Acting President Yemi Osinbajo on Wednesday met behind closed doors with the Emir of Kano, Mohammed Sanusi II, at the State House, Abuja.
The monarch declined to speak to journalists on the purpose of his visit to the Villa at the end of the meeting.
He simply told State House correspondents that approached him: “You can just report that I came to the Villa.”
THE multi-million naira Main Campus Jumu’at Mosque of the Federal University of Minna (FUTMINNA) at Gidan Kwano, is an edifice to behold.
At the opening of the mosque last Friday, the Emir of Kano, Alhaji Muhammad Sanusi (II) noted that its construction showed that the university’s management and its Muslim Ummah attach importance to the academic development, the spiritual and moral upliftment of staff and students. He stressed that the only place in every city that is most pronounced in the Islam of Allah is the mosque.
Sanusi, who had earlier delivered the Khutbah (sermon) before leading the prayer, said: ‘’I must commend the transparent and accountable nature funds were raised and prudently utilised towards the completion of this 21st century architectural masterpiece, just for the sake of Allah. To all those who contributed financially, logistically, materially and in any other way, you have done what is called Sadaqatul Jariyyah. Which is the kind of charity whereby a doer or giver shall continue to receive abundant rewards beyond his death.’’
The monarch admonished the university management, staff and students to remain God-fearing and strive to acquire sound religious knowledge to avoid being brainwashed by religious fundamentalists. He implored them to eschew sinful acts that are capable of tarnishing the good image of Islam.FUTMINNA Chief Imam, Mallam Bashir Ahmad Yankuzo, said the gigantic mosque cost over N150 million before it was completed late last year.
“To God be the glory, the foundation-laying of this all-important project was done by the immediate former Vice Chancellor, Prof Muhammad Salihu Audu. At the end of every month, Muslim members of staff of the university, as part of offering Fissabilillah (voluntary charity) gladly permit a certain percentage of their salaries to be deducted and channeled towards the mosque construction.
“Meanwhile, the amount levied on members of staff took into consideration their official position, level-cadre and monthly remunerations. With regards to the architectural design, the main bowl of the mosque can accommodate over a thousand members of congregation (700 males and 300 females). There is also an enclosure for our Muslim sisters to carry out their acts of devotions privately. ’’
Aside the main Jumu’at mosque, other auxiliary facilities surrounding its premises include toilets, ablution compartments, MSSN and staff offices, security gate, business kiosks, and a car park.
The VC, Prof Musbau Adewunmi Akanji, who said the mosque is also part of creating an enabling environment for staff and students, thanked the monitoring committee for ensuring that the project is completed within its scheduled time and according to conventional building specifications.
He praised the Emir for “always championing the cause of the downtrodden, objectively condemning government’s anti-masses policies and offering his wise counsels towards the socio-economic development of the nation”.
Some Muslim students who witnessed the inauguration described the mosque’s interior and exterior aesthetic as a symbol of contemporary Islamic architecture.
They lauded the generous spirits of the university’s Muslim staff, which facilitated the erection of the building, adding that the university management should next launch an aggressive campaign against indecency and other social vices on campus.
KANO State Governor, Dr. Abdullahi Umar Ganduje, yesterday performed the ground-breaking of 4,182 lock-up shops for medium-scale traders at the popular Kantin Kwari textile market at the cost of N5 billion. Governor Ganduje who was accompanied to the event alongside the Emir of Kano, Malam Muhammad Sanusi 11, with their entourage, said the multi-billion naira ultra-modern market project was anchored on a Public Private Partnership agreement with two indigenous companies.
According to him, the contractors handling the project would build the shops, while the state government will provide infrastructures such nine access road network with street light, a modern police station, Hisbah Board office, vigilante group office and Federal Road Safety Corps (FRSC) office, including other basic infrastructure.
Ganduje said that the ultramodern market will be shaped into large, medium and small scale sections, adding that, “most African countries come to this Kantin Kwari to transact business and that is one of the major reasons we are making it an ultramodern market.
“We are also determined to improve our major markets so that the incessant fire incidents would be prevented; again, we are rebuilding these markets in order to improve commercial activities.Today, we have started with Kantin Kwari, we are also working on Sabon Gari market, Kofar Wambai market and Dawanau market.” Also speaking to his subjects, the outspoken Emir hailed Governor Ganduje for engaging in people- oriented project, just as he urged the traders to pay their taxes promptly and ensure fairness in their various business transactions according to the teachings of Islam.
What is the problem with the economy?
The Emir of Kano, Alhaji Muhammadu Sanusi II, believes the trouble is either policy failure or lack of a clear policy.
He spoke in Lagos at the weekend during The Point newspaper’s Public Presentation and First Annual Conference on Economic Regeneration.
The emir, who was the special guest of honour, said decades of policy failures, became a spoke in the country’s wheel of economic development.
He advised policy makers and Nigerians to focus on the issues that have pushed the economy into a crisis so as to quickly exit the recession.
The former Central Bank of Nigeria (CBN) governor said: “We have had decades of policy failure. The last decade was Africa’s miracle decade because we moved from a continent that was known for hunger and war to a decade where we were seen as a land of opportunities and investments.
“Nigeria grew at seven per cent every year throughout that period as the economy doubled and we became the biggest economy in Africa but lack of policy made us lose all proceeds.”
He advised the Federal Government to decide the type of economy it wants to run by differentiating between reality and passion.
“I objected to the increase in the minimum wage from N12, 000 o N18, 000 in 2011 because government only had passion to reward the electorate and failed to consider the consequences along the line. By 2011, the Federal Government was spending about 80 per cent of its revenue on personnel and oil price was $110 per barrel and we were producing over two million barrels per day. That was a failed policy,” he said.
To Sanusi, stopping Nigerians from consuming imported goods is not the biggest problem confronting the country, but the lack of local production of goods and the will to change policies that will drive the growth of quality local production.
Senate President Bukola Saraki and Osun State Governor Rauf Aregbesola also listed conditions necessary to exit the recession and avoid another crisis.
They also cautioned Nigerians against overdependence on foreign products to the detriment of locally made goods.
Aregbesola described the theme of the annual lecture series, “What is the Economics of Change?” as “a play on word that indirectly puts to task the campaign mantra of the ruling All Progressives Congress, which promised Nigerians a change for the better during last year’s election campaign.”
He said a decline in the price of crude in the international market had always been the cause of the recession the country had fallen into at different periods.
He also attributed the severity of the economic recession to lack of foresight and planning on the part of the government, adding that the difference between the past recession and the current one was the fact that the previous ones never lasted this long.
“The fundamental problem is that we can no longer fund our imports because our foreign earnings have progressively declined while our taste for and dependence on foreign goods have continued to increase. This is what put pressure on the Naira, makes imported goods to become very expensive and put the economy in a tailspin,” he said.
The Senate President said that the time had come for the country to diversify its economy. Represented by the Chairman, Senate Committee of Banking and Finance, Senator Rafiu Ibrahim, Saraki said his experience at a recent trade exhibition had made it clear that there were potentials laying waste due to over-reliance on oil, which he said had made the economy weak.
“SMEs, not government, not big corporations, hold the key to solving our unemployment problems, raising the GDP, diversifying the economy and promoting production and manufacturing in Nigeria,” he said.
He said that the country had not fully harness its economic potentials due to the absence of adequate and deliberate interventions that could support SME development and growth.
How should the Federal Government tackle the recession that is causing so much pain – and controversy – in the land?
Some experts and leading politicians have suggested the sale of some assets, saying this will provide the cash to reflate the economy, reopen factories and put money in the people’s pockets.
Pushing this view are business giant Aliko Dangote, former Central Bank of Nigeria (CBN) Governor Muhammad Sanusi II, the Emir of Kano and Senate President Bukola Saraki, among others.
But Labour cried out yesterday that the idea will make a few to amass the wealth of all and deepen the seeming despair in the land.
Also against that line of action are Deputy Senate President Ike Ekweremadu and former Benue State Governor George Akume, a senator.
Besides, the Revenue Mobilisation, Allocation and Fiscal Commission (RMAFC) believes an assets sale will not work.
Sanusi, speaking yesterday in Lagos at the launch of the “2016 Banking Sector Report” published by Afrinvest West Africa Limited, said one of the options available to the government is to sell down some oil assets and the refineries to private sector operators who will pump dollars into the economy, so as to strengthen the naira.
He said: “One option is to sell down some assets, sell down some refineries in a manner that does not hurt your strategic interest. Sell down some oil assets, sell down some refineries, in a transparent manner that gives you value. You can also have options to buy them back later.”
According to him, such steps would lead to increase in foreign exchange inflow into the economy, which is what the economy needs right now.
He also urged the government to create a level playing field for both the Nigerian and foreign investors.
“We have to get to a point when we welcome investors of all nationalities, who are willing to set up production plants here to turn our own raw materials into finished goods. Rwanda, Ethiopia have all done that very well. There is nothing we are saying that haven’t been done by other African countries. We need to go into investment-driven model. China has grown into investment-driven model. Nigeria needs to move into investment-driven model,” he said.
Sanusi said Nigeria’s growth have over the years been driven by rising commodity prices, and the rising domestic debt that went into consumption.
Ekweremadu, speaking during the Senate plenary yesterday, said: “I have heard about the issue of selling of our assets. I need to caution that other countries are not doing the same. United Arab Emirate (UAE) does not even allow you to the oil wells let alone selling them.
“And, of course, a country like Saudi Arabia, their budget each year is run by investments from their oil revenue, not even the earnings. While other countries are investing we want to sell the little we have. I’m not sure we will be fair to the next generation if we go ahead to sell the little we have. So, if we must sell we have to sell the non-performing assets so that people can turn them around and create employment.”
Akume noted that a lot of money had been reported to have been stolen from the nation’s coffers.
He recalled that former Central Bank of Nigeria (CBN) Governor Charles Soludo reported that $60 billion was stolen from the country’s foreign reserves.
Akume said that another former CBN governor, the Emir, also reported that $20 billion was stolen. He said that the money could be recovered.
Akume added: “From these and from monies going through other sources, at least we should be able to recoup over $50 billion. If we succeed in doing this, do we still have to sell our assets as is being canvassed?
”The thing is very straight; there is a buyers’ market and there is a sellers’ market. If we want to dispose of our oil assets at this time when the prices of oil have crashed, precisely how much are you going to realise?
“We are making a mistake here; what we are intending to do is to very unpatriotically ensure that those who are within the bracket of the stolen dollars will still come to buy.
”I believe that this is not the time to strip these assets. Fortunately, the CBN governor made a very powerful statement that the worst days of the recession are over and, therefore, we have to look elsewhere and not to sell our assets.”
During his welcome address to senators on Tuesday, Saraki said the Executive must raise capital from asset sales and other sources to shore up foreign reserves. This will calm investors, discourage currency speculation and stabilise the economy. The measures should include part sale of NLNG Holdings; reduction of government share in upstream oil joint venture operations; sale of government stake in financial institutions e.g. Africa Finance Corporation; and the privatisation and concession of major/regional airports and refineries.
The CBN Governor’s argument is that there is the need for the government to scale down or sell off some of its investments in oil and gas, particularly in the NNPC and NLNG … Now if we choose to do that now, we could still get $10-$15b or maybe $20b.
“If we have that kind of liquidity, it will be easy for us to really stimulate the spending and also to turn the economy around… I am optimistic we will be able to stimulate the economy and earn foreign currency that we can really use to kick-start, stimulate the economy.
“Don’t forget, even in the U.S., when the economic crisis started, the U.S. government stimulated the economy with about $900b and what was injected into the economy and subsequently injected $85b monthly for an extended period of time…
But the Revenue Mobilisation Allocation and Fiscal Commission in a statement by the Commission’s Acting Chairman, Shettima Umar Abba Gana, argued that it would be unwise for the Federal Government to dispose of its crown jewels that generate revenue and keep the Federation Account healthy over the long term.
The statement recalled that when the government sold Petroleum Marketing Companies, the NNPC was forced to establish NNPC Retail Ltd, adding that when some IOC’s sold some oil blocks in the past, the revenue had not been remitted into the Federation Account.
“It is the considered view of the commission that Nigeria’s assets, like the Nigerian Liquefied Natural Gas (NLNG) and other strategic national resources, should not be sold to meet short-term financial obligation”
The commission is of the opinion that the same amount could be borrowed from the IMF and the revenue from these same Assets used to repay the loans over 10 to 20 years after which the Federation would still retain the Assets and continue to enjoy their regular annual dividend payments.
The commission advised that instead of selling off such vital assets which generate considerable funds for the Federation, wealthy Nigerians should be encouraged to set up their own LNG projects, since Nigeria which ranks seventh in the world and first in Africa with natural gas reserves base totalling 188 trillion cubic feet (Tcf) as at May 1, 2015. In addition, Nigeria’s natural gas is regarded as one of the best in the world as it has low hydrogen sulphide (H2S) or carbon dioxide (CO2) impurity levels.
LAST week, there were unsubstantiated reports that two former Central Bank of Nigeria (CBN) governors, Charles Soludo and Sanusi Lamido Sanusi were to be investigated over some of the projects executed during their time at the apex bank. The reason for the probe, according to the reports, was their criticisms of the Buhari presidency’s economic policies, which both dismissed as ineffective or misdirected. The criticisms were generally unsparing. Professor Soludo’s examination of the government’s economic policies was more detailed, but that of Emir Sanusi was more trenchant. Both former apex bank governors have a rich tradition of fearless prognostication on Nigeria’s economic policies, with the professor being the more ardent experimentalist.
Garba Shehu, a presidential spokesman, has however debunked the reports, suggesting that what the two gentlemen did was nothing out of the ordinary. The president is a democrat, he says, and took an oath to preserve and protect the constitution, of which free speech is an integral part. According to Mallam Shehu, his checks indicated that no one had authorised any probe on account of any criticism. The public will believe him, but they will warily watch how the government proceed against the two men. Though the report may in fact be the imagination of some creative fiction writer, it must be galling to the government that some people find the story credible.
Mallam Shehu seems to suggest that the Buhari presidency is tolerant of dissent and criticism, therefore making the rumoured story unjustifiable. Unforunately, some critics may have found the story credible because the Buhari presidency has sometimes appeared pained by the boisterous show of democratic practices, especially the right to dissent strongly and criticise forcefully. The critics will point at the government’s attitude towards Nnamdi Kanu, leader of the Indigenous Peoples of Biafra (IPOB), and Ibrahim El-zakzaky, the stoical and intransigent leader of the Shi’a Movement in Nigeria.
If the government goes ahead to probe both Prof Soludo and Emir Sanusi, it will still not weaken the depth and trenchancy of their views on the misshapen Nigerian economy. No Nigerian will disagree with the fact that the economy is in the doldrums, nor that all the efforts to pluck it from the abyss has been either misapplied or misguided. Probing any critic will not repair the breaches in the economy. Instead, it will suggest that the government stubbornly thinks it has the monopoly of knowledge.
The Emir of Kano, Alhaji Muhammad Sanusi 11 yesterday said the inconsistency in the country’s economic policies has plunged the nation into unprecedented hardship.
According to him, Nigeria has been suffering from bad trade policy which is responsible for the collapse of industries, adding that bad economy led to terrorism, unemployment and restiveness.
The Emir spoke in Kano at the 15th Joint Planning Board (JPB) and National Council on Development Planning organised by the Federal Ministry of Budget and National Planning in collaboration with the Kano State government titled Nigeria: ‘The Search for a New Growth Model’.
He noted that if President Muhammadu Buhari did not act fast, his administration might end up the way of ex-President Goodluck Jonathan.
He also cautioned President Buhari over the activities of those he described as voodoo economists at the corridors of power.
He added that Nigeria has to retrace its step in terms of economic policies.
According to him, the current economic policy does not favour business and investment.
He also advised the Federal Government to copy from Lagos in terms of formulating policies that can boost trade, business and attract investors, adding that the Lagos example can bail the country from its current economic woes.
He decried over-dependent on oil, pointing out that more investment in agriculture, power, manufacturing, infrastructural development and attractive incentive to investors would enhance the growth of the economy
The Emir said: “I just saw that we are always blaming the past administration, but we have also made mistakes in this administration. The problem is that there is nothing we are facing today that we did not know what happened. That is the truth.
“We made mistakes, many of them deliberate. We ignored every single warning. Not building roads, not building power and other necessary infrastructure that can boost the economy and development of the country
“We are spending 30 to 40 percent of every Naira we earn servicing debt. The new borrowings were simply recycled into much higher recurrent expenditure. The GDP was growing largely due to consumers items.
“In 2010 when I was Governor of Central Bank, the government increased minimum wage to N18, 000. I protested but they went ahead and borrowed money to pay. In 2012, as governor of CBN, I said that this is an unsustainable wage bill. We need to reduce the size of public service, which fell onto deaf ears.
“I believe we have started retracing our steps and we have to retrace our steps. If a policy is wrong, it is wrong and it has to be changed.”
He advocated for devaluation of the Naira, stating that those advising President Muhammad Buhari on the nation’s economy are not getting it right.
In his opinion, only very few Nigerians are benefitting from the current economic policies, noting that the policy is making the rich get richer, while the poor continue to wallow in poverty.
The Minister of Transportation, Rotimi Amaechi, on Thursday explained how he got involved in a letter forwarded to ex-President Goodluck Jonathan by a former Governor of the Central Bank of Nigeria (CBN), Sanusi Lamido Sanusi, challenging the non-remittance of $49.8 billion oil windfall to the federation account.
Amaechi’s media office in a statement issued in Abuja on Thursday condemned reports in the media saying the former Rivers State governor “surreptitiously and clandestinely” leaked the letter.
The media office insisted that the reports were far from the truth.
It said, “A concerned and patriotic Nigerian, who felt sufficiently troubled with what was happening then, gave a copy of the Sanusi’s letter to Amaechi, in Amaechi’s capacity as Chairman of the Nigeria Governors’ Forum (NGF). Like Amaechi, we should appreciate that concerned Nigerian’s patriotism.
“When Amaechi got the letter, he spoke with Sanusi, who was still the CBN Governor, to confirm the authenticity of the letter. Sanusi confirmed to Amaechi that he wrote the letter. During their conversation, Amaechi made it abundantly clear to the then CBN Governor that the bleeding of the nation had to be stopped, all non-remitted funds remitted and that he was going to use the letter to do whatever is in the best interest of the nation and Nigerians, which was the stoppage of the non-remittance and the recovery of all the non-remitted funds from oil sale. The CBN Governor did not agree with Amaechi on the way forward.
“Considering that the letter was given to Amaechi as Chairman of the NGF, he shared the letter with his colleague governors first, and with Senator Bukola Saraki (now Senate President), who before and around that period was doing some work or/and investigation around the oil sector in the Senate.
“Around that period, a delegation from the United States government, from the offices of the Secretaries of State and Defence, visited Amaechi in Port Harcourt to discuss the problem of oil theft in Nigeria. From their records, they gave Amaechi figures of billions of dollars (about $7 billion dollars annually) that was being lost to oil theft in Nigeria. They were discussing the issue and figures of oil theft, and that was how the CBN Governor’s letter to President Jonathan came up. In the presence of journalists covering the visit, Amaechi brought out the Sanusi letter to the visiting American delegation to buttress the point that Nigeria was losing far more money to non-remittance of proceeds from oil sale into the federation account, which everyone seemed to concur, was in itself, another form and another dimension to the problem of oil theft.”
Emir of Kano Muhammad Sanusi II will chair the grand finale of the University of Lagos Muslim Alumni (UMA) 30th anniversary.
A statement by the planning committee chairman, Alhaji AbdulMumini Alao, said the event would feature the launch of a N150m Scholarship Endowment Fund.
Alao said Minister of Power, Works and Housing Mr Babatunde Fashola will deliver a keynote address on Nigeria: Strategies for a Sustainable Economy.
Other guests expected at the event include Southwest governors, Lagos State Deputy Governor Dr Idiat Adebule; Oba Rilwan Akiolu of Lagos; MD/CEO, Sigma Pensions Limited Alhaji Umaru Modibbo, Vice Chancellor, University of Lagos Prof. Rahaman Bello; Alhaji Aliko Dangote; Mr. Biodun Shobanjo of Troyka Holdings; Alhaji Tajudeen Owoyemi of Protea Hotel, Ikeja, Alhaja Wonuola Folami, among others.
Alao said post-humous merit awards will be conferred on former Baba Adinni of Nigeria Alhaji Wahab Iyanda Folawiyo; former Aare Musulumi of Yorubaland Alhaji Azeez Arisekola Alao; and Alhaji Rasheed Oyekan.
He said plans were on to visit to Bab Es-Salam Orphanage in Ikeja; Modupe Cole Orphanage at Akoka; Federal Prisons in Ikoyi, Lagos as part of activities for the anniversary.
