Governor Adams Oshiomhole of Edo State calls for devoting funds to capital projects

by Tony Adams. via: Edo Political Forum (EPF)

Governor Adams Oshiomhole of Edo State has called on government at all levels in the country to devote more funds to capital projects to fast-track the development of infrastructure in the country.

The governor who said Nigerians cannot continue to lament the failures of the past said rather, proactive measures should be taken to correct the mistakes of the past.

Speaking at a lecture to celebrate the 78th birthday of former Head of State, General Yakubu Gowon, at the National Institute for Policy and Strategic Studies in Kuru, near Jos, Plateau State at the weekend, Oshiomhole called on the Governor of the Central Bank to help bring down the lending rate.

“We cannot catch up with advanced nations when we spend eighty per cent on recurrent expenditure and twenty per cent on capital expenditure. If we spend eighty per cent on recurrent expenditures and twenty per cent on capital, we will never catch up with Malaysia. Can we stop lamenting yesterday and start with this year’s budget? I am not bothered on how we lost yesterday, I am bothered about the fact that we are unable to learn from the lesson and secure our tomorrow. We have no right to spend more than what we have or 80 per cent of every kobo we have on recurrent expenditure. When I went to Edo State, I found out that my predecessor was spending about 80 per cent on recurrent expenditure and I said no, you have to reverse it in favour of capital; 60 per cent capital, 40 per cent recurrent,” he said.

The governor said there is also an urgent need to review the revenue allocation, saying “today, Abuja (FG) takes 52 per cent of the total revenue”.

While commending Gen. Gowon for what he described as his courage and exemplary leadership to rule the nation during the civil war, Comrade Oshiomhole said in that era Nigeria believed in planning.

“In the days of Gen. Gowon nothing happened by accident, but due to meticulous planning. They knew that if they created the railway, it will take a number of passengers and take care of a number of jobs, so nothing happens in the life of a nation by miracle”, he said.

Edo Political Forum (EPF) petitions EFCC over under-paid and inflated compensation to owners of demolished houses

                                Mr. Clem Agba
Edo political Forum (EPF), a foremost political awareness group has petitioned the Economic and Financial Crimes Commission (EFCC) over under-paid and inflated compensation to owners of demolished houses in Edo State; former Commissioner Clem Agba is at the center of the controversy. The petition signed October 22^rd on behalf of EPF by its lawyer Barrister Friday Ojealaro, principal counsel F.S.S Ojealaro and co, Abuja. Also named in the petition are: Major Lawrence Oloye, Ministry of Environment and Utilities Edo State, Ministry of Works Edo State, Ministry of Lands and Survey Edo State, Ministry of Finance, and Office of the State Accountant General Edo State. Others are Setraco.
NigeriaPolitco

Here is a copy of the petition: 

Lagos House of Assembly considers complete ban on okadas

The Lagos State House of Assembly has said it may be forced to pass a new law to totally ban motorcycles and the activities of commercial motorcycle riders, popularly called okada, in the state.
This followed a violent protest by some aggrieved operators of commercial motorcycle on Monday which resulted in the destruction of some government buses.
The House, through Speaker Adeyemi Ikuforji’s amendment to a motion brought before it by a member, Moshood Oshun, calling the attention of his colleagues to the protest, also called on the executive arm of the state government to wield more powers in the implementation of the law.
Ikuforiji, while handing down the amendment at the floor of the House, threatened: “the House should condemn the vandalism…they come from other countries and states where they have been banned.
“We should call on the state governor to mobilise all the security agencies not only to ensure the road traffic law is fully implemented, but also to protect lives and properties.
“If they don’t desist from this criminal act, the House would fully ban okada riders in the state.”
Ikuforiji’s amendment was prompted by the refusal of the Deputy Chief Whip of the House, Rotimi Abiru, to adopt a motion earlier moved by Oshun.
Abiru argued that the okada riders were not given adequate time to understand the law before the implementation commenced.
He said though the executive arm had engaged in sensitisation of stakeholders, this was not enough to begin the implementation.
Shutting him down, the Speaker said his argument was not relevant and asked him to sit down.
Abiru however refused to move the adoption.
In their contribution earlier, some of the lawmakers said the various protests were being sponsored by political enemies as well as okada merchants.
Deputy Speaker Taiwo Kolawole said the riot on Monday was sponsored by those selling motorcycles and that the current implementation of the law was enough enlightenment.
“Many of the riders do not speak Yoruba and can’t even speak English,” he said.
For Sanai Agunbiade, the House must expect more of such violence in the coming days and therefore must call for protection of government properties.
“When we study the constraints of the law, if there are any, it could be reviewed, but the law must be allowed to operate, it cannot be wished away like that because it is a law of the state,” he added.
Before the motion was amended by the Speaker, Oshun had said while moving it: “it is a law of the state and should be obeyed, until the law is either repealed or reviewed it must be obeyed.”
 DailyPost

Zenith Bank leads Sector in 3Q Earnings, Posts N64.1 billion Net Income

Zenith Bank Headquarters, Victoria Island

Zenith Bank, Africa’s seventh largest bank according to tier-1 capital metric, has posted its third quarter earnings.
The bank’s management released the information to the Nigerian Stock Exchange yesterday, reporting gross earnings of N229.1 billion, which represents a 25% improvement from the N183.1 billion it posted over the same period last year.
Provision for Doubtful debts fell to N4 billion, from N5.7 billion recorded after nine months in 2011.
Profit before tax came in at N75.2 billion, up 42% from N53.1 billion made after the third quarter in 2011.
Profit After tax arrived at N64.1 billion, representing a year-on-year growth of 51%, from the N42 billion it made over the similar period in the preceding year.
Credit extension or lending was recorded at N964.9 billion, up 8% year-on-year from the N893.8 billion it lent in 2011.
BusinessNews

What’s Okorocha’s obsession with seats? Imo governor now plans to unseat Speaker

inShare

by Rachel Ogbu

Speculations abound on the reported rift between the Imo State governor, Owelle Rochas Okorocha and the state’s House of Assembly speaker, Benjamin Uwajumogu.
Reports that the governor may be nursing plans to remove him from his seat went mainstream earlier today when it was learnt that the ruling All Progressive Grand Alliance (APGA) is bent on changing the speaker.
It is believed that the governor is angry with the speaker for caving in to pressure (and the constitution) and swearing-in the Peoples Democratic Party (PDP) candidate, Eugene Dibiagwu, as the member representing Oguta Constituency in the Assembly.
It was said that the healthy relationship between the governor and the speaker took a plunge immediately Dibiagwu was sworn in last month after the lawmakers returned from their controversial South African trip.
Dibiagwu had received the Certificate of Returns from the Independent National Electoral Commission (INEC) but was prevented from being sworn in on two occasions by the speaker.
A source close to the Assembly said Okorocha wanted Uwajumogu to frustrate the swearing-in but was disappointed when the Speaker bowed to pressure and swore in Dibiagwu.
This, it was learnt, caused the strained relation between the governor and the speaker.
Okorocha, a source, who spoke in confidence said, has started shopping for a replacement for the speaker.
Uwajumogu in his defence was said to be responding to a court order, which directed that Dibiagwu be sworn in.
It was also learnt that the speaker wanted to avoid sparring any further with the PDP, his former party, which reportedly has a pending case in court against his defection to APGA.
YNaija.com

Politicians are hijacking flood victims’ relief materials – CDHR

The Committee for the Defence of Human Rights, CDHR, in Delta State, has alleged that some politicians have diverted relief materials meant for flood victims.
CDHR, in a statement by its Chairman, Mr. Benefit Orugbo, said it had been inundated with complaints that relief materials sent by government to flood victims were being diverted and that victims, who were relocated from their communities because of the disaster, had been abandoned.
The group said among those affected were people from Alafrigbene I and II and Kamota communities in Bomadi Local Government Area; Ogbodobri, Obuma and Onionegbene communities in Burutu Local Government Area; and Okwagbe and Egbo-Ide communities in Ughelli South Local Government Area.
It said that in a bid to survive, some of the internally displaced persons had taken refuge in settlements in different parts of the state and called on both the federal and state governments, “not to allow greedy politicians hijack relief materials for the victims.
“We also call on Delta State Government, as a matter of urgency, to make adequate arrangement and assemble members of the flood affected communities at secured centres.”
DailyPost

Nigeria to hold Oil licensing round by year-end – Minister

Oil Minister, Diezani Madueke

Nigeria will hold an oil exploration bidding round before the end of the year, while licence renewal talks with Shell and Chevron over existing onshore fields are in their final stages, the oil minister told Reuters on Tuesday.
“We expect within the next couple of months a marginal bid round will be announced. We hope a major bid round will follow before the end of the year,” Diezani Alison-Madueke said.
“Shell and Chevron (onshore licence renewals) are … in the final stages now, those will definitely be out before the end of the year,” she added.
Exxon Mobil signed 20-year oil licence renewals on Nigerian onshore assets producing around 550,000 barrels per day in February but other oil majors are still negotiating terms with the government.
BusinessNews