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Sunday, 29 March 2015

Gunmen kill 15 in Nigeria during tense election

ABUJA (Reuters) - Gunmen killed at least 15 people including an opposition politician near polling stations in northeast Nigeria on Saturday, casting an ominous shadow over the closest electoral contest since the end of military rule in 1999.

The tense race pits President Goodluck Jonathan against former military ruler Muhammadu Buhari for the favour of an electorate divided along a complex mix of ethnic, regional and in some cases religious lines.

The poll is seen as the first election in Africa's most populous nation in which an opposition candidate has a serious chance of unseating the incumbent, and widespread fears it could trigger violence are already becoming reality.

Islamist Boko Haram insurgents launched several attacks on voters in the northeast, killing three in Yobe state and three more in Gombe state, police said.

Shortly afterwards, at least eight people, including the opposition parliamentary candidate for Dukku in Gombe, were killed by unidentified gunmen, a spokesman for Buhari's All Progressives Congress (APC) said.

A string of military victories by troops from Nigeria and neighbouring Chad, Cameroon and Niger has reclaimed much of the territory the Islamists controlled earlier this year, but they retain the ability to mount deadly attacks on civilians.

The governor of Borno state in the northeast said 25 people had been killed in an assault on the remote village of Buratai on Friday night.

"EXTRAORDINARILY PATIENT"

Voting at the 120,000 stations nationwide was beset with problems as officials turned up late and high-tech biometric card readers, introduced to prevent the vote-rigging that has marred previous polls, failed to work.

Even Jonathan suffered a 40-minute delay as officials vainly tried to get four different machines to recognise the president's fingerprint.

"I'm very hopeful," he said of his chances after voting.

With up to 56.7 million voters to process, the election commission said it would extend voting into Sunday in districts that had suffered technical problems. It was not clear what impact this would have on the timing of the result.

A credible and relatively calm poll would open a new chapter in the chequered history of Africa's biggest economy and top oil producer, whose five decades of independence have been tarnished by military coups and secessionist movements.

Voters queued for hours just to get accredited.

"They are extraordinarily patient," U.S. Assistant Secretary of State for African Affairs Linda Thomas-Greenfield told Reuters TV at a polling station in central Abuja. "We have to commend the Nigerian people for being so patient."

The vote is seen as a referendum on the record of Jonathan, a former zoology professor whose time in office has been blighted by massive corruption scandals and the Boko Haram insurgency in which thousands have died.

"These elections are a defining moment for Nigeria. ... People have a real choice," former Malawian president Bakili Muluzi, who is leading a Commonwealth observer mission, said.

"The danger is post-election. We've been assured by the peace accord between the leaders but how that trickles down is the danger," he told Reuters, referring to a second pact signed between Jonathan and Buhari on Friday not to whip up violence.

Yet the poisonous rhetoric emanating from both sides during the campaign, as well as some scuffles and shootings, have raised doubts over whether such agreements will be respected.

Before voting started, two bombs exploded at polling stations in the east, causing no deaths, while police destroyed a third. Hackers also shut the electoral commission website.

"DEVILISH MOVES"

On Friday Jonathan told anyone planning violence to think again, yet many Nigerians queued up en masse to withdraw cash, buy fuel supplies and stock up at supermarkets.

In a climate of mutual suspicion, Buhari's APC also warned against any "devilish moves".

However, his 18 months in charge, during which opponents were jailed and drug dealers executed, are not fondly remembered by all.

And as always in the nation of 170 million people, ethnic and regional sentiments remain paramount -- Buhari is hugely popular in the north, Jonathan, in the south and east.

That could leave the southwest as the king makers. The region, which centres around the commercial capital Lagos, is mostly ethnic Yoruba but religiously mixed. They voted for Jonathan last time but since then Yoruba elites have rallied decisively around Buhari.

. #NigeriaDecides

Nigeria voting extended into Sunday after glitches

(Reuters) - Nigeria's electoral commission said on Saturday it would extend voting into an extra day in polling stations that had technical issues with biometric card-reading machines.

"In polling units where accreditation was suspended to the following day, in accordance with the existing guidelines, arrangements will be made for voters to vote tomorrow," commissioner Chris Yimoga told journalists in Abuja. #NigeriaDecides

Boko Haram gunmen kill six voters in northeast Nigeria

(Reuters) - Islamist Boko Haram insurgents launched two deadly attacks on voters in northeast Nigeria on Saturday, police and a security source said, killing six people in an election in which insecurity is a major issue.

One attack was in Ngalda, Yobe state, state police commissioner Danladi Marcus told Reuters by telephone. The other was in an ethnic Fulani village called Woru in Gombe state, a security source said.

In both attacks gunmen opened fire on voters as they trekked to their polling stations, killing three in each. #NigeriaDecides

History Beckons As Buhari Sets To Unseat Jonathan

Barring any attempt to scuttle the will of the people, the stage seems set for a change of leadership in the nation’s polity with results of the weekend’s presidential polls indicating that the candidate of the All Progressives Congress (APC), Gen Muhammadu Buhari (retd), is in comfortable lead in three of the country’s six geo-political zones.

The zones include the two largest ones – North West and South West. Buhari also polled more votes than his arch-rival and candidate of the Peoples Democratic Party (PDP), President Goodluck Jonathan, in North East zone.

The incumbent president clinched the South South and the South East. Both candidates have shared the spoils in in North Central zone with Buhari winning in Kogi, Kwara and Niger states while Jonathan cornered Nasarawa, Plateau and Benue.

Our correspondents reported that from results trickling in from the collation centres, the former military head of state has emerged the preferred choice of the people in the presidential poll.

“There is no doubt the race has been won and lost and that Gen Buhari has won,” a source at the INEC office confided in LEADERSHIP.

“Clearly, it is three zones to two; and after winning North West which has Kano and South West with Lagos, the two most populated states and zones, nothing can stop him.”

Jonathan lost vital polling units, including the one at the seat of power where he resides, Aso Villa, Abuja.

Many of his cabinet members, including the minister of education, Ibrahim Shekarau; his Federal Capital Territory (FCT) counterpart, Bala Mohammed, and the minister of state (II) for foreign affairs,

Musliu Obanikoro posted dismal results in their home units. Many other high-profile politicians lost their polling units to opposition parties.

The Independent National Electoral Commission (INEC) is yet to announce the result of the presidential election, but the director of media, PDP Presidential Campaign Organisation (PDPPCO), Mr Femi Fani-Kayode, claimed, in a press statement yesterday, that Jonathan had won in 23 states and APC in 14. Nigeria has 36 states.

APC spokesman, Alhaji Lai Mohammed, however, raise the alarm that President Jonathan and his cronies were working round the clock to manipulate the people’s mandate by unlawfully coveting majority votes or rendering the elections inconclusive.

When asked, INEC chairman, Prof. Attahiru Jega, faulted Fani-Kayode’s claim that the PDP was leading in 23 states, or 64 percent, in the presidential poll.

He said that the only results received were from two states, Ekiti and Ogun.

He also declared that the commission was not under any pressure to declare the outcome of the presidential election inconclusive, while expressing worry at the crisis in River State, stating that the commission was investigating it and would take a position soon.

APC wins 7 LGs in Kano

According reports from Kano State, Buhari was leading with a wide margin in seven local government areas (LGAs) of the state. Also, all the APC candidates for seats in the House of Representatives and Senate were leading in the said LGAs.

The local councils so far announced were Bunkure, Makoda, Tsanyawa, Bagwai, Albasu, Kibiya and Kura LGAs respectively.

Spokesman of INEC, Kano office, announced the following:”Kibiya- APC 23,000 votes, PDP 4,999 votes; Gabasawa – APC 31,000 votes, PDP 8, 840 votes. Bagwai – APC 38 , 750 votes, PDP 8,159 votes; Kunchi – APC 24,542 votes, PDP 2,921 votes; Tsanyawa – APC 32,662 votes, PDP 4,819 votes, and Gaya -APC 38,085 votes, PDP 1, 888 votes.”

LEADERSHIP discovered that returning officers were retiring back to INEC office in the state with the results by press time.

Buhari sweeps Kaduna votes as Sambo loses own ward to APC

Reports from Kaduna State yesterday also indicated that Buhari was leading in most of the results collated from the various polling units across the 23 LGAs of the state.

Vice President Namadi Sambo, who had won in his new polling unit, however, lost again to the APC by a wide margin in his Kabala ward 05 in Kaduna North LGA.

Dr Husseini Momo Lawal of the Ahmadu Belo University, Zaria, who served as collation and returning officer in the vice president’s ward, announced that APC won the presidential election with 10,760 votes to PDP’s 1,760 votes.

Results collated from Shiba Ward 1 in Kaduna North LGA also indicated that the APC led with 3,871 votes while the PDP followed with 1,827 votes.

The presidential result coming from Ikara LGA showed that APC led with 49,146 while the PDP got 7,170 votes, and in Kubau LGA, the APC led with 63,875 votes while PDP got 6,377 votes in the presidential election.

The vice-president had changed his polling unit PU-011 on Swimming Pool road, near Police College, to avoid a repeat of the 2011 embarrassment after he lost his then polling unit.

Our correspondent gathered while incumbent President Goodluck Jonathan got block votes from Southern Kaduna senatorial district, his arch-rival of the APC, Gen Buhari, was cruising home with block votes from Kaduna Central and Kaduna North senatorial districts.

Buhari, according checks by our correspondent, was likely to win with about 60 percent of the votes.

Buhari cruising towards a landslide victory in Borno – SSG

In Borno State, the secretary to the state government, Ambassador Baba Ahmed Jiddah, said that given the result of the presidential polls collated so far in 16 LGAs, the APC flag bearer, General Buhari, would emerge victorious with a landslide.

Ambassador Jidda, who is also Buhari’s agent, said his principal was leading with a margin of about 95 percent in the results announced for the 16 LGAs so far submitted at the INEC collation centre.

“The APC is cruising to landslide victory; as you can see, we have done better that we thought,” said the SSG. “It is obvious that our opponents are struggling to score 25 percent, but from the look of things, at the end of the day, they may not be able to get more than 10 percent.

“Today we have so far collated results from 16 local governments and

from what we have, the APC has approximately 95 percent, while the PDP has slightly over five percent. The turnout is not that very good, but it should be expected given the circumstance we found ourselves. When more results are brought in tomorrow, it may improve the figures we have. However, the good thing is that people are happy they have participated in this election.

“The INEC and the security agencies have really done very well, and we believe, by the time we conclude this exercise tomorrow, everybody will happier for it.”

According to the SSG, the collation of results for the presidential polls was suspended at about 6:30pm yesterday for all parties to reconvene again at 9am today (Monday) when more results from remote local government areas would be brought in.

Kabiru Turaki, Bello Haliru lose wards to APC in Kebbi

Results emanating from Kebbi State revealed that President Jonathan’s henchmen failed to deliver their wards for the president and the PDP.

Former defence minister, Dr Bello Haliru, a onetime PDP chairman, failed to deliver his ward as results obtained from his Magajin Rafi polling unit indicated a landslide victory for the opposition APC.

The current minister of special duties, Kabiru Tanimu Turaki (SAN), also failed to deliver his ward as the APC carpeted the PDP at Sarkin Zabarmawa polling unit.

Reports also said voters booed and threw pebbles at the minister before security operatives whisked him away.

The PDP national treasurer, Alhaji Buhari Bala, also failed to deliver his polling unit at Hassan Organiser polling unit.

Samaila Haliru Dankasa, who is the coordinator of TAN (Transformation Ambassadors of Nigeria, the top campaign team for President Jonatahn re-election bid) in Kebbi State, could not also win his ward for the PDP. He failed to deliver his Garkar Sarkin Zabarmawa polling unit

Reports gathered by LEADRSHIP indicated Jonathan might not secure 25 per cent of the votes in Kebbi.

Jonathan favoured in Benue

Reports from Benue State indicated that Jonathan was in the lead in five local governments areas so far collated.

The INEC resident electoral officer (REC) in the state, Mr Istafanus Dafwang, who received the results from collation officers at Makurdi, revealed that they were from the Benue South senatorial district.

The results in Benue North East and Benue North West senatorial districts were yet to be collated.

The already announced LGAs include Ado, Okpokwu, Ohimini, Agatu and Ogbadibo respectively. The results indicated that in Ado, Jonathan polled 7,382 to Buhari’s 2,328 votes.

In Okpokwu LGA, Jonathan scored 12,103 votes, while Buhari got 4,757, and in Ohimini, the president led with 5,909 against Buhari’s 4,734.

Jonathan also defeated Buhari in Agatu, home of the PDP deputy governorship candidate in Benue, John Ngbede, with a wide margin of 9,555 votes against 3,627. In Ogbadibo, it was a slim win for the president as he got 6,937 votes to main rival’s 6,257 votes.

Meanwhile, the APC in the state has accused the ruling PDP of trying to manipulate the results of presidential and National Assembly elections in the three senatorial districts of the state.

The media director of Ortom/Abounu governorship campaign organization, Mr Tahav Agerzua, who made this allegation in a statement made available to LEADERSHIP, said, “Especially in the Benue North senatorial District where APC has won obviously, the PDP is trying to manipulate it.”

David Umar set to beat Gov Aliyu for Niger East senatorial seat

In Niger State, PDP’s candidate, Governor Muazu Babangida Aliyu, was yesterday losing the Niger East Senatorial District to Barrister David Umar of the APC, who was leading with a wide margin in six local governments of the nine in the senatorial district so far released.

Umaru, whose victory in Niger East by-election held in August last year was recently upheld by an appeal court in Abuja, led the outgoing state governor in the six local governments that their results had been so far been released.

The results released by INEC returning officers at the collation centre at the College of Education, Minna, yesterday night showed that in Chanchaga LGA, Umaru scored 49,219 votes to Governor Aliyu’s 17,209 votes, thereby beating Aliyu in his own local government area.

Also in Gurara LGA, Umaru scored 18,887 votes to Aliyu’s 6,520 votes. In Shiroro LGA, the APC candidate got 27,191 while the governor got 7,519 votes.

Similarly in Tafa LGA, APC garnered 17,598 to PDP’s 8,151 votes, while in Bosso LGA, Umaru scored 36,250 and Aliyu 7,060 votes.

The result from Munya LGA also indicated that Umaru had 13,666 while Aliyu got 6,635.

In total, in the six LGAs so far announced, David Umaru polled 163,111 votes to Governor Aliyu’s 53,094 votes.

The results from Rafi, Paikoro and Suleja LGAs were being awaited as polling continued in those places yesterday.

Buhari wins Ogun

LEADERSHIP can authoritatively report that Buhari has been declared winner of the presidential election in Ogun State with a wide margin.

Buhari garnered 308, 290 votes to beat President Jonathan who had 207,950 votes.

Announcing the results, the State Collation Officer (SCO) for the presidential election in Ogun, Professor Duro Oni, said the APC presidential candidate won in 13 local governments while the PDP won in seven.

The local government areas won by Buhari were Ewekoro, Obafemi-Owode, Ijebu-Ode, Odeda, Ijebu North East, Odogbolu, Abeokuta North, Abeokuta South, Ado-Odo/Ota, Egbado South, Ifo and Egbado.

PDP, however, won in the seven council areas of Remo North, Imeko- fon, Sagamu, Ogun Waterside, Ijebu East, Ijebu North and Ikene.

The total number of votes cast in Ogun State was 559, 613 out of which 26, 441 were voided, while a total valid votes cast was 533, 172.

Results from Osun State also put Buhari in the lead.

Buhari leads Jonathan In Sokoto

As collation of votes began in Sokoto State at about 8pm yesterday night at the Sultan Muhammadu Macccido Institute for Qu’ranic and General Studies, available results at the time of filing this report

put Buhari far ahead of President Jonathan.

Though, most of the results were still being expected, LEADERSHIP can authoritatively report that should the voting tempo continue, the APC candidate would floor his main opponent.

The results available at about 21:35pm from two out of the 23 local governments in the state showed a wide far margin between the two candidates.

Of the total 38, 589 valid votes cast in Denge Shuni LGA of the state, Buhari polled 31,036 while Jonathan got only 6, 918.

The same scenario played out in Kware LGA as the APC candidate polled 25, 286 out of the 33, 008 valid votes, to the PDP’s 5, 339 votes.

In Goronyo LGA, Buhari polled 28, 950 votes to Jonathan’s 7,664 votes.

More results were being awaited at the time of filing this report.

INEC not under pressure to declare elections inconclusive – Jega

INEC chairman yesterday said the commission was not under pressure to declare the elections inconclusive.

Jega, who gave a situation report on the presidential and National

Assembly elections at press conference in Abuja, said, “We are not under any pressure to declare inconclusive elections.”

He added that no politician would be interested in such a declaration, “rather they want to be declared winner,” he said.

Jega also revealed that the commission had commenced investigation into the incidence of electoral violence, especially the burning of its office in Rivers State and the killing of INEC ad hoc workers in Gombe State.

The INEC chairman noted that the commissioned had received allegations of election rigging by its employees, stating that the commission had also started an enquiry into the matter.

Jega who also revealed that he had received a petition from the APC in Rivers State calling for the rescheduling of the elections in the state, and pledged that the commission would also do its best to

investigate its merit.

He further noted that all cases of underage voting were being investigated, especially in Taraba State, just as he assured that the commission will investigate incidences of substitution of ad hoc staff in Lagos State.

He said: “There was one clip that has been in circulation since yesterday (Saturday) afternoon about an underage voter said to be from Taraba and we have mandated our Resident Electoral Commissioner (REC) to investigate it thoroughly and identify where this happened, and to also identify the polling official who did it because it is clearly illegal to allow and underage person.

“There were a few other reported cases in which some observers said that they have seen underage voting; we are yet to see details which would have enabled us to investigate these malpractices.

“Underage registration and voting is illegal, with this record that is in circulation, it should be possible to identify the polling unit and the

official in that polling unit as well as the person. It is possible to trace the person; we are investigating this thoroughly and we will take appropriate measures when the case is established,” the chairman of INEC assured.

He also announced that the commission had received reports from Gombe which have been confirmed by the REC in Gombe that persons suspected to be Boko Haram insurgents attacked and, in the process, two ad-hoc staffers of INEC lost their lives during which a vehicle belonging to the National Union of Road Transport was also hijacked.

“This is very unfortunate and we have sent condolences to the families of the bereaved; any loss of life is regrettable and unfortunate. We condemn it in no uncertain terms. We will do everything possible to express our heartfelt condolences to the families of the bereaved.”

Jega further warned “strongly against premature publication or announcement of results by unauthorised persons and media channels, particularly online sites, saying only INEC was empowered by law to announce results.

“It is an offence for anyone to pre-empt the commission in that regard,” he insisted.

Jega revealed that Osun, Kebbi, Ekiti, Adamawa, Borno, Jigawa, Anambra, Akwa Ibom and Ebonyi states reverted to manual-only accreditation of voters in some polling units, after encountering card reader hitches, adding “that investigations into what accounted for the difficulties encountered with the card readers are ongoing.”

He however said election could not be concluded at Saturday in 90 polling units in Lagos State, 16 in Kebbi, 25 in Adamwa, 6 in Niger, 37 in Yobe 8 in Borno, 37 in Jigawa, 13 in Kano, 116 in Taraba and 2 in the FCT, Abuja.

He further clarified that only .025 percent of the card readers, out of 150, 000, malfunctioned during the accreditation process, which he described as statistically insignificant.

He denied insinuations that the card readers did not have sufficient battery back-up, noting that provisions were made.

He also announced that collation of results would commence by noon today.

He added that there would not be declaration of results from any states until the electoral officers provide hard copies of the results to the commission.

byUnknown

in News By Country, News From Africa, Nigeria, Politics

03:54

#NigeriaDecides - Election Related News & Updates

Gunmen kill 15 in Nigeria during tense election ABUJA (Reuters) - Gunmen killed at least 15 people including an opposition politician near p...

Tuesday, 24 March 2015

Political uncertainty over Nigeria's election on Saturday and economic turmoil from low oil prices have delivered a double blow that has slashed revenues and triggered layoffs for businesses across Africa's biggest economy.

But while some, such as consumer goods firms, are less exposed to Abuja's troubles, others like construction firms heavily dependent on government cash are facing frozen projects, unpaid bills and mass redundancies, putting badly needed infrastructure development on ice, industry sources say.

"The situation is terrible and there is more ... to come," one construction industry source told Reuters.

"There is a desperate lack of funds."

The fall in world oil prices to $55 a barrel, half what they were in June, could not have come at a worse time for Africa's biggest producer. The run-up to an election is traditionally when government finances come under huge pressure from election spending on advertising and patronage.

Standard and Poor's ratings agency downgraded Nigeria to B+ from BB- last week. The naira has fallen 20 percent since being devalued in November.

Because this vote is expected to be so closely fought, much more money has been needed to fight it. Capital spending in the budget has been slashed and a source in parliament said government contracts are massively in arrears because it is easier not to pay contractors than to hold back salaries.

The top 10 construction companies in Nigeria accounted for 70,000 jobs a year ago but since then their workforces have been cut by a third, industry sources said.

"Most of the companies tightened their belts because of no payments, while overheads are getting higher," expatriate civil engineer Daniel Hazim said.

"That's why the majority of construction companies are passing pink slips to their employees ... expats and locals."

DEVELOPMENT ON HOLD

Thousands of job losses are bad timing for President Goodluck Jonathan's re-election bid, but they may do little to sway an electorate divided along regional and ethnic lines. Jonathan, a southern Christian, faces main opposition candidate Muhammadu Buhari, a former military ruler and a northern Muslim.

Yet the job losses are also a reminder that whoever leads Nigeria after the ele

ction will need to end its dependence on oil as the motor for the economy.

"We have neglected agriculture, solid minerals, we have neglected human empowerment, we simply sell oil," political analyst and lawyer Onyebuchi Emenka told Reuters TV on Monday.

The country needs a candidate who will diversify the economy, he said.

In the meantime, contractors are suffering. A spokesman for the Ministry of Works said it had received only 44 billion naira out of 98 billion naira allocated last year.

The minister, Mike Onolememen, was quoted in local newspapers as saying that contractors were owed about 230 billion naira between 2011-2014 and that 177 projects lacked sufficient funding to move forward.

Leading construction firm Julius Berger and several other large firms have all stopped working on projects such as roads and bridges because the government is not paying them, industry sources say.

Firms with a smaller presence, such as Italy's Salini Impregilo, which is building Abuja's glitzy Millennium Tower, are in similar difficulties. Julius Berger declined to comment and Salini officials were not immediately available for comment.

Government infrastructure projects always moved slowly, but firms were forced to scale down to skeleton crews last year and several are not expecting to resume work in 2015 at all.

A project to rehabilitate the 340 km (200 miles) Itakpe-Ajaokuta-Warri railway to transport iron ore and coal, crucial to revamping an ageing steel mill, restarted work in August 2014 but was shut down again when funds dried up, a source close to the project said.

Now it will remain on hold until the government can fund it and fulfill its financial responsibilities.

(Additional reporting by Seun Sanni in Lagos; Editing by Tim Cocks and Giles Elgood)

Political uncertainty, oil price kill construction in Nigeria

Source: Reuters

byUnknown

in Business, News By Country, Politics

04:37

Political uncertainty, oil price kill construction in Nigeria

Political uncertainty over Nigeria's election on Saturday and economic turmoil from low oil prices have delivered a double blow that ha...

41 Judges Sacked For Supporting The Brotherhood

(Reuters) - An Egyptian disciplinary court ordered 41 judges into compulsory retirement on Saturday for supporting the outlawed Muslim Brotherhood, judicial sources said, the latest move in a sweeping crackdown on political dissent.

The government has implemented a harsh crackdown on Islamists and secular political opponents since July 2013, when then-army chief Abdel Fattah al-Sisi ousted Islamist President Mohamed Mursi following mass protests against his rule. muslim brotherhood

The Disciplinary Council headed by Nabil Zaki, a judge, did not immediately release the reason for its decision, but the judicial sources said 31 of the judges were sent into compulsory retirement for signing a statement condemning Mursi's removal.

Another 10 were removed from their posts for joining the "Judges for Egypt" group, which supported the Brotherhood even before Mursi's removal, the sources added.

Egyptian law prohibits judges from engaging in politics, but critics and human rights groups say the judicial disciplinary court has turned a blind eye to judges who openly support the government of Sisi, who was elected president last year.

The government says the judiciary is independent and it never intervenes in its work.

"The decision is shocking and it is a massacre of the judges," Ahmed El-Khatib, one of the punished judges, told Reuters. He made no comment about whether he supported the Brotherhood.

The judges have the right to appeal the decision.

Separately, security forces arrested 63 middle-level Brotherhood leaders who face charges of attacking police headquarters and inciting violence, Egypt's interior ministry said in a statement on Saturday.

Another 13 Brotherhood supporters were arrested on suspicion of possessing arms and ammunition, it added.

The government has banned the Brotherhood as a terrorist organisation, and Sisi says it is a threat to national security. The group says it is committed to peaceful activism.

Egyptian security forces face a militant insurgency that has killed hundreds of soldiers and police since Mursi was ousted.

The attacks are mostly concentrated in North Sinai, the centre of an insurgency by militants seeking to topple the government.

But frequent small-scale attacks in Cairo and other regions have damaged Egypt's efforts to project an image of stability after four years of turmoil triggered by the 2011 uprising that deposed veteran ruler Hosni Mubarak.

A homemade bomb wounded four people outside an HSBC bank branch east of the coastal city of Alexandria on Saturday morning, security sources said.

Another bomb later exploded outside a courthouse in the centre of the port city, wounding two people and damaging the front of the building, security and medical sources said.

The attacks came on the second day of a three-day investment conference in the resort town Sharm el-Sheikh that Egypt hopes will project an image of stability and attract billions of dollars.

41 Judges Sacked For Supporting The Brotherhood

Source - Reuters

byUnknown

in News By Country, News From Africa, Politics

02:12

41 Judges Sacked For Supporting The Brotherhood

41 Judges Sacked For Supporting The Brotherhood (Reuters) - An Egyptian disciplinary court ordered 41 judges into compulsory retirement on S...

Black Marketers in Profit as African oil producers hit by dollar crunch

(Reuters) - Few Nigerians are applauding the collapse of oil prices, which has hit the economy of Africa's top crude producer hard and hammered its currency, the naira.

But for the currency hawkers hanging around outside Abuja's Sheraton hotel, business has seldom been so good as wealthy Nigerians turn to the black market - sometimes changing up to $200,000 at a time - to dodge increasingly onerous FX regulations.

In other African crude producers such as Angola and South Sudan, the sharp drop in oil receipts has caused the official supply of dollars to dry up, paralysing day-to-day commerce and leaving some travellers stranded cashless at airports.

In South Sudan, one of the world's poorest countries, the formal central bank rate is 2.95 pounds to the dollar, but traders say the bank refused to sell, forcing them to resort to the streets where the greenback is worth more than double its official rate.

"Access to dollars is a problem for me," said Ahmed Oman, a Somalia market trader in Juba, the war-scarred and landlocked state's dusty capital city.

In Nigeria, holding naira has become increasingly unpopular as it has lost its value.

Basic everyday goods can still be paid for in the local currency but many items are scarce and Nigerians need U.S. dollars for imports such as drugs or fabrics sold by small-time traders, to send money to relatives abroad or to purchase western clothes that are important status symbols.

Faced with a massive drop in oil revenues and declining reserves, Nigeria's central bank devalued the naira and then imposed rules restricting access to dollars to all but importing companies to curb what it termed "speculation".

The consequence has been to force more people to the black market, where the currency's rate has fallen as low as 227 this week, more than 10 percent weaker than its official level.

"People buying dollars is increasing," said Adam Musa, head of a group of currency traders sitting in the shade of a tree on an Abuja street where gangs of hawkers flag down passing cars to start negotiations.

Since oil prices slumped over 6 months ago, rich Nigerians have started turning to the street market, squeezing out smaller fry with orders sometimes totalling as much as $1 million.

"The rich are buying plenty," said Abubakar Shamsedin, another Abuja trader. "I can do $20,000-$50,000 myself. The smallest amounts lately are $1,000-$3,000."

NO DOLLARS, NO TRAVEL

In Angola, Africa's second-biggest crude producer, foreign currency is supposed to be available from bureaux de change but with oil revenues dropping dramatically in the last six months, most have run out.

Instead, desperate Angolans have turned to the black market, where the rate has yo-yoed between 150 and 180 kwanza over the last few weeks, against an official level of around 106.

In the capital Luanda, restaurants and shops will happily accept dollars or euros since they have to import nearly all their raw produce.

"For three weeks now, we lost the official supply of U.S. or any other foreign currency," one teller, who did not want to be named, told Reuters as she sat in front of a blank computer screen at a bureau de change in the main airport.

Passengers needing foreign currency were exasperated.

"Where else can we buy it?" one female passenger asked. "We were told by government to buy foreign currency at the airport as long we show our visa and air ticket. What can I do now?"

Similar problems are occurring in Nigeria, where even official bureaux de change are being denied dollars by banks and the central bank, leaving walk-in customers as their only source of hard currency.

"We used to buy directly from customers and the central bank in the past but the central bank is not selling to us," said one agent in Nigeria's commercial capital, Lagos, offering rates of around 223 naira to the greenback.

"It's not the 'street rate' - we are a licensed bureau de change. But it's how we buy that determines how we sell," he added.

In a multi-storied plaza in Abuja that is home to the dozens of shops fronted by signs advertising "Bureau de Change", the mood is glum as licensed dealers struggle to compete with the informal market outside.

"People are holding their money," said Salisu Garu, one licensed dealer who says his dollar turnover has collapsed, reducing his profits to a quarter of the 200,000 naira he used to take home every week.

"You see, only one person has come in while I'm speaking to you - with $700."

Black Marketers in Profit as African oil producers hit by dollar crunch

Sources : Reuters

byUnknown

in Business, News By Country, Nigeria

01:27

Black Marketers in Profit as African oil producers hit by dollar crunch

Black Marketers in Profit as African oil producers hit by dollar crunch (Reuters) - Few Nigerians are applauding the collapse of oil prices,...

Tuesday, 24 February 2015

As of April, eligible citizens will be able to apply for their Smart ID Cards at the Home Affair's kiosks in their nearest bank, Home Affairs Minister Malusi Gigaba said on Tuesday.

The Minister said this when he led a briefing by government's Governance and Administration Cluster at the Imbizo Media Centre in Parliament on Tuesday.

The Minister said this would be a pilot project.

The Minister said to date, two banks - FNB and Standard Bank - have signed a memorandum of understanding with the Department of Home Affairs for the pilot project.

Nedbank has indicated its willingness to sign on the dotted line and Minister Gigaba hopes Absa will also join the partnership.

He said his department had also approached the South African Post Office with the aim of reaching an agreement on how some of its infrastructure could be used as well.

"There are several new innovations that are going to be introduced by the department in the course of this and the next financial years to assist South Africans in applying for their Smart ID Cards and passports in an extremely convenient way.

"That is why the President announced that we will soon be able to apply for our Smart ID Cards at our bank...

"At the moment there are three banks that have come on board and we have signed a memorandum of understanding to start a pilot process with them - so that a person can ... go to the Home Affairs kiosk in the bank, submit all their applications, take their biometric photograph, automated fingerprint and their electronic signature and that is compiled to an electronic package and deposited to Home Affairs," he said.

The Minister said the innovation would help ease the queues at Home Affairs' 403 offices nationwide, while delivering a crucial service to citizens quicker, efficiently and professionally.

Those that are eligible to apply are pensioners older than 60 years or 16 year-olds.

Meanwhile, the Minister said government had a massive task to ensure that over 38 million citizens with green-coded ID books are converted to Smart ID Cards.

"To date we have issued over one million Smart ID Cards, in less than a year. We are confident of reaching the target of 1.6 million cards by the end of the 2014/15 financial year," he said.

Deadline for late registration of births

Meanwhile, Minister Gigaba said government will continue with its campaign to register children within 30 days of birth, as part of maintaining the integrity of the National Population Register.

"To this end, we have announced that we will cease the process of the late registration of births by 31 December 2015. This critical milestone will ensure that we safeguard our identity, citizenship and secure our population register."

Government will continue to brief media over the next few weeks regarding the implementation of the programme of action in the wake of President Zuma's State of the Nation Address 2015.

byUnknown

in Citizen, Featured, Fraud, News By Country, Smart Card, South Africa, south african, South Africans

03:42

South Africans To Apply for Smart ID Cards At the Bank

As of April, eligible citizens will be able to apply for their Smart ID Cards at the Home Affair's kiosks in their nearest bank, Home Af...

10 Nigerian Banks on Fitch Ratings

Fitch Ratings has affirmed the long-term Issuer Default Ratings (IDRs) of 10 Nigerian banks.

They are Zenith Bank Plc, FBN Holdings Plc and its subsidiary, First Bank of Nigeria Limited, the United Bank for Africa Plc, Guaranty Trust Bank Plc (GTBank) and Access Bank Plc.

Others are Diamond Bank Plc, Fidelity Bank Plc, Union Bank Plc and First City Monument Bank Limited (FCMB).

The rating agency explained in a report yesterday that the outlook for all the banks are stable.

"Fitch has also affirmed the National Ratings of Stanbic IBTC Bank Plc (SIBTC) and Stanbic IBTC Holdings Plc (SIBTCH). The ratings are all in the 'B' range, indicating highly speculative fundamental credit quality, and factor in Fitch's expectation of increasingly challenging economic conditions and market volatility in Nigeria.

"The operating environment is affected by persistently low oil prices, continuing pressure on the domestic currency naira, likely further monetary policy and regulatory actions and increased political uncertainty. At the same time, the ratings are underpinned by continued strong underlying economic growth in Nigeria, particularly in non-oil sectors," it added.

Fitch said it expects non-oil gross domestic product (GDP) growth of 5.5 per cent in 2015, compared to the 7.5 per cent attained in 2014. This would be driven by continued economic reforms and limited impact from public sector austerity.

"The IDRs of FBN, UBA, Diamond, Fidelity, Union and FCMB are support-driven. Zenith's, FBNH's, GTBank's and Access' IDRs are driven by their standalone strength as measured by their Viability Ratings (VRs). "In assessing the probability of sovereign support, Fitch considers the authorities' willingness to support the Nigerian banks to be high as demonstrated in the past, but its ability to do so may be constrained by Nigeria's 'BB-' sovereign rating.

"Fitch assigns Support Rating Floors (SRFs) based on each bank's systemic importance. The most systemically important banks in Fitch's view are FBN, Zenith and UBA, which are assigned SRFs of B+'. The other banks have SRFs of 'B'. FBNH is the holding company of FBN. It's SR of '5' and SRF of 'No Floor' reflect Fitch's view that while the Nigerian authorities' propensity to support local banks is high, the same level of support would not apply to holding companies.

"The ratings and outlooks are sensitive to a prolonged and severe recession that would affect the ability or willingness of the Nigerian authorities to provide support. However, a one-notch downgrade of the sovereign would not necessarily lead to a downgrade of the SRFs. Zenith's and Access' IDRs would only be downgraded if both their VRs and their SRFs are simultaneously downgraded (both banks VRs and SRFs are currently at the same level) and revised lower.

"The IDRs of GTBank and FBNH are driven by their VRs and are therefore not sensitive to changes in their SRFs.The highly challenging and volatile operating environment in Nigeria constrain the VRs and the other key rating factors, particularly the banks' financial profiles. The recent oil price shock and subsequent currency pressure has weakened the Nigerian operating environment and is likely to result in lower GDP growth in 2015.

"In turn, the banks are likely to report weaker profitability, asset quality and capital ratios. These pressures are to an extent captured in Fitch's ratings, and partly explain the stable outlooks," it added.

Nevertheless, should the operating environment deteriorate faster than expected, particularly should it significantly impact the banks' capital and asset quality, VR downgrades cannot be ruled out.

Fitch forecasts sector non-performing loans (NPLs) to rise above the Central Bank of Nigeria's (CBN) informal cap of five per cent but below 10 per cent by end-2015.

This reflects high credit concentrations as well as emerging risks, particularly in the oil and gas and power sectors. These factors, together with a shift to Basel II and CBN's revised regulatory capital computation rules, are likely to add more pressure on capital than previously expected. Tier 1 capital ratios could fall below 15 per cent for many banks, which is low in the Nigerian context. Oil & gas exposures, particularly upstream segment lending, will be sensitive to low oil prices, in particular when loans are extended to indigenous companies rather than large international operators.

If low oil prices persist in 2015, Fitch expects some banks will have to restructure part of their portfolios by extending tenors to better match new cash flow projections.

Fitch expects liquidity to remain tight in 2015, amplified by higher central bank reserve requirements. New limits on foreign currency borrowing and net open positions are likely to reduce US dollar debt issuance.

Despite increasing competition for low-cost and stable deposits, customer deposit growth should remain healthy and help loans-to-deposit ratios remain below the regulatory limit of 80 per cent.

In addition to the general pressures stemming from the economy, the VRs of the Fitch-rated banks consider the following factors.

All references are made within the context of the Nigerian operating environment. Zenith's VR considers its strong franchise, management quality, conservative risk appetite and robust financial metrics.

Asset quality is sound and upstream oil and gas exposure represented a limited 6% of loans at end-September 2014. Zenith has a track record of good client selection and Fitch does not expect major impairments in its corporate book.

The bank's capitalisation and leverage compare well with peers and benefit from a strong funding franchise, sound liquidity and proven access to wholesale markets. Zenith's resilient financial performance stands out, and the bank should manage 2015 better than most peers.

GTB's VR considers the bank's sound financial metrics compared with most domestic peers.

This includes the bank's sound profitability, driven by efficiency gains from a low cost business model, healthy asset quality, driven by sound underwriting, and adequate capital.

The VR also considers a proven strategy implemented by a strong management team. FBNH's and FBN's VRs reflect the group's traditionally strong company profile and adequate capitalisation and profitability.

Asset quality metrics are acceptable but the group has the highest oil and gas exposure among peers (40% of gross loans at end-September 2014). This is a key risk, in particular the upstream book (12%).

FBNH has a strong funding franchise. Its retail franchise allows it to source low-cost deposits, and it successfully accessed capital markets in 2014. Group liquidity is adequate.

UBA's VR is constrained by weak, albeit improving, capitalisation. The VR also considers a strong company profile, including a broader international footprint than peers. This makes the bank less sensitive than peers to current turbulence in Nigeria, although 2015 will still be challenging. Asset quality is adequate.

NPLs are currently low, although Fitch expects these to increase. UBA has strong funding and liquidity. Its large pan-African network allows it to collect low-cost deposits, and the loan-to-deposit ratio is low.

Access' VR reflects the bank's adequate capitalisation, which will improve should a planned rights issue complete successfully.

The VR also considers the bank's stronger company profile since the Intercontinental Bank acquisition. This has benefitted Access' financial metrics, including improved earnings and asset quality.

Diamond's VR is constrained by weak capitalisation, which is inadequate in light of the bank's risk profile, despite the completion of a rights issue in November 2014. Asset quality is slightly weaker than most peers. While the level of impaired loans is currently acceptable, certain large exposures present downside risk.

Fitch views risk appetite as high, considering plans to materially expand retail and SME lending activities. While these segments are inherently risky, this is where the bank's expertise lies.

Furthermore, risk controls and underwriting standards in the retail business are advanced. The VR also reflects Diamond's acceptable earnings, funding and liquidity.

Fidelity's VR reflects the bank's weaker company profile than peers. The bank's lack of scale manifests in its niche business model. The VR also considers Fidelity's weaker and less stable earnings than peers, a high cost base, and a greater reliance on non-core banking revenues.

The VR also considers the bank's improved asset quality metrics over the last three years. Union's VR reflects threats to asset quality ratios from a sizeable portfolio of past due, but not impaired, loans and a material exposure to the oil sector.

The VR also considers a higher risk appetite than peers, indicated by loan growth above the sector average, albeit from a lower base than peers. The VR further considers some exposure to operational risk resulting from a weaker technological platform than peers, which Union is currently addressing.

10 Nigerian Banks on Fitch Ratings

byUnknown

in Business, fitch, News By Country, Nigeria, Nigerian Banks, nigerian banks rating, ratings

03:18

10 Nigerian Banks on Fitch Ratings

10 Nigerian Banks on Fitch Ratings Fitch Ratings has affirmed the long-term Issuer Default Ratings (IDRs) of 10 Nigerian banks. They are Zen...

Kenya Recognises a New Somalia State

Kenya has endorsed the latest regional state in Somalia, a move that is likely to offend Mogadishu.

The Central government of the neighboring country has been uncomfortable with Kenya's "continued fragmentation" of its fragile administration.

Deputy President William Ruto yesterday hosted the president of the new South West State of Somalia, Sharif Hassan Sheikh Adan in his Karen home in Nairobi.

"Kenya would assist in stabilising individual states of the Federal Government of Somalia as prerequisite to bringing stability to the whole country and the region at large," Ruto said.

Sharif Hassan is a former Finance minister and speaker of parliament. He was ousted in 2011 as speaker after he held "unauthorised" talks with the Union of Islamic Courts which later morphed into the al Shabaab militia group.

He has business interests in Nairobi as well.

Mogadishu has been uncomfortable with Kenya's "crowning" of regional leaders in the name of Somalia's unity and prosperity.

Last May, Somalia temporarily recalled its ambassador, partly in protest of Kenya's close association with the Jubaland region.

The Interim South West State of Somalia which brings together the Bay, Bakool and Lower Shabelle regions has its capital in Baidoa and it borders Jubaland to the east.

It was inaugurated in November last year in a process supported by Intergovernmental Authority on Development and United Nations Operations in Somalia (Unisom).

Baidoa is the headquarters of African Union Mission to Somalia's Sector Three, manned by Kenyan and Ethiopian forces. It is considered an important town in the fight against al Shabaab.

The formation of the state in Last November was vehemently opposed by the Somalia's parliament led by speaker Mohamed Osman Jawaari. There were also demonstrations in Baidoa opposing the new administration.

The South West state becomes the fourth semi-autonomous state of Somalia. Others are Puntland, Somaliland and Jubaland.

Somaliland cut links with Mogadishu years ago and is fighting for international recognition as an independent country. It has democratically elected its president and is largely considered a success story.

Abdiwahab Sheikh Abdisamad, an analyst with Southlink Consultants and Horn of Africa political scientist at Kenyatta University said Somalia's lack of a clear foreign policy towards Kenya has created fodder for former warlords to claim leadership within their ethnic base.

"While the central governmental of Somalia was aware and actually involved in formation of this state, the latest visit to Kenya by Shariff Hassan must leave Mogadishu uncomfortable as it considers it subordination by Hassan," he said.

Analysts say Kenya and Ethiopia want local administrative units to support them against al Shabaab and to avoid any influx of refugees into their countries. The state is also considered a favourite destination of repatriated Somalia refugees from Kenya.

Kenya was instrumental in the formation of Jubaland, another self-declared autonomous region, which it sought to use as a buffer against al Shabaab. Jubaland is led by Sheikh Ahmed Mohamed Islam (Madobe) who fought alongside the Kenya Defence Forces during Operation Linda Nchi in 2011.

He was the commander a militia called the Ras Kamboni brigade. Efforts to speak to speak to officials at Kenya's Foreign Affairs ministry did not materialise as phones went unanswered.

Yesterday, Ruto said Kenya "has no other interest in Somalia other than bringing peace and stability to the country".

"We do not want anybody to take advantage of the fragile situation in Somalia and incubate people to destabilise the country and the region," he said.

Ruto said the government is ready to participate in the reconstruction of Somalia through the Joint Cooperation Commission established in 2013 to tackle development issues between the two countries.

"As African leaders, we should be in the front line in helping our brothers and sisters in Somalia," he said.

"We can be limited in capacity but not in willingness to assist."

On his part, President Sharif Hassan Sheikh Adan thanked Kenya for its support against al Shabaab.

"We are happy with Kenya's assistance in resolving the problems in Somalia, and we are urging that Kenyan troops be allowed to traverse the interior of the country which is still under the control of al Shabaab and help in liberating it," he said.

He appealed to Kenya to assist in building the capacity of his government especially in police, the justice system and in intelligence gathering.

Kenya Recognises a New Somalia State

byUnknown

in Kenya, News By Country, News From Africa, Politics, Somalia

09:27

Kenya Recognises a New Somalia State

Kenya Recognises a New Somalia State Kenya has endorsed the latest regional state in Somalia, a move that is likely to offend Mogadishu. The...

Nigerian Military Recaptures Baga!

Nigerian troops fighting the insurgent group, Boko Haram, have reclaimed the town of Baga and other surrounding communities in Borno state after days of fierce fighting, the Nigerian defence headquarters has said.

The Director of Defence Information, Chris Olukolade, a Major General, posted via his twitter handle Saturday, "Troops on Sunday afternoon captured #BAGA after fierce battle with terrorists".

Mr. Olukolade indicated there were "heavy casualties" in the battle and that mop-up operations were ongoing.

Mr. Olukolade later issued a detailed press statement giving details of the Baga operation .

Boko Haram had on January 4 attacked the base of the Multi-National Joint Task Force, MNJTF, in Baga, eventually dislodging the soldiers, in what was said to be one of the fiercest battles in recent times as soldiers battled to hold their grounds without much success.

The terrorist later took over the town. Rights group, Amnesty International, said over 2, 000 people were killed in the attack, a claim denied by the Nigerian military which said the number of people killed did not exceed 150 - including terrorists, soldiers and civilians.

The operation to recapture Baga, Monguno and other territories held by Boko Haram kicked off February 14 as announced by the military in early February - the major reason the security services gave for their demand that presidential and National Assembly elections, earlier billed for February 14, be delayed.

Nigeria's National Security Adviser, Sambo Dasuki, and the military chiefs had warned that they could not guarantee security if the elections went ahead as planned.

According to details referred to by the Independent National Electoral Commission, the military said it was planning sweeping onslaught against Boko Haram starting February 14, and did not want a distraction.

The military assured that the six-week extension, which will allow time for the operations, will significantly turn the tide in the war against Boko Haram, a pledge re-affirmed by President Goodluck Jonathan during a televised media chat last week.

PREMIUM TIMES had last Saturday reported how the Nigerian security forces launched a huge military campaign to retake a swath of territory in the North East seized by the terror group.

Security sources had told PREMIUM TIMES of a massive deployment of troops and military assets, many of them newly-acquired, in the fight to re-take territories being held by the terrorists.

The operation, our sources said, was being personally led by L.O Adeosun, the General Officer Commanding of the Maiduguri-based 7th Battalion and the Commander of the 5 Brigade, Munguno, a Brigadier general Udoh, Mr. Adeosun, a Major General, was recently posted to Borno after the loss of Baga and Munguno to Boko Haram.

On February 16, the military announced it had reclaimed the town of Monguno and nearby communities after nearly two days of fighting.

Boko Haram had carried out a pre-dawn attack on Monguno, which is about 137 kilometres from Maiduguri, the Borno State capital over three weeks ago.

The takeover of Monguno and other communities brought Boko Haram closer to Maiduguri and the Army successfully repelled the insurgents' attempts to get into Maiduguri.

On February 19, the military said it has invaded the notorious Sambisa forest base of the terrorists.

Mr. Olukolade had said a concerted air campaign by the Nigerian Air Force was ongoing in the forest to clear the terrorists from their enclaves.

He said air strikes, targeted at the training camps and logistics dumps of the terrorists in Sambisa forests and parts of Gwoza were "highly successful".

He said a high death rate was recorded on the side of the terrorists while many others were scampering out of the areas invaded by the military.

The Nigerian military has been sternly criticised for not going after Boko Haram militants despite knowing their major bases.

The new strikes has however raised concerns over the safety of over 200 school girls believed to be held in the Sambisa area by the insurgent group since April 14 last year.

The girls were abducted from their hostel at Government Secondary School Chibok in Borno State.

The military had said in the past it was avoiding an all-out battle on the Sambisa enclave for the sake of the girls' safety.

Nigerian Military Recaptures Baga!

byUnknown

in Boko Haram, News By Country, News From Africa, Nigeria, Nigerian Armed Forces

09:14

Nigerian Military Recaptures Baga!

Nigerian Military Recaptures Baga! Nigerian troops fighting the insurgent group, Boko Haram, have reclaimed the town of Baga and other surro...

#SwissLeaks -David Mark's Wife, Dangote, Adenuga, Others named in Secret Foreign Accounts

Some of Nigeria's wealthiest industrialists, former government officials and their relatives, were amongst thousands of individuals around the world who operated highly secretive foreign accounts with the Swiss branch of banking giant, HSBC, concealing their identities for years and using codes perhaps to shake off tax authorities from accounts, some of which held illicit assets from criminals, traffickers, arms dealers and other outlaws, secret files published last week by a consortium of journalists around the world have shown.

The trove, released by the French Daily, Le Monde and the International Consortium of Investigative Journalists, in partnership with PREMIUM TIMES, and a host of other major media organisations around the world, showed how HSBC profited doing business with people who stole from their countries and some of the world's most notorious con artists, including people who made a fortune fuelling wars in Africa.

PREMIUM TIMES is the only Nigerian publication involved in the investigation, which lasted several months.

The bank helped questionable characters conceal their wealth despite knowing their sources, and devised ways to hide the identities of the owners of the secret accounts from governments around the world.

At least 100,000 secret bank account operators who owned about $100 billion were exposed in the leaks, unsettling investigators in several countries.

A Roll-call of Nigerian Clients

French authorities have so far linked 201 individual and corporate HSBC clients with Nigeria - either nationals or having business interests in the oil-rich West African country. However the sorting procedure might be faulty and some of those listed may end up having nothing to do with Nigeria.

Top on the list of Nigerians whose names appeared on the file is Africa's richest industrialist, Aliko Dangote.

Another Nigerian businessman and owner of mobile telecom company, Globacom, Mike Adenuga, also appears on the files.

Vikky Preye Mark, estranged wife of Nigeria's Senate President, David Mark, was also listed.

Many of the accounts date back to the 1990s and up to 2005/2006, when the data were stolen by a former staff of HSBC, Hervé Falcian.

According to details pieced together by the ICIJ, HSBC fashioned a series of layers of privacy schemes to ensure the worst of criminals and characters were protected.

The methods used were simple but had complex implications.

First, the account owner opens an account in his or her name, and the bank, in connivance with the customer, replaces the account holder's name with a number code that is then given to the client.

At times, the clients are encouraged to incorporate offshore shell companies in notorious tax havens, which then indirectly hold the accounts on behalf of the real beneficial owners.

The bank repeatedly reassured clients it would not disclose details of the accounts to national authorities, even if evidence suggested that the accounts were undeclared to tax authorities in the client's home country.

The code meant the client would no longer be tied to the account with his name, but in all transactions with the bank, he or she will be identified with the number.

But correspondences from the bank would be sent to the holder's personal address. There was also an option for customers to ask the bank to withhold their mails. That practice was later discontinued.

The account holders were given the option of being contacted directly, or through proxies.

To access the account, there were options too. A client could do so from his home, whereby he will need to declare the account to tax authorities; or travel there in person, or do so through a courier who flies to Switzerland to collect cash from time to time.

Ultimately, the bank ensured the account details were kept secret and separate from the personal details of the holder.

That entire process allowed the bank's clients hide from tax authorities and governments around the world, while criminals could hide stolen wealth.

Not all holders of the HSBC private accounts are however criminals, but there are concerns regarding why they chose a banking platform with emphasis on secrecy and concealed identities.

Very little of Mr. Dangote's transactions with the bank were made available.

As head of a conglomerate operating in 16 African countries, including Nigeria, Mr. Dangote made his fortune producing salt, sugar, flour, cement and noodles. He has also expanded to real estate and oil.

Mr. Dangote is the president of the Nigerian Stock Exchange.

In November 2014, Forbes magazine ranked him the richest man in Africa and the 23rd in the world with an estimated fortune of $21.6 billion.

The mogul became an HSBC private account client in July 2003. The account appeared in the name of Development Projects Corporation, its registration address in Tortola the British Virgin Islands, a notorious tax haven, where individuals and corporations usually incorporate shell companies to hide assets. Mr. Dangote's account was in operation till August 2004.

It is not clear to what use Mr. Dangote put the account and perhaps because he closed it long before the data were stolen, bank records did not indicate any balance on the account.

Globacom's owner, Mr. Adenuga, had an account in his name tied to Sunbow Express Limited, a company based in Panama and for which HSBC described him as beneficial owner. The leaked file gave the company's postal address as 86 West Green Road, GB-London N15 and c/o Arosemena Noriega-Contreras, Calle Elvira Mendez Street, 10 ED. DEL Barco Do Brasil P-Panama City, Panama.

Mr. Adenuga's own address was given in bank documents as 37 York Terrace East GB-London NW1.

The businessman, who is among Africa's richest personalities, opened the account on February 2, 1997 and it had a balance of $115, 405.00 as of 2006/2007 when the data were stolen.

Mr. Adenuga did not respond to ICIJ's repeated requests for comment.

Mrs. Mark also operated an account with the bank but with details made largely secret. Although she was known within the bank as the beneficial owner of the account, she was largely identified with a secret code - 14312MP.

Mrs. Mark opened the account on December 18, 1989 and closed it July 12, 1991. About that time, her husband, then a top ranking army officer, had served as military administrator of Niger State and federal minister of communications, a period during which he is believed to have made a fortune.

He has been a senator since 1999 and President of the Nigerian Senate since 2007. Court papers during a messy divorce with his wife suggested that some of his children schooled in Switzerland, but it is not clear whether it was during that period that Mrs. Mark operated the HSBC account.

The court papers also showed that the Marks operated foreign accounts elsewhere. About six million pounds in four accounts - three at the Northern Bank, Isle of Man, and one at the Allied Irish Bank, Jersey - were frozen in October 2000 as a result of the ancillary relief sought by Victoria Mark in the couple's divorce case. Mr. Mark's operation of those accounts while a Senator is a violation of Nigerian law which bars public officials from operating foreign accounts while in office.

Nigeria's former defence minister, Theophilus Danjuma, was also linked to HSBC account 15731CD, which was opened in 1993 and closed in 2001. The documents did not provide details regarding the balances in the account and the use to which Mr. Danjuma put it.

Mr. Danjuma has emerged one of Nigeria's richest former public office holders through ownership of one of Nigeria's most lucrative oil blocs and a lucrative shipping firm.

Another notable name on the leaked file is Adamu Wakili, Nigeria's former Ambassador to the United States. Mr. Wakili was linked to account 17404B01, opened in 1991 and closed two years later. Mr. Wakili served as Minister of Agriculture and Rural Development as well as that of Environment,

The list also has Aminu Jibril, former Senator, Minister and Ambassador. Mr. Jibril's account has no details beyond his address, listed as Yola, former Gongola State.

Deribe Alhaji Mai, who also operates one of Nigeria's richest oil blocs, was listed in the leaks. His details were not provided.

Peter Igbinedion Osawaru, was also named in the leaked file as the Director at Okada Air with an account code of 15418MP, opened in 1991 and closed in 1995.

Ibrahim Dasuki, a former Sultan of Sokoto who was deposed in 1996, was linked to account 15372HTNL, opened in 1991 and closed in 1993. The account coincided with when he was Sultan.

Another prominent Nigerian listed on the file as an HSBC client is Inuwa Wushishi, a retired General, former chief of army staff between 1981 and 1983 and former Board Chairman of UAC of Nigeria. Mr. Wushishi, 75, and his wife, Aishatu, were identified as beneficial owners of an account with code 6808AW. The couples opened the account on December 18, 1989 and closed it July 12, 1991. It remains unclear to what use they put the account.

Also on the list is Mohammed Hayatudeen, a former CEO of FSB International Bank and immediate past Chairman of the Nigerian Economic Summit Group - Nigeria leading economic think tank. Mr. Hayatudeen and his wife, Hafsatu, are listed beneficial owners of an account with secret code 15409MZH, opened on June 15, 1992 and closed on September 3, 1996. Apparently the entire balance in the account was cleared long before the leaked HSBC data was stolen.

There are lots of other Nigerian businesspersons listed in the file. They include Victor Ifeanyi Odili and his wife Ifeyinwa, who had a balance of $18,518.57 in their account as at 2005/2006 when the data was stolen; a Lagos-based merchant, Abdallah Taofik, who had a balance of $3,480,942.94; Akindele Labode Oladimeji ($23,979,105.76); Nankani Jairaj ($1,131,097.72) among others. (PREMIUM TIMES will release the full list of Nigerian clients in the days ahead.)

Files Sheds More Light on Nigeria's Halliburton Bribery

The leaked file also opened a new window in the Halliburton bribery scandal involving Nigeria's former leaders and the bribery surrounding the award of contracts for Nigeria Liquefied Natural Gas plant.

The files reveal that Jefrey Tesler, the UK lawyer, who used a network of secretive banks and offshore tax havens to funnel $182 million in bribes to top Nigerian officials in exchange for a $6 billion contract to build Nigeria's LNG, had financial ties to two former Nigerian officials: now-retired Major General Chris Garuba, chief of staff to former Nigerian president Abdulsalami Abubakar who himself allegedly received bribes as president; and Andrew Agom, a senior government official who was killed in an attack on a motorcade.

Records show bank staff responding to a request from Mr. Agom's widow to unfreeze her husband's account, whose post was sent to Tesler's North London law firm and which was marked as subject to criminal investigations into Mr. Tesler. The files do not indicate whether or not the account was ultimately unfrozen.

Mr. Garuba, a former governor of Northeastern Bauchi state, is now chairman of Obekpa Petroleum, a Nigerian oil company. Before his death, Mr. Agom was a member of the Board of Trustees of the Peoples Democratic Party, which which was in power for most of the period the bribery scheme unfolded.

Mr. Agom was the beneficial owner of an HSBC account linked to a Gibraltar-based company, Hemisphere Services Limited, which held a maximum amount of $797,377 at one point in 2006 or 2007. Africa Confidential magazine previously named a company named Hemisphere Services (Nigeria) as a "recipient of largesse" from Tesler after viewing documents disclosed to the magazine during a French corruption investigation.

Mr. Agom's account was opened in 1991, on the same day that an account was opened in the name of former Nigerian Air Force Chief, Abdullahi Dominic Bello. A Nigerian government investigator has previously described Swiss accounts held by Mr. Bello as a conduit for "slush funds". The investigator did not specifically mention HSBC.

A spokesman for Mr. Bello told ICIJ that the account, which was used for business purposes and opened by Mr. Tesler when he was Bello's lawyer, had never been used for slush funds or bribes. "At no point has Mr. Bello been charged to any court over the bribery scandal," said the spokesman, adding that, "it must be a coincidence that Mr. Agom and [Mr. Bello's company] opened an account the same day."

The leaked HSBC files identify Chris Garuba and his wife Rita as HSBC clients; their names are listed along with Tesler's in an account named Bridlington Enterprises Limited, for which Mr. Tesler acted as an attorney. The files show that the account was opened the year before Mr. Tesler sent his first bribe payment to Switzerland, although the files do not show that Tesler transferred money into the Bridlington account, which held as much as $367,547 in 2006 or 2007.

The principal beneficial owner of that account is a certain Abu Shuaibu, a 65-year-old who effectively ran the account, repeatedly visiting HSBC in Switzerland, and making several withdrawals in cash. On one occasion - on November 11, 2005 - he visited the bank to request a transfer of 600,000 U.S. dollars. It is not clear to whom the money was sent.

PREMIUM TIMES and ICIJ have not been able to determine Mr. Shuaibu's real identity. Chris and Rita Garuba, who should know, did not respond to repeated requests for comment.

HSBC Apologises

Headquartered in London, HSBC has offices in 74 nations and territories on six continents.

The leaked account records show some clients making trips to Geneva to withdraw large wads of cash, sometimes in used notes. The files also document huge sums of money controlled by dealers in diamonds who are known to have operated in war zones and sold gemstones to finance insurgencies that caused untold deaths.

On Sunday, HSBC published a full-page advert containing an apology in several newspapers, over claims that its Swiss private bank helped clients evade tax.

The advert reproduced an open letter signed by chief executive Stuart Gulliver, which said recent coverage by the media had been "a painful experience".

Mr. Gulliver, whose letter was addressed to the bank's customers and staff, said in his letter that he wanted to reassure customers that its Swiss private bank had been "completely overhauled".

"We have absolutely no appetite to do business with clients who are evading their taxes or who fail to meet our financial crime compliance standards," he was quoted by the BBC as saying.

"The media focus has been on historical events that show the standards to which we operate today were not universally in place in our Swiss operations eight years ago.

"We must show we understand that the societies we serve expect more from us. We therefore offer our sincerest apologies."

Mr. Gulliver also said that the recent media coverage about its clients and past misdeeds must be put "into context".

"A former employee of the Swiss private bank stole data more than eight years ago.

"Major UK media outlets have focused on approximately 140 names included in the stolen data.

"Many of the people mentioned have been named simply because they are well-known individuals. The vast majority of these 140 people are no longer clients.

"The media has been mentioning a number of 100,000 clients. At its peak, the Swiss private bank had about 30,000 accounts.

"We have absolutely no appetite to do business with clients who are evading their taxes or who fail to meet our financial crime compliance standards."

Musikilu Mojeed and Ini Ekott Contributors to this story: Will Fitzgibbon

byUnknown

in #SwissLeak, Business, HSBC, News By Country, Nigeria, Secret Foreign Accounts

09:04

#SwissLeaks -David Mark's Wife, Dangote, Adenuga,named in Secret Foreign Accounts

#SwissLeaks -David Mark's Wife, Dangote, Adenuga, Others named in Secret Foreign Accounts Some of Nigeria's wealthiest industrialis...

Govt Disgraced Nigeria-Buhari

ABUJA (Reuters) - It is a "disgrace" for Nigeria that its neighbours have been more successful in battle against its Boko Haram insurgency than its own army, opposition presidential candidate Muhammdu Buhari said in an interview a week before the election.

Troops from neighbouring Chad, Niger and Cameroon, all much smaller and poorer than Nigeria, have been battling the Islamist militants who have seized territory in northeastern Nigeria in a five-year insurgency.

Thousands of Nigerians have been killed and 1.5 million displaced in the uprising by militants known for executing and kidnapping civilians.

"It’s a big disgrace for Nigeria. It is now Cameroon and Chad fighting the insurgency more than Nigeria. We will build the capacity and Nigeria should be able to secure its territorial integrity," Buhari told Reuters.

A former military ruler, Buhari is hoping his strongman reputation will resonate with voters disheartened by incumbent President Goodluck Jonathan's failure to tackle the insurgency.

The election itself, set for Feb 14 although there has been talk of possible delays, will be another big test of security in Africa's most populous country. Eight hundred people died in violence after the last election in 2011.

In a country where the population is about 50 percent Christian and 50 percent Muslim, Buhari is a Muslim northerner and Jonathan is a Christian southerner.

Buhari said that he was committed to using the courts if there are irregularities in the voting, and would not call his followers into the streets.

"I'm optimistic that I won’t lose. But we signed an undertaking that it will be violence free," Buhari said. "We are attempting to stabilize a multi party democratic system."

The country is already on edge over reports the election may be delayed. Jonathan's ruling People's Democratic Party has put pressure on the election commission, INEC, to postpone the polls arguing it is not ready to hold them.

Buhari's opposition All Progressives' Congress insists on the date, saying the only reason the pro-Jonathan camp is pushing for a delay is that it knows he will lose if voting goes ahead now.

"There will be no delay. But if INEC is compromised then it will be too bad," said Buhari.

Buhari said his administration also intends to tackle corruption within the Nigerian National Petroleum Corp (NNPC) and plans to reopen an investigation into missing crude revenues of around $20 billion.

He would also tackle the theft of crude tapped from pipelines in the Niger River delta.

"Our main objective is to secure the country. We will not tolerate insurgency, sabotage of the economy by the blowing up of installations, by stealing crude and so on.... All these things will be things of the past."

Govt Disgraced Nigeria-Buhari

byUnknown

in Boko Haram, Buhari, News By Country, News From Africa, Nigeria, Nigeria Army, Politics, The Gladiators

00:59

Govt Disgraced Nigeria-Buhari

Govt Disgraced Nigeria-Buhari ABUJA (Reuters) - It is a "disgrace" for Nigeria that its neighbours have been more successful in ba...

Saturday, 7 February 2015

The Independent National Electoral Commission (INEC) on Saturday night succumbed to intense pressure, as its Chairman, Attahiru Jega, announced the postponement of the scheduled elections by six weeks.

The shift, according to Jega, is the result of wide consultations, which gave serious consideration to the current security situation in parts of the country, especially in the North East.

Addressing the media after series of meetings with various groups in Abuja, the INEC Chairman said the Presidential and National Assembly elections originally scheduled for February 14 are now to hold on March 28, while the governorship and state Houses of Assembly elections earlier fixed for February 28, will now hold on April 11.

Jega announced this after a day-long meeting with Civil Society Organisations (CSOs), leaders of political parties as well as INEC’s National Commissioners and State Resident Electoral Commissioners (RECs) at the commission’s national headquarters.

He said the decision to shift the elections, which was based on provisions of the nation’s Electoral Act, followed advice by the National Security Adviser and security chiefs over the situation in the North Eastern states of Borno, Adamawa and Yobe.

Giving further details, he said the military had informed the commission that they will be embarking on maximum onslaughts against the Boko Haram insurgents within the initial period the elections were scheduled to hold.

Jega stated that the commission could not go ahead with the elections as earlier scheduled as the lives of thousands of the National Youth Service Corps (NYSC) members, its staff, observers and electoral materials cannot be guaranteed.

He said: “The commission cannot wave off the advice of the nation’s security chiefs.

“The commission is specifically concerned about the security of our ad hoc staff, the young men and women of the NYSC and students of tertiary institutions who constitute at least 600,000 young men and women that we are going to use for this election together with our regular staff, voters, arranging of ballot as well as election material which has been painstakingly acquired in the last one and half years.

“In a situation where security cannot be guaranteed. Under such circumstance, we believe that few election bodies in the world, if any, will contemplate proceeding with the election schedule under these circumstances.

“No matter the extent of INEC’s preparedness, if the security of personnel, voters and election observers, as well as materials cannot be guaranteed, the life of innocent men and women as well as prospect for free, fair and credible and peaceful elections will be greatly jeopardised.”

Continuing, he said: “Consequently, the commission has decided to reschedule the 2015 general elections thus: The National Elections, that is, the Presidential and National Assembly are now to hold on March 28, 2015, while the state elections, Governorship and State Assembly are to hold April 11, 2015.

“It should be noted that this new schedule falls within the constitutional framework for the conduct of the elections; notably Section 76(2), Section 116 (2), Section 132 (2) and Section 178 (2). See also Section 25 of the Electoral Act (as amended).

“For the avoidance of doubt, we would under no circumstances as a commission, approve an arrangement that is not in line with the provisions of our law.

“With this reschedule, the security services will do their best to ensure that the security environment needed for safe and peaceful conduct of the 2015 elections is rapidly put in place.

“We in INEC assure all Nigerians and the international community of our commitment to do everything within the law and to conduct free fair and credible elections.

“We call on security agencies to honour their commitment to restore efficient normalcy for election to take place within the period of extension.

“We also call on Nigerians, political parties, candidates and all other stakeholders to accept this decision in good faith and ensure the maintenance of peace.

“As for us in INEC, we would endeavour to use the period of the extension to keep on perfecting our processes for the conduct of the best election in Nigeria’s history.

“In particular, we believe that we would resolve all outstanding issues relating to collection of PVCs, which currently agitates the minds of many Nigerians.

“Finally, we need to call on all Nigerians to accept our decision which is taken in good faith and in the best interest of deepening democracy in our country.”

Meanwhile, the INEC chair has said he would not be cowed into resigning his role as head of the commission.

Answering question on the insinuation that he may be forced to resign within the waiting period, Jega said, “I will not be distracted by calls for resignation, I will only resign if there are legitimate reasons.

“I am here to serve my country to the best of my ability, and if for any reason I am found wanting, I will have no option but to resign.

“But like I said, if there are sufficient grounds for me to resign, I’ll resign but I assure that I will not resign.”

He also took time to respond to the rumour that he is in romance with the opposition, saying, “Instead of me to show bias and support one party over another in this job, I’ll rather resign.”

He, however, accused the media of not being fair on him and the commission.

He said: “We live in a country where anybody can just sit somewhere and conjure things about people, unfortunately the media just picks this and run away with it without checking out the facts.”

Details from the meeting held with the parties, as revealed to Sunday Independent, indicated that 16 political parties favoured the rescheduling of the elections, while nine were against.
Parties that reportedly voted in favour of re-scheduling the elections are: Action Alliance (AA), Action Congress of Democrats (ACD), Alliance for Democracy (AD), African Democratic Congress (ADC), Citizens Popular Party (CPP), Democratic Peoples Party (DPP), Labour Party (LP) and Mega Peoples Party (MPP).

Others are New Nigeria Peoples Party (NNPP), United Democratic Party (UDP), Peoples Popular Movement (PPM), Progressives People Alliance (PPA), Peoples Democratic Party (PDP) and Unity Party of Nigeria (UPN).
Parties against re-scheduling of the elections are Peoples Democratic Movement (PDM), All Progressives Congress (APC), United Peoples Party (UPP), Allied Congress Party of Nigeria (ACPN), Social Democratic Party (SDP), KOWA Party, Independent Democrats (ID), Hope Democratic Party (HDP), Africans Democratic Alliance (ADA) and Accord Party (AP).
However, All Progressive Grand Alliance (APGA) was not represented at the meeting, while National Conscience Party (NCP) was indifferent.

Reacting to the postponement, the PDP described it as a step in the right direction.

The party’s Presidential Campaign Organisation in a statement signed by its Director of Media and Publicity, Femi Fani-Kayode, said the decision “is in the best interest of deepening democracy and in the national interest.”

Fani-Kayode said that INEC ‘’must be commended for showing the courage to shift the elections after acknowledging the fact that its state of preparedness was not 100 per cent.’’

According to him, “Since this decision has been taken in the interest of deepening democracy and in national interest, we accept it in good faith and we commend INEC’s courage and obvious commitment to ensuring a free and fair election.”

Also, former Minister of Transport, Ebenezer Babatope, hailed INEC, saying the decision was in the best interest of Nigerians.

“All those who are shouting that they don’t want elections to be postponed are those who have got skeletons in their cupboards.

“They are the ones planning evil against Nigeria. So, apparently, with the postponement, the thing has broken on their heads.
“We are going have elections, but we must have it in a manner that the electorate is not deprived of their right to choose who will lead them,” Babatope told Sunday Independent on Saturday night.

Also speaking, chairman of the Lagos State chapter of PDP, Tunji Shelle, said the postponement will give INEC enough time to put certain things in place.

According to him, going ahead with the elections now may lead to legal tussle and security breaches, which may mar the polls.
“Many people have not received their PVCs and that could result to crisis at the end of the day,” he said.

But, in a swift reaction, the All Progressives Congress (APC)’s National Chairman, John Odigie-Oyegun, described the postponement as not only provocative, but a major setback to the nation’s democracy.

“This is clearly a major setback for Nigerian democracy, and our party is meeting in emergency session to study its implications and will inform Nigerians of its decisions in the next few days.

“In the meantime though what has happened is highly provocative, I strongly appeal to all Nigerians to remain calm and desist from violence and any activity which will compound this unfortunate development.

“We must not fall into this obvious trap. I want to assure all Nigerians that the All Progressives Congress will not abandon its commitment to change and will sustain the struggle to establish a new Nigeria.”

Meanwhile, the Nigeria Civil Society Situation Room (Situation Room) on Saturday accused security agencies of arm-twisting INEC to postpone the general elections.

In a statement, Agianpe Ashang, Senior Programme Officer with the Policy Legal Advocacy Centre (PLAC), Situation Room stated: “This afternoon, Saturday, February 7, 2015 met with the Chairman of the Independent National Electoral Commission (INEC) and with all of its 12 National Commissioners in attendance.

“At the meeting, INEC Chairman, Prof. Attahiru Jega, conveyed that he had received a letter from the security services advising that he postpones the general elections on the grounds that the security agencies were engaged in a renewed battle against insurgency in the North East that would require their full concentration.

“In the letter the military was demanding a rescheduling of elections by at least six weeks in the first instance”.

byUnknown

in Attahiru Jega, Democracy, Election 2015, INEC, News By Country, News From Africa, Nigeria, Politics

23:54

INEC Postpone Elections By 6 Weeks

The Independent National Electoral Commission (INEC) on Saturday night succumbed to intense pressure, as its Chairman, Attahiru Jega, announ...

Watched by a large crowd of admirers and top personalities who converged on the ancient city of Kano, the Kano State governor, Rabiu Kwankwaso, on Saturday presented the staff of office to the former Central Bank of Nigeria (CBN) governor, Sanusi Lamido Sanusi, as Alhaji Muhammadu Sanusi II.

Immediately, the Emir pledged to ensure that justice prevails inhis domain during his reign, even as he will be fair to all.

Sanusi was appointed the 14th Emir of Kano on June 8, 2014 after the death of Alhaji Ado Bayero, on June 6, 2014.

At the ceremony held at the newly constructed Coronation Hall at the Government House, Kwankwaso described the Emir as a “knowledgeable person who acquired both the Islamic and western education”.

He said that Sanusi’s appointment was based on his personal track record of service and education, which are the prerequisites, especially at this time.

“This occasion is a unique one for me personally as I present this staff of office to Alhaji Muhammadu Sanusi as the 14th Emir of Kano.

“Above all, he is heir apparent of the throne, who has distinguished himself as an outstanding religious scholar that is quite conversant with our time,” he said.

Kwankwaso commended all personalities and dignitaries who came from far and near to grace the occasion.

Responding, Sanusi promised to ensure justice and fairness in the discharge of his responsibilities.

He also promised to discharge his duties with the fear of God and to treat the people equally in order to ensure peace, unity and economic growth and development of the emirate and the country.

“With the responsibility vested on me, I promise to ensure justice and fairness to all for the sustenance of peaceful coexistence,’’ he said.

The Emir said he would continue to protect the rights of his subjects and in addition give useful and meaningful advice to leaders in the state and the country.

“We will continue to protect the rights of our people and give other leaders useful and meaningful advice for the development of our state and the country.

“Today is not a day for long speeches, but a day of joy and thanks to the Almighty God,” he said.

He used the occasion to call on politicians to ensure peaceful elections in the country.

Sanusi urged district heads and other traditional rulers in the state to accord priority to issues of health, security, economy and education in their domains.

Among dignitaries, who attended the ceremony, were the Sultan of Sokoto, Alhaji Sa’ad Abubakar III and the Shehu of Borno, Alhaji Abubakar Umar El-kanemi.

Others are: Etsu Nupe, Alhaji Yahaya Abubakar, Emir of Zazzau, Alhaji Shehu Idris, as well as former Heads of State, Gen. Yakubu Gowon and Major General Muhammadu Buhari.

Also in attendance were the governors of Kaduna, Sokoto, Zamfara, Yobe, Niger, Edo, Kwara and Borno, as well as Oba of Lagos, Rilwan Akiolu; former Lagos State governor, Bola Tinubu; business mogul, Aliko Dangote; members of the diplomatic corps and the business community.

byUnknown

in coronation, emir of kano, enthroned, News By Country, Nigeria, Sanusi

23:37

Ex-CBN Governor Enthroned As New Emir of Kano

Watched by a large crowd of admirers and top personalities who converged on the ancient city of Kano, the Kano State governor, Rabiu Kwankwa...

Monday, 26 January 2015

I need to preface this article with a few clarifications. I have taken a long sabbatical leave from partisan politics, and it is real fun watching the drama from the balcony. Having had my own share of public service (I do not need a job from government), I now devote my time and energy in pursuit of other passions, especially abroad. A few days ago, I read an article in Thisday entitled “Where is Charles Soludo?”, and my answer is that I am still there, only that I have been too busy with extensive international travels to participate in or comment on our national politics and economy.

Former Central Bank Governor, Charles Soludo
But I occasionally follow events at home. Since the survival and prosperity of Nigeria are at stake, the least some of us (albeit, non-partisan) must do is to engage in public debate. As the elections approach, I owe a duty to share some of my concerns.

In September 2010, I wrote a piece entitled “2011 Elections: Let the Real Debate Begin” and published by Thisday. I understand the Federal Executive Council discussed it, and the Minister of Information rained personal attacks on me during the press briefing. I noted more than six newspaper editorials in support of the issues we raised. Beside other issues we raised, our main thesis was that the macro economy was dangerously adrift, with little self-insurance mechanisms (and a prediction that if oil prices fell below $40, many state governments would not be able to pay salaries). I gave a subtle hint at easy money and exchange rate depreciations because I did not want to panic the market with a strong statement. Sadly, on the eve of the next elections, literally everything we hinted at has happened. Part of my motivation for this article is that five years after, the real debate is still not happening.

The presidential election next month will be won by either Buhari or Jonathan. For either, it is likely to be a pyrrhic victory. None of them will be able to deliver on the fantastic promises being made on the economy, and if oil prices remain below $60, I see very difficult months ahead, with possible heady collisions with labour, civil society, and indeed the citizenry. To be sure, the presidential election will not be decided by the quality of ‘issues’ or promises canvassed by the candidates. The debates won’t also change much (except if there is a major gaffe by either candidate like Tofa did in the debate with Abiola). My take is that more than 95% of the likely voters have pretty much made up their minds based largely on other considerations. A few of us remain undecided. During my brief visit to Nigeria, I watched some of the campaign rallies on television. The tragedy of the current electioneering campaigns is that both parties are missing the golden opportunity to sensitize the citizenry about the enormous challenges ahead and hence mobilize them for the inevitable sacrifices they would be called upon to make soon. Each is promising an El-Dorado.

Let me admit that the two main parties talk around the major development challenges—corruption, insecurity, economy (unemployment/poverty, power, infrastructure, etc) health, education, etc. However, it is my considered view that none of them has any credible agenda to deal with the issues, especially within the context of the evolving global economy and Nigeria’s broken public finance. The UK Conservative Party’s manifesto for the last election proudly announced that all its programmes were fully costed and were therefore implementable. Neither APC nor PDP can make a similar claim. A plan without the dollar or Naira signs to it is nothing but a wish-list. They are not telling us how much each of their promises will cost and where they will get the money. None talks about the broken or near bankrupt public finance and the strategy to fix it.

In response to the question of where the money will come from, I heard one of the politicians say that the problem of Nigeria was not money but the management of resources. This is half-truth. The problem is both. No matter how efficient a father (with a monthly salary of N50,000) is at managing the family resources, I cannot see how he could deliver on a promise to buy a brand new Peugeot 406 for each of his three children in a year. Even with all the loopholes and waste closed, with increased efficiency per dollar spent, there is still a binding budget constraint. To deliver an efficient national transport infrastructure alone will still cost tens of billions of dollars per annum even by corruption-free, cost-effective means. Did I hear that APC promises a welfare system that will pay between N5,000 and N10,000 per month to the poorest 25 million Nigerians? Just this programme alone will cost between N1.5 and N3 trillion per annum. Add to this the cost of free primary education plus free meal (to be funded by the federal budget or would it force non-APC state governments to implement the same?), plus some millions of public housing, etc.

I have tried to cost some of the promises by both the APC and the PDP, given alternative scenarios for public finance and the numbers don’t add up. Nigerians would be glad to know how both parties would fund their programmes. Do they intend to accentuate the huge public debt, or raise taxes on the soon to-be-beleaguered private businesses, or massively devalue the naira to rake in baskets of naira from the dwindling oil revenue, or embark on huge fiscal retrenchment with the sack of labour and abandonment of projects, and which areas of waste do they intend to close and how much do they estimate to rake in from them, etc? I remember that Chief Obafemi Awolowo was asked similar questions in 1978 and 1979 about his promises of free education and free medical services. Even as a teenager, I was impressed by how he reeled out figures about the amounts he would save from various ‘waste’ including the tea/coffee served in government offices. The point is that at least he did his homework and had his numbers and I give credit to his team. Some 36 years later, the quality of political debate and discourse seems to border on the pedestrian. From the quality of its team, I did not expect much from the current government, but I must confess that I expected APC as a party aspiring to take over from PDP to come up with a knock-out punch. Evidently, from what we have read from the various versions of its manifesto as well as the depth of promises being made, it does not seem that it has a better offer.

Let me digress a bit to refresh our memory on where we are, and thus provide the context in which to evaluate the promises being made to us. Recall that the key word of the 2015 budget is ‘austerity’. Austerity? This is just within a few months of the fall in oil prices. History repeats itself in a very cruel way, as this was exactly what happened under the Shehu Shagari administration. Under the Shagari government, oil price reached its highest in 1980/81. During the same period, Nigeria ratcheted up its consumption and all tiers of government were in competition as to which would out-borrow the other. Huge public debt was the consequence. When oil prices crashed in early 1982, the National Assembly then passed the Economic Stabilization (Austerity Measures) Act in one day--- going through the first, second, and third readings the same day. The austerity measures included the rationing of ‘essential commodities’ and most states owed salary arrears. Corruption was said to be pervasive, and as Sani Abacha said in that famous coup speech, ‘unemployment has reached unacceptable proportions and our hospitals have become mere consulting clinics’. General Muhammadu Buhari/Tunde Idiagbon regime made the fight against corruption and restoration of discipline the cardinal point of their administration which lasted for 20 months. I am not sure they had a credible plan to get the economy out of the doldrums (although it must be admitted that poverty incidence in Nigeria as of 1985 when they left office was a just46%--- according to the Federal Office of Statistics).

We have come full circle. If the experience under Shagari could be excused as an unexpected shock, what Nigeria is going through now is a consequence of our deliberate wrong choices. We have always known that the unprecedented oil boom (in both price and quantity—despite oil theft) of the last six years is temporary but the government chose to treat it as a permanent shock. The parallels with the Shagari regime are troubling. First, at the time of oil boom, Nigeria again went on a consumption spree such that the budgets of the last five years can best be described as ‘consumption budgets’, with new borrowing by the federal government exceeding the actual expenditure on critical infrastructure. Second, not one penny was added to the stock of foreign reserves at a period Nigeria earned hundreds of billions from oil. For comparisons, President Obasanjo met about $5 billion in foreign reserves, and the average monthly oil price for the 72 months he was in office was $38, and yet he left $43 billion in foreign reserves after paying $12 billion to write-off Nigeria’s external debt. In the last five years, the average monthly oil price has been over $100, and the quantity also higher but our foreign reserves have been declining and exchange rate depreciating.

I note that when I assumed office as Governor of CBN, the stock of foreign reserves was $10 billion. The average monthly oil price during my 60 months in office was $59, but foreign reserve reached the all-time peak of $62 billion (and despite paying $12 billion for external debt, and losing over $15 billion during the unprecedented global financial and economic crisis) I left behind $45 billion. Recall also that our exchange rate continuously appreciated during this period and was at N117 to the dollar before the global crisis and we deliberately allowed it to depreciate in order to preserve our reserves. My calculation is that if the economy was better managed, our foreign reserves should have been between $102 --$118 billion and exchange rate around N112 before the fall in oil prices. As of now, the reserves should be around $90 billion and exchange rate no higher than N125 per dollar.

Third, the rate of public debt accumulation at a time of unprecedented boom had no parallel in the world. While the Obasanjo administration bought and enlarged the policy space for Nigeria, the current government has sold and constricted it. What debt relief did for Nigeria was to liberate Nigerian policymakers from the intrusive conditionalities of the creditors and thereby truly allowing Nigeria independence in its public policy. How have we used the independence? Through our own choices, we have yet again tied the hands of future policymakers. This time, the debt is not necessarily to foreign creditor institutions/governments which are organized under the Paris club but largely to private agents which is even more volatile. We call it domestic debt. But if one carefully unpacks the bond portfolio, what percentage of it is held by foreign private agents? And I understand the Government had removed the speed bumps we kept to slow the speed of capital flight, and someone is sweating to explain the gyrations in foreign reserves. I am just smiling!

In sum, the mismanagement of our economy has brought us once more to the brink. Government officials rely on the artificial construct of debt to GDP ratio to tell us we can borrow as much as we want. That is nonsense, especially for an economy with a mono but highly volatile source of revenue and forex earnings. The chicken will soon come home to roost. Today, the combined domestic and external debt of the Federal Government is in excess of $40 billion. Add to this the fact that abandoned capital projects littered all over the country amount to over $50 billion. No word yet on other huge contingent liabilities. If oil prices continue to fall, I bet that Nigeria will soon have a heavy debt burden even with low debt to GDP ratio. Furthermore, given the current and capital account regime, it is evident that Nigeria does not have enough foreign reserves to adequately cover for imports plus short term liabilities. In essence, we are approaching the classic of what the Shagari government faced, and no wonder the hasty introduction of ‘austerity measures’ again.

Fourth, poverty incidence and unemployment are also simultaneously at all-time high levels. According to the NBS, poverty incidence grew to 69% in 2010 and projected to be 71% in 2011, with unemployment at 24%. This is the worst record in Nigeria’s history, and the paradox is that this happened during the unprecedented oil boom.

One theme I picked up listening to the campaign rallies as well as to some of the propagandists is the confusion about measuring government “performance”. Most people seem to confuse ‘inputs’, or ‘processes’ with output. Earlier this month, I had a dinner with a group of friends (14 of us) and we were chit-chatting about Nigeria. One of us, an associate of President Jonathan veered off to repeat a propaganda mantra that Jonathan had outperformed his predecessors. He also reminded us that Jonathan re-based the GDP and that Nigeria is now the biggest economy in Africa; etc. It was fun listening to the response by others. In sum, the group agreed that the President had ‘outperformed’ his predecessors except that it is in reverse order. First, my friend was educated that re-basing the GDP is no achievement: it is a routine statistical exercise, and depending on the base year that you choose, you get a different GDP figure. Re-basing the GDP has nothing to do with government policy. Besides, as naira-dollar exchange rate continues to depreciate, the GDP in current dollars will also shrink considerably soon.

We were reminded of Jonathan’s agricultural ‘revolution’. But someone cut in and noted that for all the propaganda, the growth rate of the agricultural sector in the last five years still remains far below the performance under Obasanjo. One of us reminded him that no other president had presided over the slaughter of about 15,000 people by insurgents in a peacetime; no other president earned up to 50% of the amount of resources the current government earned from oil and yet with very little outcomes; no other president had the rate of borrowing; none had significant forex earnings and yet did not add one penny to foreign reserves but losing international reserves at a time of boom; no other president had a depreciating exchange rate at a time of export boom; at no time in Nigeria’s history has poverty reached 71% (even under Abacha, it was 67 -70%); and under no other president did unemployment reach 24%. Surely, these are unprecedented records and he surely ‘outperformed’ his predecessors! What a satire!

One of those present took the satire to some level by comparing Jonathan to the ‘performance’ of the former Governor of Anambra, Peter Obi. He noted that while Obi gloated about ‘savings’, there is no signature project to remember his regime except that his regime took the first position among all states in Nigeria in the democratization of poverty---- mass impoverishment of the people of Anambra. According to the National Bureau of Statistics, poverty rose under his watch in Anambra from 20% in 2004 (lowest in Nigeria then) to 68% in 2010 (a 238% deterioration!). Our friend likened it to a father who had no idea of what to do with his resources and was celebrating his fat bank account while his children were dying of kwashiorkor. He pointed out that since it is the likes of Peter Obi who are the advisers to Jonathan on how to manage the economy (thereby confusing micromanagement which you do as a trader with macro governance) it is little wonder that poverty is fast becoming another name for Nigeria. It was a very hilarious evening.

My advice to President Jonathan and his handlers is to stop wasting their time trying to campaign on his job record. Those who have decided to vote for him will not do so because he has taken Nigeria to the moon. His record on the economy is a clear ‘F’ grade. As one reviews the laundry list of micro interventions the government calls its achievements, one wonders whether such list is all that the government could deliver with an unprecedented oil boom and an unprecedented public debt accumulation. I can clearly see why reasonable people are worried. Everywhere else in the world, government performance on the economy is measured by some outcome variables such as: income (GDP growth rate), stability of prices (inflation and exchange rate), unemployment rate, poverty rate, etc. On all these scores, this government has performed worse than its immediate predecessor--- Obasanjo regime. If we appropriately adjust for oil income and debt, then this government is the worst in our history on the economy. All statistics are from the National Bureau of Statistics.

Despite presiding over the biggest oil boom in our history, it has not added one percentage point to the growth rate of GDP compared to the Obasanjo regime especially the 2003- 07 period. Obasanjo met GDP growth rate at 2% but averaged 7% within 2003- 07. The current government has been stuck at 6% despite an unprecedented oil boom. Income (GDP) growth has actually performed worse, and poverty escalated. This is the only government in our history where rapidly increasing government expenditure was associated with increasing poverty. The director general of NBS stated in his written press conference address in 2011 that about 112 million Nigerians were living in poverty. Is this the record to defend? Obama had a tough time in his re-election in 2012 because unemployment reached 8%. Here, unemployment is at a record 24% and poverty at an all-time 71% but people are prancing around, gloating about ‘performance’. As I write, the Naira exchange rate to the dollar is $210 at the parallel market. What a historic performance! Please save your breathe and save us the embarrassment. The President promised Nigeria nothing in the last election and we did not get value for money. He should this time around present us with his plan for the future, and focus on how he would redeem himself in the second term—if he wins!

Sadly the government’s economic team is very weak, dominated by self-interested and self-conflicted group of traders and businessmen, and so-called economic team meetings have been nothing but showbiz time. The very people government exists to regulate have seized the levers of government as policymakers and most government institutions have largely been “privatized” to them. Mention any major government department or agency and someone will tell you whom it has been ‘allocated’ to, and the person subsequently nominates his minion to occupy the seat. What do you then expect? The economy seems to be on auto pilot, with confusion as to who is in charge, and government largely as a constraint. There are no big ideas, and it is difficult to see where economic policy is headed to. My thesis is that the Nigerian economy, if properly managed, should have been growing at an annual rate of about 12% given the oil boom, and poverty and unemployment should have fallen dramatically over the last five years. This is topic for another day.

So far, the Government’s response to the self-inflicted crisis is, at best, laughable. They blame external shocks as if we did not expect them and say nothing about the terrible policy choices they made. The National Assembly had described the 2015 budget as unrealistic. The fiscal adjustments proposed in the 2015 budget simply play to the gallery and just to pander to our emotions. For a $540 billion economy, the so-called luxury tax amounts to zero per cent of GDP. If the current trend continues, private businesses will come under a heavy crunch soon. Having put economics on its head during the boom time, the Government now proposes to increase taxes during a prospective downturn and impose austerity measures. Unbelievable!

Fortuitously, just as he succeeded Shagari when Nigeria faced similar situations, Buhari is once more seeking to lead Nigeria. But times have changed, and Nigeria is largely different. First, this is a democracy and dealing with corruption must happen within the ambit of the rule of law and due process. Getting things done in a democracy requires complicated bargaining, especially where the legislature, labour, the media, and civil society have become strong and entrenched. Second, the size, structure and institutions of the economy have fundamentally altered. The market economy, especially the capital market and foreign exchange market, impose binding constraints and discipline on any regime. Third, dealing with most of the other issues--- insecurity, unemployment/poverty, infrastructure, health, education, etc, require increased, smarter, and more efficient spending. Increased spending when the economy is on the reverse gear?

If oil prices remain between 40- 60 dollars over the next two years, the current policy regime guarantees that foreign reserves will continue the precipitous depletion with the attendant exchange rate depreciation, as well as a probable unsustainable escalation in debt accumulation, fiscal retrenchment or taxing the private sector with vengeance. The scenario does not look pretty. The poor choices made by the current government have mortgaged the future, and the next government would have little room to manoeuvre and would inevitably undertake drastic but painful structural adjustments. Nigerians loathe the term ‘structural adjustment’. With falling real wages and depreciating currency, I can see any belated attempt by the government to deal with the bloated public sector pitching it against a feisty labour. I worry about regime stability in the coming months, and I do not envy the next team.

The seeming crisis is not destiny; it is self-imposed. However, we must see it as an opportunity to be seized to fundamentally restructure Nigeria’s political economy, including its fiscal federalism and mineral rights. The current system guarantees cycles of consumption loop and I cannot see sustainable long term prosperity without major systemic overhaul. The proposals at the national conference merely tinker at the margins. In totality, the outcome of the national conference is to do more of the same, with minor amendments on the system of sharing and consumption rather than a fundamental overhaul of the system for productivity and prosperity. President Jonathan promises to implement the report of the national conference if he wins. I commend him for at least offering ‘something’, albeit, marginal in my view. I have not heard anything from the APC or Buhari regarding the national conference report or what kind of federalism they envisage for Nigeria.

In Nigeria’s recent history, two examples under the military and civilian governments demonstrate that where the political will exists, Nigeria has the capacity to overcome severe challenges. The first was under President Babangida. Not many Nigerians appreciate that given the near bankrupt state of Nigeria’s finances and requirements for debt resolution under the Paris Club, the country had little choice but to undertake the painful structural adjustment programme (SAP). I want to state for the record that the foundation for the current market economy we operate in Nigeria was laid by that regime (liberalization of markets including market determined exchange rate, private sector-led economy including licensing of private banks and insurance, de-regulation, privatization of public enterprises under TCPC, etc). Just abolishing the import licensing regime was a fundamental policy revolution. Despite the criticisms, these policy thrusts have remained the pillars of our deepening market economy, and the economy recovered from almost negative growth rate to average 5.5% during the regime and poverty incidence at 42% in 1992.

Under our democratic experience, President Obasanjo inherited a bankrupt economy (with the lost decade of the 1990’s GDP growth rate of 2.2% and hence zero per capita income growth for the decade). His regime consolidated and deepened the market economy structures (consolidation of the banking system which is powering the emergence of a new but truly private sector-led economy and simultaneously led to a new awareness and boom in the capital market; telecommunications revolution; new pension regime; debt relief which won for Nigeria policy independence from the World Bank and Paris Club; deepening of de-regulation and privatization including the unbundling of NEPA under PHCN for privatization; agricultural revolution that saw yearly growth rate of over 6% and remains unsurpassed ever since; sound monetary and fiscal policy and growing foreign reserves that gave confidence to investors; establishment of the Africa Finance Corporation which is leading infrastructure finance in Africa; backward integration policy that saw the establishment and growth of Dangote cement and others; established ICPC and EFCC to fight corruption, etc). The economy roared to average yearly growth of 7% between 2003 and 2007 (although average monthly oil price under his regime was $38), and poverty dropped from estimated 70% in1999 to 54% in 2004. Obasanjo was his own coordinating minister of the economy and chairman of the economic management team--- which he chaired for 90 minutes every week. I met with him daily. In other words, he did not outsource economic management.

We expected that the next government after Obasanjo would take the economy to the next level. So far, we have had two great slogans: the 7-point agenda and currently, the transformation agenda. They remain empty slogans without content or direction.

Let me suggest that the fundamental challenge for the next government on the economy can be framed around the goal of creating twelve million jobs over the next four years to have a dent on unemployment and poverty. The challenge is to craft a development agenda to deliver this within the context of broken public finance, and an economy in which painful structural adjustments will be inevitable if current trends in oil prices continue. Most other programmes on corruption, security, power, infrastructure, etc, are expected to be instruments to achieve this objective.

So far, neither the APC nor the PDP has a credible programme for employment and poverty reduction. The APC promises to create 20,000 jobs per state in the first year, totalling a mere 720,000 jobs. This sounds like a quota system and for a country where the new entrants into the labour market per annum exceed two million. If it was intended as a joke, APC must please get serious. On the other hand, President Jonathan targets two million jobs per annum but his strategy for doing so is a Job Board--- another committee of sort. Sorry, Mr. President, a Job Board is not a strategy. The principal job Nigerians hired you to do for them is to create jobs for them too. You cannot outsource that job, Sir. Creating 3 million jobs per annum under the unfolding crisis would task our creativity and audacity to the limits.

I heard one politician argue that once we fix power, private sector would create jobs. Not necessarily! Well, this government claims to have added 1,700MW to the national grid and yet unemployment soars. Ask Greece, Spain, etc with power and infrastructure and yet with high unemployment. Structural dislocations play a key role. For example, currently in Nigeria, it is estimated that more than 60% of graduates of our educational system are unemployable. You can understand why many of us are amused when the government celebrates that it has established twelve more glorified secondary schools as universities. I thought they would have told us how many Nigerian universities made it in the league of the best 200 universities in the world. That would have been an achievement. Surely, creating millions of jobs in this economy would, among other things, require ‘new money’ and extraordinary system of coordination among the three tiers of government plus the private sector. Unfortunately, from what I read, the CBN is largely likely to be asleep at this time the country needs the most revolutionary finance. This is a topic for another day. Only the President can lead this effort. Moreover, we are waiting for the two parties/candidates to spell out HOW they will create jobs, whether it is the 20,000 jobs per state by APC or 2 million per annum by President Jonathan. Let us know how you arrived at the figures. Whichever of the two that is declared winner will have his job cut out for him, and I expect him to declare a national emergency on job creation.

Surprisingly, none of the parties/candidates has any grand vision about African economic integration, led by Nigeria. There is no programme on how to make the naira the de facto currency of ECOWAS or the international financial centre that can attract more than $100 billion per annum. Where is the strategy for orchestrating the revolutionary finance to power the economy during this downturn? For President Jonathan, I find it shocking that the most important initiative of his government to secure the future of the economy by Nigeria refusing to sign the ruinous Economic Partnership Agreement (EPA) with the European Union is not even being mentioned. President Obasanjo saved Nigeria from the potential ruin of an ECOWAS single currency while to his credit Jonathan safeguarded our industrial sector/economy by refusing to sign the EPA. Or does the government not understand the import of that? It will be interesting to know the APC’s strategy for exploiting strategic alliances within Africa, China, and the world for Nigeria’s prosperity.

If Buhari wins, he will ride on the populist wind for “change”. Most people I have spoken to who have decided to vote for Buhari do not necessarily know the specifics of what he would offer or how Nigeria would be different under him. I asked my driver, Usman, whom he would vote for President. He responded: “If they no rig the election, na Buhari everybody go vote for”. I asked him why, and his next response sums it: “The man dey honest. In short, people just want to see another face for that villa”. But if he wins, the honeymoon will be brief and the pressure will be immense to magically deliver a ‘new Nigeria’ with no corruption, no boko haram or insecurity, jobs for everyone, no poverty, infrastructure and power in abundance, etc. As a first point, Buhari and his team must realize that they do not yet have a coherent, credible agenda that is consistent with the fundamentals of the economy currently. The APC manifesto contains some good principles and wish-lists, but as a blue print for Nigeria’s security and prosperity, it is largely hollow. The numbers do not add up. Thus, his first job is to present a credible development agenda to Nigerians.

The second key challenge for Buhari and his team will be to transit and transform from a group of what I largely refer to as aggrieved people’s congregation to build a true political party with a soul from the patchwork of political associations. It is surely easier to oppose than to govern. This should not worry us much. After all, even the PDP which has been in power for 16 years is still an assembly of people held together by what I refer to as dining table politics. I am not sure how many members can tell you what their party stands for or its mission and vision for Nigeria. The third but more difficult agenda is cobbling together a truly ‘progressive team’ that will begin to pick the pieces. The lesson of history is that the best leaders have been the ones who went beyond their narrow provincial enclaves to recruit talents and mobilize capacities for national transformation. In Nigeria’s history, the two presidents who made the most fundamental transformation of the economy, Babangida and Obasanjo, were exceptional in the quality of the teams they put together. I therefore pray that Buhari will be magnanimous in victory – if he wins—to put together a ‘team Nigeria’ for the rescue mission.

If Jonathan wins, then God must have been magnanimous to give him a second chance to redeem himself. Most people I know who support Jonathan do so either out of self-interest or fear of the unknown. As a friend summed it: the devil you know is better than the angel you do not know. One person assured me that we would see a ‘different Jonathan’ if he wins as he has been rattled by the harsh judgment of history on his presidency so far. I just pray that he is right. In that case, I would just draw the President’s attention to two issues:

First, beside the coterie of clowns who literally make a living with the sing-song of transformation agenda, President Jonathan must know that it remains an empty slogan. His greatest challenge is how to save himself from the stranglehold of his largely provincial palace jesters who tell him he has done better than God, and seek out ‘enemies’ and friends who can help him write his name in history. Propaganda won’t do it.

Second, Jonathan must claw back his powers as President of Nigeria. He largely outsourced them, and must now roll his sleeves for a new beginning. I take liberty to tell you this brutal truth: if you are not re-elected, there is little to remember your regime after the next few years. On 7th January 2004, I made a special presentation to an expanded economic management team to set agenda for the new year (as chief economic adviser). The focus of my presentation was for us to identify seven iroko trees that would be the flagship markers for the administration as well as how to finance them. I use the same framework to evaluate your administration. What I say to you, Mr. President, is that your record of performance so far is like a farmland filled with grasses. Yes, they are many but there is no tree, let alone any iroko tree, that stands out. Think about this. The beginning of wisdom for every President in his second term is to admit that he is racing against time to cement his legacy. So far, your report card is not looking great. You need a team of big and bold thinkers, as well as with excellent execution capacity. So far, it is not working!

Under the executive presidential system, Nigerians elected you to manage their economy. You cannot outsource that job. Our constitution envisages a federal coordination of the economy, and that function is performed by the National Economic Council (NEC) with Vice-President as chairman. Indeed, the constitution and other laws of Nigeria envisage the office of the VP as the coordinator on the economy. All major economic institutions of the federal government are, by law, chaired by the Vice-President including the national planning (see functions of the national planning commission as coordinator of federal government economic and development programmes), debt management office, National Council on Privatization, etc. As chairman of National Planning (with Ministers of Finance, Agriculture, CBN governor, etc as members), the VP oversees the federal planning and coordination. Then the Constitution mandates the VP as representative of the federal government to chair the NEC, with only CBN governor and state governors as members—to coordinate national economy between federal and states. No minister is a member of NEC. Many people do not understand the logic of the design of our constitution and the role of the VP. Of course, the buck stops on the desk of Mr. President. Only the President and VP have our mandate to govern us. Every other person is an adviser/assistant. I bet that you will only appreciate this article AFTER you leave office. Now that you are in power, truth will only hurt! Be assured that those of us who are prepared to die for Nigeria will never spare you or anyone else this bitter truth.

Nigeria must survive and prosper beyond Buhari or Jonathan!

Culled From Sahara Reporters

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