The Nation Newspaper

Tag: swap

  • Naira-Yuan swap

    •Nigeria must exploit the advantages to the fullest

    Now that the long-awaited bilateral currency exchange agreement between Nigeria and China has finally been signed, it is crucial that Nigeria ensures that it reaps the benefits while keeping the drawbacks to a minimum.

    The currency swap deal is worth the equivalent of US$2.35 billion. It allows both parties to exchange the equivalent of 15 billion Chinese Yuan for 720 billion naira, or vice versa, over the next three years, and is renewable. Nigeria becomes the fourth African participant after South Africa, Zimbabwe and Ghana.

    The advantages are obvious. Instead of enduring the difficulties of going through the American dollar, both nations will be able to engage in simpler and more direct two-way deals. Consequently, dollar demand by Nigerian firms is likely to be lessened, as businesses trading with China will no longer need to use it. That in turn could have beneficial effects on the exchange rate of the naira, with obvious multiplier effects for the country’s economy.

    However, the potential shortcomings are just as obvious. Perhaps the most glaring is the fact that China is by far the larger of the two trading partners. In 2017, Nigeria’s imports from China totalled N1.8 trillion, while its exports amounted to just N220.6 billion. Chinese business and industry are thus in a much more advantageous position, and are very likely to exploit their built-in strengths to the fullest. This could mean that Nigeria’s already-sizeable trade deficit with China could widen even further.

    Then there are the technical issues. At present, only four Nigerian banks have offices in China. Of these, only two meet the Chinese condition of having a minimum balance sheet of $20 billion to access its clearing house through which swaps will be conducted. On the Nigerian side, the Central Bank of Nigeria (CBN) requires all settlement banks to have N15 billion in treasury bills that will be used as collateral. This requirement limits the number of banks which can participate in the swap arrangement.

    These problems do not reduce the significance of the agreement, however. China’s pre-eminent and growing importance in global trade makes it a vital partner in the attainment of Nigeria’s ambitious plans for economic growth. The Chinese appetite for agricultural products and minerals synchronizes perfectly with Nigeria’s own desire to expand its non-oil export capacity.

    It is incumbent upon the Federal Government to ensure that the country is fully prepared to meet the challenges posed by the currency swap deal. Industrial and business concerns must be able to respond with the efficiency required to become reliable partners with their Chinese counterparts. Participating banks must ensure that transactions are not hampered by red tape and other bureaucratic bottlenecks. Disputes must be settled quickly and fairly.

    Deliberate attempts must be made to ensure that the bulk of business is not done in crude oil or primary products; that would only amount to replicating trade patterns that Nigeria is seeking to move away from. Business in agricultural products and minerals, for example, should emphasize value-addition. Joint-venture companies should have a bias for Nigerian-based manufacture, as opposed to wholesale importation. Chinese investment in the country must incorporate technology-transfer agreements.

    Nigeria cannot out-manufacture China, but there is no reason why basic components for industrial and electronic equipment cannot be made here. As Chinese manufacturing costs rise as a result of its increasing prosperity, low-cost manufacturing will inevitably move to nations that are prepared to receive it. Nigeria should position itself to be such a country.

    The currency exchange agreement is an indication of the country’s readiness to take its rightful place in the arena of world trade, but it will succeed only if intentions are complemented by resolute action.

  • Biometric-based SIM swap to end e-fraud

    Biometric-based SIM swap to end e-fraud

    Telecom subscribers who want to swap their subscriber identification module (SIM) cards will need to secure bank approval that will include biometric verification, it was learnt at the weekend.

    It is all part of a new regulation initiated by the Central Bank of Nigeria (CBN) and the Nigeria Communication Commission (NCC) to tackle SIM-swap related e-fraud.

    The policy could take effect before December.

    CBN Director, Banking & Payments System Department, ‘Dipo Fatokun, who spoke at the weekend, said the regulators had discovered that some e-fraudsters specialised in swapping the SIM card of victims, taking huge sums of money from their accounts.

    He said bank customers lost over N2 billion to e-fraud in 2016, and that both regulators were ready to implement the regulation that will require bank approval and biometric identification before a telecom subscriber’s SIM Card is swapped.

    Biometric verification is any means by which a person can be uniquely identified by evaluating one or more distinguishing biological traits.

    Unique identifiers include fingerprints, hand geometry, earlobe geometry, retina and iris patterns, voice waves, deoxyribonucleic acid (DNA) and signatures.

    Fatokun said e-fraud remains the biggest challenge facing the electronic payment sector and needs to be collectively tackled by customers, banks and financial sector regulators.

    Fatokun, who spoke at with finance correspondents in in Lagos at the weekend, said e-fraud has never been completely eliminated, adding that e-fraud not only leads to loss of funds, but reduces confidence of customers using e-payment channels.

    The CBN director, who spoke on the theme: “Electronic Payments Industry’s Performance and Regulatory Issues”, described e-payment as any form of payment that allows the use of electronics system to initiate, authorise and confirm the transfer of money between two parties.

    He explained how the SIM swap e-fraudsters operate: “Some of the fraud we are still battling with is the issue of SIM swap. We have heard of instances where people would say for three days my phone did not work. And because many of us carry more than one phone, if one is not working, at least one will work”.

    “So, what they do is that they swap your phone. That is, they just walk up to a service provider and claim to be the owner of the line. Most often, they have studied that number and they have collaborators, probably in the bank. And because the process for doing a change of SIM card is so loose, the telecom company would change the SIM card for the person and so he assumes the phone number,” he said.

    Fatokun added: “What does the fraudster do? He puts the SIM card in another phone and starts using the Unstructured Supplementary Service Data (USSD) to make transfers out of the account into another account. So, we are working with the NCC to tighten the process of SIM card swap. It may include biometrics and a unique number may be required.

    “In Nigeria, we have consistently over the last three years reduced the value of electronic fraud.  The game changer is the Bank Verification Number (BVN). It is not only helping us to identify who owns what, but going forward, just as it was announced by the Bankers’ Committee at the last meeting, the BVN would be used as an instrument to track fraudsters in the system.

    He said when electronic fraud happens, money is moved from one account to another account. That other account that money is moved to, the owner can be identified. And when such owners can be identified, they can be blacklisted or watch listed.

    He said fraudsters can be identified and if possible taken out of the system.

    “So, the BVN is going to be a game changer in the respect. We are working on the final framework and when it is concluded, it would be issued to the industry,” he stated.

  • 82 girls and prisoners’ swap

    After three years in Boko Haram captivity, the release of 82 of the Chibok girls a fortnight ago, no doubt, gladdened the hearts of many. The ecstasy generated by that incident was understandable given the trauma both the girls and their parents have passed through these three years.

    Because the lives of the young girls were in jeopardy, there was the general feeling that anything could be sacrificed to ensure their safety. When therefore the government announced that the release was made possible through the swapping of some Boko Haram commanders in their custody, it seemed the end had justified the means.

    So it was that those who sought to raise reservations on the propriety of the prisoners’ swap were so disparaged that they could no longer find their voice. The furore that trailed attempts by the opposition to raise questions on the swap must have silenced them such that not much was heard of any criticism on the issue. They were made to appear insensitive to the feelings of the girls and their parents in the hands of the cruel and ruthless lot.

    Parallels were swiftly drawn with the United States of America US and some other advanced countries which at the time or the other, applied that option to free their citizens taken captive in other countries. If such advanced countries could swap prisoners, what is wrong in Nigeria applying the same measure to secure the release of the Chibok girls from a deadly monster that gives scant attention to rules of engagement? – they queried.

    With high level sentiments like this, the voice of the opposition was drowned to the extent that nobody again cared to ask why there was no measure of ceasefire while the negotiations leading to the swap lasted. Nobody again cared to ask, where and to whom the freed commanders were released?  Nobody cared to ask what other commitments if any, were extracted from the group before the commanders were freed. These questions at best, remained mute or were discussed in muffled voices until the freed commanders appeared in a video armed with high calibre rifles threatening to attack Abuja and some critical institutions again.

    And as people were still guessing on the authenticity of the video, the military authorities came out to confirm that those in the video were part of the commanders released under the prisoners’ swap. The military went further to urge the public to disregard their threat describing them as people who are seeking relevance having lost touch with the realities of the war. They also spoke of the measures they have taken to guarantee public safety. The advice and assurances can as well be.

    But the episode has exposed the innate weaknesses in the arrangements leading to the swap. Besides, it has again brought to the fore the inappropriateness in shutting of the views of those who offered contrary opinions on the prisoners’ swap. If the freed commanders could so soon after, arm themselves with sophisticated weaponry, threatening the nation’s security, then the swap still leaves a sour taste in our mouths. It immediately conjures the impression that we have created monsters that will turn around to haunt us.

    Beyond that however, it raises issues about the Sambisa forest which we were told has been overrun by our military. It tends to suggest at once that the forest still remains a very stronghold of the insurgents. Or, how else do we account for the ease with which the commanders integrated themselves to their old ways with easy access to weaponry with which they now issued threats in a video recording? It gives the impression of a well fortified and organized group that is not about to capitulate.

    That is the unmistakable signals arising from the video show by the freed commanders. It speaks of minuses in the negotiations leading to their being swapped for the Chibok girls. We have been told arrangements are also afoot to get the remaining girls freed. It is hoped that this time around, the entire negotiations will centre round a comprehensive end to the insurgency since the war is said to be at its dying stages with the insurgents’ capacity for evil largely degraded.

    Continuing suicide bombs attacks since the release of the girls and swap of the commanders do not give cause for comfort. The University of Maiduguri was last week attacked with some casualties. Elsewhere, the military has foiled suicide bomb attempts. There were also video images of some of the Chibok girls that refused to leave Boko Haram den wielding dangerous weapons. All these are sources of grave concern as they do not leave even the most optimistic in the comfort of mind that the war will peter out very soon.

    Beyond these however, there are nagging questions that needed to be answered for the discerning public to get a proper perspective of the whole circumstances of the abduction, incarceration and release of the girls. This is necessary given complaints from the Chibok community on the secrecy surrounding the release and subsequent handling of those that have been freed. Chairman of the Chibok community in Abuja, Hosea Tsambido complained of the restrictions placed on the 21 girls released last year.

    Apart from their not being allowed to interact freely and answer questions freely, he said the only thing the first group is being taught is how to bake cake, sing and clap. He has therefore demanded a probe into the 2014 abduction saga. Tsambido’s frustrations are not out of place. Before now, it was widely believed that part of the difficulties in securing a quick release of the girls was due to doubts by the Jonathan regime on the veracity of the abduction.

    That doubt is yet to be reasonably cleared. Even though people have been reluctant to come public with it, references to the good health of the 82 released girls especially in the social media point to raging scepticisms on the abduction saga. With the pictures we have seen of the freed girls, it would seem the insurgents treated and fed them very well. It is not a tale of haggard-looking, emaciated and abused girls. Neither did it depict a spectacle of those who lived in a dreaded forest for good three years.

    Some of them are looking better than those of us living in the comfort of our homes. Little wonder some of the girls were reported to have refused to accept the offer of freedom but instead preferred to remain with their abductors. There is no evidence of the girls having been married off, sold into slavery or killed by their captors. With promises that the remaining girls would soon be freed, previous stories of their being used in suicide bomb attacks have turned out as speculations lacking in any iota of substance. As things have turned out, it would appear that Boko Haram has demonstrated a good record in respecting the fundamental human rights of its prisoners; an offence our military have before now, been accused of.

    When we juxtapose the seeming good health of the girls with the renewed threat by the swapped commanders, the impression we get is that of a confused situation. Such confusion can only be resolved through more information on the saga. People (especially journalists) should seriously be interested in knowing whether the girls we have seen were in the dreaded Sambisa forest all these years? They should be interested in their experiences while they were held captive. What occupied their time during the period and how they related with the insurgents are of public interest.

    But we cannot have any of these now. The alibi is that allowing them to disclose such information would jeopardize the release of the remaining girls. We are told that they are serious security information that the public does not need now. Plausible as this seems, there is the other dimension that the excuse could be a convenient subterfuge to cover up the real story behind the abduction saga. That is the uncanny dilemma we have to contend with for now. Someday, the real story will emerge.

  • More Chibok girls to return in swap deal, says minister

    More Chibok girls to return in swap deal, says minister

    More Chibok schoolgirls are to be released soon in another swap deal with Boko Haram terrorists, Minister of Women Affairs and Social Development Aisha Alhassan said yesterday.

    The minister told reporters in Abuja that the recently released 82 girls were undergoing rehabilitation and reintegration in medical facilities in Abuja.

    “Negotiations are ongoing to exchange the remaining girls with Boko Haram detainees.  We can’t afford to keep them any longer,” she said.

    The minister, who condemned insinuations that the Federal Government had been shielding the parents and the media from having access to the girls, said there was  the need for the girls to be taken through a process to relieve them of the trauma of their captivity.

    Said the minister: “Most of them were having nightmares some days after they were released. We need to keep them away from the media for some time to avoid some questions that they might be asking them, we are not keeping or hiding them

    “We are not shielding the girls from their parents. The parents of the recently released 82 girls have already been contacted and they will be in Abuja any moment from now. Most of them live in villages very far from Chibok, so it will take some time before they can get to Abuja.”

    The 21 girls released last October by the terrorists are to return to school in September, the minister added.

    “The 21 girls initially said they won’t like to go back to school in Chibok but after the various rehabilitation and reintegration process they have gone through, they are now set to return to school in September; they are now fit and eager to go back to school.

    “The girls have gone through a lot of reintegration process that will make them fit to return to school. They are now medically fit, they have gone through various vocational skills, including ICT training; their parents are always in touch with them.

    “I always take them to movies and parks during weekend. They are now fit to return home but we must ensure that they forget all the traumatic experience they passed through while in the bush before they can go back to Chibok,” she said

    Presidential Media Adviser Garba Shehu also corroborated the return to school plan.

    “Government is preparing the girls to go back to school in September because they have lost so much academically.

    “It is not all the 103 so far released, but 21 of them,” he added.

    ”None of the girls released on Saturday will be returning to school in September as they are still undergoing medical and psychological treatment that should last two to three weeks”, the government’s Twitter feed stated.

    The minister added that the government was careful about who was granted access to the 24 girls who left captivity last year.

    “They are in Abuja taking part in a rehabilitation programme.

    “The parents of the Chibokgirls are free to visit them at any time. We will never prevent them from seeing their daughters,” a government tweet quoted Alhassan as saying.

  • FG mum on currency swap agreement one year after

    Indications are that the federal government may have jettisoned the currency swap agreement between Nigeria and China as the policy initiative is yet to be implemented one year after the deal was signed.

    President Muhammadu Buhari last year travelled with a high-level government delegation to China, during which the Industrial and Commercial Bank of China Ltd (ICBC), the world’s biggest lender, and Nigeria’s central bank signed a deal on yuan transactions.

    The agreement was reached following a meeting between Buhari and Chinese President Xi Jinping.

    But exactly one year after the agreement was signed, nothing much has been heard about it ever since.

    The Nation findings revealed that the policy has been put on hold indefinitely as there are plans to hold talks with the Chinese government to straighten a few loose ends.

    Our correspondent further gathered that the apex bank which is saddled with the responsibility of implementing the policy is awaiting directives from the government.

    One of those worried that the currency swap deal may have flopped is Alhaji Aminu Gwadabe, President of the Association of Bureau De Change Operators of Nigeria (ABCON).

    Speaking in an interview with The Nation over the weekend, he expressed dismay that the policy may have been sacrificed in the altar of political expediency.

    “I don’t think the policy has achieved its aims and objectives. I have a feeling that the policy has been kept in the cupboard and l don’t know why. And you know the expectation was that this was going to be the alternative choice to the dollar. But honestly, l don’t know what really happened as to why the policy has not seen the light of day,” he lamented.

    Pressed further, he said: “It’s something l think the federal government and the CBN should as a matter of urgency look into as part of the options now to reduce dollar demand to revisit that agreement and relationship so that we can have a lesser pressure on the dollar and that will really help to strengthen the naira. It’s surprising that nothing has been done to it one year after that agreement had been signed.”

    He reiterated that if the policy is pursued to its logical conclusion, it will reduce pressure in dollar demand as well as enhance the value of the naira. “If you look at it, our trade relationship is even moving from Europe to China. A lot of people now go to China for business imports. People have stopped going to Europe, America and UK. In terms of our trade relationship in China, the idea of introducing Yuan as a second currency instead of dollar is germane and something that we should consider seriously in order to strengthen that bond.”

    However, in the view of Prof. Jonathan Aremu, renowned economist and professor of International Economic Relations at the Covenant University, the currency swap initiative has not miscarried in anyway. Waxing philosophical, he said: “There’s nothing wrong in planning but even if you plan and then the planning is not going the way you want it, if there are conditions that can make it work, one should be able to look at the options to effect the necessary changes.”

    Expatiating, he said: “That the thing did not pick up does not mean that it’s a failure. No. I agree that the Chinese economy is expanding and a lot of developing economies are benefitting and it’s therefore a very wise thing to be able to trade directly with them by converting our naira to yuan because it’s going to be a lot cheaper rather than using the intervening currencies of Euro, dollar or pounds sterling. But what l’m suggesting is that since they have not perfected the arrangements to get it started, l think the federal government need to work on it further.”

    While emphasising that the major reason for the delay, may have been due to change of the policy environment, he however impressed on the apex bank on the need to perfect all the necessary arrangements so that the currency swap can takeoff despite the policy environment.

    “It’s not that they went to China just on a pilgrimage and then nothing happened. That they did not say anything about it doesn’t mean that it has died. What l’m saying is that the prevailing circumstances at the time the agreement was struck has changed relatively and substantially. As such, there may be a need to go back to the drawing board and then look at what can be adjusted to accommodate the emerging changes so that when the thing starts, it’s going to be something that is sustainable. That’s the way l look at it.”

    Contacted, the CBN Acting Director, Corporate Communications Department, Isaac Okoroafor didn’t pick his calls and neither replied sms sent to his mobile phone.

  • How Boko Haram frustrated our bid to swap Chibok girls — FG

    How Boko Haram frustrated our bid to swap Chibok girls — FG

    •’We’ve had talks with sect thrice’

    The Federal Government yesterday gave a detailed account of efforts made by the Buhari administration since its inception to have the over 200 Chibok girls released from the Boko Haram captivity.

    These included three negotiations with the terror sect between July and December 2015  all of which were frustrated by the sect.

    The girls were abducted in April 2014 when Boko Haram fighters stormed the school  and carried the girls into captivity.

    Information and Culture  Minister Lai Mohammed, speaking  at a press conference in Abuja against the backdrop  of recent criticism of  alleged government inaction by the #BringBackOurGirls group, said government had demonstrated in practical terms its determination to have the girls   freed only to run into a dead end at every point.

    He said thrice did government negotiate with the sect  on how to swap the abducted  Chibok girls for  some commanders of the insurgents and thrice was it frustrated.

    He said  the talks broke down because of cracks within Boko Haram and some difficult demands made by the sect.

    The  demands included the release of their  fighters arrested by law enforcement agencies, especially those  involved in major terrorist acts and experts in the manufacture of locally assembled explosives.

    But the minister said government has  not foreclosed negotiation because of its desire  to secure the release of the girls.

    Going down the memory lane, Mohammed  said that the Jonathan administration, during  whose tenure the girls were kidnapped, failed to save them because of competing interests and unnecessary rivalries  before the May 29, 2015 handover to Buhari.

    He said that following leads from some international bodies and countries, relevant security agencies were able to strike a chord which opened the way for talks between  the Buhari administration and  Boko Haram.

    He was, however, silent on the leaders of Boko Haram who the Federal Government discussed with in order “not to jeopardize negotiation.”

    The efforts were coordinated by the Department of State Security Services (DSS) in conjunction with other intelligence agencies, he said.

    His words: “Precisely on  July 17, 2015, the DSS opened the negotiation process with the group holding the Chibok girls. However, in return for the release of some of these girls, the group also made some demands.

    “These included the release of some of their fighters arrested, including some involved in major terrorist actions, resulting in several fatalities, and others who were experts in manufacture of locally assembled explosives.

    “This was difficult to accept, but appropriate security agencies had to again inform Mr. President of these demands, and its viewed implications. Again, Mr. President gave his assent, believing that the overall release of these girls remains paramount and sacrosanct.

    “Meanwhile, following the above development, government and the security agencies had sufficient leverage to work out the modalities of the swap.

    “These included creating the safe haven, or necessary place of swap and working out the logistic details. Based on this, the DSS availed other critical sister agencies of this new situation. “Immediately, the Nigerian Army and the Air Force sent some specialists to commence a detailed arrangement for the swap. This was during the last week of July 2015 and 1st week of August 2015.

    “The officers representing the various agencies worked out the logistic details, such as the number of persons to be swapped i.e. number of girls and detainees to be exchanged, the vehicles and aircraft, as well as safeguards, i.e. safety of the persons, including the location of the swap.

    “When it was finally agreed by all parties, Mr. President was again informed that the preparations were concluded, and the first step for the swap would commence on August 1, 2015. Mr. President robustly gave his approval.

    “On August 4, 2015, the persons who were to be part of the swap arrangements and all others involved in the operation were transported to Maiduguri, Borno State. This team, with the lead facilitator, continued the contact with the group holding the Chibok girls.

    “The service was able to further prove to the group its sincerity, as it established communication contact between it and its detained members. All things were in place for the swap which was mutually agreed. Expectations were high.

    “Unfortunately, after more than two weeks of negotiation and bargains, the group, just at the dying moments, issued new set of demands, never bargained for or discussed by the group before the movement to Maiduguri. All this while, the security agencies waited patiently. This development stalled what would have been the first release process of the Chibok girls.

    “It may be important to note that in spite of this setback, the government and the security agencies have not relented in the bid to ensure that the Chibok girls are released safely.

    “By the month of November, precisely November 13, 2015, another fresh negotiation process with the group was initiated. This time, there was the need to discuss a fresh component in other to avoid issues that had stalled the former arrangement.

    “There were, however, some problems that many may not discern, but should be expected in this kind of situation.

    “Some critical persons within the group, who played such vital role in August, 2015, were discovered to be dead during combat action or as a result of the emerging rift amongst members of the group then. These two factors delayed the process. In spite of these, negotiation continued on new modalities.

    “By November 30, 2015, it was becoming glaring that the division amongst the group was more profound. This affected the swap process.

    “By December 10, 2015, another negotiation process was in place, but this failed to achieve results because of the varying demands by the group.”

    Mohammed said the Federal Government has not given up on the release of the girls.

    He added: “The security agencies since the beginning of 2016 have not only remained committed, but have also taken the lead to resolve the Chibok girls’ issue.

    “In spite of the current division amongst members of the terrorist group, which has seriously affected efforts to release the girls, renewed efforts have commenced using our trusted assets and facilitators. However, this job requires diligence and ability to deal with a group that can easily change its demands without notice.

    “Officers and men have sacrificed their time and energy, and some have already paid the supreme price since the abduction of the Chibok girls, fighting for the safe release of the girls.

    “Many friendly countries and organizations have equally been very forthcoming in providing their human and technological resources to assist in the process. They are still doing so. We cannot as a nation ignore these sacrifices.

    “The government and its security agencies remain committed to ensuring that the Chibok girls are safely released in fulfilment of the presidential mandate.”

    The minister appealed to the parents of the Chibok girls and Nigerians to have trust in the government on its ability to secure their release.

    He added: “Government appreciates the resilience of Nigerians in the fight against insurgency and terrorism and will continue to call on fellow Nigerians to hold that much is ahead and therefore support Mr. president’s resolve on this matter.”

    He had some words for the  parents and relatives of the Chibok girls too.

    He said: “We are with you; we feel your pains and shall not relent until we succeed in bringing home our girls and every other citizen abducted by the group. It is important to appeal to all those who have shown concern in resolving this matter to continue to trust the efforts of government to deal with the situation.”

    The minister, however, explained why and how past efforts to free the Chibok girls failed.

    He said:” Members of the public may recall that when the present administration came on board, Mr. President pledged to Nigerians to ensure the security of lives and property of every Nigerian, provide employment for the nation’s teeming youths and fight corruption.

    “Since that time, the security agencies have been saddled with the responsibility of dealing with the threat of terrorism which has ravaged most parts of the Northern region.

    “You will also recall that from the physical destruction of communities and strategic institutions, the terrorist elements also engaged in abduction of women and children in the affected parts. Most painful was the abduction of the school girls in Chibok at the twilight of the past administration in 2014.

    “When Mr. President assumed leadership of this country, he immediately directed security agencies to urgently fashion out strategies to trace, locate and ensure the safe and successful release of the Chibok girls. This was the mandate given to security agencies.

    “Gentlemen, it was consequent upon this directive that the security agencies, comprising of the Nigerian Army, Air Force, Navy, Police and the DSS, commenced action in June 2015.

    “To this effect also, the DSS established a special tactical unit to review the gamut of actions so far carried out to secure the release of the Chibok girls, establish why the action has recorded no success as it were and to present a roadmap for possible success.

    “ In this process, the DSS and the other security agencies observed the following:

    1. Many persons or groups posing as negotiators actually had no veritable intelligence or the reach to facilitate the release of the Chibok girls;
    2. The efforts were clouded by persons with very partisan interests and whose main objective was solely to score cheap political points. It was obvious their approach had no relevance to the release of the girls;
    3. Some informants or persons volunteering to be negotiators or facilitators saw and treated the girls’ fate and indeed the situation as a conduit to enrich themselves, thus making the whole thing a pecuniary venture; and
    4. As a result of the conflicting and partisan interests, issues were muddled up to the extent that reasonable and fruitful leads either failed or simply came too late for any useful action.

    “It was, therefore, found that in the midst of these strong competing interests and unnecessary rivalries, nothing was achieved before the 2015 hand-over date. It was based on these that the security agencies set out to work for the release of the girls.

    “First, there was the need to identify those with relevant intelligence on the groups holding the girls, as well as establish sources of contact in touch with the group.

    “This exercise was found not to be an easy task. On those holding the Chibok girls, there was also a high level of mistrust, as they too found many approaches or groups claiming to be in touch with them as false or unreliable.

    “In this new bid, many offers ranging from credible, not credible to outright off-mark information came to the government. Some international bodies and countries also provided leads. It was out of this that relevant security agencies were able to strike a chord.

    “By the third week of July 2015, a contact group was in touch with credible assets who had the reach and who attested to the fact that some of the Chibok girls were alive. Mr. President was then briefed of these assets and intelligence and he gave his assent for further negotiations on the Chibok girls.”

  • Buhari agrees to swap girls for Boko Haram detainees

    Buhari agrees to swap girls for Boko Haram detainees

    President to insurgents: pick NGO as mediator

    ‘We’re for talks with Niger Delta militants’

    The Federal Government will dialogue with bonafide leaders of Boko Haram to bring back the abducted Chibok girls, President Muhammadu Buhari has said.

    The “degraded” sect recently made an overture to the government for a swap of some of the girls with its detained fighters, in a video posted on Youtube.

    In the video, the sect claimed that some of the girls had been married off and others killed in air raids. Following the release of the video, the Bring Back Our Girls (BBOG) campaigners  renewed their pressure on the government to push for the girls’ release.

    It accused the Federal Government of lack of commitment and sincerity towards finding the girls. The group vowed to march on the Presidential Villa every 72 hours.

    In an interview with reporters on the sideline of the sixth Tokyo International Conference on African Development (TICAD VI) in Nairobi, Kenya at the weekend, President Buhari said the government was ready to dialogue with bonafide leaders of the group who know the whereabouts of the girls.

    A statement by the Senior Special Assistant on Media and Publicity, Mallam Garba Shehu, quoted Buhari as saying: ‘‘I have made a couple of comments on the Chibok girls and it seems to me that much of it has been politicised.

    ‘‘What we said is that the government which I preside over is prepared to talk to bonafide leaders of Boko Haram.

    ‘‘If they do not want to talk to us directly, let them pick an internationally recognised Non-Governmental Organisation (NGO), convince them that they are holding the girls and that they want Nigeria to release a number of Boko Haram leaders in detention, which they are supposed to know.

    ‘‘If they do it through the ‘modified leadership’ of Boko Haram and they talk with an internationally recognised NGO, then Nigeria will be prepared to discuss for their release,’’ he said.

    Buhari however warned that the Federal Government will not waste time and resources with “doubtful sources’’ claiming to know the whereabouts of the girls.

    ‘‘We want those girls out and safe. The faster we can recover them and hand them over to their parents, the better for us.’’ he added

    The President maintained that the terror group, which pledged allegiance to ISIS, had been largely decimated by the gallant Nigerian military with the support of neighbours from Chad, Cameroon, Niger and Benin.

    He said: ‘‘Some of the information about the division in Boko Haram is already in the press and I have read in the papers about the conflict in their leadership.

    ‘‘The person known in Nigeria as their leader, we understand was edged out and the Nigerian members of Boko Haram started turning themselves to the Nigerian military.

    ‘‘We learnt that in an air strike by the Nigeria Air Force he was wounded. Indeed their top hierarchy and lower cadre have a problem and we know this because when we came into power, they were holding 14 out of the 774 local governments in Nigeria. But now they are not holding any territory and they have split to small groups attacking soft targets.”

    On the militancy in the Niger Delta, the President said the Federal Government was open to dialogue to resolve all contending issues in the area.

    ‘‘We do not believe that they (the militants) have announced ceasefire. We are trying to understand them more. Who are their leaders and which areas do they operate and other relevant  issues,’’ he said.

  • Swap option

    This is not a bad idea provided, however, that the government does its homework properly not to short-change the country on the Chibok girls

    The video footage released by the Boko Haram high command has continued to generate controversies and reactions. Following the release of the video, the terrorists had indicated their willingness to release 51 school girls for hardened criminals captured by the military in battle. The parents, especially those who could identify their children in the footage, were unanimous in calling on government to expedite action. The militants had said that some of the girls were lost to strikes by the Nigerian Air Force. This fuelled fears among the parents that more girls will be caught in the cross-fire between the military and the murderous gang. Fears were also expressed over the disclosure that about 40 girls had been married off to the terrorists.

    Security experts are not  unanimous in the opinion on what should be done. Some think the militants were merely employing psychological propaganda as a weapon to force the Federal Government to release their colleagues, following bombardment by the military in the air and on ground. Others think the militants have been softened by the successes recorded by the military and are now more amenable to a negotiated solution. The Federal Government, too, is in a dilemma as previous attempts at negotiation under both the Jonathan and Buhari administrations had failed.

    The government is even more undecided because there is no clear picture of the authentic Boko Haram faction nor is it sure of the sincerity of the offer. Pressure on the government is not only from the worried parents, but also pressure groups like the Bring Back Our Girls campaigners (BBOG), the general public and even a faction of the military. The Buhari administration with prosecution of the war on Boko Haram insurgents as a priority must come up with a decision in days. We call on the government to take a swift, calculated decision on the matter. It has a duty to come up with strategic plans that will not only free the girls but win the war.

    It is obvious that the various security agents have not been working in concert. This has led to the prolongation of the war, the high cost in men and materials as well as the ridicule to which Nigeria has been exposed before the international community.

    To date, about two million Nigerians are believed to have been displaced and turned into refugees in their own country. Even those who have courageously held on or prematurely returned home have been exposed to starvation. These non-military aspects of the operation have been less competently handled, thus compounding the woes of these otherwise comfortable compatriots. President Muhammadu Buhari as commander -in -chief must begin to walk his talk. One of the reasons he was voted in as president last year was because of the expectation that he would bring his experience as a retired general to bear on the task at hand.

    We identify with the fears of the parents and other critical stakeholders and therefore call on the government to explore all possibilities of freeing the hapless, innocent school girls, who were abducted in April, 2014. In doing this, we are not unmindful of the government’s responsibility to ensure due diligence in identifying the authentic faction of the Boko Haram organisation to deal with. Who are those actually in custody of the girls and what mode will be adopted for the negotiation and release? This must be carefully worked out, perhaps with the assistance of foreign experts.

    We expect that by now, the video clip would have been thoroughly and professionally analysed. We also call on the government to carry the parents of the abducted girls along on effort to free them without necessarily divulging security secrets. It is obvious that government has failed in communicating its plans and actions to the public. In a war of this magnitude, silence cannot be considered golden. The Federal Ministry of Information and Culture, the National Orientation Agency and the public relations unit of the various services should meet more regularly and find better ways of calming frayed nerves.

    The war against insurgency is a national task and it behoves this administration to deliver on this sacred trust. Indeed, intelligence gathering is very important in successfully prosecuting military operations. And, this involves not only the relevant arms of the armed forces, but also the civilian population. It is their land and ancestral home and they will do anything and everything to keep it. They are natural allies who cannot be ignored.

     

  • How NNPC ran into swap scandal

    How NNPC ran into swap scandal

    Some foreign oil firms have been implicated in the multi-billion dollar oil swap probe, it was learnt at the weekend.

    The investigation might be extended to four oil giants, said a source, who recalled that the crude oil swap began between 1977 and 1986. He did not name the companies so that, according to him, the probe is not jeopardised.

    But the current scandal began in 2009 when the Nigeria National Petroleum Corporation (NNPC)/Pipelines Products Marketing Company (PPMC) advertised sought proposals for Offshore Processing Arrangement and other proposals to guarantee fuel supply.

    It was learnt that a $2billion debt on importation of petroleum products made NNPC to embrace this option, which has been grossly abused.

    These disclosures were contained in a document made available to one of the security agencies handling the ongoing probe.

    The document reads in part: “The ongoing investigation of oil swap agreement is incomplete without looking at the involvement of some International Oil Companies(IOCs). The probe should be holistic.

    “It is very curious to see all of these negative reports and also the exclusion of the names of foreign and International Companies that have for many years taken part in these SWAP and Offshore Processing Contracts absent from all of these news and reports.

    “ When foreigners (multinationals) were handling crude swap and delivering Petroleum Products on Open Account for Nigeria, our government was buying refined products at PLATTS plus $136-180/metric from these multinationals. The government was equally required to pay interest to the multinationals on delayed receivables. The government incurred the cost of logistics and handling unlike the arrangement where we have local players participating…

    “But local companies sell at PLATTS plus $82/metric ton and the government does not pay interest on delayed receivables.

    “These foreign companies create wealth and employment for their countries, why can’t Nigeria do the same with its own people and companies? Instead, Nigerians let envy get the better part by fighting their very own.”

    The document said although the present oil swap scandal was traceable to 2009, the nation had been involved in it since 1977.

    It added: “Crude Swap/ Offshore Processing arrangements have been a Federal Government initiative since 1977 in partnership with International Oil companies (IOCs).

    “Nigerians must know that the supposed interim policy of the NNPC to bridge the gap between petroleum products demand and supply was initiated over three decades ago between 1977 and 1986 when Nigeria needed heavy crude from Venezuela to feed the recently opened Kaduna refinery. We as a nation swapped Venezuela heavy crude for Nigeria’s light crude.

    “The scope of crude swap was later broadened specifically because our refineries began to produce below their stipulated name plate capacity.

    “In addition, NNPC/PPMC from late 1990s-2010 used to import Petroleum Products on an Open Account backed by a PPMC Payment undertaking that payment will be made 45 days after imported vessels arrive.

    “This payment timeline was never met with payment delays running to 400 days late, currently with an outstanding debt to Importers and bankers of close to $2billion currently standing at 7 Years late payment,

    “No Local or International Bank will finance any NNPC/PPMC imports on an open account. Banks need to see a solid bankable security or guarantee to finance any import to NNPC/PPMC due to their indebtedness and bad payment record. “NNPC/PPMC used to rely on their refineries Un-Utilized Crude oil barrels to fund these open account Payment Batches. With this challenge to NNPC and Government, this posed a problem to 50% of fuel supply into Nigeria around 2009 and 2010.

    To avert this, NNPC/PPMC advertised in 2009 inviting for proposals for Offshore Processing Arrangement and other proposals to guarantee fuel supply to Nigeria. Thus crude swap/ OPAs concept widened to include crude for refined products, which had been in practice with Oil Majors more than two decades. British Petroleum and SIR refinery of Ivory Coast were the first engaged in late 2000s for this.”

  • Mouka re-introduces ‘Mattress Swap’ campaign

    Mouka re-introduces ‘Mattress Swap’ campaign

    Mouka Limited, manufacturers of foams, has re-in-troduced  its MATTRESS SWAP campaign.

    It said this was  aimed at creating value for customers’ loyalty to the brand by enabling them and non-Mouka customers to exchange their old mattresses for new ones at discounts.

    The promo, which is expected to hold between May 4 and June 5, this year, is available to its customers.

    According to the firm’s National Business Manager, Mr. Olufemi Asa, the initiative, was first introduced in 2013; it was designed to entrench the brands affinity with both Mouka customers and non-customers by helping them to renew sleep and comfort.

    He explained that there was the need for customers to change their mattress every four years which is the average life span of a mattress, adding that many customers were constrained with the burden of how to dispose the old mattresses hence, the Mouka MATTRESS SWAP offer.