The Nation Newspaper

Tag: warns

  • Bank warns of asset price collapse

    Bank warns of asset price collapse

    Financial sector imbalances could cause sudden price reversals and sharp spikes in volatility, risks many macroeconomists are still blind to, says Reserve Bank of India governor Raghuram Rajan.

    Poor policy co-ordination and a continued failure to comprehend the dangers of financial cycles pose significant risks to the global economy at a time when central banks may be least equipped to deal with crises, Raghuram Rajan, governor of the Reserve Bank of India (RBI), says in an interview published by Central Banking journal yesterday.

    Unfortunately, a number of macroeconomists have not fully learned the lessons of the great financial crisis. Financial sector crises are not as predictable. The risks build up until, wham, it hits you.

    Rajan says problems do not appear to be arising from credit growth – although this is an issue in some emerging markets – rather from the rise in asset prices as investors around the world chase yields. The former chief economist of the International Monetary Fund fears a build-up of financial sector imbalances could cause sudden price reversals and sharp spikes in volatility. “We are taking a greater chance of having another crash at a time when the world is less capable of bearing the cost,” he says.

    “Unfortunately, a number of macroeconomists have not fully learned the lessons of the great financial crisis. They still do not pay enough attention – en passant – to the financial sector. Financial sector crises are not as predictable. The risks build up until, wham, it hits you,” Rajan says.

    Rajan fears central banks “may be exhausting room on the financial side and creating a situation where there will be a discontinuous movement in the financial sector”.

    A sudden shift in asset prices could happen in a variety of ways. The most obvious route would be as a result of investors chasing higher yields at a time when they believe central bank policies will protect them against a fall in prices

  • Cleric warns politicians

    The Bishop of Evo Diocese, Anglican Communion in Rivers State, the Rt. Rev. Innocent Uchechukwu Ordu, has cautioned politicians on the politics of bitterness and provocative utterances. He said they should prevent the country from becoming a theatre of violence.

    Bishop Ordu spoke yesterday at the synod convention organised by the Evo Diocese, Anglican Communion, at Rumuobiokani in Obio/Akpor Local Government Area of Rivers State.

    The prelate said it was regrettable that the politicians had cultivated the habit of carrying themselves as if they were greater than the country, adding that they had been distracted.

  • Eguavoen warns Akwa Utd

    Eguavoen warns Akwa Utd

    As teams anxiously look forward to their week 21 tie, the new Technical Adviser of relegation threatened Gombe United FC, Austin Eguavoen has warned Akwa FC to prepare  to be crushed in the midweek cracker taking place in Gombe.

    The former Super Eagles sweat merchant, who is barely three weeks in Gombe, acknowledged the difficult challenge posed by his new job as his Savannah Scorpions currently occupy 19th position after 20 rounds of matches.

    “But I hope we will come out of it. That is why we cannot afford to lose any match at home and also strive to secure as many away wins and draws as we can because there is a lot at stake here. We will take it game after game because every game is very important. So, we will work hard at every game to get the maximum points, either at home or away and as you can see (the log), the difference in points is not much,” he said.

    Eguavoen, who lost his first match in charge  to FC Taraba 0-1 in Jalingo, said the next match against Akwa United FC would be approached with the mind set to secure the maximum points.

    He said his boys showed class which indicates they were equal to the task ahead but that one of their defensive midfielders unfortunately committed a penalty offence about six minutes to full-time.

    Eguavoen took over  from Maurice Cooreman who departed the club halfway into the season due to failing health.

  • …Amuneke warns against complacency

    …Amuneke warns against complacency

    Meanwhile, Emmanuel Amuneke (MON), Golden Eaglets’ Head Coach, has warned his wards against any form of complacency even as he craves for a winning mentality in their African championship qualifier against Democratic Republic of Congo.

    The eagerly awaited match, according to Federation Congolaise de Football Association (FECOFA), would take place on Saturday after the Confederation of African Football (CAF) graciously shifted it from July 20 due to the earlier suspension of the NFF by FIFA.

    “Now is the moment of truth for us because the serious business of qualification for Niger 2015 would begin for us in Congo (DR),”

    Amuneke told the players:” All what we have done before is now in the past because we would now be judged based on our performance particularly in this match.”

    Speaking to the players during Wednesday’s training at the University of Calabar, Amuneke told them to have nothing but a winning attitude, assuring that the players selected for the encounter are fit and ready to do the country proud yet again.

    “We must go to Congo with the sole  objective of winning and that is the mental attitude we must all have.  We must be ready to  show all what we have been learning in our training and we the coaching crew believe that you have what it takes to win this match but we must not be over confident, noted the 1994 African Footballer of the Year.

  • SSANU warns against removal of minimum wage from exclusive list

    The Senior Staff Association of Nigerian Universities (SSANU) has warned  against the removal of the Minimum Wage from the Exclusive Legislative list.

    It gave this warning in response to the just concluded National Conference recommendation that the Minimum Wage should be excluded from the Exclusive Legislative list.

    It also underlined its strong opposition to the scrapping of local governments as the third-tier of government, warning that any attempt to uphold these two recommendations will be met with a nationwide industrial actions.

    SSANU President, Comrade Samson Ugwoke, who addressed a press conference on the decision reached at the National Executive Council (NEC) meeting of the union at the Enugu State University of Science and Technology (ESUT), said the Confab should also address other contentious issues in the constitution, including those that have not been adequately taken care of before now.

    Comrade Ugwoke said: “SSANU NEC-in-session commends the Federal Government for convening the National Conference and reiterates its position that the National Conference should address key issues of national unity, equity and justice.

    It should also address and accommodate issues that have been contentious in the constitution, including those that have not been adequately taken care of. ”

    The union advised that the Federal Government should address the recommendations of the conference  thoroughly, adding that  they should be those that will address fundamental issues relevant to the survival of Nigeria as a nation as well as enhance economic growth, peaceful co-existence and national security.

    “SSANU is strongly opposed to the removal of minimum wage from the Exclusive list and the scrapping of local government as the third tier of government. Any attempt to uphold these recommendations will be met with nationwide industrial actions,” Ugwoke said.

  • Governor warns criminals to stay away

    Governor warns criminals to stay away

    •Police get 20 armoured personnel carriers

    OSUN State Governor Rauf Aregbesola has   warned  criminals and agents of violence to steer clear of the state or face the law, as the governorship election approaches.

    Aregbesola spoke during the launch and handover of 20 Amoured Personnel Carriers (APC) that cost N1.3 billion to the State Police Command in Osogbo, the state capital.

    This was in fulfillment of his administration’s promise to equip the command with the APCs.

    The governor expressed pains at what he called the Federal Government’s penchant for playing politics with crucial security matters.

    Aregbesola urged President Goodluck Jonathan to separate politics from the issue of security by granting the state a short code for its emergency centre.

    The governor noted that when government fails to guarantee safety of lives and property, it has no business   being in power.

    Aregbesola said security, safety and the welfare of the people are the primary responsibilities of any government as enshrined in the nation’s constitution.

    He affirmed that since his first day in Office, he warned his party members and the people that there will be no room for infraction of law and that people should refrain from using their previous experience to persecute their political opponents.

    “Politics should not be mingled with security, because security does not know religion, party affiliation or ethnicity.

    “The Federal Government just refused to give us short code to make our emergency centre work. It has been ready for the past 13 to 18 months ago. If that centre had been activated, our helicopter will get to the farthest place of this state in 15 minutes to attend to emergency issues.

    “It won’t cost the Federal Government a dime, but to just direct the NCC to allow us to use their 122 line. I wrote to the President, he did not even acknowledge the letter, let alone giving us approval,” the governor stressed.

    The Assistant Inspector General of Police, David Omojola, who represented the Inspector General of Police, Mohammed Abubakar, praised the courage of the governor in fighting crime.

    He pointed out that the IGP has directed that the equipment should be moved to the state Police headquarters for immediate use in fighting crime and criminal activities.

    “We are very grateful for your effort at lifting our spirit by providing the Armoured Personnel Carrier. This is the first in the history of the country when a government will be providing such numbers of equipment for the police in one fell swoop.

    “The presentation of the APC is the climax of your practical demonstration and support for security in the state, and our effort to fight crime has received a huge boost.

    “Criminals no longer have a hiding place in Osun, as we make everywhere secured,” he Inspector General of Police pointed out.

    Speaking earlier, the Commissioner of Police, Osun Command, Ibrahim Maishanu, described the  government’s gesture as the first in the state’s history.

  • NLC warns National Assembly over delay in passing PIB

    NLC warns National Assembly over delay in passing PIB

    The Nigeria Labour Congress (NLC) has warned the National Assembly over what it called the continued delay in passing the Petroleun Industry Bill (PIB).

    Its Vice President, Comrade Issa Aremu, said the lawmakers should not wait till NLC pickets the National Assembly before they passed the bill.

    “Should the lawmakers fail to pass the bill before the next general elections, all the efforts at lobbying for the passage would result to nothing.

    “We shall add our voices to the existing mass pressure. Don’t forget that there has been series  of demonstrations by non-governmental organisations (NGOs). NLC will add its voice to ensure that PIB becomes a law,”he said.

    Speaking at an Interactive Enlightenment Workshop on PIB in Abuja, Aremu described the bill as one of the progressive laws that  can be bequeathed to the country.

    Looking at the Chairman, House Committee on Petroleum  (Downstream) Hon. Dakuku Peterside, he said: “It is good that chairman, House Committee on Petroleum (Downstream) is here. I think they will not wait for us to picket them before they can pass this bill.”

    Aremu said the bill could culminate in the creation of 19  companies from the unbundling of the Nigeria National Petroleum Corporation (NNPC), adding that it also provides for local content.

    His words: “In other words, the PIB will lead to the engagement of  Nigerians from different professional background. Local content means we must have the value for Nigerians to operate in the sector instead of being dominated by foreigners. So any law that will engage Nigerian technicians and accountants is a progressive law.  We will support it  as much as possible.

    The  PIB is designed to strengthen the capacity of indigenous companies in the oil and gas sector to compete with international companies.

    Peterside said although the bill is tailored to tackle corruption even though it would not solve all problems of the oil sector.

    According to him, if the PIB becomes law, it would tackle the perennial environmental challenges in the Niger Delta- the base  of oil production in Nigeria. Three years after the passage of the bill, he said, gas flaring, which is a major environmental threat to lives, farming and fishing in the oil producing

  • Amaechi warns against impunity

    Amaechi warns against impunity

    Rivers State Governor Chibuike Amaechi has urged  Nigerians to wake up and resist tyranny in any form saying dictatorship is creeping into the polity.

    Amaechi said although a people deserve the leaders they get, he urged Nigerians to insist on getting better service and governance from their leaders than what is currently obtainable.

    The Governor spoke yesterday in Abeokuta, the Ogun State capital, at the third annual lecture of the Ogun State Correspondents’ Chapel, themed: Nigeria and the Leadership Question.

    At the event held at the Secretariat of the Nigerian Union of Journalists (NUJ), Ogun State Council, Oke – Ilewo, Abeokuta, Amaechi who was the guest speaker reckoned that unless the citizens rose against bad leadership and enthroned one that is passionate about quality governance, the country would neither make a headway nor witness respite.

    Amaechi who was represented by Rivers State Information Commissioner Mrs Ibim Semenitari, deplored the absurd situation playing out in the country where a Commissioner of Police would wake on a morning and make unconstitutional   pronouncement, banning citizens from holding a peaceful assembly.

    Amaechi said: “Nigerians must say no to tyranny. Nigerians must say no to dictatorship. The people get the kind of leadership they deserve.

    “It appears that Nigerians have been docile. Nigerians should insist that they deserve more than they are getting.

    ”Leadership is an extremely important factor, if we are going to build a nation. Unless and until we have leaders with ability, integrity, commitment and vision, we cannot succeed as a country. We cannot succeed by leadership that is not functional.

    “It is in your hands to choose and to change the leadership. Nigerians must begin to insist that they deserve better than they are getting. We believe that Nigeria of our dream is Nigeria with leaders who are not only consistent, transparent but also passionate about our country.”

    He also pricked the nation’s conscience by raising some posers on leadership, asking:

    “Can we say that the crop of leadership at various levels is passionate about us as a country? Can we say that the current crop of leadership at the federal level is transparent in their dealings?

    “Can we say that the present crop of leadership at the federal is consistent with policies that will build the nation. I think that the answers to that is the reason why some of us left the Peoples Democratic Party for the All Progressives Congress.”

    The Governor lamented that he had continued to bear of tyranny in his Rivers state by having a Chief Judge foisted on him by the National Judicial Council(NJC).

    He noted that there are about two other states in the country having similar experience like Rivers State but said the NJC did not impose Chief Judges on those states, adding that because of the “political interest of some people,” a Chief Judge not appointed by the Governor was foisted on Rivers people.

    He said: “It is in the Constitution that the governor should be the one to appoint the chief judge, but this was not the case in Rivers. It was the National Judicial Council that appointed the chief judge. This is unconstitutional.”

    He challenged the form of federalism being practiced in Nigeria, saying a situation whereby the federal government apportions what allocation should accrue to the federating  units must be looked into.

    “We are a proper Republic of Nigeria, therefore the federal government lacks the power to sit as a Prefect. What kind of country that claims to be federalism yet money are deducted from the source in Abuja without recourse to state governors?

    “Somebody would sit in Abuja and deduct money at will, spend it at will and chooses to be a Prefect over the states. It is actually a relationship of the equals. Equals come together and chose to be parts of the Federal Republic of Nigeria.

    “We are not a confederal system, we are not a military government. We are a federal system. With all these observations, ask yourself, how can we be dealing with the leadership question if those who ought to be leaders do not have a clue of what the constitution says of what they can do and what they cannot do?”

    Ogun State Governor Ibikunle Amosun who was represented by Commissioner for Information and strategy, Yusuph Olaniyonu, urged Nigerians to elect only credible, honest, transparent and corruption – free persons into elective offices in future elections.

  • Catholic cleric warns against soldiers’ deployment

    FROM the pulpit came a message yesterday for both the Federal Government and politicians jostling to govern Ekiti State after the June 21 governorship election.

    The message, which came from Catholic Bishop of Ekiti Diocese, Most Rev Felix Femi Ajakaye, advised the federal authority to drop the idea of deploying military personnel for governorship election purposes in Ekiti and Osun states in June and August respectively.

    The bishop counselled the Federal Government not to engage soldiers in civil duties, but rather mobilise them to restore peace in the crisis-ridden Northeast, where hundreds of school girls are still being held captive by Boko Haram insurgents.

    The fiery cleric, who spoke in his sermon at the St. Patrick’s Catholic Cathedral Church, Ado-Ekiti, also urged politicians in Ekiti State to make their campaigns issue-based in the run-up to the June 12 governorship poll.

    Ajakaye gave the sermon at a special thanksgiving service to mark the 52nd anniversary of his birthday.

    At the service were Ekiti State Deputy Governor, Prof. Modupe Adelabu and wife of the state governor, Mrs. Bisi Fayemi.

    He described as saddening that more than a month after the insurgents abducted the girls from Government Secondary School, Chibok, Borno State, their whereabouts remained unknown.

  • Osun poll: Public Complaints Commission warns against violence

    Osun poll: Public Complaints Commission warns against violence

    The Public Compalaint Commission (PCC) has advised politicians in Osun State  to shun  violence, ahead of the governorship election. The commission also urged them to steer their supporters away from acts capable of breaching the public peace. It warned that unruly behaviour could lead to anarchy.

    The commision’s warning came on the heels of the brigandage, which marred the recent Peoples Democratic Party (PDP) governorship primaries in Osogbo, the state capital.The Minister of Police Affairs, Mr. Jelili Adesiyan, was alleged to have used policemen to harass and intimidate  former Governor Isiaka Adeleke, who competed with Senator Iyiola Omisore for the ticket.

    In a letter dated 11 April 2014 and signed by its National Commissioner, Professor Razaq Abubakre, the PCC said that the unruly behaviour at the primaries was a recipe for anarchy. It said that it was capable of sending wrong signals to stakeholders to obstruct peace, fair play and justice.

    The letter entitled: ‘Complaint on Arbitrariness and Abuse of Office’ read in part: “I wish to recall the disturbing incident of 3rd April, 2014 at the Ideal Nest Hotel, Ilobu Road, Osogbo in which you were alleged to have used policemen to harass, intimidate and embarrass Senator Isiaka Adeleke, the first civilian Governor of Osun State and the contestant to your own favoured candidate in your party for the gubernatorial ticket in your capacity as the Hon. Minister of Police Affairs.

    “It is obvious that this reported conduct is a recipe for anarchy, if all ministers were to act in the same manner. As a citizen of the State of the Virtuous, your reported action, if correct, will send a wrong signal to all the believers in justice and fair play around the globe.

    “Thus, there is need to thread with caution to avert insinuations making the round that you are acting out a script in collaboration with the Hon. Minister of the State for Defence, Senator Musiliu Obanikoro to cause problems in the Southwest.”

    Abubakre added that the commission, as the ombudsman, has a duty to draw attention of anybody whose act may lead to injustice against any citizen.

    He said that the intimidation and embarrassment could engender injustice and causing anarchy, adding that such a behaviour was worrisome during the electioneering.

    Reacting to the letter, Adeleke’s media aide, Mr. Olumide Lawal, said: “This is definitely a cheering time for Senator Isiaka Adeleke, who was allegedly unjustly molested and humiliated by the trio of Senator Iyiola Omisore, Hon. Minister of Police Affairs, Alhaji Abdul Jelili Adesiyan and Sogo Agboola at the Ideal Nest Hotel Osogbo, before the PDP primarries.

    “To those who are aware of the alleged ugly incident, it was only Senator Adeleke’s political maturity and patriotic zeal, that saved hell from being let loose on the day under reference, Senator Adeleke proved, that he is truly a statesman who will not hurt a fly to achieve any political goal or whatever ambition.

    Senator Adeleke, as a man of peace, took the incident with philosophical calmness and thereafter sent a petition to President Jonathan, which was published in the newspaper of April 4, 2014 and copied major stakeholders in the PDP, to alert them principally, about what he went through in the hands of his fellow party men, over his rightful intention to partake of the April 5th, 2014 PDP governorship primary, which he eventually boycotted, out of his desire not to put lives of his supporters on the line, going by what he went through as an exalted personality at the  Ideal Nest Hotel, Osogbo, Osun State.

    “It is indeed a welcome development  that not all hopes are lost after all, as far as getting a listening ear to the complaints of oppressed members of the public of which Senator Adeleke was a victim, from those in authority, which the Public Complaints Commission has acted with precision and in good faith.

    “This exceplary official conduct by Osun State Public Complaints Commission should be emulated by those saddled with serving and protecting public interests. At last, Senator Isiaka Adeleke is vindicated and his peaceful conduct on the day of the alleged incident under reference has paid off. The chicken has come home to roost.

    “Senator Adeleke has counseled politicians and their supporters not to see their endeavours to seek political offices as a matter of life and death. He advised politicians to abhor violence and other ungodly conducts, as we march towards August 9 governorship election in Osun State, as God alone gives positions to whomsoever He willeth without hazzles”.