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  • NJC advises Buhari to retire Onnoghen over $1.7m cash

    The National Judicial Council (NJC) has recommended the compulsory retirement of the Chief Justice of Nigeria Justice Walter Onnoghen, based on “incontrovertible” findings on him by the Economic and Financial Crimes Commission( EFCC).

    It asked President Muhammadu Buhari to give effect to the recommendation immediately.

    But the NJC urged the President to allow Justice Onnoghen retain his seat as a former CJN in the Council of State.

    The council also said the CJN should be retired with full benefits.

    According to a source, who pleaded not to be named “because of the sensitivity of the matter”, the compulsory retirement of Justice Onnoghen was the major highlight of NJC’s meeting yesterday.

    All NJC members were said to have decided not to comment on  the meeting because “it would not be right to do so when a letter has been sent to  the President  on their decision.” He should get the letter before any comment, the source said.

    The source said: “The NJC has been able to navigate the most challenging moment for the nation’s judiciary by recommending compulsory retirement of Onnoghen with full benefits.

    “The NJC specifically demanded that the CJN be allowed to take his eminent position in the Council of State like his predecessors.

    “If these recommendations are accepted, the Executive may be on the same page with the Judiciary by staying action on the ongoing trial and other pending trials of the CJN.”

    The NJC may have adopted a “win-win approach” to ensure that the Executive and the Judiciary are on the same page.”

    Another source familiar with how the NJC arrived at its decision said the “EFCC’s report on Justice Onnoghen was damning and incontrovertible”.

    The anti-graft agency accused the CJN of “being in possession of funds which are fairly not attributable to his known, provable and legitimate source of income”.

    The opening of a dollar account in Standard Chartered Bank for the CJN by a lawyer, Joe Agi, with $30,000 was said to be unhealthy.

    The EFCC had accused Justice Onnoghen of being unable to account for curious deposits in his accounts.

    The anti-graft commission alleged that deposits had accumulated to $1,716, 000.

    The amounts in the said account were deposited as follows: $74,200 (2009); $291,800 (2010); $340,000 (2011); $625,000 (2012); $298,000 (2013); $40,000 (2015) and $47,000 (2016). The total was $1,716,000.

    The agency also accused Justice Onnoghen of depositing $1,716,000 in a United States dollar account operated with the Standard Chartered Bank in 2009, marked as exhibit P4 C, between 2009 and 2016.

    The petition said: “From the evidence on record, it is clear that the Respondent failed to declare all the accounts and funds in exhibit P4-P4D when he declared his 2014 asset in November 2016. Your lordship will observe that the Respondent only declared his salary account with the Union Bank exhibit P3 and failed to declare P4-P4D, which are the accounts that warehoused funds that are far above the Respondent’s known and provable lawful income.

    “My lords, by the provisions of Rule 1.2 of the Code of Conduct for Judicial Officers, it is clear that because members of the public expect a high standard of conduct from a judge, the Respondent is under the obligation to avoid impropriety  and the appearance of impropriety in all his activities both in his professional and private life. It is our submission my lords, that any conduct of the Respondent that give rise to the appearance of impropriety is a judicial misconduct and same is punishable under the Code of Conduct for Judicial Officers.

    REad also: Onnoghen closes case at CCT after calling a witness

    “It is our humble submission that the petitioner proved before this Honourable Panel that the Respondent was in possession of funds which are fairly not attributable to his known, proveable and legitimate source of income. The evidence shows that my lord earned a monthly salary in the sum of N750,819.87, which is about N9,000,000.00 per annum. My lords, as shown in exhibit P10A page 14 paragraph XXVI, the Respondent only earned the sum of N91,962,362.49 as salary between September 2005 and October 2016. It is also on record that the exhibit P3 is the salary account of my lord wherein his salaries are paid.

    “My lords, the evidence before this Honourable Committee shows clearly that the Respondent opened United State Dollars account with the Standard Chartered Bank in 2009, exhibit P4 C. This USD account was opened by Mr. Joe Agi SAN and the first cash depositor of United States of America dollars into the said account. We humbly refer my lords to the entry of the 29th day of June,2009.

    “Though the Respondent claimed that he was the one who gave the learned SAN, Joe Agi the $30,000.00 to deposit to exhibit P4C, the Respondent could not give any reasonable explanation as to the source of this money. My lords, the Respondent admitted under cross-examination that the USD was not his salary and that he only received dollars as estacodes which is meant for his official trips.

    “My lords, upon the opening of the USD account exhibit P4C, a lot of cash deposits in Dollars were made to this account. The evidence before my lords is that between 2009 and 2016 a lot of cash deposits were made into exhibit P4C.

    “My lords, from the evidence before this Honourable Panel, it is clear that these huge sums of money were not earned by the Respondent as his salaries and allowances. It is our humble submission that the burden of proving the legitimate source or origin of the sum of $1,716,000.00 lies heavily on the Respondent.”

    The amounts in the said account were deposited as follows: $74,200 (2009); $291,800 (2010); $340,000 (2011); $625,000 (2012); $298,000 (2013); $40,000 (2015) and $47,000 (2016). The total was $1,716,000.

  • We didn’t see Adeleke in exam hall, NECO supervisors tell court

    A Federal High Court in Abuja heard yesterday that the Peoples Democratic Party (PDP) candidate in last year’s Osun State governorship election, Senator Ademola Adeleke, did not sit for the National Examination Council (NECO) examinations in 2017.

    It was at the resumed proceedings of the trial of the Ede-born senator and four others for their alleged involvement in examination malpractices.

    The prosecution called two witnesses – Emmanuel Odesola and Adigun Akintayo – who said they acted as supervisor and invigilator during the June/July 2017 NECO examination in Ojo-Aro Community Grammar School, Ojo-Aro, Osun State.

    Odesola (a teacher, who was a supervisor during the examination) and Akintayo (a teacher and invigilator)  said they only saw Sikiru Adeleke (the Senator’s brother), who is listed as the 2nd respondent, in the examination hall.

    The witnesses also said they did not experience malpractices.

    They said of the five defendants, they only saw the second defendant (Sikiru Adeleke), the principal and registrar of Ojo-Aro Community Grammar School during the examination.

    Senator Adeleke, Sikiru Adeleke (who is said to be the senator’s relative), Alhaji Aregbesola Mufutau (the school principal), Gbadamosi Thomas Ojo (registrar) and Dare Samuel Olutope (teacher) were arraigned in November last year.

    REad also: ‘Osun deserves better than Adeleke’

    The five were arraigned on a charge marked: FHC/ABJ/CR/156/2018, filed in the name of the Inspector General of Police (IGP).

    Ademola and Sikiru were accused of fraudulently, through impersonation, registering as students of Ojo-Aro Community Grammar School, Ojo-Aro, Osun State to enable them sit for the National Examinations Council (NECO) examination of June/July 2017.

    The other three defendants were accused of aiding the commission of the alleged offence.

    Testifying yesterday as the third prosecution witness, Odesola said he teaches at Akode Middle High School, Akoda, Ede, but served as supervisor during the 2017 examination.

    He admitted knowing the Adeleke and three other defendants, except Olutope, who he said he only met for the first time in court.

    Odesola said although he was in the school for the first time, the school authorities failed to provide him with the school album to enable him match the students’ faces with their names.

    He said it was the school’s registrar that identified the students before they were allowed into the examination hall.

    Odesola said he saw some four elderly men in the exam hall on the day of the Economics examination, but that he could not confront them because they had the school identity cards.

    The witness said although that was his first day in the school, he did not see the senator in the exam hall.

    He added that, although he could not identify who among those in the examination hall were actual students of the school, the principal and registrar of the school confirmed that they were all students, who were issued the school’s identity card.

    He said although 60 students were scheduled to write the examination, two were absent on the day the Economics examination was written.

    Odesola added: “I observed that there were some elderly people in the examination hall. They were about four of them.”

    Prosecution lawyer Simon Lough later tender, through Odesola, some documents, including one answer sheet, numbered 057, with the name: Ademola Adeleke written on it.

    Under cross-examination by lawyers to the defendants, among whom were Alex Izinyon (SAN), and Nathaniel Oke (SAN), the witness said he did not know the hand writing of the defendants and could not tell who wrote on the examination sheet tendered in court.

    The witness said it was not easy to ascertain if somebody was old by mere looking at his face.

    Odesola said he could not see the four elderly people, who he saw in the examination hall, in court yesterday.

    The witness, who said he screened the students with the assistance of officials of the school, before they were allowed into the examination hall, said: “The students are supposed to have identity cards, with their pictures, and signed by the school principal.”

    Akintayo, in his evidence-in-chief, said that while he was distributing question papers, “I saw a candidate that was more matured. He was Sikiru Adeleke.

    “I asked him for his identity card, and he showed me one that was issued by the school and signed by the principal.

    “As a school teacher, I could not ask him to leave the hall or query him any further.”

    On whether he saw all the defendants in the examination hall, the witness said: “I only saw the registrar. Outside that, I did not see the others.

    “When the examination was in progress, a woman, who was the examination supervisor, Mrs. Kusamotu Fumilayo (PW2) was surprised to see Sikiru Adeleke in the hall.

    “She asked for his identity card, which he brought out. She was not satisfied. She sat beside him for some minutes and later left.”

    Akintayo said, apart from Sikiru Adeleke, he did not see any of the other defendants in the examination hall.

    Under cross-examination, Akintayo said he made a statement to the police at the State Criminal Investigation Department (SCID) in Osogb on October 8, 2018.

    The witness said it was at the police station that the police showed him the first defendant’s scores in the examination.

    Akitayo said he did not see the 1st defendant on that day of the examination. He added that it is strange for NECO to award marks to a student who did not write an examination.

    He said external candidates do not write the June/July NECO examinations because it is meant for and always written by students of the school.

    On further cross-examination, Akintayo said it is NECO that issues numbers to students who sits for its examination.

    The witness said he did not check whether Sikiru Adeleke has examination number allocated to him by NECO.

    Akintayo said there was no incident of malpractices during the examination, but insisted that Sikiru Adeleke “was the most matured students on the examination hall.”

    On whether they were issued certain guidelines, the witness said: “The only instruction given to us was that anybody with school ID card should be allowed to write the exam.”

    At the conclusion of Akintayo’s testimony, Lough told the court to vacate the hearing scheduled for Thursday (today) on the grounds that he would be before the Supreme Court.

    Lawyers to the defendants did not object to the prosecution lawyer’s application, following which Justice Inyang Ekwo adjourned to June 10 and 11 for continuation of trial.

    Justice Ekwo warned the prosecution to keep to the days given by the court.

  • Rivers election: INEC declares Wike winner

    INCUMBENT Rivers State Governor and candidate of the Peoples Democratic Party (PDP) was yesterday declared winner of the March 9 governorship poll.

    The Returning Officer for the state, Prof Teddy Adias of the Niger Delta University, Otuoke,  Bayelsa State, declared Wike winner of the election after the collation of results from 21 of the states 23 local government areas.

    Prof. Adias said Wike polled 886, 264 votes to defeat the African Action Congress (AAC) candidate,   Biokpamabo Awara, who scored 173, 859.

    Declaring Wike winner, the returning officer said: “That I, this day confirm that I am the returning officer for this election and that Nyesom Wike of the PDP, having satisfied requirement of the law and scored the highest number of the votes, is hereby declared winner and stand elected.”

    According to the professor, 1, 130, 445 were accredited out of the 3, 048, 741 voters registered across the state for the elections. He gave the valid votes as 1, 123, 840 and 249, 324 votes either cancelled, or voided.

    Reacting to the development, AAC representative Nenye Okocha said: “As a party, we cannot begin to react at this time; we will have to look and study the result and then come up with our reactions.

    Read also: PDP, Secondus congratulate Wike, others on victory

    “In the face of what has happened in this venue in the last two days, it is transparent, but what happened here at INEC is different from what has happen on the field – most of the complaints that we heard, the protestations and the issues we raised had to do with what happened on the field. We have to marry the two together and that is why we will need time to study the two before we can come up with our reactions.”

    On his composure throughout the collation process, Okocha said: “Belligerence is not it, this is AAC, this is not PDP or APC; this is a new party with a  new vision that is trying to carry Nigerians along to a new way of thinking and reformation.

    “We don’t have to do things in the way it has been done in the past – thuggery, scandals and others – that is not the path the AAC is tolling, all the activities you’ve had in Rivers, the suspense, the protests, are the ways those that are supporting us in this state wish to express themselves, as a party, we are decent; we are bringing integrity into the electoral process and going foward, this is what you will continue to see.”

    The PDP agent and former House of Representatives Deputy Speaker, Austin Opara, congratulated Awara for his doggedness at the exercise and urged him to ignore any temptation for litigation.

    A former deputy governor of the state, Tele Ikuru, who sad the margin was wide, said it would have been wider but for the militarisation of the state.

  • FEC okays N5.5 billion to create 60,000 jobs

    The Federal Executive Council (FEC) yesterday approved N5.5 billion  for the creation of 60,000 jobs.

    The contract, under the N-Power Knowledge Multipack project, is to train 12,000 youths between 18 and 25 years old.

    The 12,000 youths will in turn be empowered to train additional youths, bringing the total beneficiaries to 60,000.

    The Minister of Budget and National Planning, Udoma Udo Udoma, briefed State House correspondents at the end of FEC meeting chaired by President Muhammadu Buhari at the Presidential Villa, Abuja.

    According to him, the contract, which was awarded under the Social Investment Programmes, will make provision of N259,000 each for training the youths and N207, 000 each for their tools.

    He said: “One of the projects approved by the Federal Executive Council (FEC) today is knowledge, youth and empowerment programme. Now, this programme targets 12,000 young Nigerians of between the ages of 18to 25 years. It is meant to give them trainings and devices.

    “The trainings intend to transform the 12,000 beneficiaries from unemployed, under-employed trainees to employed citizens and entrepreneurs.

    “It will deliver to 12,000 beneficiaries informed trainings which will enable beneficiaries build and imbibe technical proficiency such as assembling, repairs, maintenance as well as technology skills and digital literacy across a wide range of electronic brands, products and technology which can be grouped into three areas – mobile devices, computing devices and commonly used electronic devices irrespective of their socio-economic backgrounds.

    “It’s a programme that is open to all unemployed youths across the six geo-political zones. Each of the 12,000 targeted beneficiaries will be empowered to train 5,000 youths via a training platform which means they will need to translate the jobs to 60,000 additional jobs because each of the 12,000 is empowered to train five other youths via a training platform and engage them on his or her platform.

    “The project is awarded to Messrs Softcam. It’s of nine months’ duration. Softcam will be working with officials of Social Investment Programme.

    Read lalso: FEC approves N6.17bn for dualisation of Ikot-Ekpene-Aba-Owerri Road

    “It will cost N259,000 per youth for the training and N207,000 for work tools. Thereafter, once they are trained, they will set up their businesses. Each of the 12,000 beneficiaries will set up his/her business. The cost is N5.595 billion.

    “The idea is to ensure that our youths are trained and capable of handling all these electronic equipment, ” Udoma said.

    The Minister of Finance, Zainab Ahmed said $6.8 million loan was approved for rebuilding of the Northeast.

    Hajia Ahmed said: “As at December 2018, the National Assembly had approved the Issuance of Promissory Notes to two (2) creditor categories from the Programme:

    1. Refund to 21 state governments for projects executed on behalf of the Federal Government (Refunds to 4 States – Bauchi, Delta, Kogi and Taraba, were not approved) (N488,743,526,204.77).

    “ii. Payment to Oil Marketing Companies (OMCs) for Fuel Supply Accrued Interest and Foreign Exchange Differentials (N348,003,054,975.00).

    Note: Subsequent to the submission of this Memo to Council, NASS approved the following additional items:

    • Refund to two (2) State Governments (Delta and Taraba States) – N90,236,461,031.36;
    • Payment for six (6) Contractors – N206,065,107,252.69; and,
    • Payment of Exporters Claims under the Export Expansion Grant (EEG) Scheme – N195,089,234,808.63.

    “Purpose of the Council Memo

    To seek Council’s approval for the following: i. Appointment of Transaction Parties for the Programme

    1. To incur a total estimated cost of N689.96 million (including Fees and Expenses to the Transaction Parties) in implementing the Programme and that the funds be sourced from proceeds of FGN Securities Issuance.

    “Appointment of Transaction Parties and the Procurement Process

    1. Three categories of Transaction Parties are to be appointed for the implementation of the Programme. They are: i) An International Accounting Firm operating in Nigeria (for verification of the liabilities); ii) Financial Advisers (for the structuring of the Promissory Note); and, iii) Legal Advisers (for legal advisory services and litigations that may arise).

    Minister of State for Power, Works and Housing Mustapha Shehuri said the Council approved N6.17 billion for the augmentation of the contract for the construction of Ikot-Ekpene border-Aba-Owerri road, Section 1, Phase 1.

    He said that the contract was awarded in 2012 but the augmentation had to come following observations by the contractor.

    He said: “FEC has given approval for the augmentation of contract for construction of Ikot-Ekpene border-Aba-Owerri road, Section 1, Phase 1 and the length is 11.26km.

    “The contract was awarded in 2012 to Arab Contractors at the cost of N3.78b; it came up for augmentation because the contractor actually observed some failures in the contract around some sections of the road.

    “Actually, it is a one lane but with the augmentation now, it will be dualised; the contract period in 12 months; the cost after augmentation is now N6.17 billion,’’ he said.

    The Minister of Women Affairs and Social Development, Aisha Abubakar, said that FEC approved the revised estimated total cost for the completion of the Ministry of Women Affairs and Social Development Headquarters in Abuja.

    She said that the building was initially conceived to be the National Children’s Library and Resource Centre approved in 2006.

    The 20 new completed projects including erosion and flood control works, he said, are located in Bauchi, Yobe, Ekiti, Kano, Nasarawa, Benue, Katsina, FCT, Jigawa and Kebbi states.

    The Minister of Mines and Steel, Bawa Bwari said that FEC approved N486.9 million for mining drilling equipment.

  • Your directive insincere, obas tell Olubadan

    THE war of words between Ibadan first class monarch, the Olubadan of Ibadanland, Oba Saliu Adetunji and members of his Olubadan-in-council again intensified yesterday.

    The Ibadan Obas, comprising members of the Olubadan-in-council and promoted Baales, kicked against the directive of the Olubadan, urging them to drop their crowns and return to the palace.

    The monarchs described the directive as insincere and an aspersion on the review of the laws governing traditional institution in Oyo State.

    The law, they claimed, approves their installation as beaded crown-wearing kings.

    Oba Adetunji had in a reaction to the various accusations levelled against him by the obas asked the Olubadan-in-council members among them to remove their crowns and come back to the palace to perform their roles.

    But, the obas, led by Otun Olubadan, Oba (Dr.) Lekan Balogun, faulted the highly referred monarch.

    Read also: Ibadan Obas to Olubadan: you’re denigrating Olubadan stool

    They insisted that none of the issues raised in their allegations against the “nefarious activities going on in his palace such as non-screening of prospective Mogajis (family heads) and Baales (village head) by the council before installation; the cash and carry manner by which people now get positions of Mogaji and Baale, leading to the appointment of more than one Mogaji from the same compound and relinquishing of the palace authority to ‘Olori’ (the wife of the monarch) among others have been answered.”

    The obas maintained that events had overtaken the court judgment being referred to, noting that aside the fact that there’s an appeal pending on the same judgment, the issue of review of the traditional law in the state had since become a statewide one, encompassing Ibadan and other cities and towns which till now has not been disputed.

    They also averred that the same reform, which conferred on them the new titles of his royal majesties and highnesses, also elevated the Olubadan to His Imperial Majesty from royal majesty, which the Olubadan proudly adorn.

  • How North can tackle poverty, by Dangote

    THE North will continue to remain poor, except its state governments close the development gap between the North and the South, African richest man and Chairman of Dangote Group of Companies Alhaji Aliko Dangote has said.

    Dangote, who spoke at the fourth edition of the Kaduna Investment Summit (KadInvest 4.0) in Kaduna yesterday, berated Northern governors for doing little to end poverty in the area.

    According to him, “Nigeria is ranked at 157th out of 189 countries on the human development index. While the overall socio-economic condition in the country is a cause for concern, the regional disparities are in fact very alarming.

    “In the North Western and North Eastern parts of Nigeria, more than 60 per cent of the population lives in extreme poverty. It is instructive to know that the 19 Northern states, which accounts for over 54 per cent of Nigeria’s population and 70 per cent of its landmass, collectively generate only 21 per  cent of the total subnational IGR in the year 2017.

    “Northern Nigeria will continue to fall behind if the respective state governments do not move to close the development gap. And that is why we are always saying that, the biggest challenge that we have and what we have been praying for is to have 10 governors like Mallam Nasir El-Rufai to move the northern Nigeria forward.”

    Closing the gap requires multi years investment, and government will not be able to raise the require capital funding, only the private sector can raise the capital to fund the level of investment that this country needs. Therefore, government must create the conducive environment that will trigger a huge inflow of private capital into attractive sectors of the economy.

    Read also: UNICEF to Fed, state govts: recruit more female teachers in North

    Dangote said: “Private investment will create jobs and will ameliorate the twin problem of poverty and unemployment. As more people are gainfully employed, you will witness a very sharp decline in some of the disturbing social vices prevalent in our society, especially among the youths.”

    Urging other northern states to emulate Kaduna State Government in the investment drive, Dangote said aside the over $500 million investment that El-Rufai’s government has attracted to Kaduna, Dangote Group is partnering Peugeot of France and the state government to establish multi-billion naira automobile assembly.

    Dangote, who rolled out his group’s investment plans in the North and Nigeria, said with conducive atmosphere provided by the state governments, the private sector would address the country’s unemployment.

    El-Rufai said his government has attracted both local and international investments of over $500 million in the last three and half years.

    The governor said some of the investments are now a reality and hundreds of thousands of youth are benefiting from them.

    He added that the feat was possible because his government has been able to make the state an investors’ destination.

  • AbdulRazaq sets up 80-member transition committee

    Kwara State Governor-elect AbdulRahman AbdulRazaq has set up 80-man transition committee.

    AbdulRazaq, in a statement by his media aide, Rafiu Ajakaye, said the committee members will be inaugurated today in Ilorin, the state capital.

    The chairman of the 80-member transition committee is  Aminu Adisa Logun, an alumnus of the National Institute for Policy and Strategic Studies (NIPPS), Kuru.

    Chief James Bamisaiye Ayeni is deputy chairman and a one-time permanent secretary and former clerk, Kwara State House of Assembly, Muhammad Razaq Umar, will serve as secretary.

    Other members of the committee include the state APC Chairman Bashir Bolarinwa; the three senatorial district party chairmen; former governorship aspirants or representatives; party chieftains and elders.

    Also included in the committee are representatives of youth, women, labour, experts and professionals in different fields of human endeavour, including retired military and security officers.

    Read also: AbdulRazaq promises to place premium on youth empowerment

    He expressed great optimism on the capacity of the committee members to deliver on their assignment, given their pedigree, track record, competence and evident public testimonials on their integrity, patriotism, and passion to serve the state.

    AbdulRazaq urged the committee members to be sensitive to the high expectation of the electorate and the public to experience the desired positive change in leadership.

    He also appealed to the masses to support the committee with relevant information and memoranda where necessary.

  • IMF: economy on right track

    The International Monetary Fund (IMF) has expressed a renewed confidence in the Nigerian economy.

    Its Executive Directors also hailed the economy’s  recovery signs, such as  reduced inflation and strengthened reserve buffers.

    According to its Media Chief for Africa, Lucie Mboto Fouda, in a statement yesterday, IMF noted that Nigeria’s real Gross Domestic Product (GDP) increased by 1.9 per cent in 2018, up from 0.8 per cent in 2017.

    ”This is on the back of improvements in manufacturing and services, supported by spillovers from higher oil prices, ongoing convergence in exchange rates and strides to improve the business environment,” the IMF said.

    It said the headline inflation fell to 11.4 per cent at end of 2018, reflecting declining food price inflation and weak consumer demand.

    The Fund also reflects a relatively stable exchange rate and tight monetary policy during most of 2018, but remains outside of the central bank’s target range of 6-9 per cent.

    IMF also noted that record holdings of mostly short-term local debt and equity and a current account surplus lifted gross international reserves to a peak in April 2018.

    The Fund pointed out that persisting structural and policy challenges continue to constrain growth to levels below those needed to reduce vulnerabilities, lessen poverty and improve weak human development outcomes, such as in health and education.

    It said: “A large infrastructure gap, low revenue mobilisation, governance and institutional weaknesses, continued foreign exchange restrictions, and banking sector vulnerabilities are dampening long-term foreign and domestic investment and keeping the economy reliant on volatile oil prices and production.

    “Under the current policies, the outlook remains therefore muted. Over the medium term, absent strong reforms, growth would hover around 2½ per cent, implying no per capita growth as the economy faces limited increases in oil production and insufficient adjustment four years after the oil price shock.

    “Monetary policy focussed on exchange rate stability would help contain inflation, but worsen competitiveness if greater flexibility is not accommodated when needed.

    “High financing costs, on the back of little fiscal adjustment, would continue to constrain private sector credit, and the interest-to-revenue ratio would remain high.

    “Risks are moderately tilted downwards. On the upside, oil prices could rise, prompted by global political disruptions or supply bottlenecks.

    “Bold reform efforts, following the election cycle, could boost confidence and investments, especially given relatively conservative baseline projections.”

    Also, in the statement, the Executive Directors of the Fund welcomed Nigeria’s ongoing economic recovery, accompanied by reduced inflation and strengthened reserve buffers.

    They, however, noted that the medium-term outlook remains muted, with risks tilted to the downside.

    “In addition, long standing structural and policy challenges need to be tackled more decisively to reduce vulnerabilities, raise per capita growth, and bring down poverty,’’ the directors said.

    They urged the Federal Government to redouble its reform efforts and supported the country’s intention to accelerate implementation of the Economic Recovery and Growth Plan.

    The executive directors stressed the need for revenue-based consolidation to lower the ratio of interest payments to revenue and make room for priority expenditure.

    They welcomed the authorities’ tax reform plan to increase non-oil revenue, including through tax policy and administration measures.

    In statement, they stressed the importance of strengthening domestic revenue mobilisation, including through additional excises, a comprehensive VAT reform, and elimination of tax incentives.

    They said that securing oil revenues through reforms of state owned enterprises and measures to improve the governance of the oil sector would also be crucial.

    The directors highlighted the importance of shifting the expenditure mix toward priority areas.

    In this context, they welcomed the significant increase in public investment, but underlined the need for greater investment efficiency.

  • Malabu oil block award ‘illegal’

    A consultant hired by Italian prosecutors, Dr. Dayo Ayoade, yesterday in Italy, said award of  Malabu Oil Block (OPL 245)  to Shell and ENI was illegal.

    Ayoade spoke at the resumption of the case involving the two oil giants at a Milan Court in Milan, Italy.

    He made lead presentations to prosecutors.

    Ayoade of the Department of Law, University of Lagos was hired by Milan prosecutors to ascertain whether the two oil giants met corporate and legal obligations.

    The celebrated case is being contested by high profile legal experts from Nigeria and across the world, including a retired Nigerian Supreme Court Judge, Justice Emmanuel Ayoola JSC (Rtd) who stood in for Shell, a Queens Counsel (QC), Prof. Frank Odita,  representing ENI with Mrs. Felicia Femi Olusegun.

    The transcript of the court session  was made available by Human and Environmental Development Agenda (HEDA),  whose coordinator, Suraj Olanrewaju, was in court to monitor the proceedings for the Non-Governmental Organisation (NGO).

    According to HEDA, the Milan Deputy Chief Prosecutor, Mr. Fabio DePasquale, took Dr. Ayoade through his expert’s report.

    Ayoade was asked to “prepare a submission in support of corruption charges, bribery and illegal sale and acquisition of the oil blocs by the two major oil companies and the allocation of the blocs to Malabu by the former Minister of Petroleum Resources, Chief Dan Etete.”

    He said: “The award process for OPL245 to Shell and ENI did not follow the procedure established in the Petroleum Act, Petroleum (Drilling and Production) Regulation and DPR Guidance Notes for Prospective Bidders.

    “Failure to follow the relevant laws, policies and regulations is fatal to the legality of the OPL 245 award (Zebra Energy Ltd V FGN (2002)). It is my considered view that the license award on the basis of a FGN Resolution Agreement is anomalous and unprecedented in the Nigerian Oil and Gas Sector.”

    Read also: Malabu Oil deal: FG claims $1.975b against JP Mogan, Shell, Eni

    Under examination by the prosecutor, Dr. Ayoade  expressed shock at the condition for the acquisition of the lucrative bloc by the IOCs.

    He said: “I am surprised that everything around the Resolution Agreements destabilises established petroleum laws and regulations in Nigeria.

    “Contrary to the laws and standards, the Office of Attorney General of the Federation supervised the resolution processes and agreements on OPL245 deal as against the Ministry of Petroleum Resources.”

    ”The Minister of Petroleum Resources does have sufficient powers to award oil licences, but this must follow established procedure; and the Minister must perform his statutory duties in the public interest.”

    “ The public interest is obviously missing in the OPL 245 award and subsequent Resolution Agreements.” He said  this was observed and stressed in the letter from DPR to the Minister of Justice on the Resolution Agreements allegedly prepared by the oil companies.

    While the experts of the Nigerian Government are expected to make written and oral presentations on April 4, 2019, the presentation by the ENI experts are expected  on April 10.

    OPL245 is an offshore oil block with about nine billion barrels of crude.

    It was auctioned for $1.3 billion (1.1 billion euros).

    Although the Nigerian government received only $210 million as Signature Bonus, about $1.092 billion was traced to a London bank account which was suspected to be slush funds allegedly used to bribe some middle men and politicians in the country.

    A former President was accused of benefiting about $200 million as proceeds from the Malabu oil deal.

    About $523million of the  $1.092billion paid for the block was shared out as bribes to some former ministers and politicians.

    A former minister blew about $250million on real estate, acquisition of aircraft and exotic cars.

    A court in Milan had convicted the two facilitators of the deal, Emeka Obi and Gialuca DiNardo, through accelerated hearing in September, last year.

    The main presentation of experts’ report, examination and cross-examination of the experts resumed yesterday  after an agreed break for preparation and translation of reports into Italian by all the parties.

  • APC chieftain to Saraki, Dogara: steer clear of selection of National Assembly leaders

    All Progressives Congress (APC) chieftain Yekini Nabena has urged Senate President Bukola Saraki and House of Representatives Speaker Yakubu Dogara to stay off the processes of picking the leadership of the Ninth National Assembly.

    Nabena told reporters in Abuja that the APC has learnt its lesson from the outgoing Assembly when those he described as “impostors” hijacked the leadership of the legislature.

    He alleged that those who hijacked the leadership, used their positions to frustrate the efforts of the Prseident Muhamadu Buhari-led government to effect positive changes in the country.

    The APC chief, who doubles APC’s deputy national publicity secretary, said the decision of the ruling party  on the selection and zoning of principal offices in the incoming Ninth National Assembly is supreme and must be respected by the party’s legislative caucus and opposition federal lawmakers.

    He said: “The APC has learnt its lesson from the outgoing National Assembly when impostors masquerading as party men sabotaged our party and hijacked our mandate. Affliction shall not rise up the second time.

    Read also: Promissory Notes: NASS approved figures sent by Executive for Delta, Taraba States, says Saraki

    “The efforts by the Adams Oshiomhole leadership of the party are commendable in achieving a fair selection and zoning arrangement that appeals to a greater section of the party stakeholders.

    “APC is the overwhelmingly majority party in the National Assembly and has a legitimate right to make its choices on the selection and zoning of principal offices. The APC family is in agreement on the party’s supremacy and the PDP and other opposition parties should focus on their minority positions.”

    He stressed that outgoing Senate President, House Speaker and the Peoples Democratic Party (PDP) National Assembly Caucus, have been moving from pillar to post to frustrate the plan of APC through a hidden evil plot to interfere in the emergence of incoming National Assembly leaders.

    “We are aware of the scheming by Saraki, Dogara and the PDP caucus to interfere with the emergence of the incoming National Assembly leadership. Their plans are bound to fail as the APC is a strong party with unity of purpose”, Nabena said.