Edo state governor, Comrade Adams Oshiomhole has dragged a dead Journalist Ahmed Asekome and his soft sell news magazine, News of the People to a Benin High Court for libel.
In the case No. B/556/2011, between Governor Adams Oshiomhole and Dockland Communications Limited, publishers of News of the People magazine, the governor alleged that the content of the publication which was published sometimes last year carried on the front page and page 19 titled “Oshiomhole’s Sex Power Exposed: Impregnates young girl six months after death of wife.” Was libelous to him
He further told the court presided over by Justice (Mrs.) Efe Ikponmwonba that in the edition, he was also alleged to have bought the girl a Jeep; that he was interfering in academics of Ambrose Alli University, Ekpoma on behalf of the girl, and that he used sexual performance enhancement drugs and that he has done traditional marriage to the alleged girl, adding that the edition which was widely circulated coincide with the preparations of one of his daughter’s wedding.
Asked by the lead prosecuting counsel K. O. Igiebor why he was demanding for damages, the governor who personally testified as PW/1, replied that the said publication caused him and his children serious psychological trauma six months after the death of his wife.
“When I called a brother governor to sponsor my daughter’s wedding, the governor said he was confused, and asked me if I was the one doing the marriage or my daughter, adding that he was reading a magazine which said that he (Oshiomhole) was about getting married to a university student, and that the said wife to be was already pregnant.”
The governor added that the publication also alleged that he had marathon sex with a female partner in Lagos who fainted under him, adding that he could not have been preparing for another wedding just 6-months after his wife’s death.
The governor who is claiming millions of naira for damages averred that the said publication reduced his reputation in the estimation of the responsible and reasonable members of the public.
The former Edo correspondent of the News of the People who was said to have written the story Ahmed Asekome died last year after a brief illness.
Justice Mrs. Ikpomwonba thereafter adjourned the case to the 25th of June, 2012 for proper hearing.
Justice James Tsoho of the Federal High Court, Ikoyi, Lagos on Monday, May 28, 2012 granted the request of the Attorney General of the Federation that one Godwin Chiedo Nzeocha be extradited to the United States of America to face criminal charges over alleged Health Care Benefit Fund fraud involving $30 million.
Nzeocha, 54, worked with the City Nursing Services in Houston , Texas , USA as a Physical Therapist Aide between 2007 and 2009. There, he was alleged to have conspired with others and submitted claims worth $45million to the Medicare and Medicaid for health care services on behalf of some patients who are beneficiaries of the health insurance claims.
Nzeocha and his accomplices were paid $30 million, but failed to remit the funds to the beneficiaries. Consequently, he was dragged before a United States District Court in the Southern District of Texas, Houston by the United States Department of Justice on the 19th of October, 2009 for offences bordering on conspiracy to commit health care fraud, money laundering and mail fraud. Rather than face his trial, Nzeocha fled to Nigeria .
In his ruling, Justice Tsoho agreed with the prosecution that the extradition application was competent and that alleged offences which are the basis of the extradition request are returnable offences.
He therefore ruled that accused be extradited to United States of America to face trial within a period of one month.
Nzeocha was arrested in June 2011 by the Economic and Financial Criminal Commission, EFCC, following a petition from the Legal Attaché to the United States Consular Office, Lagos, on behalf of the Federal Bureau of Investigation, FBI.
Part of the extradition charges read:
Count 1: Conspiracy to commit health care fraud, in violation of Title 18, United States Code, Section 1349, carrying penalty on conviction of a fine of up to $250,000, or imprisonment of not more than ten (10) years, or both; supervised released of not more than three (3) years; and a special assessment of $100.00 for each convicted offence.
Count 2: Indictment with health care fraud in violation of Title 18, United States Code, Section 1347, carrying penalty on conviction of a fine of up to $250,000, or imprisonment of (10) years, or both; supervised released of not more than three (3) years; and a special assessment of $100.000 for each convicted offence
As we celebrate 13th Democracy Day today and over two years of the Goodluck Jonathan’s presidency, it is pertinent to take stock of ‘the state of the nation’s democracy under this regime’. Let me say from the onset that, based on what I saw happened in the PDP, INEC and the Judiciary, and my personal experience trying to vie for the office of Governor of Adamawa state, what we have in Nigeria today is civilian and not democratic rule. Yes, democratic tenets, principles and values are espoused by our political leaders in lectures, conferences and public addresses, but none are practiced. Although ordinary Nigerians are committed to entrenching real participatory democracy so as to attain good governance in our polity, several actions or in-actions of the ruling party, INEC and leadership of the country have been inconsistent with the democratic wind of change presently blowing across the country, nay the continent.
Although PDP prides itself as the largest party in Africa, it cannot claim to be the most Democratic Party in Nigeria. As once said by former Vice President Atiku Abubakar, ‘the democratic practice of a nation is a reflection of the democratic maturity or lack of it of the political parties in that nation; and the maturity of a political party is measured by the level of its internal democracy, which comprises basically two key elements, i.e. the election of party EXCOs by members of the party in a free, fair and transparent manner, and the nomination of Party Candidates for elective public offices by party members also in a free, fair and transparent manner’.
These two elements constitute internal democracy. Their entrenchment in the electoral process automatically vests all powers in the hands of the people at all levels of the party organs, while also guaranteeing fairness, level-playing field and justice to all its members and aspirants in all manner of elections within the party. Conversely, where these elements are lacking, there is no democracy. With all due respect for my party, the PDP, and in all honesty, these two critical elements of internal democracy have been lacking in the PDP before and since the advent of this regime. In my view, this is centrally responsible for the inability of the PDP regime both to capture and retain the support and confidence of our people, and manage the democratic society on the principles of transparency, due process, accountability, consultation and the rule of law. Consequently, fundamental rights of citizens are abused, the independence of the Legislature and the Judiciary are violated and the supremacy of political parties compromised; giving way to corruption, impunity and lawlessness in the polity at the expense of national unity, stability, growth and development.
Few illustrations will suffice. First is the party’s compromising stance on its constitutional provision on zoning. Although I personally do not believe in zoning, but the fact that it is provided for in our constitution, we are duty bound to comply. The failure of the party to comply negates the principle of constitutionalism; a fundamental element of democracy.
Secondly, both elements of internal democracy as outlined above have been lacking in the PDP. Since Goodluck came to power as president, PDP’s leadership has been unstable, many and undemocratically constituted. Within a period of less than two years the party had three substantive Chairmen (Prince Vincient Ogbuolafor, Dr. E. Nwodo and Alh. Bamanga Tukur), three Acting Chairmen (Dr. Bello Haliru, Dr. Bello Haliru and Alh. Kawu Baraje). Ogbuolafor was removed untowardly and replaced by Dr. E. Nwodo without being elected. Nwodo himself was removed giving way to long successive Acting capacities of Haliru and Baraje. Bamanga was subsequently put into office in very undemocratic manner. All these, singularly and collectively, compromised elective element of internal democracy within the PDP.
Also, the second element of internal democracy, i.e. democratic nomination of party candidates, was not spared. On this matter, both the provisions of the Electoral Act and Party Guidelines were completely ignored. For example, let’s take for analysis the party’s nomination of its presidential candidate. A close look at the process will show that President Jonathan did not win the contest as stipulated by the Party Guidelines in a free, fair and transparent manner. Indeed, the integral nomination processes leading to the election at the Eagle Square were characterized by fundamental electoral flaws and frauds, which were so many and so serious as to render, in my opinion, the whole procedure a charade and a mockery of democracy.
From the provisions of the Electoral Act, it is clear that the nomination exercise is not a one-day event but a chain of events that ultimately leads to the emergence of the Flagbearer. However, in the case under review, incontrovertible facts clearly illustrate that the nomination processes have subverted the law, the Party Guidelines, thus rendering the entire exercise at the Eagle Square a monumental fraud now being hailed by some ignorant, selfish, mischievous or anti-democratic elements as a victory for democracy; thus creating the basis for a repeat exercise in the General elections of April, 2011.
Section 87 sub-Section (7) of the Amended Electoral Act 2010 states as follows:
‘A political party that adopts the system of indirect primaries for the choice of its candidate shall clearly outline in its constitution and rules the procedure for the democratic election of delegates to vote at the convention, congress or meeting, in addition to delegates already prescribed in the constitution of the party’.
In conformity with the provision of this Law, the PDP National Executive Committee (NEC) approved and released its Electoral Guidelines for the Primary Elections 2010. Part 1 of the Guidelines stipulates for the election of a National Delegate in the following manner:
For the purpose of nominating the Party’s Presidential candidate, each of the 774 Local Government Party Chapters shall produce one National Delegate to the Special Convention through Special Local Government Congress;
The Party’s Executive Officers at the Ward, Local Government, State, Zonal and National levels shall, by virtue of their respective offices in the Party, be automatic delegates to the Local Government Special Congress. Other automatic delegates include: the LG Council Chairman, Deputy Chairman and Councillors, members of the National and Sate Assemblies, members of the Board of Trustees, President/Vice President of the Federal Republic, State Governor and Deputy Governor who are members of the Party from the LGA.
These were to congregate and elect the National Delegate for that Local Government. Investigations reveal that this procedure was never enacted to elect any National Delegate in all the 774 Local Government Areas across the country. Instead, individuals were simply short listed by Governors, Aspirants or Party Officials and presented as ‘Delegates’. On this score, I challenge any and all of those so-called National Delegates who participated in the Presidential Primaries, officers of the Party from Ward to National Chapters, all the Automatic Delegates to the LGA Congress and INEC Officers of the 774 LGAs who are by law supposed to monitor and report on these elections, who dispute my claim to bring forth any proof of the conduct of the election of any National Delegate as outlined above. Such proof as date, venue, time, accredited delegates, aspirants, agents, electoral officers, number of votes cast, vote counts and scores at the LG Congress election and name(s) of INEC Monitoring Officer(s) and INEC’s Check List Forms to contradict my claim. The truth is it is non-existent. This explains why the Published Delegate Booklet contained no single name of National Delegate. Instead, the shortlisted names were presented on separate papers (some of which were hand-written) at the election venue. In Adamawa State, for example, no date was even fixed for the conduct of the National Delegate election and no such election took place at any time and in any Local Government. This, I also know for a fact, happened in many States and so distorted and rendered the entire process inauthentic and illegitimate.
There was also a deliberate refusal on the part of the PDP’s NWC to avail Aspirants other than the President with the list of Delegates in spite of repeated demands in writing up to the point of entering the venue of the election. An aspirant is by right entitled to the list of delegates long before the date of election – or else how could an Aspirant canvass for votes if he/she did not know who to canvass from? To underscore the importance of this point (i.e. availing Aspirants with list of their electors), the amended Electoral Act 2010 provides in Section 15 compelling INEC as follows:
‘The Commission shall cause a voters’ register for each state to be printed, and any person or political party may obtain from the Commission, on payment of such fees as may be determined by the Commission, a certified copy of any voters’ register for the State or for the Local Government or Area Council or registration area within it’
I spoke with Atiku who confirmed to me that he never was availed with the list in spite of repeated demands. This naturally eroded a level-playing ground for such aspirants in the contest. Also, the participation of Ministers, Advisers and even non-party members in the convention as Delegates constituted a major flaw in the Primaries.
Furthermore, the labeling of Ballot Papers (including the voting, counting and announcing of results) on State by State basis was a deliberate undemocratic ploy to expose the election pattern, thus, compromising and subverting the internationally traditionally honoured sanctity of ‘Secret Balloting’. As a proof to this assertion, the labeling of the Ballot Papers was not made a uniform policy throughout the PDP Primaries across the country. This obviously explains why the Ballot Papers in the Legislative and Governorship Primaries were not labeled on Ward by Ward or Local Government by Local Government basis
There was also the ominous secrecy shrouding the signing of the amendment of the 2010 Electoral Act which had direct regulatory bearing on Political Party Primaries which called to question the integrity, sincerity and credibility of the President in the conduct of the Party Primaries. The amended Bill was signed by the Clark of the National Assembly and forwarded to the President on the 29th December 2010, and the President assented to the Bill the same day, but was never made public till 12th January, 2011 – one week after House of Assembly, 5 days after National Assembly, three days after Governorship, but a day before the Presidential Primaries.
The critical question is what is the motive and rational explanation of the President in hiding the coming into force of this critical Act until after the conclusion of all other Primaries except his own? The answer is obvious – support the President’s candidacy or face the wrath of the Law.
Also pertinent to this matter is the resignation of Dr. Nwodo as Party Chairman. Although there was a Court Order restraining Nwodo from parading himself as PDP Chairman, the man was at the convention venue. Though Nwodo was forced to resign afterwards, it however did not eliminate the confusion and therefore the illegitimacy his action created at the Eagle Square on the day of the convention. The fact that an Ag. Chairman was appointed at the middle of the event means that all previous events including Opening Prayers, National Auditor’s Report, State of the Party’s Report, the Rules and Procedures of the Election Process outlined by the Chairman of Election Panel and the addresses of the two Aspirants, Mrs. Sarah Jibril and Alh. Atiku Abubakar were delegitimized. Certainly, the de-legitimization of these, most especially the last three events, are serious enough to call to question the standing and legitimacy of the succeeding events, principally the President’s address, the election proper and the counting and announcing of results.
On its part, INEC did not stand up to its responsibility in advancing and protecting the nation’s democracy. It is a fact that between 2008 and 2011, INEC wrote four letters to the PDP deploring the unconstitutional and undemocratic manner in which the party conducted its congresses in 8 states of the federation. In those letters, INEC declared the EXCOs in those state illegal and requested the party to reschedule and re-conduct lawful congresses. PDP ignored INEC’s directive and continued with those unlawful EXCOs. Paradoxically, these same EXCOs produced and submitted to the same INEC candidates for elective offices and INEC accepted and filled in these candidates for general elections. Ditto with Bayelsa Governorship candidate. Almost all of them are today elected into public offices. With such acts from INEC, constitutionalism, rule of law and internal party democracy were subverted by the very body that is supposed to protect, defend and advance them.
In the final analysis, therefore, these actions and inactions on the part of the President, the PDP and INEC, have destroyed rather than advance the course of democracy and democratic rule in Nigeria in the past two years.
Information reaching 247ureports.com indicates that the Governor o Anambra State have just dissolved his executive cabinet. The dissolution was made this evening following a meeting with the cabinet members. The Governor told his cabinet members to received their serverance pay and that their service halts May 31, 2012.
The atmosphere at the Bauchi State House of Assembly may have experienced a new climate as a Congress for Progressive Change [CPC] member of the Assembly moved a motion on Thursday calling for the State governor of Bauchi, Malam Isa Yuguda to halt forced evacuation of the Students and staff out of the Abubakar Tatari Ali Polytechnic campus.
The Thursday motion by the CPC lawmaker came following outcries of the staff and students of the institution aptly captured by 247ureports.com in a report titled Trouble in Bauchi: Yuguda’s Men Attacked As State Polytechnic Shuts, published on Monday – that the students of the Abukakar Tartari Ali campus were ordered to relocate to the main campus of their school located along Jos Road in Wuntin Dada – to make room for the contractors to begin work. But the main campus had yet been expanded to accommodate the evacuated students as the Yuguda administration proceeded with forceful evacuation of occupants of the male hostel – asking them to move to a temporally site – while the occupants of the female hostel were asked to move to the male hostel – so that the female hostel would be demolished – to give way to a new building.
The lecturers and non academic staff on their part were ordered to evacuate their residences to other unknown residences. Of which the governor’s chief press secretary indicates that a temporary residence have been secured by the State – and that the rent for the new temporal site have been paid by the State government for two years. The workers turned the offer down, requesting instead, a more permanent arrangement. Usman Mohammed Isuh, the leader of the Joint Action Committee comprising the workers of the three campuses of Abubakar Tartar Ali Polytechnic who joined issues with the unfolding quagmire, added that “the government should have considered sites in the capital“ while also adding that “the manner the relocation exercise is being handled is not good“. The students, on their part, in response to the forced evacuation, physically attacked the contractor and some of the officials of the Bauchi State government who had come to the site. The leader of the students, Saliu Sulaiman in denying that the students acted violently insisted that the State government must”provide amenities at the site where we are being transferred to“ specifically, “exam halls to fit 800 students, 20 classrooms and library with capacity for 1500 students“.
Sources within the State Assembly indicate that the manner the governor and his men went about the exercise concerns them. “We are not with him on this project” added the lawmaker who explained that the insensitivity displayed by the governor and his men are suspect. In his take, there are other suitable sites for the teaching hospital, “the governor could locate the project anywhere he chooses. Why demolish a school like this?”
According to available information, the House of Assembly members will [today] act on the motion to ask the governor to halt work at the campus until the house of assembly investigates matter surrounding the project and evacuation of students. The Assembly will form a committee to investigate whether the site was the most appropriate and the preparedness of the state government in adequately housing the evacuated students and staffs. It is expected also that the lawmakers will investigate the overwhelming cost of the project at N2.6billion – and the 70% mobilization fee [N1.81billion] handed to the contractor, Babangida Zango.
N800million out of the N1.81billion of the mobilization were shared among top officials of the government who facilitated contract. But the chief press secretary denies the allegations as fictitious and callous on the part of the opposition who have joined the students to cause unnecessary havoc in the state. He charged the opposition to provide proof of the money sharing.
As gathered, some of the money was shared among the following persons:
Secretary to the State Government – N180million
Bashir Bugaji – N100million
Alhaji Adamu Alkali – N50million
Dr. Sani Malami – N50million
Ali Jibril – N50million
Commissioner for Special Duties -N30million
Director SSS, Mr Ajayi – N20million
Commissioner of Police – N20million [the former Commissioner was recently transferred but N20million was reserved for the CP]
Director, Due Process – N8million
Director, Engineering – N8million
Director, Finance – N6million
Independent inquiry by 247ureports.com reveals the government of Bauchi State to be experiencing unpleasant administrative maladies associated with the recent earmarking of N17billion for security matters. A mass jamboree over the sharing and/or laundering of the N17billion appears aggressively underway. As reliably informed, the recent wave of high priced contract awards by the governor of Bauchi State – N7.9billion for Airport Construction and N2.6billion for Teaching Hospital, ties directly to the on-going attempt by the governor men at utilizing the N17billion security vote to finance the federal projects at inflated contract amounts – only to be refunded by the federal government when the project is completed.
“Where is all the money coming from?” said a source from the State assembly who also belong to the ruling party as the governor. He queried how the governor was getting the billions of Naira that he is throwing around lately. “Bauchi State does not have money. We know what we have”. The lawmaker pointed at the N17billion reserved for security vote as a scam, “a clear case of money laundering”. The House of Assembly member, as 247ureports.com was reliably informed, are presently having a private discussion over the matter.
Meanwhile, the chief press secretary to the governor has stated that the staffs and students of the school have meet with the state government – and that an understanding have been reached between the government and them. The terms of agreement were that the students will resume school without worry for force eviction. The contractor will continue work at the campus undisturbed. The staff will be relocated to a temporally location were the state government will settle the rent for two years. The homes at the campus will be demolished in the process. In the meantime, the state government will provide the amenities requested for at the main campus – before relocating the students.
Investigations have revealed that Former Governor of Kwara State, Bukola Saraki is planning a media war against the Special Fraud Unit of the Nigeria Police and it top boss, Tunde Ogunsakin, a Police Commissioner .
The police unit has been having a running battle with the serving Senator, who it over his involvement in a 21 billion naira loan scam involving Inter Continental Bank.
Senator Saraki refused to honour several invitations by the anti fraud unit before finally surrendering himself at the unit’s office in Abuja about three weeks after the initial invitation and after being declared wanted by the Police.
Before honouring the Police invitation, Saraki has through his media office tried to misinform the public that an Abuja High Court has restrained the police from inviting, questioning or detaining him.
The said court headed by Justice Gladys Olotu, however, refuted the claims and the SFU secured a court order for the arrest of the former governor over the alleged loan scam through a Lagos High Court.
Police believe the elusive senator illicitly obtained a N21 billion loan from the now defunct Intercontinental Bank Plc through Joy Petroleum, a company said to be owned by his former aide, Matthew Obahor.
The beleaguered senator failed in his attempt to seek a restraining order against the police force that will stop them from taking him into custody. There are unconfirmed reports that he had reportedly gone into hiding following the court’s decision to deny him this sliver of protection.
After Saraki’s chats with the Unit’s investigators in Lagos and Abuja, he was said to have sensed that the police unit will definitely charge him to court for the scam and was said to have set in motion series of smear campaigns to discredit and rubbish the image of the Anti –fraud unit and its commissioner, Ogunsakin who was unceremoniously kicked out of the EFCC last year by the former Chairman of the commission, Farida Waziri.
He is said to be planning to weave his smear campaign around the certificate saga involving the SFU boss, whose tenacity has become a source of worry for the former Governor during his(Ogunsakin)’s period as the Chief Investigator of the anti graft commission.
An insight into the activities of Saraki and his well oiled media was highlighted by a piece written and published by a public affair analyst , Joseph Omololu , on May 14, 2012 in some online media, which dealt extensively with the activities of the media team of Saraki.
The article which is fully reproduced here, reads:
For the past weeks, Senator Bukola Saraki’s well-oiled media lobby has tried a great deal to explain the former governor’s side to the N11b loan scam over which the powerful politician is being investigated. They are doing so in manners that suggest that the whole issue is one big conspiracy hatched by some powerful forces to hang Saraki. An arm of the lobby tries to tie the police investigation to the motion the senator sponsored last year calling for the probe of the alleged mismanagement of the fuel subsidy, now followed by head-scratching revelations.
The other arm attempts to link it to the politics of 2015 with some politicians, allegedly aided by the Presidency, trying to checkmate Saraki. I concede that the first lobby has done enough to justify whatever amount budgeted for the propaganda. Up to 10 different well-written articles have appeared on this topic in various newspapers and online portals.
On the heels of those came an official press release from Saraki himself explaining his ‘side’ of the story in the dailies of Friday May 11, 2012. Whilst keeping quiet on the conspiracy theories above, Saraki again denied any link to the Joy Petroleum – the company he believes is at the heart of the police investigation – and alleged media prosecution of the case against him.
But the irony of the whole propaganda is that the more Bukola Saraki and his media lobby speak on this matter the more vivid his links (and perhaps culpability) in the entire saga become in the eyes of all lovers of details and probity.
Everything written by his media lobby and the contents of his press statement deliberately ignored the facts of the case against him. They have failed to answer all relevant questions even an inexperienced investigator will ask. Again, that is expected. The whole agenda of the propaganda is to shift public attention from facts to sentiments.
Here are some of the questions from which Saraki and his media lobby are running: if his (Saraki’s) claim that Joy Petroleum Limited is owned by his late aide, how come persons directly linked to Saraki, including one Abdul Adamu, were still making transactions to and from the accounts belonging to the same company while the fellow was bedridden and even after his death? Police have said that the names in the documentations of the Bank included the wife of the former governor, Toyin Saraki, and the former Commissioner of Finance and current Governor of Kwara State, Abdufattah Ahmed.
Police also said a loan obtained by Joy Petroleum ltd. was lumped together with Dicetrade Nigeria Ltd and Likam Ltd. (both of which Saraki has admitted having interest) by the Bank which were separately obtained by the companies. What is the point lumping together a loan obtained by company A with company B if there are no established relationships? Police also said the stock purchased by the Kwara State Ministry of Finance was used as collateral for the loan approved to Joy Petroleum Ltd. by the Bank. Neither Kwara State Government nor any other agency has denied this. They have also said that Joy Petroleum Ltd., Dicetrade Nigeria Ltd. and Likam Nig. Ltd share one registered office address, No 10, Abebe Village, Iganmu, Lagos and operate one office address, No 30 Saka Tinubu Street, Victoria Island, Lagos (property of Saraki). It also happens that No 10 Abebe close is the office of TOYIN Pinheiro SAN, Saraki’s personal friend and lawyer. Police said Saraki had used his office as the Governor of Kwara State to influence the purchase of the above named companies’ stock by the Kwara State Ministry of Finance and that the Plaintiff at material times (going by bank documents) was a promoter of Joy Petroleum Ltd. and on several occasions used his personal properties to guarantee loans taken by the companies including Joy Petroleum.
These are weighty allegations against Saraki and interestingly all are related to the said Joy Petroleum ltd. Just as Saraki has kept quiet on why payments and withdrawals were made by individuals directly linked to him even after the supposed owner of the company was long dead, his media lobby has also refused to address other issues raised by the police. If Saraki has no interest in the company, how come properties of the government he ran were used in the transactions involving the company? How come he is not addressing the established link between the company and his wife and commissioner for finance? He said the loans were not collaterised, what then do we make of the established link (as bank documents show) between Saraki’s properties and the loan? In fact, his claim that the loan (about which he claims ignorance) was not collaterised raises another question about his sincerity.
As for whether the case against him is being prosecuted in the media, Saraki again is the one guilty of such accusations. Police authorities last made a statement on the matter the day he appeared in Abuja, rather than the Lagos office of the SFU to which he was originally invited. And that statement was quite silent on the case against him. It only stated that he appeared in Abuja and was expected to report again in Lagos the next Thursday.
That is probably because the matter is already before the court, where both parties have filed affidavits and counter affidavits to state their respective case. Since then, Bukola Saraki has granted at least two interviews online including the one granted japh omojuwa.com touching this issue.
The above suggests that Saraki is commissioning several write ups to deceive the unwary public and whip up sentiments. It is on record that Saraki deliberately lied to the world that he has obtained an injunction against the police whereas no such thing exists. Rather than summon a moral conviction to apologise to the public for such show of shame, Saraki has continued to spread falsehoods. But nothing exposes Saraki as a lawless and indecorous fellow other than his continued public statements over the veracity or otherwise of allegations already submitted to the court for adjudication. What is more, this was the same person that took the matter to the court in the first instance. Also, while Saraki is publicly asserting his innocence, privately he is said to be going around lobbying everybody from the President to the Sultan of Sokoto to the IG to have the investigation killed.
Finally, Saraki is not the first public official to be questioned by the police. Even as matters stand now, the police have not preferred any charges against him. Yet one cannot recall there being this much sponsored write up about anybody in recent times as has been in favour of Saraki”.
Nigerians can well expect another round of salvo being prepared at the moment by Saraki’s team against SFU and Ogunsakin.
PRESIDENT Robert Mugabe on Thursday lashed out at the “selfish” West for denying Nigerian finance minister Ngozi Okonjo-Iweala the opportunity to head the World Bank.
Okonjo-Iweala, a respected economist, last month lost the World Bank president post to Korean-American Jim Young Kim, in a first-ever challenge to US domination of the job.
“We were very saddened that you didn’t make it,” Mugabe told a women’s conference in Harare, which the Nigerian minister was attending.
“You know the Europeans are very selfish, they want to retain power in these bodies.
“The World Bank, no African can head it. The IMF, no African can head it. So it will take us time to be equal,” said Mugabe.
Okonjo-Iweala meanwhile said her candidacy has proven that developing countries can lead global institutions. “I think they (World Bank) have absolutely no choice, they have to evolve,” she said.
“It was a game changer that we cannot have the same processes that have gone on for 60 years going on in future, therefore I am confident that going forward there will be a more level playing field, more competition will be allowed.”
Under a tacit agreement since the Bretton Woods institutions were founded nearly 70 years ago, the United States has always picked one of its citizens for the helm of the World Bank while Europe has held control of who leads the International Monetary Fund. The US nominee faced a challenge for the first time in 66 years from two strong developing country candidates.
The Congress for Progressive Change (CPC), being aware of Dr. Goodluck Jonathan’s first year as an elected President, hereby takes a retrospective look at the impact of governance on the lives of the ordinary Citizens.
Beyond the grandstanding and abundant rhetoric of the government, there is nothing worthy of note that the Administration of Dr Jonathan had done to improve the infrastructural development, Education, Security and Economy of the Nigerian State.
The poor results of Nigerian students in NECO, WASC and JAMB Examinations really typify the sordid decadence of Educational standard under the Jonathan Administration. The regime has proven to be adept in making vain electoral promises. It is still beyond reasonable rationalization that an administration that has not provided good funding for the existing Universities found it expedient to set up new ones; worse still, the new Universities have not taken off for paucity of funds!
The Nation’s infrastructure is in comatose state with no strident plan for improvement. The Roads are in worse parlous state, with receding hope for rehabilitation; stability in Electricity supply remains a mirage!
The policy summersault in the economic management is enough indication of the confusion at the top echelon of the Nation’s governance. The leadership-induced sleazy tendency is still nightmarish, as the like had never been seen in the Nation’s checkered history.
The cloud of insecurity that had enveloped the Nation-space is symptomatic of the pervasive ineptitude of the Leadership! There is also the added ethno-religious divisiveness that is supervised by the leadership for vain political advantage.
Succinctly put, the Jonathan’s administration in the last one year has been a sordid tale in gross incompetence. As a Party, we shall continue to show the Nation the way out of the quagmire of this leadership deficit.
1. The Central Bank of Nigeria (CBN), like most others, has the core mandate of maintaining price stability and ensuring a non-inflationary growth. It also has the responsibility to ensure a sound and stable financial system in addition to other developmental functions. These mandates and functions are peculiar to central banks all over the world, and no other institution performs such functions. These special responsibilities are enormous and have continued to pose increasing challenges to central banks, largely because developments in the domestic and international economies create more intricacies and complexities in the financial systems and the art of central banking. Indeed, the current trend of globalization exemplified by economic and monetary unions has increased the challenges to central banking. The effective discharge of these responsibilities requires that central banks be independent in the true sense of it, that is, shielded from political interferences, have administrative independence and instrument autonomy. In this short write up, this writer wishes to present issues in the administrative autonomy and budgetary independence of central banks vis-à-vis independence and autonomy and country experiences. It is my considered opinion to urge against making the Governor of the central bank subservient to a politically appointed Board Chairman as well as excluding deputy governors who are executive directors as board members, as these are against international best practices. I also urge against subjection of CBN budget to the National Assembly, if the operations/effectives of the CBN are not to be encumbered. Issues in Central Bank independence
2. The global trend for efficient and effective central banking is a truly independent central bank with both operational and financial independence. Financial independence involves four aspects namely; the right to determine its own budget; the application of central bank specific accounting rules; clear provisions on the distribution of profits; and clearly defined financial liability for supervisory authorities. These are particularly relevant especially in not-well developed political systems like ours where central banks are most vulnerable to outside influence. A central bank would be operating under imminent danger (as under a ‘Damocles’ sword’) if it depends on government for funding or waits for government/legislative approval for its financial needs. This point is best illustrated by the recent banking crisis in Nigeria in which the CBN promptly intervened in a manner that did not rock the boat. It is clear to everyone that if the CBN had waited for parliamentary debate on its lender of last resort function before injecting money into the distressed banks, there would have certainly been a run on the system even before parliament would finish debate. Even the banks that were not in grave condition would have been affected. Depositors would lose their money on a scale that has never been witnessed in this country. Also, usually, if bankers know in advance that insolvent banks will be closed and that lobbying to keep them open will fail, they will behave more prudently, thereby reducing the likelihood of a banking crisis.
3. Central bank independence has been an age long issue. As early as 1824, David Ricardo in a paper on the establishment of a national bank had advocated full independence for central banks. Similarly an economist of great repute, Keynes, in a testimony before the 1913 Royal Commission into an Indian central bank said, “it would be desirable to preserve unimpaired authority in the executive officials of the bank whose duly it would be to take a broad and not always commercial view of policy”. Our Central Bank, if it would serve the purpose for which it was established should be insulated from commercial pressure from “made for profit” financial houses.
4. Of recent, there has been a consensus in theoretical and empirical literature on the one hand and among both academic economists and central bankers on the other, that achieving and maintaining long-run prices stability is the unique goal of monetary policy and this appears to be a panacea for reducing inflation. It then follows that institutional arrangement through which this can be achieved has become critical. There is also a widespread agreement that the most important institutional arrangement in this respect is the delegation of monetary policy to a truly independent central bank and this is predicated on the causal link between monetary policy autonomy and inflation. Needles to emphasize here that inflation, if left unchecked can bring down any economy no matter how well founded or well funded.
5. In the last couple of years, there has been growing evidence that central banks, which operate outside government control, have performed better in achieving their primary mandate. Such evidence include empirical investigations by eminent researcher like Rogoff (1985), Persson and Tabellini (1990), Cukierman (1992), Alesina and Gatti (1995), Walsh (1995), Walter and Walsh (1996), among others. Each of these works concluded that central bank independence is very important to achieve price stability. In the specific study by Cukierman, in which financial independence of central banks was investigated, 16 out of the 23 central banks surveyed determined their budget. Beside that monetary delegation leads to lower basic inflation, other motivations for central bank independence are lower inflation variability and higher and more stable economic growth.
6. In addition, there are three other basic arguments that underline the causal link between independent central bank and low inflation. Central bankers are exposed to strong political pressure to adopt lax monetary policies due to budgetary and seigniorage considerations. An independent central bank will be less subject to short-term political influences, thus, is better able to commit to long-term policies for promoting price stability. The Sergeant Wallace argument says that in a situation of fiscal dominance, monetary authorities will sooner or later be compelled to monetize the budget deficit, ultimately generating inflation. A strong and independent central bank can force the government to take measures to reduce the deficit or the volume of outstanding debt. This calls for financial independence. The time inconsistency argument is the major contribution by Rogoff (1985). Very often, monetary policy making under the influence of politicians tends to focus too much on short term considerations, which easily lead to temporary, non-sustainable outcomes (where such outcome is positive) all the expense of sustained economic growth. Politicians all over the world appear to have come to appreciate these issues and decided to remove the temptation to pursue short term gains and make their central banks independent. Our case should not be different. Indeed, the literature has outlined that one of the solutions to the problem of time inconsistency is the delegation of monetary policy to an independent authority with a longer time horizon and a greater preference for price stability.
7. Moreover, a long held view, which has received rigorous analysis (Cukierman, 1986) in recent years, is that central bank independence raises policy credibility and transparency and dampens inflation expectations.
8. Furthermore, in the area of governance of central banks, the global practice has been, and still is that the chief executive officer of the central bank chairs the Board of Directors and the Executive Directors are members of the Board of Directors. This is the practice in most countries.
Country Experiences
9. Central banks of several countries including the US, the UK, Europe, Brazil etc, and African countries such as South Africa, Ghana, Kenya, Botswana etc, determine their budgets.
In the most recent regional integration of a wide scale, the European Union (EU), a key element in the European Monetary Union was the formation of an independent supra-national central bank. Indeed, the EU’s view on central bank independence is defined by the provisions of Article 107 of the Maastricht Treaty: “when exercising the powers and carrying out the tasks and duties conferred upon them by this Treaty and the statute of the ESCB, neither the ECB, nor a national central bank, nor any member of their decision-making bodies shall seek or take instructions from Community institutions or bodies, from any Government of a member state or any other body. The Community institutions and bodies and the governments of the Member states undertake to respect this principle and not to seek to influence the members of the decision making bodies of the ECB and the national central banks in the performance of their tasks”. In addition, many of the transitional economies of the Eastern Europe have adopted reforms aimed at making their central banks more independent. Furthermore, the traditional practice of central bank governor presiding over the board of directors that include all the executive directors subsists across the globe including regional banking institutions such as the European Central Bank.
The CBN Case
10. The Central Bank of Nigeria has had a chequered history of autonomy since its inception in 1958, varying between autonomy and control. In the 1958 Act, the CBN was granted a measure of autonomy which gradually eroded until 1991 when the autonomy was restored. The erosion of the Bank’s autonomy between the years coincided with military interventions in politics in Nigeria. Again, the autonomy was gradually eroded until 1999 when administrative and instrument autonomy were granted to the Bank to shield it from political pressures in the implementation of policy. From the inception of the Bank, the administrative structure has been that the Governor or Deputy Governor of the CBN presided over the Board of Directors and Executive Directors or Deputy Governors had always been on the Board. This arrangement had ensured easier, smoother and faster implementation of monetary and financial policies.
11. Nigeria is a driving force in the WAMZ project. The establishment of the West African Central Bank (WACB) and the eventual take off of the Eco currency in 2015 is a very important step in the process of economic integration in the sub region. The WACB will most likely operate in the manner of the ECB and will thus, be an independent supra-national central bank along with the national central banks of member countries. This implies that any legislations or institutional arrangements in any of the member countries against central bank autonomy and budgetary independence will be a clog in the wheel of the monetary integration. Nigeria should actually be in the forefront of promoting such a stand-discouraging member interference with the operations of their central bank.
12. The central Bank of Nigeria requires full independence in the true sense of it to enable it act appropriately according to its expert and independent viewpoint. The global trends have been towards full independence for central banks. Indeed, budgetary and instrument autonomy are the reasons why most central banks are now proactive rather than reactive in the discharge of their responsibilities-central banks are able to anticipate and identify problems and unintended outcomes and respond immediately with appropriate policy actions. This is the trend all over the world-in both developed and developing countries.
Concluding Remarks
13. In this era of globalization, Nigeria cannot afford not to follow the global trend. A truly independent and autonomous Central Bank of Nigeria has become more imperative for the integration of our financial system with the world economy in general and the West African sub region in particular. It should be emphasized that instrument autonomy without financial/budgetary autonomy, as obtained in other countries, is meaningless. What is required now is not to erode the financial autonomy of the Central Bank but rather to build and strengthen relationships that would enhance complementality between the monetary and the fiscal autonomies and ensure accountability and transparency dictated by policies rather than budgetary constrictions and exigencies.
14. Given our recent experience with the approval process of the Federal
Government budget and the eventual passage of the Appropriation Bill by the National Assembly, it would be disastrous for the CBN in terms of its operations and overall performance, if its annual budget gets bogged down with the usual delays that had attended the Federal Government budget. The unique responsibilities that have been bestowed on the Bank require it to act expeditiously should the need arise without recourse to the political autonomies.
15. In the light of the foregoing, it becomes imperative to caution against subjecting the CBN annual budgets to the approval process of the National Assembly so as not to encumber its operations/effectiveness, particularly in this period of fragility in the impending legislation on the West African Central Bank. In addition, a central bank governor that is subservient to a political appointee that presides over
the board of directors that excludes executive directors is counterproductive and it is against the new paradigm of making central banks truly independent.
Oil edged up above $91 a barrel Friday as an inconclusive summit about Iran’s nuclear program outweighed demands concerns tied to Greece’s financial crisis and sputtering growth in China.
By early afternoon in Europe, benchmark oil for July delivery was up 41 cents to $91.07 a barrel in electronic trading on the New York Mercantile Exchange. The contract rose 76 cents to settle at $90.66 in New York on Thursday.
In London, Brent crude for July delivery was up 46 cents at $107.01 per barrel on the ICE Futures exchange.
Crude has sunk about 15 percent from $106 three weeks ago amid dimming global growth prospects and easing tensions over Iran’s nuclear program.
On Thursday, however, Iran and six world powers ended talks without making any progress toward a deal, agreeing to continue meetings next month in Moscow. Crude rose to above $110 earlier this year as traders worried a pre-emptive military attack by the U.S. or Israel on Iran’s nuclear facilities would disrupt global crude supplies.
“Ahead of the talks there had been hopes of a breakthrough,” said analysts at Commerzbank in Frankfurt. “Now that these hopes have not been fulfilled, part of the risk premium may return, which would argue against any further fall in the price of oil.”
Weaker manufacturing data released Thursday in Europe and China suggests a sharper slowdown in the global economy and weaker demand for crude.
Some European countries, such as Italy and Spain, are already in recession. Political turmoil in Greece has increased the possibility that the country will leave the euro common currency, a move that would likely undermine investor confidence in the rest of Europe.
“Data for the world’s most important commodity consumer, China, point to signs of slowdown,” Citigroup said in a report. “Easing geopolitical concerns have also weakened bullish sentiment.”
Trading volumes were expected to remain low ahead of U.S. markets being closed Monday for Memorial Day.
In other energy trading, heating oil was up 1.03 cents at $2.8360 per gallon and gasoline futures added 0.92 cent at $2.8285 per gallon. Natural gas fell 3.2 cents at $2.615 per 1,000 cubic feet.
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Alex Kennedy in Singapore contributed to this report.
