The Governor of Abia State, Okezie Ikpeazu, has expressed his sympathy to the people of Aba and the environs over the hectic traffic jam being experienced by motorists and other road users on the Aba Owerri road and other areas where work is in progress, saying that it is due to the road rehabilitation work currently being executed by government on those roads.
The Governor therefore appealed to the people of Aba and commuters to endure the temporary inconveniences as the rehabilitation work will be completed within seven days.
He stated that as a resident of Aba, he personally goes through the traffic hurdles everyday and do appreciate the suffering of the people, adding that the sacrifice has to be made once and for all for the general good of all.
The Governor thanked the Aba people for the understanding and cooperation they have shown in the face of the massive infrastructural renewal exercise going on in the city, stressing that the progress so far made would not have been possible without their solidarity.
He a used the occasion to re-assure the people that the Aba project is dear to his heart and that all his campaign promises would be fulfilled to the letter.
Delta State Governorship Election Petition Tribunal sitting in Asaba Wednesday dismissed an application filed by the All Progressive Congress (APC) and its candidate, Olorogun O’tega Emerhor seeking the leave of the tribunal to call additional witnesses.
In a ruling after considering the supporting affidavit and submissions of counsels to the parties, the three-member tribunal headed by Justice Nasir Gunmi refused the application on the ground that it lacked merit.
According to the tribunal, the petitioner applicants failed to show exceptional circumstance as required by law if additional witnesses must be called, noting that if the application was granted, it would amount to amending the petition.
The tribunal averred that the application arose as a result of the review of the petition exercise conducted by the petitioners last month.
“For them to be granted the leave to call additional witnesses, they must show exceptional circumstances. The reason adduced by the petitioner applicants to call additional witnesses arose as a result of the review of the petition.
“A review of the petition means that they were trying to upgrade the petition when the respondents have all filed their replies to the petition and the applicants have also responded to the replies of the respondents.
“There is no averment in the application attempting to suggest that the additional witnesses they intend to call if the application is granted were incapacitated or were unavailable immediately after the election which is presumed that they fully participated in,” the tribunal held.
Justice Gunmi stated that the petitioner applicants failed to adduce sufficient reason for the tribunal to deviate from the provisions of Paragraph 45 of the First Schedule of the Electoral Act, as amended, and accordingly resolved issues raised against the applicants.
“Finally, we are of the view that the issues raised are resolved against the petitioner applicants. This motion is therefore, unmeritorious, and same is not only refused, it is consequently dismissed,” he ruled.
The Senate on Wednesday summoned the Director-General of the Department of State Services (DSS), Mr. Lawal Daura, for interrogation over allegations of undue interference by the DSS in the Rivers State Election Petition pending before the Election Petition Tribunal.
Daura is to appear before the Senate Committee on Ethics and Public Petitions that is conducting the investigation today (Thursday)
The investigation, which commenced on Wednesday at the National Assembly Complex, is sequel to a petition sent to the Upper Chamber by the Rivers State House of Assembly and referred to the Committee last week.
Signed by the 31 members of the House of Assembly, the petition alleged among others that the DSS had arrested some officials of the Independent National Election Commission (INEC) and members of the Election Petition Tribunal and subjected them to serious intimidation, harassment and coercion to compromise the judicial independence of the Tribunal and pervert the cause of justice.
At the commencement of sitting by the Senate Committee on the Petition, the Chairman of the Committee, Senator Samuel Anyanwu, warned all the parties that are involved in the matter against unnecessary delay.
He added that the Senate would want prompt response to invitations and questions raised during the investigation.
Anyanwu declared that it would pay serious attention to allegations of abuse of office implied in the petition against the DSS.
This is even as he called on the petitioners to provide specific details on the petition to assist the Committee.
“The issue of independence of the judiciary is a very serious pillar in the dispensation of justice. That is why the committee takes the allegation of intimidation of Tribunal members very seriously because, if the judiciary is intimidated, then the independence is compromised. So, we want all details about this allegation supplied to the committee without delay,” Anyanwu stated.
Defending the petition earlier, the Speaker of the Rivers State House of Assembly, Ikuinyi-Owaji Ibani, who led other members of the House to appear before the Committee, disclosed that INEC Resident Electoral Commissioner (REC) in Rivers State, Mrs. Gesila Khan, and other senior officials of the Commission had equally been arrested and detained by the DSS in Abuja.
“We make bold to say that they lack the power or the authority to invite any judicial officer serving in the Rivers State Election Petition Tribunal for questioning concerning their handling of election petitions pending before them based on some purported petitions from interested parties.
“While we commend the stance and efforts of President Muhammadu Buhari to instill discipline, strengthen institutions of state and deepen democratic values where all Nigerians will have equal opportunities, we all appalled by their present clandestine and surreptitious moves aimed at derailing an efficient, transparent and unbiased justice delivery system and thereby bringing the judiciary into disrepute, public ridicule and odium.
“Embarking on this condemnable mission, the DSS purports to be acting on some pre-arranged petitions from persons, who are directly interested in the outcome of the various election Petitions from Rivers State,” Ibani declared.
The Senate on Wednesday invited the Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, to appear before it to brief the federal legislators on the implications of Naira depreciation on the nation’s economy.
The Upper Chamber also urged the Federal Government to step up efforts in diversifying the national economy from the oil export into an economy that depends on taxation, agriculture, manufacturing, international tourism and solid minerals prospecting.
The above resolutions followed a motion sponsored by Senator Nazif Suleiman, which was entitled “The state of economy: Naira depreciation and its implications”.
Suleiman observed that the foreign exchange needs of the various sectors of the economy are not presently made available because Nigeria’s commitments in the global economy are also not made available.
“The state of Nigerian economy as it affects the growing rate of the depreciation of the Naira is a very serious concern. Naira has depreciated in the last few months at a much faster rate than it had appreciated over the last two years.
“The cause of this depreciation is the consequence of the negative cash flow as a result of the downward trend of oil price, which is further worsened by speculations in the foreign exchange markets.
“The banking industry may be currently defaulting in the global economy, and that is sending a bad signal and bad image about the Nigerian economy. This resultant speculation is resulting to a huge capital flight with its attendant inflationary consequences, which will affect an average Nigerian on the street.
“Illicit fund flows and money laundering going through Nigerian financial system contributes in weakling the value of the Naira, which has led to the recent decisions of the CBN to increase its vigilance to ensure that Nigerian banks are not used as conduit for illicit funds flow and money laundering in foreign currencies.
“The procedure for processing demand and supply of foreign exchange by the CBN be reviewed and various additional options considered to stem the precipitous depreciation of the Naira, and thereby discouraging speculators,” Suleiman said.
Two prayers were, however, rejected by the Senate.
They include: that the Senate urge the Federal Government to stop the leakages in the national economy; and that the Senate also urge the Federal Government to give marching orders to the CBN to bring to book anyone, who is found wanting of the money laundering and other related offences.
The National Women Leader of the All Progressives Congress (APC), Hajiya Ramatu Tijjani has lamented the gradual reduction in the number of women holding elected and appointed positions in the country.
Speaking in an interview with journalists recently, she specifically regretted that the 8th Assembly inaugurate has fallen far below the previous assemblies in terms of appointment of women into key positions.
“Because we are very much aware that, the 8th Assembly has dropped in women participation. So we want to make it up and augment by the principal offices occupied by the women. Unfortunately, the quagmire we now found ourselves in the National Assembly has put us in a very difficult and tight corner,”she said.
She expressed her displeasure as a women leader over the development in both chambers of the National Assembly over their failure to appoint women as principal officers.
“Well, I am very worried, and the situation is worrisome and pathetic. With the saga and turnout of events at the National Assembly in both the senate and the House of Representatives, there is little we can do,”she said.
She added that arrangements were earlier made for women to occupy some of the principal offices but the struggles and what played out at the National Assembly has put women at a disadvantage.
“The power tussle in the National Assembly seems to have pushed women back again, because they couldn’t just not only meet up, but they couldn’t get the cooperation of their male counterparts to bring them up.
“Like in the senate, we have a candidate that was coming for the position of the Deputy Senate President. And again we have Khadija Bukar Abba in House of Representatives who also showed interest of contesting for majority leader,”she added.
Tijjani however expressed optimism that some of the issues would be worked out to support affirmative action.
“Even now it is not out of order, the senate is under its re-organisation, they can also look upon us with mercy, so we are telling the senate president and also the president of the federal republic of Nigeria to use their positions to rescue this situation and rise to the occasion of meeting the 35 percent affirmative action,”the women leader added.
The items found on the suspectsThe suspected robbers
Christopher Uche, Yenagoa
Authorities of the Bayelsa state Police Command has arrested a 28 years old Yenabo Presido from Kolokuma/Opokuma Local Government Area of the State and his accomplice, 22years old ThankGod Victor from Ogoni area of Rivers State along the Sani Abacha way of the Bayelsa State capital.
Also arrested were 49 other persons over alleged involvement in armed robbery and other violent crimes in the state
According to the spokesman of the Police Command, Mr. Astimin Butswat,the Army deserter reportedly confessed that the Assault rifle found in his possession was stolen from a Boko Haram camp in the North Eastern State where he had served. Also found in his possession was a Highlander Jeep stolen from Port Harcourt,Rivers State.
The State Police Command further dismissed as “untrue” the claims by the Civil Liberties Organisation (CLO) that men of the Police engaged in indiscriminate arrest of innocent people in the State, saying it was their routine raids and stop and search operation that led to the arrest of the criminals.
The Police Spokesman said though the command’s attention has been drawn to the claims that some Policemen in the command engages in illegal arrest and detention of persons through unwholesome practices, the raids are operational strategies deployed to combat crime in the state.
According to the Police,”The Police command has recorded successes in recent past through raiding. For instance, Policemen from Yenagoa Division, on the 31/7/2015 at about 9:45pm, arrested one Godgift Isaac, while conducting intensive raids, along DSP Alamieyesegha road, Yenagoa. The suspect is a member of a six man Armed Robbery gang, who had earlier robbed and shot one Abiodun Dauda, under his forearm and inflicted matchette cuts on his forehead on the 29/7/2015,at about 7pm,along Harbour Road, Yenagoa.”
“The victim, Abiodun Dauda, who was robbed of Thirty five thousand Naira and two handsets, identified the suspect and the suspect admitted to the crime. The suspect identified other members of the gang as; one Hunchback Nodfeh, one ThankGod, surname unknown and upon interrogation, one Owei Prince AKA ‘fela’ and Joel Seibokuro were arrested at a criminal hideout,while one Akpoi is still at large.”
“These feats couldn’t have been easily achieved without raids. As at now the Command has a total number of fifty armed robbery suspects, who were on the wanted list, but were arrested through raiding, six suspected rapist who were on the run, but were later apprehended through raiding. The Command has equally warned Policemen to desist from extorting money from members of the public in the course of discharging their official duties.Members of the public are advised to channel complaints of Police excesses to these dedicated phone numbers: 07034578208; 08032789712.”
The governing All Progressives Congress (APC) has generated closed to half of a billion so far from eighteen aspirants so far who have shown interest and obtained forms from the national Secretariat to contest the governorship ticket of the party.
Our reporter exclusively gathered that more than 30 persons have shown interest to obtain the forms but so far only 18 have paid.
The party which some highly NWC sources confirmed have gone broke since after the elections because of the inability of some its governors to pay salaries were said to be excited over the rage of the aspirants that have shown interest so far.
Some of the aspirants included the former governor of the state, who we gathered obtained forms for about eight of the aspirants, Prince Abubakar Audu, Yahaya Bello, Sen. Nicholas Yahaya, Sani Halilu Shuaibu, Suleman Baba Ali, Air Vice Marshall Saliu Atawodi, Muhammad Abdullahi, Sen. Nuruddeen Abatemi Usman and Haj. Hadiza Ibrahim.
Others include Yakubu Muhammad, Clarence Olafemi, Suleman Ejeh Abutu, Sunday Ejibo, Suleman Lanre Ipinmisho, Dr. Tim Nda Diche, Aabeeb Abdullahi Yakeen, Rotimi Yakub Obadofin and Babatunde Irukera.
Prince Audu has however described some of his co-contestants as young school leavers without required experience to govern the state. Adding that Kogi does not need a learn on the job governor.
Other aspirants who besieged the party’s National secretariat on Wednesday was Dr. Yaqeen Abdullahi Habeed who said he’s endowed with the vision and the purpose to harness the resources of the state to the benefits of the people.
Addressing Journalists after picking his expression of interest and nomination forms, Yaqeen who decried the high rate of unemployment, robbery and kidnapping attributed the ills affecting the state to bad governance.
“I believe and so strongly that Kogi State is endowed with highly competent and capable people. What is required is sincere leadership with a vision and a purpose to harness these resources so as to realize a just Kogi State that is secure, stable and prosperous with the highest possible standards, which everyone can be proud of.
Yaqeen who said he abandoned his lucrative job to save the people of Kogi state promised to bring foreign investors from United States of America in the areas of partnership to provide modern and affordable of health care to the people of the state as well as reviving the Ajaokuta steel company in the state.
Also speaking, Tim Da Dichie who also paid the sum of N5.5 million to pick the forms gave three cardinal objectives that will be the hallmark of his government if elected, according to him, improvements on the infrastructure in the state, wealth creation and enable peaceful coexistence amongst the people of the state.
Another aspirant, Suleiman Lanre Ipinmisho who had one time served as Director General of National Drug Law Enforcement Agency (NDLEA) promised to make transparency to be his watchword.
He said “a state being run like Kogi is the black sheep of the nation and we must not allow it to continue.
He urged the media to enlightened Nigerians to get government functionaries to be accountable to the mandate given to them.
For Hon. Haliru Sani Shuaibu, his blueprint for the state include Social security, human development, Creation of jobs, and Agricultural development.”
Reacting to the issue of power shift in the state, he said it require a roundtable discussion, saying the APC has no reason at this stage to discuss that.
“Right now what Kogi need is not power shift but who can lead the state to the promised land.”
I have great respect for Gov. Emefiele the Central Bank Governor and some of us actually supported his appointment but today given all his fire brigade approaches and quick fixes with various unilateral policies bedeviling the struggling Nigeria economy on his watch has questioned curious school of macroeconomic minds and this has amounted to simply call it – a waste of Nigeria meager resources and show of professional incompetency. Gov.Emefiele latest decision on MPR is hogwash and asymmetrical.
The point of implementing policy through raising or lowering interest rate is to affect people’s and company’s demand for goods and services and this policy actions ultimately affects real interest rates, which in turn affect demand and output, teeming unemployment and most worst of it all inflation.
As a development economist, the last straw for me was his unthinkable suspension of foreign currency cash deposits and the retention of Monetary Policy Rate(MPR) pegged 13% to revamp liquidity in the system whereas, basis of MPR reliance for good economy is sordid not to talk about weak fiscal approach. This approach is detrimental to our economy especially to versed masses who are already in abject poverty, it will raise the cost of living of the verse population
Here are the reasons why the pegging of Monetary Policy Rate (MPR) at 13% rate will do to Nigeria economy:
– It will lead to hyper inflation, much of which we have been witnessed, already happening 1$ exchange rate to Naira is 245 ($1.00 Vs N 245) compared to six months ago of N 190 to $1
– It will lead to further increase in prices of goods and services in the country i.e. Gari and petrol prices etc
– It will affect the real sectors (housing, manufacturing & agricultural etc) as cost of borrowing would remain high and skyrocketing which ultimately detrimental to our bottom line and it can affect the projected growth i.e most of the huge factories are relocating to Ghana, Benin republic and elsewhere……
Fundamentally, one would expect our most revere Gov. Emefiele to understand the economic impacts of his decision that it will affect tremendously the movement of funds from capital market to the money market due to high interest rate.
There is no doubt, that if MPR is not lowered and reversed, the wages and prices will begin to rise at faster rates because monetary policy stimulates aggregate demand which is enough to push labor and Nigeria stock markets beyond their long-run capacities. In fact, a monetary policy that persistently attempts to keep short-term real rate low will lead eventually to higher inflation and higher nominal interest rates, with no permanent increases in the growth of output or weigh down deadly unemployment rate .
And I do understand, that there must be a trade -off between higher inflation and lower unemployment rate in the short run, which besides hardly measured in Nigeria, but I can tell Gov. that the trade -off disappears in the long run if pursued aggressively with acute monitoring.
Gov. should also know that perception plays a strong role, MPR policy affects inflation directly through people’s expectation about future inflation in the country, petrol staggering prices could alert as driving forces for higher liquidity. If Nigeria workers, consumers and even the corporate businesses figure that higher inflation in the future is realistic, they’ll ask for bigger increases in wages and prices and that in itself will raise inflation even without big changes in output.
Gov. Emefiele should be thankful as blessing in disguise, for back dropped wages in some states lagging year and months, curbing the cash liquidity to some extent. Its unfortunate but its econometric and its a reality
Just for example, in a simple terms, and hypothetically speaking here, a borrower (a Nigerian vulcanizer or a barber) is likely to feel a lot happier about a micro finance loan at 18% when inflation rate is lower than when it is higher . In any case, the value of the money that the borrower would pay back would actually be lower than the real value of the money when it was borrowed. Borrowers, of course would love this situation, while lenders would be disinclined to make any loans. So Mr. Gov. riding on inflation can be detrimental to economy, there are better ways to revamp liquidity
I’d expect Gov. to understand that lowering the rate will help to reduce cost of funds in the economy than his aggressive approach and choice that will inadvertently accelerate it.And to curb inflation, Gov. can easily add a risk premium to long term rates, which will make them higher anyway, in other words, the markets’ expectations about monetary policy tomorrow have a substantial impact on long-term interest rate today.
And I strongly believe, he can inform markets about future values of the funds rate in a number of ways. For instance, CBN could follow a policy of moving gradually once it starts changing interest rates. Or, the CBN could issue statements about what kinds of developments the CBN or MPRC is likely to focus on in the foreseeable future; the CBN even could make more explicit statements about the future stance of policy
The current Nigeria economy situation will not experience the desire growth without proper funding of the real sectors(manufacturing, Agricultural etc) to boost our export to rejuvenate economic activities….. we had enough of bank reform in 2009 in finance industries besides needed now, moderate regulatory and I strongly believe, there is no need to put cog in the wheel of economic progress.
The retention of MPR at 13% and suspension of foreign deposit without clear strategy lacks economic blueprint and shallow.
The increase in interest rates can make domestic financial assets more
attractive to investors than foreign financial assets. This situation can trigger an appreciation of the nominal exchange rate, thus reallocating expenditure in the economy. The latter takes place because this exchange rate adjustment tends to diminish the price of imports and raise the price of exports, which tends to slow aggregate demand and eventually reduce inflation. When the exchange rate appreciates, the cost of imported inputs declines, and thus firms’ costs in general.
These developments have a favorable effect on inflation.
An interest rate increase tends to make bonds more attractive for investors
and reduces the demand for equity, making the value of these and other assets decrease. In a situation where the market value of firms decreases, these firms can face lower capacity to access financing, therefore hindering the consolidation of new investment projects. The latter also slows aggregate demand and therefore reduces in inflation
The current situation of the economy called for cautions and not unthinkable hasty decisions with doomed reverie.
The announcement of Dr Emmanuel Ibe Kachikwu as the new GMD, NNPC, signposts the real change President Buhari has been preaching. Dr Kachikwu is a thorough bred, oil czar, and indeed a round peg in a round hole.
A first class graduate of law of the University of Nigeria, Nsuka, Enugu Campus, Dr Kachikwu also made a first class in the Nigerian Law School, carting home most of the prizes. He thereafter did his Masters and Doctorate Degrees in Harvard University, coming top in the class.
The real change in Buhari’s appointment of Dr Kachikwu is that unlike his predecessors who are usually Engineers. Dr Kachikwu is a Lawyer and a well respected technocrat, with an impeccable pedigree, who has traversed the oil industry from Texaco Nigeria, as General Counsel upstream and downstream, to flame Oil Company, his personal Oil Firm, and then later, as General Counsel to Exxon-Mobil, for many years before he was promoted to the position of Executive Vice Chairman in charge of the entire continent of Africa.
Highly connected internationally, this multiple awards winner and publisher of numerous magazines and books is the author of three law books that deals with investment, corporate finance, contract, partnership and company law and several articles published in reputable Journals across the world.
As Executive Vice Chairman in charge of Africa, Dr Kachikwu was in charge of drafting compliance programmes, regulations and anti-corruption laws in Africa.
As one of the most respected top black men in Exxon-Mobil, Dr Kachikwu will no doubt bring to bear on his new appointment, his vast experience in the entire oil industry in all its ramifications.
No doubt, he has a gargantuan task in his hands in restructuring the NNPC which is the cash cow of the Nigerian economy.
Kudos, PMB, for this right choice. Congrats, Dr Ibe Kachikwu.
