Tag: risky

  • Risky path toward theocracy (1)

    Risky path toward theocracy (1)

    In the past week, I had two divergent emotional experiences, no thanks to the uneven messages contained in the substance of our national discourse.

    On the first occasion a week ago, I received the full text of an inspiring lecture given by Mr. Babatunde Raji Fashola, SAN, the Honourable Minister of Power, Works, and Housing. It was the Convocation Lecture he delivered at his alma mater, the University of Benin. Coming from a Minister of the Federal Republic, a distinguished lawyer, and a former Governor of the Centre of Excellence, who is also a practising Muslim, I felt so elated about his position on religion and the affairs of the state that I quickly sent a note of congratulations to him. Over the years, Fashola has intervened in important matters with his signature clarity and commonsensical approach to issues.

    Fast forward to this past Tuesday, I perused the Internet for the news of the day, and I couldn’t be more depressed with the first item that caught my attention on the web site of Premium Times. It read: “Bill to establish Christian Court scales second reading”. “Is this a joke?” I asked myself repeatedly. I tried to surf more pages on the Internet thinking, perhaps, Premium Times got the whole story wrong. Seeing no other related news at the time, I wanted to be reassured that it was not true. I sent a message to my good friend, Distinguished Senator, Professor Sola Adeyeye, who promised to find out and get back to me. However, before he could get back, I got a confirmation from The Nation, which carried even more details, including some of the main clauses of the bill and its rationale.

    Juxtaposing the inspiring lecture of Minister Fashola and the depressing news of the legislative priority of the People’s Representatives was a hard nut for me to crack.

    Fashola’s message is “most profound”, to quote Senator Sola Adeyeye, a born-again Christian, who kindly sent the text of the lecture to me and who had himself had his share of frustration as a member of the House years ago, also on the matter of religion and our national obsession that sometimes defy logic and commonsense. We resort to prayer sessions and leave unsolved the clearly mechanical problem and human errors that cause motor accidents. Fashola’s objective was to encourage the graduating students to free themselves from fear or what Francis Bacon referred to as idols of the theatre—the menacing impact of false beliefs from orthodox doctrines on our private and public lives.

    It is important to keep distinct and separate three issues in this discussion: religion in private life (within and beyond the limits of reason), religion in public life, and civil religion. My position is that every human being has a right to have a religious belief in the privacy of their lives as well as a right to freely worship whatever is the object of their beliefs. Of course, should they choose, each also has a right to not hold a belief in God or Gods. And society has no right to punish anyone on account of his or her belief or lack thereof. Francis Bacon who warned against the Idols of the Theatre also famously defended religious belief: “a little philosophy inclineth man’s mind to atheism but depth in philosophy bringeth men’s minds about to religion.” Fashola’s philosophy professor is probably deep in this Baconian understanding of life.

    In view of the well-known character of philosophy, Fashola’s narration of his encounter with his philosophy professor should not come as a surprise. The mission of philosophy in the Socratic tradition is to critically examine issues from an objective perspective and not be satisfied with an opinion that has not been subjected to the crucible of fiery questions. But we are also wired to believe in non-demonstrable and non-evidential ideas, including spiritual and religious ideas. We easily traverse the universe of science that is evidence-based, and the world of religion that is faith-based. As long as we are aware of the difference and we are able to navigate the chasm between them, we should be fine.

    The challenge is that, out of an irrational anxiety and a tragic deficit of self-reliance, many fail to use their natural endowments and acquired skills and would rather indulge the attitude of dependency on others, and in the ultimate, on the unseen, which is variously named. And in case the expected help from the unseen doesn’t materialise, the human mind easily settles on a soothing explanation that appeals to the irrepressible presence of destiny at best, or fate, at worst. What will be will be!

    There is a more productive way of navigating the chasm. Belief in a divine being does not negate the need for hard work and the use of the intellect which is our gift from the divine. Apostle Paul was clear about this. Neither does faith in a good God negate the struggle for justice in the face of oppression. The prophets of old understood this very well. Therefore, the easy resort of our people to the search for miracles where hard work and intelligent strategising matters is a proven path to failure.

    Unfortunately, the laziness and obsession with shortcuts that characterise our private lives regularly finds its way to the conduct of our public affairs. No public institution is immune from the recourse to the occult, including our citadels of learning where sacrifices often litter cross roads and participation at prayer vigils surpasses class attendance.

    In a passage of the lecture that is especially pertinent to my interest here, Fashola observes as follows:

    “…at least the two faiths are not original to us. They are inherited. The propagators of the faith have made them personal affairs and not public ones.” Then he recalls how the meetings he has attended in the West and in the Middle East had never started or ended with prayers because such meetings for them “represent public undertakings and places of work and productive undertakings to deliver prosperity.” On the other hand in this country “the heads of governments, heads of ministries, and businesses, devote early mornings at work to prayers with their staff while productive man hours tick away.”

    Let me make a friendly modification here, which in no way diminishes the import of the minister’s point because his critique of fear as a motivation of conduct will be applicable wherever it is observed. My modification is that, perhaps unlike other Western nations, the United States, after decades of productive engagement with nature and acting as the leader of the free world is also, no thanks to a substantial vocal segment, becoming progressively engrossed in the deification of superstition and fear.

    Congress has a Chaplain who leads the opening and closing prayers when it is in session. Here, however, despite the extremism of some, a commonsensical balance is maintained between reason and faith. And though the United States is a predominantly Christian country, her leaders are uniformly aware of the diversity of religious sensibilities including the various denominations of the Christian faith. Therefore, most public prayers end “in the name of God”, the common denominator of all faiths, instead of “in the name of Christ” or “in the name of Allah”. Note that I have not denied the existence of extremists of any faith and their mission of spreading hate in public places. Thankfully, most public servants are moderates in the matter of faith and they take seriously their obligation to uphold the constitution in its secularity.

    The difference between Nigeria and the United States is not in the private practice of religion and faith. Just as the majority of believers of different faiths have been moderate in the practice of religion, many citizens in both countries have also embraced a form of religiosity that goes beyond reason in their embrace of fear. But while individuals have the right to believe what they may, it is utterly irresponsible for the public arena to be the locus of fear. But that is precisely what we seem to have turned our nation’s People’s House into.

    To be continued

  • Yakasai: it’s risky for Jonathan to visit Chibok

    Yakasai: it’s risky for Jonathan to visit Chibok

    An elder statesman and chieftain of Peoples Democratic Party (PDP), Alhaji Tanko Yakasai, at the weekend, defended President Goodluck Jonathan for not visiting Chibok after over 200 school girls were abducted by insurgents.

    Yakasai argued that it was too risky for Jonathan to visit the town at the time because of insecurity.

    The abduction led to uproar worldwide with civil right groups and international community calling on the Federal Government to rescue the girls from their abductors.

    Despite the call, Jonathan refused to visit the school where the girls were kidnapped, leading to criticism of his administration.

    But Yakasai, in a popular FRCN Radio Hausa Programme: “Hannu da Yawa,” monitored in Kaduna, said soldiers were the right people to be sent to the town and not the President.

    He said: “Why I think the President’s decision not to visit the area is not bad, it’s because we were all aware of  the deteriorated level of insecurity in that part of the country.

    “We all know it’s too risky for the President to visit Chibok at that time. The President is not a soldier; soldiers are the people that should be sent there.

    “If I was the President and such an incident occur, the right thing for me to do was to send soldiers. And to be frank, our soldiers are doing their best. We are hearing on radio and reading in newspapers how soldiers were being killed, and yet they are doing their best.

    “I don’t know what is happening, the Minister of Defence, Ali Gusau, is a northerner and so also  the National Security Adviser, Inspector General of Police and Chief of Defence Staff.

    “If all these people couldn’t address the problem, how could it be easy for the President to do it?

    “Don’t forget the suicide bombers are now experts. So, what will happen if they ambush the President and something bad happens to him? Do you think his people will accept that? Except if people want the country to return to Niger Delta militants’ era,” he said.

    On the issue of Boko Haram, Yakasai said to end the crisis, serious measures must be taken.

    His words: “Could you imagine today we are talking of female suicide bombers when we all know in history that females are known to be shy and peace-loving. But today, a girl of age 13 was caught with bombs  and some others had detonated their bombs, which killed many people in Kano.”

  • Risky sexual behaviour on the rise

    Risky sexual behaviour on the rise

    A microbiologist has expressed concern on the rising incidence of anal sex, describing it as a ticking bomb.

    Dr Morenike Ukpong, an Associate Professor at the Obafemi Awolowo University (OAU) in Ile-Ife, Osun State,  said anal sex is the highest risk form of sexual transmission of HIV with approximately 14 times higher risk of HIV transmission when compared to penile-vaginal sex.

    Dr Ukpong, who conducted a research on prevalence of anal sex amongst adolescents – implications for HIV prevention in Nigeria, said anal sex is practised by 12 percent of public secondary school pupils;  12.1 percent of university students and 15.2 percent adolescents in North.

    The research was conducted under the aegis of New HIV Vaccine and Microbicide Advocacy Society (NHVMAS).

    She said most youths engage in anal sex based on wrong assumptions that they won’t get pregnant, and also as a way of maintaining their chastity/virginity.

    “It should interest them to know that pregnancy can occur if semen is deposited near the opening to the vagina. Anal sex does carry risks, especially of HIV. Oral contact with the anus can put both partners at risk for hepatitis, herpes, human papillomavirus (HPV) may also lead to the development of anal warts and anal cancer and other infections.

    “There are evidence to show that about 10 percent of women and 14 percent of men in the general population practise anal sex, with condom use being low during this sexual practice as a result of multiple erroneous beliefs including the beliefs that anal sex is safer than vaginal,” said Dr Ukpong.

    Dr Ukpong said: “Request for anal sex by clients of female sex workers is high, though not a negligible proportion, with men paying higher to have anal sex with either male or female sex workers for many reasons, such as it is more pleasurable, tighter, gets to ejaculate faster and for prevention of STIs, and it is cleaner as fewer people engage with this ‘hole’.”

    ‘And you know what?’said Dr Ukpong, “for females, the risk is higher as they will always be the receptor in either vaginal or anal sex. Part of the research indicates that many females engage in anal sex during menstruation, for pleasure and a whole host of other reasons. Yet evidence shows that as receptors of either anal or vaginal sex, their risks are increased.”

    According to a consultant/Professor of Haematology and Blood Transfusion, Prof Ibironke Akinsete: “The way forward is to create more awareness on this. The family, society and the government need to share information in schools in view of the statistics that show that despite under reporting, 12 to 15 percent of our adolescents practise anal sex.

    “We need to let them realise that even though serious injury from anal sex is not common, it can occur. Bleeding after anal sex could be due to a hemorrhoid or tear, or something more serious such as a perforation (hole) in the colon. This is a dangerous problem that requires immediate medical attention. Treatment involves a hospital stay, surgery, and antibiotics to prevent infection”, she stated.

    Prof Akinsete said: “There are a number of health risks with anal sex, and anal intercourse is the most risky form of sexual activity for several reasons. The anus lacks the natural lubrication the vagina has. Penetration can tear the tissue inside the anus, allowing bacteria and viruses to enter the bloodstream. This can result in the spread of sexually transmitted infections including HIV. Studies have suggested that anal exposure to HIV poses 30 times more risk for the receptive partner than vaginal exposure. The tissue inside the anus is not as well protected as the skin outside. Our external tissue has layers of dead cells that serve as a protective barrier against infection. The tissue inside the anus does not have this natural protection, which leaves it vulnerable to tearing and the spread of infection.

    “The anus is designed to hold in feaces. The anus is surrounded with a ring-like muscle, called the anal sphincter, which tightens after we defecate. When the muscle is tight, anal penetration can be painful and difficult. Repetitive anal sex may lead to weakening of the anal sphincter, making it difficult to hold in feaces until you can get to the toilet. The anus is full of bacteria. Even if both partners do not have a sexually-transmitted infection or disease, bacteria normally in the anus can potentially infect the giving partner. Practising vaginal sex after anal sex can also lead to vaginal and urinary tract infections.  Anal sex is a perverted, unnatural act. Girls engage in anal sex with their male partners for sexual pleasure while protecting their virginity. You must decide for yourself what feels natural. If you are uncomfortable with any sexual act, don’t do it. You are in charge of what you do sexually.”

  • Analysts say Seplat’s $500m IPO expensive, risky

    Analysts at Morgan Capital Group have expressed concerns over what they described as possible risks and overvaluation of the $500 million initial public offering (IPO) of SEPLAT Petroleum Development Company Plc.

    An equity research made available by Morgan Capital at the weekend indicated that Seplat’s IPO pricing range might be overvalued by more than 200 per cent and there are many inherent risks. The report however noted that Seplat is a good company.

    SEPLAT had commenced the book building for its IPO with indicative price range of N535 and N700. However, the final price will be determined by the bid prices. The minimum order for individual investors is set at 25,000 shares, implying minimum investment of N13.375 million and N17.500 million at the indicative price range of N535 and N700. Also, the minimum order for institutional investors is set at 85,000 shares, which implies minimum application size of N45.475 million and N59.50 million at the bottom and ceiling prices.

    The initial offer size is expected to raise gross proceeds of approximately $500 million, equivalent to £300.9 million and N82.5 billion. SEPLAT plans to list its ordinary shares on the London Stock Exchange (LSE) and Nigerian Stock Exchange (NSE) after the IPO. With this, and based on the mid-point of the price range, SEPLAT’s implied market capitalisation upon listing would be about £1,200.9 million, equivalent to $ 1,995.5 million and N329.5 billion.

    Morgan Capital stated that it undertook a fundamental valuation of SEPLAT and got a target price of N173.25, after the investment banking firm has factored tax and earnings risks.

    According to the report, while SEPLAT made 65 per cent tax provision in 2011 and 63 per cent tax provision in 2012, it reported a tax credit of $93 million in 2013. The exclusion of tax provision consequently boosted the profit recorded in 2013.

    SEPLAT in the prospectus indicated that with effect from January 1, 2013, the company was granted the pioneer tax status incentive by the Nigerian Investment Promotion Commission (NIPC) for a five-year period. For the period the incentive applies, the company is exempt from petroleum profits tax on crude oil profits, corporate income tax on natural gas profits and education tax of two per cent.

    “We do not see the justification for the NIPC to grant pioneer tax status incentive to SEPLAT for acquiring already existing assets that the previous owners were already paying the Petroleum Profit Tax (PPT) on, before the sale to Seplat, except there is a newly developed ingenious technology for mining crude oil that is yet to be disclosed to the public,” Morgan Group stated.

    Analysts noted that if NIPC sets this precedence, it will give rise to similar claims from other companies who have acquired similar assets and the already fast depleting Federation account will bear the brunt of the largesse. The list of potential litigants includes other upstream players who will see this as unfair advantage and even state governments whose allocation will suffer as a result of this leakage.

    The report underlined a caveat in the IPO Prospectus which notes that “there can be no assurances that current or future governments will not revoke these tax incentives prior to the end of the five-year period or seek to recover taxes waived under the scheme from the company and or Newton Energy in the future”.

    Morgan Capital also cautioned that there is a strong likelihood for potential litigation, considering that SEPLAT was granted a tax waiver which puts them at an advantage among their peers citing the 400 per cent increase in profit after tax rise in 2013.

    According to the report, the likelihood that other players who have invested in assets similar to that of SEPLAT and even stakeholders, like state governments whose allocations are dwindling and Nigerian citizens, may contest this waiver is very high.

    Analysts said any litigation or possible revocation of the waiver will lead to massive sell down on the shares as most investors will seek to exit their positions even before any ruling is made.

    The equity report also noted that while the absence of cash flow and profit forecasts in the SEPLAT prospectus may be within the ambit of waivers by the Securities and Exchange Commission (SEC) and NSE, it may diminish the ability of analysts to project future earnings of the company.

    “We have placed a sell rating on the shares of SEPLAT because we consider it over priced, given the inherent tax waiver issue and the uncertainty of the cash flow. We think this is a play on tax which may not be sustainable, since government can always revoke and or recover any previously waived taxes, even as already disclosed in the Prospectus. We however see SEPLAT as a good company and a fair price of N173.25 is in our opinion, achievable on the floor of the NSE in the coming months,” Morgan Capital added.