The Nation Newspaper

Tag: value

  • Naira loses 10% value

    Naira loses 10% value

    The naira volatility continued almost throughout last year in both the parallel and interbank markets. At the last trading day for the year last Thursday, the naira crashed  further against the dollar while the stock index rose.

    Naira closed on the interbank market at 199.50 to the dollar on Thursday, compared with 181.50 to the dollar a year ago, down 9.91 per cent at the official window. On the parallel market, the naira traded at 266 to the dollar, weaker by 39.26 per cent from 191 to the dollar at the close of last year.

    The naira has continued to come under pressure against the dollar, as Brent crude price continues to decline. The oil price declined to $35 per barrel on December 11, its lowest price since February 2009, before increasing to $38.45pb on December 15 and closed the year around $37pb. This has adversely affected almost all indicators in the economy including the naira.

    The stock market rose 3.11 per cent for the day. But it ended down 17.35 per cent for last year. For the naira, it has been a tough road to survival. At the parallel market, the local currency depreciated by 8.44 per cent to N270/ dollar on the 16th of December, touching a new all time low.

    At the interbank market, the naira remained relatively stable and appreciated marginally by 0.53 per cent to N197.49/ dollar. The external reserves level declined during the review period by 2.25 per cent ($680 million) to $29.48 billion as at December 15.

    Managing Director, Financial Derivatives Limited, Bismarck Rewane, said for the sake of the naira, the Central Bank of Nigeria (CBN) has continued to checkmate liquidity needs in the economy through various monetary measures like the weekly sale of dollars to BDCs, Open Market Operation (OMO), the Monetary Policy rate (MPR), Net Open Position (NOP) and most recently the Cash Reserve Ratio (CRR).

    Rewane said despite these measures to reduce pressure on the currency, it has continued to come under severe pressure from internal and external factors.

    Other economists believe the incorporation of a long-term diversified strategy in fiscal policy is required to deliver the cushioning support for shocks in various segments of the economy.

    For them, the persistent pressure on the naira could have been minimized if a counter cyclical fiscal policy is developed, as the CBN cannot continue to defend the naira with foreign reserves. To reduce this pressure, an inward looking policy (tax incentives, infrastructure development and production subsidy) should be emphasized to reduce the dependence on imported goods.

    Asides from oil receipts, the development of the Agricultural sector will in the short term reduce the foreign exchange burden of food imports and over the long term enhance foreign receipts if its comparative advantage in the sector is efficiently deployed.

    The CBN had pegged the naira exchange rate at 198 to the dollar in February and scrapped a two-way interbank quote as global oil prices fell, to conserve foreign exchange reserves.

    Also in June, the regulator introduced more foreign exchange limits, excluding about 41 items from access to foreign exchange at the official window to further reduce pressure on available dollars.

  • Sexual Abstinence: A fast dying value

    Sexual Abstinence: A fast dying value

    Dorcas Egede takes a look at the running standoff between advocates of abstinence from sex before marriage and a morally bankrupt world that glamorises sex beyond limits.

    Then on her wedding day last October, American lady, Brelyn Bowman, presented a “certificate of purity” to her father; it was an overwhelming surprise, both to her father and to the over six hundred guests in attendance. As a proof of its authenticity, the certificate was signed by her doctor. The old man, her father grinned from ear to ear with pride, as his daughter presented the certificate. While as a pastor, he had taught his three children the importance of keeping themselves till marriage, as a way of honouring God, Brelyn’s declaration that beautiful day nevertheless came as a surprise, a pleasant one.

    Shortly after, a post of Brelyn presenting the certificate to her father, which a guest at the wedding had put up on her Facebook page, went viral. A barrage of comments ensued. While some of the comments applauded her action and encouraged young folks to follow in her footsteps, majority of the comments were however critical, to say the least. One aggrieved facebook user wrote, “What is with this religion-nut obsession with virginity?”Another commented, “This is sick and only brainwashed religitards are applauding this sick mess.” Yet another user said, “This reminds me of how women are still treated like property in many underdeveloped countries. If they are found “unacceptable,” they suffer terrible consequences. I would hate to see that here in the USA, a woman is not a business dealing that comes with a contract or proof of quality certificate like a cattle.”

    Those were just few of the negative comments that trailed the facebook post. While a few people were thrilled by the very fact that there are still a few people who can make a decision to abstain from sex until marriage and make it good, the greater majority were outraged and threw all sorts of hate words at Brelyn and her likes.

    A sex-driven world

    Indeed, that such news of uncommon courage would rather bring about a barrage of insults is a pointer to the perception of morality in our present world.

    What would have been applauded by the majority some years ago is now considered an anomaly, a taboo.

    In fact, the predominant mantra in the 21st century society seems to be “sex is everything”. Wherever you turn, sex, in all forms, is endorsed and glorified. Movies, both foreign and local, preach sex. Advertising billboards, musical videos and chartbusting lyrics all compete to evoke sexual imaginations in an unguarded mind.

    Recently, a five-year-old girl who was asked to define love said “Love is when a boy and a girl look at each other, smile, hold hands and go into a room.” Without doubt, the scenes from movies she has been exposed to informed her perception.

    Further proofs abound. These days, it is not strange to find adults who used to be advocates of good moral values, being the very ones luring youngsters into premarital sex. An older man was overheard telling a young virgin that: “I’m actually offering to take away your virginity for free. Men aren’t marrying virgins anymore o…Your husband will thank me…We men don’t have the energy for you women’s disvirgining drama. See, if you die now without “doing” it, it’s ants that’ll eat it in the grave o!”

    Swimming against the Tide

    It is however cheering to know that despite the current sex-obsession, there are a few people who have decided to stand apart from the crowd, by putting sex in its right perspective. These are the ones who are deciding to maintain their virginity, or innocence as some will say, until they are married.

    Even in the western world that is perceived as highly morally depraved, a number of people have made public their decision to practice abstinence. One of them is famous American football quarterback, Tim Tebow, who was reportedly dumped by his girlfriend, former Miss USA, Olivia Culpo, because of his refusal to have sex with her, owing to his decision to maintain abstinence.

    Famous sportsman, Ricardo Izecson dos Santos Leite, popularly known as Kaka, also recently remarked that he was a virgin until he got married at the age of 23. He said in an interview, “The majority of people say that after marriage, they don’t like jumping into bed with their partner because there is no desire. However, this is not true, my wife is the person I love and it was worth waiting. …I think people need to prevent themselves from making love before marriage. Of course, everyone has their own opinions, but I think it was worth the wait.”

    Back home in Nigeria, owing to a facebook campaign tagged, the #icanwait campaign initiated by one Stella Eyuruntela Ashe, a significant number of people have been proudly declaring their virginity status and their decision to wait for sex till the right time, despite pressures. One of the facebook users told a compelling story of how she began facing pressures to give up her virginity at a very young age. She said, “When I was 13, four of my mates got together and decided to have sex as their birthday presents to themselves. When they did, they began to act like they were superior to me. But I paid them no mind.”

    Stella Eyuruntela who champions the #icanwait campaign admits that choosing to abstain, not just from sex, but all forms of sexual impurities has been the best decision she has made for herself. Fortunately for her, her fiancé also upholds the same belief -a negation of the ideology that abstinence is not for men.

    Why Choose Abstinence?

    Abstinence means different things to different people. While some consider abstinence to mean going without vaginal intercourse, others regard it as staying away from all forms of sexual behaviours, including kissing, cuddling and any posture capable of arousing the emotion.

    From surveys and interviews, several reasons have been given by advocates of abstinence. These include: safeguard against sexually transmitted diseases, not going against the laws of God, avoidance of unwanted pregnancy and unplanned responsibilities, as well as precaution against the emotional rollercoaster that comes with heartbreak resulting from breakups. There are others still, who simply believe that one of the best ways to show love and respect for their future spouse is to keep themselves solely for them.

    One lady, Eketi, said she chose abstinence not just because her mother taught her so to do, but because she wanted to do it for her God. In her words, “Along the line, I grew up and decided I wasn’t going to be chaste because of what Mum said or for a man. I was going to do it for me, and because I love Jesus. I would wait till marriage. ”

    The Price of Abstinence

    Truth be told, abstinence, from all indications, is not an easy choice. Whatever the reason for abstinence, those who practice it testify that it does come with a price. Do they have struggles? Yes. They struggle with their own emotional needs. Asked how she copes with her emotional needs, Stella said, “The decision to wait is not one that comes easy. The needs are constantly gnawing at you, but I have learnt to allow myself be led in a walk with the Spirit of God. I have come to the realization that it’s not a walk I can take on in my own strides, except through the help of God, and so I ask His help through prayers, while constantly renewing my mind through His Word.”

    Eketi, who was also very honest about her emotional needs, admitted that there are times she feels horny and in need for male companionship. At those times, she finds a way to busy her mind either by praying, playing or working herself to stupor.

    Do they suffer ridicule? They most certainly do. People who choose abstinence suffer untold ridicule from their peers. They are garbed in many nomenclatures. While some of them are called hypocrites, others are referred to as religious bigots and archaic. Some are called stupid and dumb, while some are even regarded as devoid of emotions or engaging in self-deception. Eketi, in her facebook post told how she had been ridiculed by friends. “When the world went crazy and being a virgin became very unfashionable, to the point where some people verbally abused me for being one, and tried to shame me into having sex, I held on. ‘Sufferhead. The last Nigerian virgin,’ they’d say. ‘You don’t know what you’re missing!’ ‘If you start having sex early, you won’t have pains during childbirth.’ Through the lies, I held on.”

    Have you ever felt in the wrong even when you are certain you are in the right? That is exactly how people who have chosen abstinence are made to feel. One facebook user who also lent his voice to the #icanwait campaign put it rather succinctly when he said, “Having been subjected to vigorous peer pressure, or due to the hammering forces from the internet and social media, many gave it up…. Shying away from being called a virgin, or due to the embarrassment of being called a nerd, amateur or inexperienced, many gave it up….

    Because the world preaches it as norm, or describe it as the lack of opportunity, most gave it up….”

    Profits of Abstinence

    Just as abstinence comes with a price, it certainly has its benefits. One blogger said that abstinence affords, among other things, security in a relationship and the satisfaction that your partner loves you for you, not just for the sex.

    Relationship experts are of the opinion that abstinence saves you the trouble of comparing your partner with one of your old lovers. There is no room for such comparison because you are each other’s first experience at lovemaking. Moreover, it reduces the risk of unfaithfulness in marriage, as neither you nor your partner had had any experience in lovemaking before yourselves.

    Above all, you will agree that abstinence is the most effective way of saving yourself from unwanted pregnancy and the risk of miscarrying your destiny. Abstinence is still the surest and only way of preventing sexually transmitted diseases and the eventual loss of life. You will face challenges alright, but the waiting is worth it. And if you are out there and you have lost your virginity, either by chance or at your will, you can decide to start waiting from this moment on. It is better late than never.

  • IMF, CBN disagree on true Naira value

    IMF, CBN disagree on true Naira value

     • World Bank seeks further devaluation of currency

    Calls by the global financial institutions on Nigeria to devalue her currency reverberated at the weekend at the International Monetary Fund (IMF) / the World Bank Group meetings in Lima, the Peruvian capital in South America.

    The IMF’s African Department Representative Director Ms. Antoinette M. Sayeh said further devaluation of the naira was required “as a way of adjusting to the reality of the current economic conditions”.

    The ADR-IMF representative , who spoke at a press conference at the Peruvian capital, said the adjustment was necessary to ease tension for private sector investments, stressing that foreign exchange flexibility plays an important role for investors and their investments.

    The Central Bank of Nigeria (CBN) has said a further devaluation of the naira is out of consideration, a stance President Muhammadu Buhari has endorsed.

    Insisting that the naira be devalued, the IMF acknowledged that there are other factors, in the case of Nigeria, that call for examination.

    “The exchange rate pressures in Nigeria and other oil producers has been considerable in the course of this past year because of what has happened in terms of, for example, exchange earnings as oil prices have reduced considerably, and the demand for foreign exchange in a number of conditions continues to exert considerable pressure on their exchange rates. In the case of Nigeria, of course, a number of other factors have been at play.”

    She listed some of these factors to include the last general elections this year and the uncertainty about what the possible outcome of the elections would be. Since the elections, Ms. Sayeh said, “continued uncertainty about the policy direction that the current administration is going to take, the waiting (until lately), for a cabinet and the vision and plans for pursuing the reform effort, and what can be expected from that, continued to be factors that have led to pressures on the naira.”

    While acknowledging the measures so far adopted by the CBN in response to the volatility of the exchange rate, the IMF official, however, critised the steps, saying the policies are detrimental to businesses.

    In her words:” Of course, the Central Bank has introduced administrative measures that limit access to foreign exchange and that banned certain imports as a way of restricting the demand for foreign exchange. Those are measures that are quite detrimental, we think. It has certainly led to a lot of unhappiness in the private sector, as far as we’ve been aware, and understand that private investors see this as very detrimental to their economic activities. So it’s not something we think is sustainable or advisable. We hope that there will be an opportunity to review those restrictions and permit the exchange rate to continue to adjust.

    “The exchange rate being an important instrument of adjustment in countries that have a flexible exchange rate, we think it’s been appropriate to allow the exchange rate to depreciate, with a view to helping to contain the demand for more foreign exchange, and to help contain the level of imports that was not sustainable in light of the shock to the Nigerian economy. So the exchange rate plays a very important role there.

    “There are countries that don’t have the exchange rate, and as a result have an even more arduous burden of adjustment on the fiscal side,” that’s what Nigeria and other countries that have an exchange rate can avoid. So we think it’s appropriate to have the exchange rate adjust, she argued.

    On the restriction of access of foreign exchange for certain imports by the CBN, Ms. Sayeh said the measure was hurting the public.

    “ Clearly, some of the products that are being disallowed are products that average Nigerians buy. Those restrictions on those products are already making it harder for the average person to buy milk or to buy milk at an affordable price. So they’re already feeling the impact of those restrictions. Not in a very beneficial way, so we think it’s certainly advisable to have a second look at those,” Ms. Sayeh said.

  • ‘I ’ll add value to Kogi’

    ‘I ’ll add value to Kogi’

    Kogi State Peoples Democratic Party (PDP) governorship aspirant Alhaji Jibrin Isah Echocho speaks with MUSA ODOSHIMOKHE on his ambition and other partisan issues.

    How prepared are you to clinch the Kogi State governorship in the event that you emerge the standard bearer of the PDP?

    I have stated previously that I am in this race to win and considering the fact that the will to win is worthless without the will to prepare, I can tell you without hesitation that I am prepared. I strongly believe that the best preparation for success is to be more strategic and that is what I have been doing since 2011 when I first signified my intent to vie for the governorship of Kogi State. I realised very early in the race that a winning strategy that is based on issues and the realities on ground is essential for a successful campaign. I thereafter constituted a very vibrant team that understood that whoever will emerge as the flag bearer of the PDP must be one who can demonstrate to the party that he can easily win the governorship for the party. This understanding and the simple message of ours which has resonated with the leadership; and likewise supporters will see us through at the primaries because at the end of the day it is the interest of the party, not the interest of a few that matters. This is especially important because as it stands, Kogi is the last man standing in the North Central.

    But you are contesting against an incumbent governor…

    Well, the incumbent governor is a friend and a brother. He is someone I have tremendous respect for and a fine gentleman that respect the views and aspiration of others. I want to believe that my aspiration didn’t just come out of the woods. There was a history, and a history that every well-meaning kogities and friends of Kogi State understands and respects, including the incumbent governor. And mind you times have changed.

    The issue of power shift is another burning issue. What is your take on that?

    I strongly believe that everybody regardless of ethnic or religious coloration has an inalienable right to aspire for anything including power shift. And Kogi state can’t be an exception. The call for power shift is legitimate and it must be respected. But who am I to say no to the legitimate agitation of my brothers and sisters from the West and Central? I believe when the time is right it will come to fruition.

    Why do you want to govern the state?

    I am in the race because I strongly believe that I can add more value to governance in Kogi State at this particular time in our history than anyone else. Governor Wada has done well in my estimation, but I believe more can be done and a lot still needs to be done to actualise the Kogi of our dream. We need a new spirit of self-assurance, hope and optimism. We urgently need a revitalised economy that is diversified and less dependent on the monthly allocation.  There Is need for new vigour. I believe it’s time for new ideas to accelerate the process of diversification because time is running out. Oil prices are already falling due to the development of shale oil technology that has opened up new sources of energy supplies. We need a new security arrangement to secure our society and provide the enabling environment for the growth of the private sector especially the small and medium scale enterprises. We need to restore people’s faith in governance by running a more open, accountable and ethical government; and strengthen institutions of government such the civil service and local government administration.

    In 2011, what really happened?

    2011 was a fantastic year for our party because we won the elections. In my opinion, what happened was simply a breakdown in communication and nothing more. And all the parties involved have moved on to the glory of God and we are one strong, happy and an indivisible family.

    In some quarters, it’s believed that former Governor Ibrahim Idris was responsible for your being denied the ticket of the party.

    That isn’t correct. There was a breakdown in communication along the line. There was nothing personal or untoward about what happened. Things happen and our ability to move on stands us out of the crowd.

    What’s your relationship with the former governor of Kogi State, Alhaji Idris?

    A very cordial relationship I have with him.

    It’s a said in some quarters that since you are in-laws with the candidate of the APC candidate, Prince Abubakar Audu, he might be the one sponsoring your candidature. What do you have to say?

    This isn’t a question but rather an insult in my estimation. How can the candidate of the APC sponsor or influence me? Let me clear the air on this. For the fact that my daughter is married to his son does not mean that we agree politically or share same political ideology. I also believe that our kids have their lives to live and we parents shouldn’t interfere unnecessarily. They saw themselves; they liked themselves and decided they want to be husband and wife. So you expect me to say no because the husband is the son of Prince Abubakar Audu?   That would have been quite unfair. It’s their life and they have a right to freedom of choices. But to say because my daughter is married to Audu’s son and therefore he is behind my candidature is an insult. There is no such thing and there won’t be any such thing.

    Do you think you still have that state-wide acceptance that you had in 2011?

    Without trying to sound immodest, I think that acceptance is still there, that is if it hasn’t tripled because four years is a long period.

    If you fail to get the party nomination, what should your supporters expect?

    I am a loyal party man. My conduct since 2011 suffices as an example. My ambition is not premised on personal reasons. It’s not about me, but about the state. I am in the race to add value, to serve humanity and to bring to fruition a new Kogi. So if I don’t get the party nomination, God forbid, the world won’t come to an end.

  • Men: Get value from your style assets

    Men: Get value from your style assets

    Every day you button your clothes, roll up your shirt sleeves, and pick out your shoes. But what if you told that the way you go about doing these things is all wrong (or at the very least ill-informed)?

    From packing your suit the wrinkle-free way to keeping your rolled-up sleeves from unfurling, it is better to follow some clothing and style hacks that will save you time, money, and, in some cases, embarrassment.

     

    • Roll your shirt sleeves the right way.

    Instead of rolling the cuff slowly up your sleeve, flip the cuff back and pull it to just below your elbow. Then take the bottom (inside-out portion) and fold it up so it traps and covers the bottom cuff. Your shirt sleeves won’t unroll again.

     

    • Pack a suit without getting it wrinkled.

    Simply wrap the suit in tissue paper and place it in a bag to keep it in good condition.

     

    • Learn the “sometimes, always, never” rule of jacket buttons.

    The top button should sometimes be buttoned (stylistic decision), the middle button should always be buttoned (it pulls the jacket together and is flattering), and the last button should never be buttoned (it messes up the tailoring and flare of the jacket).

     

    • Match your dress shoes and suits.

    You should combine your suit and shoes nicely, try to learn what colours and styles are best.

     

    • Invest in quality shoe trees.

    Shoe trees will maintain the shape of your nice work shoes, prevent the leather from warping or cracking, and absorb any excess moisture from your shoes so they don’t rot from the inside out. Bespoke shoe trees are the best for your expensive shoes.

     

    • Hang your suits and dress shirts on cedar wood hangers.

    The cedar acts as a repellent for moths and absorbs moisture. And unlike wire hangers, wood hangers will not damage or stretch out clothing

     

    • Fold your sweaters instead of hanging them.

    Even lightweight sweaters stretch out if they’re on a hanger for too long. It’s better to fold sweaters in your wardrobe and hang dress shirts and T-shirts instead.

     

    • Go sockless without causing a stink.

    There’s an easy way to cheat that socks are undetectable, but effective at soaking up sweat so there’s no funky odor.

     

    • Use leather soap and oil to preserve your shoes.

    Always use soap and oil to preserve your shoes, it will dramatically increase their lifespan and ensure your footwear investment pays dividends for years to come.

     

    • Let your shoes breath between wears.

    You shouldn’t just slip on the same trusty pair of dress shoes day after day. Why? Because if you wear different shoes every day, they’ll stay alive much longer.

  • Dealers halt trading as naira value falls

    Dealers halt trading as naira value falls

    Dealers yesterday pulled the plug on electronic trading in the naira after it slid past the key level of 200 to the dollar on fears the postponement of this week’s election could trigger a constitutional crisis.

    Deploying for the first time a ‘circuit-breaker’ agreed among themselves last month, leading banks in Lagos halted trade after the naira dropped more than two per cent. At its weakest, it was quoted at a record low of 204.25 to the dollar, a decline of 20 per cent since the start of November.

    The rout has been driven by the combination of a tumbling oil price and a rise in political risk, highlighted by last Saturday when authorities pushed back the February 14 presidential election by six weeks, blaming it on insurgency accentuated by Boko Haram militants.

    It was not clear when normal naira trading in might resume. Although the halt is meant to calm nerves, it undermines Nigeria’s credibility as a smoothly operating capital market and could trigger its ejection from a key JP Morgan emerging market bond index.

    In the year after Nigeria joined the index in October 2012, foreign bond-holdings jumped from $1.2 billion to $5.4 billion, but JP Morgan said last month Nigeria’s inclusion was under review because of a lack of market liquidity.

    Ejection from the index would trigger major capital outflows because investors who track it would have to sell Nigerian bonds. That would exacerbate a budget crunch in Abuja by removing an important source of funding and further hammer the currency.

    In another sign of strain on the financial system, the rate banks charge each other for overnight lending spiked to 100 percent this week as the central bank sucked up naira to support the currency rather than continuing to leak foreign reserves.

  • ‘Governor ‘ll add value to PDP’

    ‘Governor ‘ll add value to PDP’

    Sunday Menukuro was a Labour Party (LP) stalwart in Ondo State before it dissolved into the Peoples Democratic Party(PDP). He spoke with LEKE AKEREDOLU on how Governor Olusegun Mimiko’s defection will add value to the party.

    What may likely be the future of the LP in Ondo State?

    Well, the future of the LP in Ondo State, I may not know because I am no more in the party. As such, I am not in the position to know. His Excellency, Governor Olusegun Mimiko was the one who brought the party to the state after wide consultations and he has seen better reasons to leave the party. He also had wide consultations with the majority of the party members and important Nigerians before he left. And we are happy to leave with him.

    Don’t you think Mimiko dumped the LP because the party is losing its popularity in the state?

    It is not true that Mimiko dumped the party because it is no more popular in the state. The party was not in existence in the state, until governor Mimiko and some of his friends brought it to the state. The party was just a platform that we used to win all the elections we won in the state. We could have used another party as a platform to win the elections as well. Therefore, the party did not make itself; it is the people that made the party. However, I must say that I am happy for the party, even though it is Mimiko’s fortune that he brought to bear on the party that made the party to be known all over the nation. I am happy for the party because it is the lucky one among all other parties that we pinched our tent with.

    There was nothing negative that happened to the party that made us to leave party other than our interest to aid the President Goodluck Ebele Jonathan to win the 2015 presidential election.

    Of what benefit is Mimiko to the PDP?

    The benefits are enormous. It is unquantifiable. If you ask the PDP members, they would tell you that they did not have problems with other parties  apart from the LP. It was like no other party was existing in the state apart from the  LP and the PDP. Except, may be the APC which has a semblance of presence in the state.

    You can recall that between 2009 and 2010 three elections took place in the state; the LP won all the three. In 2011 general election, apart from the fact that the governor delivered the state to President Jonathan, he won 25 out of the 26 House of Assembly members in the state, eight out of nine House of Representatives members and all the three Senatorial positions. Even in the last rerun election that took place in Ilaje and Ese Odo Local Govts few months ago, the LP won but for INEC’S unexplainable wisdom, it declared it non conclusive.

    What I am saying is that, no party has won against us since 2007 and it is going to amount to unmitigated hypocrisy and heresy for anyone to say that we joined the PDP because we are no more popular. When have they won us in any election? Before anyone can beat his chest that he would beat us, the person must have beaten us or must not have been beaten severally by us before, not the ones we have beaten severally. As I talk to you, we have never had any history of defeat of any kind since 2007 that we have been using lp’s platform to go into elections.

    All these are great blessings and successes that no one can wish away. If any group that has all these fortunes decided to join any party it is a great plus to such party. And I am sure that it is going to be a great relief to the party and any candidate picked in this new union is as good as having won the final election.

    Does Mimiko still enjoy the support of Ondo State?

    Mimiko is still enjoying the support of the people of the state, it is evident in the last governorship election when they reelected him and ever since he has not disappointed them. My brother, forget about what political desperados and rabble rousers are saying all over the place. The election they could not win at the poll is what they intend to win on the street by inciting the people against government.  Thank God such orchestration does not work in Ondo State, the people of the state are too knowledgeable and wise to be so hoodwinked. So, these people failed as usual at the poll, they also failed and are still failing on the street.

    ”Will Mimiko’s defection not cause mass defection of PDP and LP members to opposition parties?

    How can Mimiko’s defection cause mass defection of any kind from PDP?  Well, there is free entry and free exit as enshrined in the federal constitution of Nigeria. Nobody will prevent anyone not to join any party of his or her choice but I doubt if there is any reasonable one who will see somebody who carries victories all about and would run from such person. It is suicidal and practically unreasonable.

    If I may ask, are they going to form a new party? When they were in a major party they could not win him is it when they go to the relatively lowly rated party that they would win him? Like I said earlier, anyone who does that embarks on a suicide mission.

    What is your solution to the issue of sharing formula between old and new PDP members?

    I don’t have any solution for the sharing formula than to advise all the stakeholders that everything must be done with the fear of God, we should look for the round pegs in the round holes in those positions to be contested for. We must have it in our minds that we want to win the elections to better the lots of our people. Meanwhile, the governor is the automatic leader of the party; the party members should join hands with him to do the right thing. They must not forget as well that Mimiko has the bigger stake in this union or call it a reunion of like minds. I pray that God will give us the wisdom to do it well.

  • ‘Mimiko ‘ll add value to PDP’

    ‘Mimiko ‘ll add value to PDP’

    Bamisile Oseni Oscar is a chieftain of the Labour Party(LP) in Ondo State.In this interview with DAMISI OJO,he says the defection of Governor Olusegun Mimiko to the PDP will add a value to the party. 

    How would you react to the defection of Governor Olusegun Mimiko from the Labour Party(LP) to the Peoples Democratic Party(PDP)?

    As a politician and as a leader of the LP, I see it as a positive omen for the politics of the state. In all normal climes, we have only two major political parties. I consider the defection of Governor  Olusegun Mimiko to the PDP as a wise political move. It is imperative now for members of the Labour Party to join PDP because of the 2015 general elections.

    As been speculated all around, President Goodluck Ebele Jonathan will definitely seek re-election in 2015. We all need to support him so that he can realise his dream of a great Nigeria. The PDP and the LP are siblings. We share a lot of things together. You can recall that the LP under Governor Mimiko supported President Jonathan in 2011. We were directed to vote for the President. So, the planned defection is in the interest of this state and the country.

    Many people have said that Mimiko is returning to the PDP to avoid an imminent defeat for the LP in next year’s elections because he is not popular again..

    It is the opinion of the people that don’t understand what is on ground politically in Ondo State. Not quite long ago, a bye election was conducted in Ilaje/ESe-Odo Federal Constituency. Despite that the constituency is a stronghold of the PDP, the LP candidate won the bye election. The result showed that the LP candidate won. We are still wondering why the Independent National Electoral Commission, INEC, in Ondo state came out with the idea that the bye election was inconclusive. Some people must have orchestrated that stalemate  to salvage their already dwindled political relevance in the politics of the state. They only wanted to give a wrong impression of their political influence to Abuja so that the people there can reckon with them.

    We have been winning elections in the state since the LP government came on board. Therefore, it is wrong for anybody to have ascribed the defection of Governor Mimiko to the fear of imminent defeat. As far as I am concerned, joining the PDP is a sacrifice for the political development of the country. As at today, we are the third largest political party in the country. We have spread beyond Ondo state. We have a senator in Plateau State, Senator Joshua Dariye; we have state assembly members from Anambra, from Bayeilsa, from Adamawa. In Ondo state, we have seven House of Representatives members out of eight, but we lost one, Nomiye, to the cold hands of death. We have 25 House of Assembly members. All the three senators from Ondo state were elected on the platform of the LP.

    Are all LP members also defecting to the PDP along with the governor?

    What I know is that, if not all, about 90 percent of us will go with him. This is because Governor Mimiko is a leader of men. I don’t think there is a serious politician without a leader, and in Ondo state, he is our leader. He has consulted widely; he has consulted party leaders, the artisans, the market women, the students, the traditional, religious and labour leaders. The outcome of the consultation is that we should move to the PDP. I am pretty sure that 90 per cent of our followers in Ondo State will follow him to the PDP.

    Will the defection not create crisis for the PDP?

    That cannot be ruled that out because society itself is a product of crisis. But then, I don’t see any reason why our joining the PDP should cause any serious and damaging crisis, if we all allow fairness in the choice of party executive members and candidates. We don’t impose people in the Labour Party and that is the attitude we are taking to the PDP. We also know that there is nothing like imposition in the PDP. There is no godfather somewhere that will be dictating to us on who will be party executive members and candidates. In fact, you will see democracy in action in the new PDP.

    It has been alleged that Governor Mimiko is insisting on having 60 percent of the structure of the PDP? What is your opinion?

    I don’t know, but that’s normal. Since we started this democracy in 1999, we have seen the defection of governors from one political party to another. Of recent, we saw some PDP governors decamping to the APC. Any governor that is coming to another party with people like House of Assembly members, House of Reps members, senators will definitely get 60 or 70 per cent. If it is true that Governor Mimiko is insisting on having 60 per cent of the party’s structure, I think he is magnanimous enough.  It is even wrong to say that we are decamping. No, we are merging with the PDP. We are collapsing the structure of the LP, which is the third largest political party in Nigeria into the largest political party. I don’t know how that will cause a problem because that’s what governors who defect to the PDP have been getting. Our people should go and check history. They will be well educated if they do.

    Will the defection not affect the aspirations of some people?

    That is the beauty of democracy, and that was why we clamoured for it. The system is not about your wealth or your might. It is about what the people want. There is a process of electing or selecting candidates for election. As I said earlier on, the two parties share a lot of things in common. It is the delegates that will elect the party flag bearers. In as much as there is fairness in the process, I don’t think there will be any cry by anybody. So, what is important is fairness, justice and openness in the process of selecting our candidates. We will all support those that emerge through fair and transparent primaries, since we are now members of the same family.

    What’s your advice to members of both parties, now that you are coming together?

    This merger now is a fait accompli. The governor has consulted us. We have endorsed the idea of merging with the PDP. We are now waiting for the day that the party flag and leadership will be handed over to the Governor Mimiko. So, my advice is that we should all be focused; let us be patient and let the opposition APC see genuine democracy in our party. There is nothing we cannot do together amicably. What should be paramount to us is how to sustain this democracy.

  • ‘We’re committed to adding value to our subscribers’

    ‘We’re committed to adding value to our subscribers’

    MTN Nigeria has said that it is ready to implement Mobile Number Portability (MNP) in consonance with the policy of the industry regulator, the Nigerian Communications Commission (NCC). The NCC has recently announced plans to flag off Mobile Number Portability in the first quarter of this year.

    Speaking at an internal stakeholder forum recently, MTN CEO, Brett Goschen, said the company had been ramping up efforts to make MNP a reality for mobile phone users in Nigeria who are eager to join the country’s most expansive network.

    “We have made necessary investment in infrastructure and manpower and we are now finalising the process of making this project a reality,” said Goschen, adding: “We are confident that when the NCC is ready to blow the whistle for the kick-off of this project, we will be ready.”

    Goschen disclosed that a series of tests had been carried out on the company’s systems and infrastructure, saying that more tests will be carried out in the days ahead to ensure that the project takes off without any hitch.

    “We are excited that customers who wish to join the network with the most coverage of Nigeria will now be able to do so without worrying about losing their mobile numbers. As you know, we have made far more investment in our network than any other operator in Nigeria has done, with the result that we are today the clear leader with effective network coverage of more than 85 percent of Nigeria’s land mass and population.

    “We have nearly 100 percent coverage of most major highways in Nigeria and we are gradually moving towards the final laps of a massive, nationwide network modernisation and swap-out exercise that is bound to give the network unequalled capacity and much improved quality of service. We have no doubt in our minds that mobile phone users on other networks in Nigeria will be eager to port into MTN to avail themselves of these and other benefits they can only find on the MTN network,” he said.

  • ECOWAS empowers parliamentarians on value for money

    IN its quest to ensure sustainable socio-economic development in the region, the Economic Community of West Africa State (ECOWAS) organised a two-day capacity building workshop for parliamentarians in member countries.

    The event which held in Lagos, had international donor agencies, no-state actors among other stakeholders in attendance.

    Tagged: ‘Value For Money (VFM), it featured on accountability and sustainability in the social sectors, interface and discussions, plenary session to mention just a few.

    Justifying the need for the workshop, the ECOWAS Secretary General, Cheikh Abdel Kader Dansoko, ECOWAS Parliament representative, Jacob AmutaOnogwu, at separate discussion said that the objective of the forum was to among other things remove the bottlenecks and constrains militating against effective use of resources in member countries.

    The objective of the forum, they contended aligns with the ECOWAS Parliament’s 2011-2015 strategic plan.

    According to the duo, since 2008, after the global recession in most developed countries, and the attendant rippled effect of the recession took its toll on many developing countries especially in Africa which depend largely of aids and donor from the west, thus, there was a need for a paradigm shift in order to ensure socio-economic and sustainable development in the region.

    Shedding more light on what informed the initiative, Onogwu said it is also “The commitment of the African Development Bank to improve governance and accountability in social spending and hence, to an improvement in the living standards of the people of Africa.”

    Continuing, Onogwu said despite progress in human development indicators, as well as forthcoming funding in recent years, it is disheartening to note that “increased spending for health and education alone does not automatically produce positive outcomes. Rather, ensuring efficiency of the investments, and understanding the issues that affect the transformation of inputs into concrete development outcomes and implementing well-articulated strategies is what can improve the situation.”

    He however, suggested that ECOWAS Parliament and AfDB should explore further “the possibilities of partnering in implementing capacity-building programmes on value for money for ministries, parliamentarians and civil society organisations.”

    He recalled that “parliaments also have the power of the purse and the mandate to scrutinize the utilization of public finances and ensure financial accountability.”

    Echoing similar sentiments, the Director, African Development Bank Group, Mr. Dore Ousmare urged legislators to reflect on priority sectors and takes actions so that governments direct to them the appropriate resources.  The ultimate objectives being to get value for the money spent.