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EFCC Takes Impunity to Another Level

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    Ibrahim Lamorde 
 
 
A half-page advertorial in two national newspapers last week by the Ibrahim Lamorde-led Economic and Financial Crimes Commission has demonstrated that the commission’s impunity is not only to the public but also to its officials, Davidson Iriekpen writes 
 
 
The Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ibrahim Lamorde is currently facing a barrage of criticism over the disclaimer his commission put out in some national newspapers penultimate week, disowning two employees of the commission. – Mr. Michael Nzekwe and Mrs. Juliet Ibekaku. The disclaimer announced that the two officers, who are presently in court over their forced exit from the organisation, were no longer in the service of the commission. While Nzekwe was a prosecutor and investigator with the commission, Ibekaku, a renowned anti-corruption czar, was the Director of the Nigerian Financial Intelligence Unit (NFIU). Incidentally, the two officers are lawyers. 
 
Giving reason why it sacked the officers, the  anti-graft agency said they absconded from duty. The commission in a statement signed by its spokesman, Wilson Uwujaren, said both officers deserted their duty posts without justification, thereby violating the laid down employment rules. 
 
In the case of Nzekwe, the commission said he deliberately absconded from duty and went with two of his children on pleasure trip for three weeks only to return and claim that he went to India to seek medical attention for his sick wife. 
 
It said: “When the officer was queried for absenting himself from work without authorisation, he claimed he travelled to the United States to shop for medical options for his wife, Agatha who had an alleged renal challenge and was hospitalised in India. This information was found to be false, as evidence emerged that the officer went on a pleasure trip to the United States with his two daughters.” 
 
 
For Ibekaku, the commission claimed that she was also fired for not reporting at her duty post for 81 days and refusing to respond to series of queries addressed to her. It expressed disappointment that a clear disciplinary action by the commission had been turned into an ethnic agenda by the so-called human right groups and its apologists. 
 
The commission wondered where those against the sack of the officers were when the commission also dismissed seven other staff who were not from the South-east earlier this year for indiscipline. It warned individuals and rights groups who have risen in defence of the officers to desist from reading ulterior motives into its activities as it would not fold its hands and allow ethnic jingoists to dictate to it under the guise of human right activism. 
 
But sources within the organisation revealed that Lamorde sacked the officers because  he was scared about the possible future of his team in view of the change in the nation’s political leadership. More worrisome, THISDAY gathered, was the stout stance of General Muhammadu Buhari who has made anti-corruption the main focus of his campaigns. The anti-graft boss, it was gathered, had calculated that the two officers might give the new administration some internal information of and about the commission, having worked in the system. Rather than allow them gain from the new government and nail senior officials of the commission, a hurried disclaimer was designed to smear them and paint them as guilty. 
 
Investigation by THISDAY revealed that Nzekwe was hastily removed from his duty post without due process on the directive of the commission’s Chairman because he allegedly refused to compromise a petition of alleged bribery against one Mr. Aliyu Habeeb, a staff of the commission and a relation by marriage to Lamorde made by Mrs. Uzoma Attang, a director with the Federal Ministry of Communications Technology indicted in the N32 billion Police Pension scam. 
 
In the petition received by the EFCC’s director of operations on May 23, 2013, the said Habeeb  and others were alleged to have obtained by false pretence, the sum of N50 million using Mike Okorocha and Sylvester Okereke. This matter was sent to Nzekwe of the prosecution department to handle by the director of operations but the Chairman got wind of it and allegedly wanted to scuttle the professional investigation of the damaging allegations against the officer. The alleged refusal of Nzekwe to play game led to his removal from duty on the nebulous grounds that some years back he had overstayed his leave which he spent on holiday in the United States. 
 
 
The petition by Attang simply confirmed what Nigerians already knew about the commission as an agency  that seriously needs cleansing too. Often times,  senior officials of the commission accused of demanding huge sums of the money to stall investigation or prosecute corrupt officials. There was another allegation that the commission leaks information to corrupt officials all for pecuniary motive. 
 
Checks revealed that if Nzekwe was on leave to the United States, overstayed as claimed by the commission, how come when he resumed, nothing in form of query was issued until months after? Many questions are being raised as to why the commission allowed him to continue working and was being paid his salaries and even wrote promotion examination based on the commission’s memo and nothing was said? It was also learnt that when the commission’s Secretary, Aremu Adegboyega, the number two man, heard about Lamorde’s intention to sack Nzekwe, he opposed it and wrote to the chairman reminding him of the enormous resources that had been expended on his training and how good he was on the job but he refused. 
 
Another question being raised is why would the commission publish a disclaimer when Nzekwe did not parade himself anywhere  as  a staff of the commission, and when the case he filed at the court to challenge his termination was still pending? 
 
In the case of Mrs. Ibekaku, her offence for being pushed out of office as the acting Director of NFIU was simply because she spearheaded the advocacy before the National Assembly for the unit to become wholly independent of EFCC since its duties involved all tiers of law enforcement community. The clamour for the independence of the NFIU was necessitated by allegations that successive chairmen of the EFCC had compromised intelligence reports from the agency on movement of money by public officers. The passage of the National Financial Intelligence Centre by the National Assembly was the last straw that broke the camel’s back leading to her being chased out of her office on the orders of the EFCC chairman. She has filed a matter before the National Industrial Court and hearings are ongoing. 
 
What perhaps baffled many observers was the rush by the EFCC chairman to demonise the two officers who are in court seeking to reverse their unconstitutional removal on the grounds that it bordered on witch hunt and illegality. 
 
When THISDAY contacted Ibekaku for her response, she, declined comments on the matter, but promised to speak at the appropriate time. Nzekwe on his part, said: “I am very sorry I can’t reply your questions. These matters are before the National Industrial Court in Abuja. It’s coming up on the May 18, 2015. It would be subjudice if I comment on this matter please, don’t be offended.” 
 
Many analysts believe that apart from allegation of gross inefficiency levelled against Lamorde since he took over the affairs of the commission,  the commission under his watch has been a weapon of victimisation of perceived opponents. This is why an anti-corruption crusader and Chief Executive Officer of Panic Alert Security System (PASS), Dr. George Uboh, last week called on the president-elect, Major-General Muhammadu Buhari (rtd), to start his anti-corruption crusade with the EFCC. In a memorandum submitted to the president-elect, Buhari, a copy of which was obtained by THISDAY, Uboh alleged that the commission sits on hundred of billions recovered from perpetrators of corruption but refused to remit the funds to the federal government as required by law. He said  he was compelled to write to the incumbent president, Dr. Goodluck Jonathan drawing his attention to the alleged atrocities in the EFCC but said that Jonathan did not do anything. 
 
 
Excerpt from the letter read: “In view of your commitment to integrity, we are of the view that the first place to start your anti corruption campaign is the EFCC. First, such a move will boost the public’s confidence in your in herent desire to fight corruption. Second, many people who had been silenced by EFCC using gestapo-style powers will come forward to testify. 
 
“Attached herewith are: the documents we sent to the president, to wit: open letter to the president and 51-count criminal charges against the present and former leadership of the EFCC and all aforementioned documents germane to Bayelsa/EFCC saga; we are ready, willing and able to tender boxes of documents to prove each and every count of the 51-count criminal charges.” 
 
He cited the case of Bayelsa State where EFCC claimed in its exhibit record that the amount recovered from a former governor of the state, DSP Alameyesiegha and due for remittance to the state was N4,152,344,643 and USD1,300,000. 
 
He said: “As at 18/01/2010 when EFCC remitted N3,128,230,294.83 to Bayelsa State vide EFCC recovery account NO. 002-00893-s41-01-7 with CBN. Consequently, EFCC still owed Bayelsa State N1,484,965,806 and $1,300,000 as at the time of the remittance.” 
 
According to him, what is recorded in EFCC’s exhibit book is a fraction of what was taken from DSP. Most of the cash and assets seized from DSP abroad by the EFCC never declared on the exhibit record. He recalled in the letter that the incumbent governor of the state mandated him to recover from EFCC the outstanding money recovered from Alameyesiegha following which he wrote the commission and the commission agreed to meet him. “At the meeting, Mr. Lawrence Iwodi, EFCC Head of Asset Forfeiture agreed to refund the said balance before the beginning of 2014.” 
 
Uboh explained to Buhari that EFCC using a gestapo-like style coerced the state governor to withdraw the mandate to recover the fund. According to him, EFCC did not deny holding on to funds belonging to Bayelsa but rather threatened the state governor who wrote to him terminating the mandate given to him to recover the withheld funds. 
 
The letter further read: “We wish to bring to your attention the urgent need to start your anti corruption campaign with a probe of the EFCC. Although, EFCC withheld funds belonging to the federal and some state governments, we decided to start from Bayelsa State, the president’s own state.” 
 
 
Source : Thisdays 
 
 
 
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EFCC Takes Impunity to Another Level

Ibrahim Lamorde A half-page advertorial in two national newspapers last week by the Ibrahim Lamorde-led Economic and Financial Cri...

Buhari deserves unalloyed cooperation, support- Jonathan

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President Goodluck Jonathan on Thursday urged Nigerians to cooperate, support and show understanding in all situations to the Muhammadu Buhari’s administration for the progress of the country. 
 
Jonathan, who made the call at the Presidential inaugural dinner in Abuja, said the in-coming administration deserved the support because Nigerians irrespective of their religious or ethnic backgrounds belonged to “one strong family’’. 
 
According to him, for the country to make steady progress Nigerians must all work together at all levels regardless of the outcome of the 2015 general elections. 
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Handover : Jonathan presenting handing over notes to Buhari.</div>
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Buhari deserves unalloyed cooperation, support- Jonathan

President Goodluck Jonathan on Thursday urged Nigerians to cooperate, support and show understanding in all situations to the Muhammadu Buh...

Buhari, The Nigerian Monetary Economics and Need for a Japanese Miracle

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   Buhari 
 
Modibbo Hammantukur Ribadu 
 
 
 
Historically, any economy that emerges from war will face the crises Nigeria is facing. Post war economy suffers three major problems: Unemployment, Shortages and inflation. We all saw how the two wars in Iraq and Afghanistan pushed the global economy into recession. To solve the recession the U.S Government made three different quantitative cash injection called QED 1,2 and 3. In the case of Nigeria, Boko Haram wars contributed in destroying the economy because investing in war has no return on investment. But corruption, mismanagement and crises in and weakening of the criminal justice procedure also fast tracked the process for Boko Haram. But on the whole,  its total waste of time to only sit and point accusing fingers without doing much to solve the problem. The situation might even be more fundamental than we see it. We should diagnose and understand our problem properly and then work to offer genuine and mixed solutions. 
 
 
Monetary Economics 
 
There was a time when our economy was good, especially in the early post colonial period and the post civil war oil boom. The economy was good because fiscal discipline and planning processes of the colonial regimes were not disrupted. WE NEVER GOT IT RIGHT ECONOMICALLY, at least not by universal macro economics terminologies and theories. 
 
In monetary economics, which is part of macro economics, money in form of cash serves three different purposes; its a medium of exchange, store of value and unit of account. We all know this concept from the time of cowries. What many of us find very challenging, is knowing, how cash in circulation relates to real or applied economics. 
 
The cash, called legal tender or currency denomination or paper money or bank note or Naira relates to the economy in direct value term. This relationship, globally, is categorized in to 3 levels. Its whether its narrowly, broadly or index aggregated in relation to over all economic activity. 
 
If your currency is NARROWLY related to your economy, you will be struggling against the world’s leading bank notes. The contribution of your economy to the global production or productivity is not strong and may not even be stable. You may be subjected to currency printing not backed by value occasionally, foreign exchange frequent interventions,cash mopping periodically, cash shortages, ruinous economic expansion, emergency and un balanced production arrangements of goods, one sided or a single product economy etc. Currently this is where Nigeria is. And even quite recently the economy was injected with about eight hundred billion naira cash with no value propping done by the CBN. 
 
 
If your cash is STRONGLY related to your economy, you have long term stability in inflationary rates, long term fixed foreign exchange rate, stable interest rate, hefty and stacked cash reserve in other currencies, favorable balanced of trade position (settlement and clearance). You also have good Foreign Direct Investment (FDI). You will have state of the art ARTIFICIAL friends, showing up for your hard currency. Countries in this category might be Saudi Arabia, Kuwait, Qatar, Oman, Brunei etc. Countries under this monetary condition hardly rose to enter the developed world club but they could come down from the HONEY TREE and join the down trodden depending on democratization and resource allocation or income redistribution structures that could cause social crises or lack of it. 
 
In INDEX AGGREGATED there is estimation of cash to each of the complex objects of the economy. It may go cash for real or genuine economic value. Such economy might be a developed one. Product or brand name development, market entry strategies, competing for market share or competitive positioning, averaging in the industry, frequent shut down or market share surrender due to stiff competition and innovations heat up, shrewdness, cut throat and edgy competitive overthrows are the order of the day. Its the best economy in growth terms, its free, democratic and for survival of the fittest under rule of law and equal opportunity. You compete for your live to the next day and earn by your design and efforts strictly. 
 
This monetary economics categorization is important for any country that is ready to level up in real economic growth. It is also important in addressing internal monetary policies and related areas such as inflation, devaluation etc. 
 
 
Where We Missed The Points 
 
Reward or compensation system using cash, in monetary economics, is guided by a theory called ‘aggregate demand for out put’. HERE ITS SUGGESTED THAT FOR YOU TO GIVE CASH TO ANY BODY, HE MUST EARN IT. If you are paying salary to an individual, you must make sure he produced that salary. If you invoke other theories in micro foundation like ‘economic rent and transfer earning’, you can pay the labor or the factor of production even higher. Its simply saying every staff must produce higher than his salary to the system for value to be created or profit made. So the mere fact in government workers are not paid salaries it means not all the workers produce their salaries in commensurate terms. Hence we keep excess or redundant labor. So to fix the economy Buhari should apply systematic mobility of labor to other corporations and sectors of the economy that need expansion. In this way we will also have skilled man hour optimization. We do not have to reduce employees. 
 
 
Economic Miracle 
 
It is expected, as usual, Buhari will launch a development agenda full of social projects in education, health, transport etc. But economic development is different from economic growth and one can not be sustained without the other. Economic development is totally about social infrastructure while economic growth is purely market driven and business environment development to maximize market share for entrepreneurship and prepare your local commodity for global competition as a subtitute or a monopoly. For long term strategy and policy sustainability, Buhari will have to perform miracles. At least that is what the situation is asking for. His circumstances and the country’s situation is calling for miracles to be done. There is no point listing problems since everything and every body are problems. 
 
 
Japan once found itself in our shoes. Nigeria today is like Japan after 1945. Because of the expenses of the second world war and other vices, Japan then a developing country slumped into crises. But through endowed mixed policies, the Japanese adopted what was called ‘the Japanese economic miracle’ and emerged the second most developed economy in the world in the years leading to the lost decades of the 90s and end of cold war. 
 
In comparable terms the Japanese Yen looks even like the Naira, despite all the differences in economic growth. 
 
How Japan did it! There must be complete paradigm shift and strings of in depth reversal of long standing policies. 
 
I do not think Buhari can be overwhelmed suddenly by the devastating condition of the economy. He can be nervous actually but he would have faced worse challenges else where since he fought in a war. I don’t know how he intends to bridge over to economic lime light. Different people suggest different approaches like subsidy removal, tax collection etc. But his eyes must be set on the long term solutions like the Japanese did. 
 
Role of the International community: For many reasons the U.S helped in the reconstruction and the building of the Japanese Economy. Chiefly, both China and Russia were targeting the pacific with socialist/communists take over. So since Japan was ravaged by the war especially the nuclear bomb, the whole pacific region was to be shut down for the U.S. that is if Japan towed the line of Russia then. So America needed Japan. The U.S needs Nigeria today to win the terror war in Africa and the middle east. The U.S posture towards Buhari is very friendly unlike Yaradua and GEJ. This is the time to go with the shopping basket. 1, Start buying my oil temporarily, he can request the U.S. 2. Lets partner in Agriculture and market development. 3. Lets try medium and low scale joint investments. 4. Lets partner in ICT and anti corruption efforts. 5. Lets partner in low or semi skilled labor development and construction. The list can grow gradually. What a good start. 
 
Role of Industrialization. Buhari, like Ikeda of Japan then, promised to migrate the economy to mining and industry. Its wonderful, provided technology and cost management can be imbibed. That’s the right way and the right replacement for oil based economy. 
 
 
If we may adopt proprietary technology across board, our economy will witness a rapid rise. In 1965 the nominal GDP for japan was $91 billion but by 1980 it rose to over $1.2 trillion. 
 
Yes! Buhari is overcrowded with huge challenges but if he can distinctively separate policies of government in economic development like roads, health, water, transport etc from economic growth of business development and global market share promotion and adopt rational monetary yardsticks, like the miracle of japan, Nigeria will emerge a strong force to reckon with world wide and our problems might be finally over. 
 
 
–– Modibbo Hammantukur Ribadu, lives in Abuja 
 
 
 
 
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Buhari, The Nigerian Monetary Economics and Need for a Japanese Miracle

Buhari Modibbo Hammantukur Ribadu Historically, any economy that emerges from war will face the crises Nigeria is facing. Post w...

INEC staff contributed greatly to redeeming commission’s image – Jega

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The Independent National Electoral Commission, INEC’s Chairman, Prof. Attahiru Jega, has applauded the immense role played by staff of the commission in the success of the 2015 general elections, stressing that they have salvaged INEC’s image by being honest and decent. Jega, who made this known in Abuja yesterday, pointed out that majority of the staff, who conducted the 2007 general elections and were accused of various complicities, were the same staff used to record the victory in the conduct of the general elections. Explaining that what made them different was the enabling environment, which the present leadership provided, he said, “Majority of INEC staff are honest people, decent people and people doing their best for their country”. As regards the welfare of staff, the INEC boss regretted that the major expectation or aspiration of the staff of the commission has not been satisfied, but insisted that the present commission has been committed to improving the welfare of staff. His words, “We all know that the issue of a new salary structure in a country like Nigeria is not only too politicized, but it is an issue that successive governments handle like a hot potato. We tried our best as diplomatically as possible to explore ways and means of introducing a new salary structure. I regret that we have not been able to deliver on that major promise.” Jega assured that within the remaining 30 days left for the commission, all outstanding issues of promotion will be resolved, even as he averred that all promotions since he assumed office were done in compliance with the laws and provisions of the Federal Character Commission. 
 
 
Source: Dailypost</div>

INEC staff contributed greatly to redeeming commission’s image – Jega

The Independent National Electoral Commission, INEC’s Chairman, Prof. Attahiru Jega, has applauded the immense role played by staff of th...

Full Text Of President Buhari's Inaugural Speech To The Federation

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President-Elect Buhari</div>
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Inaugural Speech of President Muhammadu Buhari, President of the Federal Republic of Nigeria on 29th May, 2015.</h3>
I am immensely grateful to God Who Has preserved us to witness this day and this occasion. Today marks a triumph for Nigeria and an occasion to celebrate her freedom and cherish her democracy. Nigerians have shown their commitment to democracy and are determined to entrench its culture. Our journey has not been easy but thanks to the determination of our people and strong support from friends abroad we have today a truly democratically elected government in place. I would like to thank President Goodluck Jonathan for his display of statesmanship in setting a precedent for us that has now made our people proud to be Nigerians wherever they are. With the support and cooperation he has given to the transition process, he has made it possible for us to show the world that despite the perceived tension in the land we can be a united people capable of doing what is right for our nation. Together we co-operated to surprise the world that had come to expect only the worst from Nigeria. I hope this act of graciously accepting defeat by the outgoing President will become the standard of political conduct in the country. I would like to thank the millions of our supporters who believed in us even when the cause seemed hopeless. I salute their resolve in waiting long hours in rain and hot sunshine to register and cast their votes and stay all night if necessary to protect and ensure their votes count and were counted. I thank those who tirelessly carried the campaign on the social media. At the same time, I thank our other countrymen and women who did not vote for us but contributed to make our democratic culture truly competitive, strong and definitive. I thank all of you. Having just a few minutes ago sworn on the Holy Book, I intend to keep my oath and serve as President to all Nigerians. I belong to everybody and I belong to nobody. A few people have privately voiced fears that on coming back to office I shall go after them. These fears are groundless. There will be no paying off old scores. The past is prologue. Our neighbours in the Sub-region and our African brethenen should rest assured that Nigeria under our administration will be ready to play any leadership role that Africa expects of it. Here I would like to thank the governments and people of Cameroon, Chad and Niger for committing their armed forces to fight Boko Haram in Nigeria. I also wish to assure the wider international community of our readiness to cooperate and help to combat threats of cross-border terrorism, sea piracy, refugees and boat people, financial crime, cyber crime, climate change, the spread of communicable diseases and other challenges of the 21st century. At home we face enormous challenges. Insecurity, pervasive corruption, the hitherto unending and seemingly impossible fuel and power shortages are the immediate concerns. We are going to tackle them head on. Nigerians will not regret that they have entrusted national responsibility to us. We must not succumb to hopelessness and defeatism. We can fix our problems. In recent times Nigerian leaders appear to have misread our mission. Our founding fathers, Mr Herbert Macauley, Dr Nnamdi Azikiwe, Chief Obafemi Awolowo, Alhaji Ahmadu Bello, the Sardauna of Sokoto, Alhaji Abubakar Tafawa Balewa, Malam Aminu Kano, Chief J.S. Tarka, Mr Eyo Ita, Chief Denis Osadeby, Chief Ladoke Akintola and their colleagues worked to establish certain standards of governance. They might have differed in their methods or tactics or details, but they were united in establishing a viable and progressive country. Some of their successors behaved like spoilt children breaking everything and bringing disorder to the house. Furthermore, we as Nigerians must remind ourselves that we are heirs to great civilizations: Shehu Othman Dan fodio’s caliphate, the Kanem Borno Empire, the Oyo Empire, the Benin Empire and King Jaja’s formidable domain. The blood of those great ancestors flow in our veins. What is now required is to build on these legacies, to modernize and uplift Nigeria. Daunting as the task may be it is by no means insurmountable. There is now a national consensus that our chosen route to national development is democracy. To achieve our objectives we must consciously work the democratic system. The Federal Executive under my watch will not seek to encroach on the duties and functions of the Legislative and Judicial arms of government. The law enforcing authorities will be charged to operate within the Constitution. We shall rebuild and reform the public service to become more effective and more serviceable. We shall charge them to apply themselves with integrity to stabilize the system. For their part the legislative arm must keep to their brief of making laws, carrying out over-sight functions and doing so expeditiously. The judicial system needs reform to cleanse itself from its immediate past. The country now expects the judiciary to act with dispatch on all cases especially on corruption, serious financial crimes or abuse of office. It is only when the three arms act constitutionally that government will be enabled to serve the country optimally and avoid the confusion all too often bedeviling governance today. Elsewhere relations between Abuja and the States have to be clarified if we are to serve the country better. Constitutionally there are limits to powers of each of the three tiers of government but that should not mean the Federal Government should fold its arms and close its eyes to what is going on in the states and local governments. Not least the operations of the Local Government Joint Account. While the Federal Government can not interfere in the details of its operations it will ensure that the gross corruption at the local level is checked. As far as the constitution allows me I will try to ensure that there is responsible and accountable governance at all levels of government in the country. For I will not have kept my own trust with the Nigerian people if I allow others abuse theirs under my watch. However, no matter how well organized the governments of the federation are they can not succeed without the support, understanding and cooperation of labour unions, organized private sector, the press and civil society organizations. I appeal to employers and workers alike to unite in raising productivity so that everybody will have the opportunity to share in increased prosperity. The Nigerian press is the most vibrant in Africa. My appeal to the media today – and this includes the social media – is to exercise its considerable powers with responsibility and patriotism. My appeal for unity is predicated on the seriousness of the legacy we are getting into. With depleted foreign reserves, falling oil prices, leakages and debts the Nigerian economy is in deep trouble and will require careful management to bring it round and to tackle the immediate challenges confronting us, namely; Boko Haram, the Niger Delta situation, the power shortages and unemployment especially among young people. For the longer term we have to improve the standards of our education. We have to look at the whole field of medicare. We have to upgrade our dilapidated physical infrastructure. The most immediate is Boko Haram’s insurgency. Progress has been made in recent weeks by our security forces but victory can not be achieved by basing the Command and Control Centre in Abuja. The command centre will be relocated to Maiduguri and remain until Boko Haram is completely subdued. But we can not claim to have defeated Boko Haram without rescuing the Chibok girls and all other innocent persons held hostage by insurgents. This government will do all it can to rescue them alive. Boko Haram is a typical example of small fires causing large fires. An eccentric and unorthodox preacher with a tiny following was given posthumous fame and following by his extra judicial murder at the hands of the police. Since then through official bungling, negligence, complacency or collusion Boko Haram became a terrifying force taking tens of thousands of lives and capturing several towns and villages covering swathes of Nigerian sovereign territory. Boko Haram is a mindless, godless group who are as far away from Islam as one can think of. At the end of the hostilities when the group is subdued the Government intends to commission a sociological study to determine its origins, remote and immediate causes of the movement, its sponsors, the international connexions to ensure that measures are taken to prevent a reccurrence of this evil. For now the Armed Forces will be fully charged with prosecuting the fight against Boko haram. We shall overhaul the rules of engagement to avoid human rights violations in operations. We shall improve operational and legal mechanisms so that disciplinary steps are taken against proven human right violations by the Armed Forces. Boko Haram is not only the security issue bedeviling our country. The spate of kidnappings, armed robberies, herdsmen/farmers clashes, cattle rustlings all help to add to the general air of insecurity in our land. We are going to erect and maintain an efficient, disciplined people – friendly and well – compensated security forces within an over – all security architecture. The amnesty programme in the Niger Delta is due to end in December, but the Government intends to invest heavily in the projects, and programmes currently in place. I call on the leadership and people in these areas to cooperate with the State and Federal Government in the rehabilitation programmes which will be streamlined and made more effective. As ever, I am ready to listen to grievances of my fellow Nigerians. I extend my hand of fellowship to them so that we can bring peace and build prosperity for our people. No single cause can be identified to explain Nigerian’s poor economic performance over the years than the power situation. It is a national shame that an economy of 180 million generates only 4,000MW, and distributes even less. Continuous tinkering with the structures of power supply and distribution and close on $20b expanded since 1999 have only brought darkness, frustration, misery, and resignation among Nigerians. We will not allow this to go on. Careful studies are under way during this transition to identify the quickest, safest and most cost-effective way to bring light and relief to Nigerians. Unemployment, notably youth un-employment features strongly in our Party’s Manifesto. We intend to attack the problem frontally through revival of agriculture, solid minerals mining as well as credits to small and medium size businesses to kick – start these enterprises. We shall quickly examine the best way to revive major industries and accelerate the revival and development of our railways, roads and general infrastructure. Your Excellencies, My fellow Nigerians I can not recall when Nigeria enjoyed so much goodwill abroad as now. The messages I received from East and West, from powerful and small countries are indicative of international expectations on us. At home the newly elected government is basking in a reservoir of goodwill and high expectations. Nigeria therefore has a window of opportunity to fulfill our long – standing potential of pulling ourselves together and realizing our mission as a great nation. Our situation somehow reminds one of a passage in Shakespeare’s Julius Ceasar There is a tide in the affairs of men which, taken at the flood, leads on to fortune; Omitted, all the voyage of their life, Is bound in shallows and miseries. We have an opportunity. Let us take it. Thank you 
 
 </div>

Full Text Of President Buhari's Inaugural Speech To The Federation

President-Elect Buhari Inaugural Speech of President Muhammadu Buhari, President of the Federal Republic of Nigeria on 29th May, 201...

El-Rufai’s inauguration ends abruptly

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Gov. Nasir El-Rufai</div>
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The inauguration of Governor Nasir El-Rufa’i of Kaduna State ended abruptly on Friday. The News Agency of Nigeria reports that El-Rufai could not review the parade mounted by the police as some youths pelted dignitaries with water sachets, stones and other objects in the pavilion. This prompted security agents to fire tear gas into the crowd at the Murtala Square, Kaduna. NAN also reports that some dignitaries in the pavilion included the Emir of Zazzau, Dr. Shehu Idris, and other traditional rulers in the State. ADVERTISEMENT The incident occurred when the new governor had concluded his address and was about to mount an open van to review the parade mounted by the police. While the crowds were dispersed by the police, dignitaries remained seated, but the occasion ended abruptly without the governor reviewing the parade. NAN reports that the Murtala Square was filled to capacity.</div>
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Source: Punchng </div>
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El-Rufai’s inauguration ends abruptly

Gov. Nasir El-Rufai The inauguration of Governor Nasir El-Rufa’i of Kaduna State ended abruptly on Friday. The News Agency of Nigeri...

FIFA plans to go ahead with congress, presidential election in spite of arrests

FIFA spokesman, Walter De- Gregorio, said at a news conference in Zurich on Wednesday that the body planned to go ahead with its congress and the presidential election in spite of the arrests and the World Cup probe. De-Gregorio said Blatter was not affected by the probes and remains relaxed. “He is not dancing in his office. But he knows it is the consequence of what we initiated”, he said.
De-Gregorio said FIFA initiated the process on November 18 by lodging a federal complaint. He said the exercise was obviously not good in terms of image and reputation but good for cleaning up. De-Gregorio said the U.S. Justice Department has confirmed that four defendants and two indicted companies in the marketing rights case have already pleaded guilty.
They include Charles Blazer, the former CONCAFAF General Secretary and former U.S. representative on the FIFA Executive Committee; as well as Jose Hawilla, owner of Brazil-based sports marketing firm Traffic Group. He said two of Hawilla’s companies also pleaded guilty.
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FIFA plans to go ahead with congress, presidential election in spite of arrests

FIFA spokesman, Walter De- Gregorio, said at a news conference in Zurich on Wednesday that the body planned to go ahead with its congress an...

Nigeria records N243bn drop in capital inflows

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Nigeria’s prospects of sustaining the current macroeconomic stability and real sector growth has dimmed with the decline in the country’s capital importation by $1,232.96 million (about N243 billion), representing 31.58 per cent in the last year 
 
Capital inflows represent the amount of money available from external or foreign sources for purchase of local capital assets such as lands, buildings, machines and other assets for productive endeavours. 
 
What this implies is that with the declining capital importation into the country, major sectors such as manufacturing, power, housing, agriculture, automotive, aviation, amongst others will be facing challenges of capital assets inadequacy with the attendant negative implications for productivity and job creation in the economy 
 
The latest National Bureau of Statistics, NBS, on Nigeria’s capital inflows in the first quarter of this year indicated that capital importation totalled $2,671.59 million (about N526.6 billion), representing the lowest value recorded by the country in the last two years of review. 
 
The NBS attributed the huge decline on capital inflows to high levels of uncertainty in the quarter occasioned by the postponed election and depressed oil price. 
 
The agency reported that on a quarterly basis, there was an acceleration of the downward trend observed since last quarter of year 2014, with a further drop of $1,828.15 million or 40.63 per cent. 
 
It noted further that prior to this, Q4, 2014 saw a 31.22 per cent quarter-on -quarter decline from the $6,542.58 million peak recorded in the preceding quarter of last year. 
 
A further categorisation of the capital importation by Investment type in the quarter under review showed that Portfolio Investment remained the largest of all investment types, totalling $1,860.65 million in Q1, 2015. 
 
The NBS clarified however that despite declining by $142.56 million or 7.11 per cent from the value in the fourth quarter 2014, the drop was the smallest of the three Investment types’ declines, thereby increasing its share of the total capital importation from 44.52 per cent in the last quarter of last year to 73.48 per cent and 3.84 per cent points greater than the 69.65 per cent recorded in the corresponding quarter of 2014, adding that year-on-year, declines were much greater at $1,008.55 million or 35.15 per cent. 
 
According to the agency, both year-on-year and monthly reductions in portfolio investment inflows were primarily driven by declines in equity capital, which were lower by $1,120.98 million or 49.59 per cent year on year, and by $402.69 million or 26.11 per cent relative to Q4, 2014. 
 
It stated that both year-on-year and monthly, reductions in portfolio investment inflows were primarily driven by declines in equity capital, which were lower by $1,120.98 million or 49.59 per cent year-on-year, and by $402.69 million or 26.11 per cent relative to Q4, 2014. This is just as declines in Money Market instruments stood at 87.22 per cent. 
 
The NBS reported further that capital imported as Foreign Direct Investment (FDI) stood at $394.61 million, representing 14.77 per cent of the total, adding that the sector showed the lowest year-on-year declines in inflows, at $96.09 million, growing at -19.58 per cent. 
 
 
Source: National mirror. 
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Nigeria records N243bn drop in capital inflows

Nigeria’s prospects of sustaining the current macroeconomic stability and real sector growth has dimmed with the decline in the country’s ...

Stop fuel subsidy!

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Last week, the President-elect, Muhammadu Buhari, told the nation in an interview with a national newspaper that he gets confused when Nigerians talk about subsidy. 
 
He said: “One of the problems I have, other than the military, is the petroleum industry where I served for three and a half years under General Olusegun Obasanjo. When people start talking about subsidy I honestly get confused. I will tell you this, and I hope it will answer what you want to know. Back then we had a refinery in Port Harcourt, which was refining 30,000 barrels a day of Nigerian crude. 
 
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Long queue of jerry cans at a petrol station as fuel scarcity bites harder, yesterday. Photo: Joe Akintola, Photo Editor. 
 
“Later, it was upgraded to refine 100,000 barrels a day. Another refinery was built in Port Harcourt to refine 150,000 barrels per day of Nigerian crude. So, Port Harcourt alone had the capacity to refine 250,000 barrels per day of Nigerian crude. 
 
“But when I found myself as the Minister of Petroleum, I set up another refinery in Warri for 100,000 barrels per day of Nigerian crude and the Kaduna refinery a 100, 000 barrels per day. So Nigeria built capacity to refine 450,000 a day. 
 
“Four hundred thousands of which is purely Nigerian crude, but 50,000 was imported. The type of crude could be Venezuelan, which could be a bit heavier. But the lighter ones— kerosene, aviation fuel, diesel, PMS of different grades could be produced from our crude because Nigerian crude is about the best in the world. 
“If you could recall, after finishing as Minister of Petroleum, I subsequently became Head of State. You remember, I appointed Professor Tam David West as the Minister of Petroleum. When we rounded up bunkers, collected their illegal jetties and allowed jetties for only big firms which were doing production and development in the country, we were shocked that we had too much fuel. 
 
We built more than 20 depots 
“We had to begin to export 100,000 barrels per day. Don’t forget that we didn’t stop at building refineries; we built more than 20 depots during my time, from Port Harcourt to Ilorin, Makurdi, Suleija, Maiduguri and Kano. More than 3,000 pipelines were laid to connect them. A number of stations were also built to take the trailers off the roads save lives and the infrastructure. It is more economical because each trailer uses fuel. 
 
“We did all that in this country and we didn’t borrow any money as far as I know. It’s Nigerian money. From each Nigerian crude whether Akwa Ibom, Bonny Light or whatever it is, you can work out how much products it will give you; how much petrol it will give you; how much diesel it will give you if you want to produce diesel. 
We could tell how much Nigerian crude cost, the cost of transportation from there to the refinery, the cost of refining, the cost of transportation to the pump stations and maybe five per centages go for overhead.” 
 
Nigerians should not be talking of subsidy 
 
In the President-elect’s view, Nigerians should not be talking of subsidy but local production. The infrastructure to enable the country refine petrol and move it to all parts of the country were allowed to decay at the expense of the common man and massive importation of petrol into the country. 
 
The question the President-elect wants Nigerians to answer is: 
 
What is subsidy and who needs it. 
 
What is subsidy and who needs it? 
 
Wikipedia, an online resource, states that subsidy is a sum of money granted by the government or a public body to assist an industry or business so that the price of a commodity or service may remain low or competitive. In the case of Nigeria it is money being paid to importers of fuel to maintain a uniform price across the country with the hope that Nigerians will benefit from the gesture. But over the years prices of fuel have not been the same across the country. Fuel price in the East, North and Middle belt has always been higher than prices of the same product in Lagos and environs. 
 
A subsidy, therefore, is a form of financial aid or support extended to an economic sector or institution, business or individual generally with the aim of promoting economic and social policy. 
 
Has this goal been met in Nigeria? 
 
Although commonly extended from government, the term subsidy can relate to any type of support, for example from NGOs. Subsidies come in various forms including: direct (cash grants, interest-free loans) and indirect (tax breaks, insurance, low-interest loans, depreciation write-offs, rent rebates). 
 
Furthermore, subsidy can be broad or narrow, legal or illegal, ethical or unethical. The most common forms of subsidies are those to the producer or the consumer. Producer/Production subsidies ensure producers are better off by either supplying market price support, direct support, or payments to factors of production. 
 
Consumer/Consumption subsidies commonly reduce the price of goods and services to the consumer as is the case with petrol subsidy in Nigeria. 
 
Whether subsidies are positive or negative is typically a normative judgment. As a form of economic intervention, subsidies are inherently contrary to market demands. A consumption subsidy is one that subsidises the behaviour of consumers. 
These types of subsidies are most common in developing countries where governments subsidise such things as food, water, electricity and education on the basis that no matter how impoverished, all should be allowed those most basic requirements. 
For example, some governments offer ‘lifeline’ rates for electricity, that is, the first increment of electricity each month is subsidised. However, subsidies can also be used as tools of political and corporate cronyism. 
 
Detrimental effects of subsidies 
The detrimental effects of subsidies that are not properly targeted are diverse in nature and reach. Directly, subsidies are expensive to governments by directing resources away from other legitimate priorities such as environmental conservation, education, health, or infrastructure as is the case with Nigeria where a substantial part of the annual budget is on subsidy. 
 
Indirectly, subsidy tends to benefit the few at the expense of the many, and the rich at the expense of the poor; lead to further polarisation of development; lower global market prices; and undermine investment decisions and reducing the pressure on businesses to become more efficient. 
Over time, the latter effect means support becomes enshrined in human behaviour and business decisions to the point where people become reliant on, even addicted to, subsidies, ‘locking’ them into society. 
 
Consumer attitudes do not change and become out-of-date, off-target and inefficient; furthermore, over time people feel a sense of historical right to them. Despite governments being responsible for the creation and lack of termination of subsidies, it is ironic that perverse subsidies are not tackled more rigorously, particularly as the above highlight their contradiction to the majority of governments’ stated policies. 
This is why the President-elect is at a sea about fuel subsidy in Nigeria. 
 
Subsidy management, biggest platform for fraud 
Senator Abubakar Bukola Saraki (APC Kwara Central) recently declared that fuel subsidy management in Nigeria is the biggest platform for fraud in the country. 
He said that the subsidy is in form of huge rackets being used by oil marketers and government officials to rip off the national treasury on yearly basis. 
 
He said the fraud in the scheme was allowed to fester by government through issuance of import licenses to very bogus number of companies totaling 82 now, with many of them not having the required facilities for such very sensitive national economic assignment with attendant collection of $2billion on yearly basis for products largely not supplied. 
 
Saraki, who stated this while fielding questions from journalists in his Abuja residence, on his ambition of becoming the next President of the Senate and other critical national issues, urged the Federal Government to take the bull by the horns by completely removing the fuel subsidy and restoring normalcy to the sector. 
He argued that it would be better to remove the fuel subsidy and deliver the sector and the citizenry from the grip of racketeers in the industry, who would never allow things to work well because of their personal aggrandizement. 
 
According to him, subsidy in itself was never a problem to the country but the bad management of the subsidy, which he said had been turned into a huge racket which created the lingering crisis in the oil sector. 
 
He said: “No matter what is happening now, if you go back to look at it, the major issue that dwindled us was the subsidy management. We are talking of about minimum of over $32billion wasted on it over the last five to six years. 
 
“ That is the difference between where we are now and that time. It has impacted on our exchange rate, it is going to impact on our infrastructure, there is no money for capital budget. 
 
“We are fighting against entrenched interests whose infectious greed has decimated our people,” House of Representatives Speaker Aminu Waziri Tambuwal had said. 
Alleged wrongdoings 
A 205-page parliamentary investigation on fuel subsidy uncovered a long list of alleged wrongdoings involving oil retailers, NNPC and and oil companies operating in the country. 
 
According to the report, a total of 15 fuel importers collected more than $300m two years ago without importing any fuel, while more than 100 oil marketers collected the same amount of money on several occasions. The report also says that officials in the government of President Goodluck Jonathan were among those who benefited from the subsidy fund. 
 
Many of the people named in the document have denied any involvement in fraud, with some taking out full-page adverts proclaiming their innocence in local newspapers. 
 
Despite being a major oil producer, Nigeria has not invested in the infrastructure needed to produce refined fuel, so has to import much of its petrol. 
 
The annual $8bn subsidy means prices are lower than in neighbouring countries – and many Nigerians see cheap fuel as the only benefit they get from their country’s oil wealth, much of which is pocketed by corrupt officials. 
 
 
 
Source:vanguardng</div>

Stop fuel subsidy!

Last week, the President-elect, Muhammadu Buhari, told the nation in an interview with a national newspaper that he gets confused when Nig...

200 apply for N300bn real sector fund – CBN

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The Central Bank of Nigeria CBN, yesterday, said that it had received over 200 applications for N300 billion Real Sector Support Facility, RSSF. 
Introduced in March this year, the RSSF fund was established to support large enterprises for start-ups as well as expansion financing needs of N500 million, up to a maximum of N10 billion. The real sector activities targeted by the facility are manufacturing, agricultural value chain and selected service sub-sectors. 
 
In a statement yesterday, Director Corporate Communications, CBN, Alhaji Ibrahim Muazu, said that the apex bank is appraising over 200 applications received in respect of the Facility. He said that the CBN is yet to commence disbursement of the Facility adding that the appraisal of the applications by SMEs for the N300 billion RSS facility was still in progress in strict compliance with the eligibility criteria of the facility. 
He assured that as soon as the appraisals are concluded recommendations would be made to management of the Bank for approval and subsequent disbursement. He urged applicants for the RSSF to exercise a little patience to enable the Bank conclude the appraisals and to disregard speculations. 
 
In another development, the CBN yesterday issued fresh directives on the ongoing enrollment of bank customers for the Biometric Verification Number, BVN. The directives was contained in a circular signed by the Director, Banking and Payment Department, Mr. Dipo Fatokun, and titled, “Re: Process for Linking the BVN with Customer’s Account on the Core Banking Application by Banks.” 
 
The Circular stated, Further to our letter dated February 26th February 2015, on the above subject, the Central Bank of Nigeria (CBN) has noted the need to improve the processes for linking the BVN with customers’ account, such that the customer does not necessarily have to physically visit the banks for the linkage. 
 
 
Source: vanguardng 
</div>

200 apply for N300bn real sector fund – CBN

The Central Bank of Nigeria CBN, yesterday, said that it had received over 200 applications for N300 billion Real Sector Support Facility,...

NADECO To Buhari: Don’t Jettison National Confab Report

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AS the May 29, 2015 handover draws nearer, the chairman of the 
National Democratic Coalition (NADECO), Admiral Ndubuisi Kanu (rtd), has
 called on the incoming Muhammadu Buhari administration not to jettison 
the outcome of the 2014 National Conference, but to implement it.

Speaking during a press conference on Monday May 25, 2015, Kanu said,
 “NADECO hereby calls upon the out-going government, if it has not 
already done so; to compile a special hand-over note of the 2014 Confab 
Report as it embraces Devolution (indeed return) of Powers, True 
Federalism, Resource Control and Equity of States in the six zones, as a
 start, and as already endorsed by the Federal Executive Council, for 
presentation to the President-elect and the National Assembly.

“We urge the in-coming government to send a Bill to the National 
Assembly, for the implementation of same, as a matter of urgency and 
dedicated address of the national question as the only way to attend to 
and check the fissiparous and divergent influences now on.”

The NADECO chairman also said that all the signs remain that nothing 
is going to change for the better and that “elections are neither our 
problem nor solution.”

According to him, “Except that there is a President-elect in-waiting 
and the polity is agog with the euphoria of ‘Change’, all the signs 
remain that nothing is going to change for the better, no matter how 
Ostrich we get.

“The only difference this time is the seeming oddity that it has been
 reportedly said that, since the election was ethically sided, even 
though the President-elect won the election, he lacks the mandate to 
govern; an observation which undoubtedly drives our point home that 
‘elections are neither our problem nor solution’.”

He maintained that there would be no respite in the horizon until 
ethnic nationalities, who insisted on true federalism as the only 
panacea and solution to the Nigerian national question were allowed to 
exercise their primordial God-given inalienable rights.

He said: “We are again, however boring it may sound, duty bound to 
repeat, that there is no respite in the horizon for this polity; unless 
we do the needful, because, election after election, this entity called 
Nigeria deceives no one else but itself, believing it can move itself 
forward towards nationhood by distilling measures oblivious of the 
existence of the ethical nationalities and their primordial God-given 
inalienable rights, who insist upon federalism as the only panacea and 
solution to the Nigerian national question.”

He added that it was fool-hardy to pretend that the ethnic 
nationalities who own the land mass called Nigeria, who insisted that 
their wishes must form the fulcrum of governance in a country that had 
confiscated their sovereign rights, their lands and their resources 
without a say in how they were governed, could be treated with measure 
of ignominy that Nigeria metes out to them in its preference to grope 
within the dark abyss of unitarism.

<a href="http://goo.gl/WupYcc" target="_blank"> 
</a> 
<a href="http://goo.gl/WupYcc" target="_blank"> 
</a> 
<a href="http://goo.gl/WupYcc" target="_blank">Source: Daily independentnig 
</a></div>

NADECO To Buhari: Don’t Jettison National Confab Report

AS the May 29, 2015 handover draws nearer, the chairman of the National Democratic Coalition (NADECO), Admiral Ndubuisi Kanu (rtd), has c...

Chevron to Release Documents in Lawsuit over Nigerian Oil Leases

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LAGOS, Nigeria, May 26, 2015 /PRNewswire/ -- Chevron USA and BNP Paribas agreed recently in District Court in Texas
 to turn over documents and correspondence between the two companies and
 other entities to the Nigerian oil company that has sued Chevron over 
the sale of three oil mining leases in the Niger Delta.</div>
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The agreement came during a hearing April 27 in a lawsuit filed in Houston
 by Brittania-U Nigeria Limited. In the lawsuit, Brittania-U accuses 
Amni International Petroleum Development Company Limited, Belema Oil 
Producing Limited and other entities of "tortious interference" for 
allegedly raising questions about Brittania-U's ability to pay for the 
leases during a bidding process two years ago. Chevron and BNP are not 
defendants in the Houston
 lawsuit. However, Brittania-U's lawyers subpoenaed their records 
believing they contain evidence relevant to the case, officials said. </div>
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Brittania-U filed suit in federal court in Nigeria in December 2013 accusing Chevron Nigeria Limited, Chevron USA.
 and its partners of breach of bid arrangement in the sale of the oil 
mining leases. Brittania-U is asking that Chevron be compelled to 
finalize the sale or pay $11 billion in damages.</div>
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Brittania-U officials later filed suit in Houston alleging that Chevron backed out of the deal after Amni, Belema and others raised questions about the company's finances.</div>
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This week in Nigeria, a judge nullified Chevron's sale of its 40 percent interest in the oil mining leases to the Seplat Consortium of Nigeria,
 ruling that no sale can take place until Brittania-U's lawsuit against 
Chevron is resolved. The consortium includes the Seplat Petroleum 
Development Company, Amni and Belema. </div>
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In Houston, Judge Caroline Baker denied the defendants' motions to dismiss. Chevron and BNP argued that Texas courts lacked jurisdiction over the case because it involved the sale of foreign real estate and that the case belonged in Nigeria – not Texas.</div>
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Baker
 then heard Brittania-U's motion to compel Chevron and BNP Paribas to 
turn over a variety of documents, including correspondence among 
officers, employees or agents of Chevron discussing the bidding process,
 the leases or Brittania-U's finances; correspondence between Chevron, 
Amni, Seplat, Belema Oil and BNP Paribas discussing the matters; and any
 contracts between Chevron and Belema, Amni and Seplat in the last five 
years.</div>
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During
 the hearing and partially due to Baker's ruling on the motions to 
dismiss, Chevron and BNP Paribas agreed to turn over many of the 
documents, officials said.</div>
 
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Chevron to Release Documents in Lawsuit over Nigerian Oil Leases

LAGOS, Nigeria , May 26, 2015 /PRNewswire/ -- Chevron USA and BNP Paribas agreed recently in District Court in Texas to turn over docu...