Tuesday, 2 April 2013

Femi Fani-Kayode: Who was Victor Adedapo Adetokunboh Kayode?


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Rev. Emmanuel Adedapo Kayode was an Anglican priest who studied theology at Fourrabay College in Sierra Leonne and who graduated with an M.A. Durham University in 1892. He was of the yoruba tribe and came from the ancient town of Ile-Ife in the old Osun province of south-western Nigeria. He served as an Anglican priest all his life and he established and pastored some of the earliest Anglican churches in Ile-Ife, Osun province, Ondo province and Ijebu province as they then were. Rev. Emmanuel Adedapo Kayode married the daughter of the famous Rev. M.S. Cole and they had eight children. The first of those children was Victor Adedapo Adetokunboh Kayode who is the subject of this essay. His mother, Mrs. E.A. Kayode’s (nee Cole) first cousins were lawyer William Akinlade Savage (who was called to the english bar in 1906) and Dr. Richard Akinwade, who with Sir Kitoye Ajasa, Dr. J.K. Randle and Dr. Orisadipe Obasa established the conservative People’s Union in 1909. This was Nigeria’s first political party.
The first son of Rev. and Mrs. E.A. Kayode , Victor Adedapo Adetokunboh Kayode, was educated at Kings College, Lagos. In 1917 he matriculated at Selwyn College, Cambridge University and in 1920 he graduated and was awarded his M.A. degree in law. He did his masters at Cambridge as well and he graduated and was awarded his LLB masters degree in 1921. Victor Kayode enrolled at the Middle Temple and was called to the British Bar in 1922. He came top in his exams at both Cambridge University (both the first and second year tripos) and at the Middle Temple. This remarkable feat was repeated by his own first son Remi Fani-Kayode approximately 20 years later when he followed in his illustrious father’s footsteps and attended both institutions.
Victor Adedapo Adetokunboh Kayode got married to Miss Aurora Fanimokun in Chelsea, London in 1920. Aurora Fanimokun was the first daughter of the respected Rev. Suberu Fanimokun of the Lagos colony (as it then was) and he was the Principal of the famous CMS Grammer School, Lagos. Like his colleague in holy orders and in-law Rev. Emmanuel Kayode, Rev. Suberu Fanimokun also graduated with an M.A. from Fourrabay College, Sierra Leonne and Durham University in 1892. Rev. Fanimokun was also a friend of Sir Kitoye Ajasa and apart from Aurora his daughter he also had a son that graduated from Glasgow University as a medical practitioner in the early 1920′s. It was by dint of fate and providence that the son and daughter of the Rev. E.A. Kayode and Rev. S. Fanimokun, the two great contemporaries and illustrious Anglican priests ended up getting married in 1920. The first child of that marriage was Remi Fani-Kayode who was born in Chelsea, London in 1921. At that time London was the most affluent city in the western world yet 30 per cent of Londoners were living below the poverty line. This shows that even the most developed cities and nations in the world once went through very hard times as well.
After being called to the British bar in 1922 Victor Adedapo Adetokunboh Kayode went back to Lagos, Nigeria where he set up one of the most successful legal practices of his day. He specialised in criminal law. He occassionally intervened in the politics of the day in Lagos colony but his forte was law and because he was acknowledged as one of the best lawyers of his day he was appointed as a magistrate in 1939. In those days there were no Nigerian magistrates and judges. They were all British.
Olumuyiwa Jibowu was the first Nigerian to become a magistrate in 1931 and then Adebiyi Desalu followed him in 1938. Adetokunboh Ademola was the third in 1939 and then came Victor Adedapo Kayode, F.E.O. Euba and George Frederick Dove-Edwin in 1940. F.O. Lucas was appointed in 1941. These were the first Nigerians to become magistrates and after all of them went on to the higher bench and did exceedingly well. Unfortunately Victor Kayode died in 1941 whilst presiding over an important land case.
A few of years after his death his wife Aurora Kayode remarried. Her second husband was Ernest ikoli, an ijaw man that was resident in Lagos, who was the financer and editor of two Lagos newspapers at the time, who was very active in Lagos politics, who was one of the founders of the Nigerian Youth Movement (which later metamorphosied into the Action Group) and who was the man that was Obafemi Awolowo’s mentor and benefactor and that funded his education in the United Kingdom where he went to study law. Ernest Ikoli was best of friends with Sir Adeyemo Alakija and many other Lagos elites in his day. Aurora Kayode had 8 children for Victor Kayode (4 sons and 3 daughter) but no children for Ernest Ikoli.
Victor Adedapo Adetokunboh Kayode and Madame Aurora Kayode were the parents of Remi Fani-Kayode, the former Minister for Chieftaincy and Local Government Affairs and Deputy Premier of Nigeria’s old Western Region and the grandparents of Femi Fani-Kayode, Nigeria’s former Minister of Aviation and former Minister of Culture and Tourism.
DailyPost

IMF recommends AMCON’s liquidation to curb moral hazard



The International Monetary Fund (IMF) has called for the liquidation of the Asset Management Company of Nigeria (AMCON) in order to curb moral hazard and fiscal risks. The recommendation is contained in the Bretton Woods institution’s assessment of the country, after its 2012 Article IV consultations.
The directors of the Fund unanimously agreed that the continued operations of AMCON may wittingly and unwittingly increase instances of moral hazards and fuel fiscal risks. In economic theory, a moral hazard is a situation where a party will have a tendency to take risks because the costs that it could incur will not be felt by the party taking the risk. In other words, it is a tendency which encourages banks to take risks, knowing that the potential costs or burdens of taking such risks will be borne, in whole or in part, by others, in this case AMCON.
The IMF directors while commending the authorities’ success in restoring financial stability after the 2009 banking crisis, recommended the winding down of the operations of the asset management company to curb moral hazard and fiscal risks, in order to consolidate on the achievements so far.
They particularly welcomed the Central Bank’s commitment to address supervisory and regulatory gaps identified in the Financial Stability Assessment Update, particularly the need to strengthen cross-border supervision and the regime against money laundering and terrorism financing.
AMCON was set up by the Central Bank of Nigeria (CBN) as part of the efforts in restoring financial stability after the 2009 banking crisis. It was established in July 2010 specifically for the purpose of efficiently resolving the non-performing loan assets of banks in Nigeria.
The asset management company has bought over N5 trillion of these bad loans, which has freed most of the deposit banks to start lending again. BusinessDay investigations revealed that there is an increase in risk asset creation, which may have informed AMCON announcing that it would no longer purchase non performing loans from banks in 2013.
“No more non-performing loan purchases,” Mustafa Chike-Obi, CEO of AMCON told Business Day.
For most analysts, the banking sector resolution process seems to be largely complete, with AMCON said to have purchased non-performing loans (NPLs) for over N5 trillion at the rate of over N2 trillion.
This may have influenced IMF calling for the liquidation of the company.
On the macroeconomic front, IMF commended the authorities for prudent macroeconomic policies that have underpinned a strong economic performance in recent years.
Looking ahead, they agreed “that widespread unemployment and poverty remain key challenges for policymakers, and called for renewed efforts to make economic growth more broad-based and inclusive.”
They also supported the authorities’ strategy of consolidating the fiscal position while opening up policy space for needed investment in infrastructure and human capital.
To this end, they recommended the need to improve tax administration, better prioritise public expenditure, strengthen public financial management, and improve the fiscal framework. Particular, they encouraged the authorities to reduce poorly-targeted fuel subsidies, adopt a rule to set the reference oil price in the budget, and fully operationalise the Sovereign Wealth Fund as soon as possible.
BusinessDay

S/Africa to displace Nigeria as Africa’s oil, energy market hub



While South Africa moves a step closer to realising its dream of owning Africa’s biggest oil refinery, Nigeria, Africa’s largest oil producer, is yet to manage its four refineries for optimal production.
South Africa, which recently signed a partnership with China’s Sinopec Petroleum for the building of a modern refinery, might displace Nigeria as key anchor of Africa’s oil and energy market, analyst have said.
South Africa’s $10 billion Mthombo refinery project at Port Elizabeth’s Coega industrial development zone, is expected to pump about 400,000 barrels a day, which analysts say will likely compete intensely with,  or take over Nigeria’s oil market.
Already, it is forecast to create 27,500 direct and indirect jobs at the height of its construction and 18,000 direct and indirect jobs when it starts operating. The 400,000-barrel-a-day plant would almost double the country’s current combined capacity of 497,000 barrels from its four refineries, according to data from the South African Petroleum Association. PetroSA conceived of the Mthombo project when diesel and gasoline imports rose on the back of economic expansion, with demand exceeding local refinery output for the first time in 2007.
On the other hand, Nigeria still relies heavily on imported refined petroleum products, despite owning four refineries (Port Harcourt Refining Company I and II, Warri Refining and Petrochemical Company Limited, and Kaduna Refining and Petrochemical Company). The four refineries have a combined capacity of around 445,000 barrels per day (bpd) or 70.75 million litres per day, but because they are running below capacity, the country imports much of its refined fuel demand at world prices, which is then sold to the domestic market at a discount.
It would be recalled that in the wake of the June 2012 anti-subsidy protests, the Federal Government announced plans to build refineries which it said would be sited in Kogi, Lagos and Bayelsa states, but the projects are yet to take off.
Not long after ( in June to be precise) the Federal Government again signed a memorandum of understanding with a United States and Nigerian Joint Venture, Vulcan Petroleum Resources Limited and Petroleum Refining and Strategic Reserve Limited, for the construction of six modular refineries with a combined capacity of 180,000 barrels per day.
One of the modular refineries was expected to refine 30,000 barrels of crude oil per day, producing five million litres of petrol, diesel, kerosene and LFPO and was estimated to gulp N697.5 billion ($4.5 billion). The refineries were scheduled to be completed within 12 months and to be located in areas where there are crude oil pipelines, in collaboration with the Nigerian National Petroleum Corporation (NNPC). Till date, these projects have not taken off.
“The inability of Nigeria’s ailing refineries to reach full production capacity has been linked to poor maintenance, insecurity and sabotage on crude pipelines feeding refineries, as well as theft and fire,” says Jimi Ogbobine, analyst at Consolidated Discount Limited.
“In 2009 and part of 2010 particularly, low refinery operations  forced the country to import about 85 percent of its fuel needs. In 2011, the operational capacity at the refineries averaged 24 percent, slightly higher than the 22 percent in the previous year, according to U.S. Energy Information Administration,” Ogbobine told BusinessDay.
He said it was a shame that government continued to make promises, while other African countries like Niger, Ghana and South Africa are taking the initiative.
BusinessDay learnt that between 2002 and 2004, the Federal Government ,through the Department of Petroleum Resources (DPR) issued nine licences to private investors with  a total refining capacity of 464,000 bpd, but none of the refineries has come on stream, as the enabling environment is said to be lacking.
Industry watchers are in doubt as to government’s seriousness on the issue of the Greenfield Refineries. Pointers to this arose last July, when China State Construction Engineering Corporation (CSCEC) was forced to extend by one year, a Memorandum of Understanding (MoU) signed in 2011 with the NNPC ,for the construction of three Greenfield Refineries and a Petrochemical plant in Nigeria.
According to a recent Business Monitor International (BMI) report, the construction of more refineries could help decrease the country’s imports of refined products and ease the country’s huge fuel subsidy bill. The report however stated that regulatory environment and security risks could delay efforts to build the facilities, adding that increasing Nigeria’s refining capacity could help the government in combating corruption in its fuel subsidy schemes.
Over the years, there have been calls from several quarters for government to privatise the refining industry in order to revive it from its present moribund state, but government has not heeded  the calls.
BusinessDay

Jay Hileman, Federal Prosecutor, Leaves Aryan Brotherhood Case Amid 'Security Concerns': Report


By Simon McCormack

A federal prosecutor has reportedly left a case involving members of the Aryan Brotherhood of Texas citing "security concerns."
The Dallas Morning News reports that Houston-based assistant U.S. attorney Jay Hileman told defense lawyer Richard O. Ely II that he was withdrawing in an email.
Ely is representing one of the defendants in the case, which involves racketeering charges.
Houston defense attorney Katherine Scardino also received the email from Hileman, according to Talking Points Memo.
"He sent the email to every lawyer representing a defendant in the Aryan Brotherhood federal case, and he said -- very short email -- that he was withdrawing for security reasons," Scardino told TPM.
Angela Dodge, spokeswoman for the U.S. attorney’s office in Houston, declined to confirm to The Huffington Post whether or why Hileman left the case.
"The case currently pending in the Southern District of Texas has been and will continue to be worked by the United States Attorney’s Office for the Southern District of Texas in partnership with the Department of Justice’s Criminal Division," Dodge said in an email.
The news comes days after Kaufman County District Attorney Mike McLelland and his wife were shot and killed in their home.
The Associated Press reports that authorities are investigating whether white supremacists could be behind a recent spate of deadly violence directed at prosecutors and a Colorado corrections official.
Texas law enforcement agencies have been put on high alert, the AP reports.
The killings also come months after 34 members of the Aryan Brotherhood of Texas were indicted, according to Democracy Now.
HuffingtonPost

Ben Carson: White Liberals Are 'The Most Racist People'



Dr. Ben Carson, a black Johns Hopkins University neurosurgeon and conservative favorite after challenging President Barack Obama at the National Prayer Breakfast, said Monday on "The Mark Levin Show" that white liberals are "racist."
"And you're attacked in many respects because of your race. You're not supposed to think like this, and supposed to talk like this. A lot of white liberals just don't like it, do they?" said Levin, host of the syndicated radio show.
"Well, they're the most racist people there are. You know, they put you in a little category, a little box -- you have to think this way. How could you dare come off the plantation?" responded Carson.
Carson is scheduled to speak at the Hopkins' School of Medicine commencement ceremony this year. A group of students petitioned to have him replaced as speaker after he compared gay marriage to bestiality and pedophilia last week. Carson said Friday that he was prepared to withdraw.
The school told HuffPost Friday that it had heard of no change in plans and said he was chosen for his medical accomplishments, not personal views.
Carson said Monday that it was "to be determined" whether he would speak and that he was going to "wait and see."
HuffingtonPost

Opposition Groups Aim To Destroy PDP, Laments Bamanga Tukur



Bamanga Tukur
By SaharaReporters, New York
Fleeing an indifferent health sector inflicted on Nigeria by his Peoples Democratic Party (PDP), National Chairman Bamanga Tukur has warned members not to succumb to the antics of the opposition, whom he described as being bent on destroying the PDP.
In a statement issued in London against the backdrop of reports of internal moves to ease him out of power in the party, Tukur said he has done no wrong to any member of the party to warrant any gang-up against him, and that he would continue to serve the party to the best of his ability.
Apparently concerned about what may transpire in his absence, Alhaji Tukur stressed that the agenda of reconciliation by his leadership is the only solution to the sustained rumblings among members.  He vowed transparency and openness, stressing that every aggrieved person in the party is free to approach the National Headquarters and the leadership concerning their grievances.
“While I take care of my health, I urge party members to continue to support the National Working Committee (NWC) in its drive towards re-launching the PDP into a more formidable structure capable of winning and winning elections without stress,” he said.
Tukur said that every action he has taken since he became the Chairman was in the interest of the party, and in line with the set agenda of Reconciliation, Reformation and Rebuilding of the party at all levels in Nigeria.
“Some members may not like the idea of ensuring openness and transparency in the manner which we conduct our affairs,” he said, arguing that openness and transparency remain the best tools for ensuring progress in the party.
Restating his love for the PDP, he said, “If I am serving PDP at my age, the reason is not because I want anything as gains, the reason is that serving the ruling party amounts to serving my nation. I have my nation to serve and diligently too, because the country has made me.
“So for me, it is a payback time for the country that made me who I am. So why would I complain in the face of stiff challenges.”
He commended President Goodluck Jonathan for his support of the party.
“The President had endorsed every action we took with conviction that they were all in the good interest of the PDP. The governors have been supportive too. We have been in touch and they keep on assuring me of their support.”
Tukur thanked members of the PDP for being steadfast, and called on them to be wary of the threats by opposition groups to “pull down” the PDP at all costs.
The irony of the party chairman seeking medical treatment in London, alongside top officers of the government, governors, the First Lady and privileged Nigerians all over the map, seemed completely lost on Mr. Tukur. 
His party has ruled Nigeria since 1999, and citizens routinely complain of its pervasive corruption and overwhelming indifference, resulting in a dearth of workable institutions, including hospitals.

Nicholas Cendoya, Kyndall Jack Missing: Search Teams Hunt For California Teens



Authorities said they have "high hopes" of finding two teen hikers who were reported missing Monday night in Holy Jim Canyon near Trabuco Canyon in Orange County, Calif.
KCAL reports that Nicholas Cendoya, 19, and Kyndall Jack, 18, called Orange County Sheriff’s deputies to ask for help finding their way back to their car, but their cell phones lost power before authorities could pinpoint their location.
At first, fog hampered rescue efforts by preventing air search teams. But by Monday the weather had improved and Lt. Erin Gudice told City News Service Monday that she was optimistic the teens would be located.
"We have a new search team that’s just been deployed and it looks like we’re getting a break in the weather so I believe we’ll be getting (another) helicopter up,” Gudice said. “We have very high hopes that we’ll be finding them shortly… The weather is on our side today.”
KABC reports that officials believe the teens must have wandered off the "well marked" trail they were on.
"I just hope that she's found," Jack's mother, Dawn told the station. "She's not a very experienced hiker."
Anyone with information on the missing teens is asked to call the Orange County Sheriff’s Department at (714) 647-7000.HuffingtonPost