The Nation Newspaper

Tag: Substitution

  • Banks to contribute 5% of PAT to fund import substitution

    Banks to contribute 5% of PAT to fund import substitution

    •Cashless policy rollout in 30 states coming

    Deposit Money banks have agreed to contribe five per cent of their Profit After Tax (PAT) to a pool of funds to fund eligible bankable projects meant for exports and to drive the economy.

    Based on the industry’s last three years profit and loss account, the Central Bank of Nigeria (CBN) and members of the Bankers’ Committee have estimated that about N24.9 billion almost N25 billion will be contributed annually by the banks which on the average, is the expected yield of the five per cent PAT of the banks in the last three years.

    Addressing reporters at the end of the first  committee’s meeting for this year, Director Banking Supervision of the CBN, Mr Ahmed Abdullahi,  said the fund would be kept in the CBN “and the scheme will be controlled by members of the bankers committee itself, there will be a project review committee that will review submissions by entrepreneurs that require funding and that project review committee would make the recommendation to the the board of trustees of the bankers committee.”

    Abdullahi stated that “the scheme is such that each bank will have an equity holding in the scheme based on its annual contribution from its profit.”

    He added that “banks have submitted their 2016 statement of account and they are to be published not later than April of 2017 so we’re going to start the scheme in 2017 using 2016 financials of banks. The idea is to help the federal government’s drive to diversify the economy, any scheme or industry that is going to be export driven will benefit, similarly any industry that is going to provide import substitution.”

    The decision to introduce this new initiative, he explained is because “a number of SMEs and agric businesses do not have enough credit to drive business activities so the Bankers’ Committee felt that they should lend a helping hand to the economy in providing credit to those businesses that are important to the real sector, those businesses that are important in diversifying the economy away from oil.”

    A project he said will be financed for a maximum of 10 years it can be earlier, the gestation period is what matters, businesses do not have long term funding this can allow funding up to a period of 10 years.

    Corroborating what the CBN official said, Managing Director of FSDH, Mrs Hamda Ambah,  noted that “this is an equity fund not a loan, the banks will come and provide equity that will be there for up to 10 years and the banks will also take an equity and look at getting equity type returns before they exit in 10 years. No interest rates, just a share in the profit, the banks collectively will have an ownership stake and benefit if the investment is successful and exit after 10 years. It will be like we are coming to take shares in your company, it’s like partnership.”

     

  • Aigbogun explains Etebo’s bizarre substitution

    Aigbogun explains Etebo’s bizarre substitution

    Head coach of Warri Wolves, Paul Aigbogun, has moved to clarify the reasons behind his rather puzzling second substitution in Saturday’s 3-1 win over Congolese club, AC Leopard, in the CAF Confederation Cup.

    Wolves were 2-1 up at the Warri City Stadium when Aigbogun elected to take off striker, Oghenekaro Etebo, and draft in Abu Azeez in the 65th minute.

    With Azeez already on the touch line and Etebo racing off the pitch, a section of the Wolves support reacted violently with several individuals almost rushing toward the pitch to stop the substitution.

    The fans ostensibly wanted Etebo to continue and the trainer seemingly bowed to their wishes when he instead asked for Freedom Omofoman to be substituted and Azeez eventually thrown into the fray.

    Aigbogun, however, claims the fans did not play any part in his decision to allow Etebo continue, saying one of his assistants made a mistake over the substitution.

    “No, the fans did not influence my decision. The thing is one of the coaches made a mistake with the substitution.

    “It was actually Freedom and not Etebo who was supposed to be taken off,” he told supersport.com.

    Etebo went on to score Wolves’ third goal in the 90th minute.

  • ‘Import substitution policy to ward off economic crisis’

    ‘Import substitution policy to ward off economic crisis’

    As the harsh reality of plunging crude oil prices continues to dawn on the Federal Government, the Ministry of Industry, Trade and Investment is determined to champion the import substitution model to tackle the  country economic crisis in the country.

    The Minister of Industry, Trade and Investment, Dr. Olusegun Aganga, who spoke during a visit to Secure ID Limited, Lagos, said Nigeria could no longer continue to be an import-dependent country.

    According to him, the nation  is wasting its foreign reserves on imported products, most of which can be produced locally.

    Dr. Aganga noted that there is need to  urgently steps in the next four years to address more of the challenges hindering economic growth. “If we do not address the import situation in the next three to four years, we will be in a very big trouble in terms of our economic development,” he warned. The minister praised the factory’s efforts at boosting industrialisation, maintaining that the country is wasting its foreign reserves importing products it can produce.

    His words: “The message of this administration is very clear. We can no longer be a country that is import dependent, especially on products we can produce in this country. There are many actors we should have developed as a country, but we relied for decades on exporting raw materials which is oil.  That era is gone and this is why the president launched the Nigeria Industrial Revolution Plan (NIRP) in 2012.”

    The Minister disclosed that under the NIRP, government’s approach is to diversify the nation’s revenue sources to boost economic growth. He said going by the plan, Nigeriaby 2018, will no longer import petroleum products into the country and this will save the nation a minimum of about $10 billion. “We spend about $3 billion importing steel; we spend about $6 billion importing cars and spare parts and also spend about $1.7 billion importing sugar where we can grow sugar cane to get sugar,” he said.

    While insisting that “Jonathan is the solution to the debacle we have had for decades and the idea is a matter of time to let him get the plan completed,” he said the falling oil price and devaluation of the naira have gotten Nigerians all surprised because for decades, the country adopted the wrong policies.

    In line with the new strategic thinking in favour of import substitution,the Federal Government had, as part of its emphasis on rapid growth of the non-oil sector for exports, listed 13 National Strategic Export Products (NSEP) meant to replace petroleum products whose prices have continued to tumble on the international market and in the process, threatening the stability of the economy.

    Aganga, during an unscheduled inspection and a meeting with the Executive Director of Nigerian Exports Promotion Council (NEPC), Mr. Olusegun Awolowo and members of the management team in Abuja, listed the 13 NSEP in three categories including; agro-industrial- palm oil, cocoa, cashew, sugar and rice; mining related- cement, iron ore/metals, auto parts/cars, aluminium and oil and gas industrial products- petroleum products, fertilizer/urea, petrochemical and methanol.

    The Minister noted that originally 12 products were identified, but the number increased because the Executive Director of NEPC made a very strong case for the inclusion of cashew on the list. Aganga, however, charged the NEPC to deploy its capacity for kick-starting the diversification of the country’s economy in line with the government’s agenda.

    Mr. Awolowo noted that NEPC under his leadership had long recognised the need to develop the non-oil export sub-sector and had in the process held series of strategic meetings with stakeholders for the development of ideas aimed at improving the foreign exchange earnings by Nigeria through different avenues. These, he said, included the development of a 4-year Strategic Plan, One State One Product (OSOP), Nigerian Diaspora Export Programme (NDEX) and the development of new markets for new products.

    Others, the NEPC boss said, include special initiatives on the Sub regional Economic Community of West African States (ECOWAS) markets, multi-stakeholders’ engagement of the export community, especially deepening of relationship with key stakeholders such as the Manufacturers Association of  Nigeria (MAN), Chambers of Commerce, National Cashew Association of Nigeria (NCAN), Cocoa Association of Nigeria (CAN), among others initiatives.

    Awolowo assured that the agency would do its best in collaborating with other stakeholders to ensure increasing foreign exchange earnings by Nigeria with a view to reducing the effects of the current fall in oil prices at the international markets.

  • ‘Import substitution policy to ward off economic crisis’

    ‘Import substitution policy to ward off economic crisis’

    As the harsh reality of plunging crude oil prices continues to dawn on the Federal Government, the Ministry of Industry, Trade and Investment is determined to champion the import substitution model to stem the economic crisis in the country.

    The Minister of Industry, Trade and Investment, Dr. Olusegun Aganga, who spoke during a visit to Secure ID Limited, Lagos, said Nigeria could no longer continue to be an import-dependent country. According to him, the nation at moment, is wasting its foreign reserves on imported products most of which can be produced locally.

    Dr. Aganga noted that there is need to take urgent steps in the next four years to address more of the challenges hindering economic growth. “If we do not address the import situation in the next three to four years, we will be in a very big trouble in terms of our economic development,” he warned. He commended the factory’s efforts at boosting industrialisation, maintaining that the country is wasting its foreign reserves importing products it can produce.

    His words: “The message of this administration is very clear. We can no longer be a country that is import dependent, especially on products we can produce in this country. There are many actors we should have developed as a country, but we relied for decades on exporting raw materials which is oil.  That era is gone and this is why the president launched the Nigeria Industrial Revolution Plan (NIRP) in 2012.”

    The Minister disclosed that under the NIRP, government’s approach is to diversify the nation’s revenue sources to boost economic growth. He said going by the plan, Nigeriaby 2018, will no longer import petroleum products into the country and this will save the nation a minimum of about $10 billion. “We spend about $3 billion importing steel; we spend about $6 billion importing cars and spare parts and also spend about $1.7 billion importing sugar where we can grow sugar cane to get sugar,” he said.

    While insisting that “Jonathan is the solution to the debacle we have had for decades and the idea is a matter of time to let him get the plan completed,” he said the falling oil price and devaluation of the naira have gotten Nigerians all surprised because for decades, the country adopted the wrong policies.

    In line with the new strategic thinking in favour of import substitution,the Federal Government had, as part of its emphasis on rapid growth of the non-oil sector for exports, listed 13 National Strategic Export Products (NSEP) meant to replace petroleum products whose prices have continued to tumble on the international market and in the process, threatening the stability of the economy.

    Aganga, during an unscheduled inspection and a meeting with the Executive Director of Nigerian Exports Promotion Council (NEPC), Mr. Olusegun Awolowo and members of the management team in Abuja, listed the 13 NSEP in three categories including; agro-industrial- palm oil, cocoa, cashew, sugar and rice; mining related- cement, iron ore/metals, auto parts/cars, aluminium and oil and gas industrial products- petroleum products, fertilizer/urea, petrochemical and methanol.

    The Minister noted that originally 12 products were identified, but the number increased because the Executive Director of NEPC made a very strong case for the inclusion of cashew on the list. Aganga, however, charged the NEPC to deploy its capacity for kick-starting the diversification of the country’s economy in line with the government’s agenda.

    Mr. Awolowo noted that NEPC under his leadership had long recognised the need to develop the non-oil export sub-sector and had in the process held series of strategic meetings with stakeholders for the development of ideas aimed at improving the foreign exchange earnings by Nigeria through different avenues. These, he said, included the development of a 4-year Strategic Plan, One State One Product (OSOP), Nigerian Diaspora Export Programme (NDEX) and the development of new markets for new products.

    Others, the NEPC boss said, include special initiatives on the Sub regional Economic Community of West African States (ECOWAS) markets, multi-stakeholders’ engagement of the export community, especially deepening of relationship with key stakeholders such as the Manufacturers Association of  Nigeria (MAN), Chambers of Commerce, National Cashew Association of Nigeria (NCAN), Cocoa Association of Nigeria (CAN), among others initiatives.

    Awolowo assured that the agency would do its best in collaborating with other stakeholders to ensure increasing foreign exchange earnings by Nigeria with a view to reducing the effects of the current fall in oil prices at the international markets.

  • Borno PDP stakeholders oppose substitution of Lawan’s name

    Concerned elders and stakeholders of the Peoples Democratic Party (PDP) in Borno State have kicked against the substitution of Alhaji Gambo Lawan as the party’s governorship candidate in the 2015 election.

    Lawan, a former Chairman of the Grassroots Democratic Movement (GDM) and ex-Chairman of Maiduguri Metropolitan Council, won the party’s governorship ticket at a primary in Abuja supervised by President Goodluck Jonathan.

    This followed the President’s intervention to resolve the lingering disagreement over the party’s governorship ticket in the state.

    The former GDM chairman and founding leader of the PDP in the state was affirmed by the party’s delegates and a Certificate of Return was issued to him after the election.

    In attendance during the primary were: Vice President Namadi Sambo, Senate President David Mark, PDP National Chairman Adamu Mu’azu, PDP’s Chairman of the Board of Trustees (BoT) Chief Tony Anenih, Borno State PDP Chairman, Minister of State for Power Muhammed Wakil, BOT members and other stakeholders from the state.

    But on the eve of the submission of all the parties’ governorship flag bearers to the Independent National Electoral Commission (INEC), Lawan’s name was substituted by the PDP National Chairman with that of Mohammed Imam, a nominee of Senator Ali Modu Sheriff.

    In an open letter to President Jonathan on December 26, the PDP stakeholders called for a reversal of the substitution in the interest of justice and fair play.

    The petition was signed by Aminu Yakudima, Ibrahim Abatcha and Salisu Aliyu.

    On the process that produced Lawan, they said: “The process and composition of the people present is first of its kind in the history of our great party, which Your Excellency described as the Supreme Court of the party whose decision is final. You may wish to recall further that Lawan, having emerged from the old PDP as the candidate, you directed the new entrants to the party to nominate the candidate for the deputy governor.

    “It is disheartening to note that 14 days after the nomination and affirmation of Lawan as the candidate, he was wrongly and illegally substituted with Imam on the eve of the closure for the submission of the governorship nominees to INEC.

    “We want to believe that Your Excellency is unaware of this ugly and sad development, particularly in a nomination process of this magnitude that was conducted by the highest office of the federation. In this regard and in the best interest of the party, we call for the immediate reversal of the decision to substitute Lawan.

  • Substitution of candidate complete if within stipulated time

    This is an appeal against the judgment  of the Court of Appeal, Benin Division delivered on the 22nd day of May, 2013, in which the Court set aside the decision of the trial Federal High Court that it lacked jurisdiction to hear and determine the matter instituted after the conduct of the main election as well as the finding of that Court that Edoja Rufus Akpodiete (2nd Respondent) did not withdraw his candidature from the election conducted by INEC (1st Respondent) for Ughelli North Constituency II on 26/4/2011. Accordingly the 2nd Respondent was returned the winner of the election and was issued with a certificate of return.

    Edoja Rufus Akpodiete (2nd Respondent) together with Jenkins Giane Duvie Gwede (Appellant) who was the Plaintiff at the trial Court are members of the Democratic Peoples Party (DPP) (4th Respondent), a registered political party. The 2nd Respondent contested and won the primary election of the Democratic Peoples Party (DPP) for the election into Ugelli North Constituency II for the Delta State House of Assembly. Later on, the 2nd Respondent, by notice in writing to the Democratic Peoples Party (DPP) withdrew from contesting the said election, collected his deposit of N2 million paid to the Democratic Peoples Party (DPP) for the purpose of contesting the election as a result of which the Appellant was used by the Democratic Peoples Party (DPP) to substitute the 2nd Respondent. After the substitution, the 1st Respondent, INEC published a list of candidates for the said election which list included the name of the Appellant as the candidate of the Democratic Peoples Party (DPP). However, without any further instruction or input from the Democratic Peoples Party (DPP), INEC released another list in which the name of 2nd Respondent was put instead of that of the Appellant, as the candidate of the Democratic Peoples Party (DPP).

    On his part, the 2nd Respondent denied that he withdrew from the election and also contended that the trial Court had no jurisdiction to entertain the action, an election haven taken place as the matter is a pre-election matter. The election in issue was conducted on the 26th day of April, 2011 while the action was instituted on the 29th day of April, 2011. The Appellant herein along with the Democratic Peoples Party (DPP) jointly commenced a suit at the Federal High Count sitting at Asaba. At the conclusion of hearing, the trial Court not only concluded that it had no jurisdiction to hear and determine the matter but dismissed same. Aggrieved by the judgment of the Court, the Appellant appealed to the Court of Appeal, Benin Division on seven grounds of appeal and on the 22/5/2013 the Court of Appeal delivered judgment allowing the appeal in part. The Court of Appeal found as a fact that the 2nd Respondent withdrew from contesting the election and that the Appellant was used to substitute him but after agreeing that the trial Court erred, the Court of Appeal refused to grant the reliefs claimed from the trial Court and also refused to grant the consequential orders. Not satisfied with the final conclusion of the Court of Appeal, the Appellant appealed to the Supreme Court on four grounds complaining against that part of the judgment of the Court of Appeal they had reservations about. All the Respondents save the 3rd respondent, Julius Oghenevwegba Bobi Cross-Appealed.

    The Appellant in the main appeal generated four issues for the determination of the appeal.

    Having regards to the facts of this case as found by the Court of Appeal and the applicable law on the issue of nomination and/or substitution of a candidate by a political party, the Supreme Court held the view that the Court of Appeal was in error in dismissing the suit of the Appellant at the trial Court, there being no claim before the Court challenging the validity of the nomination by substitution of the Appellant for the 2nd Respondent. The Court held that the Court of Appeal was therefore in error in regarding the substitution of the Appellant as defective or irregular. The Court stated the decision of the Supreme Court that publication of the list of candidates to contest an election by INEC is an administrative act which does not confer or take away validity from a duly nominated or substituted candidate. Nomination or substitution of a candidate is complete the moment INEC receives the necessary documents effecting same from the political party within the stipulated time. See KUBOR VS DICKSON (2013) ALL FWLR (PT 676) 392 AT 426–427; (2012) LPELR-9817(SC). Issues 1 and 2 were resolved in favour of the Appellant.

    On the 3rd and 4th issues which learned counsel for the Appellant also argued together, the pith and substance of his submission is that the basis for substitution of a candidate at an election is as provided in Sections 33 and 35 of the Electoral Act, 2010 (as amended). That once there is evidence of withdrawal of a candidate and this followed by the act of forwarding same to INEC by the Political Party concerned the substitution is completed and effective. It was the further submission of counsel that once a candidate has withdrawn his candidature, the person who nominated him and their nomination cannot be reckoned with any more, relying on Section 32(4) of the Electoral Act, 2010, that the issue of irregularity of the nomination of the Appellant was raised suo motu by the Court of Appeal as it never arose from the decision of the trial court nor on appeal or cross appeal before the Court; that the Court of Appeal was therefore in error in using the issue so raised suo motu in deciding the matter.

    Deciding issues 3 and 4, the Court agreed with the submission of counsel for the Appellant that the issue of irregularity of the nomination of the Appellant was raised suo motu by the Court of Appeal and without opportunity for the parties, particularly the Appellant to address the Court on it. The Court stated that it is settled law that a Court may raise an issue suo motu but where it decides to base its decision on the matter on the issue so raised, the Court is duty bound to invite counsel for the parties to address on it, particularly the party who would be adversely affected by the result of the exercise. The Court held that the Court of Appeal was clearly in error. These issues were resolved in favour of the Appellant.

    In the final analysis, the Court held the main appeal by the Appellant as well as the cross-appeal by the 4th Respondent succeeds and they were allowed while the cross-appeals of the 1st and 2nd Respondents failed and were accordingly dismissed.

     

    • Edited by LawPavilion

    LawPavilion Citation: (2014) LPELR-23763(SC)