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Tag: support

  • Group drums support for Odubu

    Group drums support for Odubu

    Ahead of the governorship primary of the All Progressives Congress in Edo State, the deputy governor, Dr. Pius Odubu, has secured the support of the Coalition of Registered Political Parties in Edo state to clinch the ticket

    The CRPP also said its adoption was based on a review of the various consultation with stakeholders.

    The group led by Dr. Samson Isibor described the deputy governor as a resourceful and tested person, who is well crafted in the art of governance.

    Isibor said: “After reviewing the report of other various consultations, the CRPP resolved to support the Rt. Hon. Pius Odubu as the man Edo state needs this time around to take us to the promise land.

    “Whoever wants to see Edo state developed at a faster pace it has ever known should suppress sentiment and produce Dr. Pius Odubu for the onerous task of building ,sustaining and advancing the development of a new Edo state.

    “We urge all delegates not to allow monetary inducement to out turn their since of judgement of voting for Dr. Pius Odubu, who has been tested, as anything contrary to this will mean that we are selling our conscience and the future of our children.

    He added: “CRPP enjoines all APC delegates to cast their vote for Dr. Odubu, who people respect for his loyalty, truthfulness, transparency, a goal getter who is not arrogant ,pompous or a Mr. Know-it-all, but very humble man above all he is not corrupt and a good listener.”

    Speaking on the allegation of bulk buying of PVCs, he said “We urge the delegates of the APC not to sell their PVCs as its an indication that their future is been mortgaged, we call on the EFCC to investigate the bulk buying of PVCs by a particular aspirants and what this means is that when he wins,he will be in a hurry to recover his funds.”

  • Gbajabiamila seeks more support for Buhari

    Gbajabiamila seeks more support for Buhari

    House of Representatives Leader Femi Gbajabiamila has pleaded with the citizenry to keep supporting President Muhammadu Buhari’s administration to rebuild the nation and the economy.

    He said the President has laid a solid foundation for good governance during the first year of his tenure.

    Gbajabiamila admitted that Nigerians were passing through a difficult period as a result of 16 years’ mismanagement of the economy by the Peoples Democratic Party (PDP) administrations.

    The House Leader said what the APC inherited from the former administration was beyond imagination, stressing that with patience and perseverance, “all will be well very soon”.

    He spoke at a town hall meeting of his constituency (Surulere 1).

    His words: “Things are very difficult in Nigeria today. Before our party – the All Progressives Congress (APC) – took over power in May 2015, we knew PDP had destroyed the economy. But what we were not sure of was the magnitude of the economic crimes. They had stolen and shared among themselves billions of dollars that could have been used to build infrastructure and add value to human life.

    “The looting by the PDP was unprecedented and that is why the British Prime Minister, David Cameron, described Nigeria as ‘fantastically corrupt’. President Buhari has been working tirelessly to plug all the loopholes through which the PDP and their collaborators in the civil service siphon public funds to the detriment of common people.”

    According to him, Buhari succeeded in achieving 80 per cent implementation of the 2015 budget prepared by his predecessor through shrewd management of scarce resources.

    On fuel pump price increase, Gbajabiamila said: “Initially, I was opposed to it because it would compound the suffering of common Nigerians. But when I attended a meeting along with other principal officers of the National Assembly at the Presidential Villa where the Minister of State for Petroleum Resources, Mr. Ibe Kachikwu, laid bare the nation’s earnings from oil export and the amount spent on importation of fuel, then I was convinced that if we don’t deregulate, we won’t be able to pay salaries and government won’t be able to perform its statutory functions to the citizens.

    “Members of the Organisation of Petroleum Exporting Countries (OPEC) have increased fuel pump price by 40 per cent since December, last year. Nigeria earns foreign exchange mainly from crude oil export. The price has slumped in the international market. The amount of dollars coming in has drastically reduced. The situation is very critical. The economic downturn is a global issue, not peculiar to Nigeria. Despite all this, Buhari has been able to turn around the country within one year.”

    On his activities in the House, Gbajabiamila said he sponsored some bills in the last one year when the Eighth National Assembly came on board.

    “I sponsored a bill that will make it a crime for an unlatched container to ply the roads; this I did following the tension at Ojuelegba when a trailer capsized and killed many people. The bill is awaiting third reading.

    “I introduced a bill that will make it a crime for employers of labour to owe salaries; a bill to amend Immigration Act that will make it impossible for foreigners to take over jobs meant for Nigerians; the law has been amended.

    “I co-sponsored Students Loan Bill seeking for the establishment of education bank that will offer loans to indigent students in tertiary institutions without interest,” he said.

    Besides, the House Leader said he secured about 15 jobs  for members of his constituency in the last one year.

    “I facilitated the invitation of Mr. Ayodele Dada, the best graduate of the University of Lagos, for recognition and celebration on the floor of the House of Representatives.

    “Even though Dada is from Ekiti State, he resides in Surulere, Lagos,” he said.

    Lagos Central APC Senatorial Leader Prince Tajudeen Olusi hailed Gbajabiamila for his qualitative representation in the House.

    He said his maturity and experience had helped him tremendously, such that he rose from floor member to Minority Leader and House Leader.

    He noted that Gbajabiamila is serving his fourth term in the House because of his competence and loyalty to the party and pray that God would continue to provide him wisdom to deliver.

    House of Representatives, members Jide Jimoh described Gbajabiamila as a dogged fighter and a good leader, who is highly committed to party ideals.

    Party stalwarts at  the briefing include Hon. S.S. Ajao, APC Chair, Surulere Local Government;  Hakeem Dickson, former Chairman, Surulere Local Government;  Alhaji Waziri Odia, former executive secretary, Surulere Local Government; the secretary, Mrs. Bamidele Hussain,  Hon Jide Jimoh; Mrs. Bolanle Oke, who represented Sen. Oluremi Tinubu;  former members of Lagos State Assembly, Hon Omowunmi Edet and Hon. Toun Adediran.

    Others are: Adeseye Amigo, an engineer; Chief Chris Ekwilo, leader of Igbo APC in Lagos State; Alhaji Farouk Magaji, leader, Arewa Community, Surulere;  Alhaja Latifat Gbajabiamila; Mrs. Sekete Dosunmu, market women leader, Surulere; Alhaji Tajudeen Ajide, Rasheed Shitta-Bey; Mr. Tajudeen Bakare; Mr. Anthony Macaulay, Mr. Kunle Oni and  representative of Road Transport Employers Association of Nigeria (RTEAN) Alhaji Suleiman Ajisakin.

  • Beleaguared PMB needs our support

    IMF, ill-famed for creating instability in underdeveloped post-colonial states to mitigate effects of social dislocations in the western societies, is waging a silent war against Buhari following his rejection of its bitter pill designed to further impoverish Nigerians.  As it was in 1984 when he did not only reject its Greek-gift but questioned the veracity of claimed Nigeria’s indebtedness and in fact went on to commission Chase Bank to carry out a verification exercise, Buhari is once again under a coordinated attack by IMF, its agents and its foot soldiers.  Kemi Adeosun, his Minister of Finance told them in far away France that if the Nigerian economy is sick, we will find a local cure. Perhaps as part of the local remedy, she late last week, on ‘Sunrise Daily’, a Channels TV programme, presented a Buhari economic plan designed  to eliminate waste, fight corruption, and make savings (instead of borrowing money to pay salaries as it has been for years) and placate those keeping Nigerian stolen wealth to repatriate them.  But apparently, the only thing acceptable to IMF and its western patrons in custody of looted Nigeria funds which Femi Falana estimated to be in the neighbourhood of $200 billion is outright devaluation of the naira so that we will be forced to join other troubled economies such as Ghana, Kenya and Angola that have swallowed the IMF bait. But to Buhari, with inflation as high as 20.20% and Labour agitating for minimum wage of N55, 000 even when about 26 states of the federation have been unable to pay the  N18,000 minimum wage, devaluation is a one-way route to bankruptcy and an invitation to share the terrible fate that befell Greece.

    Unexpectedly, IMF has deployed its foot soldiers. Even after the CBN governor had announced the depreciation of the naira from N155 to N197, Lamido Sanusi insists the country is only postponing the evil day. Oby Ezekwesili says Buhari’s policy is ‘archaic and opaque’ because according to her, we are ‘moving away from one-digit inflation and six percent growth of the Jonathan era. But what they did not tell Nigerians is that it was growth without development, growth without investment in infrastructure, growth where Egbin station has only two of its six turbines functioning, growth where NNPC could not maintain the four aging refineries nor government owned fuel farm in Ikorodu, growth where our defence industry in Kaduna re-bags rice while its counterparts in South Africa manufacture fighter jets.

    As for Kalu Idika Kalu, another IMF alumni, what the minister of finance presented as economic plan is no plan because he cannot see macro-economic indices like market determined exchange rate, increase tariff and taxes that will create opportunity for Nigeria to have access to ‘lending institutions and commercial banks like KFW Group of Germany, UK Export Finance Bank, Coface Bank in France, World Bank with the capacity to give long term loans for capital projects’.  He cannot understand why the government is afraid of devaluation when according to him, we have gone beyond devaluation. But what he has not told Nigerians is the inevitability of reduction in consumption if we increase VAT from 5% to 15%. He was also silent on the consequences of devaluation in an economy where inflation is already as high as 20.20% and Labour’s agitation for N55, 000 minimum wage when 26 states are finding it difficult to pay a minimum wage of N18, 000.

    But Idika Kalu has since his first coming as finance minister (1985-86),  like his fellow apostle of market driven realistic exchange rate such as Chu Okongwu (1986-1999), Olu Falae (1990-1990) and Abubakar Alhaji (1990-1993) insisted on what he described as ‘the inevitability of large scale programme of devaluation’ in spite of  warnings back then by even some western economists such as Ricardo Fari of John Hopkins University and Jaime de Millo, then a world Bank official  that the wholesale devaluation of our naira will not help our situation. They dismissed Obasanjo who took the battle to Columbia University where he dared Nigeria creditors and apostles of  devaluation to start charity at home by adopting ‘law of demand and supply’ by jettisoning ‘protectionism’ against Japanese goods and subsidy on their agricultural produce’ as a ‘frustrated chicken farmer’.  Tragically, their  first-tier rate of N2.80 to $1 in November 13, 1986, had by 1991 nose dived to  N11.312 kobo to $1 prompting  a warning by Augustus Aikhomu the then military vice president that the  ‘the value of the naira cannot be left absolutely to the whims and caprices of the market economy”. Twenty six years after and with the battered naira  standing at about N350-$1, their search for market determined realistic naira value continues.

    It is fruitless reminding apostles of ‘market driven realistic exchange rate’ who do not believe globalization is another name for slavery that models that failed in the West where the laws  are no respecter of anyone will not work in our environment where laws for our lawmakers are a means to an end? {Even the current 8th Senate according to the police manipulated its rules to achieve a desired outcome).

    For our purpose, let us examine only one institution- the Bureau de change, widely believed to be owned by those that drafted the laws guiding its operation. The (CBN), revised minimum capital requirement for Bureau De Change (BDC) operations is N35million with another N35m mandatory cautionary deposit to be deposited in a non-interest yielding account in the CBN. Because it is widely believed they are fronting for powerful people who have made cheap money from government, they don’t have to explain the source of dollars they dispense.

    How can we then have a realistic market driven naira exchange rate when although dollar is not our legal tender currency, imperial governors collect allocations and channelled same through Bureau de Change? How can supply and demand law determine the realistic exchange rate of the naira when the travails of the naira is closely linked with the unwholesome activities going on in the Bureau de change? Here, unlike the west, Bureau de change owes no one explanation when they get directive from Dasuki who after collecting $2.1b directly from CBN vault in boxes direct them to pay party functionaries?

    Add this to the fact that some individual Nigerians and companies who have over $20b deposit in their now frozen domiciliary accounts are also said to be behind the agitation for a market driven realistic exchange rate of N301 to $1. This amounts to double jeopardy for all Nigerians because if we apply Professor Bolaji Akinyemi’s thesis, there is no Nigerian billionaire who can in all conscience claim he has not exploited the state.

    And finally for a realistic exchange rate, I don’t think Nigerians need to leave the battle only to Falana who in spite of sabotage by his professional colleagues, has threatened to sue an embattled Buhari if he settles for loans instead of retrieving looted funds.  Currently at war with IMF and its western patrons and its Nigeria foot soldiers, Bureau de change and their unpatriotic Nigerian patrons and the greedy $20b depositors who want a pound of flesh, Buhari needs our support in his deadly battle with vicious enemies and understanding while he continues his current banana-peel approach to decisively rein in enemies of our nation.

  • Support for genetically-modified cotton

    The Raw Materials Research and Development Council (RMRDC) has expressed its support for genetically-modified Bt Cotton in Nigeria.

    In a letter to the Country Representative of Monsanto, a global seed company, by the RMRDC Director General, Dr. Hussaini Ibrahim, the council said it was concerned about the dwindling status of cotton production in Nigeria.

    RMRDC, an agency under the Federal Ministry of Science and Technology, noted that the textile sector stabilised Nigeria’s economy in the 1980s.

    “The textile sector provided over 700,000 jobs, next only to government; it contributed 25 per cent of GDP and above 175 ginneries operated at above 80 per cent capacity; ginneries and textiles mills were beehive of activities and there were local weaving industries all over the country,” the letter said.

    RMRDC further observed that over the years, the textile industry experienced near collapse leading to “jobs reduction from 700,000 in 1980 to 25,000; reduction of local textile mills from 175 to 25 due to lack of raw materials; only 20 of 50 ginneries operating as a result of non availability of seed cotton; low capacity utilisation in ginneries below 30 per cent and collapsed local weaving industries.”

     

  • Security experts pledge support for govt

    A group of private security experts has promised to support the government in fighting insecurity.

    The Association of Licensed Private Security Practitioners of Nigeria (ALPSPN), made the pledge at its Chief Executive Officers (CEOs) meeting in Lagos.

    Its Vice President, Emilia Csaszar, said the group was aware that businesses cannot thrive amidst insecurity.

    “The emphasis and importance that should be laid on the private security sector is not yet there. We have a lot to offer in the area of data gathering, we have readily trained men on ground that can easily assess a security threat and report to the management,” she said, adding: “Looking at the internally displaced persons (IDPs) camps, rather than put public security agencies to protect them, this area can be given to private security companies. We have the competence, manpower and relevant tools for the job while they go to combat insurgency in a tougher terrain. We are looking forward to collaborating with the government to ensure that the insecurity we face in the county is brought to a halt.

    “We have faced a lot of challenges because the value being placed on security is not there yet. In other countries, security is being given that value it actually deserves.”

    ALPSPN chairman, Wilson Esangbedo, urged members of the public to patronise licensed company that deals in the provision of security.

    ALPSPN Publicity Director, Richard Amowa, said “It is high time we stopped seeing security as a government affair. It is about the people. There is need for us to sensitise the people as well. No private security company has gone to Sambisa forest in Borno State to give a report or carry out a research on the country’s situation. Our relationship with police officers is zero. Even the relationship between the police and civil defence corps is poor.”

  • Job creation: ILO unveils plans to support Fed Govt

    Job creation: ILO unveils plans to support Fed Govt

    The President Muhammadu Buhari administration’s employment creation initiative is to get a boost from the International Labour Organisation (ILO).

    ILO Country Director Mr. Dennis Zulu made the commitment on Tuesday during his visit to the Minister of Labour and Employment, Sen. Chris Ngige.

    According to the communiqué signed by the Deputy Director, Press, in the ministry, Mr. Samuel Olowookere, the ILO will like to partner Nigeria in the drafting of a new employment policy.

    “We as an organisation has attained an advanced stage in the drafting of this policy, and we need the contribution of the tripartite partner as well as the ministry to push it forward,” Zulu said.

    He stated that the global labour organisation was looking forward to receiving the input of the ministry towards the completion of the Social Protection Policy, which is aimed at providing social protection floor for the vulnerable including retirees thereby making sure that they did not fall back to poverty the trap after retirement.

    He also canvassed the need to review Nigeria’s labour laws to reflect the reality of the moment in the sector, adding that the ILO is looking forward under the present administration to see that the labour laws that have been in the National Assembly since 2005 are clarified to ensure that they reflect changing times and changing demands both in the private and public sectors.

    In his response, Sen. Ngige reiterated the administration’s commitment to the provision of jobs for the teeming unemployed youths. He assured the ILO of his ministry’s commitment to continued maintenance of industrial peace and harmony in the labour sector through proactive social dialogue.

    “The name of this ministry was changed to Ministry of Labour and Employment to reflect its pivotal role in the job creation efforts of the Federal Government. The activities of the ministry are also accentuated by this responsibility and we are living up to the task. However, the aspect that makes for industrial relations, social protection for the vulnerable and the entire workforce as enshrined in the ILO status and the nation’s constitution will not be abandoned,” Ngige said.

    The minister added that the change mantra of the present administration seeks to impact positively on the lives of the people. “We are going to make state resources available to everybody especially those on the lower rung of the social ladder and not a select few at the top.

    “We have fashioned out some social intervention programmes such as the Graduate Teachers Conversion Scheme, Commercial Farmers Training Project, Conditional Cash Transfer, Skill Acquisition Programme to impact skills such as metal fabrication, plumbing, electric wiring, baking, interior decoration, repair of phones, painting, hairdressing, garment production and mechatronic among others,” he said.

    The minister expressed hope that the ILO will give the ministry the technical support to man the various skills acquisition and vocational centres.

    He reminded the ILO Country Director of his earlier request in Addis Ababa, Ethiopia that in view of the enormous contributions of Nigeria to the ILO and being the first country to host its office in Africa, opened in 1959, it should be accorded a prime place in the West African sub region through the upgrade of its regional office in Nigeria.

    In a related event, ILO has warned the public, especially job seekers of fraudulent schemes purporting to solicit applications for employment or business opportunities on behalf of its officials.

    The ILO said it strongly recommends that prospective applicants and recipients must carefully verify the authenticity of solicitations and offers before sending any response.

  • Need to support war against corruption

    Need to support war against corruption

    When President Barrack Obama visited Ghana in 2010 he identified corruption as the bane of the underdevelopment of Africa. I was compelled to join issues with the United States leader for his deliberate silence on the plundering of the resources of Africa through  slave trade and colonialism by western governments for a cummulative period of 500 years. I also accused banks in western countries  of warehousing the stolen wealth from African countries and other Third World nations. Since then the Obama administration has undertaken to assist African countries to recover and repatriate the looted wealth of African countries traced to the United States.

    During a recent visit to Nigeria, the Managing Director of the International Monetary Fund, Christien Lagarde promised that the IMF would help Nigeria to bail out the economy. However, the assistance offered by the IMF is a Grrek gift. Once again  the government has been advised to devalue the national currency . The dangerous advice should be rejected as it is designed to further ruin the national economy. The IMF and its local supporters have not explained what an import oriented economy stands to benefit from currency devaluation. However, while President Buhari has rightly rejected the IMF prescription the administration should stop the dollarisation of the economy and ban the importation of all goods that can be produced locally and invest in the Nigerian people to produce quality goods and services. All the major oil and shipping companies are involved in the criminal enterprise.

    On the  recovery of the looted wealth

    Nigerians have been told that in promising to wipe out poverty from the land the All Progressive Congress did not appreciate the extent of the looting of the treasury by the PDP-led government. The dwindling revenue from the sale of crude oil has also been blamed for the inablity of the government to deliver on its promise to address the crisis of poverty in the land. With respect, such diversionary explanations should be rejected by the traumatized people of Nigeria. From the information at my disposal the government is owed well over $100 billion which ought to be recovered without any further delay. The details are set out below:

    (a) In response to a request for information which I made under the Freedom of Information Act the National Extractive Industries Transparency Initiative informed me by a letter dated 27th January, 2016 that from five cycles of independent audit reports of NEITI covering 1999-2012  the potential recoverable revenue accruable to the Federal Government is $20,221,018,007.00  (Twenty billion, two hundred and twenty one billion, eighteen thousand and seven dollars).

    (b) In 2006 the Central Bank of Nigeria apportioned $7 billion out of the nation’s external reserves to 14 Nigerian banks. In 2008, the CBN also gave a bailout of N600 billion ($4 billion)to the the banks. The banks which took the loan of $11 billion have not been asked to refund same.

    (c) In September last year,  the Nigerian National Petroleum Corporation (NNPC)  announced that arrangements had  been concluded to  recover the sum of $9.6 billion in over-deducted tax benefits from joint venture partners on major capital projects and oil swap contracts.

    (d) Sometime in 2009, a leading oil company operating in Nigeria applied to the federal government for the renewal of three oil blocks. Upon granting the application the NNPC asked the company to pay the sum of $2.5 billion for the renewal of the licences.  Curiously, the $600 million paid by the company was accepted by the federal government. One of our clients has requested the EFCC to investigate the circumstances surrounding the fraudulent transaction. Our request is that the outstanding sum of $1.9 billion be collected from the leading oil company and paid into the federation account.

    (e) From 1998-2014 the Federal Government collected over $4 billion from the over $5 billion stolen from the vaults of the CBN by a fromer military ruler, the late General Sani Abacha. I have submitted a petition to the Economic and Financial Commission to investigate the alleged criminal diversion of the recoverd loot by some former public officers. The governments of the United States and Switzerland have promised to repatriate not less than $750 million which has also been recovered from the loot.

    (e) In 1999, the Abdulsalami Abubakar military junta enacted the Deep Offshore inland Sharing Contracts Act Decree to give effect to certain fiscal incentives for the oil and gas companies operating in the Deep Offshore and Inland Basin under production sharing contracts. Thus, by virtue of section 5 of the Act, the payment of royalty in respect of the Deep Offshore production sharing contracts shall range from 4 to 12 per cent while no royalty shall be paid whatsoever in areas in excess of 1000 metres depth! Since the 15-year period of for non-payment of royalties expired in June 2014 the National Assembly should amend the law while the NNPC should collect  appropriate royalties from the oil and gas companies operating in areas in excess of 1,000 metres depth.

    (f) The $470 million contract awarded to ZTE, (a Chinese company) in 2009 by the federal government for the construction of CCTV cameras in Abuja and Lagos  has been abandoned. Hence, the cameras which were installed did not capture the criminals who recently launched bomb attacks in Abuja and killed scores of citizens. I have since requested the EFCC to investigate the failed contract and recover the contract sum.

    (g)The Goodluck Jonathan administration admitted publicly that the nation was losing crude oil worth $7 billion to criminals on an annual basis. An investigation being carried out by a team of lawyers hired by the NIMASA has  so far confirmed that hundreds of millions of barrels of oil  were stolen by shipping companies and taken to many countries. According to the lawyers  “the total amount recoverable by the Nigeria Government from the Sellers and Buyers as a consequence of the shortfall for the period from January 2011  December 2014, stands at US$12.7 billion.”

    This analysis is limited to the oil stolen and taken to the United States alone in 3 years. It has not covered the hundreds of million of barrels of stolen oil  taken to other countries in the last 10 years. To avoid prosecution in the circumstance some of the oil companies have opted to settle out of court. According to the legal team the country can reccover not less than $50 billion if the verification is thoroughly conducted. The EFCC should be directed by the federal government to work with the legal team with to speed up the recovery of the oil theft.

    (h) In July 2014, President Goodluck Jonathan fired the then Central Bank Governor, Alhaji Sanusi Lamido Sanusi for having the temerity to expose the NNPC for not remitting $20 billion to the Federation Account. Following the reconcilliation of the accounts of the NNPC spearheaded by the then Minister of Finance and Coordinating Minister of the economy, Dr. Ngozi Okonjo-Iweala it was said that the missing sum was $12billion. To douse the tension generated by the scandal the  Federal Government apoointed a firm of  auditors to audit the books of the NNPC. But in a bid to cover up the scandal the Federal Government ensured that the auditors were denied access to vital documents. At the end of the shoddy investigation the auditors indicted the NNPC for withholding $1.8 billion from the Federation Account.

    (i) Rising from its  monthly meeting  held at Abuja on September 17, 2015 the National Economic Council accused the Nigerian National Petroleum Corporation (NNPC)  of failing to remit N3.8 tillion to the Federation Account under the Jonathan administration. The Council set up a committee of  3 state governors to trace the whereabout of the huge sum of money. Last month, the Auditor-General of the Federation indicted the NNPC for withholding N3.4 trillion from the Federation Account in 2014.. In its reaction to the allegation the NNPC claimed that the amount which it had withheld from the Federation Account was 348 billion!

    (j) While it might be said that the unprecedented looting of the public  treasury via the NNPC took place under the rogue regime headed by President Goodluck Jonathan it is totally unacceptable that the NNPC has continued to fritter the nation’s resources under the Buhari Administration which is currently waging  a war against corruption. Last week, a firm of auditors revealed that out of the sum of $6.4 billion realised from the sale of crude oil by the Federal Government  in the first quarter of 2016 the NNPC remitted $2 billion to the Federation Account and withheld the colossal sum of $4.2 billion. Up till now the NNPC has not explained how much of the missing sum of $4.2 billion was spent on its operations. Neither has the Presidency reacted to the allegation that the looting spree has continued unabated under President Buhari who doubles as the Minister of Petroleum Resources. It is high time the NNPC was fully investigated to get to the root of the large scale looting of public funds through the institution.

    • Excerpts from a lecture delivered by Femi Falana, SAN, at a seminar at Olabisi Onabanjo University, Ago Iwoye.
  • CBN chief praises Zenith Bank’s support for non-oil export

    CBN chief praises Zenith Bank’s support for non-oil export

    Central Bank of Nigeria (CBN) Deputy Director, Trade and Exchange Department, W. D. Gotring has ranked Zenith Bank Plc high among non-oil export supportive banks.

    Speaking at international trade seminar organised by Zenith Bank Plc in Lagos, with theme: ”Exporting for growth: Opportunities in non-oil export”,  he called on the government and other stakeholders to diversify the economy from oil by growing the non-oil export segment of the economy.

    He also urged other banks to emulate Zenith Bank’s commitment to real sector development and non-oil segment of the economy.

    He, however, urged banks to deepen funding for non-oil segment of the economy to boost the volume of forex receipts and economic stability.

    Group Managing Director/CEO of Zenith Bank Plc, Peter Amangbo, expressed the commitment of the lender to build non-oil export service excellence in the trade and investment sectors. This, he said, would lead to stability and growth of the economy.

    He said Nigeria is faced with the task of improving its Balance of Trade (BoT) by focusing on the non-oil exports since the sharp drop in oil prices in the international commodities market opened up the vulnerability of the nation’s economy.

    For him, increasing the country’s non-oil exports will help the economy rebound, create jobs, engender long-term prosperity, support sustainable economical, social and environmental growth while contributing to the development of many states.

    “Zenith Bank will continue to make significant contributions in the non-oil sector. We are focused, will embrace and evolve solutions that facilitate non-oil export. We will do more to help manufacturers, farmers, and entrepreneurs sell made-in –Nigeria products and services globally to benefit the economy,” he said.

  • Fed Govt seeks states’ support to enforce compulsory insurance

    Fed Govt seeks states’ support to enforce compulsory insurance

    •Collaborates with Ogun State

    The Federal Government is  working with state governments to key into compulsory insurance, the Commissioner for Insurance, National Insurance Commission (NAICOM), Alhaji Mohammed Kari, has said.

    Kari,who spoke during the Annual seminar for Business Editors and Insurance Correspondents in Abeokuta, over the weekend, said NAICOM was collaborating with the Ogun State government, noting that more visits to other states would continue within the year.

    He said the enforcement of the compulsory insurance at the states’ level would open big opportunities for the industry and the economy in employment, resources and, most importantly, protection of public assets of the states and public interest.

    Citing the various fire outbreak and collapsed buildings in the country, he said such risk could have been protected by the compulsory insurance.

    The NAICOM boss affirmed that insurance losses would reduce drastically if the issue of compulsory insurance is taken seriously.

    He said: “Discussions are already going on with some state governments on the need to adopt compulsory insurances, of which Ogun State is part of. The commission will extend such crusade to other states of the federation, as this would ensure that the motive of the Market Development and Restructuring Initiative (MDRI) is achieved.

    “Our motive is to ensure that all the 36 states, including the Federal Capital Territory (FCT), comply with these insurance.”

    He also disclosed that the commission was working with the Chartered Insurance Institute of Nigeria (CIIN) and other relevant operators to create additional distribution channels aimed at increasing insurance penetration to all sector of the population.

    He added that instead of relying only on brokers and agents these new additional channels would help to increase access to insurance across the country.

    “The commission is equally discussing with insurance market operators, to see how the industry can be expanded using other additional channels to sell insurance products and services. Sakeholders are seriously working to deepen insurance market, in a bid to contribute more to economic growth of the country,” he noted.

    Ogun State Governor, Senator Ibikunle Amosun has urged NAICOM to stop fake insurance policies in circulation.

    Amosun stated this when the top management of the NAICOM  visited at his Oke-Mosan, Abeokuta office.

    He expressed concern that Nigeria has not taken full advantage of the sector.

    “We need to beef up the contribution of the sector to the nation’s economy. We have not taken full advantage of the insurance sector in Nigeria,” he said.

    The governor added: “Nigeria is not bereft of ideas. The problem is that of implementation. For instance, we need to stop fake insurance policies in circulation. It will be in the best interest of the nation if NAICOM enforce the laws appropriately.

    “We are ready to complement your efforts in the area of enforcement. It is more in our interest to collaborate with you, we will be the better for it.”

    The governor urged members of the team to seize the opportunity of the retreat to visit different parts of the state to appreciate the spread of developmental projects put in place by his administration.

    He urged NAICOM to ensure that insurance companies live up to their responsibilities, adding that failure to observe their duties would be inimical to the public.

    He also called on journalists to educate the public on the benefits of insurance to their daily activities.

  • Don seeks support for waste-to-power initiative’

    The waste-to-power initiative by the Federal Government for energy sufficiency  requires the support of stakeholders for it to succeed, a former Country’s President, International Association of Energy Economics (IAEE), Prof Adeola Akinnisiju has said.

    He told The Nation that the government’s decision to call for research into waste-to-power project, is good and capable of making Nigeria achieve its energy potential.

    However, the lack of commitment by the stakeholders could mar the success of the initiative, he added.

    According to him, technologies for collection, processing and conversion of wastes into energy must be available in the country before its potential could be harnessed for the development of socio-economic activities.

    He said: “In developed countries, such as the United States, Germany and others, where wastes were processed and converted into energy for electricity supply, the use of variables, such as technologies, researches, trainings of personnel for the project, and cooperation of members of the communities, which the initiative is meant for, are considered.”

    He said for Nigeria to achieve success in the initiative, those variables must be considered and used.

    He said the smaller volumes of electricity that would be generated from the project would boost electricity supply.

    He urged Nigerians to support the waste-to-power initiative, the same way they invested in the assets of Power Holding Company of Nigeria (PHCN).

    When investments are made in the various facets of energy, he said, the country is  assisting to make power available to its people. He said firms that invest in the waste-to-power project, are sure of getting enough waste in the country to generate electricity.

    The Minister of State for Power, Works and Housing, Mustapha Baha Shehuri, had called for  research into waste-to-power initiative during a meeting in Abuja with the Vice Chancellor and members of the Governing Council of the University of Maiduguri.

    He said the initiative could improve electricity supply in the country, if properly implemented.