CPC seeks full disclosure on MTN airplane promo.

By Franca Ochigbo, Abuja.

The Consumer Protection Council (CPC) has directed MTN Nigeria Communications Limited to make available to consumers adequate information on its recharge and win aircraft promotion, tagged MTN-Ultimate Wonder Campaign Promotion.
In a statement, the Deputy Director, Public Relations, Abiodun Obimuyiwa, said the Council’s directive was handed down to the communication company at a meeting convened by the agency to address the apprehension and concerns of consumers on the promotion. 
Led by its General Manager, Regulatory Affairs, Ms. Oyeronke Oyetunde, CPC said the firm left out some information needed to adequately guide consumers on the promotion.
The CPC said: “MTN left out the market value of the aircraft to be won, the size of the plane, the delivery period of the aircraft to an eventual winner or cash equivalence in local currency for a winner, who may prefer a cash reward for the grand prize.
“In all the existing communications on the promotion, consumers are not properly directed to the site where the terms and conditions applicable to the promotion are published and the fact that the reference to those terms was in small print.
“It directed the communication outfit to reflect and correct all these lapses in its subsequent media interactions and communication, which MTN assured would be done within the next two or three weeks because of the intricacies involved, particularly in the change of its advertisement.
“MTN explained that the promotion was introduced because it wanted to do something different and to start something that would excite its consumers.”

The team pointed out that the grand prize is a four-seater aircraft, worth $400,000 which is equivalent to N72million, though it disclosed that an order was yet to be made because of the possibility of its winner preferring a cash award. 
When questioned on what will be made available if the possible winner prefers the aircraft, the team disclosed that an order would thereafter be made, delivery of which would take six or eight weeks.
Commenting on the outcome of the meeting, the Director General of CPC, Mrs. Ify Umenyi, said the lapses discovered in the promotion underlined her Council’s insistence that all sales promotions must be vetted before going public in order to safeguard the interest of consumers.

Nigeria is 39th largest economy, says Minister.

By Gbenga Omokhunu, Abuja.

• Usman

 

• Vision 20: 2020: Jonathan moves against failure

The Federal Government yesterday said latest indices on the nation’s Gross Domestic Product’s (GDP) performance level indicated that the domestic economy has inched up to the 39th position among the leading economies in the world.
This is with prospects that the ranking would get better if the ongoing Gross Domestic Product rebasing exercise is concluded.
Giving the hint during the inauguration of the Central Working Committee (CWG) on the review of the implementation of the First National Implementation Plan (NIP) for the Vision 20: 2020 in Abuja, the Minister/Deputy Chairman ,  National Planning Commission (NPC), Dr. Shamsuddeen  Usman, said the development showed clearly that the on-going Transformation Agenda of the Federal Government, particularly its three-phased National Implementation Plan components, is achieving the desired results.
He described the work of the Committee as crucial to government’s efforts to reposition the nation’s economy as one of the biggest globally by the year 2020, and therefore assured them of necessary support that would help  accomplish the assignment given them.
“What gets measured is done. By setting a target and measuring the progress that we are making, we are more likely to achieve desired result.  But from the way we are tracking and really pushing, we  have actually climbed to about 39 from the 44 we have been. So you can see we are making progress there in terms of GDP per Capital and we are going to make another big progress when the GDP rebasing figures come out.” 
The 1st NIP which commenced in 2010 is scheduled for completion next year and it provides a strong foundation for implementation of subsequent plans in the next eight years. The 2nd NIP is slated for implementation in 2014-2017 fiscal period.
He said President Goodluck Jonathan has approved that the NPC should champion the effort of developing for Nigeria a National Integrated Infrastructure Master Plan, adding that Jonathan  is concerned that despite a lot of efforts given to infrastructure: “it is unfortunate that its not been done in a coordinated or  integrated manner. 
His words: “President Goodluck Jonathan has also approved that the National Planning Commission (NPC) should lead the effort of developing for Nigeria a National Integrated Infrastructure Master Plan. Right now there are a lot of efforts given to infrastructure. But unfortunately it is not been done in a coordinated or in an integrated manner.
“All the states are involved in the sense that when we were doing this plan we took into account the plans of all the 36 states including the Federal Capital Territory (FCT). 
“I think we are making progress with the Vision 20: 2020 but you see what get measured get done, I always repeat this statement, we are measuring and we brought a professional group of people and it is just government that is involved. 
“We do not want to come out with an assessment that will not involve other sectors  and people will later complain that it was because it is only government. Now we have put together a very technical independent group that will be able to come up with an assessment. 
He said the key elements of the first NIP, which has as its theme, ‘Accelerating Development, Competitiveness and Wealth Creation for All,’ are the overall macroeconomic targets of GDP of $300 billion by 2013; Per Capital Growth of $2,008, up from $1,075, achievement of average GDP growth of 11 per cent and a total projected investment of N32 trillion.
The Committee, chaired by  Moses Akpabosa, has its Terms of Reference as, determining the scope of the first NIP review period; developing and agreeing on template for the review; determining the structure and format for the review of the First NIP; and working closely with MDAs and National Planning Commission with a view to obtaining relevant inputs on the achievements of the Key Performance Indicators and reviewing the macroeconomic framework and other sectoral targets for the Plan period.
Others are, producing a detailed Report of the review, highlighting key gaps and challenges at macro and sectoral levels, and propose necessary solutions; arranging stakeholders’ validation of the Report; and articulating the preparatory activities for production of 2nd NIP 2014-2017, amongst others.

2015: How PDP plans to weaken Jega.

BY SONI DANIEL
ABUJA — Despite restriction on open campaign for the 2015 polls by President Goodluck Jonathan, it was revealed yesterday how forces close to the administration plan to reduce the powers of the Chairman of Independent National Electoral Commission, INEC, Prof. Attahiru Jega.
According to Vanguard’s findings, powerful elements within the government had perfected a plan to replace the current secretary of the commission, Alhaji Abdullahi Kaugama, with a trusted ally and confer him with enormous operational powers that would make him more powerful than Jega prior to the 2015 elections.

Professor Attahiru Jega

The hawks, said to be headed by top officials of the administration, are said to be relying on the tradition of fielding INEC secretary’s position from outside the commission by previous administrations.
Incidentally, Kaugama, who is the first secretary of the commission to be appointed from within the staff pool, was named in 2008 and he is due for retirement next February.
It was gathered that some influential members of the ruling party had become increasingly uncomfortable with what a source described as ‘Jega’s overbearing powers’ , which he could use to scuttle the political ambitions of their supporters in 2015, if unchecked.
The source hinted that the protagonists of the plot, who had fallen out of favour with Jega had suggested to the Presidency that he (Jega) could not be relied upon to give them victory in 2015 and should, therefore, be stripped of some of his powers. They asserted that some of these should be given to a trusted person that could be manipulated.
“It is as a result of a high-wired political agenda that you hear the Attorney General and Minister of Justice, Mohammed Adoke, saying openly that Jega is not the CEO of INEC and that the man should not parade himself as one.
“What they want to do is to take the operational powers from Jega and confer same on one of their own, likely to be picked from outside the INEC anytime from now so as to protect their narrow political interests.
“These people are just looking for ways and means to protect their interests at all costs by keeping someone as their ‘operational man’ at INEC to do their biddings.
“But if they say that Jega is not the CEO of the commission, let them go to the law establishing the commission and find out if the man is not a full time chairman and the chief electoral officer,” the source said.
Attempts to confirm the receipt of the AGF’s letter by INEC were unsuccessful, as the Chief Press Secretary to the INEC Chairman, Mr. Kayode Idowu, did not pick his calls and did not respond to text messages sent to him.

Jega overbearing power

One of the sms sent to the CPS at 2.05pm read, “Please confirm if the letter published in the media today about Jega not being the CEO of INEC, purportedly written by Adoke had been received.” There was no reply to the sms at the time of going to the press.
Jega, a former Bayero University Kano Vice Chancellor, was tapped by President Goodluck Jonathan on June 8, 2010, to head the Independent National Electoral Commission, INEC, as part of his effort to reposition the electoral body and ensure credible elections in the country.
But Jega might have played into the hands of his adversaries by sending an innocuous letter he wrote on June 19, 2012, to the AGF to clarify who was the accounting officer of the body, as part of his efforts to ensure effective service delivery.
But in replying to the letter, Adoke in a response dated July 26, 2012, bluntly declared that Jega was not the accounting officer of the body and quoted several sections of the law to buttress his position, leaving the chairman guessing on what next to do.
Part of Adoke’s reply read, “I have examined relevant provisions of the law particularly, the Constitution of the Federal Republic of Nigeria, 1999, the Electoral Act, the Public Procurement Act and extant Financial Regulations in order to determine whether the law has expressly provided for the position of either the ‘Chief Executive Officer’ or ‘Accounting Officer’ of the Independent National Electoral Commission, INEC.
“Regrettably, it would appear that no such terminology was used in the statutes examined. Item 14(1)(a) of Part 1 to the Third  Schedule of the Constitution only provides that the Chairman shall be the Chief  Electoral Commissioner. The provision does not state that the ‘Chief Electoral Commissioner’ is the ‘Chief Executive Officer.
“I have similarly examined the functions and powers of the Commission as provided for in item 15 of Part 1 of the Third Schedule to the Constitution and sections 2, 3, 4 and 5 of the Electoral Act and wish to observe that these are functions and powers that can only be exercised by the Commission and not by the Chairman or any individual Commissioner except as may be delegated by the Commission under Section 152 of the Electoral Act or item 15(h) of Part 1 to the Third Schedule to the Constitution.”
“Consequently, in the absence of any clear donation of the powers of a Chief Executive Officer or Accounting Officer by the relevant statutes, and in the absence of any evidence to indicate that these functions and powers of the Commission have been delegated to the Chairman, I am unable to come to the reasoned conclusion that the law contemplates that the Chairman of INEC shall be the Chief Executive Officer or Accounting Officer of the Commission,” Adoke stated.
But the Attorney General of the Federation and Minister of Justice, Mr. Mohammed Adoke, yesterday distanced himself from the development in INEC, saying that he had no hand in whatever was going on there.
Adoke, a Senior Advocate of Nigeria, who spoke through his media aide, Mr. Ambrose Momoh, said INEC was an independent body constitutionally-empowered to carry out its duties without reference to his office and that he had nothing to do with the agency.
He declared: “I do not have any personal interest in what INEC is doing and that is the truth.”
The situation in the commission will become clearer in the next couple of weeks as the secretary prepares to bow out. Incidentally, Kaugama is the first INEC secretary to be picked from within the commission. All others were nominated from outside by the government, which now appears poised to do same as soon as the current occupier of the office leaves.

Pipeline closure: Fuel shortage looms in Lagos, others.

 by Stanley Opara Everest Amaefule and Ifeanyi Onuba.

Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke.

LAGOS, Ibadan, Ilorin and  their environs risk potential fuel crisis with the closure of system 2B, the Nigerian National Petroleum Corporation’s supply pipeline from Lagos to Mosimi Depot in Ogun State.

The closure was  due to the pipeline explosion at a point around Arepo, off the Lagos-Ibadan Expressway.

“We are likely to have an upsurge of demand in Lagos depots due to the closure of system 2B, which is an NNPC pipeline at Shagamu. We didnt have enough products in the country before now, and this closure will worsen the situation,” a source at the Nigerian Independent Petroleum Company, Plc said.

This development coincides with a warning by oil marketers, who as part of their lingering confrontation with the Federal Government over subsidy claims, on Monday advised  Nigerians to be prepared for a nationwide fuel scarcity.

The Secretary General, Jetties and Petroleum Tank Farm Owners Association, Mr. Enoch Kanawa, in a telephone interview with one of our correspondents on Monday, said the oil marketers had no money to continue to  import .

He  said  the NNPC alone  cannot  satisfy  the demand by Nigerians.

Kanawa said, “A lot of our money is still outstanding. Marketers are being owed huge sums of money. Three weeks ago when we  were crying about all these issues, they said we are blackmailing the Federal Government and we are shielding marketers from facing prosecution.

“Currently,  none of our members is  importing because there are still payment issues outstanding. It is the NNPC that is holding the market and they don’t have the network to satisfy the demands of Nigerians.”

He said the oil marketers were being owed about N200b in for fuel subsidy.

But the Minister of Finance, Dr. Ngozi Okonjo-Iweala, faulted him, saying  the Federal Government had continued to pay marketers whose claims have been duly verified.

 The minister, who spoke through her Senior Special Assistant, Mr. Paul Nwabuikwu, said  government was committed to encouraging  honest and professional private sector operators in the subsidy regime.

Okonjo-Iweala said, “A total of N259, 339,041,657.85” has been paid as fuel subsidy claims in 2011-2012.”

 The NNPC spokesperson, Mr. Fidel Pepple, who also confirmed the closure of the System 2B product pipeline to our correspondent on the telephone on Monday, assured  that the development  would not adversely affect the availability of petroleum products.

 “The closure of this line will not affect the availability of products. It will only increase demand pressure on products in Lagos. Most trucks will have to come to Lagos to get products. This will, therefore, not affect supply as the  Petroleum Products Marketing Company has enough to go round,” he explained.

Pepple told our correspondent that the PPMC had created alternative channels to address the challenge resulting from the closure of the System 2B line.

“It is using Apapa and Satellite depots.  As far as the NNPC is concerned, the PPMC has enough products for the country,” he said.

He told The PUNCH that as at Thursday last week, the NNPC had 32 -day sufficiency of petrol.

“Between Sunday and Monday (yesterday), a vessel had finished discharging product, and another is currently discharging,” he added.

Commenting on the inability of some marketers to get enough supply of product, Pepple said it could be attributed to operational problems or some hitches encountered in the course of lifting products.

Oil marketers in the country, have however, said that they might not resume petrol importation anytime soon.

They said that given the current situation, the NNPC might continue product importation solely.

The marketers, however, maintained that with the NNPC solely importing petrol, the country remained prone to product shortage and eventual scarcity.

A source at NIPCO told our correspondent that petrol prices at the depot level were currently between N92.50 to N94 as against N89.60 to N90.60. This rise in price, it was learnt, was a function of mounting pressure on supply limits (supply deficiencies).

 “The system 2B pipeline has been closed. When things like this happen, government comes up with a directive that people who hitherto get supply from system 2B be served from Lagos. This will definitely increase  pressure on the facilities in Lagos,” the source added.

The development came just as fuel queues resurfaced in Abuja on Monday.

While some of the fuel stations run out of stock, others that sold  fuel were besieged by motorists.

Kanawa said, “The fuel queue that is resurfacing now will take a long time because we have run out of stock in our depots. We are being owed for products delivered. So where do they want us to see money to import because the banks are not borrowing?

 “The banks need an assurance that when we import, the claims would be paid to enable us pay back.”

He said that the major marketers such as MRS , Capital Oil, Oando, Conoil and Forte Oil that would have assisted the NNPC to distribute petroleum products have issues with the government.

Vote out bad leaders -Jonathan tells Nigerians .

by Leon Usigbe.

PRESIDENT Goodluck Jonathan has told Nigerians that they should be able to utilise the power of the voter card to get rid of bad leaders in government, saying that it was with this in mind that his administration decided to sanitise the electoral process to ensure that the wish of the people prevailed at elections.
Speaking during the inauguration of the second edition of the Youth Enterprise with Innovation in Nigeria (YouWin!) for women in the State House, Abuja, on Monday, he explained that it was necessary to reform the electoral process to make it relevant to the people’s aspirations.
According to him, “we feel that for a political dispensation to be relevant to the people and to endure, the electoral process must be sanitised. The voter card of Nigerians must make them vote out the bad politicians. That is the only way we politicians will be committed and do what is right.
“And for that we promised to change the electoral process. We have not reached where we want to go but Nigerians and, indeed, all people that have been monitoring our elections have observed that this is a different face of Nigeria and we will continue to improve on it.”
He expressed his administration’s commitment to tackling corruption even as he observed that those who shout about corruption in the country were some of the most corrupt in the country.
The president noted: “In this country, these days, people talk about corruption. Sometimes those who are corrupt even shout more about corruption but we are tackling it gradually. If you look at the agriculture sector where scandals of procurement of fertilisers and tractors and other scandals were going on, we have stopped that. In the oil sector, we are going to stop it. Gradually, this will thin down. We cannot change the society overnight but we have to take it step by step.”
On the YouWin! programme, he noted that the second edition which was launched on Monday, would focus specifically on women, because women were considered as better managers of funds and, therefore, could make better impact in entrepreneurial endeavours.
He also stressed that the programme was designed to empower youths from the six geopolitical zones, irrespective of political or religious affiliations and, therefore, directed the Ministry of Women Affairs to work with the ministries of finance and communication technology and youth development to mobilise women entrepreneurs to participate competitively in the programme.
In her remarks earlier, Coordinating Minister for the Economy and Minister of Finance, Dr Ngozi Okonjo-Iweala, pointed out that about 933 of the 1,200 beneficiaries of the first batch of YouWin! award winners had received the first tranche of about N1.03 billion of their award funds since the disbursement commenced in July this year.
The minister added that since the YouWin! programme was kicked off in October last year, it had attracted ideas and innovation from Nigerian youth entrepreneurs noting that about 6,000 of them had been trained.
Dr Okonjo-Iweala said in order to keep track of jobs created under the programme, the awardees had developed mechanism for capturing information on jobs created and would report the number to the public on regular basis.
Also speaking, Minister of Women Affairs, Hajia Salamatu Maina, said the YouWin! women progra-mme had heralded another landmark in the quest of the present administration to empower the Nigerian women economically, particularly young women.
While noting that Nigerian women were actively engaged in different sectors of the nation’s economy, she, however, regretted that legal and customary barriers, ownership or access to land and natural resources, capital, credit and technology, including other discriminations, had impeded their economic lives.

‘17,500 Public Officers Consume N1.15trn Annually’.

DAVID - CHYDDY ELEKE.

A rights group, International Society for Civil Liberties and Rule of Law(Intersociety), has released its research statement showing how a total N1.15 trillion is spent annually on Nigeria’s 17,500 public officers and their retinue of over 24,000 aides.
The group also reported that Nigeria has the lowest public service productivity index in the world.
Intersociety’s research memo entitled “How Nigeria’s trillions and $44 billion public debts are pocketed by her top leaders,” obtained by LEADERSHIP also highlighted how less than 30 per cent of the annual budget is allocated to 160 million Nigerians through provision of infrastructure and social amenities.
The statement which was signed by Comrade Emeka Umeagbalasi, its chairman, Board of Trustees, listed the public officers who take part in wasting such funds to include 3,096 local government executives and 8,692 councillors of the 774 local governments in Nigeria, 1,152 House of Assembly members, 469 federal lawmakers, among others.
According to the group, the matter is made worse by the fact that Nigeria has approximately 24,165 unconstitutional public aides recruited as special assistants and special advisers by the 17,500 top elected and appointed public officials whose salaries are covered by the Salaries and Allowances Amended Act.
Intersociety condemned the after-effect of the practice which, it argued, has made the country accumulate a huge debt profile of about $44bn arising from the implementation of deficit budgets over the years by state governments and the federal government.
Speaking on its position on the issue, the group contended that “Nigeria’s budget policies have remained crudely stagnated and one of the most fraudulent, anti- development and anti-people as its budgets were being consumed by about 17,500 top elected and appointed public officers in the country in the form of recurrent expenses, covering personnel and overhead costs.”

THE BUDGET BUSTERS
S/NO	NUMBER OF OFFICIALS	AMOUNT PAID YEARLY
1.	12,788 local government top shots	N592 billion
2.	2,664 state executives	N300 billion
3.	472 federal executives	N98.3 billion
4.	469 federal lawmakers	N60.4 billion
5.	1,152 state lawmakers	N40.9 billion
6.	792 top state judicial officers	N18.5 billion
7.	142 top federal judicial officers	N14.8 billion
8.	24,165 unconstitutional aides	N15 billion – N20 billion

Ola Vincent, Former Central Bank of Nigeria Gov Dies At 87.

Late Ola Vincent

By GABRIEL OMOH, SAM EYOBOKA & MIKE EBOH

LAGOS—A former Governor of the Central Bank of Nigeria, Mr. Ola Vincent, is dead. He died on Monday at St. Nicholas Hospital, Lagos after a period of hospitalisation.
One of his children confirmed his death. He was, until his death, a director at Industrial and General Insurance Plc. He served as the Governor of the Central Bank of Nigeria between 1977 and 1982.
Speaking to Vanguard, one of Vincent’s daughters, Mrs. Taiwo Bali said “I am one of his four children. We are twins. Papa was also survived by 11 grand children.
Late Ola Vincent, former Governor of the Central Bank of Nigeria
When I went to visit him on Saturday, he smiled. That smile lasted for a very long time. I went to see him again on Sunday. I saw that particular smile again. Then on Monday, Papa was dead. He was a very disciplined man. He was an apostle for details. He always insisted on details. We will miss him. He was sick for some time.
Also the wife, Mrs Edith Adenike Vincent said: “He was a loving husband. I will marry him all over again.”
In the condolence register, Apostle and Mrs Hayford Alile wrote “What a celebration of life on many fronts. We will miss you”.
According to the burial arrangements, his body will be lying-in-state at his residence at 8, Balarabe Musa Cresent, Victoria Island Lagos on Thursday. Service of songs will be held at African Church Cathedral, Bethel, Broad Street, Lagos. Final interment will be at Ikoyi Cemetery on Thursday.
Speaking on his death, pioneer Director-General of the Nigeria Stock Exchange, NSE, Apostle Hayford Alile described the deceased former CBN governor, Chief Ola Vincent as a man of proven integrity who even at old age was very wonderful in all his presentations.
While Ola Vincent was in the CBN, Alile was the Director-General of the Nigeria Stock Exchange and they both worked closely at different commissions and boards even after they both retired from active service. Alile said they worked closely together right from 1976 when Chief Ola Vincent was the deputy governor of CBN and chairman of Capital Issues Commission where they both often shared thoughts on the way forward for the nation’s economy.
“Without mincing words, the man was an epitome of patriotism; he had an impeccable character and I make bold to say that he was one of the very few Nigerians who I can vouch for as people so dedicated to the Nigerian project,” Alile told our reporter on telephone last night.
He added that he also worked closely with the late Vincent on the board of IGI where “we had also related very closely and I can say that his share of experience is absolutely wonderful. The nation has missed a rare gem.
When contacted a CBN official said yes it is true that Ola Vincent is dead but no official communication has been made to that effect. He said may be tomorrow (today), the CBN may come out with a statement in this regard.
In his view, Mr. Jaiye Randle, who was one of the early callers to the family, said “He was one of Nigeria’s finest in terms of integrity, uprightness. He is also a bold and strong man. He was an embodiment of how Lagosians used to be. He was exceptionally respectful, even to those of us much younger than him. Tribe or religion meant nothing to him.
He did not discriminate, he had a large circle of friends, despite his age.
Above all, he had a fantastic sense of humour. He was an encyclopedia in vitually all facets of Nigerian life, in economics, politics, social, among others. He was a man of great passion and always made allowance for human frailty. He was highly accommodating of other people’s opinion. May his soul rest in peace.”
Reacting to the death of Mr. Ola Vincent, Mr. Oluseye Adetunmbi, Chief Responsibility Officer, Value Fronteira Limited, said “He was one of the finest technocrats, one of the few who dignified simplicity by sticking to ‘Mr’ despite his huge status that could have attracted many chieftaincy titles, epitome of ‘central banker’ when things were still orderly in Nigeria.
I grew up to know him through his signature in Nigerian currency note when Nigerian 60 kobo was worth more than a dollar.
“His name with his signature on the currency was synonymous to CBN for a very long time because of his unique style which underscored the virtue of modesty in his character and honourable disposition.
“It was like when their set left the key sectors of our economy; things were no longer at ease in Nigeria.  Nigeria has been depleted by one of her finest men of dignity and honour. We can only hope that those of us left can learn from the unique and towering disposition of Pa Ola Vincent. May his gentle soul rest in peace while thanking God for the gift of long life.”
In his reaction, Mr. Remi Olowude, Vice Chairman, IGI Insurance Plc, who was one of the individuals who visited the family to commiserate with them over their loss, said “Baba was an epitome of the old national anthem that we abandoned which says, ‘though tongue and tribe may differ, in brotherhood we stand.’ That was baba.
He had no time for tribal issues, all he had time for in his life were real issues. He was a man of the highest integrity. He was a highly cerebral person, probably one of the best economist of our time.
”I used to call him a poetical economist. When he commented on national and economic issues, you would marvel. When Nigerian was on a precipice, baba gave solutions that helped the country out of the problems.
“He was practical, humble, a good listener and does not personalise issues. During the dark days of Abacha, Baba gave solutions that helped moved the country forward. He was a moving encyclopedia, especially on corporate governance.
He was a founding shareholder and director of IGI Insurance. He helped the Board of the company run what became the best company with the highest ethical standard in Nigeria. At over 80, he was still a member of the Board of IGI till his death. May his soul rest in peace.”
Birth and education
Vincent was born on May 16, 1925 in Lagos. He attended CMS Grammar School, Lagos (1936–1939). He served in the Nigerian Armed Forces between 1942 and 1946, and then worked in the Financial Secretary’s Office, Lagos between 1946 and 1956. In 1951 he attended the Administrative Staff College in England, and from 1953 to 1956 he studied at the University of Manchester. From 1957 to 1960 he was a part-time lecturer in Economics at the University of Ibadan.
Banking career
Vincent was Senior Assistant Secretary in the Nigerian Ministry of Finance (1959–1961) and then moved to the Central Bank of Nigeria, CBN, as an Assistant General Manager, becoming a General Manager at the CBN from 1963 to 1966.
He was a Director at the Nigerian Industrial Development Bank (1964–1966). Vincent was appointed a Vice President at the African Development Bank, Abidjan, Côte d’Ivoire (1966–1973). He returned to the CBN in 1973 as an Adviser, becoming Deputy Governor in 1975 and Governor from 1977 to 1982. Vincent was named a Commander of the Federal Republic, CFR, in 1982.
Later career
Following Vincent’s retirement from the CBN, in 1983 he recommended establishment of the Nigeria Deposit Insurance Corporation, NDIC, which occurred in June 1988. The NDIC provides a safety net for depositors in the newly liberalized banking sector.
Vincent chaired a seminar on Ethics and Professionalism in the Nigerian Banking Industry in August 1992. In his opening remarks, he observed that banks had a pivotal role in the cash and credit economy of Nigeria, making them vulnerable to suspicion.
He acknowledged that greed was a factor in causing the high incidence of fraud and other abuses in the industry. Speaking in April 2003, Vincent criticized the “severely flawed unitarist constitution” that the former military regime had introduced in 1999, and called for changes to “arrest the cancerous growth of corruption and corrupt practices.”
He was a director of the Industrial and General Insurance (IGI) in 2008, when he received a prestigious lifetime achievement award. He is a life member of the Nigerian Economic Society and the Society for International Development.
In May 2009, he was living in retirement in his home on Victoria Island, Lagos with Adenike, his wife for 50 years. In an interview in September 2009, Vincent was critical of the action of the current governor of the CBN, Sanusi Lamido Sanusi, who had dismissed the chief executives of five bailed-out banks.
He said the executives should have been given a fair hearing, and felt that the hasty action which involved the Economic and Financial Crimes Commission may have undermined trust in the banking system.
FG should de-emphasize Vision 2020 – Ola Vincent
Vincent, while speaking at the annual dinner of the International Chamber of Commerce (ICC) Nigeria said that the federal government should de-emphasize vision 20-2020. “Nigeria should aim to do better than it is doing now, and not be talking about becoming one of the largest economy in 2020” he said.
He noted that the way people talk about Nigeria achieving this feat assumes that the countries presently in the group of 20 largest economy have stopped growing, adding that this is farther from the truth. He said those countries will not stop for Nigeria to catch up with them.
“They are also working to improve their economies and, hence, increase their growth. That is why achieving that feat requires urgent steps to improve the economy. My advice is that we should focus on improving on where we are today, doing better than we are presently doing.”
Citing example of the need to increase power generation, he said, “Nigeria is not going anywhere if the problem of power is not solved. Government has been talking about increasing generation to 4000 or 5000 megawatt but this should not be the goal. We should be talking about how to generate 40,000 mega watts in three years. So, government must move quickly in the direction of producing enough power for the country.”
Vincent, who was the special guest of honour at the occasion, said a critical ingredient missing in present efforts to develop the economy is planning.
He said more efforts and resources should be devoted to comprehensive planning. Pointing out that the greatest impediment to development in the country is corruption, he said “Those who practice corruption inhibit develop-ment.
If corruption pre-dominates development would be lacking. What they do not realize is that if the money they steal is properly allocated to developing the economy there would be money to share.” He expressed opposition to the proposed removal of subsidy, saying that what government should do is to reduce its running cost, starting with reducing the number of Special Advisers to the President.
He said in addition to this, the government should reduce the salaries of political appointees as it is been done in other climes.