineering student, simply identified as Janet, fought back tears when she heard about the fee payment deadline. She said her parents had given her money to pay the fee and rent for her off-campus hostel. But, she invested the money in MMM.

    “I don’t know what to tell my parents now. My landlord is on my neck, because I have not paid the rent. I can’t go back home to tell my parents I have not paid my school fee.”

    Also, Vivian Emeteole, a Mass Communication student, said she was broke because she put her money in MMM. She said she borrowed money to pay her rent, but could not pay the school fee.

    At the time of this report, some students had put up some of their electronics, phones and furniture for sale to raise money for their school fees.

    Meanwhile, the Rector, Dr Abubakar Dzukogi, has warned fresh students not to put their money in MMM and other online money schemes. Addressing freshers during the matriculation held at Bagudu Waziri Auditorium, the rector said it would be unwise for them to put their money in unpredictable ventures.

    Dzukogi said: “It is a wrong priority for students to invest in MMM and similar risky ventures. Such business is not wise for any sensible student to engage in. Some students would buy expensive phones and clothes. All these are wrong priorities.”

    The rector urged students to develop capacities to cope with challenges while pursuing their goals,  enjoining them to imbibe the virtue of hard work and perseverance.

    Dzukogi said the institution would start new programmes in agriculture related discipline to train youths in entrepreneurship and jobs creation.

    He urged the freshers to shun cultism, examination malpractices, drug use and vices that could lead to their expulsion.

    The polytechnic matriculated 3,500 students, with 1,500 admitted into National Diploma (ND) programmes and 2,000 for Higher National Diploma (HND) programmes.

  • Money money everywhere…

    Money money everywhere…

    (A guide to cash keeping in recession)

    First, they said there was no change. It was all slogan; no action, they cried. Then, they said the recession was taking  too  long to go away with all its pains. Shut factories, poverty, hunger, anger and poor infrastructure.

    By now, those who see nothing good in the recession must be having a rethink, the objective ones that is. Not those who are so deep in the come-and-chop politics that has been with us for a long time.

    Consider the earth-shaking revelations that confront us everyday about recovered loot, the sheer audacity of the looters and their grab-all mentality. A South-south governor is said to have deposited $10m in the wrong bank, the large bosom of a wily mistress who shut it all up and fled.

    He reminds me of the manager of a microfinance bank in which a friend of mine deposited his life savings. Poor fellow, he cries like a baby who has lost his lollipop to a greedy old man.

    Not so His Excellency. A man who has never run away from a street fight, he has taken it all on the chin. He has been unusually calm, like a Yoga expert in deep meditation so that he does not become a laughing stock for this little indiscretion.

    The Police Headquarters was like a typical Nigerian banking hall the other day. Bundles heaped on bundles of cash were on display. Television cameras trained their lens on them. I wonder why no station warned that “viewers’ discretion” was required.

    I was told of a pensioner who fainted upon seeing so much cash displayed on television. His shocked children rushed him to a hospital where he was revived. “Give papa some water,” the doctor directed a nurse. The old man opened his eyes and said angrily: “Water? For who? Please, keep your water and leave me alone. I know what I saw before I passed out. Give me money.”

    As I was saying, the police exhibited the cash, N111.3m. They said it was recovered from some Independent National Electoral Commission (INEC) officials who allegedly collected it from Rivers State Governor Nyesom Wike.  His Excellency was said to have bribed them to rig the last legislative rerun for his Peoples Democratic Party (PDP) candidates. He denied it all and accused the police of blackmail.

    Anyway, as if the police show was not dramatic enough, we were confronted with images of detectives hauling out cabinets of cash from the home of a former Nigerian National Petroleum Corporation’s (NNPC’s) Group Managing Director Andrew Yakubu in a remote part of Kaduna. The value? Some $9,772,800 and 74,000 pounds sterling.

    Some other cash has been found sitting pretty in some fictitious bank accounts. The huge sums – $151m and N8b – were deposited by some yet unnamed civil servants, aided by bankers.

    Apparently scared that it is becoming more difficult to hide cash, some compatriots who crave for anonymity for obvious reasons have flooded “Editorial Notebook” with requests for advice on how to hide their cash.

    Who will blame them? The government is desperate for money to battle the recession that has held the system down. The banks, hobbled and humbled by the TSA, are hungry for cash. Everybody is looking for money.

    Here are some of the tips on safeguarding cash in this recession:

    Unlike the army of critics who have seen no redeeming feature in this recession, a group of youths have incorporated a company – of chartered engineers, diggers and dredgers. They specialise in dredge in burrowing deep down into the earth to build bunkers  in which you can safely keep your money. Hire them.

    They will build a safe house, somewhere in your village or hometown, away from the prying eyes of envious city neighbours who often take delight in dredging up salacious stories about successful people, like your good self. The house will, needless to say, be air conditioned; dollar bills abhor heat. That is why they always remain crisp and smooth with a seductive smell.

    You will be supplied huge boxes with digital locks and alarm systems, which can tip off a guard should any intruder ever get near the bunker. Not the ordinary soft steel cabinets that are common in many offices. Those are only good for files. It is in these boxes that the cash will be stuffed and loaded into the bunker.

    An uncle of yours can live in a nearby chalet so as to give the compound some form of communal identity so that it cannot be mistaken for a lonely house tucked away in some remote corner of the village. Remember that your uncle or whoever you have chosen to live there  must not even suspect that you have a fortune in the house. Never.

    In these days of whistle blowing, the risk of banking huge sums of money is high. The law says such cash must be reported to the EFCC, which more often than not believes that such money is a proceed of crime, even when it can’t put its finger on a particular crime.

    If a fictitious account is opened for you, this is no guarantee that you will not someday lose your hard-earned cash. A crazy cashier or a frustrated customer relations manager, one of those who pound the street in search of deposits,  may work his calculator and begin to dream of grabbing five per cent of your money by squealing on you to the EFCC.

    It is not enough to have a reinforced steel safe buried in the bosom of a building. What if a bitter uncle who is never satisfied with what you give him you decides to join the Whistleblowers Vanguard and make a fortune off you? What if your wife makes a slip of tongue at the hair dresser’s? It could even be your ever-dutiful driver boasting about his boss’s weight in cash.

    There are juju men and spiritualists who will claim that they can make the cash invisible to all eyes, except yours. They have been advertising their skills on the web. “The more you loot, the more  they look, the less they see,” one of such advertisements said. Never patronise them. They are scammers.

    Building a house with all the appurtenances of good security is the sure way to go. If the authorities somehow find out that you have kept some cash in the house and they storm the place, never panic.

    Be bold like a lion. Step forward to own up. Insist that it was given to you by your friends and admirers, who have the right to deck whoever they like with gifts.

    The government may go to court to seek its permission to confiscate the cash. Never mind. Hire a good lawyer, a Senior Advocate of Nigeria (SAN), a loquacious one whose fee will be so hefty that even a part-payment will draw the EFCC’s attention. He will sue to enforce your fundamental right to own, keep, use, spend, deploy, disburse and amass money and enjoy all the rights and privileges of  having, owning, acquiring, possessing and holding such money and such other property that may be purchased, acquired or bought with the said money, either in cash or kind without let or hindrance from whatsoever quarters and by whatever means. He will also urge the court to give any other order or orders it deems fit in the circumstance.

    To your surprise, the court may rule that the EFCC has no right to block your account. When this happens, remember to acknowledge it all as a victory for the rule of law. Then, rush to the bank to make some withdrawals – far above the recommended limit – and tell the media how pleased you have been.

    The EFCC may take you in for some days after getting a warrant from a magistrate. Remain firm. It cannot keep you there for long without charges. Remember, no prima facie case has been established against you.

    Your neighbours will scorn you and regale the world with false tales of your stinginess. That’s fine. Remember it is not your business that they do not have friends or that they befriended people who could not shower good gifts on them. Where were they when you chose friends worth their weight in dollars and pounds?

    Do not be surprised if you are the subject of gossip by idle academics who have for years been unable to differentiate between stealing and corruption. A gift can never be proof of stealing. Corruption? That is neither here nor there.

    If everything fails – this is not likely – and you are sent to prison, be courageous. It is a temporary setback, which your comeback will soon obliterate. Upon your return, there will be a great revelry. A thanksgiving service will mark the great occasion. The priest, a revered senior cleric, I can bet, will preach on how Christ our Lord was persecuted and all that to encourage you and smooth your reintegration into the society which, as you will discover, has not changed.

    Later at a reception, you will deliver a moving speech in which you will insist on your innocence. Your enemies hounded you into prison, not because you stole a dime; they just wanted you off the stage, you will say. Some in the audience will shed tears. Others will merely shake their heads.

    The message has sunk in. Go out there and reclaim your status.

    One last word. All rights reserved. No part of this guide may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, without the permission of the author.

  • Amputate those who stole our money – NLC

    Amputate those who stole our money – NLC

    The Nigeria Labour Congress (NLC) has  asked the  government to cut off the hands of those found to have stolen public funds to serve as deterrent for others while also naming and shaming them.
    Addressing a protest rally for good governance at the Unity Fountain in Abuja, President of Congress, Comrade Ayuba Wabba said it was unfortunate that a few individuals have stolen the nation’s common wealth, while nothing has been done to bring them to book.
    Wabba said government must take concrete steps to prove to the world that it was serious win the fight against corruption and recover all stolen money, including the 22 billion dollars not remitted to the federation account from sale of oil and gas.
    He said when the hands of such people are amputated, Nigerians will be able to identify them as those who stole public funds and who are responsible for the current economic recession in the country.
    He said: “We must not allow a situation where few, because of their interest will hold the system to ransom. We are demanding increase in electricity supply and they are saying pay more tariff. We are demanding increase in minimum wage and they say they are going to be paying in percentage. We should not be tired.
    “Why should somebody steal one billion naira and walk the street free. We are demanding that they should be named and shamed. We are also demanding that one of their hands be cut off so that when we see them, we will know that they are people that has stolen our money.
    “So, let us not be tired. Not to pay salaries  and pensions is criminal. Not to increase our wages in this condition is corruption  and so, we must demand good governance and support the fight against corruption.”
    According to Wabba: “It is obvious that what we are doing today is in our collect interest. As working class and our families and as Nigerians, we must always make our voice know and heard very clearly.
    “Today, with what is happening in our system, we are actually at the receiving end because there is near absence of good governance and corruption is also fighting back very badly and we have been at the receiving end. Instead of addressing those challenges and paying salaries, what the are doing in some states is paying salaries in percentages.
    “The height of this challenge is the absence of good governance, accountability, transparency and the rule of law, any system that does not have those ingredients, the first group that will suffer is the working class and their families and the citizens.
    “That is why we are matching to canvass for good governance and also to lend our voice to saying that the fight against corruption must continue. If you look at the NEITI report, it states clearly that unremitted fund from the sale of oil and gas amount to another 22 billion dollars.”
    Vice President of Industrial Global Union and General Secretary of National Union of Textiles, Garment and Tailoring Workers of Nigeria, comrade Issa Aremu said everything Labour warned Nigerians against during the fuel pride increase in 2016 has come to pass, but expressed happiness that Nigerians have decided to come out and demand accountability from the government.
    Aremu said the only way to get the country out of the current recession was for the government to reflate the economy and pay adequate salary to workers, pointing out that without payment of salaries and allowances to workers, the fight against corruption will not succeed.

  • Stop demanding and receiving money for votes – Orisalade

    Stop demanding and receiving money for votes – Orisalade

    The immediate past Deputy Speaker of the Ekiti State House of Assembly, Honourable Adetunji Orisalade had admonished Nigerian voters to stop demanding and receiving money or any form of gratification and inducement before voting during elections.
    According to the former legislator, the unwholesome practice corrupts the electoral system and allows for the election of misfits, who eventually abandons the electorates and caters for their own private and family needs.
    ” Once an aspirant or candidate settles would-be voters upon demand, he or she naturally feels no further obligation towards them and goes about as if he or she had taken care of all that concerns them,” Orisalade noted.
    He advised voters to vote for people they know too well and who could solve the problems besetting them and their communities and not for unknown money bags.
    He urged President Muhammadu Buhari to fund and reorganise the National Orientation Agency (NOA) to take the battle against Corruption to the remotest part of the country whilst at the same time re – orientate Nigerians on Federal Government Policies and it’s implementation so far.
    The legal luminary pleaded for the understanding by Nigerians on the happenings of the moment and assured that President Buhari would surely put live up to the expectations of the people.

  • NACCIMA lauds CBN for money transfer licences

    NACCIMA lauds CBN for money transfer licences

    The Nigerian Association of Chamber of Commerce Industry, Mines and Agriculture (NACCIMA) has lauded the Central Bank of Nigeria (CBN) for licensing 11 more International Money Transfer Operators (IMTOs)  in the country.

    This, it said, was a part of efforts to liberalise the foreign exchange (forex) market, ensure liquidity and make forex available.

    Its President, Dr. Bassey E. O. Edem, said the policy was a step in the right direction in ensuring that remittances from the Diaspora remained a viable source of forex for the economy.

    He advised the apex bank to reconsider its stance in its earlier circular, where it stated that IMTOs were required to remit their foreign currencies to their agent banks in Nigeria for disbursement in naira to the beneficiaries while the foreign currencies’ proceeds were to be sold to Bureaux De Change operators for onward retail to end users.

    NACCIMA, he said, believes the policy would create room for sharp practices within the forex parallel market. He advised that the beneficiaries of foreign currencies’ proceeds be allowed to determine when they would sell their proceeds and at what rate.

    According to him, this would create a situation of multiple suppliers and sellers to meet the demand in the parallel market and reduce the pressure on the inter-bank window.

  • Airtel Rwanda, Western Union sign pact on money transfer

    The Western Union Company, a leader in global payments services, announced the collaboration agreement with Airtel Rwanda, to boost international money transfers for Rwandans and others wanting to send money to the country from across the globe.

    Airtel Money subscribers in Rwanda can now receive international money transfers through Western Union to their mobile wallet at no additional Western Union fee. The subscribers can either use this money for all the possible uses of the mobile wallet available in the Country, pick their money at any Airtel Money agent or withdraw the money from an ATM machine, 24 hours a day.

    Its Managing Director, Michael Adjei, said: “This is a transformative development in the area of international funds transfers.”

    With proximity to mobile money agents, people can easily access and transact with mobile money services. Receiving money on one’s Airtel Money account through Western Union gives the receiver the freedom to access it at any given time.

    Molly Shea, Senior Vice President in charge of Digital for Middle East, Asia, Africa and Eastern Europe Region in Western Union said: “Western Union continues to grow its reach across Africa, while delivering an exceptional experience across retail and mobile platforms, allowing consumers to conveniently and reliably move money. Western Union is delighted to work with Airtel Rwanda, as both companies are focused on making the lives of consumers better.”

    On receiving the message from the sender, the receiver may then pick up the transfer directly into his or her mobile wallet.

  • Money is thicker than blood

    Money is thicker than blood

    One of the prevalent myths and conventional wisdoms of contemporary public discourse in Nigeria is that the root causes of the country’s ingrained maladies are essentially ethno-cultural. And a corollary of this submission is that a structural disaggregation of the polity into its ethno-cultural and linguistic components, either through outright dismemberment of the country as it currently exists or its decentralization into regionally contiguous geo-political zones, is the key to rapid socio-economic and political transformation.

    Underlying this thesis is the notion that blood ties, linguistic affinity and cultural affiliation should be the lowest common factors informing territorial delimitation in a restructured Nigeria. Within the context of such ‘ethnic federalism’, it is argued, the developmental potentials of the federating units will be liberated creating more conducive conditions for the accelerated achievement of national goals and aspirations.

    Those who articulate this view often point to the commendable developmental strides made by the regions allegedly as a result of the competitive regionalism of the first republic as justification. While there is undoubtedly some validity to this argument, it overlooks or underestimates some critical intervening variables. First, it does not take sufficient account of visionary, dedicated and patriotic leadership as a key factor in the achievements of the regional governments of the first republic. Competitive regionalism did not on its own produce comparatively uniform levels of development across the regions. The uneven performance of the regions reflected the degree of qualitative vision of its political leaders and the competence and professionalism of its civil service.

    Secondly, a prime mover of the thrust towards the break up of the regions that resulted in the progressive state-centric atomization of the polity was the struggle for political autonomy by regional ethnic minorities who felt marginalized and oppressed by relatively centralized regional structures. Thirdly, it is all too easy and convenient to romanticize the virtues of the first republic. The reality is that the same impunity and perverse values that undermine development in today’s Nigeria were already very much alive and well in the first six years of the country’s independence.

    Corruption is not an exclusive product of Nigeria’s post-regional state structure. Anybody who doubts this should read the reports of the Coker Commission of Enquiry into the management of public corporations in Western Nigeria, the Foster Sutton Commission of Enquiry into the affairs of the African Continental Bank (ACB) in the Eastern Region or the reports of investigations into the affairs of public corporations in the Northern Region. The degree of politically driven and patently immoral privatization of public resources across the regions and at the centre in the first republic is well documented and quite honestly mind-boggling.

    A key anchor of the theory of ‘ethnic federalism’ is that each ethnic group is a custodian of distinct and pristine core of culturally derived values that can serve as the building blocks of geo-ethnic developmental vitality and progress but for their suffocation within Nigeria’s current structural configuration. Among the Yoruba, for instance, the ethnic federalism theorists identify a body of ‘omuluabi’ values that can provide the basis for moral rejuvenation, cultural coherence and socio-economic progress.

    The Intelligentsia of other ethnic and socio-cultural groups also make the same claims for their respective entities. The absence of such a nationally acceptable system of values in Nigeria is said to be at the root of the country’s protracted developmental impasse.  Thus, every ethno-cultural group absolves itself of blame for a national moral malaise that all are jointly responsible for to varying degrees. Of course, I find no credible empirical justification for these suppositions.

    In a very interesting and stimulating paper presented recently at a conference in honor of Professor Akanmu G. Adebayo, at the University of  Ibadan, Dr Dapo  Thomas of the Department of History and International Relations, Lagos State University (LASU), applies his fecund theoretical imagination to the ethical quandary confronting Nigeria’s post-colonial state. Titled ‘Corrupt Politicians, Trial Carnivals and Molebi Theory’, Dr Thomas interrogates the phenomenon of fanatical, almost cultic and very public support for top public officials indicted and being tried for horrendous acts of corruption in President Muhammadu Buhari’s ongoing onslaught against graft.

    As Thomas puts it “The carnivalisation of the trial of a rogue politician diminishes our values, insults our sensibilities, pollutes our cultural space, destroys the foundation of our polity and encourages communal scrambling for the endless gulping of our commonwealth”. In contradistinction to the Ebi concept or thesis propounded by Professor Akinjobi in 1961 to explain dominant socio-cultural traits, Thomas seeks to understand seeming popular indulgence of and support for corrupt behavior within the context of what he calls ‘Molebi theory’. In Akinjobi’s Ebi thesis, the Ebi is the smallest social unit among the Yoruba consisting of everyone across time and space related by blood. “What binds the people together is blood relationship which is believed to be stronger than any other connection”.

    The Ebi thesis bears some theoretical affinity with the famous theory of the two publics formulated by the noted political sociologist, Professor Peter Ekeh, to explicate the relationship between the colonial legacy, state structure and political behavior in post colonial Africa. In Ekeh’s formulation, public officers in the modern, formal state sector of the polity routinely pillage the state offices where they operate to enrich and empower their primordial ethno-cultural communities to popular admiration of the latter. For Ekeh and Akinjobi, therefore, blood and cultural affinity or loyalty is the basis of communal support for what really ought to be perverse and deviant corrupt behavior that has unfortunately become the norm.

    To Dr Thomas, however, his ‘Molebi theory” identifies money and other forms of material gratification as the cementing factor of essentially ‘patron-client’ relations. Money or pecuniary relations, contrary to the premise of the ‘ethnic federalism’ thesis is thicker than blood. In his words, “In Molebi theory, members of the Molebi don’t have to have blood relationship or share any cultural history. What binds them together is their loyalty, commitment, allegiance and belief in their political and economic godfathers…In most cases, these “Molebi” shamelessly ignore or discountenance the obvious evidence and proof of reckless looting of the public treasury by their benefactors…A benefactor’s “Molebi” are beneficiaries of his ill-gotten wealth and dubious hospitality” and these transcend ethnic, linguistic, cultural, religious, class among other boundaries.

    It can thus be misleading and unhelpful to resort to crude forms of ethno-regional reductionism to explain or seek solutions to Nigeria’s multifarious problems including corruption. As the current exposure of massive corruption in the last administration reveals, those who perpetrated these acts cut across ethnic, cultural, regional or religious ties. No ‘omuluabi’ or other supposedly superior moral ethic prevented them from feasting gluttonously on our collective patrimony.

    In the same vein, those who have continued to vociferously support even public officers that have admitted to their guilt by returning huge amounts of stolen money, including storming court sessions to solidarise with treasury looters, are not limited to any ethnic, cultural or religious group. We have on our hands a serious crisis of values from which no ethno-cultural group is excluded or innocent.

    But how would Dr Thomas classify the allegedly sectional and nepotistic pattern of many of the APC administration’s appointments or the federal government’s inaction as regards some of its highly placed political functionaries accused of serious ethical infractions? Is this a combination of various manifestations of the Ebi (blood) and Molebi (prebendal) afflictions with serious negative implications for Buhari’s anti-corruption war?

  • CBN: licensing of global money transfer firms ongoing

    CBN: licensing of global money transfer firms ongoing

    The Central Bank of Nigeria (CBN) yesterday said there is an ongoing licencing of interested International Money Transfer Operators (IMTOs).

    This has confirmed the story by The Nation, published yesterday that the regulator is receiving applications from prospective IMTOs.

    CBN’s Acting Director, Corporate Communications, Isaac Okorafor, dismissed allegations that the CBN has stopped licencing the IMTOs.

    He explained in a statement that in spite of its transparency in the licensing IMTOs, some persons have continued to allege that the bank has stopped the exercise.

    “The CBN wishes to state, unequivocally, that it has not foreclosed the licensing of interested players in the IMTO space in Nigeria. Therefore, interested applicants are required to forward their requests for licensing to the Director, Trade and Exchange Department of the CBN, in line with the CBN Guidelines on International Money Transfer Services in Nigeria (2014), which among other things, specifies the minimum technical and business requirements for various participants in the international money transfer services industry in Nigeria,” he said.

    It added:“The CBN remains committed to providing an enabling environment for international money transfer services in Nigeria. It is, however, important to emphasise that a prospective player shall first obtain the requisite licence to operate in Nigeria as an IMTO”.

  • CBN may license new money transfer operators

    CBN may license new money transfer operators

    The Central Bank of Nigeria (CBN) is considering licensing new International Money Transfers Operators (IMTOs) to join three certified operators – Western Union, MoneyGram and Ria, it was learnt yesterday.

    Industry sources said the apex bank is receiving new applications from prospective IMTOs jostling for the Nigeria market, and targeting huge dollar inflows from Nigerians in Diaspora, who remit over $21 billion annually to national coffers. The annual Diaspora remittance is expected to hit $35 billion this year following the devaluation of the naira, which remains an incentive for Nigerians in Diaspora to send more dollars home.

    The need to licence new operators, followed the exit of hundreds of international money transfer firms, after the CBN rolled out new guidelines stopping operations.

    “The CBN wishes to advise Nigerians at home and in the Diaspora to beware of the unwholesome activities of some unlicensed International Money Transfer Operators (IMTOs) in Nigeria. This warning has become necessary because of the activities of some unregistered IMTOs, whose modes of operation are detrimental to the Nigerian economy,” CBN Acting Director, Corporate Communications, Isaac Okorafor said.

    The CBN spokesman said all financial service providers in Nigeria, just as in other jurisdictions, are required to be duly licensed in order to protect both customers and the financial system as well as to ensure the credibility of financial transactions.

    ”For the avoidance of doubt, all licensed IMTOs, in line with the CBN Circular on the sale of foreign currency proceeds of July 22, 2016, are required to remit foreign currency to their respective agent banks in Nigeria for disbursement in Naira to the beneficiaries while the foreign currency proceeds are to be sold to Bureaux De Change operators, for onward retail to end users. The CBN will therefore not condone any attempt aimed at undermining the country’s foreign exchange regime,” Okorafor warned.

    WorldRemit, one of the international money transfer operators affected by the policy, said it sends more than 40,000 money transfers to Nigeria every month and receives more than $20 billion in remittances annually from migrants around the world.

  • Rawlings and Abacha’s blood money

    Like a witch undergoing the last purgation at death’s door, J J Rawlings’ tongue dramatically came unhinged last week in a fit of abominable rant, thereby diminishing whatever remained of his moral capital as possible hero of post-colonial Africa. He granted an exclusive interview to The Guardian published last Sunday. But by dabbling in the Nigerian affair in a manner that exposes shallow understanding of the nation’s history and greed for dollars, the man once fondly called “Junior Jesus” only succeeded in giving himself away as perhaps the ultimate political Judas.

    In retrospect, regardless of his canonization in the 80s and 90s in some quarters, there remains some murky aspects of Rawlings’ twenty-year reign in Ghana that the tide of history simply cannot sweep out of human memory. True, his political career – first as military lawgiver and later an elected president – was remarkable in populism. But beside that also is the tale of mass murder and impunity. Hundreds of opposition figures including outspoken journalists and independent-minded Supreme Court judges were assassinated or disappeared.

    Sadly, their unresolved cases are now more or less classified as part of Ghana’s political folklore. What all of this then fed in turn over the years was Rawlings’ sense of impunity. The underlying narcissist complex was very much on display in The Guardian interview under reference where he tried, though in futility, to rehabilitate the tainted memory of his benefactor and Nigerian dictator, Sani Abacha, whom he presented in flattering terms as “one hell of a nationalist and very patriotic” who “saved the country”.

    But when Rawlings chooses to speak so loftily of otherwise discredited Abacha, ascribing to him more or less the toga of a messiah, even after it had become public knowledge that he once received $2m ($5m?) bribe from the Nigerian despot, the joke is actually on the former Ghanaian president. At the last count, what Abacha stole and stashed away in foreign vaults was conservatively put at $5b. Now, all that the three former heads of state of Ghana were accused of embezzling and for which they were in 1979 summarily “sprayed like mosquitoes”, to borrow Rawlings’ own euphemism, is not up to five percent of Abacha’s loot.

    The eight top military officers Rawlings had executed in the great purge of 1979 without fair trial included Rear Admiral Amedume and General Roger Felli whose only crime was leveraging their official status to take bank loan! But the great Rawlings who often boiled in rage with blood-shot eyes at the mention of corruption while in power suddenly began to act funny few years ago when one of his political disciples, Tsikata Tsikata, was jailed by a succeeding administration over impropriety reportedly costing Ghanaian taxpayers a fortune. In a fit of anger, he sent invitations to journalists to a world press conference to lambast the executive and the judiciary for their temerity. Only for the session to be called off suddenly before the scheduled take-off.

    The story is told that Rawlings was tipped off that some of the journalists came armed with a mischievous question: whether he ever heard of the old story of eight officers killed in 1979 over alleged corruption. Of course, in a way, the leaking in 1998 of Abacha’s multi-million dollar bribe to Rawlings had confirmed the misuse and abuse of the nation’s resources in the deluded pursuit of influence or favour. By Rawlings’ confession, the donation was unsolicited. All he saw was a car pulling up and someone attempting to drag out a suitcase laden with dollars, right there in the open in Accra. Out of public decency, he reportedly waved the guy to hold it.

    He saved his next word till they had walked to a discreet corner. When he finally confronted Abacha’s emissary who he identified in The Guardian interview as Ismaila Gwarzo (then National Security Adviser) and described as “noble, quiet-looking, respectable-looking”, Rawlings claimed he was told the largesse was from Abacha. (With another NSA currently embroiled in the scandal of sharing $15b arms funds, we now know the seeds of infamy were sown in that office long ago.) NOW, listen to the sleazy words addressed to Gwarzo by the sitting president of a whole nation after apparently losing selfinhibition at the sight of mint-fresh dollars, sounding more like the would-be receiver of a stolen valuable weighing the risk: “I hear you people don’t provide assistance without the world hearing it with a twist.

    ” Then, he added: “Don’t think that when you bring this, whatever it is, that would shut me up from criticizing if I think you are wrong, or if I disagree”. To this “conditionality”, Rawlings quoted Gwarzo as retorting: “Sir, we need you more than you need us.” Well, the visiting NSA could not be more forthright. Abacha’s dollars was to buy the conscience of Rawlings and other African leaders as tyranny deepened in Nigeria. Against that backdrop, it then becomes easier now to situate the conspiracy of silence among the nation’s neighbours in the west coast and indeed across the African continent while sheer terror was being unleashed on the opposition in those dark days.

    Three kinds of fate awaited dissents then: grave, gulag or exile. Ostracized by the civilized countries over the June 12 crisis, the diminutive tyrant holed up in Abuja now sought to, in Wole Soyinka’s words, bring Nigeria down to his level. Under Abacha, Nigeria resorted to the company of fellow political reprobates. Abuja simply became the preferred destination of other dictators on the continent as well as political scoundrels and scavengers looking for what to eat under the guise “solidarity visits”. As the Rawlings’ testimony has revealed, there was an unending flow of suitcases of dollars as honorarium. Only a few like Nelson Mandela refused to be bought into turning a blind eye on the unspeakable evil unfolding in Nigeria then. Initially, Mandela’s attitude to Abuja was that of critical solidarity against western “meddlesomeness”, naively assuming a uniquely African solution could be found.

    By the time playwright Ken Saro-Wiwa, alongside eight others, was hanged after a sham trial on November 10, 1995, the South African hero finally realized he was dealing with a demon. Henceforth, he related to Abacha in that light. But the spell of dollars and the prospects of more briefcases would seem too overwhelming for the likes of Rawlings then to stand straight and speak in clear and unmistakable terms against the atrocities in Nigeria. And the free dollars from Nigeria would probably have gone unacknowledged publicly had Abacha not ended the way he did. When Gwarzo was held to account for the billions that had passed his hands under the guise of securing “national security”, he listed, among others, that Rawlings, yes the same revolutionarily incorruptible JJ, had quietly benefitted to the tune of $5m. Of course, the man so implicated was doubly discomfited. On top of the shame of being exposed would seem deep anger at being swindled. As Rawlings insisted in the interview, the amount counted in the briefcase Gwarzo handed him was actually $2m, not the $5m documented in Abuja.

    But Rawlings’ thunderous denunciation of corruption today would have made more sense had he taken a step further to furnish us with the details of how the $2m received was utilized for Ghana’s direct benefit to demonstrate the transparency he is ever quick to evangelize about. For instance, after Abacha’s courier departed, was the entire cash declared or partly to Ghana’s exchequer? How was it recorded: “unsolicited foreign aid”? “Stomach infrastructure” from Nigeria or – to ensure some confidentiality – simply a kind neighbour? These were the simple – yet critical – details the self-assigned anti-corruption warrior of Ghana conveniently chose to deny us. Perhaps, the dollars Rawlings collected could still have been justified as a fair price for his silence had the verbal diarrhea that permeated the entire interview not also led him into making a more colossal gaffe on MKO. Who, other than a psychopath with warped values, could have spoken so callously of the memory of MKO in the manner Rawlings did? Hear him again:

    “Some may not want to hear it. But the departure of that gentleman called (MKO) Abiola, the one who passed away, saved Nigeria from a probable explosion.” There are a few inferences to be made from the foregoing statement. An endorsement of the popularly held – though clinically unproven – notion that Abiola was willfully “murdered” via a cup of poisoned tea with a view to forcing a closure to the June 12 conundrum. Well, shedding the blood of the innocent may not mean much to a depraved dictator like Rawlings whose hands are still wet till date with the blood of three of his predecessors summarily executed in 1979. But rejoicing at MKO’s “departure” as the former Ghanaian leader did is to misread the historic portents of June 12, the cause of which he was unwilling to compromise.

    It was adjudged the fairest and freest poll in Nigeria’s electoral history at the time. Besides, in one single day, the nation’s age-old fault-lines of religion and ethnicity were miraculously healed. MKO, a southerner, defeated his challenger, Othman Tofa, in his native Kano in the north. The Muslim-Muslim ticket also broke the sectarian barrier by winning massively in predominantly Christian South-South and of South-East. These historic gains were sadly allowed to waste by treacherous Ibrahim Babangida and his perfidious apologists. Indeed, those unconscionable acts of yesterday partly explain the monumental mess Nigeria finds herself today. By the way, one hopes President Buhari would not succumb to the emotional blackmail in Rawlings’ effusive praise of him in that interview. Perhaps, it is time to renew the bid initiated in 1998. Upon discovery of the nocturnal payment that year, then head of state, General Abdulsalami Abubakar, had politely asked Rawlings to refund. A request he never dignified with even a reply.

    Now, with the receiver openly admitting collecting $2m from Abacha, it would not be out of place to ask EFCC to explore diplomatic means to ensure Rawlings made a refund in the spirit of the chastity the man himself speaks so passionately about today.