How Femi Otedola Got Me Pregnant—–Mistress

A woman who claimed to be a mistress of multi billionaire oil magnet Femi Otedola has opened up on her relationship with the man she claimed to have had a 26 years daughter for.
For the purpose of this interview, can I have your full names? 
I’ am Olayinka Odukoya.
What kind of relationship existed between you and Mr. Femi Otedola? 
We used to have a love affair.
Was the love affair one that your parents knew about? I mean your own parents and his parents?
What happened was that I just finished from secondary school at that time and I was even working when he approached me for a relationship. I accepted his advances and somewhere along the line, I realised that I’d taken in for him. And this was a time I was just offered an admission into the School of Nursing in Ikoyi; I was only waiting to go for pre-registration interview before I realised I was pregnant. And at that point in time, there was a man, Mr. Tobun father’s house at Odo-Irangusi.
It was through my friend that was dating the contractor that I met Femi. And he promised me heaven and earth. As a matter of fact, we both  sworn to an oath with the Holy Bible never to leave each other. I was about 21 years at that time and it was at that point that we started sleeping together and I got pregnant for him. And he accepted it. But in the long run, I realised that he didn’t tell his parents at home that he had put a lady in the family way. It was that Mr. Tobun that later went to his dad to tell him that his son had impregnated a young lady in Ijebu. And his mum later called him to probe him over it after the dad complained to her.But he lied to his mum initially that he did not impregnate anybody. Meanwhile, I used to go to their house regularly before then to the extent that all his younger siblings were familiar with me. His mum even knew me, though she did not know that I was dating her son which was the real purpose of my frequent visit to their house. She thought I was only a friend to Femi’s sisters. So, since I took in, I would go to him to collect money for my upkeep and things like that. As a matter of fact, I contemplated aborting the pregnancy at a point because I felt it was affecting the continuation of my education but unfortunately for me then, an old man overheard me telling a friend about my planned abortion and the old man went straight to leak it to my mum. So, my mum came to take me from where I was back home so as to prevent me from aborting the pregnancy. And my dad too also prevailed on me never to try aborting the pregnancy with the counseling that it is not only people that are well educated that make it in life. So, I later went to tell Femi that my parents were well aware of the pregnancy and he also plead with me to keep the pregnancy.
What was Mr. Femi Otedola doing then? Was he working or still in school? 
He was a trader at Iponri Shopping Complex selling stationery materials. And since his dad was running a printing press then, he was also supplying them materials to work with. And when we realised he was not showing up at our house like it was expected, my parents said I should tell him that they wanted to meet his parents and he said no problems. But when he refused to come with his parents like he promised, a sister to my mum who was a registrar was even nursing the doubt that I might not know the real owner of my pregnancy and she attributed her doubt to the fact that the Otedola’s were well-to-do and very responsible, so they would not tolerate their son impregnate a girl and not do the right thing. So, there was a resolve that my mum should follow me to their house and when we got there, it was Femi himself that opened the gate for us. And when we met his dad, Baba Otedola, and told him about the pregnancy, he probed Femi over it and he told his dad that he was the one responsible for it. And the dad said he would have loved his mum to be at home for the meeting because when he first heard about the issue and raised it with the mum, Femi vehemently denied knowing anything about the pregnancy to the extent that the mum was saying any girl that was claiming to have gotten pregnant for her son should go and take care of it in her parent’s house. Since her son had said he didn’t impregnate any girl. But the dad said we should not worry about it and that he would always send money for my upkeep. And shortly before I would deliver my baby, the mum came around at the prompting of Baba Otedola, I guess, she came with Baba Otedola’s elder sister. They said they were the owners of the pregnancy since it’s their son that was responsible for it. And when I delivered my baby, a naming ceremony was organised at their house for my daughter.
So, since everything was cordial to that point, how did the denial of access to your daughter come into play?
Thank you. That’s exactly what I am about to tell you. After the naming ceremony, Femi came later to tell me that his mum said he should not marry me. And I was like if she says that then, maybe you should leave me alone. But he said he could not do that. Later on, I told him I wanted to learn Hair Dressing since I could not go to the School of Nursing any more. But he advised that I should go to a Catering school instead. So, I went to Catering school and it was while I was there that I got pregnant for him again. But his mum still stood strongly against our getting married. Meanwhile, I had a forced labour when the pregnancy got into the 7th month which I had as a still birth. In fact, I almost lost my life during the delivery. It was the placenta that came out first before the dead baby came out buttocks first instead of the head. My dad later went to meet him that, Femi, so, so, thing happened to me. Though, he was fully aware that I was pregnant for him again, but he apparently did not inform his parents. So, it was when my dad went to their house that his dad too knew about it and challenged him over it. But in his usual manner, he denied having anything to do with the pregnancy and I later told him that thank God I did not die in the course of the forced labour because that is how he would have denied me in death. I reminded him of how he lied that he did not know anything about Christy’s pregnancy before he later accepted to be the one responsible. And shortly after that was when his mum became extremely hostile to me, telling his son that he saw girls from rich background, he didn’t go to them. That, why would he go for someone from a humble background like me. And it was because Femi told me that his mum might accept me if we had a second child that I accepted to get pregnant for him again. But when they said I should bring my daughter Christy to them when she was a little over 2 years, so that she could start kindergarten, I left her for them. But ever since then, the mum would not allow me to see my daughter. There was even a festive period that my younger siblings went to their house to ask them to allow my daughter to come and spend some time with us, the mum refused. And I later went myself but as soon as the mum saw me, she took my daughter inside and locked her up. And when all my efforts to see my daughter became abortive, I later told them that I would always be my daughter’s mother because they cannot buy another mother for her no matter how much they prevent me from seeing her. And again, my mum’s younger sister told me not to worry because when it gets to a point my daughter would ask for her mum. But when she (Christy) was 15 and was schooling in Akure, Ondo State, while she lived with her father’s younger brother, I still made an attempt to go and see her there, yet they prevented me. And that was the point in time I decided to leave the South-West for the Northern Part of the country to cool-off. So, I stayed and worked in the North for some time before I returned few years ago. Meanwhile, I was already aware that my daughter had been taken abroad for further studies. And I even made an attempt to be close to Otedola’s house but each time I went, Femi’s mum was always like “what do you want?” And I would tell her that I only came around to say hello and also to know if you are hearing from my daughter. But when it got to a point, I could no longer cope with not seeing my daughter, I sent a Reverend Father to the mum to beg her for me. And she was like I should never again in my life send any emissary to beg her again. And about 7 years ago, I told my younger brother that I felt I would need to take the matter to a relevant government authority to contest my right to see my daughter for me. But my brother said I should not go that far that he would go and talk to Femi man to man. Meanwhile, at that point I was always texting Femi asking about the well-being of my daughter, he would not reply any of the messages. There was even a day I went to his Zenon House in Victoria Island. He saw me face to face as he was driving in because I was standing at the gate. And when he got out of the vehicle, he looked back at me and I said “Femi, you are the one I have come to see”. But he rushed into the office and never came out till I left. I got there around 8am and left at 12 noon. I later dropped a note for him with his security guys stating that I did not come to fight him but to see him and ask after my daughter. The number that my younger brother had was no longer going through, so, he got another number of his from me which he called without any one picking it. And he decided to send him a text that why would he not allow his sister to see her daughter. And that he should redress the situation since the child belongs to him and his sister. But by the second or third day, he called his mum to go and warn Felix, that is my brother, that he was threatening his life. And the mum went straight to my dad’s house to fight him. That he should warn his son who was threatening the life of her son. My dad called my younger brother from Ijebu immediately asking why my brother would wade into the matter. And when my brother went to Ijebu sometime later, he told anyone that cared to listen to go and tell Femi’s mum that he had come to town and that she should come and arrest him, maybe the Police would be able to resolve the matter once and for all. But after spending 3 days without seeing anyone come to arrest him, he returned to Lagos.
So what happened after then? 
We decided to give them some time again before raising issues over the matter. In fact, at a point, I decided to go to Human Rights Advocacy Groups and I was already in Ikeja with pictures before my brother called me and plead that I should not do anything like that. Because no two opposing parties in a court case return as friends. He said he believed dialogue could still do it. Meanwhile, I had gone to the monarch in our town, Kabiyesi Odu-Iragusi, to plead with them for me but they still turned deaf ears. I even went to one Tejuosho’s son who is Femi’s friend in Ilupeju, Lagos, to discuss the matter with him. But still nothing changed. My brother even went to the Kabiyesi over the matter for the second time, yet they did not yield to my request to see my daughter. So, about 5 years ago, Femi’s mum told me that I should not worry that as soon as my daughter was through with her Masters Degree, I would be allowed to see her. And after Christy finished her master’s, it was Femi’s mum that called to tell me about it and asked if I was coming to Ijebu for Xmas to which I said yes. And she said she would make sure that I see my daughter. But as I speak to you my brother, I have still not set my eyes on my daughter.
Interestingly enough, during the last subsidy removal crises, I was just leaving Irangusi for Omu, when one of my younger brothers called me that he just sighted my daughter in town. And I took a bike with N1,500 that day to return to Iragusi, a journey that was not supposed to be more than N300.00. But when I almost got to Otedola’s house, I caught a glimpse of my daughter being chauffeur-driven out and I was trying to wave down the vehicle but she did not see me.

How long ago is it now that you had a contact with your daughter last? 
I have not had any contact with her since they took her from me when she was a little over 2 years old.
Do you have any idea of what she is doing abroad now? 
I think she is now working there. Because Femi’s mum once told me something like that.
And you have not spoken with Mr. Femi Otedola too? 
Yes. I have not spoken with him ever since. Even when his dad celebrated his birthday last year and I went there, he avoided me all through. Even, his older brother who I spoke with and told that they have not allowed me to see my daughter for years could not believe it because the brother just returned to Nigeria from abroad. And he promised to do something about. Yet, nothing has happened.
Are you married to someone else as we speak? 
Not really. I only had an affair with a man for whom I also have a daughter, Eniola. But I could not bring myself to marry him because Femi’s experience has made me to be scared of men.
So, what exactly do you want from Mr. Femi Otedola? 
All I want is access to my daughter and the full rights to be a mother to her. Because they could have told her mum is dead!
247UReports

Men Don’t See Us as Wife Materials But as Sex Toys – Actress

Aisha Abimbola Musa is an actress and she’s popularly known as Omoge campus because of her lead role in the Yoruba movie titled Omoge Campus released in 2002.
Aisha Abimbola, a graduate of Hotel Management and Catering, and mother of two reveals in a chat with Angela Davies that a lot of men don’t see actresses as marriageable.
Enjoy the interesting and revealing chat below….
What is the misconception you think people have about you?
Aisha Abimbola: People think I am rude and arrogant because of the roles I play most times. And for that, I don’t like to be stereotyped. However, because of my physique and voice people tend to be comfortable with me playing the role of a bad girl. Unfortunately, people have misconstrued me to be bad, arrogant and always snobbish but that is not me. But with the new roles that I have played of recent, people are trying to get acquainted with my real person, trying to separate me from whom I really am in movies.
So, can you please describe your personality?
Aisha Abimbola is a humble, extremely down to earth, God fearing, kind and gentle hearted.
How did you meet your husband and what was the attraction?
Aisha Abimbola: The attraction was what made us friends initially. He was a member of my church, Christ Embassy and we started talking about Pastor Chris, that was where the attraction started and we became friends. Months later, precisely on November 2, 2004 he asked me to marry him and I said we are just friends, no dating and no courtship. However on February 3, 2005 we were married.
What do you do to keep your marriage intact because a lot of celebrity marriages have crashed?
Aisha Abimbola: (Laughs) Na God, nothing pass God. A lot of men out there don’t see actresses as marriageable, they see us as toys. They see us as women they can just come to, gamble with and go. Imagine a man betting with his friend that I can date that actress, even marry her and have kids from her. And once he is done, he is gone.
Before I was married, I had different impressions about marriage but now I know better. There are quite a number of women, even actresses who want to be married but when a man batters a woman and she is at the point of death, do you want her to still stay? A lot of actresses are facing this just that they cannot come out and say this is what we are facing.
Some have tried maintaining a loveless marriage, they tried holding on to it and some of them are dead now. And I am not an advocate of such, if it is not working, don’t die there, instead of you to die and leave your kids as orphans, please leave and take care of your kids.
Naijaurban

Oil bunkering: JTF arrests Police ASP in Calabar

An Assistant Superintendent of Police (ASP) in Calabar, Cross River State capital has been arrested by the Joint Task Force (JTF) over an alleged oil bunkering.
The outfit tagged: Operation Pulo Shield was established by the Federal authorities to monitor the maritime environment of criminal elements in the Eastern waterways.
It was gathered that the team also uncovered and raided a big oil depot, where diesel was stored in drums in the southern city of Calabar.
According to the Public Relations Officer of 13 Brigade, Nigeria Army, Captain Joseph James, the latest discovery of bunkering and the apprehension of the criminals were as a result of intelligence investigations by the Army.
The army boss noted that the security team, which was led by Major Abdulmaleek Mohammed of the Brigade, nabbed six persons including a serving Police ASP, who was suspected to be one of the illegal oil bunkers.
He said: “Following a tip-off, the Commander of 13 Brigade, Brigadier-General Shehu Yusuf, immediately ordered the JTF to raid the depot, which is in a hideout, off Mesembe Avenue, in the Anantigha area and close to the headquarters of the Calabar South Local Government Area of the state.
“As you can see, there are nearly 8,000 drums of fuel and diesel well arranged here. You can also see how they expertly dredged this canal to enable these boats bring in these products from wherever.
“It appears that the illegal bunkering business had been on for some time before the intelligence report came in,” he added.
DailyPost

Slow government: You are not qualified to rule Nigeria – Parties, groups blast Jonathan

President Goodluck Jonathan has come under heavy attack by opposition political parties and civil society groups for justifying his slow administration.
In separate reactions, the groups said that Jonathan’s comment portrays that he was not prepared to rule the nation in the first place.
It would be recalled that His Excellency during his Christmas day speech in Abuja said that his government appeared to be slow because it doesn’t want to make mistakes.
He said: “By human thinking our administration is slow; I won’t say we are slow, but we need to think through things properly if we are to make lasting impact.
“If we rush, we will make mistakes and sometimes it is more difficult to correct those mistakes,” he claimed during the church service.
Reacting to the claims, major opposition parties viz. the Action Congress of Nigeria (ACN), the Congress for Progressive Change (CPC), the All Nigeria People’s Party (ANPP), the Arewa Consultative Forum (ACF), Afenifere, Coalition of Concerned Northern Politicians, Academics and Professionals as well as the Ijaw Youth Council have called on Jonathan to wake up from his slumber.
In their own reaction, the CPC said he was slow because he was not prepared for governance
The party’s National Publicity Secretary, Mr. Rotimi Fashakin, said Jonathan’s excuse was immaterial, noting that the President is always looking for excuses to justify his incompetence.
The CPC said, “If we spend seven years to prepare for madness, when will the madness materialise? That is what Nigerians should ask their President.
“He is slow because he stumbled on power; he never prepared for it. His coming to power was accidental. He has no idea about governance.”
It added, “The government and the man heading it are bereft of ideas. The government only ponders to the tunes of the corrupt. The last 13 years has been hectic for Nigerians and the Jonathan Presidency is worse.
“Despite the hue and cry of the citizenry, he has refused to change his transformation agenda which is only transforming the pockets of a few.”
Also, the ANPP said Jonathan’s statement shows his lack of leadership skills.
According to its National Publicity Secretary, Chief Emma Eneukwu: “The President is not competent to be there. He is a President by chance. He keeps on giving excuses for his incompetence and inadequacies.
“He was not prepared for the position he suddenly found himself. He came into office with the hope of learning and he has refused to learn. He has no specific programme unlike the late President(Umaru Yar’Adua), who came with a seven- point agenda.
“Jonathan came with a bogus Transformation Agenda without transforming anything. Nigerians are tired of his excuses.”
Reacting to Jonathan’s claims, the ACN, through its National Chairman, Chief Bisi Akande, also berated Jonathan for such an unreasonable excuse.
“The President must be a joker with his kind of submission. As the elected President, he is expected to take decisions, good decisions,” he said.
Also, Afenifere, a Pan- Yoruba socio-cultural organisation, affirmed that Jonathan’s slowness does not qualify him as a leader.
According to its Secretary General, Chief Seinde Arogbofa: “We need a President who will take actions that will solve the numerous problems and challenges confronting Nigeria as a nation. We do not need a slow leader right now.”
“Nigerians are expecting quick results and solution to their problems and not excuses for poor performances.”
The ACF has reminded Jonathan that he had only four years to spend in office.
The forum, while reacting through its National Publicity Secretary, Mr. Anthony Sani, observed that Jonathan had no time to waste and must act fast.
It said, “Those who framed the 1999 Constitution and provided for a maximum of four years per tenure must have taken into account the need for thorough analyses of situations with a view to arriving at informed judgment for performance by those with the mandate of leadership.
“So, Mr. President must take into account the fact that he does not have limitless time, lest he runs out of time and go down in history as a President who used all his tenure for plans that did not deliver on his promise to transform Nigeria into a better place.”
Dr. Joe Okei-Odumakin of CD said Jonathan should work with his manifesto if at all he had one.
“What is the essence of having a manifesto or a vision before occupying an exalted position or running for an office? It shows clearly that he is an accidental President, with no clear-cut vision,” the group said.
Faulting Jonathan’s claims, the convener of the Coalition of Concerned Northern Politicians , Academics and Professionals, Dr.Junaid Mohammed, said Mr. President should stop giving excuses and think of how to make things happen.
According to him: “No amount of fishing for excuses will make him a better President.”
Mohammed advised the President to learn from his mistakes and the people around him.
His words: “I think it is very disingenuous of Jonathan to advance this kind of argument so late in our democratic experience. It is a known fact all over the world that the human species are not perfect; people who come into office accidentally or even by design are expected to make mistakes at the beginning of their tenures because of the learning curve.
“But getting to two years out of a four- year tenure and we are still having this kind of excuses does not inspire confidence at all.
“He simply does not have what it takes to rule Nigeria; he lacks political savvy and he is lacking in intellectual capacity also.
“It is clear that Jonathan has the worst set of characters who are deficient in knowledge and cognate experience in leadership.”
DailyPost

YNaija reviews the performance of federal ministries in 2012

inShare

by Joachim MacEbong

Much has been said about the size of government and the cost of governance at every level, and many continue to wonder if Nigeria gets value for all the money that goes into maintaining its public service every year, which is the lion share of the budget.  A lot of this money goes to our federal ministries, and what follows is an attempt to summarise their activities and impact as the year draws to a close.
We proceed in alphabetical order.
Agriculture: A major push for Akinwunmi Adesina has been the promotion of cassava, especially cassava bread. Nigeria is the largest producer of cassava in the world, and the aim is to make it the largest processor of the crop globally as well. So much so, in fact, that it has been decreed that 40% of cassava should be used in bread, and the import duty on wheat has been raised as well. Similar interventions are on-going for rice, sorghum, cocoa, cotton and oil palm. Fertiliser is now sold directly to farmers, eliminating middle men and rent seekers.
Aviation: It has been a controversial year for Princess Stella Oduah, as the state of the sector once again came under intense scrutiny. The Dana crash on June 3rd and the handling of the aftermath cast further doubts over the safety of Nigeria’s airspace, and the decision to briefly shut down Arik Air over debts owed to the Federal Government led to accusations of corruption against her by the airline. The row with the British government over landing slots at Heathrow, and with British Airways over disparity in fares paid by Nigerians in relation to other West African countries, was a successful attempt to play to the gallery and ignorance of the issues.
Communication Technology: Omobola Johnson’s ministry has been focused on creating an enabling environment that will accelerate the penetration of broadband technology in Nigeria, crucial to liberating the creative potential of young people all over the country, as well as putting together a new national ICT policy. The extent to which she has succeeded or not is a matter for some debate, but it is safe to say that based on her credentials on assuming office, the past 18 months have not been the success many hoped it would be.
Defence: The ministry which gets a large chunk of Nigeria’s budget, has been without a minister since June 22nd, when President Jonathan removed Bello Mohammed in a reshuffle of security agencies. That reshuffle also saw the now late former National Security Adviser, Owoeye Azazi, make way for Sambo Dasuki, but the President has not seen it fit to replace Bello Mohammed. There is nothing to suggest he should be in a hurry to, neither is there any suggestion that the trillion naira security budget delivers anything other than insecurity. Boko Haram divides Nigeria into two, one attack at a time, and not even the Finance Minister’s mother is safe from kidnap.
Education: To be perfectly honest, Ruqqayatu Rufai has a thankless job, trying to stem the tide of decades of educational neglect at every level. With greater than 80% of school leavers unable to attain the minimum requirements in national exams in recent years, the chickens have well and truly come home to roost. The start of the Almajiri education programme, which should comprise 400 schools by 2015, is a first step to reducing the ranks of the next generation of militants. Capacity building for teachers at all levels has been prioritised, and new changes in the curriculum have been pushed through. It will take years to see the fruits of these measures, but there is no substitute for action.
Environment: Given the increased environmental challenges Nigeria is beginning to face from climate change, desertification and floods, this ministry will become increasingly important in the years ahead. For now, however, it doesn’t appear to have the funding it needs to carry out its duties. Notwithstanding, the fight against desert encroachment continues with 6 million new trees planted in Northern states, and several steps are being taken to address issues of climate change, like the development of a National Policy on Climate change, guidelines for the implementation of a Clean Development Mechanism, and the upgrade of the Special Climate change unit to a full department. A lot more needs to be done in the area of preventing and cleaning up the several oil spills which occur in the Niger Delta, and preparing for floods, which are more and more common.
Finance: When she is not battling to reduce the high recurrent expenditure at Federal level, Ngozi Okonjo-Iweala is battling to reduce the graft in the subsidy process, or battling to save some of the nation’s oil receipts for a rainy day. It has been a year of battles for the former World Bank VP in her second coming. Shorn of the staunch support she got from her first principal, she fights an increasingly lonely battle to keep the treasury from falling completely into the hands of those who would finally empty it. It is a battle that has come at a personal cost, with the kidnap of her mother earlier this month, and while not all her decisions have been popular, there is little doubt that things would be much worse in her absence. Reforming the unreformable indeed.
Foreign Affairs: The diplomatic spat with South Africa over yellow fever cards is just the most visible sign of a more aggressive foreign policy under Gbenga Ashiru, in which Nigeria is less likely to take perceived slights lying down. Hopefully, this attitude is extended to the many badly run Nigerian embassies all over the world.
Health: This ministry claims some improvement in child and maternal mortality rates, but diseases like polio, measles and yellow fever still give cause for concern. There is more private money coming into healthcare especially at tertiary level, so the hope is that one day our elite will not have to go abroad every time they need medical treatment.
Information: If defending every government policy, no matter how indefensible, is the job of the Minister of Information, then Labaran Maku has done well. Enough said.
Justice: Bello Adoke has followed the footsteps of Michael Aondoakaa, in terms of a non-existent fight against corruption. His role in the near cancellation of the Manitoba contract, which is critical to the power reform agenda, clearly marks him out as an enemy of Nigeria’s progress.
Labour: Emeka Wogu was heavily involved in the negotiations with labour unions during the subsidy protests in January, often with negative results, as his comments showcased the arrogance of the average government official. He was put in charge of the white paper committee to look into the report of the Task Force headed by Nuhu Ribadu, and it has been revealed that one of the companies that took fraudulent subsidy payments – Pinnacle contractors – amounting to N2.7 billion has himself as a director, along with members of his family. Why is Wogu still in office?
Lands and Urban development: Nigeria’s housing deficit is put at 17 million homes, and the job of this ministry is to reduce that figure, but the pace at which the units are being built can barely make a dent in the demand. Also, without the widespread use of mortgage facilities and a review of the Land Use Act, it is difficult to see how the majority of Nigerians can become home owners, especially with the cost of these ‘low cost’ houses. Perhaps Ama Pepple can take a few pointers from this article by Nasir El-Rufai.
YNaija.com

N22.6b stockbrokers’ bailout

 Editor Opinion - Editorial

THE announcement of a write-off of N22.6 billion of the debt owed sundry commercial banks and bought out by Asset Management Corporation of Nigeria (AMCON) is a matter of grave concern. As an initiative, it is wrongheaded for, among other things, enabling damaged firms to be recycled rather than allowed to exit the market as the doctrine of free enterprise dictates.
The Minister of Finance, Dr. Ngozi Okonjo-Iweala, said that the Federal Government adopted a number of measures to reduce transaction costs and offset the N22.6 billion bank loans owed by 84 stockbroking firms. But the Nigerian capital market is comparatively expensive in respect of revenue going to the Treasury, namely, VAT and Stamp Duties and for trading commissions to the Securities and Exchange Commission.
Monetary authorities in many parts of the world gain credibility by the logic of the policies they offer for each peculiar economic cycle and the country’s development agenda.   Subsequent implementation of these initiatives and policies is often the justification of populist or electoral acceptance or dissent in many countries, today. To that extent, it is appropriate for regulators in the capital market to initiate fiscal sacrifice that is dressed up as a stimulus to recovery, and as incentive to participation. In such a policy, the framework of the parties involved should be certain: offering all persons and companies trading in the capital market, a level playing field. This is the only way to ensure transparency and non-discrimination in the market. This does not appear to be present in the recent intervention in the capital market.
In fact, the N22.6 billion so-called stimulus is, arguably, the highest amount of gratuitous proposition ever made by the Nigerian treasury to any vested interest group in the land. The philosophy underlying this intervention is simply supercilious. Originally, enlightened money men as bankers and stockbrokers struck a private contract, without dispute, to issue margin loans and literally play on the Nigerian stock market.
And quite pertinently, this continued unfettered for years. They celebrated a series of initial public offers from the consolidating banks and kept their tons of profit. These men rode the crest and price rallies that were dumbfounding, and created a self-fulfilling rise of all indices on the Nigerian Stock Exchange.
Bubbles created in stock prices were so obvious and were well in the view of every sane onlooker and participant. Neither the bankers nor the stockbrokers called time on their margin contracts. In fact, they cleverly walked away as the bubble began to burst. Those writing off the huge debt of the capital market operators ought first to ascertain the trading profit of the 84 stockbrokers and how much tax return was made by each firm and its directors to the public treasury.
It does appear that the Finance Ministry, thanks to the dexterity of lobbyists at the highest levels and at different venues, has interloped into a market relationship between banks, AMCON and a number of private firms. The ministry has decided, misleadingly, that the exit of these firms from the stock market will reverse the doctrine of free enterprise of entrance and exit. This is a grossly flawed logic.
These stockbroking companies are their own agents and they act as intermediaries for their clients. Where these clients, relying on the judgment of the moneymen lose their investments, the hazard must extend to the brokers who, presumably, traded on the same assumptions.
The downturn in the market should be read more circumspectly. Brokers are marginal or majestic in the market to the limit of their resources, and it is not in the place of the public treasury to underwrite vested commercial interests at the neglect of the Nigerian people. No other jurisdiction has paid off stockbroker commercial debts.
The tendency for superficial fixes is ever so prevalent. It is a highlight of the misdiagnosis that after two months of the stock exchange appointing market makers, the sky is still grey because the larger picture, the Nigerian economic fundamentals, are still hobbled by a set of negative and stagnant variables.
What is required now is greater caution in fiscal spending. A series of fiscal intervention in the textiles, aviation, and agricultural sectors have yielded poorly, indicating that these initiatives have not been thought through. Even then, the compelling N22.6 billion is a gift of a strange colouration. What justifies this bailout, which principal effect is to enable the bohemian and swashbuckling work ethic of a few private companies to be revived?
The sanctions imposed on these firms as corollary to the tax-payers’ N22.6 billion  include being barred from AMCON mandates ‘for not less than three years’, restriction on debt financing of their trades or taking of proprietary positions, compulsory reports of trade in excess of N25 million and use of custodians. These are mild or inadequate actions in exchange for N22.6 billion gift of public money. There are so many more pressing alternatives, the reconstruction of public infrastructure, for instance, for which this sum could be deployed. If in the end this stimulus is allowed to stand, it must rank as the sacrifice made by so many at the instance of a few.
It will be tantamount to a reward from the public purse in the sum of N22.6 billion for deviant behaviour by private enterprise in pursuit of private greed. Which law of the land allows such anomaly? Stockbrokers who were in cohort with bankers and others with misguided enthusiasm on the stock market to create the bubble that Nigerians are still paying a price for, do not merit a national gift of N22.6 billion. The stimulus should be cancelled.
TheGuardian

Edo Central’s Cry Of Marginalisation

by James Uzondu 

News Introduction: 

The people of Edo central senatorial district protest the alleged marginalisation of the zone in the appointment to political offices. - By Victor Osehobo

Less than two years to the end of his first term in April 2011, Governor Adams Oshiomhole shunned all pleas and sacked all of his aides from Edo central senatorial district. The zone is dominated by
Esan ethnic nationality. Those affected included Anselm Ojezua, a lawyer who served as commissioner for information and orientation as well as Lucas Okojie, who was commissioner for transport. Others were Peter Okoh, special adviser to the governor on environment and Dr. Sunday Edeko,
special adviser on education, his two senior special assistants, Theophillus Afuda and Mrs. Caro Agada as well as two transition committee chairmen, Tom Adodo, for Igueben local government and Tony Momodu, the transition committee chairman for Esan central local government. The governor also sacked Phillip Olumese, chairman of the board of Edo State Broadcasting Service and Frank Erewele, who was the state organising secretary of the Action Congress of Nigeria, ACN, in Edo State the governor’s party and who also doubled as chairman, Edo State Water Board.
The governor said that his action was because they failed to deliver the district to the ACN during the general elections. The party lost but one of the nine elective offices it fielded candidates to the opposition, Peoples Democratic Party, PDP. The ACN won only the Esan southeast seat in the state House of Assembly. Despite the expectation of the people that the zone would produce the speaker, the candidate later emerged deputy speaker of the House. They thought that since the governor was from the north, which is dominated by Afrnmai ethnic group, his deputy from the Benin dominated south, the central senatorial district should produce the speaker of the legislature. But this was not to be as the speakership went to the south senatorial zone.
This situation was justified by the Benin Renaissance Group from Edo south which said that “This is payback time for those of us who worked hard during the elections to return our senatorial candidate in the person of Mr. Ehigie Uzamere. We also returned three House of Representatives candidates and 10 other candidates for the state House of Assembly.” The leader of the group, Chief Osato Ogbeiwi added that by this singular feat the zone has demonstrated its support for the Adams Oshiomhole administration, his developmental strides and need to continue to deepen those core values the society has since yearned for. “We demand that the minimum we can get for our loyalty to the party and for working hard to sustain the values of good governance is to compensate us with the speakership position,” Ogbewi added. The group also argued that by virtue of the reality that Edo south is dominated by Benin ethnic group and makes up 67 percent of the state’s population, the office of the speaker should come to them, adding that it will not be the first time that one zone would be holding two vital state positions under a political dispensation. It referred to the scenario between 1999 and 2007 when the state chairman of the party; the governor and speaker as well as the minister were from Edo central. Ogbewi noted that even between 2008 and 2009, a similar episode played out with Edo north producing the governor and speaker while the post of deputy governor was from Edo south whereas the zone has over 65 percent of the state’s voting population.
Last week, some aggrieved members of the ruling Action Congress of Nigeria from Edo central protested what they tagged “injustice, marginalisation and deceit” meted on them by the party and governor. They said that they lost out in the appointment of key positions during the last four years of Oshimohole’s government in the state and warned against a repeat. The aggrieved party faithful made up of elders, women and youths carrying placards with various inscriptions stormed the state house of assembly and the government house where they lodged their complaints. One of the complaints is that of the 39 key political positions during the last four years of the ACN-led administration, only five went to central, which the state government said, was because the zone did not vote for the ruling party in 2007 and 2011. They said during the period the ACN gave all the choice political posts like the governor, deputy governor, speaker, chief of staff, secretary to the state government, SSG, head of service and other key heads of agencies and parastatals to Edo south and Edo north leaving out Edo central.
According to the demonstrators, Edo central got only five out of the 35 permanent secretaries. “Esan ethnic nationality has less than five percent of all the recruitments in the last four years (we) challenge the state government to publish the list of the entire workforce in the state for the world to see how it reflects the federal character principle which is constitutional.”
The protesters with placards also kicked against what they called “political oppression” and urged the government to ensure that justice and equity prevail in the ongoing appointment into various positions
of new administration. The spokespersons of the protesters, Steve Amedu and Sunday Okougbo said “we that stood by you during the July 14 gubernatorial election in Edo State have become laughing stock and therefore wish to ask you to do a thorough assessment of your cabinet members that are yet to be announced so as to bridge the imbalance that has already been created.
The people of Edo central senatorial district overwhelmingly supported and voted for you in the July 14, 2012 gubernatorial election. We massively turned our backs against our own to support you in the July 14 election. In spite of the fact that it was clear that Edo central was marginalised during the first tenure and a number of people wanted to use that as a basis to dissuade Edo central electorate from voting for you, Esan Youth Movement maintained our ground and stood solidly behind you,” they said.
The spokespersons added that from 1999 till 2010 the speaker of the state House of Assembly came from Edo central senatorial district by virtue of the federal character principle in the sharing of the state’s three key administrative offices, the governor, was from Edo north, deputy governor from Edo south and the speaker of the legislature from Edo central. This they said gave the three senatorial districts a sense of belonging, which should be maintained.
Joined in championing Edo central’s cause is the Network for Democracy and Environment, NDE led by Osato Uwadiae who said that the protest boils down to the office of speaker which has been denied them. Uwadiae said this would have grave political consequences and called on the leadership of the ACN in Edo to go back to the zoning formula whereby Edo central senatorial district produced the speaker of the State assembly. This he said will help maintain the existing peace and harmony in the state.  He said that insinuations in certain quarters that Edo south should retain the speaker of the assembly because Edo central voted out the former Speaker is no longer tenable as taking off the third vital leg of a tripod will lead to its fall. “Under the current set up Edo central has an ACN legislator; the party hierarchy should rally round to give the speakership to the only member of the state assembly” from the zone.
In May this year the ACN in the state explained its rationale for sharing political offices in a manner which appeared to have left Edo central out of the power tripod soon after last year’s general elections. Addressing a mammoth crowd of party supporters at Eguare primary school, Irrua in Edo central, venue for the governorship campaign of the ACN, Pastor Osagie Ize-Iyamu, director general of Oshiomhole campaign organisation said that the Esan people lost out in the sharing formula basically due to what he described as “non-acceptance of the  ACN by the people. “The office of the speaker eluded you because of the fact that Edo central did not vote the ACN.” He said the people of the senatorial district should not repeat the mistake of the past if they must make their presence felt in the sharing formula of political offices in the new dispensation. Ize-Iyamu, who reminded the Esan speaking Edo central senatorial district of the need to fight oppression and godfatherism urged them to key into the policies and programmes of the comrade governor by massively turning out to vote the ACN in the July 14 governorship election. “A vote for the broom is a vote for good governance; a vote for the broom is a vote for good roads, good healthcare, good and qualitative education, and good governance,” he added.
At the end of the polls in July, Edo central gave ACN overwhelming support by delivering her five local government areas. And last week the ACN began re-implementing its zoning formula with Edo north retaining the governorship, the majority leader of the state house of assembly, secretary to the state government with the appointment of Professor Julius Ihonvbere, while Edo south retained the deputy governorship, the speaker of the House of Assembly, the chief of staff to the governor and the head of service. Edo central was left with the deputy speaker and chairman of the party.

 

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