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Nigeria's Squandered Opportunity By Joel Brinkley-LA Times





By Joel Brinkley

Just outside President Goodluck Jonathan's office sat 17 ambulances, just in case he or one of his aides fell ill. They were seldom if ever used.

No actual health-care facility nationwide had as many, and in fact a few still have none at all. But as soon as a Nigerian newspaper took a photo of the ambulances and published a story about them, they suddenly disappeared -- probably to an underground garage.

Jonathan is president of Nigeria, which should be among the world's most prosperous nations. After all, it produces an estimated 2.4 million barrels of oil each and every day. With oil now selling at $93.61 a barrel, that's $224 million in income daily. And yet many hospitals can't afford to buy an ambulance. The reason, in my view: Nigeria is the most corrupt nation on earth.

Sure, Transparency International lists almost three dozen states as more corrupt -- Chad, Haiti, Laos, Yemen, Cambodia and the like. But are any of those nations as wealthy as Nigeria -- taking in $81 billion annually, just from the sale of oil? No, not even one of them. So Nigeria steals and squanders more money than any other nation, making it the world's most corrupt, by that measure.

Nigerian journalist Musikilu Mojeed finds all this so discouraging.

"With its geopolitical power, economic resources and middle class," he laments, "no country (with the possible exception of Saudi Arabia and Egypt) has the power to change the course of black/African civilization like Nigeria." After all, Nigeria is Africa's most populous state -- and large, twice the size of California.

So Nigerians are living an opportunity squandered -- particularly now. Egypt is in turmoil. In just the last few days, in fact, many Egyptians have been calling for a military coup -- anything to rid the state of its widely despised Muslim Brotherhood government. And a new report by the World Economic Forum ranked Egypt the least safe and secure tourist destination among 140 tourist nations evaluated.

Egypt has lost its place as the Arab/African worlds' leader, and Saudi Arabia never had it. So for Nigeria, the time is ripe. But its leaders seem interested only in stealing the state's money to make themselves rich beyond imaging. Think about it: $81 billion a year just from the oil, while most every local government official still tells his people the nation just doesn't have enough money to fix the roads, schools or hospitals. (Roads are in such terrible shape that government officials generally travel any distance by helicopter.)

And Nigeria's people -- well, they are as mistreated as any on earth. In only nine nations -- among them Liberia, Sierra Leone and Somalia -- do more mothers die during childbirth. And in only 10 states, including Chad, Afghanistan and Zimbabwe, is the average life expectancy lower. Right now the average Nigerian's average life span ends at 52. That may be why the median age of Nigerians is just 18.

A few months ago, the Economist Intelligence Unit published an evaluation of the best places for babies to born in 2013, given their probable welfare as children and the chance for a safe, comfortable, prosperous life. Switzerland, Australia and Norway were the top three. The United States came in at 16th, largely because "babies will inherit the large debts of the boomer generation."

Dead last: Nigeria. "It is the worst place for a baby to enter the world in 2013," the report said.

Even with all that wealth, only just over half the population has access to clean drinking water, and one-third to a toilet, UNICEF says. Two-thirds live below the poverty line. Only one child in four who contracts pneumonia is given antibiotics, and only about half the population is literate.

The CIA also cites endemic "soil degradation; rapid deforestation; urban air and water pollution." All this in a county whose gross domestic product stands at $236 billion a year, in the same league as Denmark, Chile, Israel and the United Arab Emirates -- prosperous, successful states to be envied.

Goodluck Jonathan is certainly aware of all of this. After all, taking the oath of office, he swore to "devote myself to the service and well-being of the people of Nigeria. So help me God."

Well, just last week he demonstrated who he really is and what he stands for when he pardoned a former state governor who'd been convicted of embezzling state funds and laundering the money. That pardon triggered a broad, angry uproar.

Good luck, Mr. Jonathan. It's time you were impeached.

(Joel Brinkley is the Hearst professional in residence at Stanford University and a Pulitzer Prize-winning former correspondent for The New York Times.)



















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Africa’s Leading Novelist Chinua Achebe Dies At 82



Late Professor Chinua Achebe

By SaharaReporters, New York
Professor Chinua Achebe, one of the world’s most celebrated writers and author of the classic novel Things Fall Apart, is dead.

SaharaReporters learned that Achebe, who was the David and Mariana Fisher Professor of Literature at Brown University, died last night in a hospital in Boston, Massachusetts. Professor Achebe had been sick for some time. He was 82 years old.

Prof. Achebe literary agent, Andrew Whilie and his publisher,Scott Myers confirmed his death.

A friend of the Achebe family told SaharaReporters that the family would be making a formal announcement after consulting with others, including Professor Achebe’s publishers and Brown University.

Achebe had been wheel chair-bound since sustaining serious injuries in a 1990 automobile accident near Awka, the capital of Anambra State. The accident left him paraplegic. Since receiving treatment for his injuries in a hospital in the UK, Achebe had lived in the US, teaching at Bard College at Annandale-on-Hudson and, for the last four years, at Brown University in Providence, Rhode Island.  At Brown, he instituted the “Achebe Colloquium on Africa,” a huge annual conference that gathered policy makers, scholars and activists from around the globe to discuss some of the major issues pertaining to African democracy and development.

Achebe was born on November 16, 1930 and was educated at Government College Umuahia and University College, Ibadan. At Ibadan, Professor Achebe was initially admitted to study medicine, but he decided to change his areas of concentration to literature, history and religion.

After graduating from university, he worked for Radio Nigeria, rising to the post of director of External Broadcasting. He also began his career as a writer, catapulting himself to the height of Africa’s most widely read novelist. His first novel, Things Fall Apart, is the largest selling book by any African author. The novel has sold more than 10 million copies and has been translated into approximately sixty languages around the world. The classic work was followed by such other novels as No Longer At Ease, Arrow of God, A Man of the People, and Anthills of the Savannah. In addition, Achebe authored several books of essays, including Morning Yet on Creation Day, Hopes and Impediments, Home and Exile, and The Education of a British-Protected Child. Professor Achebe also published two books of poetry, a collection of short stories entitled Girls At War, a political polemic titled The Trouble With Nigeria, and several children’s books. His works won numerous literary prizes, including the Man Booker Prize and the Gish Prize for artistic excellence which he received in 2010.

Professor Achebe’s latest book, There Was A Country: A Personal History of Biafra, generated great controversy and debate in Nigeria and around the world when it was published in October of 2012. The book is Achebe’s insider account of his formation as a writer as well as a series of crises that led to Nigeria’s civil war in which a reported two million people perished.

During the Nigerian civil war (1967-1970), Achebe served as an envoy of the secessionist state of Biafra.

Achebe was the scourge of bad rulers in Nigeria and elsewhere in Africa. His book The Trouble With Nigeria criticized Nigerian leaders for their “failure of leadership.” He twice rejected offers of Nigerian national honors in protest against the policies of former President Olusegun Obasanjo and incumbent President Goodluck Jonathan. However, he won the inaugural edition of the Nigerian National Merit Award in the mid-1980s.

Achebe is survived by his wife, Christie Chinwe Achebe, a professor of psychology, and four children – Chinelo (a professor), Ikechukwu (a researcher and academic), Chidi (a medical doctor based in Boston, Massachusetts), and Nwando (a professor of history at Michigan State University) – as well as several grandchildren.

SaharaReporters was told that the family had yet to make funeral arrangements. We could not ascertain whether Professor Achebe will be buried in his hometown of Ogidi or in the US.




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NNPC refunds N7billion to Federation Account


NNPC refunds N7bn to FAAC
From the Sunnewsonline.com
Nigerian National Petroleum Corporation (NNPC) yesterday refunded N7.617 billion to the federation account,   as part of its debt, and  arrears of N156.76 billion for the month of January, owing to the late implementation of the budget.

Speaking shortly after the end of the Federation Accounts Allocation Committee (FAAC), meeting, the Accountant General of the Federation (AGF), Mr Jonah Otunla, said that FAAC shared a total of  N888.40 billion to the three tiers of government for the month of February.

The amount, he said, indicated an increase of N310.94 billion or 54.03 per cent over the N575.46 billion shared by the committee to the three tiers of government for the month of January. Otunla  also said that members of the committee agreed to transfer the sum of N121.41billion into the Excess Crude Account which brings the new balance in the account to $8.061  billion.

“The gross revenue of N571.67 billion received for the month was lower than the N651.26 billion received in the previous month by N79.58 billion.

Production was equally hampered by pipeline vandalism at Bonny, Forcados and Brass Terminal,” he said  The breakdown of the distribution shows that N445.84 billion was shared under statutory allocation; N62.707 billion was allocated under Value Added Tax while N173.595 billion was used to augment the shortfall in revenue.

According to the AGF, from the N445.26 billion statutory allocation, the Federal Government got N209.86 billion representing 52.68 per cent; the 36 states got N106.44 billion or 26.72 per cent while the 774 local government got  N82.06 billion or 20.6 per cent. Similarly, he said N47.48 billion was shared to the nine oil- producing states based on the 13 per cent principle of derivation.

As for  VAT distribution of  N60.19 billion, Otunla noted that FG got N9.03 billion or 15 per cent whereas  states got N30.1 billion or 50 per cent while local governments got N21.07 billion.


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China's Gas Reserves: Still a Long Way to go


From the Punch.
China’s plans to unlock what could be the world’s biggest shale gas reserves risk running further off track after 16 firms awarded exploration rights in the latest auction lacked one core skill — not one has drilled a gas well before.

Reuters reported that Beijing is hoping shale gas can transform the country in the same way as the United States boom, though to date there has been little commercial production and a target of producing 6.5 billion cubic meters of gas by 2015 in the world’s biggest energy consumer looks out of reach, according to industry experts.

The lack of experience exploiting shale among new firms scrambling to enter the sector will make it an even bigger challenge to get at the gas, and if they fail to deliver China will struggle to reduce its dependence on expensive imports of oil, liquefied natural gas and coal.

The auction winners will have to buy in the expertise they lack, offering the prospect of lucrative contracts for specialist foreign firms such as Schlumberger or Halliburton for the “fracking” (hydraulic fracturing) technology to get at the gas.

The first shale auction two years ago was dominated by big Chinese state energy firms such as CNOOC Limited and PetroChina.

The second auction attracted interest from more than 100 firms, an eclectic group that included a real estate developer, a grain trader and a tobacco dealer, lured by gas subsidies and aided by easy access to funds.

The profile of the bidders reflected both the fever pitch over shale and its potential and the government’s attempt to replicate the conditions that underpinned the US shale revolution: competition among a myriad of independent drillers.

“They will have received very little data about the blocks, will have very little idea about what it is going to cost them to do exploration wells and no idea about development costs,” said Tony Regan of Tri-Zen Consultancy in Singapore, which advises gas companies doing business in China.

“They are driven by the attraction of getting in early into what could be a huge market.”

China’s potential is clear. The government puts technically recoverable shale gas reserves at 25 trillion cubic meters, while the US Energy Information Agency has them at 36.1 tcm, in both cases larger than US reserves estimated at 24.4 tcm.

But China’s shale deposits are mostly found deeper underground than in the U.S. and reserves are more scattered, making it difficult to adapt the technology that has worked in the United States to China’s geology.

Big oil firms including PetroChina and Sinopec Corporation working on what are considered some of the best prospects are making slow progress.

They had drilled more than 60 shale wells by May 2012, mostly in the southwest Sichuan basin, but PetroChina had produced only just over 11 million cubic meters in its most promising area by November.

US shale production in 2011 rose to 240 billion cubic meters, nearly 30 per cent of total US gas output.

The task for the winning companies in the second auctions is made more difficult by the lack of potential in the acreage that was on offer, said a government oil and gas expert with direct knowledge of the auction. The 20 blocks were in eight provinces including Sichuan, Guizhou, Henan, Hubei and Jiangxi.

“Based on the understanding of the reserve potential of these blocks, I am not optimistic,” the expert said. “Very few would yield sizeable finds and even if they strike gas, it could hardly be profitable due to the high exploration cost.”

The cost to drill a single shale gas well in China ranges from $5m to $12m — compared to the average cost per well of $2.7-$3.7m in the United States, according to a report by law firm Norton Rose.

Shortages of water for fracking in gas basins in China where the shale is located also present formidable challenges.

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2013 budget: N400 billion released for Capital projects.


Minister of Finance, Dr. Ngozi Okonjo-Iweala
Minister of Finance, Dr. Ngozi Okonjo-Iweala
From the Punch
The Federal Government has begun the implementation of the 2013 budget with the release of N400bn for the execution of capital projects in the first quarter of the year.

The 2013 budget was signed into law by President Goodluck Jonathan on February 26 amid reservations.

The President had while signing the budget said an amendment bill would be sent to the National Assembly to address grey areas in the one passed by the legislature.

The identified grey areas include reduction in personnel cost; reallocation of capital expenditure by lawmakers; and reallocation of the budget for the Subsidy Reinvestment and Empowerment Programme.

But while the National Assembly awaits the amended bill, which will be sent in form of a supplementary budget, the Minister of Finance, Dr. Ngozi Okonjo-Iweala, said in a statement issued by her Senior Special Assistant (Communications), Mr. Paul Nwabuikwu, that the decision to release the N400bn was to give impetus to the execution of projects captured in the budget.

Of this amount, she said that N120bn had been set aside to cater for two important initiatives.

They are N75bn for the repayment of bonds and N45bn for the payment of workers of the Power Holding Company of Nigeria.

The N75bn for repayment of bonds, according to the minister, is in line with the new debt management strategy of the Federal Government.

The strategy, she noted, would focus on how to reduce the stock and flow of debt in a proactive manner.

The statement read in part, “The Federal Ministry of Finance has released the sum of N400bn as first capital budget to give impetus to the execution of projects captured in the budget 2013.

“Of this amount, N120bn had been frontloaded to cater for two important initiatives; including N75bn for retiring bonds, which have come due; this is in line with the new debt management strategy, which focuses on reducing the stock and flow of debt in a proactive manner; and N45bn for the payment of PHCN workers.”

Okonjo-Iweala had last week during a presentation on the 2013 budget said the government remained focused on critical economic and social sectors driven largely by private sector activities.

To achieve this, she had said N497bn was allocated to key infrastructure, including power, works, transport, aviation, gas pipelines and Federal Capital Territory; human capital development (education and health), N705bn; and agriculture/water resources, N175bn.

She had said, “We recognise that Nigeria’s infrastructure deficit remains one of the binding constraints to growth in the economy. Therefore, our strategy is to prioritise infrastructure investments in the budget and also to leverage additional external financing for infrastructure investments in the country.

“For example, the 2013 budget has some important infrastructure projects in the transportation sector such as the second Niger Bridge.”

She also said the Federal Government’s would further reduce annual domestic borrowing as well as defray the debts of Nigeria’s foreign missions.

For instance, the minister had said the annual domestic borrowing to finance the budget deficit had been reduced from N852bn in 2011, to N744bn in 2012 and N577bn in 2013

Okonjo-Iweala said, “We are also making concerted efforts to defray the debts of our foreign missions. In this context, we have made a provision of N13bn in the 2013 budget to help clear the accumulated debts as at the cut-off date of June 2012.

“Government has also established a committee under the chairmanship of the Minister of Foreign Affairs, which will work out a system to better manage the assets of our foreign missions.”

The 2013 budget makes provision for an aggregate expenditure of N4.987tn, representing an increase of 6.2 per cent over the N4.697tn appropriated for 2012.


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Depositors Protest Access Bank's Hidden Charges


Premise of Access Bank
From the Punch.
Several customers of Access Bank Plc are at loggerheads with it over some alleged hidden and unexplained charges.

Some of the customers told PUNCH Metro that deductions were being made from their accounts for frivolous reasons.

A customer, Kolawole Ebenezer, said,  “I didn’t notice the deductions until a few weeks ago when I went to make a deposit into my account. I saw my account balance and began to make enquiries. They said the deductions started this year and I wasn’t alone.

“So many other customers that day in the banking hall were furious. Despite the directive from the CBN about not making deductions for the use of ATMs, I am being charged for email alerts, account balance, SMS, ATM usage and another N1,000 for maintenance.

“I made efforts to speak with the manager of Dopemu branch where my account is. Her response was that the deductions were not peculiar to me. She said it was a directive that all Access Bank branches were complying with. I find this disheartening because I have two accounts in other banks and they are not doing this.”

Another customer with Dopemu branch, who identified herself as Sola said, “Apart from a maintenance fee which is deducted every year, there are sundry charges which I have yet to understand.

“Even when you confront the bank workers, they always manage to find a reason for the deductions. Sometimes they tell you it is a mistake, they are working on it but your money is never refunded. Other times, they just ignore you outright. It is frustrating.”

Modupe Balogun, a 23-year-old lady, said she had become disillusioned with saving money in the bank.

Balogun, who opened a savings account with the bank in August 2011, said she saved N5,000 as of January 2013. However, she said when she checked her balance, she was told she had only N2, 942.11.

Balogun said she found the balance curious, and desired to know why her savings were depleted.

Balogun said, “My account with the bank is 0009872251. Since I opened the account, I have saved N5,000 and have never withdrawn any money.

“I am surprised that the balance sent to me in January 2013 showed that I only had N2,942.11k.

The depositor said after complaining to the bank’s Ogba branch, they asked her to obtain a statement of account to give details of the transaction.

She said the statement generated from the bank further depleted her balance, leaving her with N2,582.11.

Not satisfied with the state of affairs, Balogun opted to close her account with the bank.

But she said to her amazement, she was told she had a balance of N1,300.

Balogun added, “So, I decided to close my account and to collect the N1,300 they claimed remained. But to my consternation, I was told they would still remove N400 from the money.

“The development pissed me off. I had to call my uncle to narrate my woes. He said I should not take the N900 until the issue is sorted out. That is my story with Access Bank.”

In the summary of statement from August 2011 to January 31, 2013, Access Bank indicated that the depositor made deposits on September 11, 2011 (N1,500); June 25, 2012 (N1,500) and October 16, 2012 (N2,000).

It also indicated that on April 30, 2012, the bank debited the depositor’s account with N100 under the heading of electronic channel fees while on May 14 of the same year, N1,000 was removed for Verve Debit card issuance fee.

Also, as from June 12, 2012 to January 25, 2013, the sum of N1,320 was deducted from the account for electronic channel fees, account maintenance fees and SMS alert.

When Punch Metro visited Access Bank, Dopemu branch, our correspondent was not allowed to see the branch manager. However an employee of the bank, who declined to mention his name said there was nothing fraudulent about their charges.

“There is nothing fraudulent about our charges. The N1000 maintenance charge is deducted just once a year from every customer’s account. We decided it was better to have a maintenance charge instead of making charges for ATM withdrawals and the like.”

When PUNCH Metro contacted the spokesperson for the bank, Mr. Segun Fafore, he said, “I don’t really know what to tell you about the claims you have just made. These deductions are not just peculiar to Access Bank customers alone.”


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The Presidential blunder



The Nigerian President repeated pardons for already pardoned people.
In what appears a desperate and hurried move by President Goodluck Jonathan to justify the pardon of his former boss and ex-convict, Diepreye Alamieyeseigha, the president introduced names of other Nigerians who had been pardoned by previous governments.
When the Nigeria Council of State met on Tuesday, the president read out a list of some convicted Nigerians whom he would want pardoned.
Sources at the meeting said top on the list read by the president was Mr. Alamieyeseigha, and that “it was clear to all of us that he (Mr. Alamieyeseigha) was the target of the pardon.”
Evidence has now shown that at least three other names pardoned by Mr. Jonathan and the Council had been pardoned by an earlier government.
Repeated names
Among those pardoned by the president are the elder brother to deceased President Umaru Yar Adua, General Shehu Musa Yar Adua, and three former Army officers accused of coup plotting:  Oladipo Diya, a former Chief of General Staff; Major-General Abdulkareem Adisa; and Major Fadipe.
General Shehu Yar Adua was pardoned along with President Olusegun Obasanjo by the Abdulsalam Abubakar administration.  Sources at the last Tuesday meeting where President Jonathan tabled his list of candidates for pardon spoke of  ”an obvious and blatant administrative shoddiness that led to this repetition.”  The three army Generals who also earned President Jonathan’s pardon had  earlier received pardon of clemency from the  same Abdulsalam Abubakar administration. The were accused of coup plotting by late Nigerian Head of State, Sani Abacha,. The pardoned was gazetted on March 4, 1999.
Sources say the presidency was blind-sided, with its retinue of aides and assistants, into committing these obvious gaffes because the exercise was hurriedly done, to justify Mr. Alamieyeseigha’s pardon.
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Jonathan Pardons Corruption - NVS Editorial




By Nigerian Village Square
The decision of Nigeria's Council of States, led by President Goodluck Jonathan, to pardon the former Bayelsa state Gov. Diepreye Alamieyeseigha is a slap in the face of all Nigerians.

Alamieyeseigha is a man, who just five years ago, embezzled billions of naira in state funds, pleaded guilty and was duly convicted of corruption and money laundering. Let us remember that he is an international fugitive, infamously dubbed "Nigeria's Runaway Governor" by the BBC, who is still wanted in the UK for jumping bail after the London Metropolitan Police found about £1m million in cash in his London home. By his actions and quoting Presidential spokesperson (Reuben Abati) back in November 2005*, “Alamieyeseigha, has shown himself to be a dishonourable fellow, unfit to rule, unfit to sit among men and women of honour and integrity”

This presidential pardon has grave implications for the Nigerian government's reputation at home and in the international community; it takes Nigeria back several steps in its fight against corruption and in cleaning up its image abroad. Most importantly, it further undermines the country's already weak and battered criminal justice system and sends worrying signals to the country's teeming youthful population that crime in high places pays.

If the decision to pardon Alamieyeseigha stands, then President Jonathan has lost the moral authority to talk about fighting corruption and he might as well release all jailed armed robbers and open the treasury for open looting.


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The Corruption Mascot called Goodluck Jonathan by Ayobami Oyalowo


By Ayobami Oyalowo, SaharaReporters
Corruption is like a ball of snow, once it’s set rolling it must increase.
~ Charles Caleb Colton.

The mask is off, the veil and façade of ‘fighting corruption’ has been yanked off by the man himself. Goodluck Ebele Jonathan is now the Poster Boy for corrupt leadership the world over. Jonathan became the president of Nigeria with no positive antecedent or manifesto to develop or make Nigeria a better place to live in. He rode to power on the back of base sentiments without any known achievements nor blueprint to show. He was “our” son. What most people who voted or supported him did not know was that he is an indicted felon. Hold your stone, before you hurl expletives at me, see the next paragraph….

From his antecedents, Jonathan is corruption personified and I say this without any fear or favour. However, intellectual laziness has blinded most of us from researching his past. Here is a little snippet into the past of Mr. Jonathan, a creation of the corruption he unashamedly tells people that he is fighting: In 2006, he was indicted for false declaration of assets by a Joint Task Force (JTF) on corruption that was set up by Obasanjo’s government. That powerful panel was headed by Nuhu Ribadu, who was then chairman of the Economic and Financial Crimes Commission (EFCC).

The Joint Task Force said Mr. Jonathan was in possession of illegally-acquired property such as homes and exotic cars, all of which he could not explain within his legitimate income. While he was invited for hearing, he claimed he bought them from his “savings”. Meanwhile, he was a lecturer preceding his becoming a deputy governor. Kindly see for yourselves the worth of the properties which were bought from Mr Jonathan’s ‘savings’ as a teacher: seven-bedroom duplex worth N18 million at Otueke Ogbia LGA acquired in 2001; a four-bedroom duplex, valued at N15 million at Goodluck Jonathan Street, Yenegoa, acquired in 2003; and a five-bedroom duplex, at Citec Villas, Gwarimpa II – Abuja, valued at N25 million, also acquired in 2003. There were also two cars: a Lexus Jeep valued at N18 million; and a BMW 7351 Series worth N5.5 million. If you check the dates the purchases were made from 2001, it was just two years after GEJ became a deputy to a criminal Governor Alameyeisigha, convicted for fleecing Bayelsa state dry. The same Alameyeisegha Jonathan gleefully called “my mentor” and for whom he has now maneuvered a State pardon.

Does Mr. Jonathan have the right to grant such a pardon? Absolutely! If so, why the hue and cry by “ignorant” Nigerians and “noisy” opposition figures? Well you may wish to glean into the “wonderful” past of Mr. DSP, who was alleged to have been dismissed from the Nigerian Air-force on charges bordering on stealing and sundry offences.

Mr. Alamieyeseigha, whom Mr. Jonathan recently described as his political mentor, is a fugitive who jumped bail in the United Kingdom. He was first elected governor on the platform of the Peoples’ Democratic Party in 1999 and re-elected in 2003 after his first term in office.

On September 15, 2005, while serving his second term, he was arrested at the London Heathrow Airport by the Metropolitan Police on the suspicion of money laundering. After he was granted bail, Mr. Alamieyeseigha jumped bail in December 2005 and bolted to Nigeria allegedly disguised as a woman after fooling U.K. border officials.

He was eventually impeached by the Bayelsa State House of Assembly in December 2005.

The U.K. authorities seized $1.5 million (N225 million) cash stashed in his London home as well as $2.7 million (N405 million) held in bank accounts at Royal Bank of Scotland PLC and Santolina Investment Corporation. His London real estate valued at $15 million (N2.25 billion) was also seized by U.K. authorities.

An adept criminal, Mr. Alamieyeseigha had spread his stolen monies across notorious tax havens and offshore destinations such as the Bahamas, the British Virgin Islands and Seychelles. Others were hidden in the U.K. and South Africa.

“His scattered stolen funds posed some difficulty for anti-fraud agents who were keen on confiscating the slush fund. But after he pleaded guilty to money laundering at home, it opened the way for the Economic and Financial Crimes Commission (EFCC) to apply for a disclosure order for evidence gathered by the Metropolitan Police. This was used alongside evidence of Mr. Alamieyeseigha’s income and asset declaration to obtain a worldwide restraining order covering all assets owned directly or indirectly by Alamieyeseigha and a disclosure order for documents held at banks and by Alamieyeseigha’s associates,” reports the World Bank’s Stolen Assets Recovery initiative (STAR).

Also, with the help of South African detectives, he forfeited his luxury penthouse in South Africa. He also lost assets in Cyprus and Denmark.

The list of assets and properties in the Code of Conduct Assets Declaration Form submitted by Mr Alamieyeseigha to the Code of Conduct Bureau in 1999 before becoming governor included:

• Five buildings with a total value of N50 million.
• 25 plots with a total value of N2.5 million.
• He owned a company, Pesal Nigeria Ltd. with a capital of Nl00, 000.
• He had four vehicles he acquired between 1982 and 1998 with a total value of N10 million.
• He had an account with Diamond Bank Plc, Trans Amadi, Port Harcourt, A/C No.0136900013 with a balance of N5 million.
•Cash in hand was N100,000.00.

His Asset Declaration Form signed on 25th of April, 2003 when running for re-election, contained the following assets:

•Six buildings acquired between 1985 and 2002 with a total value of N70 million and annual income of N3.5 million.
•He has 27 plots acquired between 1985 and 2001 with a total value of N5 million.
•Six vehicles acquired between 1982 and 2003 with a total value of N14.8 million.
•One boat acquired in 2002 with a value of N2.5 million.

In his Assets Declaration Form signed on 2nd December 2003, we had the following:

• Seven buildings acquired between 1985 and 2003 with a total value of N77 million and annual income of N4.5 million.

Additional information on the buildings and plots revealed the following:

• 5, Khana Street, D/Line, P/H – Storey building,
• 5, Khana Street, D/Line, P/H – 3 Bedroom Bungalow,
• 4, Tombia Street, G.R.A., P/H – Detached Duplex,
• 2, Oniye, lyana Ipaja, Lagos – 5 bedroom bungalow,
• Amassoma – duplex/bungalow,
• Opolo, Yenagoa – Duplex
• 3, Williams Jumbo, P/H – Duplex
• lyana Ipaja, Lagos – 3 plots
• Isolo, Lagos – 1 plot
• NTARoad,P/H – 4 plots
• Yenagoa, Bayelsa – 17 plots
• Amassoma – 2 plots

Properties, companies and bank accounts in Nigeria and abroad acquired by Mr. Alamieyeseigha after assumption of office as the executive governor of Bayelsa State were:

i) That he holds a personal bank account with Barclays Bank Plc which was opened on 5 January 2004 and the balance stood at £203,753.34 as of 15th February 2005.

ii) He holds a personal bank account with HSBC, London, but the account was closed sometime in March 2003 while all the money in the account was transferred to Santolina Investment Corporation’s account with National Westminster Bank, London.

iii) It was confirmed that he is the sole Director of Santolina Investment Corporation and sole signatory to the company’s account with National Westminster Bank with A/c No. 10182819 Sort Code 15-00-25 in London.

iv) He also holds personal account with Bond Bank in Lagos which was opened sometime in January 2004 and the balance stood at N105-14.942.61 as at 16th September 2005 and another personal account in Oceanic Bank Plc, as follows:-

The Salo Trust in the names of Enitonbrapa Alamieyeseigha, Embelakpo Alamieyeseigha, Ebipadei Alamieyeseigha, Oyamuyefa Alamieyeseigha, Saleaka Alamieyeseigha and Margaret Alamieyeseigha.

v) He holds an account with Bank of America in the name of Peter Alamieyeseigha with account number 0054 8256 2491 which balance stood at $1,600,000.00 as of August 2003.

vi) The sum of GBP 1,350,000.00 being the annual premium for Insurance Policy No. 1E1/0405/0012/AR/HQ m respect of the Kolo Creek Power Station Yenagoa, has been traced in an account at Barclays Bank, Knightsbridge, London, SW1X 7NT, A/C No. 80041262, Sort Code 20-47-35, IBNrGB 87 BARC 2047 3580 0412 62SWIFT BICGB22 held by a certain First Investment & Finance Corporation. The premium is for an All Risks Cover for the Gas Turbine for a period between 22/6/2005 and 21/6/2006.
Properties in London

•247, Water Gardens, London, W2 2DG, which is the registered
address of Solomon & Peters Ltd. This property was purchased
for £1.75 million on 20/8/2003

•14, Mapesbury Road, London, NW2 4JB. This property was
purchased for £1.4 million on 6/7/2001

• Flat 202, Jubilee Heights, Shoot uphill, London, NW2 3LJQ,
purchased for the sum of £241,000.00 on 28/10/99.

• 68-70, Regent’s Park Road, London, N3 which was purchased in
July 2002 for the sum of £3 million.

i) All the property listed above have a combined value in excess of £381 million

ii) He had almost £1.9 million in a Royal Bank of Scotland account belonging to his company Santolina for which he had requested to be transferred to an account in Cyprus.

iii) Four transfers to the tune of Euro 2.36 million were made from Bayelsa State Ministry of Works Account held by Allstates Trust Bank to Germany through Commerz Bank, London at a time when Chief D. S. P. Alameyesigha was receiving treatment in a German hospital.

Properties in South Africa

i) It has also been established that he owned a property at V & A Waterfront, Cape Town, South Africa worth over £1 million.

ii) Royal Albatross Properties 67 is a company registered in September 2005 in Cape Town, South Africa. This company is also believed to be owned and controlled by Chief Alamieyaseigha.

Properties in the United States

i) 504, Pleasant Drive, King Farm Estate, Maryland USA,
ii) 15859, Aurora Crest Drive, Whither, California, USA, 906

(Courtesy Premium Times)

That was the CHARACTER that the Nigerian Council of State at its meeting, attended by three former heads of states and some state governors on Tuesday March, 2013, approved a presidential pardon for. Note that the Nigerian constitution guarantees the president discretionary powers to grant presidential pardon and the council of state is merely advisory in nature.

Word out there is that Mr. Alamieyaseigha was pardoned preparatory to his eventual journey to the National Assembly as a senator of the Federal Republic of Nigeria. Lord Have Mercy!!!

By this singular action, Dr. Goodluck Jonathan has shown the world and whoever cared to listen that he is not interested in fighting corruption as he recently said corruption was not Nigeria’s problem. Therefore he will be best advised to stop deceiving himself, pretending to fight corruption. It is time to disband the EFCC, ICPC and all other CLOWNS masquerading as agencies fighting corruption in Nigeria, because we ain’t fighting no corruption. Corruption is the MIDDLE NAME of this mascot called Jonathan, who unfortunately is our president. It is also time to throw open all the prison gates and pardon every known felon since (according to the reasoning of Mr. Jonathan) they have all suffered enough.

Revelation 22:12 : And, behold, I come quickly; and my reward is with me, to give unto every man according as his work shall be.










Posted by Unknown |

Alamieseigha is Crucial To the Nigerian Economy - President Jonathan


  


By SaharaReporters, New York
The Presidency, increasingly desperate, has again tried to justify the pardon it granted, Mr. Diepriye Alamieseigha, describing the convicted former Governor of Bayelsa State as responsible for an increase in the barrels of oil Nigeria now sells on the international market.

The Senior Special Assistant to President Goodluck Jonathan on Public Affairs, Doyin Okupe, made the wild claim at a press briefing in Abuja on Thursday.

“I thought he was going to say the man has refunded millions of dollars he stole when he was in office,” an angry reporter who covered the briefing stated.  

But Okupe told the astonished journalists, “In truth,nAlamieseigha since he left prison has been working strenuously and silently to assist the President stabilize the amnesty in the Niger Delta region.

“Alamieseigha is a foremost leader of the Ijaw Nation, and his political and stabilizing influence in that region has impacted positively on the overall economy of the nation, bringing crude oil exports from the abysmally low level of 700,000bpd to over 2.4million bpd.”

Okupe, the attack dog who came to the presidency last year with serious ethical questions of his own, added that Alamieseigha, who is still wanted by British authorities, can be credited with ensuring that the blood running through Nigeria's economic artery is not cut off.

Seeking to find comfortable parallels on which to hang the issue of the discredited former governor and a president whose credibility continues to plunge, he likened Alamieseigha’s pardon to that of the late  Obafemi  Awolowo and that of the late Ikemba Nnewi, Chief Odumegwu Ojukwu, stressing that they were once pardoned by the state.   He forgot to say that none of those men stole from children and the poor who were under their charge.

Okupe continued to insist that Alamieseigha has repented, and that he "lost his position, forfeited the property illegally acquired and had also demonstrated enough soberness after he served his sentence."

Asked whether the pardon would not be a setback for the country's war against corruption, Okupe, predictably, answered in the negative, stating that “the purpose of punishment is not to destroy the offender but to reform him and deter others.”

The former medical doctor further stated that it is not only in Nigeria that the granting of pardon has elicited debate and anger.

“President Bill Clinton similarly ignited a fire stone of controversy when he pardoned Marc Rich, who was charged, in 1983, with cheating the United States Government of nearly $50m dollars and doing business with Iran during the hostage crisis. Rich was never tried as he fled to Switzerland to avoid prosecution.

“President George H.W. Bush perplexed a majority of America citizens when he pardoned six people from the administration of his immediate Republican predecessor, Ronald Reagan, in whose administration he was also the vice-president.

“The six Americans were under investigation for the involvement in the Iran – Contra Affair, which was a National Scandal, involving selling of Arms to Iran and using the proceeds to fund Nicaragua counter –revolutionaries,”  Okupe said.

“With these clever-by-half arguments, it is clear that Jonathan is going to find ways of trying to demonstrate that Alamieseigha is an asset to Nigeria,” an analyst told SaharaReporters.  “Mark my words: Jonathan is going to appoint Alams to a critical national position.  He is going to teach Nigerians a bitter lesson.  Remember he said yesterday that it is not all the decisions that parents take that are palatable for their kids, but that with time those children will realize that their parents were right?

He is going to show us all-his troublesome citizens—that he was right.”
 
TEXT OF A PRESS CONFERENCE ADDRESSED BY THE SENIOR SPECIAL ASSISTANT TO
THE PRESIDENT ON PUBLIC AFFAIRS, DR DOYIN OKUPE ON THURSDAY 14TH MARCH,
2013.
 
GRANTING OF STATE PARDON: NEED FOR AN OBJECTIVE, HUMANE CONSIDERATION.
 
Gentlemen of the Press.
 
I have called this Press Conference to shed more light on the Pardon granted to some Nigerians recently by the National Council of State, especially as it concerns the former Governor of Bayelsa State, Chief Diepriye Alamiesegha.
 
I speak to you today, not just as the Senior Special Assistant to the President on Public Affairs, but also as a Patriot, a Statesman and a Stakeholder in the Nigerian Polity.
 
I wish to appeal through this Medium to fellow Nigerians and distinguished members of the Civil Societies for open mindedness on this issue.
 
This is our country and our dearly beloved Nation which we all owe a duty to nurture, protect, preserve and ensure that after a hundred years of its existence, we hand it over to the next generation as one prosperous indivisible entity where justice, equity and peace reign.
 
Many will not question the legality or lawfulness of the pardon granted by the National Council of Sate. Section 175 of the 1999 Constitution clearly  empowers the President in consultation with the Council of State so to do.
 
The major concern of many patriotic and reasonable Nigerians is whether the decision is morally right or if it will not send wrong signals on    Governments anti-corruption crusade.
 
These two considerations are my major objectives in addressing this conference and I once again wish to plead earnestly that our people should hear me out and allow us to reason together.
 
On the issue of morality, I want to state categorically here, that State or Presidential Pardon are not intended for nobility or saints. In general, a state pardon is for those who have committed  crimes and breached the laws of the land and may or may not have been tried or convicted regardless of their social status.
 
A pardon is the forgiveness of a crime and the cancellation of the relevant penalty; it is usually granted by the head of state (such as a monarch or president) or by acts of parliament or a religious authority.
 
Today, pardons are granted in many countries when individuals have demonstrated that they have fulfilled their debt to society, or are otherwise  considered to be deserving.
 
Also, a Prerogative of Mercy by definition is not a justifiable affair. It has to do with discretion and the necessity to redress bitterness and thereby offer healing and forgiveness especially in the presence of evidence of remorse and potential to add value to the country.
 
This is what made President George H.W Bush in 1992 to say “when earlier wars have ended, Presidents have always used their powers to pardon to put bitterness behind us, and look to the future. This healing tradition reaches at least from President James Madison’s pardon of La Titte’s pirates after the war of 1812, to Andrew Johnson’s pardon of soldiers who fought for the confederacy, to Harry Truman’s and Jimmy Carter’s pardons of those who violated the selective service laws in World War II and Vietnam”.
 
The above tradition must have informed President Bill Clinton when he pardoned Fife Syminghton III, former Republican Governor of Arizona who
was convicted of bank fraud.
 
 
President Bill Clinton similarly ignited a firestorm of controversy when he pardoned Marc Rich, who was charged, in 1983, with cheating the United States Government of nearly $ 50 Million US Dollars and doing business with Iran during the hostage crisis. Rich was never tried as he fled to Switzerland to avoid prosecution
 
President George H. W. Bush perplexed a majority of American Citizens when he pardoned six people from the administration of his immediate Republican predecessor Ronald Reagan in whose administration he was also the Vice – President. The six Americans were under investigation for their involvement in the Iran – Contra Affair, which was a National Scandal, involving selling of arms to Iran and using the proceeds to fund Nicaragua counter – revolutionaries.
 
These are the bastions of leadership of the International Community which our enlightened citizenry are always too eager to use as bench-mark of good governance and democratic propriety. In all these, we must always remember that all Nations of the world have their own characteristics and will always do things that are socio-politically expedient at every point in time.
 
American history is replete with similar instances of pardons for reasons that may not appear altogether altruistic but which suited the socio-political  situations of the country. Bill Clinton issued a total of 456 pardons, of which one was his younger brother serving a one year jail term in connection with possession of cocaine. George Bush Snr,176, Jimmy Carter 566, Lydon Johnson 1,157 and F D Roosevelt 3,687!
 
Gentlemen of the Press will recall that former Governor DSP Alamieyeseigha was removed from office in a manner that was suggested by many as not being entirely above board. Nevertheless, the former Bayelsa Governor whose pardon appears to be drawing all the flaks has been tried, found guilty and adequately punished. He lost his position, forfeited the property illegally acquired and has demonstrated enough soberness after he served his sentence. It is out of place to suggest that the pardon is tantamount to abandoning the fight against corruption in Nigeria. This is too far from the truth. It was Lord Denning that perhaps put it more succinctly when he said “the purpose of punishment is not to destroy  the offender but rather to reform him  and deter others”. These two features, I must emphasise, have been met in this instance.

People have stated that President Jonathan said publicly that Alamieyeisegha was his political benefactor. This is a display of extreme humility and honesty on the part of Mr. President; in this day that virtually all political benefactors, usually turn into enemy number one and are therefore hounded to the ground by the incumbents.

It was God and Providence that lifted President Jonathan over and above his former political boss. But in truth Alamieyeisegha since he left prison has been working strenuously and silently to assist the President stabilize the amnesty in the Niger Delta Region. Alamieyeiseghais a foremost leader of the Ijaw Nation, and his political and stabilizing influence in that region have impacted positively on the overall economy of the nation, bringing crude oil exports from the abysmally low level of 700,00 bpd, to over 2.4 million bpd!

Therefore, it is obvious that, Alamieyeisegha has been a major player since his release from prison in ensuring that the blood that runs
through the Nigerian economic artery is not cut off.

In Nigerian history, great and eminent men who have been crucified for one crime or the other have been pardoned by past Presidents and such men have lived thereafter to further enhance our political and socio-economic development. Amongst those are our respected departed sage, Chief Obafemi  Awolowo and the revered Ikemba Nnewi, Chief Odumegwu Ojukwu who continued after their pardon to contribute immensely to Nigeria’s social, political and economic growth till death.

It has often been said that there is always a season for everything under the sun, a season to punish and a season to forgive. Distinguished gentlemen of the press, fellow Nigerians, this is the season to forgive and to heal. May God forgive us all and bless our country Nigeria. Before I end this address, let me use this opportunity to announce that in view of the obvious gaps in communication as shown in apparent misunderstanding of issues in the court of public opinion, this department will henceforth hold a bi monthly interactive forum with registered members of the Civil Society Organisations and other critical stakeholders in the society.This programme will be coordinated by the Special Asistant to the President on Public Relations ,DrOlusanya Awosan, and  Alhaji Nasir Zaharadeen ,the Special Assistant to the President on Public Affairs who are both professionally and academically sound practitioners with many decades of experience in the Media and Public Relations industry.



 

 

 

 
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Li Keqiang named as China's Prime Minister



Xi Jinping, left, was "elected" president on Thursday at a session of National People's Congress in Beijing [EPA]
China's National People's Congress has named Li Keqiang as the next prime minister, as a once-a-decade leadership transition nears its conclusion.

As delegates in the Great Hall of the People in Beijing applauded on Friday, Li stood up, bowed and shook hands with Xi Jinping, who was named as China's new president Thursday, and his predecessor as premier, Wen Jiabao.

Li received 2,940 votes out of 2,949 cast, a 99.69 percent vote share, slightly lower than Xi's.

"I announce that comrade Li Keqiang has been chosen as premier of the People's Republic of China," said Yan Junqi, a vice-chairwoman of the National People's Congress, China's parliament.

An English-speaking career bureaucrat, Li, 57, will oversee a sprawling portfolio of domestic and economic affairs, although real decision-making takes place in the top committee of the Communist Party, on which he also sits.

Zhou Qiang, a former Communist party secretary of Hunan province who is seen as an associate of former leader Hu Jintao, was named president of China's supreme court.

Li and other top leaders took charge of the ruling party four months ago, and their stage-managed selection to the top government posts during the National People's Congress (NPC) session this week formalises their authority.

The prime minister is technically nominated by the president and reviewed by the legislators, and the term officially lasts five years but is normally followed by a second one.

Li takes charge of the world's second-largest economy as its breakneck growth has steadily slowed and the need to rebalance away from investment and exports and towards domestic consumption looms.

Restructure the economy

In his earlier position as one of Wen Jiabao's vice-premiers, observers praised him for helping China navigate the global financial crisis and pushing forward efforts to restructure the economy.

But like Wen he might face resistance to changes among the provinces and ministries.

Li will run the State Council, or cabinet, along with a number of vice-premiers, who will be named on Saturday, and state councillors, and oversee several dozen ministries and commissions.

"The State Council is responsible for carrying out the principles and policies of the Communist Party of China," the country's official government website explains.

The son of a party official in the poor eastern province of Anhui, Li was sent to the countryside to do manual labour as were many youths during the tumultuous 1966-76 Cultural Revolution.

While overseeing central Henan province in the 1990s, he was criticised for dealing poorly with an HIV/AIDS epidemic that resulted from a tainted blood donation scheme, targeting activists and the media rather than officials.

Source: Agencies

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EU Summit begins amid Anti-Austerity Protests


Source: Aljazeera
The European Council chief has said the leaders meeting in Brussels had 'reconfirmed our overall economic strategy'

European Union leaders have met in the Belgian capital, Brussels, to discuss austerity measures, the debt crisis and strategies to give the eurozone economy a boost.

Leaders on Thursday wrestled with German demands for strict austerity and a French-Italian push for growth-friendly spending at a summit amid fears that rampant unemployment was destroying the 27-member bloc.

Herman Van Rompuy, the President of the European Council, said the leaders meeting in Brussels had "reconfirmed our overall economic strategy".

"There is still a long way to go to ensure our growth prospects, to revive our economy, to heal our banking systems, to create more jobs and to create welfare across our union," Rompuy said.

Francois Hollande, the French president, said the "only priority" leaders had to face was finding fresh ways to boost growth and get people back working.

Outside the building where the meeting was being held, thousands of protesters rallied against austerity measures, demanding that EU leaders put an end to government spending cuts blamed for mass joblessness and growing social crisis in parts of Europe.

"Abolish all austerity and start listening to the people who are in the streets protesting all over Europe," said one protester.

They held banners that read, "No to austerity. Away with governments. Jail the bankers" and "Education cuts never heal".

Organisers said more than 10,000 demonstrators rallied near the summit site, and dozens were arrested after they broke into a building adjacent to the venue.

Damaging cycle

Budget cuts are the centre of the eurozone's strategy to overcome a three-year public debt crisis but they may cause a damaging cycle in which governments cut back, companies lay off staff, and youth unemployment soars.

"The politicians have to put some money back into Europe to give young people a chance," said Heidi Masschelein, member of Belgium's Christian trade union movement.

Meanwhile, in Greece, thousands of students demonstrated, in the capital, Athens, against an austerity-driven overhaul of the number of universities and technical schools.

They also expressed disdain against youth unemployment in the country, which reached to almost 58 percent.

As thousands protested, outgoing Italian Prime Minister Mario Monti urged his peers at the summit to let Italy, and other countries facing public finance pressures, spend to create more jobs.

Flexibility as opposed to rigid austerity "would be the best message to counter the mounting wave of populism and disaffection with the EU," he said.

Leaders of 17-member eurozone will meet on Friday to discuss a multi-billion-euro bailout for Cyprus - the fifth for an EU state since Greece first needed rescuing three years ago.

Source: Agencies

Posted by Unknown |

Xi Jinping named president of China





Source: Aljazeera.
National People's Congress confirms Xi Jinping as president, completing communist nation's once-a-decade power handover.

Xi Jinping, leader of China's Communist Party, has been named president of the world's most populous country after a vote at its parliamentary meeting in Beijing.

His elevation to the presidency on Thursday gives him the last of the three titles held by his predecessor, Hu Jintao.

"Now I announce comrade Xi Jinping is selected as president of the People's Republic of China," Liu Yunshan, a top official of the ruling party, who chaired the electoral session at the National People's Congress, said.

Delegates to the National People's Congress, meeting in Beijing's Great Hall of the People, voted 2952-to-1, with three abstentions, in balloting that amounts to a political ritual echoing the party leadership's decisions.

The move was expected after Xi was named head of the Communist Party and chairman of its military, positions of true power, last November in a once-a-decade handover to a new group of leaders that has been years in the making.

Xi's party leadership is his real source of power but the title of head of state will increase his public role, such as on overseas trips.

Since he took its top post in November Xi has pledged to preserve the ruling party's supremacy, as well as vowing to improve livelihoods, implement economic reforms and crack down on corruption, which incenses the public.

Officially he is being elected for a five-year term, but barring extraordinary events or death the 59-year-old will hold the position for a decade.

Xi is the son of one of China's most esteemed generals and known as a "princeling", the name given to relations of China's first generation of Communist leaders, who grew up immersed in the ruling party's upper echelons.

Source: Agencies

Posted by Unknown |

Thisday: Real Owners of Nigerian Oil Blocs Unveiled by Olusegun Adeniyi




Senator Ita Enang
By Segun Adeniyi
Contrary to the claim by the Chairman of the Senate Committee on Business and Rules, Senator Ita Enang, last week that 83 per cent of oil blocks in the country are owned by northerners, investigations by THISDAY have revealed that 88 per cent of the oil blocks are owned by multinational oil companies.
On the other hand, indigenous oil operators or Nigerian companies control only about 11 per cent, confirming the assertion by human rights lawyer, Femi Falana, last week that oil majors control and manage the lion’s share of the Nigerian oil and gas industry.
THISDAY had also pointedly observed that Enang’s allegation referred to only indigenous oil operations, not total oil output in the country.
Investigations also revealed that even among indigenous oil operators, northern shareholders/directors do not account/own 83 per cent of local oil output, as Enang’s list left out several oil blocks that had been awarded over the years to Nigerian companies and failed to include oil concessions awarded from 1999 to date.
A breakdown of oil leases granted operators showed that the total number of Oil Mining Leases (OMLs) in operation by December ending 2012 was 109, while Oil Prospecting Leases (OPLs) stood at 92.
The Federal Government had in 2012 set a production target of 2.48 million barrels per day (mbpd), of which 1.5 million barrels of oil per day (mbpd) were expected from the onshore and shallower water terrain, while deepwater concessions accounted for 900,800 bpd, which are currently controlled by the multinational companies.
Of the 2.48 mbpd produced last year, the entire production by indigenous companies totalled 276,000 bpd, accounting for about 11 per cent of Nigeria’s production.
Among the IOCs, Shell Petroleum Development Company (SPDC) produced 605,539 bpd, Mobil Producing Nigeria Unlimited (Exxon Mobil) - 528,000 bpd, Chevron Nigeria - 489,999 bpd, Total Elf - 400,134 bpd, Agip – 98,284 bpd; and Addax  - 90,489 bpd respectively.
In comparison, local oil companies led by the Nigerian Petroleum Development Company (NPDC), the exploration and production arm of the NNPC produced 125,828 bpd in 2012, Seplat Petroleum - 40,033 bpd, Pan Ocean - 7,387 bpd, while others described as independent marginals produced 102,797bpd.
A detailed breakdown of indigenous concessions and their directors/shareholders are shown in the table below:
Indigenous Operators
S/No Name of Operator LicenCe Year of Award Names of Directors/shareholders
1 Alfred James Petroleum OPL 302 1991 Adewunmi Sijuade, Goke Sijuade, Adedeji Sijuade, Olayinka Sijude, Adeyemi Osiyemi and Femisola Awosika, with A.O Adeyinka as Chairman
2 Soglas Nigeria Limited OPL 226 1991 Oscar P. Udoji, P.E Udoji, E.E. Nwosu, with J.O. Udoji as Chairman
3 NorthEast Petroleum OPL 215, 840 &902 1991 Kommer Complex Limited, Nwokema Ngozi Mbu, Abubakar Jubril and Ashiru B. Aliu, A. Ayankoya with Saleh Jambo as Chairman
4 Optimum Petroleum OPL 310 1992 R.D. Adelu, Yusuf N'jie and O.A. Aremu with Ibrahim Bunu as Chairman
5 Sunlink Petroleum OPL 238 & OPL 311 1993 Olaniyi Olumide, Hayford Alile, Samuel Bolarinde, Richard Adelu, Martins Olisa, John Brunner and Emmanuel Ojei
6 Express Petroleum OPL 108 & 227 1995 Ahmade Rufai, Tajudeen Dantata, Dalhatu Gwarzo, Lawan Omar with Aminu Alhassan Dantata as Chairman
7 Dubril Oil Co. Nigeria OPL 96 1987 B.N. Itsueli, C.A. Itsueli, O.O. Itsueli, A.E. Ihuegbu with U.J. Itsueli as Chairman.
8 Amni Int. Petroleum OPL 112 &117 1998 &1999 E.C Edozien, Tunde Afolabi with Sanni Bello as Chairman
9 Atlas Petroleum Int. Nig Ltd OPL 109 1996 Umaru Ndanusa, Ikechukwu Joseph, Mohammadu Murtala with Arthur Eze as Chairman
10 Consolidated Oil OPL 103, 458, 136 1993, 1998 &2006 O. Adenuga and Ebi Omatsola with Mike Adenuga as Chairman
11 Oriental Energy Resources OPL 115 1999 Usman Danburan, Jibril Mohammed Indimi with Senior Mohammed Indimi as Chairman
12 Cavendish Petroleum Nig. Ltd OPL 110 1996 Gambo Gubio with Mai Deribe as Chairman
13 Allied Energy Resources Nig. Ltd OPL 120 & 121 2001 Mickey Lawal  as Director with Kase Lawal as Chairman
14 Peak Petroleum OPL 122 2001 Adekunle Olumide, W. Bolaji, Florence D. Oluokun and Ayodeji Oluokun with M.A. Oluokun as Chairman
15 Summit Oil Nig. Limited OPL 205 and 206 1990 L.K.O Abiola, Radio Communications Nig. Ltd with M.K.O Abiola as Chairman
16 Crownwell Petroleum Ltd OPL 305 AND 306 1993 S.K Adejumo with Sair Kuashi as Chairman
17 Famfa Oil Ltd OPL 216 (OML 127) 1993 Folorunso Alakija wit Modupe Alakija as Chairman
18 MoniPulo OPL 114, 239, 234, 231 1999, 2008, 2008, 2007 F.A. Agama with O.B. Lulu Briggs as Chairman
19 Yinka Folawiyo Pet. Company OPL 113 1998 S.T. Folawiyo, T.B Folawiyo with W.I Folawiyo as Chairman
20 Zebbra Energy Limited OPL 248 2004 S.A. Oloko, Boni Madubunyi, Zimako O. Zimako with A.B.C. Orjiako as Chairman
21 Oil and Gas Limited OPL 249 and 140 2003, 2006 M.O. I drisu with Reggie Uduhim as Chairman
22 Continental Oil and Gas Limited OPL 59 1998 Agbolade Paddy, Subair Shefiu with Mike Adenuga as Chairman
23 Emerald Energy Resources OML 141 2001 J.O. Amaefule, P.L. Caldwell, A.C. Uzoigwe, Amos NUR, C.N. Chieri, Femi Akingbe, F.A. Njoku with Emmanuel Egbogah as Chairman
24 Oranto Petr. Limited OPL 320 2002 Arthur Eze as Chairman
25 Dajo Oil Limited OPL 320 2004 R.B. Domingo, M.O. Domingo, U.R. Domingo with Domingo Obande as Chairman
26 Malabu OPL 245 Dan Etete as Chairman
27 Orient Energy OPL 915, 916 N. Nwawka with Emeka Anyaoku as Chairman
28 Sahara Energy Exploration OPL 284, 228, 332 2005, 2006 Buba Lawal, Cole Tonye, Odunsi Ade as Diectors
29 Enageed Resources Limited OPL 274 2007 Buba Lawal, Cole Tonye, Odunsi Ade as Diectors
30 Seplat OPL 4, 38, 41 2010 A.B.C. Orjiako and Austin Avuru
31 Ekcrest E & P Limited OPL 40 2012 Emeka Offor as Chairman
32 First Hydrocarbon OPL 26 2011 O.A Azazi as Chairman
33 Neconde OPL 42 2011 Amesi Azudialu, John Umeh, Nnenna Obijesi
34 Niger Delta Western OPL 34 2012 Olayiwola Fatona, David Richards, P.O. Balogun, T. Omisore
35 Transcorp OPL 281 2011 Jim Ovia, Tony Elumelu, Femi Otedola, Funso Lawal, Jacob Ajekigbe, Tony Ezenna, Ndi Onyiuke Okereke, Fola Adeola and Nicholas Okoye
36 Starcrest, Cross River Energy & NPDC OPL 242 2011 Emeka Offor, Chris Garuba
37 Starcrest OPL 291 Emeka Offor, Gidado Idris, Yzoni Yaw
38 South Atlantic (SAPETRO) OPL 264 (130) 1998 Miguel Guerrero, Joy Ikiebe, Guerrrero, with T.Y. Danjuma as Chairman
39 Oando OPL 278, 236 2005, 2006 Magoro, J.A. Tinubu, O. Boyo, M.O. Osunsanya, O. Adeyemo, O. Akpata, Oba Gbadebo, A. Peppe and Appiah Korang
40 Ashbert OPL 325 Albert Esiri, Ifeoma Esiri
41 Oil World OPL 241 2007 Gbenga Olawapo, Adekunle Akintola, Ibukun Olawepo, Rachael Akintola
42 Pan Ocean OPL 98, 275 1976, 2007 F.A. Fadeyi, M.D. Yuduf, S.D. Adeniyi
43 Cleanwater Consortium OPL 289 2007 Arumeni-Ikhide Joseph, Okey Nzenwa, Abu Ibrahim
44 Afren Global Resources OPL 907, 917 2005, 2008 Rilwan Lukman, Osmah Shahenshah, Evert Jan Mulder, Peter Bingham, Guy Pass, Bet Cooper, Constantine, Egbert Imomoh
45 Centrica/CCC/All Bright Consortium OPL 276, 283 2005, 2006 Jake Mirica, John Sheers
46 Gas Transmission & Power Ltd OPL 905 2005 Ahmed Joda, Babangida Hassan Katsina, Makoji Aduku, Abubakar Joda
47 Global Energy Company Limited OPL 135 2005, 2010 S.A. Onabiyi, M.A. Koshoni, T.T. Anyansho, J.N. Obiago
48 New Nig. Devt. Company OPL 733,809, 810,722 Northern State governors
49 Tenoil Petroleum Energy Services OPL 2008 2007 Jim Ovia, Tony Elumelu, Femi Otedola, Funso Lawal, Jacob Ajekigbe, Tony Ezenna, Ndi Onyiuke Okereke, Fola Adeola, Nicholas Okoye, with Elumelu as Chairman
Marginal Fields Operators
S/No Name of Company Licence Year of Award Names of Directors/Shareholders
1 Niger Delta Company Ogbele (OML 54) 1999 Aret Adams, Uduimo Itsueli, Sammy Olagbaju, David Richard, Udi Ibru and Fatona Layi
2 Prime Petr. Ltd &  Suffolk Petr Asaramaroru (OML 11) 2003 MacPepple Henry,  Macpepple Joy, Macpepple Emmanuel, Macpepple Elfrida and Macpepple Victoria
3 Oriental Energy Owok (OML 67), Ebok 2006, 2007 Alhaji Indimi, Usman Danburran
4 Universal Energy Stubb Creek Field (OML 13/14 2003 Amana Nkoyo, Mianaekere Nelson, Abubakar Hayatou, Mboho Emmanuel, Ekpo Akpan, Inyang Etim (Akwa Ibom Govt)
5 Eurafric Energy Limited Dawes Island (OML 54) 2003 Onoh Anthony, Onoh Christiana, Onoh Ngozi, George Udoekong, Nwauche Eastus
6 Pillar Oil Limited Umusati/Igbuku (OML 56) 2003 Onosode G.O, Fadahunsi O, Amakiri J., Hassan-Katsina Usman, Tonwe Basife, Obaseki Godwin, Akoyomare Ambrose, Fisher Abayomi, Anaekwena Anthony, Avuru Spencer, Onosode Spencer, Hassan-Babangida
7 Bayelsa Oil Company Atala (OML 46) Bayelsa Govt, Brigidi David, Alamieyesheiga Anitonbrapa, Ifimain Ekine, Jonathan Selereipre, Enddeley Francis, Chinwetelu Chris, Willians E.J., Aliyu Abubakar
8 Movideo E&P Ekeh (OML 88) Idau Sadiq, Jacobs Kayode, Enahoro Victor, Mohammed Aishatu, Tugger Yusuf, Okwuaive Iyabo, Sadare Raymond
9 Bicta Energy Ogedeh (OML 90) Adesemowo G.A, Bashir MM, Onumodu Soye, Akinro C.A, Malberbe T. Unejei T
10 Guarantee Petrr & Owena Oil Ororo (OML 95) Rufus Giwa, Ayodele Johnson, Fayose Abiodun, Unuigbe Odion, Omobomi Samuel, Rotimi Luyi, Adefarati Tunde, Duyie Korede, Ojo Segun, Ogedengbe Dele, Aidi Abass, Adegbonmire Wunmi, Amoye Mofisco, Ebiseni Sola, Oladunni Solomon, Agoi-George Segun, Akinruntan F.E, Hassan AlGazali, Eburajolo Victor, S.A. Ajayi
11 Platform Petroleum Limited Egboma (OML 38) Edmund Daukoru, Avuru Austin, Amachi Moshe, Adegoke Oluwafeyisola, Addo-Bayero Nasir, Ewendu Chidi
12 Sogenal Ltd Akepo (OML 90) Funso Lawal, Joda Abubakar, Harriman Hope, Odu Bunmi, Edohoeket Samuel, Yahaya Mohammed, Dada Nicholas, Yellowe Kenneth
13 Chorus Energy Amoji (OML 56) Akerele Chris, Mamman Samaila, Ihetu G.S. Braide Kombo, Banks Nigel, Clubb James, Uhuegbulem Ben, Baba Gana Abba
14 Millennium Oil and Gas Oza (OML 11) Ali Chris, Maseli John, Karrs Sastry, Shama Yogi, Igweze Emeka, Bashir Farouk
15 Brittania U-Nigeria Ajapa (OML 90) Ifejika Uju, Ifejika Emmanuel, Omu Paul, Otiji Igwe, Ikpeme Ita, Cardoso Tokie, Okonkwo Annie, Inua Mogaji, Mbanefo Louis, Ombu AVM, Horsfall A.K., Ukpong Uche, Ogoro Emomena, Ifejika E.I, Umar Alhaji, Ikpele A.O
16 Network E & P Qua Iboe (OML 13) Ajose Adeogun Ladi, Adesomoju Akin Alex -Duduyemi, Adewusi Adebowale, Ifode Yeletide, Gasau Ismaila Musa, John Etop, Olagbede Olufemi
17 Waltersmith Petroman & Morris Petr. Ibigwe (OML 16) Isa Abdulrasak, Saleh Danjuma, Utomvie Nyingi, Ita Princess, Okoli Ndubuisi, Kakpovie Anthony, Okpala Eugene, Idrisu Mammudu, Idrisu Lawal, Isokrari Ombo, Nzeakor Nick, Abdulsalami Abdul, Nwabudo Ignatius
18 Midwestern Oil & Gas & Suntrust Oil Umsadege (OML 56 ) Igbokwe Ken, Afejuku Anthony, Daultry Akpeti, Sagoe Kweku-Mensah, Gambo Lawan, Oshevire William, Mordi Sylvanus, Maidoh Daniel, Fatayi-Williams Babatunde, Mohammed Waziri, Emerhor Otega, Dublin-Green Winston, Mohammed Abubakar, Oduah Stella, Okafor Ugo and Baba-Ahmed Mouftah
19 Independent Energy Limited Ofa (OML 30) Ikelionwu Emeka, Ohunmwangho Steve, Yar'Adua Murtala, Okudu Anthony, Bello Shamsudeen, Obaoye Michael, Monanuma
20 Del Sigma KE (OML 55) Amachree Sokeiprim, Ungbuku K.D., Bakut J.I, Chaff Kabiru
21 Associated Oil & Dansaki Petroleum Tom Shot Bank (OML 14) Machunga Laraba, Gwadah Bitus, Balat Isaiah, Uzor Azuka, Ibok Udo, Uzoechi Isaac, Kadiri Samuel, Afolabi Aderenlr, Yinka Aina
22 Frontier Oil Limited Uquo (OML 13) Dada Thomas, Lolomari Odoliyi, Kolade Victor, Yisa Solomon, Nwasikeobi, Alechenu Emmanuel, Bello Falalu
23 Energia Limited & Oando Prod. Devt Ltd Ebendo/Obodeti (OML 56) Horsfall A.U, Aribeana Stephen, Shawley Cooker, Bello Lawal, Ene Emeka, Afolabi Ade, Coker Sam, Esiri Albert, Dibiaezue Ifeoma, Hammad Charles, Macgregor Olushola, Oando
24 Goland Petroleum Devt. Company Oriri (OML 88) Kingsley Ngelale, Mogaji Gambo, Slako Johnson, Anthony Dotimi
25 Excel Exploration & Production Eremor (OML 46) Abiodun Awosika as shareholder
26 Sahara Energy & African Oil Ltd. Tsekelewu (OML 40) Baba Lawal, Cole Tonye, Odunsi Ade, Adeniji Titi, Akinla Ladipo, Bently John, Ciroma Musa, Odili Obi F., Du-Frayer
27 Green Energy International Ltd Otakikpo A.A. Olojede as shareholder
28 All Grace Energy Ubima (OML 46) Adeola Adenikinju, Sola Alab
Posted by Unknown |

A new Pope emerges for the World's 1.2 billion Catholics


From the NewYork Times

VATICAN CITY — With a puff of white smoke from the chimney of the Sistine Chapel and to the cheers of thousands of rain-soaked faithful, a gathering of Catholic cardinals picked a new pope from among their midst on Wednesday — choosing the cardinal from Argentina, the first South American to lead the church.
Multimedia

A Look at Pope Francis

The new pope, Jorge Mario Bergoglio (pronounced Ber-GOAL-io), will be called Francis, the 266th pontiff of the Roman Catholic Church. He is also the first non-European pope in more than 1,200 years and the first member of the Jesuit order to lead the church.

In choosing Francis, 76, who had been the archbishop of Buenos Aires, the cardinals sent a powerful message that the future of the church lies in the global south, home to the bulk of the world’s Catholics.

“I would like to thank you for your embrace,” the new pope, dressed in white, said from the white balcony on St. Peter’s Basilica as thousands cheered joyously below. “My brother cardinals have chosen one who is from far away, but here I am.”

Speaking in Italian as he blessed the faithful, Francis asked the audience to “pray for me, and we’ll see each other soon.”

“Good night, and have a good rest,” he concluded, in a grandfatherly, almost casual tone.

“Habemus papam!” members of the crowd shouted in Latin, waving umbrellas and flags. “We have a pope!” Others cried, “Viva il Papa!”

“It was like waiting for the birth of a baby, only better,” said a Roman man, Giuliano Uncini. A child sitting atop his father’s shoulders waved a crucifix.

Francis is known as a humble man who spoke out for the poor and led an austere life in Buenos Aires. He was born to Italian immigrant parents and was raised in the Argentine capital.

The new pope inherits a church wrestling with an array of challenges that intensified during his predecessor, Benedict XVI, including a shortage of priests, growing competition from evangelical churches in the Southern Hemisphere, a sexual abuse crisis that has undermined the church’s moral authority in the West and difficulties governing the Vatican itself.

Benedict abruptly ended his troubled eight-year papacy last month, announcing he was no longer up to the rigors of the job. He became the first pontiff in 598 years to resign. The 115 cardinals who are younger than 80 and eligible to vote chose their new leader after two days of voting.

Pope Francis spoke by telephone with Benedict on Wednesday evening, said a Vatican spokesman, the Rev. Federico Lombardi. He called it “an act of great significance and pastorality” that Francis’ first act as pope was to offer a prayer for his predecessor.

The Rev. Thomas Rosica of Canada, another Vatican spokesman, recalled meeting Cardinal Bergoglio a decade ago during preparations for World Youth Day in Canada, and said the cardinal had told him that he lived very simply, in an apartment Buenos Aires, and sold the archdiocese’s mansion.

“He cooks for himself and took great pride in telling us that, and that he took the bus to work” rather than riding in a car, Father Rosica said.

President Obama was among the first world leaders to congratulate Francis in a message that emphasized the pope’s humble roots and New World background.

“As a champion of the poor and the most vulnerable among us, he carries forth the message of love and compassion that has inspired the world for more than 2,000 years — that in each other we see the face of God,” Mr. Obama said in a message released by the White House.

“As the first pope from the Americas,” the president added, “his selection also speaks to the strength and vitality of a region that is increasingly shaping our world, and alongside millions of Hispanic Americans, those of us in the United States share the joy of this historic day.”

A doctrinal conservative, Francis has opposed liberation theology, abortion, gay marriage and the ordination of women, standing with his predecessor in holding largely traditional views.


Reporting was contributed by Daniel J. Wakin, Laurie Goodstein, Stefania Rousselle and Gaia Pianigiani from Vatican City, Alan Cowell from Paris, Larry Rohter from Portland, Ore., and Rick Gladstone from New York.
Posted by Unknown |

China transits, the World Watches by Kayode Komolafe



From thisdaylive
With about a fifth of the human population and the second largest economy, China surely deserves the attention of the world.  The country is a global force regardless of western cynics, in particular, may say to the contrary as they are doing with respect to the meeting of the Chinese National People’s Congress now taking place in Beijing.   The 3,000 delegates attending the annual parliamentary session have been described by western pundits as “rubber-stamp”.

Yet, when the meeting winds up on March 17, the leadership changes which began last year will be effectively completed with a new policy focus for the country. President Hu Jintao will hand over the reins of power to Xi Jinping who had taken over the leadership of the Chinese Communist Party at the 18th Congress last year. Premier Wen Jiabao is likely to be replaced by Li Keqiang. This leadership change takes place once in 10 years. So it is clear that new team of emerging leaders are expected go give direction to the development of China in the next few years.


Africa should be active in what we may as well call global China Watch. What happens to the political economy of China is relevant to Africa for obvious reasons. China’s economic intercourse with Africa is becoming more vigorous by the day. The Chinese presence in the extractive industry in various parts of the poor continent is unmistakable. For its industrial growth China is all over the place engaged in extraction of minerals. China imports   the largest quantity of oil because of its vast economic activities. Africa is a destination for China’s huge investible capital as well as a market for its huge exports. In Nigeria, the China’s fingerprint is easily detected in virtually every sector - oil and gas, construction, manufacturing, commerce etc.

  It is, therefore, important for Nigeria (and indeed Africa) to develop an independent perspective of the Chinese dragon instead of inheriting western prejudices and parroting them in the name of analysis of the international economic system. For instance, in a book published last year and entitled “Why Nations Fail: The Origins of Power, Prosperity, and Poverty”, two American scholars, Daron Acemoglu and James Robinson, described what has taken place as “authoritarian growth” that is unsustainable because of the “non-inclusive political institutions”.

  Another perspective is embodied in a new book mentioned elsewhere on this page. In the book, “Financialism: Water From An Empty Well. How the Financial System Drains the Economy”, the authors, Bola Ahmed Tinubu and Brian Browne devote a chapter on China with the following conclusion: “In the end, China’s current success is remarkable and deserved, It is good that such a great nation tastes of modern prosperity. However, its current economic model must have a relatively short lifespan.

This model can never be more than a minority report in the global political economy. By definition, it cannot become prevailing practice without things terminating in ashen disaster”. Well, the jury is still out on the China’s model of development. And forget about Francis Fukuyama’s neo-liberal exuberance, history is not coming to an end soon. Meanwhile, Nigeria and the rest of Africa must read the unprecedented developments in China with their own prism.


No one is, of course, more conscious of the enormous challenges on China’s chosen path of development than the Chinese themselves. The new leader, Xi, is expected to be tough on corruption. He has spoken of the need to clean up the party of corruption, bureaucracy and alienation from the people. As an aside, it is probably worth remarking that China fights corruption like no other nation. Cases of corruption that would, for instance, earn the convict a judicial tap on the wrist in Nigeria will result in death sentence in China.

That only goes to illustrate the magnitude of the problem as perceived by the Chinese state.  Pollution remains a big issue for China.  Industrial pollutants threaten all the air, soil and water.  The new leadership has to find answer to the all-important question: how does China tackle the environmental consequences of its economic activities?  In the last 30 years the widely acknowledged wise economic management in China has brought millions out of poverty. Despite this feat, social inequality   is at the root of tension in the society. Inequality is, of course, an inevitable concomitant of capitalism. There are immense social issues with labour practices.


From the tone of the 18th party congress last November and the current parliamentary session, it is evident that leadership is conscious of the challenges. It is little surprise that in the “government work report” delivered by the outgoing Premier Wen, the forecast for this year includes an   economic growth by 7.5% with inflation expected not to be more than   3.5%
It is expected that at least nine million jobs would be created in towns and cities, so as to keep urban unemployment at not more than 4.6%. About six million houses would be constructed in addition to the over 30 million completed last five years year. It is significant that that in the fiscal policy more budgetary priority is given to social security, healthcare and education.

China is effectively employing market logic in its economic management, but the most populous nation on earth is not leaving the fate of its people to phantom market forces.


China remains a puzzle to western ideologues because it has proved that not every nation will have to act the socio-economic and political script of the west to develop. From all indications, this puzzle may linger far longer than Sinologists in the west are imagining. So the world is watching as China is making progress, thanks to visionary leadership.  The lesson from Beijing is that a serious nation must think deeply and choose its path own of development.

Many Sins of the Financial System
In his highly influential writings, the late radical scholar, Professor Claude Ake, stridently made a case for the “political economy approach”. He insisted that discussions of economic problems should not be reduced to mere technical reviews. So it will be thumb-up for   this approach of recognising the meeting point between economics and politics as a book embodying alternative perspectives on financial system is presented to the public tomorrow  in Lagos.


The book by a Nigerian and an American is entitled “Financialism: Water From An Empty Well. How the Financial system drains the Economy”. One of the authors is former Lagos State governor and leader of the Action Congress of Nigeria, Asiwaju Bola Ahmed Tinubu, and the other is an American, Brian Browne, who was a Consul-General at the United States embassy.


In offering penetrating perspectives on the many sins of the reckless financial system (which they aptly dub “financialism”) the authors have embarked on an intellectually provocative exercise. Yet they make no pretext to being professional economists or academics. Now, you don’t have to agree with there rigorously formulated and lucidly expressed views to acknowledge the deep thinking that went into the writing of the book.

That is the challenge the authors have thrown to public intellectuals, policymakers and political leaders among others in the public sphere. For the avoidance of doubt, the authors want capitalism to work in America, Nigeria and other places; but they make an engaging case of curing the system of the malaise of financialism. Some other critics of the financial crisis call it casino capitalism. It is a squalid economic arrangement in which financial racketeers loot the economy and drains it of the resources direly needed to develop the real economy. The book doubtless has a rich progressive content. Some of the practical ideas canvassed eloquently in it could certainly be useful in formulating the programme of a social democratic party.


The book launch promises to be an intellectual feast and erudite scholar, Professor Eghosa Osaghae is expected to offer a judicious review of the book. Meanwhile, not a few experts and the general readers alike would be interested in further advancing the discussions embodied in Financialism because of the sheer clarity and force of arguments of the authors. The authors interrogate issues as the role of the state in economic management, the locus of the financial system, paradigms of economic development. The arguments, which are supported by practical examples of economic players, are also philosophically anchored. Hence, the authors posit: “We must do all we can to uphold the imperfection of man’s collaborative endeavors against the perfection of his selfish designs”.


In the aftermath of the global financial crisis, which exposed the recklessness of neo-liberal approach to economic management, a number of books have been published in the west. Financialism represents a refreshingly different perspective from a Nigerian and a black American. And this should be welcome by those interested in a deeper understanding of the political economy.


Posted by Unknown |

Sanusi: I don't need a second term


From thisdaylive.
Central Bank of Nigeria Governor Sanusi Lamido Sanusi may have foreclosed the possibility of a second term in office after the expiration of his term next year.

Sanusi was quoted in an interview with the London-based Banker Magazine as saying he had completed his assignment at the apex bank and would not be seeking a second term in office.

He said critics of his tight monetary policy had forgotten how unstable the nation’s financial system was just three years ago.

Though perceived to be controversial, Sanusi, who took over from Prof. Chukwuma Soludo as the apex bank’s governor on June 3, 2009, is believed to be in good standing for re-appointment by President Goodluck Jonathan given his impressive record in office as CBN governor in the past four years.

In spite of his achievements in office, earned from efficient management of the banking and financial sector issues since 2009, Sanusi said he was not keen about retaining the job after the expiration of his first tenure in June 2014.

Analysts point out that re-appointment for any CBN governor is subject to the prerogative of the president.
Soludo, Sanusi’s predecessor in office, was not re-appointed for a second term by late President Umaru Yar’Adua despite his much-touted impressive records.

“I will not be offering my services for a second term. The job is extremely demanding. I don’t think it’s something that I would like to do for 10 years. I also think I have certain skills and a temperament that are suitable for a certain phase. I’m a crisis central banker. I came at a time of crisis.

“I consider my job to have been to fix the crisis and restore stability, and to make sure we did that in such a way that no bank failed, no depositor or creditor lost money and fiscal costs (were minimised), which is why we tried to get the banks themselves to bear the costs,” the CBN governor told the magazine.

Several attempts made Saturday to speak with Sanusi did not materialise, as he didn’t pick up the phone when THISDAY called.

But in a response to an email enquiry, the CBN governor directed our correspondent to see the interview in the website of the Banker Magazine.

The response read: “You can check the Banker Magazine yourself. Maybe the interview is on their website. Whoever wrote the article is quoting something.”

As CBN governor, Sanusi had initiated a chain of reform processes shortly after he came on board in 2009, as signs of systemic failure in the banking industry became manifest.

A joint audit undertaken by the CBN and Nigerian Deposit Insurance Corporation (NDIC) confirmed the fears of some industry watchers who had raised the alarm that some bank chiefs were merely cooking their books at a time banks were posting incredible results.

Consequently, a number of bank chief executives including former managing director of Oceanic Bank International Cecilia Ibru,  Erastus Akingbola of the defunct Intercontinental Bank Plc, Francis Atuche of Bank PHB and Barth Ebong of Union Bank were sent packing and prosecuted for opaque financial transactions.

Other bank chiefs affected included Okey Nwosu of Finbank Plc, Ike Akinkuotu of Equitorial Trust Bank, Charles Ojo of Spring Bank Plc and Sebastian Adigwe of Afribank.

The banks were offered to new investors, a process that saw to a new wave of mergers and acquisitions in the nation’s banking industry.

In the process, Access Bank merged with Intercontinental Bank, First City Monument Bank acquired Finbank, Sterling took over Equitorial Trust Bank, while Ecobank Transnational acquired Oceanic Bank to swell the portfolio of Ecobank Nigeria Plc, its Nigerian affiliate.

Three other banks, which could not meet up with the CBN time-table –Afribank, Bank PHB and Spring Bank – lost their licences and in their ashes emerged three bridged banks namely Mainstreet Bank Limited, Keystone Bank Limited and Enterprise Bank Limited, respectively.

Sanusi’s most impressive achievement since coming to office has been salvaging Nigeria’s banks after their 2009 crisis.

Today, their capital adequacy ratios average more than 20% and non-performing loans, which had soared, are back below 5%.

The CBN governor said there had been a transformation from banks merely buying government bonds and funding blue-chip companies to now focusing on what he calls “the middle part of the economy, where growth happens and jobs are created.”

This middle part of the economy involves industries such as agriculture and manufacturing, which have long been neglected by lenders.

“The DNA of the entire sector has been changed,” he said.

“If you spoke to the bank CEOs, you would find a shared understanding that the banking industry needs to return to its raison d’être, which is to be an intermediary of savings into the real economy.

“We’re not where we want to be. But the days when banks shied away from or didn’t see this as a core function are gone.”

Sanusi, a former risk manager and head of First Bank, Nigeria’s largest lender, had long ago canvassed the need for structural reforms in the country's economy. He believes these will be far more effective in enticing banks to lend to the private sector than monetary policies.

He told the magazine: “Banks’ ability to diversify their portfolios depends on a number of things,” he said. “You can’t get them to lend to the manufacturing industry if manufacturers aren’t viable because there’s no power, security or infrastructure.”

According to him, Nigeria’s macroeconomic indicators would be the envy of most countries – real gross domestic product (GDP) is set to rise by more than 6% this year, it has a current account surplus equivalent to about 8% of GDP and its debt-to-GDP ratio is less than 20%.

But Sanusi said such figures are doing little to reduce poverty in the country. “We shouldn’t get carried away by a 6% headline [growth] figure,” he said. “If the economy is expanding at 6% and the population at 2.5%, how much are you really growing on a per capita basis? A lot of that growth is also one in which you have huge inequalities in income. It’s not growth that lays the foundation for social and political stability.”

He warned, moreover, that Nigeria can no longer take high earnings from crude exports for granted.

“You can’t have a situation in which growth is driven by a rise in commodity prices,” he said.

“We’ve had strong oil prices and good output. But given what’s happened with the shale oil finds in the US and that country’s increased energy independence, and given the new oil finds across Africa, the outlook for oil growth is very weak.”

Crucially, however, he says the government’s fiscal management has been far better since Ngozi Okonjo-Iweala became finance minister in July 2011, particularly when it comes to reining in recurrent expenditure.

“From the time Ms. Okonjo-Iweala came on board, there has been significant improvement,” he said, adding, “We (the central bank and finance ministry) have been speaking the same language. And you can see the results.

“With our monetary and fiscal policies, we have provided macroeconomic stability. But stability is not an end in itself. We need to take advantage of it and push forward with structural reforms. If we can do that, then we could easily reach double-digit growth and make it sustainable.”

Sanusi’s tenure will also be remembered for effective taming of inflation as the Monetary Policy Committee of the apex bank has continued to vote for a regime of tight monetary policy.

A cocktail of such policies has brought about a moderate inflation rate, as Nigeria recorded a 9 percent inflation rate in January while the nation’s external reserves position has been trending upward hitting an all-time high of $47 billion last week.

The CBN under Sanusi’s watch has also succeeded in maintaining stability in the naira exchange rate consecutively for two years as the naira average N160-N167 against one US dollar.

To reduce the cost to the government of its intervention, all banks are being charged an annual levy by the Asset Management Corporation of Nigeria (AMCON), the state-owned bad bank created in 2010 to buy up toxic assets.

Lawmakers are working on an amendment to the AMCON Act, which will make such payments legally binding.

But Sanusi has also courted controversy in some of his actions and positions on issues like the CBN’s N100million donation victims of Boko Haram in Kano in 2012, his spat with the National Assembly over what he referred to as their bloated allocation and the latest being his call for the sack of about 50 percent of the Nigerian workforce.

Sanusi, in his presentation at the Second Annul Capital Market Committee Retreat in Warri, Delta State said the country spends 70 percent of its earnings on salaries and entitlements of civil servants.
Commending the finance minister, who he credits with prudent fiscal management of the Nigerian economy, Sanusi said: “From the time Ms Okonjo-Iweala came on board, there has been significant improvement. We (the central bank and finance ministry) have been speaking the same language. And you can see the results.

“With our monetary and fiscal policies, we have provided macroeconomic stability. But stability is not an end in itself. We need to take advantage of it and push forward with structural reforms. If we can do that, then we could easily reach double-digit growth and make it sustainable.”