Tag: quick

  • Commissioner condemns ‘get-rich quick mentality’

    Lagos State Commissioner for Home Affairs Dr AbdulHakeem AbdulLateef has condemned the quest for fast buck among some Nigerians.

    In a statement marking the International Day of Happiness, he said such quest does not bring happiness because “it is elusive and illogical”.

    The commissioner advised Nigerians to be contented with what they have in order to be happy, saying: “Every living creature deserves to be happy. True happiness comes only when you are contented with what you have. However that doesn’t mean it is wrong to improve one’s standard of living but attaching one’s happiness to material things is the problem.

    “Many individuals have embraced unwholesome practices in the name of fame. They accumulate wealth illegally and became rich building skyscrapers to behold, yet they are not happy. Where then lies happiness?” he queried.

    Happiness, he noted, lay only in obeying God, who gives joy and happiness to whoever He wishes, urging the populace to embrace the rule of law, justice, fairness and equity to ensure peace in the world.

    “Nigerians should cultivate the habit of giving back to the society. Everyone should be a giver. When you pick harmful items away from the road, protect public infrastructure and even comply with the rules and regulations of the land, you are helping the society to grow,” he said.

    The commissioner said smiling, sharing, eating healthily; regular exercise and positive thinking were among practices that could generate happiness.

    He explained that spending quality time with family, friends,the less privileged and faithfulness to God guarantee joy and happiness.

  • No quick fix

    No quick fix

    •CBN’s devaluation of the Naira failed to take a holisitic view of the economy

    At the end of its regular Monetary Policy Committee (MPC) meeting of last week Tuesday, the Central Bank of Nigeria (CBN) took some drastic measures to mitigate the impact of the falling oil prices on the nation’s economy, and specifically, to halt the run on the nation’s reserves. First, it resolved to move the exchange rate band from N150-160 to the dollar to an unprecedented N160-176; second, it adjusted the Monetary Policy Rate (MPR) – the industry benchmark interest rate – by 100 basis points from 12 to 13 percent; finally, it hiked banks’ cash reserve ratio (CRR) for private sector bank deposits from 15 percent to 20 percent.

    CBN Governor Godwin Emefiele justified the measures on the grounds of low accruals into the nation’s foreign reserves as a result of falling oil prices; the continuing depletion of the reserves arising from the surge in demand for foreign exchange – developments which he noted, have constrained “the ability of the bank to continually defend the naira and sustain the stability of the naira exchange rate”.

    We agree that in the face of the continuing uncertainty in oil prices, the measures have become somewhat pragmatic. Were there to be still lingering doubts about the negative impacts of the falling oil prices on the economy as a whole, the latest dip in the reserve by 5.1 percent from the previous month, and the five-month low of $37.17 billion ought to have provided more than mere warning signs on the shape of things to come hence the drastic measures needed to halt the trend.

    Unfortunately, if we worried at what we considered as continuing misdiagnosis of the problem by the fiscal authorities in our previous editorial, we are even now just as alarmed at the measures conceived by the monetary authorities to address the challenge. We refer to the pathetic failure to isolate the other part of the problem for effective remedial action in the face of the admission by the apex bank authorities that the current demand profile does not have any bearing on the genuine foreign exchange needs of the country. We expected the CBN to do more than bemoan the situation; it should have  moved to  identify those fuelling the surge without the resort to the devaluation tool as a rod of affliction to punish the innocent and the guilty.

    At the risk of being misunderstood, we concede that the option of devaluation comes highly recommended at time of heightened demand pressure for foreign exchange and falling commodity prices. If it amounts to much, it comes with the additional benefit of delivering more naira into the federation account without the need to pump an extra barrel of oil. With the 36 states of the federation already chaffing under the impact of diminishing oil revenues, the option comes with the promise of bringing relief to their finances and those of the local governments in particular. The problem, however,  is that the apex bank appears   to have deployed the tool in a manner that suggests a lack of sensitivity to the needs of the economy.

    Besides, our peculiarly weak manufacturing/export base makes the practical benefits of devaluation particularly doubtful. In an environment where basic items of manufacture are imported and where the only ‘exports’ are unprocessed raw materials,  including crude oil whose output is set by quota, what it does is suffer citizens to double jeopardy of being asked to pay more in the absence of an alternative. More inexplicable however is that the apex bank would hike the MPC and the CRR rates – both of which effectively translates to hiking what is already prohibitively high cost of borrowing, and with it the possibility of further constricting the domestic economy.

    Rather than superficial measures, what the current challenges call for are tailor-made measures to give muscle to the local business. Boosting local capacities to diversify the economic base would seem a far more useful step to take than a thousand measures that leads nowhere.

  • FIFA Suspension: Ejidike wants quick resolution

    Pillar of Sports in Nigeria, Donatus Agu-Ejidike has urged President Goodluck Ebele Jonathan, Sports Minister,  Tamuno Danagogo, the National Sports Commission (NSC) and all stakeholders involved in the process of resolving the crisis rocking Nigerian football, to speed up their efforts so that the suspension placed on the Nigeria Football Federation (NFF) by FIFA can be reversed.

    Ejidike noted that the suspension came when the country was in the throes of several football issues and reeling in pain because of her painful exit from the FIFA World Cup.

    “The suspension by world football governing body (FIFA) is a big blow to a nation like Nigeria with huge football histories and uncountable talented and exceptional players,” began Ejidike.

    “There is urgent need for relevant stakeholders to wade in as quickly as possible on this unfortunate incident, right from Mr President, the Minister of Sports and other concerned citizens to assist in ending this impasse.

    Ejidike, who is the President, Karate Federation of Nigeria, KFN, urged the authorities to do their all to hasten the reverse of the suspension because football fosters peace and unity among Nigerians.

    “We all know that football remains one of the major unifying tools among Nigerians, and the sudden suspension by FIFA will dampen hopes of our numerous players who are eligible to compete at international levels,” he said.

    Last week FIFA placed an indefinite suspension on Nigeria citing interference from government.

  • Judges get training on quick disposal of AMCON cases

    Judges get training on quick disposal of AMCON cases

    TO ensure prompt disposal of debt recovery cases nstituted by the Asset Management Corporation of Nigeria (AMCON), the Chief Justice of the Federal High Court (FHC), Judge Ibrahim Auta, last week, issued a set of guidelines to aid the court’s judges in this regard.

    The guidelines contained in a document named: AMCON practice directions 2013, seek as a fundamental objective, to enable the court deal with AMCON cases “quickly and efficiently.”

    One of the innovative provisions of the practice directions is what it calls – AMCON track judge (a judge designated by the Chief Judge to hear AMCON claims/cases exclusively for a specified or indefinite period). There could be more than one of such judges in a division of the court.

    Under the 17-part practice directions, scheduled to take effect from March 1, AMCON track judges are required to give effect to its fundamental objective at every stage of an AMCON claim (case).

    The judges are also to be guided by the need to ensure swift disposal of such cases when exercising any power under the AMCON Act, FHC Civil Procedure Rules, the practice directions and any other rule and direction.

    The directions enjoin AMCON track judges to, in furthering the fundamental objective, engage in “active cases management”. As provided in Part Two of the directions, cases management requires judges to among others, encourage parties to cooperate with each other in the conduct of the proceedings, and identify the issues at an early stage.

    Judges are also required to decide promptly, which issues need full investigation and trial, and accordingly dispose of summarily, the other issues. They are to decide the order in which issues are to be resolved; help parties to settle the whole or part of a case and deal with as many aspects of a case as possible, on the same occasion even when not scheduled.

    Justice Auta inaugurated the practice directions on February 11 in Lagos, at the opening session of the Second Federal High Court Judges Forum, facilitated by AMCON. The forum afforded the judges the opportunity to closely scrutinise the new practice directions, the workings of the AMCON Act, among others.

    The Chief Judge advised the participating judges to apply the practices directions. He noted that although the document may be imperfect, its application will afford the users opportunity of realisation where amendment would be required in future.

    Auta gave tips to the judges on how ex-parte applications by AMCON should be handled. He said the plan was on to ensure that AMCON cases were entertained by judges in other jurisdictions outside Abuja and Lagos, where such cases are concentrated.

    He urged the judges to treat AMCON cases with dispatch. He said priority should be given to the cases filed by AMCON as being done to cases relating to fundamental rights, money laundering, rape and kidnapping, “because they affect the life blood of the nation.”

    Auta said the fact that AMCON was bankrolling the forum did not mean that “we (the judges) should close our eyes to all that AMCON files.”

    AMCON’s Managing Director, Mustafa Chike-Obi told the gathering that the forum was meant to help strengthen the operations of the court and make the judges’ work, as it relates to AMCON cases, easier. Chike-Obi said he hoped that the forum would become an annual event where legal issues would be discussed.

    He later spoke with journalists and stressed that the forum was not intended to seek special favour from the judges. He said it was meant to bring to their knowledge, issues that may not be clear about the workings of AMCON.

    “The workshop is a forum for FHC judges to discuss what they have learnt or seen about AMCON cases that have been disposed off. And for all of us to advance our knowledge of the AMCON Act, so as to ensure that justice remains to be served in cases involving AMCON.

    “We hope to expand this kind of fora to other areas of interest in the judiciary, so that we will have a continuous forum, where people could air their views and discuss how we can better the judiciary and Nigeria,” Chike-Obi said.

    He denied the possibility of such a workshop, organised by a potential party in cases before the court, influencing the minds of the judges reaching decisions. “Judges cannot be influenced by just a one-day seminar. I think the idea is just for the judges to discuss their experiences with each other and discuss areas, which affect their minds or areas that are not so clear.

    “So, generally speaking, I do not think this kind of a one-day seminar can affect judges to be biased against any opponent of AMCON. In any case, that is also not the intention of AMCON for the workshop,” Chike-Obi said.

    Former President, the Nigerian Bar Association (NBA), Olisa Agbakoba (SAN) said the workshop was organised to acquaint the judges with the workings of AMCON, being an agency of government set up to specifically recover about N5 trillion bad debt.

    Some of the participating judges include Justices Okechukwu Okeke, James Tsoho, Mojisola Olatoregun-Ishola, Charles Archibong, Benedicta Molokwu, Ahmed Ramat Mohammed, Abimbola Ogie, Mohammed Sanni, Okon Efreti Abang, Ibrahim Buba, Mohammed Idris and Chukwujekwu Aneke.

     

  • Orji prays for Suntai’s quick recovery

    Abia State Governor Theodore Orji has praised God for sparing the life of Taraba State Governor Danbaba Suntai and his aides in last Thursday plane crash near Yola, the Adamawa State capital.

    Orji prayed for the quick recovery of his brother governor.

    He urged Nigerians to pray for Suntai, saying he loves his people and is always ready for go the extra mile to meet the needs of the state and its residents.

    In a statement in Umuahia, the state capital, by his Chief Press Secretary, Ugochukwu Emezue, the governor noted that God has saved the nation from what could have been another mourning period, after the Dana Air crash on June 3 in which all 153 passengers and crew members died.

    Orji said God answers prayers, especially when “our Muslim brothers are marking the Eid-el-Kabir festival”.

    The governor noted that Nigerians’prayers for their leaders and the nation have saved and sustained the governor’s life.

    He urged Nigerians to pray more for Suntai.

    According to him, prayers are among the ways the nation can ensure the governor’s quick recovery and the good result the medical treatment he is receiving in Germany will have on his health.

    Orji expressed optimism that Suntai and his aides would recover soon and come back to Nigeria.

    The governor added that Suntai would soon return to his desk and continue in his service to the state.