The Nation Newspaper

Tag: recovery

  • AGF denies frustrating recovery of looted funds

    AGF denies frustrating recovery of looted funds

    •Malami replies Buhari’s query

    Minister of Justice and Attorney General of the Federation (AGF) Abubakar Malami has denied allegation that he was frustrating moves by the Federal Government to recover looted public funds.

    Malami’s position is contained in his response to a query issued to him in relation to a petition written against him to President Muhammadu Buhari by a security expert, George Uboh, of Panic Alert Security System (PASS).

    Uboh was engaged by the AGF on February 9 to recover public funds stashed away by individuals in different Nigerian banks and some Ministries, Departments and Agencies (MDAs). The minister revoked Uboh’s appointment through a letter dated March 24 on the grounds that he exceeded his brief.

    Angered by the development, Uboh petitioned the President, alleging among others, that the minister had allegedly entered into an unholy alliance with authorities of the affected banks.

    He was particular about the case of Access Bank Plc, alleging that a senior official of the bank called him, few days before Malami revoked his contract, that the AGF has agreed to prevail on him to soft pedal.

    Uboh’s petitions are captioned: “AGF Malami’s failure to recover over N300 billion traced by our firm within 27 days; AGF worked against us” and Abubakar Malami’s failure to allow us trace the N1.993 trillion EFCC failed to remit to the FGN, while promising to set up a phantom committee to investigate EFCC.”

    Malami described as false Uboh’s claims that he deliberately frustrated him in his (Uboh’s) effort to recover the over N300 traced to some Nigerian banks, and that he (Malami) made an unholy alliance with the banking sector mafia not to cooperate with PASS, and/or that he promised Access Bank that he would call Uboh to soft pedal on the bank.

    The AGF said: “I must state that the above allegations are untrue, incorrect, false, a figment of the imagination of the author and a smear campaign by Dr. Uboh to tarnish my name.

    “I did not make, never made and will never make any alliance with anyone in and outside of the banking industry to frustrate PASS or any firm from recovering any FGN’s funds stashed/trapped in the listed banks or any bank or company in Nigeria or elsewhere.

  • Much ado about airlines’ debt recovery

    Much ado about airlines’ debt recovery

    The picketing of Arik Air’s flight operations by aviation union workers for alleged N12.5 billion debts has sparked a controversy in the sector, KELVIN OSA OKUNBOR reports 

    Arik Air did not see it coming. Last Wednesday was a day it looked forward to. Tickets had been sold. Passengers looked forward to their trips. Unknown to the airline, workers were out to ensure its flight operations were stalled.

    The National Union of Air Transport Employees (NUATE), the Air Transport Services Senior Staff Association of Nigeria (ATSSSAN) and the Nigerian Union of Pensioners (NUP), said they disrupted the operations of Arik Air at the General Aviation Terminal (GAT) of the Murtala Muhammed Airport, Ikeja, Lagos over  N12.5 billion debts. Many Arik Air passengers  cancelled their trips. Business appointments and meetings had to be cancelled too.

    The unions said Arik Air’s failure to pay the debts has incapacitated the Federal Airports Authority of Nigeria (FAAN) and made it unable to meet its obligations to employees and pensioners.

    To Arik Managing Director, Mr Chris Ndulue, the disruption is unfortunate.

    He said: “When the revenue drive was ongoing and our operations were grounded, we tried to reach the management of FAAN via phone calls and they did not respond and even text messages and up till now we are speaking they have not responded.

    “It is curious, why is it only Arik, others are owing even some foreign airlines but why Arik? The figures they bandy about sometimes its N7b or N11b or like yesterday N12.5b.”

    Although the management of FAAN has remained silent on the action by the unions, aviation experts say its continued silence may be mistaken for a tacit approval.

    An operator, who declined to be named, said though it was wrong for any airline to owe, using labour union members to recover debts is laughable in a globally regulated industry like aviation. He accused union members of taking the law into their hands in a matter that is before the court.

    The Airline Operators of Nigeria (AON), a source hinted, may withdraw service in solidarity with Arik Air to express disenchantment over how FAAN is allegedly using labour unions to armtwist airlines.

    A lawyer, Emeka Nwigwe from Babajide Goku Chamber, said what the unions did  was an affront to the Federal High Court.

    Nwigwe said: “It is an affront  to the Federal High Court and the state. A situation where staff, whether individual or group, decide to turn themselves into debtor collecting agency is absurd.

    “FAAN has no documents to back their claims; they simply resorted to intimidation. The case is in court. FAAN’S action is contemptuous. The law is very clear; no party should take anticipatory action when a case is pending.”

    He added that FAAN took the matter to court last year but that it seemed it was not able to satisfy the court why Arik’s airplanes should be arrested.

    Arik Chairman Sir Johnson Arumemi-Ikhide said the airline had paid FAAN N18.9 billion from its inception.

    Arumemi-Ikhide frowned at the way the unions took the airlines by surprise while alleging that FAAN had been frustrating the reconciliation process initiated by both the court and past aviation ministers.

    “We have paid N18.9billion and we are saying that we need to reconcile. FAAN was the one that took us to court and are the ones that are not respecting court judgment. And anytime we want to reconcile these debts and get to the bottom of this matter once and for all, they (FAAN) become evasive.

    “We are prepared to pay for services rendered to us but we are not going to be bullied into false payment.  And when they feel like, they resort to intimidations. They took us to court and said they will impound our aircraft later rescinded but what happened yesterday was quite unfortunate. It is not good for aviation and not good for Nigerian industries.”

    Arumemi—Ikhide recalled how efforts were made to resolve the dispute by the Senate Committee on Aviation, headed by Senator Hope Uzodima, former Aviation Minister Mrs Stella Oduah and former Permanent Secretary, Ministry of Aviation, Mrs Binta Bello.

    He added that while the matter was there, FAAN allegedly asked the committee to give it two weeks, adding that after that it asked for four weeks and finally stopped coming.

    He said:” FAAN took us to the committee two years ago. FAAN, which initiated the moves to reconcile the accounts, is not ready for reconciliation. We have been reminding them that we want to reconcile the account so that we can move forward.”

    The Chairman said Mrs Bello told him that any claim or claims not backed with documentary evidence should be considered null and void.

    For its inability to operate flights on that day, Arik Air led a protest to the Ministry of Transportation to express its disenchantment over what its Managing Director, Mr Chris Ndulue, described as FAAN’s affront on legal procedure.

    The airline’s team was received by Minister of State, Aviation, Senator Hadi Sirika.

    At the end of the parley, Sirika gave a two-week ultimatum to FAAN, the Nigerian Airspace Management Agency (NAMA) and Arik Air to resolve all indebtedness issues and report back to him.

    The two weeks ultimatum, it was learnt, is to enable feuding parties reach resolution on the amounts owed, payment plans and others.

    The minister noted that airline operators must conform to industry rules and regulations, including payment of applicable fees and fines

    Sirika said the well-being of an airline is measured by its ability to pay for services rendered it.

    The amicable resolution of the rift may be far judging by a communiqué obtained by The Nation issued after a meeting between the feuding parties.

    The content of the communiqué has raised more questions than answers. In it, Arik Air and the unions agreed that revenues services rendered to the airline from September 2015 till date at the Murtala Muhammed Airport(MMA), Lagos would be reconciled within two weeks by the airline and unions in the presence of the police and officials of the Department of State Services (DSS)

    The communiqué also noted that the union would give Arik prior 14 days’ notice before disrupting its activities in future.

    The communiqué was signed by Arik Managing Director Chris Ndulue, NUATE General Secretary Olayinka Abioye, President, National Union of Pensioners (NUP), Ope Rasaki and others.

    The communiqué reads: “That all revenue services rendered to Arik Airline from September 15, 2015 till date at the Murtala Muhammed Airport (MMA), Lagos shall be reconciled within two weeks from the day by a team of Arik Airline staff and FAAN staff with NPF, SSS and the unions’ representatives in attendance.

    “Arik Airline shall go immediately to confirm from their accounts department, agreed bills by Arik for services rendered by FAAN to Arik Airline from September, 15, 2015 till date and pay same before the conclusion of the reconciliation of the disputed bill.

    “It was also agreed that 14 days’ notice should be served to Arik Airline in case of future aviation workers/union action.”

    It was learnt that this communiqué covered only revenue in Lagos, such as landing charges, electricity, service recovery charge and rent.

    A new twist emerged when the chairman of the airline said he had resolved

    that the airline would not be bullied into any form of arbitrary payment.

    He alleged that the airport authority brought an electricity bill of over millions for a month and that since Arik started using the prepaid card, its monthly electricity bill has been less than N700,000 monthly.

    This, he said, raised questions on the template used for generating electricity bills by FAAN.

    He also said that the airline pays Passenger Service Charge to FAAN but still ferries its passengers to the aircraft from the terminal. According to him, so many other things have to be reconciled.

    Arumemi-Ikhide recalled an incident in Calabar where a man broke in and rammed his car into Arik’s aircraft, adding that he was aware that FAAN had paid damages to foreign airlines but had not talked about compensating it for the incident.

    In a matter of days, the deadline set by the minister for the reconciliation of the dispute will be over but it remains doubtful if that will mark the end of the crisis.

  • Shippers Council and economic recovery

    For over four decades, the Nigerian economy has mostly depended on proceeds from the sale of crude oil. This is at the expense of other sectors such as the ports sector, which in so many developed climes, contribute significantly to national economy. It is an undeniable fact that the ports sector can play a pivotal role in the Buhari administration’s economic recovery efforts not only because of its capacity to help combat poverty through job creation but also because of its forward linkage with other critical sectors of the economy like the manufacturing sector.

    But most importantly, the ports sector could help alleviate some of the problems associated with the disturbing nature of the Nigerian economy that has for too long being vulnerable to fluctuations in global oil prices.

    Interestingly, the Nigerian Shippers Council (NSC), which regulates economic activities at the ports, is beginning to show signs that it can lead key stakeholders in the sector to raise non-oil revenue substantially from what obtains at the present.

    To do this, the Nigerian Shippers Council has put together the New Port Order, a frame work designed to check inefficiency, leakages at the ports and trade malpractices that include false declaration and under-declaration of imported goods, among others. At the heart of this initiative is the introduction of the advanced cargo information system otherwise known as Cargo Tracking Note (CTN), which is a bold attempt to end decades of trade malpractices in which government loses billions of revenue annually.

    That’s not all. The Nigerian Shippers Council is also vigorously pursuing the establishment of  Inland Container Depots (ICDs) otherwise known as Dry Ports , which is strictly meant for safe keeping of cargoes for owners before final take-over by consignees after payment of custom duties.

    An ICD is an equivalent of a seaport located in the hinterland. It receives container by rail from the seaport for examination and clearance by Nigeria Customs Service. It has all the loading and off-loading equipment needed to handle container and general cargo.

    The council believes that with Nigeria’s deep involvement in importation, in which the country is said to be importing almost 90 percent of products it consumes, it is important to build ICDs to address the obvious challenge posed by the limitation of seaport terminals’ space capacity.

    Already, construction of six ICDs by various companies, which have keyed into the initiative are in progress in various parts and geo-political zones of the country. In Kaduna, North-west, the ICD begun by Inland Container Nigeria Ltd (ICNL) is about to take off. In Jos, North-central, Duncan Maritime Services Ltd has started an ICD project and in Isiala Ngwa (Aba), South-east, the Eastgate Inland Container Terminal Ltd has begun another ICD project.

    Dala Inland Dry Port in Kano, North-west, now owns an ICD, with Migfo Nigeria Limited, Maiduguri taking care of the North-east. Catamaran Logistics Limited in Ibadan is expected to bridge up for the South-west, while Equatorial Marine Oil & Gas Limited Funtua has taken up the ICD initiative for the North-east.

    The collaborative seminar organized by the Nigerian Shippers Council and ICNL in Kaduna last week marked a turning point in the actualization of the initiative.

    From the Ministry of Transportation through the management of the Shippers Council to other stakeholders, there was unanimity of opinion that the project would provide stimulus to the economy of the states where the ICDs are sited and the country at large.

    Speaking at the event , NSC’s Executive Secretary and Chief Executive Officer, Hassan Bello said apart from assisting in decongesting the seaports and making them more user-friendly, the ICDs would bring shipping services to the door step of shippers across the nation. He emphasized the socio –economic significance of the ICDs to include reviving and modernizing the railway as a primary mode for the long distance haulage of cargo, as well as assisting in the reduction of overall cost of transit cargo to landlocked neighbouring countries. Establishment of customs clearance facility close to production and consumption centres; and improved container usage and reduction in the movement of empty containers, he said, have also been identified as key benefits of the ICDs.

    Harping more on the benefits of the ICDs, Bello explained: “The success of the ICD projects will definitely ensure greater efficiency of the terminals. This will in turn improve the turnaround time of ships thereby reducing demurrage and eliminating cases of pilferage”.

    To address the challenge of moving cargoes from the seaports to the hinterland, the Nigerian Shippers Council has taken further steps to initiate the construction of truck parks in the cities where the ICDs are being sited. With this development, there will be optimal use of surface transport and the decongestion of the sea ports; reduction in marine pollution activities around the seaport and easy and safe access to international shipping facilities in the hinterland giving a boost   to inland trading.

    There is therefore no gainsaying the fact that the success of the ICDs will also have a positive effect on the country’s agricultural development. Such an initiative can ensure revitalization of export agriculture leading to multi-product economy and provide employment opportunities, stemming urban-rural drift and increase in revenue to the government.

    With the present policy and the strategy it has embarked on, the NSC is prepared to work with the relevant agencies to ensure that Nigeria gets what is due her in revenue while the cost of doing business is reduced to the barest minimum.  The NSC has, as part of its strategy to ensure the smooth take off of the ICDs, reiterated its resolve to enforce regulation among all stakeholders so that they live to their individual and collective expectations at the dry ports as contained in the agreements. This will propel revenue generation and increased income for stakeholders.

    Riding on the new port order designed to check inefficiency, leakages in the harborages, and trade malpractices, and the support of the Minister of Transportation, Rotimi Amaechi, there is no doubt that the Nigerian Shippers Council is positioning itself to rescue the nation by raising non oil revenue to make up for the dwindling returns from oil.

  • Lawyer seeks recovery of loot by plea bargaining

    A Senior Advocate of Nigeria, Prince Adeniyi Adegbonmire, has urged the Federal Government to use plea bargain to recover money from corrupt politicians.

    Adegbonmire, a governorship aspirant in Ondo State on the platform of All Progressives Congress (APC), said while offenders should be punished for stealing public funds, there should also be legal provisions to recover the loot.

    He said: “Plea bargaining is a concept that was developed in the Western world, particularly as regards financial crimes; and the idea was that most of those financial crimes are so intriguing that it becomes difficult to disentangle. The white man then decided that, rather than waste so much time, energy and resources prosecuting people, we can actually plea bargain and say, ‘return it for a lesser custodian sentence.’

    “It’s not that you don’t go to jail, but it is a custodian sentence. It is as if a man is tried today and found guilty, there is what lawyers call allocutus; which is, your lawyer would say, ‘he is a first offender, he has never offended.’ So, rather than give him a maximum sentence which may be 10 years, the sentence may be commuted to two years because he has shown remorse and returned money.

    “Don’t forget this: plea bargain means you will still be convicted but because you do not allow us to spend additional money getting the money back from you.”

    “Now if you are able to achieve that without the added cost of prosecution, then it is a lofty idea,” he said.

  • Understanding the covenant of recovery!

    We discover from scriptures that every move of God is accompanied by waves of recovery. The Bible says: Be glad then, ye children of Zion, and rejoice in the Lord your God: for he hath given you the former rain moderately, and he will cause to come down for you the rain, the former rain, and the latter rain in the first month. And the floors shall be full of wheat, and the fats shall overflow with wine and oil. And I will restore to you the years that the locust hath eaten, the cankerworm, and the caterpiller, and the palmerworm, my great army which I sent among you. And ye shall eat in plenty, and be satisfied, and praise the name of the Lord your God, that hath dealt wondrously with you: and my people shall never be ashamed. And ye shall know that I am in the midst of Israel, and that I am the Lord your God, and none else: and my people shall never be ashamed (Joel 2:23-27).

    We also discover that Jesus came, among others, to restore all we may have lost. It is written: The thief cometh not, but for to steal, and to kill, and to destroy: I am come that they might have life, and that they might have it more abundantly (John 10:10).

    Furthermore, from scriptures, we understand that every redeemed child of God is called to enjoy all the good things of life, which include: spiritual, material and social.  As it is written:

    According as his (God’s) divine power hath given unto us all things that pertain unto life and godliness… (2 Peter 1:3; see also Psalms 34:10, Matthew 7:11). Unfortunately, many believers do not know what belongs to them in redemption; as such, they cannot account for whatever the devil has stolen from them.

    But, what are the things that belong to us in redemption?

    First, it is important to know that Christ redeemed us from the curse of the law and launched us into the realm of Abrahamic blessings. As it is written:

    Christ hath redeemed us from the curse of the law, being made a curse for us: for it is written, Cursed is every one that hangeth on a tree: That the blessing of Abraham might come on the Gentiles through Jesus Christ; that we might receive the promise of the Spirit through faith (Galatians 3:13-14).

    Again, the Bible says: Saying with a loud voice, Worthy is the Lamb that was slain to receive power, and riches, and wisdom, and strength, and honour, and glory, and blessing (Revelation 5:12).

    “The Lamb” in the above scripture is Jesus Christ; who, via redemption, purchased for us this seven-fold blessing:

    • Power: At salvation, we are empowered for triumph because the whole world lies in wickedness and the only language the enemy understands is power. As such, we need power to rule in the midst of our enemies since it takes empowerment to triumph in this wicked world (John 1:12; Luke 10:19; Psalms 66:3).
    • Riches: At redemption, we were rescued from the dungeon of poverty and translated into the Kingdom of prosperity. As it is written: For ye know the grace of our Lord Jesus Christ, that, though he was rich, yet for your sakes he became poor, that ye through his poverty might be rich (2 Corinthians 8:9).
    • Wisdom: Every redeemed child of God possesses divine wisdom as part of his/her new nature because at new birth, we are endowed with the mind of Christ (1 Corinthians 2:16; Matthew 11:19).
    • Strength: This means health, vitality, vigour and unusual energy. The church in the wilderness had no feeble person among their tribes. Unusual strength always attends to men who are in love with God. He is not only the Saviour of your soul, He is the Saviour of your body. Your body must be saved and delivered from corruption. Concerning Jesus, the Bible says: Who his own self bare our sins in his own body on the tree, that we, being dead to sins, should live unto righteousness: by whose stripes ye were healed (1 Peter 2:24; see also Proverbs 13:17; Matthew 8:17).
    • Honour: Every child of God has been redeemed as a star after the order of Christ; therefore, honour is our heritage in Christ. We are a city set on a hill that cannot be hid. We are the light of the world and the Salt of the earth. Therefore, we are valuable entities on the earth. When God honours, no devil can dishonor you and anybody who dares to dishonor who God has honoured, will lick the dust. For God’s honour is permanent. It is written: For your shame ye shall have double (honour); and for confusion they shall rejoice in their portion: therefore in their land they shall possess the double: everlasting joy shall be unto them (Isaiah 61:7; see also Revelation 22:16; John 17:18).
    • Glory: This is the answer to shame. We must recognize that by redemption, glory is not a destination but an adventure. As it is written: But we all, with open face beholding as in a glass the glory of the Lord, are changed into the same image from glory to glory, even as by the Spirit of the Lord (2 Corinthians 3:18; see also Joel 2:26-27;).
    • Blessings: Blessed be the God and Father of our Lord Jesus Christ, who hath blessed us with all spiritual blessings in heavenly places in Christ (Ephesians 1:3).

    Are you born again? This means, have you accepted Jesus Christ as your Saviour and Lord? If you haven’t, you can do so as you say this prayer: “Lord Jesus, I come to You today. I am a sinner. Forgive me of my sins. Cleanse me with Your precious Blood. Deliver me from sin and satan to serve the Living God. Today, I accept You as my Lord and Saviour. Thank You Jesus for saving me! Now I know I am born again!” For further reading, please get my books: All You Need To Have All Your Needs Met, Exploring The Riches Of Redemption, Understanding Your Covenant Rights and Possessing Your Possession.

    I invite you to come and fellowship with us at the Faith Tabernacle, Canaan Land, Ota, the covenant home of Winners. We have five services on Sundays, holding at 6:00 a.m., 7:35 a.m., 9:10 a.m., 10:45 a.m. and 12:20 p.m. respectively.

    I know this teaching has blessed you. Write and share your testimony with me through: Faith Tabernacle, Canaan Land, Ota, P.M.B. 21688, Ikeja, Lagos, Nigeria; or call 7747546-8; or E-mail: feedback@lfcww.org

  • Uzochukwu close to full recovery

    Uzochukwu close to full recovery

    AMKAR Perm midfielder Izunna Uzochukwu is targeting a return to action next week after sustaining a muscle injury in the African Cup of Nations qualifier against Tanzania on September 5.

    On his international debut, the 25-year-old had to play through the pain barrier and missed the friendly game against Niger Republic three days later before returning to Russia to begin his rehabilitation.

    “I pulled my muscle during the game against Tanzania but I was able to play all through the game with it. I started feeling the pains after the game,”  said Izunna Uzochukwu to allnigeriasoccer.com.

    “I started training with the physical trainer on Tuesday and it’s looking good so far.

    “I should be back training with the team fully again next week by God’s grace.”

    If the former FC Midtjylland star does not suffer a setback, he could make a return to action on game week 10 against Mordovia Saransk.

  • NNPC’s recovery drive

    • Every dime owed the country must be recovered

    The news that the Nigerian National Petroleum Corporation (NNPC) has begun the process of recovering billions of dollars in outstanding obligations by its Joint Venture partners and other players in the industry should ordinarily gladden the hearts of every Nigerian. A report submitted to the President detailing activities since the new management took over says that the corporation has begun the process of recovering over $7 billion in over-deducted tax benefits from JV Partners (JVP) on major capital projects.

    Among other highlights, the report also referred to the on-going work by a reputable international accounting firm to ascertain the exact amount due to the federation from the Strategic Alliance Contracts entered by the Nigerian Petroleum Development Company (NPDC) involving an outstanding $2.46bn; the reconciliation of the crude oil for refined products swap contracts said to have yielded an outstanding $420 million in favour of NNPC, of which only $277m has been recovered in lieu of products although recovery effort is said to be on-going.

    In all, NNPC’s Group Managing Director (GMD) Dr. Ibe Kachikwu touched on the performance measurement and value-for-money review embarked on by the corporation covering the period between 2008 and 2013 as raising great prospects of raising more cash into the national kitty.

    These initial steps are certainly important, both from the point of view of the on-going efforts to reposition the national oil corporation and the need to boost the accruals into the treasury. The reality however is that the report – largely statements of intentions – is not nearly enough if the outcomes of similar findings in the past are anything to go by. Nigerians expect to see the Federal Government move swiftly to recover every dime. If merely by the current state of the national treasury, any form of dithering by any of the debtors to promptly remit those funds already established as accruing to the NNPC, and by extension the federation account, would not just be intolerable but smack of acts bordering on economic sabotage. In the circumstance, it would not be out of place for the Federal Government to consider all possible options to ensure that the funds are paid without further delay.

    Howbeit, we recognise that these activities are merely a tip of the iceberg, given what is required to clean up the corporation’s Augean stables. They are in fact tangential to the main layers of investigations going on. Here we have in mind the investigations being undertaken at the behest of the ad hoc committee of the National Economic Council (NEC), the forensic audit ordered by the NNPC itself, and other sundry investigations being undertaken by the National Assembly. The issue really is that nothing stops the Federal Government from collecting its dues from either the JV partners or those found to have reneged on their primary obligations under the nebulous Strategic Alliance Agreements even as these investigations go on.

    It bears stressing that the efforts, far from being a closure,  are only the beginning of the long process to unravel the mystery accounting that has surrounded the operations of the NNPC; we see it as part of the wider efforts to check impunity in the nation’s public life and to ensure that proven cases of crime are deservedly punished. At the end of the exercise, Nigerians expect not only to see a re-branded NNPC but also a transformed and truly sanitised oil industry in which actors not only play and are seen to play by the rules, but one in which grave infractions are visited with serious consequences.

    The NNPC obviously still has a long way to go in this regard just as all eyes are on the Kachikwu-led management to see how well it would deliver on its current mission to clean up the rot in the industry.

  • Buhari’s 100 days: Placing Nigeria on the path to recovery

    Buhari’s 100 days: Placing Nigeria on the path to recovery

    All Progressives Congress (APC) National Leader Asiwaju Bola Ahmed Tinubu, in this title salute President Muhammadu Buhari’s painstaking slow fix , which he said is meant to set a stronger foundation for economic recovery

    Three months ago, the course of Nigeria’s future changed for the better. The APC won a historic election. Tired of the broken promises and damaged public institutions wrought by sixteen years of PDP misrule, the people demanded change. By virtue of the election, the people reclaimed the primacy of their sovereign will. They demanded that government should serve them before serving itself. That proclaimed that government for the people was not only possible in this land but that its establishment was overdue. The breath of hope was restored to the body politic. On that day, we all stood more proudly and more eager to walk into the new day that had come.

    But change is not made simply by winning an election or ejecting a few bad seeds from office. Change requires the careful removal of the rotted timber that has made national governance such a rickety structure. It requires the bold articulation yet wise implementation of a vision and supporting policies, programs and projects aimed at making our country better, making our people’s lives better.

    Change does not tolerate the high rates of poverty and joblessness that insult our national potential and reduce the lives of too many Nigerians. The change we seek will revive this economy in a way that creates jobs and lifts Nigerians out of poverty that all may enjoy the dignified and secure life promised us.

    Change is not weakening our military to the point where it is too demoralized and ill-equipped to protect our people from terrorist violence.Change is energizing that military with new leadership, better war materiel and the firm mandate to rout Boko Haram. Change is establishing peace and security so that the hundreds of thousands of displaced Nigerians may return home in contemplation of rebuilding their lives in ways better than what was before. And change means fighting corruption in all of its manifestations instead of consorting with it. No longer shall the public treasury, meant for the wellbeing of the many, be treated as the private reserve of the few.

    Nigeria is now 100 days into President Buhari’s leadership. It is clear that he has begun the change Nigeria needs. He has shown the decisiveness, the incorruptibility, security acumen and progressive vision we voted for. He has brought the leadership we desperately need. I shudder to think where we might be had the prior administration been allowed to govern even 100 days more, let alone another four years.

    First, Buhari has turned the table against Boko Haram.He has not hesitated to take the fight to the terrorists, destroying their hideouts, capturing their fighters and equipment while taking the military initiative away from them.  They are on their heels and on the run. To get to this better position, he dismissed general officers who had lost heart and were too hesitant to confront Boko Haram, replacing them with new military commanders selected not on regionalism or favoritism but on the strength of their military leadership and fighting spirit. The president strengthened our security partnerships with Chad, Niger, Cameroon, and the United States to build a much stronger regional and international coalition to uproot the terrorists.  He continues to reach out to other nations to further strengthen that coalition. We are no longer a junior partner in a fight that mostly takes place on our soil. Because of President Buhari, we are at the head of this  multilateral effort, driving it forcefully to successful conclusion. We are already seeing improvements in safety across the Northeast as Boko Haram retreats and retreats. Buhari will not relent until there is no more Boko haram left to fight.

    Buhari is also tackling corruption. Hehas already shown dozens of corrupt officials the exit, demonstrating that he will not tolerate corruption in his government. He is busily plugging the loopholes in the system to prevent the wholesale thievery so common under the predecessor government.The idea of a single federal government account is one such corrective measure.  Moreover, he is studiously tracking where much of the stolen funds went. He is doing this that he may recover these public funds and bring to book those who purloined them.

    He will return that money to the people, using the funds to build schools, roads, and hospitals that Nigeria needs.

    The President is also taking steps to pull our economy from the dangerous brink where the PDP left it and then to strengthen and diversify the economy that it may provide jobs and prosperity to all who are willing to work to improve their lot.  He has fought and already cured much of the indiscipline and subterfuge that plagued the operation of our refineries and power system. Just in the first hundred days, refinery production has increased reasonably, lowering the cost of fuel importation and thus spurring greater economic activity. He also has improved electricity production by holding the power companies accountable.

    By approving a package of emergency fiscal and financial relief, he has stopped the slide of numerous states into economic depression and imminent bankruptcy. By enabling the payment of back salaries to state government civil servants, he has saved millions of Nigerians from sinking into the hunger and poverty. Moreover, the funds paid to these people will be used to purchase goods and services thus energizing local economies that were becoming flaccid due to lack of aggregate consumer demand. The former government should have taken this step months ago, even before the election. However, it let a bad situation fester into impending calamity. Had that government remained in office, it would have allowed the states to slide into bankruptcy, triggering a financial crisis that would have engulfed the banking system if not the entire economy. In his first 100 days, President Buhari staved the financial paralysis of the states and, as such, may have prevented  a sudden and crippling financial crisis. Gone are the days of rebasing falsehood and brazen theft from our treasury.

    In coming weeks, he will reveal his budget. The budget will go far toward honoring his campaign promises to boost domestic industries, improve our schools to prepare our children for the jobs of tomorrow, and invest in infrastructure that will make Nigeria a better place to run a farm, build a factory, drive your car, drink the water, construct a home, and create jobs.

    We have still a lot of work to do. While reeling, Boko Haram is not completely defeated. Ourstolen girls are not back, and too many from the North East are still unable to return home. With regard to corruption, we must not only recoup stolen money, we must rediscover lost public ethics. We need to establish the mindset that corruption is criminal and evil and do away with the mentality that has treated it as correct public etiquette. While actions have been taken to thwart imminent crisis, much needs to be done to place the economy on solid footing over the longer haul.  I look forward with great optimism and enthusiasm to the government coming forward with plans to create jobs, modernize our infrastructure and diversify the economy so that our industrial sector may attain greater prominence.

    I salute and accept the deliberate painstaking slow fix of this government which is meant to set a stronger foundation for quick economic recovery. The effort to stem the primitive pilferation of our commonwealth must attain national priority. The Buhari administration is committed to building a new country.

    Looking at the fragile vehicle they inherited and at the harsh terrain they have been able to navigate, I could not be prouder of what the President, the Vice President and their team have done thus far. If they continue in this manner, they would have done more than justify the people’s faith in them. They would have placed Nigeria on the path to its better self. We cannot ask any more from them than that.

     

  • NNPC embarks on recovery measures

    NNPC embarks on recovery measures

    For several years, the Nigerian National Petroleum Corporation (NNPC) was an epitome of corruption as it was hardly accountable and transparent to tax payers. The new management is battling to address these issues, writes JOHN OFIKHENUA.

    The Nigerian National Petroleum Corporation (NNPC) now churns out press releases almost every day on its activities; a departure from the past when the corporation’s operation was shrouded in secrecy. Previously, little or no news emanated from the information unit of the corporation, but now the unit is super-active.

    The NNPC made the security of pipeline the responsibility of private individuals for no justifiable reason other than outright shirking of the duty of the police and navy, but according to an analyst, the step was a measure to placate kinsmen and political allies. Now it is no more business as usual.

    Several years of alibi for why the country could not refine crude in its refineries, and undue dependence on imported fuel suddenly seems to be coming to an end as the refineries have become functional.

    The body language of the Presidency and the changes already made, point to how the corporation can flourish in the next four years. President Muhammadu Buhari’s first action to transforming the NNPC, was the removal of a near dormant Group Managing Director (GMD), Dr. Joseph Dawha. It was either the former NNPC boss was bereft of ideas about how to run the corporation or someone weighed him down, and made the office suffer neglect.

    But on August 3, Buhari  returned the corporation to the path of revival , competitiveness and profitability with the appointment of Dr, Emmanuel Ibe Kachikwu as the new NNPC and the retirement of eight Group Executive Directors ( GEDs) namely:  Mr. Bernard Otti, GED Finance and Accounts; Dr. Timothy Okon, Acting GED Exploration and Production, who also doubles as Coordinator, Corporate Planning & Strategy; Engr. Adebayo Ibirogba, Engineering and Technology; Dr. David Ige, Gas and Power; Ms. Aisha Abdurrahman, Commercial and Investment; Dr. Dan Efebo, Corporate Services; Engr. Ian Udoh, Refining & Petrochemicals; and Dr. Attahiru Yusuf, Business Development.

    Prior to their retirement, analysts were already clamouring that the Presidency should purge NNPC of all the players that have run it like a personal business. The populace was tired of the mystery that surrounded the operation of the corporation and the deluge of fraudulent allegations.

    The media were awash with various stories of mismanagement and corruption in the Corporation, which made the cleansing of the top echelon necessary.

    The Presidency in a one fell swoop pruned the directorates from eight to four. With the approval of the presidency four new GEDs and Chief Executive Officers were appointed for some of the NNPC subsidiaries. Those appointed were Dr. Maikanti Baru, Group Executive Director, Exploration & Production; Mr. Isiaka Abdulrazaq, Group Executive Director, Finance & Services; Engr. Dennis Nnamdi Ajulu, Group Executive Director, Refining & Technology; and Dr. Babatunde Victor Adeniran, Group Executive Director, Commercial & Investment.

    New Company Secretary/Legal Adviser and Managing Directors were also appointed for the Strategic Business Units (SBUs). They are Chidi Momah, Group General Manager, Company Secratarty & Legal Adviser; Mrs. Esther Nnamdi Ogbue, Managing Director, Pipelines and Products Marketing Company (PPMC); Engr. Chinedu Ezeribe, Managing Director, Warri Refinning & Petrochemicals Company (WRPC); Mr. Babatunde Bakare, Managing Director, Nigerian Gas Company (NGC); Mr. Inuwa Ibrahim Waya, Managing Director, Hyson; Mr. Abubakar Mai-Bornu, Managing Director, Nigerian Petroleum Development Company (NPDC); and Mr. Ladipo Fagbola, Managing Director, NNPC Retail.

    Others are: Mr. Rowland Ewubare, Managing Director, Integrated Data Services Ltd (IDSL); Mr. Modupe Bammeke, Managing Director, NNPC Prpoerties; Mr. Abdulkadir Saidu, Managing Director, Duke Oil; and Mr. Dafe Sejebor, Group General Manager, Nigerian Petroleum Investment Management Services (NAPIMS).

    Besides his intimidating curriculum vitae, it was evident that Kachikwu’s job was already cut out for him with strident terms of reference. With his private sector background, he has started running the corporation with his eyes on profit for the benefit of the citizenry. His actions since assumption of office on August 4 have shown that he is ready to live long in the hearts of Nigerians. Critics, especially labour economists, may view the reduction of the Directorates from eight to four and the retirement of 38 top management staff as inimical to the economy, especially now that there is global economic downturn. But the GMD’s explanation is that he wants to reposition the NNPC. The new NNPC, according to him, should take a leap from its civil servant orientation to a business-driven entity. With this conception, he has employed 12 personnel from the private sector to jump-start a new business outlook to intensify operational space as a profit-driven business.

    The Group General Manager, Group Public Affairs Division, Mr. Ohi Alegbe clearly explained this in a statement saying: “the new appointments are in line with the Federal Government’s aspiration to transform the Corporation into a lean, efficient, business-focused, transparent and accountable national oil company in keeping with international best practices.”

    Besides, one thing, however, goes for him, his principal, President Buhari, is also bent on leaving indelible legacies in the country’s oil and gas sector. He has demystified the longstanding politics of turnaround maintenance without results without results. Surprisingly, NNPC on July 29 announced that the Port Harcourt and Warri refineries have been successfully re-streamed after a nine-month phased rehabilitation exercise conducted by its in-house engineers and technicians.

    The Corporation said with the successful re-streaming of the PHRC and WRPC attention has now moved to the 110, 000 barrels per day Kaduna Refining and Petrochemicals Company, which is billed to come on stream soon.”

    Kachikwu has also vowed that all Production Sharing Contracts (PSCs) and Joint Venture Agreements and all other contracts between the NNPC and its various partners would be reviewed to reflect current day realities in the global oil and gas industry. The decision, according to him, is to put in place efficient, transparent and profit-oriented processes and not to embark on a mass retrenchment of the workforce.

    The Corporation has cancelled the current contract for supply of crude to Nigerian refineries due to exorbitant cost and inappropriate process of engagement and appointed NIDAS Marine Limited to handle the job in the interim. It also terminated the Offshore Processing Agreement (OPA), entered into with Duke Oil Company Inc., Aiteo Energy Resources Limited and Sahara Energy Resources Nigeria Limited and the process of engaging new contractors is ongoing.

  • Equities record modest recovery on bargain-hunting

    The Nigerian stock market yesterday heaved a sigh of relief from a sustained depression that had shaken the market to new low and dropped key indices below their psychological points. Investors turned round to take advantage of the depreciation in share prices, pumping up demand that triggered modest recovery in key indices.

    The All Share Index (ASI), the value-based common index that tracks prices of all quoted companies on the Nigerian Stock Exchange (NSE), recorded a modest day-on-day gain of 0.30 per cent to close at 28,221.75 points as against its opening index of 28,137.65 points.

    Aggregate market value of all quoted equities rose marginally by N29 billion from N9.670 trillion to close at N9.699 trillion. The modest recovery moderated the negative average year-to-date return to -18.57 per cent.

    While there were still more decliners than advancers, substantial rally within the highly capitalised group buoyed the overall market position. Guinness Nigeria topped the 20-stock gainers’ list with a gain of N5.49 to close at NN115.50. Mobil Oil Nigeria rose by N4.45 to close at N147.95. Julius Berger Nigeria added N1.85 to close at N43. Dangote Cement rose by 87 kobo to close at N166.02. Guaranty Trust Bank gathered 70 kobo to close at N20.70. Vitafoam Nigeria chalked up 40 kobo to close at N6.15. Dangote Sugar Refinery rose by 26 kobo to close at N6.60. Skye Bank added 19 kobo to close at N2.13. FBN Holdings rose by 17 kobo to close at N5.40 while Diamond Bank added 13 kobo to close at N2.89 per share.

    Turnover was around average with the exchange of 333.21 million shares worth N2.81 billion in 4,449 deals. Financial services stocks accounted for 196.64 million shares worth N830.8 million in 1,719 deals. Zenith Bank was the most active stock with a turnover of 59.52 million shares valued at N824.09 million in 377 deals. United Bank for Africa followed with a turnover of 52.5 million shares worth N157.44 million in 298 deals. Skye Bank placed third with a turnover of 44.01 million shares valued at N91.14 million in 198 deals.

    “The change in the market mood today can be attributed to renewed optimism in the some largely capitalized stocks trading at attractive prices. We acknowledge that this swing in the ASI is largely driven by bargain-hunting, hence we implore investors to continue to take position on value stocks with sound fundamentals,” Afrinvest Securities stated in post trading review.

    However, the market remained with a strong negative undertone. Thirty one stocks recorded price depreciation yesterday. Total Nigeria led the losers with a loss of N4.38 to close at N142.50. Flour Mills of Nigeria lost N2.56 to close at N23.76. PZ Cussons Nigeria declined by N2.24 to close at N20.87. CAP dropped by N1.95 to close at N37.05 while International Breweries declined by 83 kobo to close at N16.17 per share.