Monday, 1 October 2012

How security vote is tearing apart FCT ministers

by Stanley Azuakola

What President Jonathan joined together, reports have emerged that the security vote is trying to put asunder. The minister of the Federal Capital Territory, FCT, Administration, Senator Bala Mohammed and minister of State for FCT, Oloye Olajumoke Akinjide, are reportedly on a collision course over the security vote allocated to that ministry.
Of course, the report is being denied by officials from the two camps but the evidence seems like there truly is something wrong in their working relationship.
First, Akinjide was absent at the conferment of national honour on Senator Bala Mohammed. Then she also skipped the three-day Good Governance Tour of the FCT Administration.
Read the Vanguard investigation below:
The tension between both ministers may be connected with the manner the senior minister managed FCT’s security vote without involving the junior minister. Insider speaks
A source in FCTA told Vanguard that the junior minister was not in the picture of the administration’s security vote.
The source, who sought anonymity, said: “Akinjide is not happy with the way things are done here. She has even threatened to petition the Presidency if the situation persist.
“On one occasion, she argued that all ministers are members of the Federal Executive Council and the dichotomy between the senior and junior ministers are mere creation of the media.”
Specifically, some of the staff working under the minister of State have expressed displeasure over the silent face-off between Senator Bala and Oloye Akinjide, saying “when two elephants fight, it is the grass that suffers.”
One of the staff, who does not want his name in print, said: “To be frank with you, I am not comfortable with the recent face-off between the two ministers. Most of you will not know what some of us have suffered in the past.
“Not too long ago, similar scenario played out during Dr. Aliyu Umar and Sen. John Akpanudoedehe. During that period of in-house fighting between them, our entire land request was KIV (Keep in View) by Modibbo, while our colleagues working with the minister got approval.
“A similar thing occurred during the era of Sen. Adamu Aliero and Mr. Chuka Udom. We are dying in silence because when two elephants fight, it is the grass that suffers.”
‘There’s no fight’ However, special assistant to the Minister on Media, Mr. Nosike Ogbuenyi, dismissed insinuations of a rift between both ministers, describing the relationship between them as normal.
Ogbuenyi said: “She travelled out of the country with the minister of National Planning during the Good Governance Tour of the FCT to negotiate business investment for the development of Area Councils and satellite towns. “There is no quarrel anywhere. The two of them are working harmoniously for the development of FCT.”
Meanwhile, some of the participants at the Good Governance Tour of the FCT, who spoke to Vanguard, claimed that the Minister of National Planning, Dr. Shamsudeen Usman, was part of the tour, describing the foreign trip as figment of Ogbuenyi’s imagination.
YNaija.com

60% of Pension funds were borrowed by FG – PFAs


Pension Fund Operators in the country have said that 60 per cent of the total pension fund assets have been borrowed by the Federal Government.
The borrowing, according to them, was done through the issuance of bonds having maturity dates of between three and 10 years.
Addressing journalists on the developments in the industry in Abuja, the Managing Director, Legacy Pensions Manager Limited, Mr. Misbahu Yola, said the borrowing, though huge, did not call for panic as the Federal Government had over the years demonstrated its ability to repay debts.
Present at the briefing were representatives of PFAs, such as Stanbic IBTC Pension Managers, ARM Pensions, IEI Anchor Pension Manager and Sigma Pensions.
Yola said it was less risky to lend to the Federal Government than corporate organisations.
He said, “The total employees registered in the Contributory Retirement Savings as at August 2012 were 5.23 million and the assets under management in the Retirement Savings Account Funds as at May 2012 is N1.4tn.
“The FG has borrowed about 60 per cent of the pension fund assets through the bond market.
“The bonds range from three to 10 year bonds and these are long-term instruments. Since pension fund assets are long-term funds, lending to the Federal Government is one of the safest and less riskier way to preserve this fund because government bonds attract the highest returns on investment.”
A breakdown of the N1.41tn Retirement Savings Accounts Fund Investments as at May 31, 2012, included ordinary shares, N136.6bn; FGN securities, N1.009tn; state government securities N64.01bn; corporate debt securities N27.16bn; and money market securities N150.58bn.
Others were open/close-ended fund, N7.25bn; real estate, N386m; private equity, N2.48bn; and other assets, N16.99bn.
Earlier, the Head, Risk and Compliance, Mrs. Idu Okwuosa, called on employers to embrace the Contributory Pension Scheme by ensuring timely funding of RSAs.
She said since accumulated pension assets could be invested in infrastructure development, there was the need for the government to come up with effective policies that would drive the process.
 BusinessNews

Armed robbers raid Lagbaja’s house in Lagos


Robbers invaded Lagbaja’s home located at Omole Estate, Lagos and carted away with valuables worth millions of naira, on Saturday, September 29, 2012.
The masked music artiste was away in Atlanta, USA when the incident happened last night. It was the singer’s family members that were at his Lagos home when the robbers attacked them.
The case has already been reported to the police station located at Grammar School bus stop, Ojodu, Lagos. Lagbaja is a top Nigerian artiste with the trademark mask.
 DailyPost

Independence 2010 bombings: Okah’s trial resumes today in South Africa

by Stanley Azuakola

As Nigeria marks its 52nd Independence Anniversary, memories of its 50th anniversary celebration resurfaced from far away South Africa.
That year, the celebrations were marred by twin bombings allegedly orchestrated by alleged ex-MEND leader, Henry Okah.
Shortly after the bombings, President Jonathan absolved MEND from the brutal blast which killed 12 people even though the group had claimed responsibility. Henry Okah was subsequently arrested in South Africa.
His trial which has been dogged by delays, opens on Monday in South Africa, according to his lawyer. In addition to the October 1, 2010 bombings, Okah also faces terrorism charges over two explosions in March 2010 in the southern Nigerian city of Warri, Delta State.
“It’s Okah’s first day of trial in the South Gauteng High Court today. The defence and prosecution teams are ready to proceed with the matter and a judge has been allocated,” said his lawyer Tsietsi Majang.
The last time the case was in court in January 2012, Okah’s lawyers had asked for more time to prepare their arguments.
South Africa is trying Okah as part of its international obligations because Nigerian authorities have not applied for his extradition.
Okah has denied both involvement in the attacks, as well as charges of being the leader of MEND.
YNaija.com

Off the hook: Femi Otedola settles N141billion debt with AMCON


by Akan Ido
The Assets Management Corporation of Nigeria (AMCON) has confirmed the settlement of debt owed by the Zenon and Forte Oil boss, Femi Otedola, to the asset management company.
The amount owed is said to be worth N140,999,620,395.80.
The AMCON boss, Mustafa Chike-Obi stated that the board of AMCON met last Thursday and approved the transfer of the businessman’s assets as well as an undisclosed sum of cash to it as full and final settlement for his liabilities.
Chike-Obi however declined to identify the assets which were transferred to the AMCON citing he confidentiality agreement binding the transaction.
The Central Bank of Nigeria (CBN) had recently named Otedola as one of the 112 blacklisted individuals and companies owing huge amounts of money to the AMCON, it prevented his companies from taking further credit from banks, until full liquidation of the agreed indebtedness.
Chike-Obi said, “This is a positive development as the settlement by the biggest debtor to AMCON showed that there are no sacred cows because even a prominent businessman like Otedola has come out to settle.”
A source privy to Otedola’s financial dealings said the Zenon boss accumulated the debt after obtaining a syndicated loan from five banks which was adversely affected by the global economic downturn in 2008.
Reports say it took six months of long drawn negotiations between Otedola’s Zenon and the AMCON to reach an agreement on the modalities of settling the huge debt.
“Zenon Petroleum has paid AMCON the full and final settlement of its obligations/loans to some Nigerian banks, which was bought over by AMCON in May 2011,” the source said.
Also, a CBN official, who confirmed the settlement reached between AMCON and Otedola, described it as a positive development, stating: “Given that he (Otedola) had the highest exposure to the banking system and posed a systemic risk, we are pleased that he has settled his obligations.”
YNaija.com

Opinion: Nigeria at 52 – Myths and realities of leadership #Independence 52

by Anya O. Anya

If all goes well and Nigeria holds out, it has been said that the country may be unrecognisable in 5-7 years when compared with her dismal present.
It is pertinent to remind ourselves at the outset that Nigeria is the prime product of British colonial adventure in Africa. It was constituted to abstract natural resources for the benefit of the British economy. As Sir Olanihun Ajayi has reminded us
“As at 7 January 1897 there was no place or area or country called Nigeria. The country known and called Nigeria came into being in 1897 as a result of an article in the Times of 8 January 1897 by Flora Shaw pressing that the aggregate of all the towns and villages or the protectorate consisting of many ethnic nationalities should be called Nigeria. That aggregation of several empires, kingdoms, various nations and tribes constituted what is now known as Nigeria….”
That the seeds of economic disabilities and structural deformities between the regions carried over from the colonial to the present have proved a major constraint to the efforts at building a modern nation-state can be illustrated from different episodes of our national history. This is not to say that the evident imbalances could not be redressed, given a patriotic, visionary and national leadership. But this has been lacking. In any case given over 50 years of co-evolution and co-existence of the nationalities new centres of equilibrium could have emerged to mould and drive new social forces in the direction of integration and harmonious coexistence. That this has not happened is the modern day dilemma that Nigerians and their friends must face.
Contemporary Nigeria is poised on a knife-edge. On the one hand are arrayed the forces of retrogression such as Boko Haram ready to drive the nation into the abyss never to rise again-sectarian conflicts with their attendant violence, divisiveness propelled by ethnic, religious or social inequalities and inequities. On the other hand are progressive forces pushing for economic and desirable social reforms. Indeed, the progressive institutionalisation of some of these reforms has led many outside observers such as Goldmann Sachs and the rating agencies to regard Nigeria as one of the emerging economic forces of the age of globalisation. If all goes well and Nigeria holds out, it has been said that the country may be unrecognisable in 5-7 years when compared with her dismal present. How can these contradictory visions of the Nigerian future emerge and co-exist from the same reality?
There is among the youth a sense of alienation, anomie and a brooding angst at what they regard as their betrayal by the post-independence generation of leaders particularly the military when they held sway in governance. Nasir el Rufai has given a graphic account of this leadership and its failures. Given the unacceptably high unemployment rates, the sense of deprivation amongst the youth is to be expected but this comes at a time that there is a total collapse of our values. High rate of corruption in both the public and private sectors as recently sign-posted by both the pension and petroleum subsidy scams are prevalent. The 419 scam is, as they would say, old hat. The collapse of the educational system has been facilitated by the high rates of examination malpractices often encouraged and facilitated by parents, teachers and those who would normally have passed off as role models. The total discount of merit and scant regard for excellence are emblems of the new order. The worship of money and materialism is in contradistinction to the apparently high level of religious zealotry and showmanship. We are now in the era of wealth without work. Hypocrisy, insincerity and pretentious display of phoney values is the order of the day. So where will national redemption come from and how did we get here?
It has often been said by some of our leaders that there are settled issues in the Nigerian political economy. The truth is that there are no such settled issues for we have not sincerely and dispassionately looked at the problems of Nigerian nationhood except from the vantage point of how we can take advantage of one another to advance our personal or sectional interests. Nevertheless, it is fair to state that given the state of the global environment, breaking up Nigeria into whatever number of constituent sovereignties is not an option. Globalisation enforces mutual interaction in an interlinked matrix of economic entities. Nations separate only to cooperate in new economic formations. That is the reality of our new world. Moving forward into the harmonious peaceful and united nation of our dreams enforces on us the duty to get rid of some shibboleths from the past that have dogged our every step in the journey to nationhood.
First and foremost we must re-establish and embrace the values of truth and justice as the unchanging foundations in the management of human affairs. There are some historical untruths that we as a nation must confront if we are to move forward together. In the documents British Documents at the End of Empire (BDEE) (ed. Martin Lynn) that I referred to earlier, there is irrefutable evidence that both the pre-independence census and elections were manipulated to produce a pre-determined result favourable to a section. The demands of truth enforce on us the obligation to rectify these anomalies. Justice, however, enforces on us a corollary obligation – we owe the duty of care and fairness to all Nigerians. No part of Nigeria can be allowed to wallow in poverty even as some revel in affluence. It is the obligation of the Nigerian state to ensure fairness in the management and distribution of the resources of the nation to all parts and to all citizens. It is also the obligation of the nation to ensure fair rewards and incentives to honest labour, enterprise innovation and creativity and to create the environment that promotes these conditions. These are necessary conditions for peace and unity.
Secondly, we must re-admit merit and the pursuit of excellence as part of our national objectives. In a merit-driven national endeavour ideally recruitment to national leadership cannot be on the basis of a roster or quota but on the basis of knowledge, competence and overall national interest. In societies that embrace these values, the recruitment of leadership and training of leaders in a common environment where they can compete even as they share visions of the future.
In Nigeria, there is the anomalous presumption that Nigerian leadership must emerge from particular sections of the country. This position discounts the position that localised leadership can only project a local rather that a national vision of leadership. Nigeria, and particularly the North, has paid a heavy price for this anomaly. In the 52 years of Nigeria’s independent existence, the North has produced nine of the 13 leaders and they have been in charge of the government for nearly 40 years. In much of that time development in the North has markedly regressed. Indeed, the post-election violence of 2011 had indications that it was an uprising against the leadership. Thus, the dominance of the north in the politics of Nigeria has contributed markedly to the under-development of the North and by extension of Nigeria. In other words sectionally-driven leadership recruitment has not enhanced Nigerian development, has conferred no obvious advantage to the section of the leader except to individual benefactors.
In the effort to rebuild Nigeria, there is a need for drastic restructuring and redesign of the architecture of the nation. We also need to reorganise the priorities of the nation such that the eradication of poverty and the creation of wealth will be pursued as necessary conditions for the rebuilding of the nation in an atmosphere of peace and unity. Towards this objective we need to focus on the immediate and/or expeditious solution of four problems-
• reconstituting leadership with a Pan-Nigerian vision
• reconciling and managing our diversities
• guaranteeing citizenship and citizen rights and
• restoring and realigning our value system
In the pursuit of these goals it is evident that we will need to cultivate a new mind set in tackling our problems. The challenge to put Nigeria on a fast track development needs priority attention being given to the hardware of infrastructure (power, transportation etc.) but also the software of our vanishing value system anchored on integrity, hard-work, entrepreneurship, thrift and sincerity. We must do away with the culture of impunity in governance and the entitlement complex that has put a wedge between different segments of our people. We must return compassion to one another and passion with vision to our leadership. The c-word corruption must be extirpated from our body politics.
We must not forget the challenge of our youth and women – by far the vast majority of our people. We must remember that over 60% of our population is under 30 while the gender parity between male and females suggest that releasing this explosive pent-up energy of our youths and women can guarantee us a quantum leap in our development trajectory. But the key is education. Given the release of this vast human capital, trained and skilled, the Chinese miracle that took precisely eleven short years can be upstaged. The missing link is leadership – a leadership that is well-educated, passionate and visionary. We must as a people pursue wealth with equity, truth with compassion, justice with fairness, and with reconciliation with empathy.
 YNaija.com

Kalu, Okonkwo, others blame Nigeria’s woes on bad leadership


Angry Nigerians and civil society groups have described Nigeria’s 52 years after independence as a ‘journey through hell’ saying that the nation has no reason to celebrate.They blamed Nigeria’s woes on leaders who they described as being greedy.
A group, Concerned Advocates for Good Governance, said instead of our leadership to work towards the betterment of the country, they decided to enriched themselves with public funds.
According to the Nation, Mr. Olusegun Bamgbose, said in Port Harcourt that leaders inability to build the nation has being the reason for the nation’s backwardness .
Also Campaign for Democracy, in a statement by its President, Dr. Joe Okei-Odumakin, described 52 years of independence “as a complete waste, bungled opportunities and total ruination of a nation.”
“The last 52 years has seen Nigeria degenerating into hell on earth for millions of its citizens who do not have access to state treasury.”
The group added that “in spite of the country’s human and natural resources, the majority of its populace wallowed in abject poverty.”
Joining the league of critics, former governor of Abia State, Dr. Uzor Kalu, blamed leaders for being self-centered.
The erstwhile governor in a statement on Sunday said most of Nigeria’s leaders in power came there by chance.
While raising hope for a better tomorrow, respected cleric and the presiding Bishop of the Redeemed Evangelical Mission, Dr. Mike Okonkwo, called on Nigerians not to relent in praying for the country.
The cleric in a statement on Sunday, maintained that despite all odds, Nigeria must move forward economically, health wise, educationally and in other sociopolitical sectors.
DailyPost