Tag: retirement

  • How I will spend my retirement, Osunkeye

    How I will spend my retirement, Osunkeye

    After nearly four decades on the board of several companies, what will Nigeria’s boardroom icon, Chief Olusegun Osunkeye, be doing as he quits his last major corporate engagement this month? He will open a new chapter in service to humanity and God.

    Osunkeye told The Nation that he will devote his time henceforth to mentoring and helping to discover, nurture and encourage new crop of Nigerian corporate leaders.

    Osunkeye retires as chairman of Lafarge Africa Plc on May 23, 2015. He had earlier in 2014 retired as chairman of GlaxoSmithKline Consumer Nigeria (GSK) Plc, where he held the largest shareholdings among the directors. Osunkeye had kick-started his gradual disengagement from active corporate management with his celebrated retirement as chairman of board of Nestle Nigeria Plc.

    In a chat with The Nation, Osunkeye said he will devote his retirement period to mentoring, social and community work and church activities.

    According to him, he will draw on his experience to help to nurture corporate executives and entrepreneurs and will be available for any activity that will lead to socio-economic development of the communities.

    Osunkeye, who had earlier retired from Nestle Nigeria as he winds down long industrious boardroom career, opted for voluntary retirement from the board of Lafarge Africa after leading the cement group through a complex consolidation of its operations.

    Osunkeye’s retirement takes effect on May 23, 2015, the same day that Mobolaji Balogun, son of the founder of FCMB Group, Chief Subomi Balogun, steps into the board chairmanship. Balogun has been a non-executive director on the board of Lafarge Africa.

    Osunkeye is widely revered by the minority shareholders for his inclusive approach and the sterling performance of the companies he presided over. He received a standing ovation from the minority shareholders at his last annual general meeting at Nestle Nigeria.

    Osunkeye guided Lafarge through a complex consolidation of its businesses in Nigeria and South Africa under a single entity subsequently renamed Lafarge Africa Plc.

    Lafarge had on July 9, 2014 received shareholders’ approval to consolidate its cement businesses in Nigeria and combine these with South African operations to create a leading sub-Saharan building materials giant to be known as Lafarge Africa Plc. The consolidation was done by transferring Lafarge’s assets in South Africa and Nigeria to Lafarge Cement Wapco Nigeria Plc.

    Under the transaction, Lafarge Group transferred its direct and indirect shareholdings in Lafarge South Africa Holding Limited of 72.4 per cent and its equity stakes in three other cement companies in Nigeria-United Cement Company of Nigeria (Unicem) Limited, 35 per cent, Ashaka Cement Plc, 58.61 per cent and Atlas Cement Company Limited, 100 per cent to Lafarge Wapco for a cash consideration of $200 million and the issuance of some 1.4 billion Lafarge Africa shares to the Lafarge Group.

    Nigerian Cement Holdings B.V.(NCH), an affiliate of Large Africa Plc, two weeks ago completed the acquisition of the first 15 per cent tranche equity stake in Unicem  NCH, which is owned 50 per cent by Lafarge Africa, had 70 per cent equity stake in Unicem and with the acquisition, it has now increased its stake to 85 per cent.

    NCH had in November 2014 entered into an agreement with FMN Cement Industries Limited, a wholly owned subsidiary of Flour Mills of Nigeria Plc to acquire its 30 per cent investment in Unicem. The completion of the acquisition of the first tranche of 15 per cent paves the way for the acquisition of the second tranche of 15 per cent, which is scheduled for on or before February 2016.

    Lafarge Africa also recently successfully concluded a mandatory tender offer (MTO) for acquisition of minority shares in Ashaka Cement Plc, thus increasing its majority equity stake in Ashaka Cement to 82.46 per cent.

    The MTO was triggered by the transfer of 58.61 per cent majority equity stake in Ashaka Cement previously held by Lafarge Nigeria (UK) Limited. Section 131 of the Investment and Securities Act (ISA) and Rule 445 of SEC make it mandatory for any institution or person that acquires at least 30 per cent of a company to make an MTO to other minority shareholders.

    According to the report, 3,641 shareholders of Ashakacem tendered 534.14 million ordinary shares of 50 kobo each, which represented 23.85 per cent of the total minority stake of 41.39 per cent sought to be acquired by Lafarge Africa.

    The board of Lafarge Africa confirmed that it has allotted about 150.73 million ordinary shares of 50 kobo each of Lafarge Africa and paid about N1.07 billion as shares and cash considerations to the shareholders of Ashakacem that accepted the MTO.

    With this, Lafarge Africa now has 82.46 per cent majority equity stake in Ashakacem. The completion of the MTO followed receipt of the requisite regulatory approvals by Lafarge Africa.

    Following the consolidation of Lafarge’s businesses in Nigeria and South Africa into Lafarge Africa, Lafarge Africa had acquired 58.61 per cent majority equity stake in Ashaka Cement. The majority equity stake was previously held by Lafarge Nigeria (UK) Limited. The acquisition was done through a block trade at the Nigerian Stock Exchange (NSE).

    Lafarge Africa then in late December 2014 launched an MTO to acquire the remaining 41.39 per cent equity stake held by other shareholders in Ashakacem in furtherance of the consolidation of Lafarge’s businesses. The MTO, scheduled to close in January 23, 2015, was extended for another five working days.

    Under the MTO, Lafarge Africa offered 57 ordinary shares of 50 kobo each in exchange for 202 ordinary shares of 50 kobo each of Ashakacem. In addition, Lafarge Africa offered to pay N2 for every acquired Ashakacem’s share.

    Minority shareholders had held 927.009 million ordinary shares of 50 kobo each in Ashakacem, representing 41.39 per cent of the cement company’s total outstanding shares. With this, Lafarge was expected to issue 261.58 million ordinary shares and pay additional cash consideration of N1.85 billion as equity and cash consideration for the full take-over of the 41.39 per cent equity stake held by minority shareholders in Ashakacem.

    Osunkeye described the completion of the MTO as a major step in the consolidation of the Lafarge’s businesses.

    “This is a significant step in the conclusion of the consolidation process of Lafarge Africa Plc. I would like to express my appreciation to the AshakaCem shareholders whose participation in the transaction through the tender of their shares has made this a very successful process,’’ Osunkeye said.

     

     

  • On their way to retirement?

    On their way to retirement?

    The repercussions could be politically disastrous for their image, career and confused followership. When a politician goes to poll with confidence, especially after much bragging and flaunting of experience, formidable structure and other pedigrees, they are hardly sensitive to the reality that the line of demarcation between success and failure is thin. Success has many fathers, but the burden of liability may be borne solely by the casualties of electoral defeat.

    Young politicians have time to correct the mistakes and strike back because age is on their side. They can return to the drawing board, re-strategise and bounce back. But not all of them would have a second chance. When the first lawyer from Akure, Ondo State, Akinola Aguda, stood for parliamentary election as an independent candidate against an Action Group (AG) candidate, despite entreaties to postpone his bid, he met his political waterloo at the poll. He quit politics for life. However, he later emerged as a giant of the bar and bench.

    Instructively, once the frontline Awoist, the late Chief Akin Omoboriowo, parted with his leader, the late Chief Obafemi Awolowo, his political career ended on that note. Also, when the late Chief Hezekiah Davies got employment at the CMS Bookshop during the colonial days, to the consternation of firebrand youths who adored him, their perception of his leadership position in the nationalist movement changed. There was loss of political trust. By the time the Prime Minister, Tafawa Balewa, appointed Davies as a Minister of State in the Cabinet Office, the old lawyer knew that the appointment was a prelude to his retirement.

    Indeed, some costly mistakes could mar the chance of old political war horses to spring new surprises. Thus, when the AG National Secretary, the late Chief Ayo Rosiji, lost his House of Representatives seat, following his defection to the defunct Nigeria National Democratic Party (NNDP) led by the late Chief Ladoke Akintola and Chief Remi Fani-Kayode, his political career was on the eclipse. He was the last minister of information in Balewa’s government. The brilliant career of the colourful politician ended with the First Republic.

    In post-Jonathan period, what will be the fate of the President’s sponsors in the Southwest, Southeast and Southsouth? Politics, no doubt, is in their blood, but will the pro-Jonathan campaigners remain active at the twilight of life? Will the tragedy of defeat make political retirement more compelling? What will be their role under the new government?

    Adebanjo

    Adebanjo is a foremost disciple of Awolowo. His assets are his devotion to Awoism, political consistency, integrity and contentment. Many Nigerians hold him in high esteem. In his own right, the Afenifere and National Democratic Coalition (NADECO) chieftain is a renowned pro-democracy crusader, an apostle of true federalism and a dogged fighter for the rule of law and justice. Since he entered politics as a youth activist in the AG, he has never looked back. Adebanjo was a member of the AG Youth Association led by Fani-Kayode, and later by Ayo Fasanmi. He was one of the first sets of the AG Organising Secretaries.

    In the days of political tribulation, he did not betray his leader. He was a foundation member of the defunct Unity Party of Nigeria (UPN), led by Awo. He was also the National Vice Chairman and later Acting Chairman of the Alliance for Democracy (AD). He was among the three Afenifere leaders who nominated Asiwaju Bola Tinubu for the governorship of Lagos State in 1999. Despite his long stay in politics, Adebanjo has never contested elections.

    However, the camp of his admirers was split during the recent elections. Adebanjo, a lawyer, is the most vocal and combative Afenifere chieftain. When the pan-Yoruba socio-political group endorsed President Goodluck Jonathan for a second term, tongues wagged. The perception of his support for the PDP contrasted with the perception of his backing for the Democratic Peoples Alliance (DPA), which was believed to be a protesting progressive party, in 2007.

    During the electioneering, Adebanjo did not hide his affection for the President, whose achievements he praised to high heavens. The Yoruba elder from Ilishan-Remo, Ogun State, also hinged his support for the Peoples Democratic Party (PDP)-led Federal Government because the President, in his view, had accepted to implement the report of last year’s National Conference. Adebanjo was a delegate to the conference. However, another delegate, Mr. Femi Falana (SAN), said that its implementation would be a ruse. He explained that the Yoruba Agenda did not scale through at the conference, thereby validating the earlier warning by Asiwaju Bola Tinubu that the conference would pale into a decoy, a jamboree and a Greek gift.

    A source said that Adebanjo mobilised Afenifere to support the PDP candidate to spite Tinubu, who fell out with them during the protracted AD crisis. Indeed, the crises came from two sources-Bola Ige/Olu Falae struggle for power and Ganiyu Dawodu/ Tinubu rift. But unresolved dispute has polarised Afenifere into Fasoranti and Fasanmi factions. While the former pitched tent with Jonathan, the latter supported Buhari. The damage done to Afenifere by the antagonistic positions of the two factions was monumental. According to observers, when the group supported the conservative government at the centre, it mocked its antecedent as an ally of progressive movements. Indeed, the majority of Yoruba ignored his call to vote for the President at the poll. Their feeling was that the group failed to read the correct mood of the marginalised zone. The question is: can the pro-PDP Afenifere faction now speak for Yoruba under the new dispensation?

    Ajayi

    Ninety-year-old Ajayi is an illustrious son of Yorubaland and a great Nigerian; brilliant, polished, discerning, hardworking and highly diplomatic. He is not a noise maker. He is a man of peace. The Isara-Remo-born Awoist is a lawyer by profession. He was a member of the AG, UPN and AD. He is an ex-Commissioner for Education in the old Western State. Many Yoruba people hold him in high esteem because he is a non-confrontational and non-controversial figure. He is very passionate about his race and its position in a modern Nigeria.

    Ajayi is one of the three leaders of Afenifere who called the shot until the group was factionalised in the post-Adesanya period. When Senator Abraham Adesanya was the leader of the group, Ajayi and Adebanjo, who were part of the “controlling leadership,” exerted much influence on the Ijebu-Igbo-born leader. When the pan-Yoruba socio-political group was engulfed in crisis, he was distressed by the turn of events. But efforts to resolve the logjam in the Lagos chapter through the 60/40 sharing formula recommended by the committee headed by him did not achieve the desired result.

    Ajayi, a Methodist knight, was a delegate to the National Conference. Although he strategically stayed in the background during the public endorsement of the President by Afenifere, many Yoruba believed that Adebanjo spoke his mind. With the defeat of his preferred presidential candidate, the elder statesman may recoil into his shell.

    Fasoranti

    The Akure, Ondo State-born educationist and politician became the Acting Leader of Afenifere when the crisis ravaging the group got to a peak. Under his leadership, the group has been decimated by strife, rancour and clash of ego.

    Fasoranti is an old ‘Action Grouper,’ having joined the dominant progressive bloc in Yorubaland under Awolowo as a student of the University of Ibadan in the fifties. He was loyal to the progressive cause. A teacher, he served as principal in schools in Oyo, Iwo, Osogbo, Iju-Ita-Ogbolu and Ado-Ekiti. In 1979, the late Chief Adekunle Ajasin wanted to make him his running mate, but Awo suggested Omoboriowo for ethnic balancing. Fasoranti served as the Commissioner for Finance.

    A patriot, he surrendered his private school to the government during the take-over of private schools by the Ajasin Administration without asking for compensation. He later established another private school. In 1999, he was the natural choice for the governorship in Ondo State chapter of the AD, but he declined, saying that he was mourning the demise of his beloved wife. Throughout his public career, Fasoranti has always shunned avarice, opulence and materialism.

    However, as the Afenifere leader, he has presided over a divided house. Reconciliation in the fold has been difficult. A parley organised by relatively younger members—Olawale Oshun, Tokunbo Ajasin, Kayode Fayemi, Bisi Adegbuyi, Jimi Agbaje, Ayo Afolabi, Yinka Odumakin and Kunle Famoriyo—to unite the group failed. Fasoranti, Adebanjo, and Fasanmi and Olabiyi Durojaye were present at the Ibadan meeting, but it did not lead to any reunion or renewal of contact.

    Unlike Adesanya, he has over-relied on the “Ijebu Mafia” in the group in decision-making, unmindful of their agenda. For example, his Akure declaration that the AD national convention that produced Chief Mojisoluwa Akinfenwa as the chairman appeared to have substantially satisfied the laid down party guidelines led to controversy, with the other group led by Akande, Tinubu and Osoba calling it quits with the party. When the faction also threw its weight behind the PDP governorship candidate in Osun State against Governor Rauf Aregbesola, many Yoruba started to have a second thought about Afenifere.

    But the straw that broke the camel’s back was the group’s support for Dr. Jonathan’s re-election bid. It came after the outcry by Afenifere against the regime. At a press conference, Fasoranti had criticised the Federal Government for marginalising the Southwest in the distribution of appointments and social amenities. Thus, the u-turn was worrisome to many Yoruba sons and daughters, who felt that the organisation might have sold out.

    Despite its promise to the President Jonathan, Afenifere failed to mobilise the Yoruba to vote for him. There was a clear disconnect between the group and the people.

    Okurounmu

    Okurounmu is a Yoruba star. The engineer is a former university don. In 1979, he was appointed as the Commissioner for Education, and later Works, by former Ogun State Governor Olabisi Onabanjo. He was prominent in the NADECO/Afenifere struggle for the revalidation of the annulled June 12, 1993 presidential election won by the Social Democratic Party (SDP) candidate, the late Chief Moshood Abiola.

    In 1999, the AD chieftain was elected into the Senate. But he was defeated in 2003 by Senator Ibikunle Amosun of the PDP. Shortly after Mr. Ayo Opadokun was shoved aside as the National Secretary of Afenifere and Okurounmu became the scribe. In 2005, he presented Afenifere’s position on the alleged third term agenda of former President Olusegun Obasanjo. But controversy trailed his submission in 2009 that Afenifere membership was open to all Yoruba, irrespective of party affiliations. In 2010, he also rejected the call for power shift by the North, saying that Dr. Jonathan deserved a second term.

    Last year, Okurounmu was appointed by the President as the Chairman of the National Conference Consultative Committee. The panel collated views from stakeholders from the six geo-political zones. Many Afenifere chieftains were delegates to the conference. But whether the report will be implemented is doubtful.

    The Egba-born politician campaigned for Jonathan as a chieftain of Afenifere, but PDP failed at the general elections in the Southwest.

    Fasehun

    Frederick Fasehun, a medical doctor and businessman, rose to prominence with a dint of hard work. In the Third Republic, he was a presidential aspirant in the SDP. A Yoruba patriot, he formed what is now known as the ethnic militia, the Oodua Peoples Congress (OPC). That was during the agitation for the actualisation of the “June 12” mandate. He was detained for 19 months between December 1996 and June 1998. He was released from detention 18 days after the death of the Head of State, Gen. Sani Abacha.

    Recently, Fasehun formed the UPN. The party was disowned by the former members of the UPN led by Awo, who also said that he had embarked on a fruitless voyage. There was a split in the party, with some members alleging that it was set up to drum support for the President’s second term agenda. The controversy was still raging when news about pipeline monitoring contract filtered into the public.

    After the initial postponement of the election dates, OPC’s protest in Lagos shut down the mega city. Socio-economic activities were paralysed. The group threatened fire and brimstone. At the close of polls, it was evident that the militia was highly deficient in political mobilisation.

    Osoba

    The veteran journalist is a mentor and role model for many media practitioners. Since the late sixties, Osoba has been a household name in Nigeria. He achieved progression in his career under the military rule, but he maintained contact with the grassroots. As he ploughed back to his community, he extended frontiers of cooperation and tentacles of influence across the country. He left indelible marks in the Daily Times as the Editor and Managing Director, The Nigerian Herald as the General Manager, and Editor of The Sketch. He was a member of the 1988 Constituent Assembly. In 1992, he was elected as the governor of Ogun State on the platform of the SDP. In 1999, he bounced back as the governor on the platform of the AD. He was a delegate to the National Conference.

    Osoba is a founding father of the APC, but along the line, his attention was diverted by local politics. In Ogun State, crisis had broken out between him and the governor, Amosun, over the control of the state chapter. Osoba’s men, including Deputy Governor Segun Adesegun, Senator Gbenga Kaka, Senator Gbenga Obadara, and Senator Akin Odunsi, were up in arms against Amosun.

    In protest, they opted out of the APC. Osoba supported them to seek fortune on another platform. But their next port of call, the SDP, is a fragile party. It lacks a formidable structure. It is unknown to the people of the Gateway State. During the general elections, the party could not fly. Their governorship and senatorial ambitions crumbled. Today, Osoba is perceived as the backbone of one of the opposition parties in Ogun State.

    Clark

    Senator Edwin Clark, lawyer, former Federal Commissioner for Information and Second Republic senator, knows his onions. He is a fearless defender of the Southsouth interest. The Ijaw Leader was very passionate about the President’s second term project. During the electioneering, he exchanged hot words with prominent Northern leaders canvassing power shift, including Prof. Ango Abdullahi and Dr. Junaid Mohammed. But, Clark lost on two fronts. President Jonathan lost at the election while his wife, Bisola, who was the PDP senatorial candidate for Ogun West District, also lost her deposit. But Clark remains the undisputed leader of the Ijaw nation.

    Ikimi:

    The rich architect from Edo State came into political limelight in the Third Republic when he emerged as the National Chairman of the National Republican Convention (NRC). Before then, he was a member of the Constituent Assembly. He was also a Special Adviser to Abacha and later the Minister of Foreign Affairs.

    A serial defector, Ikimi defected from the All Nigeria Peoples Party (ANPP), where he was a member of the Board of Trustees (BoT), to the PDP in 2001. He conducted the 2003 presidential convention of the party in 2003. In 2006, he joined the defunct AC. He played an important role in the merger of the legacy parties-ACN, ANPP, CPC and a section of APGA. He was the Co-ordinating Chairman of the Merger Talks. When the APC was formed, Ikimi became its National Vice Chairman (Southsouth). But he withdrew from the party last year because his chairmanship ambition was not supported by powerful forces in the party. Although he returned to the PDP, the party failed in its mission to install the majority of the members of the House of Assembly during the election.

    Anenih

    The PDP-BOT Chairman is a strategist and a schemer. But in the last election, he could not spring a surprise in favour of the President and the PDP. At 83, the acclaimed ‘Mr Fix It’ of Nigerian politics appears to be in a fix. The Iyasele of Esanland and frontline politician from Uromi could not also lead the Edo chapter to victory. The question is: Is pre-1999 Anenih the same as the Anenih of today?

    Anenih has never ceased to be on the firing line since the Second Republic. In 1981, he surprisingly displaced the late Chief Tony Enahoro as the Bendel State Chairman of the National Party of Nigeria (NPN). He led the party to victory in 1983, with Dr. Sam Ogbemudia of the NPN displacing Governor Ambrose Ali. That marked the beginning of his meteoric rise to fame.

    In the Third Republic, the late Gen. Sheu Yar’Adua’s group, the Peoples Democratic Movement (PDM), installed Anenih as chairman. But the national chairman did not lend his voice to the June 12 struggle. In 1994, he became a delegate to the National Conference set up by Abacha. In 1999, Anenih, the PDP leader, became a full power broker. He was the Minister of Works in the Obasanjo Administration. Obasanjo, who held him in awe, called him “My Leader”, to the amusement of other chieftains who nodded affirmatively. In 2002, he declared that there was no vacancy in Aso Villa.

    But the tide begun to change for the powerful man in 2007. The former President of the Nigeria Labour Congress (NLC), Adams Oshiomhole, who ran for the governorship of Edo State on the platform of the AC, had called attention to the evil of godfatherism in the state. At the governorship election, he beat Anenih’s candidate, Osaherim Osunbor. After the election, he was edged out of office by Obasanjo as the BoT Chairman. But he regained the seat when Obasanjo resigned.

    During the 2012 governorship election, Oshiomhole also dusted the PDP candidate, Gen. Charles Airhiabvaire. But ahead of the recent elections, the chief worked harder. Some ACN and later, APC chieftains, defected to the PDP. But unlike before, he could not re-enact the old feat.

    For 16 years, Anenih basked in the euphoria of federal power. He will now need to adjust to a full opposition role at the federal and state levels.

    Ekwueme

    The former Vice President is a successful architect. He has five degrees, capping it all with a doctoral degree in architecture. In 1979, he became the Vice President. As a member of the National Conference, he served on the Committee for the Structure and Framework for the Constitution. The committee proposed the rotation of power across the six regions.

    Ekwueme was the leader of the “G-34,” which fought Abacha to a standstill. He was the first PDP-BoT Chairman. His ambition is to serve as the President, but the aspiration has always been aborted by powerful forces in the party. When the PDP was in deep crisis, he was the Reconciliation Committee chairman. In the last election, the former Vice President’s intervention was limited. He complained that the party had neglected him. When the President later visited him, he urged people to support him.

    Ezeife:

    Ezeife was the governor of Anambra State between 1992 and 1993. In 1999, he was an AD chieftain. Later, he became Political Adviser to former President Obasanjo.

    During the last general election, he campaigned for Dr. Jonathan. But despite the success of the PDP in the state, victory eluded the ruling party at the centre.

  • Obasanjo: Politics of retirement and transition into statesmanship

    Mathew Olusegun, Aremu, Okikiola Obasanjo, civil war hero, Balogun and Ebora of Owu Kingdom, Ekerin of Egba Confederation, former military Head of State, former President and citizen of the world, retired from active politics yesterday.

    It was the end of an era. It was a very difficult and painful decision for the most active and controversial leader. In his view, it was inevitable. Apparently, combining two antagonistic roles of partisan gerontocratic monitoring with moral reticence is frustrating. Politics, in Obasanjo’s reckoning, has conflicted with his natural role as a statesman and moral voice, which his less politically active colleagues – former President Shehu Shagari, Gen. Yakubu Gowon, Gen. Ibrahim Babangida, Chief Ernest Shonekan and Gen. Abdulsalami Abubakar – have adjusted to in blissful retirement.

    In a fit of anger, he marked his transition from politics to retirement with a drama. Obasanjo publicly tore his Peoples Democratic Party (PDP) membership card, thereby repudiating the acclaimed largest political party in Africa, on which back he rode to the Presidency almost 16 years ago.

    In the last two years, relationship between Obasanjo and the PDP and President Goodluck Jonathan has been frosty. He has disagreed with the President over his style of administration. He also faulted his party’s management under his watch. In December 2013, he wrote to Dr. Jonathan, accusing him of promoting corruption and keeping a killer-squad. Obasanjo also said that the President has surrounded himself with drug barons. He warned that the economy may also collapse under the inept administration. The President returned the missiles in his letter to his benefactor. He said Obasanjo did not lay a foundation for a brighter future.

    Following the parting of ways, Obasanjo’s loyalists in the PDP were witch-hunted. The PDP crisis reached a climax when five governors, senators, House of Representatives members, and other notable leaders dumped the ruling party for the defunct Action Congress of Nigeria (ACN), which later merged with other parties to form the All Progressives Congress (APC).

    The rift deepened recently when after Obasanjo flayed the administration for corruption and lack of direction and the President described him as a motor park tout.

    Last week, Obasanjo dropped another bombshell. He urged Nigerians to vote for competence, instead of party. He also defended the APC presidential candidate, Gen. Muhammadu Buhari, over the allegation of lack of a school certificate. He said the military was up to a curious game. However, when Obasanjo lambasted President Jonathan for postponing the general elections for ulterior motive, it was evident that the chance of reconciling the two leaders was slim. Obasanjo said “the President was playing Gbagbo”, a reference to the shifting of polls by ousted Ivory Coast leader to a convenient time to pave the way for his party’s victory.

    The former President also warned against moves to sack Independent Electoral Commission (INEC) Prof. Attahiru Jega. He warned that his removal will affect the credibility of the exercise, even, if the President wins the poll.

    Mixed reactions have trailed the former President’s latest move. The former President has been saluted for his courage to speak truth to power. Many have described him as a patriot and nationalist, who has always shunned ethno-religious sentiments. Although his cradle is Egbaland, Ogun State, Southwest, Obsanjo’s national outlook has not been in doubt. As a critic, he has, in the opinion of people, struggled to keep the government in check. He has earned the reputation of an advocate of good governance.

    On the other side of the coin are Nigerians who have also argued that the former President has been a garrulous personality reputed for acidic commentary on the state of the nation. Since he has direct access to the President, many thought he was in a vantage position to advise the President privately, instead of playing to the gallery. Others have attributed the rot in governance to him as the guardian of the broken political system. Their argument is that the master schemer prevent a legitimate PDP congress in 2007 for the emergence of popular presidential and vice presidential candidates at the primaries. His preference was the Yar’Adua/Jonathan ticket, which the party obliged him as the power-loaded Commander-In-Chief. According to critics, if the table now turns against him, he is the architect of his political misfortune.

    The reaction of the PDP was swift. Rejecting his ‘resignation,’ the Ogun PDP State Executive Committee expelled him from the chapter. The Chairman, Chief Adebayo Dayo, an engineer, said that the chapter will not miss him. Other chieftains frowned at the timing, saying that the transition from partisan politicking to statesmanship does not entail public tearing of party card.

    In weeks to come, Obasanjo’s decision to quit politics will be a subject of debate. Analysts will beam their  searchlight on his politico-military career. Encomiums and blames will be heaped on the enigmatic figure. However, three basic features were discernable from his involvement in the reshaping of the society. These may be catapulted to the front burner as critics dissect Obasanjo’s personality and public service career.

    Historically, Obasanjo is part of the symbol of a nationalist military that derailed, following soldiers’ prolonged involvement in governance, an assignment they were not adequately trained or well-equipped for. He was an early beneficiary of an almost clinical liquidation of democracy. He fought for unity. But, he cannot exonerate himself from the political pollution of the polity by the military. While pre-1966 soldiers fitted into the characterisation of modernisers, many post-civil war military men indulged in primitive accumulation, thereby eroding the confidence of those who have uncritically swallowed the substance of military’s political evangelism.

    Indisputably, Obasanjo’s political worth has also not been exaggerated. The ruling party has lost a colossus, no doubt, to the protracted crisis that has decimated it. But if the PDP is now on the disastrous road to perdition, the Obasanjo factor is not totally responsible. In his 16 years of sojourn in politics, Obasanjo as a person, lacked the essential electoral value and grassroots appeal. He has not been the hero of the masses. There is a deep hollow in his score card as President for eight years. In fact, it has been argued that President Goodluck Jonathan’s abysmal performance has shifted attention from the past in a beleaguered nation that is perpetually assailed by collective amnesia. However, despite his past records, when Obasanjo sneezes, Nigerians nod affirmatively and the government catches cold.

     

    Exchange of letters

     

    The December 2013 letter from Obasanjo to Dr. Jonathan underscored the strained relationship between the benefactor and his political son. PDP described it as a satanic letter, wondering why the former President opted for that medium of communication. In the letter, Obasanjo hit the President with his sword. The former PDP Board of Trustees (BoT) Chairman doubted Dr. Jonathan’s competence,  saying that he is unfit for a second term. Instantly, the President became an orphan after his mentor delivered the deadly blow.

    Obasanjo’s verdict was that Jonathan’s government is deficient in character, integrity and honour. He  cleverly isolated himself from the administration, as if he did not lay its foundation. He showcased the weakness of the administration, urging Nigerians to make him answerable for ineptitude. Leaning on public opinion, which had put the Federal Government on the edge, the former leader exploited public emotion and sentiment to nail its coffin.

    The timing of the Obasanjo’s letter to the President was strategic. The letter at a time the President was facing battles on many fronts. The APC has taken the government to task over the national drift. Also, aggrieved PDP chieftains had challenging the President to a duel. In fact, many PDP chieftains have started perceiving Dr. Jonathan as a burden to the ruling party.

    The bomb was also delivered to Aso Rock at a time the President has come under attacks by stakeholders who perceive him as a burden to the ruling party and the polity, owing to poor performance. Now, the letter may boost the North’s campaign that 2015 should be the terminal year for the Jonathan-led administration.

    Many disagreed with Obasanjo over the letter. They doubted whether he was on a patriotic mission. They also questioned his legacies as a former President, whose administration left a sour taste in the mouth. Others said that that he fired the letter because President Jonathan accepted his letter of resignation as the BoT Chairman gleefully and without much reflection. They also pointed out that Obasanjo was visiting his frustration on the President because he was indifferent to Obasajo’s loss of grip on the Ogun PDP.

    Obasanjo’s main allegations against Jonathan were two-fold. He alleged that the President was not tackling corruption. In the past, critics also raised the raise issue with the Obasanjo administration, although it set up anti-graft agencies which targeted perceived foes for political liquidation. The second allegation was that the President wanted to renege on the one-term agreement. But in the past, there were echoes of third term.

     

    Jonathan’s reply

     

    President  Jonathan returned the salvos two weeks after Obasanjo passed a vote of no confidence on his administration. Returning the missiles, he said the former leader was subjective, adding that he was inciting Nigerians against him and subverting his regime. Then, the President turned the heat on Obasanjo by making valid references to his score cards as the military Head of State and civilian President.

    He dragged Obasanjo to the court of public opinion by pointing out that some of the ills and vices alleged in his letter were associated with the administrations he presided over as a soldier and civilian. The President portrayed Obasanjo as a ruler who laid a bad example for his successors. To that extent, although Obasanjo is a benefactor to Jonathan, the President conveyed the impression that Obasanjo is no more his role model.  In one breath, Dr. Jonathan demanded apology from Obasanjo for peddling falsehood. In another breath, he challenged him to prove his weighty allegations. The President said he chose to respond to “the most serious of the charges”, which questioned his “sincerity”, “personal honour” and the “interest of Nigerians”.

    Jonathan described his predecessor’s letter as a threat to national security. He said his letter may deliberately set the stage for subversion. The President took exception to Obasanjo’s carrot and stick approach to overcoming militancy and insurgency. Dr. Jonathan viewed the invasion of Odi community in Bayelsa State by the Army as the stick. But, he observed that the “corresponding carrot” was not forthcoming. Thus, in his view, Obasanjo failed in this regard. The court verdict on the Odi massacre may have abolished the rightness of “carrot and stick” approach to militancy.

    Jonathan made another valid point. He reminded Obasanjo that Boko Haram crisis started as far back as 2002 when he was in power. “Goodluck Jonathan was not the President of the country then”, Dr.Jonathan said. This interpretation is that, if Obasanjo had nipped the insurgency in the bud, it will not stare successive administrations in the face.

    On the allegations of political assassination under the administration, the President said the same tragedy happened under the Obasanjo administration. Also, Dr. Jonathan said that corruption was rampant under Obasanjo, making his kinsman, the Afro-beat king, the late Fela Anikulapo-Kuti, to wax a record decrying the menace in the seventies. Dr. Jonathan added: “Even, in this Fourth Republic, the Siemens and Halliburton scandals are well known.” In the next statement, Jonathan emphasised that “the seed of corruption was planted a long time ago.”

    The President also said that Obasanjo dislocated the PDP when he was the party’ national leader. He said his hand was heavy on the PDP founding fathers, including the late Chief Sunday Awoniyi, the late Chief Solomon Lar, Chief Okwesilieze Nwodo, Chief Audu Ogbeh and Chief Tony Anenih. The message the President sought to convey was that he was not as ruthless as Obasanjo.  He even alleged that Obasanjo was a partial Head of State who supported the National Party of Nigeria (NPN) candidate, Alhaji Shehu Shagari, against Chiefs Obafemi Awolowo and Nnamdi Azikiwe (both of blessed memory). However, the President was trying to hoodwink Nigerians when he said that he has directed security agents to investigate the allegations against him. If some of the allegations are true, who will take action against the President? Will the Commander-in-Chief move against himself?

    The lessons of the correspondence are instructive. It fostered an accountability process. Obasanjo was a one- man battalion in this regard. But the past was also being revisited. Thus,  he who comes to equity must come with clean hands.

     

    Torn apart by 2015 calculations

     

    Following the hot exchanges, Gen. Obasanjo and Dr. Jonathan continued to work at cross purposes. The sour relationship contrasted sharply with the previous father-son relationship. Indeed, Obasanjo admired Dr. Jonathan, who was a loyal deputy to former Bayelsa State Governor Diepreye Alamieyeseigha, who neither undermined nor subverted his boss, until the governor was shoved aside, following the his face-off with the Economic and Financial Crimes Commission (EFCC). The relationship between the two leaders was cordial. In fact, Obasanjo single- handedly nominated Dr. Jonathan as the vice presidential candidate in 2007. In quick succession, he became the vice president, acting president and president, following the death of President Umaru Yar’Adua.

    When the President contested for the highest office in 2011, Obasanjo was also a pillar of support for him. He mobilised support for him to defeat former Vice President Atiku Abubakar at the PDP primaries and Gen. Muhammadu Buhari (rtd) at the presidential election.

    During Yar’Adua’s  long absence, a cabal initially prevented Jonathan from stepping in as the Acting President. Obasanjo was among the eminent Nigerians who insisted that the 1999 Constitution should be followed in resolving the logjam. The former President even said that Yar’Adua should resign, owing to his incapacitation. When Yar’Adua died, the same forces were at work, until the ‘Doctrine of Necessity’ was invoked to pave the way for Jonathan’s emergence as the President. In those trying period, Obasanjo stood with the President.

    However, cracks appeared on the wall because of the 2015 calculations. President Jonathan was scheming for a second term. Obasanjo objected to his move, saying that it contradicted zoning. Although President Jonathan visited Obasanjo in his Abeokuta, Ogun State residence, no truce was achieved. The former President also visited Dr. Jonathan in Aso Rock. But, the visits have not engendered mutual confidence.

    When Obasanjo resigned as the PDP BoT Chairman, the President gleefully accepted his resignation. Party sources said that Obasanjo was dazed by Dr. Jonathan’s reaction. The former occupant of th office, Chief Tony Anenih, instantly regained his lost seat. Instead of prevailing on the former President not to abdicate from the powerful and influential party structure, Jonathan simply welcomed the resignation and wished him the best in his future endeavours.

    However, crisis broke out between Obasanjo and the President, following the removal of Obasanjo’s men from the National Executive Committee (NEC) of the party. The sack affected the former National Secretary, Gen. Olagunsoye Oyinlola, the National Vice Chairman (Southwest), Chief Segun Oni, and the National Auditor, Gbenga Mustapha. They were national officers from the Southwest zone. Oyinlola’s election was not voided by the INEC, which voided the election of other 16 national officers. When the party’s erswhile National Chairman, Alhaji Bamanga Tukur refused to reinstate him, Obasanjo’s camp took up the battle, claiming that it was an orchestrated plan to reduced the former President’s influence by politically eliminating his supporters from the organs of the party.

    Obasanjo had other grudges. He had lost his grip over the Ogun PDP. It was a victory for his foes in the troubled chapter, who are financed by the billionaire businessman, Kashamu Buruji.

    As the relationship between Obasanjo and Jonathan deteriorated, the relationship between the embattled President and Nigerians, who voted en mass for him in 2011, also went sour. Their hope was raised by the birth of the Transformation Agenda. But almost four years after, soaring unemployment, collapsed infrastructure, power outage and abject poverty have inflicted pains on the people. Gradually, the President began to lose public goodwill and solidarity . Thus, Obasanjo secured a vantage position to attack the inept government, berating it for shortfall in focus and capacity.

    At a lecture in Ibadan, Oyo State capital, the former President wrote off the younger generation, which Dr. Jonathan  exemplified. He said the generation has failed the nation. unlike his own generation, which he said, erected lasting legacies. When Obasanjo was invited to the unveiling of the President’s mid-term score card in Abuja, the Federal Capital Territoty (FCT), he shunned the event. Instead, the former President went to Dutse, the capital of Jigawa State, on the invitation of Governor Sule Lamido. After inaugurating  some projects by the governor, Obasanjo praised the governor to high heavens. The extraordinary encomium was perceived as an endorsement of Lamido for the presidency in 2015 by Obasanjo.

    Also, Obasanjo stayed away from the PDP special convention at the Eagle Square, Abuja, to the consternation of the President. Mid-way into the convention, seven governors walked out on the President and Alhaji Tukur, citing irregularities in the conduct of the convention. Among them were the five aggrieved governors, who are loyal to Obasanjo. They repudiated the convention and demanded for Tukur’s resignation as the chairman.

    Obasanjo was instrumental to the installation of the ‘G5’ members as governors. He had directed Admiral Muritala Nyako to vie for the Adamawa State governorship in 2007 to checkmate Atiku. When Kano State Governor Musa Kwakwanso was dislodged by Mallam Ibrahim Shekarau of the defunct All Nigerian Peoples Party (ANPP), the former President appointed him as the Defence Minister. Niger State Governor Babangida Aliyu was a Federal Permanent Secretary before his election. In 2007, Obasanjo advised Aliyu Wamakko to defect from the ANPP to become the governor of Sokoto State under the PDP. Governor Lamido was Obasanjo’s first Minister of Foreign Affairs. All of them have remained loyal to the former President. In fact, before they announced a parallel executive, they had visited Obasanjo to complain to him about the way Jonathan and Tukur have been managing the party.  Their visit to Obasanjo at his Hilltop residence in Abeokuta, coincided with the President’s visit. But, following a tip off, they avoided the President.

    When the ‘G5’ teamed up with other aggrieved PDP chieftains to form a faction led by the former Acting National Chairman, Alhaji Kawu Baraje, many believed that Obasanjo was not kept in the dark.

    When it was evident that Obasanjo had distanced himself from the PDP, the leaders of the APC visited him in Abeokuta to request for his help in the task of navigating into the future. Although he maintained that he has not changed his party, it was obvious that PDP’s loss was becoming the APC’s gain.

     

    Obasanjo’s place in history

     

    For eight years in this dispensation, Obasanjo was the most powerful Nigerian. His word was law and the country his fortress, as it were. Governors and opposition figures trembled before his might.  As the Commander-in-Chief of the Armed Forces, he brooked no opposition. Court orders were meaningless and the parliament merely existed as  a crippled organ of government in an inexplicable atmosphere of decorative checks and balances. In that exalted office, he was perceived as the state. Indeed, the fear of the General was the beginning of wisdom.

    But power is transient and no condition is permanent. While in the saddle as the number one citizen, he installed governors, legislators and above all, he handpicked his successor in the twilight of his reign. Her daughter, Dr. Iyabo Obasanjo-Bello, former Health Commissioner in his native Ogun State, had a smooth sail to the Senate. The stamp of Obasanjo catapulted numerous politicians to power, demoted others and liquidated those who fell out of favour.

    Barely four years outside office, the combative General was left in the cold. He regressed to his pre-1999 years when he lacked home support. Obasanjo failed to deliver his ward to the PDP in 2007. His daughter also lost the senatorial poll. His hold on the polity had slipped away. He could not even broker peace and reconciliation in the crisis-ridden Ogun PDP as a former President.

     

    Basking in old glory

     

    But the old glory did not fade away. No Nigerian, living or dead, has had that unique privilege bestowed on Obasanjo by benevolence. Not even the giants of Nigerian history – Awo, Zik, Aminu Kano and Moshood Abiola – could achieve the feat in their life time. The opportunity to rule the country eluded them, despite their intellectual fitness and political virtues.

    When he joined the Army in 1959, little did the ‘poor boy’ from Owu know that the sky is the limit. He had reflected in his famous book: “Not My Will”, although in mockery of the late Chief Awolowo, that he was bare-footed on the line when the Premier of the defunct Western Region, who was already aspiring to the Office of Head of Government, visited his primary school.

    His career blossomed in the military. The crowning was his performance as the gallant Commander of the Third Marine Commando, who accepted the surrender of the scattered Biafran soldiers led by Col. Philip Effiong. He took the shine off his seniors;  Brig. Iyalla Bisalla and Col. Benjamin Adekunle (aka the Black Scorpion). In post-civil war period, restless soldiers coveted more powers and fame and Obasanjo and Muritala were arrowheads of the agitation for their inclusion in the all-civilian Federal Executive Council headed by Gen. Yakubu Gowon. In deference to their wish, the Head of State appointed Muritala as Federal Commissioner for Communications and Obasanjo was given the Works and Housing portfolio.

    The highest office landed on the palm of Obasanjo twice, and by chance.  In 1976, he ascended to power as the military Head of State, following the assassination of his boss, Gen. Muritala Mohammed. In 1979, he handed power to a civilian President, Alhaji Shehu Shagari. Twenty years later, he was recalled from retirement to serve as civilian President, thus becoming  the first Nigerian to have serve as the military and civilian leader of the most populous country in Africa. Before becoming the number one citizen, Obasanjo served as the Commander of the Third Marine Commando that won the civil war. Later, he served as the Federal Commissioner for Works and  Chief of Staff, Supreme Headquarters.

    After retiring as the military Head of State, he ventured into book writing. In his controversial book, ‘Not My Will’, he mocked the indomitable Chief Obafemi Awolowo, the first Premier of Western Region, who had  visited his school when he was bare footed.  He pointed out that, despite his ambition and long struggle to rule the country, he missed the opportunity. However, Obasanjo emphasised that the same position landed on his palm without struggle. In fact, in 1979, Gen. Obasanjo had remarked that the best material may not become the President. Many believed that he was referring to Awo.

    Obasanjo also took on  Dr Nnamidi Azikiwe, teacher, philosopher and first ceremonial President. He described him as a towering leader who fell from the position of pre-eminence nationally, only to carry on with life in his old age as a tribal chieftaincy holder, the Owelle of Onitsha. In his view,  Alhaji Waziri Ibrahim, a First Republic federal legislator and Minister of Health from Borno was a rich businessmen, but an unserious contender for the presidency. The late Aminu Kano, the champion of the oppressed, was described by Obasanjo as a renowned placard carrier, who can even protest against himself.

    Obasanjo had also dismissed Gen. Buhari and the late Gen.Tunde Idiagbon, his juniors in the Army, as autocratic military rulers who held the nation in its jugular. When they were dethroned in a coup, he criticised their prolonged detention by self-styled President Ibrahim Babangida. He also criticised Babangida’s economic policies. On the Structural Adjustment Programme (SAP),  he disagreed with the military president on the implementation process, saying that adjustment must have human face, human heart and milk of human kindness.

    When Babangida tinkered with the transition timetable, Obasanjo rallied prominent Nigerians to protest the elongation of military rule. He was one of the leaders who suggested the Interim National Government (ING) headed by Chief Ernest Shonekan. He said, the option was regrettable but understandable. The suggestion nailed the coffin of “June 12”. Of course, Obasanjo said the winner of the historic presidential poll, the late Chief Moshood Abiola, the acclaimed winner of the June 12, 2003 presidential election, was not the messiah.

    In 2007, when the third term project collapsed, Obasanjo threw his weight behind Yar’Adua/Jonathan ticket. When Yar’Adua could not cope with the rigour of office, due to health problem, he said at a public lecture that, although a person can help somebody to find job, but when he knows that he cannot perform the task again, he should vacate the seat.

    His bid for the Secretary-General of the United Nations was however, scuttled.  Prof. Wole Soyinka said that, judging by the abysmal human right record of his administration, he was unfit for the global assignment.

    Obasanjo campaigned for the restoration of civil rule at home by rallying eminent Nigerians into a pro-democracy group which met regularly at his Ota Farm. Yet, when his Egba kinsman, Abiola, was struggling for the restoration of his mandate, the retired General remarked that he was not the messiah who would take Nigerians to the Promised Land.

    Instead, he threw his support behind the ING contraception headed by another Egba man, saying that it was unfortunate, but understandable. The regime fell as predicted.

    Under administration of the late Sani Abacha, the former Head of State was humiliated when he was roped in a phantom coup. He may have been killed in the prison, if the activist-doctor, Beko Ransom-Kuti, had not alerted the whole world on the’ internet’ that that he was about to be either poisoned or injected. Then, a death penalty was hanging on his head for offences he did not commit.

    Obasanjo survived and fulfilled his destiny. From prison, he returned to power, amid cheers. But the lessons of the past were easily forgotten. Instead of resolving the fundamental national questions, including constitution amendment, restructuring, true federalism. state police, land use, and other issues, he concentrated attention on building a political empire.

    In 2003, an earthquake, by his grace, swept across the Southwest. The rigging of that year paled into insignificance in the face of monumental malpractices that marred the 2007 polls. Before the election, the third term project of the President stared the anxious country in the face. It collapsed like a pack of cards.

    Obasanjo left office, leaving the country prostrate. Power outage,  water scarcity, collapsed infrastructure and rigged elections became his legacies. While he was celebrated in 1979 for his feats, he was scorned at in 2007.

     

    Is political retirement possible?

     

    Human beings are political animals. Can Obasanjo be indifferent to partisan politics?  Does it mean that the former President will refrain from moulding political opinion? Does it mean that he will be aloof to request for partisan endorsements?  Many stakeholders agree that, although Obasanjo may not attend party meetings again, he may continue to shape the direction of politics as an influential leader of national and international repute.

  • Sell your pensions for cash in retirement, Steve Webb says

    The United Kingdom Pension’s minister Steve Webb, wants to extend freedoms announced in the Budget to give up to five million existing pensioners the chance to trade in their annuities for cash.

    Millions of retired workers would be given the power to sell their pensions, under major plans to relax annuity rules being drawn up by ministers.

    Up to five million pensioners would stand to benefit from the proposals, if they would rather have money in their bank accounts than a guaranteed income every year.

    Reforms announced in last year’s Budget will mean working people, who retire in future will be able to cash-in their pension savings for a lump sum which they will be free to spend as they wish.

    But an estimated five million pensioners, who have already retired will miss out because they are locked into their contracts until they die.

    Steve Webb, the Pensions Minister, said he wanted to change the law to enable these pensioners sell their annual lifetime incomes known as “annuities” to the highest bidder at any time after they have retired.

    Pensioners may decide they would rather have cash than a guaranteed income stream to give money to children, to pay for home renovations or to invest.

    The plan will be particularly appealing to those, who have more than one pension as a result of working for several employers, and who would prefer to have money “up front” than to receive a small amount from a low-value pension each year.

    The reform would also create a new market  in “second hand” pensions, as  insurance firms and other companies buy up individuals’ annuities, bundle them together and sell them on in bulk.

    Webb said he had been urged by pensioners to introduce the reforms, while several major pensions companies and insurers had also expressed “considerable interest and enthusiasm” for the plan.

    “I want to see people trusted with their own money wherever possible,” he said. “I have already heard from people around the country who would like to see this change made.

    “I want to see if we can get these freedoms extended to those who are receiving an annuity, but who might prefer a cash lump sum.

    “No one would be obliged to do so, but for those who would prefer upfront capital to regular income, I can see no reason why this should not be an option.”

    An estimated 400,000 people who retire each year use the money they have saved while working to buy an annuity – an insurance product which pays an annual income for the rest of their lives.

    For many people, it is the biggest financial decision they will ever make.

     

    However, in recent years annuity rates have plunged, trapping many pensioners in poor-value schemes that have destroyed the value of their lifetime savings.

    Culled from The Telegraph

     

     

     

  • Sell your pensions for cash in retirement, Steve Webb says

    The United Kingdom Pension’s minister Steve Webb, wants to extend freedoms announced in the Budget to give up to five million existing pensioners the chance to trade in their annuities for cash.

    Millions of retired workers would be given the power to sell their pensions, under major plans to relax annuity rules being drawn up by ministers.

    Up to five million pensioners would stand to benefit from the proposals, if they would rather have money in their bank accounts than a guaranteed income every year.

    Reforms announced in last year’s Budget will mean working people, who retire in future will be able to cash-in their pension savings for a lump sum which they will be free to spend as they wish.

    But an estimated five million pensioners, who have already retired will miss out because they are locked into their contracts until they die.

    Steve Webb, the Pensions Minister, said he wanted to change the law to enable these pensioners sell their annual lifetime incomes known as “annuities” to the highest bidder at any time after they have retired.

    Pensioners may decide they would rather have cash than a guaranteed income stream to give money to children, to pay for home renovations or to invest.

    The plan will be particularly appealing to those, who have more than one pension as a result of working for several employers, and who would prefer to have money “up front” than to receive a small amount from a low-value pension each year.

    The reform would also create a new market  in “second hand” pensions, as  insurance firms and other companies buy up individuals’ annuities, bundle them together and sell them on in bulk.

    Webb said he had been urged by pensioners to introduce the reforms, while several major pensions companies and insurers had also expressed “considerable interest and enthusiasm” for the plan.

    “I want to see people trusted with their own money wherever possible,” he said. “I have already heard from people around the country who would like to see this change made.

    “I want to see if we can get these freedoms extended to those who are receiving an annuity, but who might prefer a cash lump sum.

    “No one would be obliged to do so, but for those who would prefer upfront capital to regular income, I can see no reason why this should not be an option.”

    An estimated 400,000 people who retire each year use the money they have saved while working to buy an annuity – an insurance product which pays an annual income for the rest of their lives.

    For many people, it is the biggest financial decision they will ever make.

  • NAFDAC prepares staff for retirement

    MOVED by the plight some workers face after retirement, the National Agency for Foods, Drugs and Administration Control (NAFDAC) has sponsored a three-day training for its staff in Lagos.

    The programme, which ends today, is being facilitated by Project Fix Nigeria Consulting, and attended by  Commandant, Nigeria Armed Forces Resettlement  Centre (NAFRC)Air Vice Marshall John Morgan, representatives of the Central Bank of Nigeria (CBN), banks and Trade Union Congress (TUC).

    NAFDAC’s Director-General, Dr. Paul Orhii, said the training was imperative because workers do not prepare for retirement. He cited some foreign countries where workers plan for retirement from the first day of their employment. As a result, they look forward to enjoying a happy post-working life, he said.

    He said the training was part of the agency’s welfare package for its workers, saying it is the first among the Ministries, Departments and Agencies (MDAs) to kick off the programme. “I think it is a very good programme. I encourage you to take it serious and think seriously about your future,” he said.

    Justifying the inclusion of workers who are not yet ready for retirement in the programme, Orhii explained that while it would help them to prepare for retirement, it would also enable them to go into farming, an area the constitution allows public servants to go into.

    AVM Morgan said the training was good in that agro based schemes could excite members of the Armed Forces. He said he was touched  each time pensioners were called for payment, they come out enmasse, suggesting all might not be well with some of them. He said NAFRC was embracing the training because its objectives were in tandem with those of the centre.

    President, Project Fix Nigeria Consulting, Olusegun Okowontan, said the training was novel in the country because it emphasises team work. He said the workers would be trained on how they could tap into the advantage of their numbers, pool their resources together and build a mega firm from it. He listed areas they could look into as agro allied.

    He said: “All over the world, what drives the economy are the people. So, people make the economy work. It works with numbers of people. The more the people contribute, the more the money that would be available for development.

    He said the role of his firm, beside the training, is to mobilise people for growth and provide leadership for the project, adding: “We deal with institutions, not individuals. Our target is the family.”

    He listed the benefits of the programme as enjoyment of reduced interest rates, revision of rural-urban migration and getting some resources that would have been difficult for individuals to get on their own.

  • Court declares compulsory retirement unlawful

    This appeal is against the judgment of the Federal High Court, Abuja Judicial Division (Coram; Oloto, J.) in suit No. FHC/ABJ/CS/277/2011 delivered on December 14, 2012, dismissing the case of the Appellant against the Respondents for unlawful retirement from the service of the 2nd Respondent. The Appellant was transferred from the service of Sokoto State Government to the service of the 2nd Respondent in 1990 and he rose to the rank of Comptroller of Customs. On 21st December 2009, the Appellant, along with 31 other Comptrollers of Customs, was compulsorily retired from the service of the 2nd Respondent. Aggrieved by the turn of events the Appellant, along with another Comptroller, sued the Respondents at the Federal High Court, Abuja Division claiming as follows: a declaration that the purported retirement of the Plaintiff from the services of the 2nd Defendant is unlawful, malicious, irregular and a flagrant violation of the Plaintiff’s right of employment until the mandatory retirement age; an order of the Honourable Court setting aside the purported retirement of the plaintiff by the 1st, 2nd and 4th Defendants through a public notice as unlawful, malicious, irregular and a flagrant violation of the plaintiff’s right of employment until the mandatory retirement age; an order of the Honourable Court to the Defendants allowing the Plaintiffs to resume back to work and maintain their positions as Comptroller of Customs and to be paid all their benefits and emoluments therein and also to enjoy their lawful promotions; and an order awarding the sum of N20, 000,000 (Twenty Million Naira Only) to the Plaintiffs as general damages for the trauma, of forceful loss of job occasioned by the 1st and 2nd Defendants. The trial Court dismissed the case on account of service reform of the 2nd Respondent. Dissatisfied by the turn of events, the Appellant appealed to the Court of Appeal. In his brief of argument, Counsel for the Appellant formulated five issues for the Court’s determination of the appeal and the Respondent formulated two issues. The Court, however, determined the appeal on the issues as formulated by the Respondent. The issues are:

    1. Whether the learned trial judge was right when she held that the appellant was properly retired from the service of the 2nd respondent and accordingly dismissed his suit?

    2. Whether the trial judge was right to hold that the respondents’ witness statements on oath need not be amended notwithstanding the amendment of the statement of defence?”

    The Appellant’s Counsel arguing the appeal referred to the findings of the trial court in its judgment that the Appellant’s retirement in 2010 was premature going by his date of birth and date of retirement and submitted that the trial court misdirected itself in falling back on the policy guidelines on the Nigerian Customs Service Reform.

    It was his submission that it contradicted Section 8 and Chapter 16, Section 1, paragraph 160001 and 160103 of the Nigerian Public Service Rules and Conditions of Service of Nigeria Customs Service. On the question whether the policy guidelines on the reform can be used to circumvent the supremacy of the Public Service Rules 2000 and 1999 Constitution of the Federal Republic of Nigeria and whether the trial judge was right to have arrived at the judgment delivered on December 14, 2012 on the basis of policy guideline on extended 10 years as Comptroller of Customs, counsel submitted that for public policy to be effective, it must operate within the milieu of the law.

    He cited and relied on SONNAR LTD. v. NORDWIND (1987) 4 NWLR (66) 520; (1987) LPELR-3494(SC) and EDET V. CHAGOON (2008) 2 NWLR (1070) 85, 108; (2007) LPELR-8164(CA) to strengthen his submission. It was his further submission that the Appellant’s employment enjoys statutory flavour. On this, he referred to Section 8 paragraph 0200810 (1) of the Public Service Rules and Section 2 paragraph 2 of the Conditions of Service of the Nigerian Customs Service. He finally urged the court to allow the appeal and grant the reliefs of the appellant.

    The Respondent’s Counsel in arguing the appeal affirmed that the learned trial judge was right when she held that the Appellant was properly retired from the service of the 2nd Respondent and accordingly dismissed his suit. He stated that the 4th Defendant is a creation of statute pursuant to Section 1 (1) of the Nigerian Customs Service Board Act, Cap N 100 Laws of the Federation of Nigeria, 2004. Referring to Sections 3 (1) (a) and 4 (2) and (b) of the Act, he submitted that the Board is vested with the power and authority to issue policy guidelines to Reform and Modernise Nigeria Customs Service.

    He noted that as at 21/12/2009 when he was retired, the Appellant had served as a comptroller of customs for over 11 years. It was his further submission that court generally defer to the executive on matters within the exclusive knowledge of that arm of government, particularly on policy matters bordering on national security, environmental interest, economic and revenue issues. He, therefore, asserted that the trial court was right to decline to interfere with the Appellant’s retirement based on the policy guidelines of the 4th Respondent. He urged the court not to interfere with the findings of the trial court.

    In determining the appeal, the court noted that it is a common ground between the parties that the Appellant’s service was transferred from the Sokoto State government to the service of the 2nd Respondent and that the Appellant rose to the position of Comptroller of Customs. It was also common ground that the Appellant was compulsorily retired from service sometime in December, 2009.

    The Court stated that the trial court dismissed the case of the Appellant placing reliance on Exhibit 24- Policy Guidelines on the Nigeria Customs Service Reform. The guidelines were stated to have been made in line with the powers conferred on the 4th Respondent by the Nigerian Customs Service Board Act Cap. 100 and the Customs and Excise Management Act, Laws of the Federation of Nigeria, 2004. The court noted that the 4th Respondent has the power to formulate general policy guidelines for the Nigeria Customs Service. See Section 3 (a) of the Nigerian Customs Service Board Act.

    The court agreed with counsel for the Respondent that the Board had power to issue Exhibit 24- Policy Guidelines on the Nigeria Customs Service Reform. The court further noted that by Chapter 2, Section 8 and paragraph 020810 (1) of the Public Service Rules, the compulsory retirement age for all grades in the service shall be 60 years or 35 years of pensionable service whichever is earlier and this applies to the 2nd Respondent by virtue of Chapter 16, Section 1, paragraph 160103 and Section 4, paragraph 160401 (a) of the Public Service Rules.

    The Court held that a statement of policy, general or otherwise, cannot overrule or wipe away specific provision of the public service rules especially where such policies are not written into the terms of the contract of the employee, as in the instant case. The Court agreed with Appellant’s counsel that a decision of court based solely on policy, as in this instance, leads to uncertainty in the law. See SONNAR LTD. v. NORDWIND (1987) 4 NWLR (66) 520; (1987) LPELR-3494(SC) and EDET V. CHAGOON (2008) 2 NWLR (1070) 85, 108; (2007) LPELR-8164(CA).

    Examining Exhibit 24- Policy Guidelines on the Nigeria Customs Service Reform the court noted that one of the grounds for recommendation for the disengagement by the Board is in respect of officers, who have served for extended periods of time on the same grade, to allow for the innovative potentials of young and hardworking officers and Exhibit 24 does not set out the exact number of years spent on the same grade to qualify an officer for recommendation for disengagement.

    The court further noted that in paragraph 7 of the amended statement of defence, it was averred that about 30 Comptrollers including the Appellant, who had spent between 10 – 21 years on the same rank of Comptroller, were retired in line with the reform of the service. The court stated that the trial court found that the Appellant was promoted to the rank of comptroller with effect from 15/6/2000. The Appellant was retired on 21/12/2009. And this means that as at the date of his compulsory retirement, he still had about 6 months to clock 10 years as a Comptroller. He was thus not qualified for compulsory retirement going by the criteria used by the 2nd Respondent.

    The Court held that the Appellant’s employment had statutory flavour and so he did not hold office at the pleasure of the 2nd Respondent and his premature retirement was therefore, unlawful, null and void. He is entitled to be re-instated in the service. See IDERIMA V. RIVERS STATE CIVIL SERVICE COMMISSION (2006) 133 LRCN 217; (2005) LPELR-1420(SC) and OLORUNTOBA-OJU V. ABDULRAHEEM (2009) 13 NWLR (1157) 83; (2009) LPELR-2596(SC).

    On the whole, the court held that the appeal succeeds and the judgment of the trial court in suit No. FHC/ABJ/CS/277/2011 delivered on December 14, 2012 was thereby set aside.

    •Edited by LawPavillion

    LawPavilion Citation: (2014) LPELR-23367(CA)

     

     

  • “I’m not well” Says Serena after bizarre Wimbledon retirement

    “I’m not well” Says Serena after bizarre Wimbledon retirement

    The bizarre circumstances surrounding Serena Williams’ sluggish and uncoordinated on-court behavior during her doubles match continue to be a major talking point around the All England Club.

    Tennis  Serena Williams struggled to handle the ball and looked out of sorts during her warmup.

    Williams took the court on Tuesday with sister Venus for their doubles match looking physically unwell. She served four straight double-faults, and then the team retired down 0-3. The official reason given for the retirement was a viral illness but many, including Martina Navratilova and Chris Evert, have speculated there may have been more to it.

    Andy Roddick saw the incident and sent a text message to Serena out of concern, and she texted back saying she was “unwell.”

    “I grew up with Serena, so the first thing I’m thinking is ‘What is going on?’ It’s just crazy.” Roddick said on the FOX Sports Live Podcast. “She looked really bad to the point where people were like ‘get her off the court.’ It took them three games and in warmups she looked terrible. It was bad.

    “I text Serena’s agent. I’m just like how is she, what’s going on? She’s resting, which is good. I text Serena and thank God she texted me back. I would have felt worse if it was now and I still hadn’t heard from her. I’d be a lot more worried. She said ‘Andy, I’m just not well. We’ve done some tests, the doctors think it’s a viral illness, they can’t say it with any certainty. We did some tests and we’ll know in a couple of days.’ But for her to say ‘I’m just not well’ is a big thing for her to say. Obviously at the end she goes I’ll be OK and this that and the other.

    “She supposed to be tough, that’s what she is, so she doesn’t like to show that vulnerability. Frankly that’s how she comes across in press conferences sometimes as aloof because she doesn’t want to let that guard down. So for her to say “I’m not well right now” is a scary thing.

    “You hope it is an illness and not something worse.”

  • Retirement: No cause for worry, says pensions manager

    Retirement: No cause for worry, says pensions manager

    The Managing Director, Stanbic IBTC Pension Managers, Demola Sogunle has allayed fears of workers who develop cold feet on the eve of their retirement, saying there should be no cause for alarm.

    He said all that is required is for the workers to work as diligently as they could and ensure that employers join the Contributory Pension Scheme (CPS) and contribute to the scheme on their behalf, adding that the scheme has helped to provide a secured future for workers on retirement.

    Sogunle, who spoke with journalists in Lagos, explained that workers, whose employers are contributing into their Retirement Savings Account (RSA), should not be apprehensive, and need not manipulate their ages, as there is something to sustain their lifestyle in retirement.

    He said the CPS is one of the best things that the government has done calling on workers to demand compliance from their employers as their future is determined by what they contribute now.

    He said: “Those who are contributing are in good companies, their future is assured because some people are working on their behalf to ensure that when they stop receiving salary, they can maintain their living standards.

    “It is because of the contributors that we do investment strategies, work hard daily, so that they can have something to fall on when they stop working. It is when people stop working they become more vulnerable and that is when we come in. Contributors should be rest assured, for they have nothing to fear.”

    He said the new pension system has a strong internal mechanism, adding that on monthly bases, contributors collect their pension without hassles.

    “Those who have witnessed the scheme recognised that the scheme is one of the best things to have happened in Nigeria. This scheme is one of the unsung reforms former President Olusegun Obasanjo bestowed on Nigerians. People are yet to come to the full realisation that it takes a lot to come from N2 trillion unfunded pension liability, to over N4 trillion assets in a period of eight years.

    “Those working should make sure that their employers are contributing so that when they retire they will be able to sustain their lifestyle.

    “With the scheme, once you are 50 years, you should retire. People need not adjust their age anymore. People adjust their ages because they are not sure of their future, but with the scheme, once a worker is tired, he or she should retire,” he said.

    The Managing Director Fidelity, Pension Managers Limited, Mrs. Amaka Andy Azike, called on employers to align with the scheme, adding that it remains one way they can motivate their workers.

    She noted that when workers realise that their future is secured due to the contributions made by their employers, they will give their best and work towards the well-being of their employers.

  • Obama offers retirement savings plan for workers

    President Barack Obama offered more Americans the chance to save for retirement through payroll deductions with a plan for new government-sponsored savings accounts.

    The accounts, which Obama announced in a State of the Union Address that concentrated on expanding economic opportunity, will be available to workers who don’t have access to a 401(k) plan, administration officials said.

    The “MyRA” accounts, similar to an individual retirement account, will provide “a new way for working Americans to start their own retirement savings,” Obama said in the text of the speech released by the White House.

    Under the initiative, workers would be allowed to have a portion of their pay deducted for deposit into an account invested in U.S. government bonds that would be treated for tax purposes as an individual retirement account, administration officials said.

    The accounts, set up through the Treasury Department, would have a maximum balance after which money would have to be rolled over into an IRA, the officials said.

    The officials project that millions of Americans will take advantage of the savings accounts.

    “This isn’t earth-shattering stuff,” said Brian Graff, the chief executive officer of the American Society of Pension Professionals & Actuaries. “But it is a step in the right direction to get more people saving for retirement, which I would think is a bipartisan issue.”

    Existing authority

    Obama can establish the savings program under existing executive authority without new legislation, the officials said. He will announce details of the plan tomorrow.

    “I don’t expect this to get a lot of pushback,” said Graff, who discussed the proposal in advance with Treasury officials. He said it draws on an existing program that permits workers to purchase U.S. savings bonds through payroll deductions and adds “a retirement twist.”

    The proposal resembles an earlier Obama administration plan that would have required employers to offer an automatic IRA option to employees. That plan, which was included in Obama’s 2014 budget, would have cost the government an estimated $17.6 billion in foregone revenue over 10 years.

    About 68 percent of U.S. workers had access to retirement benefits as of March, last year, with 54 percent participating, according to the Bureau of Labor Statistics.

    Company reaction

    “Although we don’t have the details yet, Vanguard is generally supportive of expanding savings opportunities for those not covered by a workplace retirement plan,” Linda Wolohan, a spokeswoman for Vanguard Group Inc., said in an e-mail.

    Wolohan declined to comment further before hearing the specifics of Obama’s proposal. Vanguard was the second-largest manager of 401(k)-type assets in 2012 behind Fidelity Investments, according to researcher Cerulli Associates.

    Fidelity, which is also the largest provider of IRAs, declined to comment before hearing the speech, according to an e-mail from spokeswoman Eileen O’Connor.