Tag: NWANKWO

  • Yuletide: Nwankwo fetes over 2,000 Anambra residents

    Yuletide: Nwankwo fetes over 2,000 Anambra residents

    The chairman of Bigly Group of companies, Ichie Kennedy Nwankwo has celebrated this year’s Christmas with residents of Okija, Ihiala local government area of Anambra state.

    This year’s celebration which was filled with fun-fare, recorded a huge turnout from previous years. This is a yearly event sponsored by the Bigly Foundation, and this year’s celebration recorded over 2,000 residents joining in the celebration.

    Hosts of the event, the chairman, Abig Nwankwo as he is fondly called and his wife, who is also a co-founder of the foundation, Ambassador Lilian Chinasa Nwankwo were duly present in the merry-making that rounded up the end-of-year activities of the Foundation.

    Read Also: We’re ready to die defending our inheritance, Anambra community tells police

    Food items such as bags of rice, groundnut oil and other household items were distributed to residents.

    Some of the residents were filled with gratitude and praises to the Abig Nwakwo Foundation for the kind gesture which has been an annual rite since 2012.

    Abig Nwankwo, a renowned businessman sits at the top of the board of Bigly Group, a group of companies with subsidiaries in different sectors such as Energy, Automobile, Food processing, Woods, Oil & gas among others.

  • Agbakoba, Naaba, Nwankwo, others for PT’s Olawepo-Hashim presidential campaign council

    THE People’s Trust (PT), the emergent third force party in Nigeria, at the weekend inaugurated its Presidential Campaign Council ahead of the February 2019 presidential elections.

    Its presidential candidate, Mr. Gbenga Olawepo-Hashim, who was endorsed and adopted by the Northcentral zone last week, is the council chairman.

    Other notable Nigerians, who featured in the campaign council, are the PT vice presidential candidate, Dr. Arthur Nwankwo from the Southeast, who is the vice chair of the campaign council, Dr. Olisa Agbakogba, the PT National Chairman also became co-chairperson and former Speaker of the House of Representatives Ghali Umar Na’abba from the Northwest.

    Dr. Abduljhalil Tafawa Balewa, son of former prime minister from the Northeast became the Vice Chairman and Funke Awolowo, the granddaughter of Chief Obafemi Awolowo from the Southwest and Dr. Jay Osi Samuels, Chairman of Alliance for New Nigeria, an allied political party,  were made co-vice chairpersons.

    Director General of the party’s campaign organisation and a former minister, Alhaji Aliyu Habu Fari, from the Northeast, doubles as the secretary of the campaign council.

    Other members are Secretary of PT Board of Trustees, Veteran Olawale Okunniyi, who is the Deputy Director General and Assistant Secretary of the Presidential Campaign Council, from the Southwest. Okunni will be in charge of organisation, mobilisation and publicity of the 2019 campaign.

    Co-Deputy Director General are: Mr. Mathias Tsado from the Northwest, who is  in charge of planning and protocol, and Dr. Dale Ogunbayo from the Southwest, who takes charge of strategy and monitoring.

    Other members include the party’s National Secretary, Malam Naseer Kura, from the Northwest as party representative; Dr. Segun Awe Obe from the Southwest; Mrs. Ajoh Torkwase, women leader (Northcentral); Mr. Abayomi Rotimi Mighty, youth leader from Southwest; Mr. Anthony Akika, zonal rep, Northcentral; Chief Nike Job, zonal rep Southwest; Comrade Ibuchukwu Ezike, zonal rep Southeast; Dr. Osagie Obayuwana, zonal rep Southsouth, Alhaji Shehu Sambo, zonal rep Northeast; state chairpersons of the party and state campaign coordinators also made it into the PT Presidential Campaign Council.

    Agbakoba, SAN, while declaring the event open, said by fielding the highest number of candidates for the 2019 elections among the newly registered  parties, the party has  demonstrated immense capacity as a formidable third force for the 2019 elections.

  • Father wants Nwankwo to quit FC Crotone

    Father of Super Eagles striker ‘Simy’ Nwankwo, Ebo Nwankwo, has told Scorenigeria.com.ng he would back his 26-year-old son to leave Italian side FC Crotone.

    Crotone will offer ‘Simy’ an improved deal should they be re-instated in Serie A following another match-fixing scandal that has hit the Italian game. But his father said he would wish his boy moved on.

    “I’m his father quite alright but the issue of possible summer move away from Crotone is not in my hands”, started a delighted Nwankwo senior when Scorenigeria.com.ng caught up with him at his Nanka town, Anambra State.

    “That role rests on his intermediary and himself. But if he asked for my candid advice as his father, I will ask him to leave Crotone to a much bigger team and essentially where he would enjoy more and regular playing time”.

    ‘Simy’ made two appearances for the Super Eagles at the 2018 FIFA World Cup in Russia, coming on as a substitute on both occasions against Croatia and Argentina.

    ‘Simy’ started off as a rookie in Onitsha with GUO team, owned and sponsored by transport magnate, GUO Transport. He moved to Portimonense of Portugal in 2011. Two seasons on, he made a move to Gil Vicente also of Portugal.

  • Crotone slams 15m Euros on Nwankwo

    Italian club FC Crotone has upped their asking price for Nigerian striker Simeon Nwankwo from seven million Euros to 15 million Euros, SCORENigeria can exclusively reveal.

    Crotone, who will feature in Serie B in the coming season after they were relegated from the top flight this past campaign, were ready to let go their Nigeria goals machine for a princely seven million Euros before the World Cup in Russia.

    But after the big centre-forward made the final cut to Russia 2018 and even played a handful of minutes at the World Cup, Crotone have now doubled their valuation of the player.

    “Lazio were ready to pay seven million Euros for ‘Simy’ before the World Cup and it even looked like a deal would be sealed,” a top source told only SCORENigeria

    “However, since after the World Cup, Crotone are asking for 15 million Euros.”

    The 25-year-old Nwankwo scored seven goals in Serie A last season including a spectacular over-head effort against champions Juventus.

    He still has a year left on his contract with the modest Italian club.

  • Nwankwo eyes more  after Serie A first goal

    Nwankwo eyes more after Serie A first goal

    NIGERIA youngster Simeon Tochukwu Nwankwo popularly called Simy is relishing the prospect of scoring more goals after his first for FC Crotone in the high profile Italian Serie A.

    Simy made the switch from Portugal to Italy in the summer after he best every other striker in the ProLiga by emerging top scorer with 22 goals last season but his first in Serie A was long in coming   until last Monday when he fired home albeit in a 3-1 loss to Atalanta.

    “Scoring the first goal is good for my confidence though we lost 3-1 to Atalanta,” the 24-year old told The Nation.

    FC Crotone who are making their debut in the Serie A are perched on the bottom of the table with just one point from six matches but Simy has taken some positives from the mess: “The truth is that I have been working hard since I joined Crotone and hard work continues; the lost to Atalanta gives it (first goal) a sour taste but it’s good I’ve got my first goal.”

    Crotone will be away to Cagliari today and Simy will expected continues his hunt for goals.

  • Nwankwo’s wrong prescription

    Nwankwo’s wrong prescription

    As I said last week on this page, Dr. Arthur Nwankwo’s recent essay, “The National Grazing Reserve Bill And Islamisation Of Nigeria: Matters Arising” was a case of misdiagnosis, which was bound to lead to the wrong prescription. His principal allegation that President Muhammadu Buhari was on a mission to Islamise Nigeria through the enactment of a law that would establish grazing reserves throughout the country and that as a cattle-owning Fulani himself, he was also behind recent Fulani/farmers clashes in pursuit of the same goal was mere conjecture. It certainly stood logic on its head.

    It was mere conjecture because the President never presented any such bill before the National Assembly. True, there was a public hearing on the issue of herders/farmers violent clashes at the Senate by a joint committee on security and agriculture. This, however, was at the instance of the Senate itself against the background of the most recent clashes. In any case, if Nwankwo had any concrete evidence that it was all the President’s handiwork, he didn’t present it throughout his over 4000-word essay.

    That he stood logic on its head by his accusation should be obvious from the fact that until the man became President, it was an article of faith among President Goodluck Jonathan’s faithful, of course Nwankwo himself included, that Boko Haram was the northern elite’s battle tank for destabilising or even overthrowing Jonathan. Indeed for Nwankwo, it was enough evidence of Buhari’s complicity that Boko Haram once picked him to lead government’s negotiation with the sect for an end to their insurrection. “As a matter of fact, under the Goodluck Jonathan administration,” Nwankwo said,”Boko Haram specifically selected Muhammadu Buhari to lead its negotiations with the Government of Nigeria then.”

    For Nwankwo, it obviously made no difference that Buhari distanced himself from the sect or that an attempt, with all the hallmark of Boko Haram suicide bombing, was made on his life in broad daylight in Kaduna not long after he rejected their suggestion.

    Even more importantly, it seemed to make no difference to Nwankwo that it has since become abundantly clear that, regardless of its sponsors, Boko Haram would have been soundly defeated long ago if Jonathan’s military commanders, who no one can accuse of being Boko Haram fifth columnists, had not apparently stolen the resources for fighting the sect with so much impunity.

    Now that Buhari has become President and he has brought the sect to heel, the new theory is that Boko Haram has been transforming itself into Fulani herdsmen armed, some, including Nwankwo, believe, by the man himself! Personally I find it hard to understand the logic of why the President would want to destabilise his own administration. But then with people like Nwankwo, it is obvious that you are damned if you do and damned if you don’t.

    Having misdiagnosed Nigeria’s problem as one of a northern Muslim elite hell-bent on islamising Nigeria, he proceeds to prescribe a cure so nondescript that it’s as good as useless. The solution to Nigeria’s problem, he says, is not, as the late great Chinua Achebe once famously said, one of good leadership. “I am always amazed at arguments by even those one could describe as educated and enlightened suggesting that Nigeria’s problems can be solely located within the confines of good leadership.”

    Instead, Nwankwo says, Nigeria’s central problem is one of structure. “Structural imbalance,” he says,”is at the heart of the Nigerian problem.”

    And who else, according to him, are to blame but our former British colonial masters who banged and hammered “strange bed fellows” together into a country where one region alone was more than twice the size of the other regions combined?

    Nwankwo is, of course, not alone in believing Nigeria is a country of “strange bed-fellows.” Even wiser and more respected heads like the late Chief Obafemi Awolowo, one of the country’s founding fathers, once said as much.

    However, as any serious study of the peoples of this country would show, we are no more stranger to ourselves than those of, say, Britain, America or India.  We may speak different languages, have different cultures and differ in our faiths, but then so also do almost all the countries of the world.

    And our history, as told by eminent historians like Professor Ade Ajayi, tells us that long before the British came to colonise us, we traded and fought amongst ourselves as empires and kingdoms – notably, Kwarrarafa, Borno, Nupe, Sokoto, Oyo, Benin, Ijaw, Ibibio, etc.,  – and as so-called stateless peoples like the Igbo, Tiv, Idoma, Beroms, etc., – that rose and fell along and around the four hydrological systems that served as their arteries, namely, Niger/Benue Rivers with their tributaries, Lake Chad, Cross River with its tributaries and the Atlantic.

    The difference between us and other nations like Britain, America and India, it seems, is essentially that they’ve had leaders determined to forge nations out of their disparate people, instead of stoking fears of others of different ethnicity, region and religion as their ladders to power.

    This fear-mongering is exactly what those who talk glibly about northern feudalism being the chief villain of Nigeria’s problems engage in, conveniently forgetting that there are also feudal systems in the South, some of them, like those of Benin and Ife, even more powerful than those in the North.

    In any case, the fact is that colonialism and its legacy have left our feudal systems, North or South, as relics of their pre-colonial times and replaced them with a political-economy which the modern day leadership, North and South, Muslim and Christian, have abused to enrich themselves at the expense of the rest of the country. The fact is that no ethnic group, region or religion has a monopoly of virtues or vices both in their leadership and followership.

    In this respect, a discussion Mr. Femi Fani-Kayode, who is hard to beat for his anti-North and anti-Islam sentiments, said he had with his friend, Muktari Shagari, a former minister in ex-President Olusegun Obasanjo’s cabinet, on Fani-Kayode’s Facebook on May 2 and which he reproduced in his column in Sunday Telegraph of May 8, makes a most interesting and revealing reading.

    The conversation was about the herdsmen/farmers clashes, part of which went like this:-

    Femi: If the rubbish goes on, sooner or later, the South will rise up together with our brothers in the Middle-Belt and there will be a terrible reckoning.

    Muktari: If the division of Nigeria will bring peace, we wholeheartedly welcome the idea and the sooner the National Assembly begins deliberation, the better.

    Femi: We both know that the National Assembly will not do it because the northern legislators and those they represent are addicted to southern oil. We can do it without the National Assembly if we so wish and the way things are going now, we are getting to that final parting day.

    In his introduction to the conversation, Fani-Kayode boasted about how he and his friends truly lived it off in their younger days in the 80’s. “I spent most of my leisure time’” he said, “playing polo at the Lagos Polo Club or at the Guards Polo Club in the UK eating caviar and drinking champagne.”

    It is interesting and revealing that Fani-Kayode, who comes from Osun State that I am not aware has started producing oil, would talk about anyone else being addicted to “southern” oil with a sense of self-entitlement. It is equally interesting and revealing that even as a student with no job, the gentleman could afford the luxury of playing polo, the so-called Kings’ game, at home and abroad and eat expensive caviar and drink expensive champagne.

    Clearly the irony is lost on our voluble critic of the North and Islam that it is this free-loading lifestyle by a privileged and well-connected few which cuts right across our ethnic, regional and religious divides that goes to the root of Nigeria’s problem and not, as the Nwankwos of this world would have us believe, Nigeria’s structure.

    “The way out,” he said,”is not to introduce any nebulous bill like the National Grazing Reserves Commission Bill, but to gather round a table to renegotiate the existence of this country.”

    Of course, structures do matter. But attitudes matter even more, much more, because even with the best of structures we will never build a nation as long as we have elite in politics, academia, journalism, business, etc., whose stock in trade is fear mongering through stereotyping others as their ladder to wealth, power and glory.

  • Nwankwo’s misdiagnosis of Nigeria’s problems

    Nwankwo’s misdiagnosis of Nigeria’s problems

    Last week I reproduced a shortened version of the keynote address I delivered in July 2012 on the occasion of the 4thMedia Lecture Series of the Wole Soyinka Centre for Investigative Journalism, Lagos, under the title “Food for thought from 2012.” The address itself was headlined”Media and civil liberties when the cloud of fear gathers”.

    I reproduced it believing that it contained lessons for the media about the way it has been reporting – more like one-sided misreporting – the much-ballyhooed herdsmen/farmers clash. At least one reader, Aladetohun Moyosore, seemed to agree with me through his text, but offered one more food for thought which, he said, was from an inside story in The Nation, also of May 4, which quoted the Oloro of Oroland in Irepodun Local Government Area of Kwara State, Oba Abdul Rafiu Oyelara, as saying: ”The herdsmen boasted that they have people in government who will rescue them. These days herdsmen carry AK47 guns.”

    Moyosore’s question then was “Who arms them with AK47 and who are their sponsors in government?”

    Many a newspaper pundit and southern politician apparently believe there is a clear and simple answer; the northern elite is the chief, if not the sole, villain.

    Funke Egbemode, managing director ofTelegraph and an accomplished satirist, said as much in her back page column of Sunday Sun (May 1) entitled “The farmer and his Fulani herdsman”.

    Using the literary devise of dialogue, she had a fictitious farmer in the South ask his presumably marauding Fulani neighbour why his cows are no longer content to eat northern grass. “Does the southern grass have sugar?”, the farmer asked, obviously tongue-in-cheek.

    Fulani: The grass is greener here.

    Farmer: No. You just need to get out from under the thumbs of your slave owners who send you into the wilds so their children can ride brand new cars and eat chocolate on imported sofa in air-conditioned houses.”

    What Egbemode was clearly saying through the mouth of her fictitious farmer was that the problem with this country is the North’s feudal system. However, if hers was a satirical dig at the northern elite, Tatalo Alamu, the well-regarded columnist at The Nation on Sunday made the same point with a direct hit. “While the northern master-class send their children to the best school in the world and enjoy luxury of the latest western consumer goods,” he said in his column also of May 1,”the underclass are the herdsmen who are armed to roam the length and breadth of the nation tending their cows.”

    This theory of northern feudalism as the problem with Nigeria looks appealing given the region’s dominance of Nigeria’s politics since independence nearly 56 years ago. Certainly it is popular in the South. However, on closer examination, few explanations of Nigeria’s problems can be more simplistic and untenable.

    Worse, fewer still are more dangerous as a basis for finding solutions to these problems.Take, for example, the claim by Yinka Odumakin, the voluble spokesman for Afenifere, in an interview in Sunday Vanguard (May 1), that the attacks by alleged Fulani herdsmen have never taken place in the overwhelmingly Hausa/Fulani Northwest geo-political zone.

    He made this claim while condemning a press conference by the Chairman of the Northern Governors’ Forum and the Governor of Borno State, Alhaji Kassim Shettima, during which the governor cautioned Nigerians against profiling Fulani herdsmen and blaming all recent farmer/herdsman clashes on them. For simply stating the universally accepted truism that it is wrong to visit the crime of anyone on his entire ethnic group, religion or race, Odumakin said the governors should all “bury their heads in shame.”

    “If,” Odumakin added, “the attackers are not Fulani herdsmen, where have they struck in the Northwest? Why are their activities only in the Middle-Belt and in the South? That is the question these northern governors should answer.”

    Their answer would simply be that either the Afenifere spokesman had been away from Nigeria, at least since 2011, or he had chosen all this while not to be bothered about news, lots of news, in our media, old and new, about how cattle rustling and the wholesale sacking of communities had become endemic in the entire North all these years.

    However, if Odumakin’s claim is untenable and dangerous for the unity and harmony of this country, it is mere child’s play compared to a 4224-word article in saharareporters.com by the septuagenarian, Dr. Arthur Nwankwo, whose self-portrait on his own blog says he is “a publisher, award winning author, political scientist, historian and chairman of Fourth Dimension Publishing Company, the largest publishing company in sub-Saharan Africa with over 1,500 titles.”

    For a self-proclaimed political scientist and an historian it was truly amazing how he could take so much liberty with facts and stand logic on its head as he did in his article which he gave the rather sensational title: “The National Grazing Reserve Bill And Islamisation Of Nigeria: Matters Arising.”

    Against all evidence that there is no such bill before the National Assembly, Nwankwo went ahead full blast to try to make a straw man out of President Muhammadu Buhari the easier to destroy him. Of course, Nwankwo is only one of so many Nigerians who have come out to condemn the bill – and with it the president as its alleged sponsor – but the gentleman stands virtually alone as someone who has chosen to denounce both bill and its alleged sponsor with a pretence to the vigour scholarship requires.

    The bill, he claimed, was a deliberate attempt by Buhari,”to take our lands and hand them over to the Fulani cattlemen since it is only the Fulani that rear cattle in Nigeria.” Not only that, Buhari, he said, was also intent on Islamising Nigeria through the bill, presumably because all Fulani are Muslims.

    First, for someone who lays claim to scholarship you would expect him to respect the dictum that he who asserts must prove. He says there is a bill before the National Assembly and in spite of the denial by the spokesman for the Senate which he praised, he still refuses to let the fact get in the way of his decision to attack Buhari and his religion and region.

    Yet all he needed to do to save himself the embarrassment of looking like a Don Quixote attacking non-existent windmills was to go to the website of the National Assembly where he would have found out that the bill in question was initiated by Senator Zainab Kure who lost her seat in the last election and the bill, in any case, died after its second reading long before the end of the Seventh Senate.

    Second, for someone who claims to be a political scientist and a historian, it is truly amazing that he can assert that only the Fulani rear cattle in Nigeria and also assume that there are no Fulani Christians anywhere who would resist any attempt by anyone to Islamise Nigeria.

    Again, even for a layman it is truly incredible that anyone can claim with absolute certainty, as Nwankwo did in his article, that Boko Haram is a “Fulani-dominated insurgent group.” I’d thought every Nigerian knew Boko Haram was essentially a Kanuri phenomenon and that historically the older Borno Empire and the bigger Sokoto Caliphate have been rivals.

    Because he’d obviously made up his mind to attack Buhari and his religion and region regardless of the facts and of logic, it was not surprising Nwankwo would succeed only in making a laughing stock of himself before any intelligent and reasonable person.

    “The whole essence of Islam”, he said in his article,”is Jihad or simply put terrorism.” I would’ve thought such a piece of demagoguery was beneath anyone who lays claim to scholarship. For, Jihad, as any scholar of Islam and Arabic knows, simply means “struggle” and it has more to do with the struggle with one’s inner demons than converting people to Islam at sword point.

    After all, as the Qur’an says in Chapter 2 Verse 256, “There is no compulsion in religion…” The same Qur’an also makes it abundantly clear to Prophet Muhammad (Peace be upon him) in chapter after chapter, verse after verse, that what is incumbent on him, or on any prophet for that matter, is merely to deliver God’s message; that his is not guardianship over humanity.

    Of course the Holy Book, as Nwankwo said from several quotations, does enjoin Muslims to fight unbelievers. In doing so, however, it is merely in the good company of most other religions, especially those, like Christianity and Judaism, that lay claim to universality. Even then nowhere in the Qur’an, as Nwankwo claimed in quoting Chapter 4:89, did God say “Those who reject Islam must be killed”!

    It does say Muslims should fight and kill those who reject their religion, as he quotes from the verse. But then if he was honest with himself he would also have quoted from the very next verse which says a Muslim must desist from fighting a non-Muslim who does not persecute him and, instead, is willing to live with him in peace.

    What is true of Nwankwo’s quotation of Qur’an 4:89 was also true of all his other quotations from the Holy Book; he either misquoted them or did so deliberately out of context.

    Because, like so many other Nigerians, Nwankwo has misdiagnosed Nigeria’s problems, it is not surprising that he has come up with the wrong prescription for their cure.

    Next week, God willing, we shall examine his cure.

  • Nwankwo: Driving  knowledge-based reform at DMO

    Nwankwo: Driving knowledge-based reform at DMO

    Under the present management, DMO has transformed from being a user of technical assistance to being a provider to some nations across Africa as the leadership of these nations in recognition of DMO’s technical competence now seek to expand on areas of cooperation. So far, four African countries including Uganda, Sudan, Zambia and Zimbabwe have benefited from DMO’s technical competence.

    In order to arrive at a fair and impassioned appraisal of the achievements and challenges of the Debt Management Office (DMO) under the guidance of Dr. Abraham Nwankwo, it is pertinent to summarise the status report of the management of the nation’s debt prior to the establishment of the DMO in October 2000. Before then, the management of our national debt was characterised by systematic and structural deficiencies.

    In practice, debt management functions were split across several government departments including the Federal Ministry of Finance, the Office of the Accountant General of the Federation and the Central Bank of Nigeria. This multi-dimensional approach was laden with problems and shortcomings which included operational inefficiencies and poor coordination, inadequate debt data recording system and poor information flow across agencies resulting in inaccurate and incomplete loan records which gave rise to difficulties in the verification of creditors’ claims arising from conflicting figures from various bodies handling the debt management function.

    The policy underpinning which gave rise to the establishment of DMO in 2000 centralising the nation’s debt management functions with the statutory mandate of maintaining comprehensive, accurate and timely records of the nation’s debts, prudent management of the debt portfolio and negotiating with and ensuring debt relief from creditors has brought sanity into the system.

    The emergence of Dr. Abraham Nwankwo at the helm of DMO on July 1 2007 almost coincided with the final exit of Nigeria from both the Paris and London club debts in 2006. Before then, our external debts had remained unsustainable as a result of the crushing debt burden arising from the external debt overhang. Following the exit from both Paris and London club debts, our external debt fell from an all-time high of about $35 billion in 2004 with an external debt-to-GDP ratio of over 40 percent to about 3.5 billion in 2006 and an external debt-to-GDP ratio of 2.3 percent respectively.

    Although several macroeconomic problems and challenges remained, the debt relief and emergence of Dr. Nwankwo afforded the nation the opportunity for a fresh beginning. Given his solid academic background and position as one of the pioneer management staff of DMO, having joined the agency in 2001, Nwankwo was strategically positioned to lead the charge in the ongoing transformation of the capital market and under his leadership, the Debt Management Office has continued to play a pivotal role in the repositioning, strengthening and resuscitation of the FGN Bond Market.

    Under his guidance, DMO has relentlessly pursued the realisation of its statutory mandate and has recorded verifiable achievements, making it the pride of the nation across Africa and the world. Some of its stellar performance include the formulation of a National Debt Management Framework (NDMF), 2008-2012, a review of same and publication of the revised (2nd) NDMF, 2013-2017 which incorporated debt management policies and guidelines.

    In addition to the maintenance of an accurate and up to date data which are published periodically, DMO has ensured regular and timely servicing of government’s debt. As a result of the adoption of sound practices in public debt management, DMO has continued to conduct an annual Debt Sustainability Analysis (DSA) and has successfully prepared a Medium Term Debt Management Strategy (MTDS), 2012-2015 which is being implemented.

    One of the key objectives of (MTDS) is to achieve optimal composition of external and domestic debt structure and to ensure low cost of government debt consistent with a prudent level of risk.

    Given the impact DMO has continued to make on our economic landscape, it is safe to posit that the highlighted plethora of initiatives have been pivotal in strengthening the capacity and tenacity of our socio-economic fabric to withstand the impact of global economic meltdown. The centrality of the private sector as the main driver of the national economy is not lost on DMO under Nwankwo as it has continued to roll out many private sector support initiatives. It has consistently promoted policies to encourage the creation of opportunities for private sector access to long term capital in both domestic and international capital markets in order to sustain and expand their businesses. Determined to facilitate access to the International Capital Market for Nigerian corporate players, DMO issued USD 500 million Sovereign Eurobond in 2011 and followed it up with a whopping $1 billion dual-tranche Eurobonds in July 2013. Thus creating benchmarks for corporate borrowers. In 2014, DMO issued FGN Bonds in Global Depository Note (GDN) format for the first time aimed at diversifying the investor base and attract foreign investors to the domestic securities market.

    As a result of strong leadership and profound impact, the DMO under the present leadership has continued to ensure prudent management of resources and the adoption of sound public debt management practices at all levels of governance. States across the nation are beginning to feel the positive impact of its activities.

    Having successfully demonstrated its determination to ensure a paradigm shift in government business by developing a template for the establishment of Debt Management Departments (DMDs) which include outline of the legal institutional human resource framework, all the 36 states including the federal capital territory (FCT) have established Debt Management Departments (DMDs) in conjunction with the agency. As a result of the creation of domestic debt data bases for the states and FCT by DMO, Debt Data Reconstruction exercises have been conducted in all the 36 states and the FCT. This programme assists states with the compilation, recording, analysing and reporting of debt data. This has led to the institutionalisation of a framework for the periodic rendition of the Domestic Debt Data by the states and FCT to the DMO.

    With these remarkable achievements under its belt and given its relentless quest for excellence, DMO has played a pivotal role in managing and restructuring the debt of cash-strapped states in the country as a result of their failure to meet their financial obligations.

    Following the announcement of a bailout package for the states by President Muhammadu Buhari, 22 states applied to DMO for their debts to be restructured into Federal Government of Nigeria Bonds. Whereupon, DMO has successfully concluded the restructuring of N322.788 billion short-term commercial bank debts of 11 states out of the 22 states to long-term domestic bond at 14.83 percent yield in 20 years. Fourteen banks were involved in the phase 1 of the state’s debt restructuring exercise involving 11 states. These successful restructuring was effected using a re-opening of the FGN Bond issued on July 18, 2014 which will mature on July 18, 2034.

    As the chief visioner and the mastermind driving the knowledge-based revolution at the Debt Management Office, Nwankwo has put in place a framework that ensures continuous capacity building for staff. Through several workshops and special training for staff across board, he has consistently repositioned the agency for greater productivity pursuant to the realisation of its statutory mandate. Debt sustainability, analysis training, sensitisation workshops and training programmes aimed at achieving accurate, reliable and timely domestic debt data submissions have been conducted for relevant States, Ministries, Departments and Agencies (MDAs) by DMO. As a result of the intensification of sensitisation of relevant stakeholders including banks and other regulatory organs responsible for controlling borrowing by states, banks and other regulatory authorities now revert to the Federal Ministry of Finance before granting loans or facilities to states. The giant strides and remarkable progress recorded by DMO under the guidance of Nwankwo has not gone unnoticed by major players within the African continent and beyond. Under the present management, DMO has transformed from being a user of technical assistance to being a provider to some nations across Africa as the leadership of these nations in recognition of DMO’s technical competence now seek to expand on areas of cooperation. So far, four African countries including Uganda, Sudan, Zambia and Zimbabwe have benefited from DMO’s technical competence. Predictably, the grant strides recorded by it have won for it plaudits, recognitions and awards both within and outside the shores of this country. In 2014, it was awarded the prestigious Europe, the Middle East and Africa (EMEA) Finance Award for the Best Sovereign Bond in Africa in 2013, for the US$ 1 billion Eurobonds which was successfully issued by Nigeria in July, 2013. Although challenges and constraints remain which include the increasing cost of domestic borrowing, non-existence of a sinking fund for redeeming maturing obligations due to budgetary constraints, DMO has recorded string of achievements which has transformed it into a well-respected institution in Nigeria and beyond.

    Oke, a financial analyst wrote in from Lagos

  • Nwankwo fit for season’s first game

    Nwankwo fit for season’s first game

    Nigeria midfielder Obiorah Nwankwo has returned to training with his Portuguese club Academica de Coimbra ahead of the season’s opener this weekend after illness.

    The former Parma and Inter Milan midfielder has been struggling with malaria for some days, but he looked to have got over the illness as he trained with the rest of the squad on Wednesday morning.

    It seems he is ready and will be able to make a contribution to the team in the game against Sporting Lisbon on Saturday at the City of Coimbra Stadium.

    The Kaduna-born player has played for Inter Milan, Parma, Gubbio, Padova, CFR Cluj and Cordoba. He has represented Nigeria at U20, U23 and full international levels.

  • ‘Nigeria needs $10bn to address infrastructural deficits’

    ‘Nigeria needs $10bn to address infrastructural deficits’

    Nigeria needs about 10 billion dollars annually over the next 10 years to address its infrastructural deficits, the Director-General, Debt Management Office (DMO), Dr. Abraham Nwankwo, said.

    He said this on Monday in Abuja while briefing State House Correspondents after a meeting of the Supervisory Board of the DMO at the State House.

    He said that a developing nation like Nigeria would record faster economic growth if there was a consistent flow of investment and loans to address developmental challenges.

    “As you know, Nigeria has huge infrastructural deficits and experts have estimated that it requires a minimum of 10 billion dollars (about N1.5 trillion) inflow per annum to close its infrastructural deficits over the next 10 years.

    “Government is finding ways of making sure that we maximise our internal revenue for the purpose of funding our various needs, including infrastructure.

    “That is why you can see that there has been a lot of improvement over the last two years in revenue collections from various sources, including the Customs and the Federal Inland Revenue Service, among others,’’ the News Agency of Nigeria quoted Dr. Nwankwo as saying on the issue.

    The DMO boss, who noted that the nation’s debt profile was N6.3 trillion for domestic debt and 6.29 billion dollars for external debt, however, stressed that the debt profile was sustainable.

    “There is nothing wrong in borrowing and incurring debts as long as the funds are judiciously and prudently used to finance projects that would be beneficial to the people, while measures are taken to reduce waste.

    “Government is trying to ensure that we manage our internal revenue and also take measures to reduce waste.

    “Nigeria’s public debt will continue to be sustainable but everything should be done to ensure that the (government’s) transformation programme is on course,” the DMO boss said.