Mixed Metaphors: Half The Story By Sonala Olumhense

How do you know that President Muhammadu Buhari’s anti-corruption offensive is still awaiting an offensive?

The first sign is that handcuffs are not being sold on roadsides and in traffic in Nigeria.  Hopefully, this does not mean that the security and anti-corruption agencies are importing handcuffs.  For a country where anything, including cars, can be sold in traffic, it would be reassuring to see heaps of them on the shoulders of merchants running between cars.
Another sign is that only Olisa Metuh, the outgoing spokesman of the Peoples Democratic Party (PDP) has been seen lately wearing the appropriate jewelry in public.  That is an epic and epochal failure of message.

Boko Haram Killed At Least 67 Villagers In Daring Assault Near Maiduguri

At least 100 people were killed and over hundred others injured when the  Boko Haram terrorists attacked Dalori Village some 4 kilometers from Maiduguri yesterday evening.

  Residents of the community told our correspondent that the operation started around 6:20 pm and lasted for several hours.
The militants who operated unchallenged were said to have stormed the town in 10  Hilux vans and motorcycles dressed in army uniforms as they took their time to raze down houses in Dalori village also livestock were burnt after they had looted and carted away foodstuffs. Several civilians were burnt beyond recognition.

A Reminder To Pastor Biodun Fatoyinbo Of COZA Ministries To Publish His Robust Reply By Ijabla Raymond

Dear Pastor Fatoyinbo: It is almost two and half years since a female member of your church alleged that you had been sleeping with her. You had almost immediately promised a "robust reply soon" but there has been no response at all from you let alone a robust one. No reasonable person expects you or any pastor to be a saint but as a leader and role model, and someone who occupies a position of trust, people expect accountability from you.

FIRS director arrested for tax fraud

The Economic and Financial Crimes Commission, EFCC, has arrested Abumere Joseph Osagie, deputy director, regional tax office, Federal Inland Revenue Service, FIRS, in a case of abuse of office and bribery.

The suspect was arrested following a complaint about his attempt to extort a university proprietor N5million, a statement by the spokesperson for the EFCC, Wilson Uwujaren, said Friday.
Mr. Osagie and one Jamila Ojora had on January 27 allegedly approached Ahmed Datti, the Chancellor of Baze University, Abuja, and gave him a tax assessment of N20,029, 496.00 through a letter of intent, which he paid.

Devaluing the devaluation delusions

In this article, TEMITOPE OSHIKOYA, an economist and chartered banker, appraises the three determinants of exchange rate regimes, the Chief Executive Officer (CEO) of Nextnomics Advisory, lists economy, market forces and politics as the three factors that shape monetary policies.

FOLLOWING her meetings with the Nigerian authorities including President Muhammadu Buhari, Christine Lagarde, the Managing Director (MD) of the IMF was at pain to emphasise that she was not in the country to negotiate an IMF loan programme, which often includes a devaluation pill, with Nigeria.F
Why the emphasis on an IMF loan programme by the MD? Flash back to January 15, 1998. What comes to mind is the symbolic signature picture of Indonesian President Suharto signing an IMF loan programme agreement with the then IMF’s MD Michel Camdessus.
At the time for Indonesia, the scent of change was in the air. The IMF simply helped along in sealing it with an economic reform programme including removal of subsidies and devaluation of the Indonesian currency. As noted in the Financial Times by the then World Bank’s Country Director of Indonesia, the economic reform was driven largely by external agency of restraints.
The symbolic captioned picture of Indonesia’s President of nearly two decades ago, which went viral during the Asian financial crisis, capitulating to the IMF’s MD is clearly what the current MD is trying to avoid with her Nigerian host. Of course, Christine Lagarde was also careful to note that Nigeria needs a more flexible monetary policy.

BEING TEXT OF THE INAUGURAL SPEECH BY HIS EXCELLENCY, ALHAJI YAHAYA BELLO ON THE OCCASION OF HIS SWEARING-IN AS 4TH EXECUTIVE GOVERNOR, KOGI STATE OF NIGERIA ON WEDNESDAY, 27TH JANUARY, 2016 AT LOKOJA.

Protocols!

His Excellency, President Muhammadu Buhari, GCFR, The President, Federal Republic of Nigeria.
His Excellency, Prof. Yemi Osinbajo, The Vice President, Federal Republic of Nigeria.
His Excellency, Dr. Olubukola Saraki, The President, Senate of the Federal Republic of Nigeria.
His Excellency, Hon. Yakubu Dogara, The Speaker, House of Representatives.
His Lordship, Hon. Justice Mahmud Mohammed, GCON, The Chief Justice of Nigeria.
His Excellency, Chief John Odigie Oyegun, The National Chairman of the All Progressives Congress.
His Excellency, Senator Bola Ahmed Tinubu, The National Leader of the All Progressives Congress.
Your Excellencies, My Brother Governors here present or represented
His Excellency, Rt. Honourable Momoh Jimoh Lawal, The Honourable Speaker, Kogi State House of Assembly.
My Lord, Honourable Justice Nasiru Ajanah, The Chief Judge of Kogi State.
Royal Fathers and Revered Custodians of Our Traditional Institutions.
Members of the Diplomatic Corps.
Our Distinguished Guests from Far and Near.
My Dearly Beloved People of Kogi State.
All other Protocols deemed as duly observed.

Welcome!

It is with great Joy that I receive you all to the warm hospitality of Kogi State of Nigeria today. Kogi is the Confluence State, the Geographical Bridge between every Nigerian and his Compatriot. You are indeed welcome.

Life is a precious thing and we cannot earn or own it. It is given to us freely. We often take it for granted, failing to recognize its importance or significance. Should it not instead instill an immense sense of gratitude in our hearts to the One Who created life and gave it to us? "It is God Who brought you out of your mothers’ wombs knowing nothing, and gave you hearing and sight and minds so that you may be grateful"  The Quran 16:78.  Say "O Allah, owner of Kingdoms.You give your Kingdom to whom you desire.And you take your Kingdom from whom you desire.You honour whom you desire.And you humble whom you desire. In your hand all is GOOD. Indeed you are  over all things COMPETENT." Quoran 3 vs 26.

I stand here today a grateful man. I am grateful to:

Almighty God, the Eternal One who led a young boy, fatherless while still a baby to this momentous day of my Swearing-In as the Governor of this Great State, and her humble Servitor.

Alhaji Bello Ipemida Ochi, my father, whose evergreen memories and legacies remain till today despite his death early in my life. Hajiya Hauwau Oziohu Bello, my model mother. Oziandu Obanyi, your hand rocked my cradle, and you still rock my world. Despite the anguish of young widowhood, your values steadied me through the turbulence of youth and years of self-discovery. All my siblings, especially Prof. Iliyasu Bello Ohiani, my elder brother, who became the father that I know.

My family. My dear wives and children were Wonderful. In particular, Hajiya Rashida Bello followed me on this chequered journey with a devotion and sacrifice that is astounding.

President Muhammadu Buhari, the one man who epitomizes the Personal Discipline, Rugged Determination and Honest Discretion I intend to model as Governor of Kogi State.

Asiwaju Bola Ahmed Tinubu. The APC National Leader is arguably the most singularly successful Nigerian Politician of this Democratic Dispensation. His Vision has given wings to those of many of his followers, including ourselves.

Prince Abubakar Audu, the Late Icon whose foresight and doggedness paved the way for the Victory we are celebrating today. Continue to rest in peace my Leader.

My Core Team, especially the Progressive Youth of Kogi State led by my right-hand man, Edward Onoja. Their doggedness and forthrightness brought home to me in a very personal way that popular line ‘Though tribes and tongues may differ, in brotherhood we stand…’ They are the apostles of this broad-minded Change.

The APC Family. The APC in Kogi State wanted Change for their dear State and worked hard to bring it. The APC at the National Level provided the Platform.

The entire People of Kogi State. Irrespective of who you are or where you stood during the elections, Na God Win. We are all united today, celebrating the outcome. My People, you are my one big Constituency, and I am responsible for, and to each and every one of you.

Nigeria has a rich diversity of traditions, cultures and history but it is instructive that in searching for a philosophy for this New Direction my Team and I did not have to go very far to locate the perfect response for our times:

Ladies and Gentlemen, I wish to reiterate what President Muhammadu Buhari said in his celebrated Swearing-In Speech on May 29, 2015: “I belong to everybody and I belong to nobody!”

This quote is a complete worldview which defines the PURPOSE and METHODOLOGY of my Administration, and sets an AGENDA OF INCLUSIVENESS, which I am determined will characterize my tenure.

In this single sentence, Mr. President summarized the restorative force of the CHANGE ideology with which our great party, the APC, has swept Nigeria. I now declare it our guiding principle for fair action and equitable governance in Kogi State.

My Administration shall exist for the sole purpose of serving the superseding interests of the people of Kogi State to the very best of its capabilities. We also undertake to never lend our capacities to servicing the avarice of anyone or group–whether from Kogi State or elsewhere.

There is no greater evil than Corruption and nothing champions that evil more than Impunity…Corruption and Impunity made sure our people repeatedly arrived at a promised future and found it bereft of substance, or the promised better life.

Let it be recorded today that future generations will not be given reason to count the incoming Administration among those who reveled in Corruption or Impunity. We will be different by the Grace of God. We must and will be that generation of Leaders who made the entirety of Kogi’s Resources work for the entirety of Kogi’s People.

Accordingly, I hereby declare and affirm that the Yahaya Bello Administration will have ZERO TOLERANCE for Corruption and Impunity. I will lead Kogi State by honest and humble example. So help me God.

To reinforce our commitment to accountability, the incoming Administration will employ technology and a multilayered system of checks and balances to block all leakages in our financial processes and improve our wealth creation and retention capacities. 

The rule of law is key to effective governance. We intend to work hand in hand with the Judicial Arm of Government and the Legislature to deliver the best governance possible to Kogi State. In this regard, we shall be guided by both legislations and binding judicial decisions. 

Peace is key for prosperity. The sudden events that culminated in my emergence as Governor are beyond any mortal man. The sudden death of our leader, Prince Abubakar Audu remains a great mystery. This Administration shall liaise with the Kogi State House of Assembly for legislation to immortalise him in some meaningful way. I therefore extend my hand of brotherhood to all and sundry.

In the course of this journey we met and interacted with families, kindreds, clans, hamlets, villages, towns and cities, traversing the length and breadth of Kogi State and the picture we came away with is a depressing one. Everywhere, our People live in deprivation despite our abundant natural endowments. 

The statistics as they apply to Kogi State are not rosy. As we step into Office today, we are at once excited and tremulous. Excited at the great opportunities but tremulous at the massive challenges. One thing is clear, positive and decisive action must be taken quickly to rescue Kogi State. We are ready for action.

We are conscious that to fail in this task is to fail in everything else. But take it from me, we will not fail because, apart from our preparations and resolve, God and good is on our side.

We have conceived a socio-economic Blueprint that we trust God will rapidly develop our State and radically empower our People. The said Blueprint will rank as a sort of Marshall Plan for rebuilding Kogi State on every index of Development.

Under this Plan, Education and Health Infrastructure, State of the Art Security Coverage, Roads, Rural Water Schemes, Farm and Agricultural Communes, heavy Investments in Solid Minerals, Artisanal Mining Collectives, repositioning of Kogi State as a preferred tourist destination, etc. are projected to play lead, often overlapping, roles.

We will run this Blueprint along with Civil Service reforms to change the orientation of our workers and improve their productivity. To show that we are ready to work and not just talking, the Blueprint contains ‘Action Plans’ for developing each sector. We expect that we will see begin to see increase in our Internally Generated Revenue.

For ease of monitoring by Kogi People my Team and I have distributed our Projects into the 100-Day Accomplishments, the First Year Results, the Halfway Marks and the Final Milestones. When our full Blueprint is published, anyone can predict where we will be, developmentally, in 100 days, and after each year of our Administration.

Security is a huge concern across Kogi State as we step into Office - in particular the dastardly and twin scourges of armed robbery and kidnapping. I therefore acknowledge with pleasure the Commissioner of Police and Heads of every Security Agency in Kogi State. Gentlemen, I shall be meeting with you soon to fashion out modalities to rid Kogi State of Insecurity. Please have forceful and actionable proposals for me when we meet. I promise you every support that this Administration can give.

Nothing engenders skepticism, even cynicism, in the citizen than lackluster leadership of the sort that we have experienced in the Confluence State. I am aware that with some notable exceptions successive Administrations have posted largely unimpressive performances. The cumulative effect is that the average Kogi Person has developed an acute distrust of Government.

We cannot succeed, in our Blueprint or anything else, without the co-operation of our People and our friends. Co-operation is difficult if trust is withheld. My people, we shall build rapport, and by delivering on our proposed array of people-centered projects, we shall earn your trust. I would appreciate, and I ask for nothing, other than that you give me the benefit of the doubt as we set off. Let the taste of this pudding be in the eating.
We know salaries have not been paid to some of our Civil Servants for some months now. We propose to commence paying as promptly as possible while implementing strategies to gradually defray the arrears. While doing this we shall count on the understanding of all the good people of Kogi State.

We shall immediately commence consultations with all stakeholders to get the buy-in of every progress-minded individual into every agenda that we have designed to move Kogi State in the New Direction. I see this as a Challenge and I am resolved to win your trust.

Today is indeed an auspicious day. We will not fail to appreciate those who made it possible. My predecessor, Captain Idris Ichalla Wada, has been most gracious. We appreciate your service sir. The Transition Committees on both sides have acted with dignity and cooperation. We thank you. The Inauguration Committee has really worked hard to make this day a success. Thank you very much indeed.

Change has come to Kogi State. I may be the Torchbearer, and Custodian of it, but you, the great united people of Kogi State, are its Owners and Proprietors. Let us arise together, take our Collective Destiny in our hands and go forth excitedly to chart our New Direction. Kogi, THIS CHANGE IS YOURS.

Distinguished Listeners, this speech is an overview, it is not intended to say everything that we have to say, or plan to do, in Government. That being the case, I hasten to conclude.

God bless The Federal Republic of Nigeria.
God bless Kogi State of Nigeria.
God bless you.

Thank you for listening.

Five New Fees Chargeable in the Nigerian Financial Market

 Fees associated with financial transactions are what every customer will always want to get acquainted with within the Nigerian financial market space.

 

While a few customers of banks and financial services related firms are aware of some of these fees chargeable, some customers are in the dark as they are not aware of fees associated with that particular transaction or financial activity they are about to go into. 

 

In recent times within the Nigerian financial market, some fees had been cancelled while a few of these cancelled fees have been re-introduced in a new way.

 

Prominent among those re-introduced fees are the N1 per mille negotiable current account maintenance fee which is meant to take care of / perhaps replace the phased-out COT and the N65 ATM charge which replaced the old fee of N100 earlier removed.

 

Discussed below are five new fees chargeable within the financial market space.

 

 

1. Current Account Maintenance Fee:

The Central Bank of Nigeria issued a circular to all deposit money banks introducing a negotiable current account maintenance fee not exceeding N1.00 per mille charged in respect of all customer induced debit transactions.

 

The CBN cites that the charge will help banks cushion the effect of the declining oil prices at the international market and the operation of the of the treasury single account.

 

The introduction of the new maintenance fee is coming on the hills of the Zero COT policy which is expected to take effect from the year 2016 after its gradual phase by the CBN in 2013.

 

 

2. The N50 Stamp Duty per Transaction:

The CBN directed all DMBs to start charging N50 per transaction based on stamp duty acts with immediate effect. The charge is expected to be collected on behalf of the Federal Government in an effort to improve its non-oil revenue.

 

3. The Introduction of N100 e-DMMS Application fee:

The Securities & Exchange Commission in an effort to reduce the incidence of unclaimed dividend in the Nigerian Capital Market launched an e-dividend Mandate Management System T(e-DMMS) in conjunction with the CBN and NIBSS in July 2015.

 

At the initial stage, the new system was meant to be free but on 30th November 2015, the Securities & Exchange Commission issued a release to investors stating that they should register for e-dividend within 90 days after which the an application fee of N100 will take effect.

 

 

4. The Introduction of N65 ATM Withdrawal Charges:

The CBN re-introduced N65ATM withdrawal charge in 2014 after the third withdrawal on other banks ATMs rather than the bank where the account is domiciled.

 

The banks were charging N100 before the burden was transferred to them but the unintended consequence of the cancellation led to the re-introduction of the N65 charge.

 

5. NSE/CSCS Trade Alert:

The Nigerian Stock Exchange in 2014 introduced a new alert system called X-Alert. The X-Alert notification is being charged at a flat rate of N4 per transaction as against the scrapped system where 0.06 percent of every trade on the Exchange was charged as the cost of notification.

[Proshare]

#DasukiGate: How NSA Dasuki paid N400 million into Olisa Metuh’s account — Banker

A witness on Wednesday testified before the Federal High Court in Abuja revealing that the spokesman of the Peoples Democratic Party, Olisa Metuh, had N400 million paid into his account on November 24, 2014 by the office of a former National Security Adviser, Sambo Dasuki.

The Economic and Financial Crimes Commission is prosecuting Mr. Metuh for allegedly receiving N400 million from Mr. Dasuki.

The money is believed to be part of an alleged $2.1 billion Mr. Dasuki is accused of diverting while he was NSA.

The witness, Eno Mfon Effiong, a staff of Diamond Bank, is the fourth Prosecution Witness ((PW4) to testify before Justice Okon Abang on the case involving Mr. Metuh.

She is a customer relations manager at the bank, with the responsibility of attending to customer requests, packaging credits facilities, and managing customers’ accounts.

Ms Effiong informed the court that she managed Dextra Investment Limited account since Feb 10,2014 when the company opened the account at her bank.

She also told the court that on November 24, 2014, the sum of N400m was paid into the account of Dextra investment’s Limited from the office of the NSA.

She said the company operated five accounts and that Mr. Metuh once demanded statements of his account, which was delivered to him in his residence.

At that point, Mr. Metuh’s lawyer, Emeka Etiaba, objected to the presentation of some documents by the witness.

Mr. Itiaba told the court that one of the documents, a letter, did not relate to the statement of the witness.

He further argued that the witness is not the originator of the documents presented and should therefore not testify regarding it.

Mr. Itiaba prayed the court to discountenance the documents tendered by the witness, saying most of them did not comply with section 84 of the Evidence Act.

Responding, however, the prosecution counsel, Sylvanus Tahir, urged the court to dismiss the objection for lack of merit, stating that its aim was to mislead the court.

Mr. Tahir’s prayer was upheld by Justice Abang.

Earlier, the judge turned down the request of Mr. Itiaba who prayed the court to stay proceedings on Mr. Metuh’s substantive suit, following the absence of the defendant’s lead counsel, Onyeachi Ikpeazu.

Mr. Itiaba had told the court that Mr. Ikpeazu could not make it to the session, as he was attending to an election matter, which was time bound at the Supreme Court.

But in his submission, Mr. Abang held that Mr. Ikpeazu failed to inform the court in writing about his absence.

The Judge said Mr. Itiaba cannot be allowed to make such an appeal through the backdoor for Mr. Ikpeazu.

He therefore ruled that the hearing continue after the ruling on Mr. Metuh’s application for the variation of the terms of his (Mr Metuh’s) bail condition.

As part of his ruling on the application for the variation, Mr. Abang adjusted an earlier decision he made on the expected location of assets belonging to Mr. Metuh’s sureties.

Mr. Abang, who had earlier ruled that the sureties must have assets only in Maitama area of Abuja, said the sureties could now have assets from any part of the Federal Capital.

He however added that no further appeals would be considered on the variation of bail terms, stressing that the defendants had the prerogative of appealing the decision of the court in a higher court if they were not satisfied by it.

[Premium Times]

ICC petition: Falana replies Okonjo-Iweala

In my application to the Special Prosecutor of the International Criminal Court (ICC) last week, I requested for investigation into the allegations of crimes against humanity committed by serving and retired military officers and their civilian accomplices. Having diverted over $8 billion earmarked for the procurement of arms and armament for counter insurgency operations I argued that the suspects who aided and abetted the dreaded Boko Haram sect in the barbaric killing of over 25 soldiers and civilians including children and the displacement of 2 million people ought to be prosecuted at the ICC. However, for having the temerity to request the ICC to investigate the crimes against humanity committed by some former public officers who bear full responsibility for the atrocities perpetrated by the terrorist group Dr. Okonjo-Iweala resorted to the scurrilous attack of my person.

Court adjusts Metuh’s bail condition

A Federal High Court has adjusted the conditions for bail granted the spokesperson for the Peoples Democratic Party, Olisa Metuh.

Mr. Metuh, who is being prosecuted for allegedly receiving N400 million arms money, has been in detention since his arrest over three weeks ago.

A court granted him bail on a N400 million bond, and N200 million each from two sureties.

The court also said the two sureties must have properties within the Maitama area of Abuja.

On Wednesday, Justice Okon Abang, who gave the initial order, said assets from other parts of Abuja would also be accepted.

He advised Mr. Metuh to appeal if he was not satisfied with the conditions.

Premium Times

When elders’ dance naked in public

CORRUPTION practically has this nation on its knees. It has an avowed desperation to kill this country. It has demonstrated a monstrous epiphany in every sector of the economy, a destructive hurricane looking to sweep the country away. It will ensure this country remains a pseudo giant in Africa until our principal mainstay (oil) is depleted, it ensures the majority of common men are hopelessly poor while the ruling class minority are mindlessly rich. Blatant corruption keeps pummeling the less fortunate by the gale force of shrinking hope. The transcendence of corruption was under-estimated, it is swallowing us in its crater-like jaws, ultimately keeping the common man in perpetual suffering and squalor.

Our past leaders at all levels except few have attributive perpetual infamy for crass profligacy, they in practice fail to genuinely frown at financial criminality. They revel in kleptomania and brazen diversion of the commonwealth in millions, billions and trillions (of Naira) for sheer partisan motives. The sleaze partying went on for so long. They flout the principles of fiscal responsibility, with utter disregard for impending retributions of graft practices. The public till was virtually devoured to the last kobo by a rapacious few with insatiable appetite for looting public funds.

In the last decade, politicians committed the most blatant grand heist on the ordinary Nigerian taxpayers, with an unrivaled avaricious lust and unmatched greed for wealth, they overshot their worth, they inflated contracts to unimaginable proportions, awarded mouth-watering contracts to their cronies, dipped hands into the treasury in their giddy drunkenness to spend our hard-earned money frivolously, jet out to foreign countries for jamboree at the expense of tax payers, while our local and foreign reserves plummeted with avowed predilection

The advent of President Muhammadu Buhari’s administration in May last year brought a renewed hope and a more realistic expectation among ordinary Nigerians that the greed-driven, thieving cabals that have for over a long period of time have been dipping their filthy, itchy fingers into our national common treasury. Feeding fat on our collective wealth with a repulsive gusto while depleting and plummeting cash reserves with irritable relish, they will, hopefully soon, have their day of reckoning in which all their nefarious activities will be brought to the limelight and adequate court sentences meted out.

In the last decade, politicians committed the most blatant grand heist on the ordinary Nigerian taxpayers, with an unrivaled avaricious lust and unmatched greed for wealth, they overshot their worth, they inflated contracts to unimaginable proportions, awarded mouth-watering contracts to their cronies, dipped hands into the treasury in their giddy drunkenness to spend our hard-earned money frivolously, jet out to foreign countries for jamboree at the expense of tax payers, while our local and foreign reserves plummeted with avowed predilection.

These crop of leaders meet at public events to clink glasses in celebration of a successful heist; neck-deep in corruption they grin from side to side sharing banters and with hearty laughter, spend their loot on beautiful women, concubines and girlfriends. They offer exorbitant prices in exchange for needless chieftaincy titles. Choice properties are acquired in the most luxurious, expensive destinations of the world. Of course, they drive the costliest of bullet proof cars.

While our money is being diverted to private pockets by these quintessential hedonists, scores of people are dying of hunger in the north, internally displaced persons (IDPs) are growing up in numbers, workers’ salary which actually was never commensurate with present day economic realities is yet to be paid even after several months. Hospitals are ill-equipped, young people are unemployed, electricity and fuel are still scarce commodities, universities can’t embark on purposeful researches because of poor funding, the roads are a death trap while insecurity and lawlessness keep course on the rise.

During the presidential electioneering campaign, President Buhari could not hide his disdain for the level of corruption that has pervaded the entire country. His avowed determination to fight corruption was known to all and he made it one of the cardinal points in his change mantra. It is therefore really surprising and disappointing when some elderly Nigerians and some senior citizens fight tooth and nail to stop Buhari, the Economic and Financial Crimes Commission (EFCC) and Independent Corrupt Practices Commission (ICPC) in the war against corruption, which they label as a “witchhunt of perceived opposition” and “a figment of imagination of Buhari” when EFCC swung into action.

I am more worried at the precedents set and legacy these crop of leaders is inadvertently bequeathing to the younger generation. Are these leaders who are unsettled, irritated and irked by the anti- corruption war indirectly schooling the youths that greediness and fiscal irresponsibility should be rewarded? Do these leaders want to prove to us that accountability in public office and financial prudence aren’t virtues? Do these set of senior citizens not know that corruption is our biggest threat in the comity of nations?

It is with utter astonishment and sheer consternation young Nigerians see people they call leaders maintain an antagonistic public gait against the cleanup of our land from the evil of corruption, ranting bitterly against the relentless effort of the crimes commission to recoup looted funds back into the nation’s coffers just because their friends, cohorts, partners, party members and political associates are being detained and questioned for financial misappropriations. It is really disappointing, but I’ll be quick to add that anyone who comes out to rubbish these anti corruption war failing to see its positives and benefits has chosen to dance naked shamelessly in the market square and will be ultimately regarded as an enemy of the state.

I will like to state categorically that any leader in this country that publicly takes a stand against this administration’s anti corruption war is “dancing nakedly in public” and will be disrespected as such. In saner climes, leaders and public officials that have a thick cloud of corrupt allegations hovering over them would have their head buried in shame and if found guilty of these allegations, would tender an unreserved apology and a resignation letter while being remorseful. Any of our past or present leaders that being investigated and questioned for financial misappropriations while in office should be primarily concerned about how to prove his or her innocence rather than channeling their indignation at the whole anti corruption crusade which is destined to yield positive results.

It is with utter astonishment and sheer consternation young Nigerians see people they call leaders maintain an antagonistic public gait against the cleanup of our land from the evil of corruption, ranting bitterly against the relentless effort of the crimes commission to recoup looted funds back into the nation’s coffers just because their friends, cohorts, partners, party members and political associates are being detained and questioned for financial misappropriations

The downtrodden, the less privileged, the hoi-polloi and the unemployed youth of this country are greatly disappointed by leaders and elders whose public disposition in this matter suggest they are pro-corruption as they do all they can to scuttle this war. Suffice to say the youth are in agreement with the anti-corruption war this administration is waging against the thieving elite. As young people, we expect that our elders and statesmen should maintain a public conduct and stance that always underscore the importance attached to probity and transparency in public office. Our elders ought not to be seen encouraging financial recklessness and thievery.

Olufemi Olofinmuagun is a public affairs analyst and a Youth Corps Member serving in Lagos State. (olofin97@gmail.com) 08067391565

AMCON debtors fly around in private jets – Kuru

The Managing Director, Asset Management Corporation of Nigeria, Mr. Ahmed Kuru, has lamented that rich Nigerians who are indebted to the agency are still living big and flying around the globe in their private jets.

He stated this while briefing the Senate Committee on Banking, Insurance and other Financial Institutions on efforts being made by AMCON to recover N5.4tn owed the corporation by corporate entities and individuals.

Kuru, who led a delegation of the corporation to the Senate, held an executive session with members of the committee.

He told journalists after the closed-door session that President Muhammadu Buhari and the Senate had expressed their preparedness to ensure that the debts owed the agency were paid.

According to him, the upper legislative chamber assured the AMCON management that it would use all legal means to recover the funds.

He lamented the extravagant lifestyle of the debtors despite owing huge sums of money.

Kuru said, “We have seen that most of the debtors in AMCON are big men that fly in private jets and live in big mansions. They have taken money and they are not paying back.

“The Senate is really disturbed and ready to do anything under the law to ensure that the N5.4tn that is outstanding obligation of AMCON is repaid to the corporation.”

He noted that after reading the body language of the President, some of the debtors were currently in talks with the corporation to repay the debts.

The AMCON boss stated, “The passion the Senate has shown to us is unprecedented because we showed to them in its raw form the challenge that we are having, particularly now that the economy is not doing very well.

“A situation where you have less than five per cent, or less than 300 people, accounting for more than 80 per cent of the outstanding obligation of AMCON. That is very disturbing”.

On the deadline to recover the debts, he said, “You don’t recover that in a day, neither do you recover that in a year. Our intention is not to kill any business; our intention is for the businesses to perform; if there is any help they want from us as AMCON, we help them but the accounts must perform.

“So, it’s not an event, it’s a process. Because somebody owes us N120bn, you don’t expect anybody to bring that in one year. We are encouraging them to come and talk to us so that we can have an agreement and understanding; then, their business is running and they are paying the obligation and everybody will be happy.”

Earlier, the Chairman of the committee, Senator Rafiu Ibrahim, said the meeting was convened to interact with stakeholders and find out their operational challenges.

AMCON was established in 2010 to stabilise and revive the Nigerian financial system by efficiently resolving the non-performing loan assets of companies in the economy.

The agency was used to bail out lenders and buy non-performing loans from industries whose interests included aviation, gasoline marketing and manufacturing.
[Punch]

CBN retains monetary policy rate at 11%

The Monetary Policy Committee of the Central Bank of Nigeria on Tuesday retained the Monetary Policy Rate at 11 per cent.

The CBN Governor, Mr. Godwin Emefiele disclosed this while addressing journalists shortly after the MPC meeting held at the apex bank headquarters in Abuja.

He said the apex bank also decided to hold the Cash Reserve Requirements at 20 per cent and the liquidity ratio at 30 per cent

He said the CBN decided to retain the rate in order to ensure the is objective of easing lending to key sectors of the economy is achieved.

More details later.

Punch

Photonews: The Senate Committee on Gas having an interaction with the National Gas Association.

Earlier today,the Senate Committee on Gas having an interaction with the National Gas Association.

Buhari, your change is causing despondency – Okogie

The Archbishop Emeritus of the Catholic Archdiocese of Lagos, Cardinal Anthony Olubunmi Okogies, has asked President Muhammadu Buhari to urgently retool, refocus and aggressively lead by example on all fronts or risk plunging Nigeria into a state of despondency.

In a statement released by the Director of Social Communications of the Diocese, Monsignor Gabriel Osu, Okogie accused the president of waging a shoddy corruption war and acting disdainfully towards the judicial authorities while millions of Nigerians were left to face unimaginable social problems.

“He must retool, refocus and aggressively face the social, economic (fiscal and monetary) problems we have head on, without letting the anti corruption drive look like a political distraction,” the cardinal noted.

Expressing disenchantment with the president’s style, Okogie said: “A snail paced and disordered methodology in governance, his apparent disdain for judicial authority and decisions, a lost today found tomorrow 2016 budget debacle, and a rather rudderless and confused Central Bank with an unclear monetary policy strategy (inevitably increasing the economic uncertainties being faced by Nigerians), have set alarm bells ringing in my mind and in the minds of many discerning Nigerians.

“Indeed, his perceived discordant relationship with the leadership of the Legislature has many naysayers chuckling and remarking that President Buhari’s government is heading rather naturally, into his comfort zone – a one man show.” Okogie also noted that a lot of Nigerians are beginning to feel that Buhari is fast transforming this nation into a police state where Mr. President, the EFCC and DSS rule the day.

His words: “What they say is given lurid headlines in the media, and it seems to all that some of the defendants/accused persons are being tried in the press with information conveniently slipping into the hands of the press, presumably from the security agencies, even before such people have been charged to court.”

He also frowned on the President’s refusal to heed court pronouncements regarding the bail granted to the Director of Radio Biafra, Nnamdi Kanu and former National Security Adviser, Col. Sambo Dasuki. He said: “The Pro-Biafran activist, Nnmadi Kanu and the erstwhile NSA Sambo Dasuki were granted bail by the courts but such bails were disregarded by the security agents under Buhari’s watch.

Unfortunately, democracy is difficult and this government must realise that democracy pervasively coloured with impunity, arbitrariness and high handedness, cannot be used to fight and correct the financial impunity and reckless abandon of the previous administration, even if it is more difficult to do so, the rule of law must be obeyed and be the order of the day.

“If Buhari wants to leave a creditable legacy come 2019 he should retool the bureaucracy. For instance, the roof of the Central Bank is leaking water. Governors, who arm-twisted Okonjo Iweala into signing out our reserves held by Central Bank, are today ministers in the APC government. We are still talking about change and corruption when old things refuse to pass away! These political gimmicks can only carry away gullible or naive Nigerians. President Buhari should beam his flash light on policies and programmes that will lift up the Masses.

“Existing industries are almost dead and call for urgent revitalization. The budget ought to aid solutions to the mass unemployment, Rural-Urban migration, skewedness in the distribution of income, abject rural poverty and industrialization of rural economy. The 774 local government capitals should be linked to their state capitals. Even the mind boggling infrastructure deficits can take the entire tenure to address.

The weakness in the bureaucracy has not been addressed. Consequently, the problem the APC government is trying to solve is bound to re-occur because it is treatment of effect rather than the cause. Causative factors are being totally ignored or glossedover. Institutional weakness pervades the MDAs, offices of the Accountant General, Auditor General and the Central Bank itself.”

He observed that leakages in the economy had remained unnoticed and unplugged over the last 16 years of uninterrupted democracy. “Our Change must change something.

How could we continue to talk of change in a static system? How could we be talking of change when the same crew are governors, ministers, senators, and members of the House of Representatives? This is a cyclical devolution of power to the same people who are never out of power!

“What sort of change is the President talking about? When will the youth take over when even a governor does not take a bow and go? When shall we plan for the replacement of delinquent leadership? This is what constitutes change. Change is not changing from Jonathan to Buhari, Okoie asked.

According to the Cardinal, “Change is behavioural and pervades all levels of society including the family, the church, the mosque, schools, market women and business men. “When we talk of change, we talk of positive-salutary, healthy growth and development oriented change that cuts across the entire gamut of the society.

What sort of change is this that ignores the glaring un-equal distribution of national income? It is absurd that the same government that is unable to pay N18, 000 per month to the lowest grade of labour can afford to pay N1.8 Million per month to anyone in the economy. Why must tax payers’ money be used to feed Mr. President and his family?

“Why must the tax payers’ money be used to buy brand new exotic vehicles for the legislatures, judges, ministers and governors when they are heavily paid? Why don’t they use loan finance and mortgage finance to buy their cars and houses? This is also a form of looting and it is the cause of grounding the economy and calling in IMF spin-doctor all the time.

Precisely two years ago this same President Buhari rejected off hand this use of spindoctor to heal the ailing economy. He preferred the use of counter trade and inward looking policies like cutting down cost and flamboyant exotic life styles. “Today I am not so sure we have the same Buhari. I do hope he has not changed all the colours of the rainbow.

The ruling elites are living a luxurious life while the masses are in abject poverty and yet we are all Nigerians. Enough of this change-conundrum,” the Cardinal warned.

News Telegraph

CBN Set to Refund 35M BDC's Mandatory Caution Deposit

The Central Bank of Nigeria (CBN) has directed all Bureau De Change operators in Nigeria to apply for a refund of their mandatory caution deposit of N35 million kept, while it retains the N1 million licensing fee. 
The bank made this known in a circular to all licensed operators in Nigeria titled, “refund of mandatory caution deposit” and signed by the Director, Financial Policy and regulation Department at CBN, Kevin N. Amugo.
“Given the recent development in the operations of BDCs in the economy, the CBN has decided as follows: the refund of Mandatory Caution Deposit of N35 million to all BDC operators; the retention. Of N1million licensing fee
“Therefore, all eligible BDCs. May wish to apply for refund of their caution deposits, attaching evidence of payment and bank details,” it stated.
This is even as the apex banking sector regulator has a current account maintenance Fee not above N1 per N1000 for debit transactions initiated by a customer. It also reminded all deposit money banks that that the 2016 zero Commission on Turnover (COT) has come into effect.
In a separate circular to all banks titled: “introduction of negotiable current account maintenance fee not exceeding N1/Mille, the CBN said it noticed that while the gradual phase out was being observed, some banks continued to charge account maintenance fees in addition to the reduced COT rate, which in effect amounted to double coincidence of charges. 
It said the bank did not forget the impact of declining operation of Treasury Single Account, adding that other market turbulences on the viability and stability of the banking system. 
The circular thus read in part: “in furtherance of the mandate to promote and safeguard a sound financial system in Nigeria, banks are by this circular reminded that the 2016 zero COT regime as jointly agreed during the 311th Bankers Committee meeting of February 12, 2013 has come into effect.
“In the interest of stability of the banking system, a negotiable current account maintenance Fee not exceeding N1.00 per mille may be charged in respect of all customer induced debit transactions.”
It should be remembered that for commercial banks in Nigeria, a COT of N2 is charged on every N1000 that is drawn from a current/corporate account. Apart from the COT. 
The “Guide to Bank Charges” implementation, which started in March 2013, has seen the COT gradually drop to N3 per mille in 2013; N2 per mille in 2014; and N1 per mille in 2015 to Zero COT per mille which started on January 1 2016.
The “Guide to Bank Charges” is an initiative of the CBN to reduce charges widely seen by bank customers.
In a circular titled: “Implementation of Revised Guide to Bank Charges –Commission on Turnover,” posted on CBN’s website and signed by its Deputy Director, Financial Policy and Regulation Department, Franklin Ahonhai, the regulator had said there was no going back on the policy implementation.
It mandated banks that charged excess COT since the effective date to refund same to the affected customers or be sanctioned.
According to the CBN, the policy is expected to have implications for both banks and their customers as it is expected to give the regulator more power to deal with banks reluctant to lower service fees considered ‘as the highest in the world’.

Tribune

Where Are The Public Intellectuals?, By Reuben Abati

Something sad has happened and is happening, and is getting worse in our society: the decline of public intellectualism. And so I ask, where are the public intellectuals? Once upon a time in this country, the public arena was dominated by a ferment of ideas; ideas that pushed boundaries, destroyed illusions, questioned orthodoxies and enabled societal progress. Those were the days when intellectuals exerted great influence on public policy, and their input into the governance process could not be ignored. Ideas are strong elements of nation building, and even where interests are at play, you know the quality of a country by the manner in which a taste for good thinking propels the leadership process.

Public intellectuals are at the centre of this phenomenon: they include academics who go beyond their narrow specialisations and university-based scholarship to take a keen interest in public affairs and who use their expertise and exposure to shed light on a broad range of issues. They also include journalists, writers and other professionals who question society’s direction, and offer alternative ideas. The beauty of public intellectualism is that the intellectual at work is a disinterested party, he is interested in ideas not for his own benefit, but for the overall good of society, and he does not assume that his opinions are the best or that he alone understands the best way to run society and its organs. The product of this attitude is that discourse, a culture of debate, is encouraged and in the cross-pollination of ideas, a good current of thought is created; truth is spoken to power.

We have had glimpses of this in Nigeria, and without trying to sketch a history of public intellectualism in our country or attempt a ranking of public intellectuals, let me just say that between the 60s and the 90s, there was so much fascination with ideas in this same country, it was as if the public mind was on fire. Academics from various disciplines took a keen interest in the prospects of the new Nigeria, and they went to the public arena to project ideas. Journalists became revered as sages, so much that certain newspaper columnists almost single-handedly sold newspapers.

Public lectures were organised which attracted persons who were just interested in ideas. Writers did a lot more than the professional task of producing novels, poems and plays and wrote public essays. The vendor’s stand every morning attracted not just buyers and free readers, but also young Nigerians who every morning debated major topics of concern. On television also, there were debates and those in the corridors of power also took ideas seriously. So influential were intellectuals in the public space that they soon got invited to be part of government and although the military had always opposed intellectualism, at least one government, the Babangida government had the largest collection of intellectuals in office since independence. Many who lived during that era will remember the debates over the IMF/Structural adjustment Programme.

As the years went by however, public intellectualism began to decline. In 2006, Jimanze Ego-Alowes published a book titledHow Intellectuals Underdeveloped Nigeria and Other Essays, an allusion to the complicity of intellectuals in the crisis that had by then engulfed the country. Four years later, Rudolf Okonkwo in an article titled “The Comedy of Our Public Intellectuals” observed as follows: “the world of the Nigerian public intellectual is a zoo. It is a zoo full of nihilists. Some are sectarian in their outlook and others are humourless. Some are eccentric while others are comical. But one thing they all have in common is an over-inflated ego of their importance in the scheme of things.”

I don’t know about over-inflated ego, but I do know that the flame of public intellectualism in Nigeria is now almost a flicker. There are extremely few new significant voices, saying anything of consequence, the soldiers of old have become old, the fire in their belly, now subdued. It is as if our academics have lost interest in public affairs, as only a few of them maintain a column or write an occasional piece or take on public issues in the manner of the likes of Wole Soyinka, Chinua Achebe, Segun Osoba, Claude Ake, Bade Onimode, Ola Oni, Mokwugo Okoye, Mahmud Tukur, Yusuf Bala Usman, Ayodele Awojobi, Biodun Jeyifo, Femi Osofisan, Stanley Macebuh, Odia Ofeimun, Niyi Osundare, Chinweizu, Kole Omotoso, Yemi Ogunbiyi, Bode Sowande, Patrick Wilmot…The opinion pages of the newspapers are no longer vibrant. There is so much “opinionitis”, but debate is rare and rejoinders are always self-serving.

What has happened is that politically neutral intellectuals have now become scarce; the typical intellectual of today is not public in the sense in which that word is used; he is in reality affiliated to partisan and sectional interests. The intellectual influence in Nigeria’s affairs is thus diminished because of obsession with individual interests: academics are now at best “acadapreneurs”: the intellectual as an entrepreneur. Business and partisan interests have compromised media houses; those once vibrant platforms are no longer offering vibrant ideas. Within the cultural sphere, there is a total dumbing down. Where are the creative writers? They are still writing, but few want to get involved in the issues of the day and offer ideas.

The effect is that we are in the age of clichés, of jargon writing, of mundane, unimaginative commentary. Whatever appears intellectual is written off as arrogant and there is no quality debate on anything because people have resorted to making fashionable statements that suit the moment and every one is locked in their own little corner, not willing to listen to the other side of the story. The reading public, whatever is left of it, is also not interested in ideas or anything that requires rigorous thinking. We have thus lost a critical element of public intellectualism: an audience. The people are interested in easy stuff, in fashionable opinions that align with their own partisan interests. Nobody wants to read any long commentary; there is an obsession with short thinking, and whereas brevity may be a good technique, there are certain ideas that just cannot be reduced to a tweet. It is really sad that today, intellectualism is seen as a threat.

Where are the inorganic public intellectuals to guide public thought? Who are those thinking for government, the opposition and indeed the public space?

Even when corporations and politicians in power draw intellectuals close, they end up usurping the powers of the intellectual, compelling him to hold his intelligence within the scope of the definition of his assignment. Intellectuals can be inside or outside, and there are classical cases of intellectuals in power making a difference, but that age appears ended; the disdain of intellectualism has turned politicians and corporate gurus into wise men that they are not, and the intellectual into an organic element of power. The greatest power of the intellectual lies in his freedom; when he is denied that under any circumstance, society turns off its energy source and gradually, it is the self-imposed wisdom of clowns that prevails.

The gap that has been created seems to have been easily filled by internet gladiators who spend the day shuffling from Instagram to Facebook to Twitter and other social media threads. These new culture activists project a democratic impression of public intellectualism – and yes, there is a sense in which everyone is an intellectual, from the village priest to the village idiot – but I don’t see the rigour, the breadth and depth and the aesthetic alienation that can elevate this genre and its promoters to the grade of public intellectualism. For the most part, social media in Nigeria is predominantly at the level of tabloid sensationalism, and it accommodates and offers the same degree of freedom to the ignorant and the mischievous, as well as the entrepreneur and the uncouth. There is no doubt however that its content and the quality can be raised, but that will require innovation, the intervention of thinkers and the creation of new audiences that will be interested in something more than the quick and formulaic.

What we have lost is not the intellectual, as there are many educated Nigerians who are experts in their narrow fields; what we have lost is active intelligence as a tool for social progress. The rub is in the intelligence part of being intellectual. Being intellectual is about living a life of ideas and using those ideas to engage society intelligently in a committed manner.

In addition to other reasons, it may well be that our intellectuals are tired of engaging Nigeria. Having tried over the years to engage the governance elite with ideas and to show that only good ideas should govern society and having been spurned by the politicians, Nigeria’s intellectual elite seems to have become so frustrated, it has retired largely into a state of indifference and inertia. What is the point knocking one’s head against a wall? But intellectuals in society cannot take such a stand. That will amount to an abdication of responsibility: when intellectuals do no more than make righteous noises, the harvest in the long run, is counter-productive.

Another factor is the emergence of a “climate of fear,” and a culture of silence/co-optation/acquiescence. Politicians distrust intellectuals; they can’t tolerate anyone around them speaking truth to power or raising disturbing questions. The intellectual is expected to keep his ideas to himself and respect constituted authority. He is expected to enjoy his freedom in his head and dare not go public with it. Ideas cannot thrive if the man of ideas is afraid to think, and whisper or speak. Rather than insist on the freedom to differ, many academics, journalists, writers and thinkers have since dropped the baton, and surrendered the public space.

But that is unhelpful cowardice. Those who know better must continue to engage the public vigorously with ideas about governance and public policy, and encourage open debates, for the good of the entire society. Those ideas must however, be relevant for them to be of any value; they must not be abstract theories that disconnect with the people’s realities, but ideas that offer intelligent solutions to practical problems.

Right now, there are critical areas where such intervention is needed: budgets, economic planning, handling a currency crisis that is fast turning into a nightmare (France has declared an economic emergency and yet was not in as bad a position as we are in…Argentina made changes to its export taxes to address its own dilemma…). We have had schizophrenic interventions by the Central Bank of Nigeria and yet where are the intellectuals to come up with analysis and desired alternative views, beyond bellyaching? Where are the inorganic public intellectuals to guide public thought? Who are those thinking for government, the opposition and indeed the public space?

Bank customers lament new charges

(Tribune) - Bank customers, especially current account holders, have been lamenting the new regime of charges introduced by the Central Bank of Nigeria (CBN).
 Across section of account holders who spoke with the Sunday Tribune at the weekend said it seemed as if the CBN was determined to shortchange them to rake in revenue for the government and the banks. 
“The CBN is a regulator and regulators are supposed to protect the interest of the customers, not encouraging operators to fleece customers,” Mrs Jumoke Agbaje, a civil servant said.
The CBN had, within the spate of three days, introduced two policies which increased charges paid by bank customers. 
The first is the policy on stamp duty charges on deposits. 
With the policy, the apex bank has made it mandatory for money deposit banks and other financial institutions to charge their customers N50 for every transaction above N1,000.
The CBN gave the directive in a circular titled ‘Collection and Remittance of statutory charges on receipts of Nigeria Postal Service under the Stamp Duties Act’.
The apex bank hinged the new directive on the need to boost government revenue. 
The statement said that the charge will be on all receipts issued by banks or financial institutions in acknowledgment of services rendered in respect of teller deposits and electronic transfers for a value of N1,000 and above transferred into an account either electronically or through a bank teller. 
The CBN said that the new charge is in accordance with the provision of the Stamp Duties Act and Federal Government Financial Regulations 2009.
The apex bank explained that the stamp duty charge excludes deposits or transfers made by self to self whether inter or intra bank and any form of withdrawal from savings accounts, adding that the charge is to be borne by the receiving accounts.
However, the CBN gave further clarifications later in the week following grumblings in many quarters.
According to the CBN, “The implementation of the Stamp Duty Act at this point in time emanated from a Federal High Court order that the CBN should direct deposit money banks under its supervision to commence the collection of the duty on behalf of the federal government.
“Consequently, the money deposit banks have been directed to commence the collection of the duty.

“Banks are to collect the N50 stamp duty and remit same to the Nigerian Postal Services (NIPOST) on behalf of the customer.
“The N50 stamp duty is charged per transaction and NOT per volume. Hence, irrespective of the amount, the sum of N50 is to be charged provided such a transaction is N1,000 and above.
“There are however some exemptions and these include payments of salaries and wages, payments and deposits for self-to-self transactions whether inter or intra bank among others,’’ the statement said.
The second policy is Transaction Maintenance Fee of N1.00 per mille, which compels banks to charge their current account holders a transaction maintenance fee of N1.00 for every N1,000.00 for customer-initiated debit transaction .
In a circular signed by Kevin Amugo, Director, Financial Policy and Regulation Department, the CBN, premised the new policy on the need to boost the revenue of commercial banks.
The circular reads, “The revised guide to bank charges (RGBC) which came into effect on April 1, 2013 provides for a phased elimination of commission on turnover (COT) charges in the Nigerian banking industry, under the guidelines, a zero COT regime was to come into effect from January 2016.
“The CBN noted that while the gradual phase out was being observed some banks continued to charge Account Maintenance Fee in addition to the reduced COT rate, which in effect amounted to double coincidence of charges. 
CBN said it was not unaware of the impact of dwindling oil prices, operation of the Treasury Single Account (TSA) and other market turbulence on the viability and stability of the banking system.
It added, “In furtherance of the mandate to promote and safeguard a sound financial system in Nigeria, banks are by this circular reminded that the 2016 zero COT regime as jointly agreed during the 311th Bankers Committee meeting of February 12, 2013 has come into effect. In the interest of stability of the banking system, a negotiable current account maintenance fee not exceeding N1.00 per mille (1/N1,000) may be charged in respect to all customer induced debit transaction”. 
The new policies have attracted an avalanche of complaints from bank customers. 
In his reaction to the development, a businessman, Dr. Dele Ogun, said the CBN was treating the banks with kid gloves.
“While the Stamp Duty charges may be overlooked, you cannot say the same for the Transaction Charges,” he said. “From all indications, CBN introduced the new policy to enable banks make some money. But that is a disservice to business. It is high time the CBN let the banks realize that the era of making money without hard work is gone. The banks need to make right investments to make money, not just by practicing armchair banking.”
Another bank customer, Evangelist Tolu Ojikutu, of Way of Holiness Church, said the introduction of the new policies was a punishment to bank customers. 
According to her, “What is the point in introducing new charges for online transfers when already banks charge for online transfers? It is like paying twice for the same service. The CBN will need to take another look at the policy.
Alhaji Musa Mandara, a textile merchant said the N1.00 per every N1,000 payment may look negligible. “But if you are a volume player, you will realize that it is a lot of money.
 It looks as if all the policies of the government are targeted at those who try to earn a honest living in this country. What the CBN is doing is to take back what it said it was giving us. The CBN had said that there would no longer be COT. But what is this? COT by another name?
For Mr Ezekiel Adiukwu, a trader, bank charges are unnecessary. As he explained, by depositing money in banks for safe keeping, customers were providing easy funds for banks to do a number of businesses.

FALAE FIRES BACK Over $2.1BN ARMS PROBE:‘Nobody can prosecute me for the N100million we collected’

A former presidential candidate of the defunct All Peoples Party (APP) and Alliance for Democracy (AD), and  Chairman of the Social Democratic Party (SDP), Chief Olu Falae, has been in the news in the last few months.
From his abduction by some Hausa-Fulani herdsmen in his farm in Ilado, Akure North area of Ondo State, to his alleged receiving of N100m from the $2.1 billion arms money from the immediate past National Security Adviser (NSA), Colonel Sambo   Dasuki, the former Finance Minister and Secretary to the Government of the Federation (SGF) speaks, in this interview, on the issues.
Excerpts:

*Chief Olu Falae

What’s your involvement in the $2.1 billion arms money from Dasuki

Fayose charges judges on fairness

Ekiti State Governor Ayodele Fayose has admonished judges to ensure fair dispensation of justice without fear or favour.
He made this statement when magistrates in the state paid him a courtesy call in his office, reminding them that whatever is done on earth would be accounted for hereafter.

In a release issued by his Chief Press Secretary, Mr Idowu Adelusi, the governor said, “the positions we occupy today, whether as governor or magistrate is temporary and we have an account to give. It is important that we fear God.‎ We must not bow to pressure and do the wrong thing.

Fayose further charged the judges not to succumb to any form of threat or intimidation that would make them give judgment against their conscience. His words: “I read in the papers that some people in authority now go and dig into the financial papers of judges and use that to subtly blackmail them to give rulings and judgments their ways. You have the power of life and death, please do the right things‎. Don’t make yourself tools in the hand of the devil.”

Source: Today.ng

Pastor gets caught while attempting to bury charm ahead of crusade

A fake pastor's confession has shocked many after local residents caught the so-called man of God trying to bury charms ahead of the church's crusade in Abia state. 

Local residents at Umuika Okwu Olokoro in Umuahia, Abia State, were gripped with shock as a Church Pastor identified as Stephen Maduabuchi was caught while trying to bury charm ahead of their church's crusade in the Area.

When quarried by the residents, he confessed that a popular Pastor in the area known as Chibuike John sent him on the "spiritual" mission. The angry residents later burnt the charm.

- See more at: http://www.aitonline.tv/post-pastor_gets_caught_while_attempting_to_bury_charm_ahead_of_crusade#sthash.xE6vA75x.dpuf

This is Unbelievable!

According to Sahara Reporters,officials of the DSS have been sharing loot from their recent raid.

Buhari’s Unsexy Task By Okey Ndibe

Former President Olusegun Obasanjo termed himself founder of modern Nigeria. And yet he presided over one of the most imperial eras in his country’s history, making political art out of disdaining the judiciary and legislature, hounding the opposition, empowering anachronistic behavior by the likes of Lamidi Adedibu and Chris Uba, turning elections into “do-or-die” events, and—among other scandals—blowing at least $10 billion of Nigeria’s scarce resources on so-called electric power projects that occasioned little or no improvement. So much for being a modernizing influence, much less the founder of modern Nigeria!
 
His successor, Umaru Yar’Adua, styled himself a servant-leader. Yet, he insisted on keeping a mandate that he admitted was obtained in an election fraught with fraud; he would not tell Nigerians that he was gravely sick, much less agree to hand over power even as he spent months in foreign hospitals. He neither acted like a servant nor a leader.  
 
The next in line, Goodluck Jonathan, seized the appealing title of transformational leader. As Nigerians are now realizing, he was something of an absentee leader (an oxymoron). At a time when Boko Haram insurgents were pounding the northeast of Nigeria and routing the Nigerian military, President Jonathan apparently acquiesced in the callous transformation of the defense budget into a windfall for his political cohorts.
 
President Muhammadu Buhari rode into office with Change as his virtual middle name. He’s supposed to be the president to change the political culture in Nigeria, to set his country on the path to greatness.
 
Let’s grant him his due. He is Nigeria’s first president since Shehu Shagari who has left no impression of setting the illicit accumulation of wealth as a top priority. When he warns his ministers and other lieutenants against fiddling with public funds, it is possible to take him at his word. After President Yar’Adua’s wife, Turai, and President Jonathan’s, Patience, left us two examples of execrable First Ladyship, Mr. Buhari’s wife, Aisha, has maintained a modest profile that is altogether welcome. We have not heard of Aisha Buhari ordering any governors about, or courting a courtier of politicians who would address her as “Mummy” or “Mother of the Nation.”
 
Yet, for all that, President Buhari has done nothing in eight months to inspire hope that he is Change. Is he capable of doing so? I hope so; but he hasn’t done it. Certainly, he has a unique opportunity to rise to the challenge.
 
Past Nigerian presidents could get away with acts of self-worship, instead of earning their accolade through sound statecraft. Mr. Buhari’s predecessors always had enough cushion of funds to squander and use in buying affection. They could always count on receiving hefty cheques from oil companies—enough cash, at least, to serve the grasping impulse of the politically elevated and their hirelings.
 
Mr. Buhari has assumed the Presidency at a time when the famed petrodollar is thin, and may soon dry up altogether. As I write, the price of crude oil per barrel continues to tumble, threatening to go under $30. The United States, once a major importer of Nigerian crude, has dramatically increased its domestic production. China has many attractive suppliers to choose from. We may be approaching a time when erstwhile big importers of Nigeria’s crude could say to us, drink the stuff if you wish! The dropping crude oil prices have already wreaked havoc on the revenue projections that informed Mr. Buhari’s first budget.
 
The implication is clear. Whilst President Buhari’s predecessors were able to pay lip service to the goal of diversifying Nigeria’s economy, he does not have that luxury. He cannot “oil” his way to funds to fuel Nigeria’s developmental projects. Nor would it be prudent to just turn to borrowing.
 
If the naira continues its steady slide against the dollar, the consequences are bound to be dire for Nigerians. As Nigerian firms budget ever more naira to purchase machinery and other goods from Europe, Asia and North America, many of them are likely to go under. In order to survive, others are likely to lay off hundreds of thousands of workers. Imagine the impact of this prospect in a country whose unemployment rates are already terribly high.
 
What time is it for President Buhari? It’s time for visionary and imaginative leadership. It requires hiring the best hands out there to help him think/lead Nigeria out of this perfect storm. Does he have what it takes? It remains to be seen.
 
Nigeria’s economic crisis is not coming; we are very much in the midst of it. It’s disturbing, then, that the president has not deemed it necessary to outline his plan to, A, ameliorate the situation, and, B, begin to set the economy on a different, post-oil course.
 
Nigeria’s economic crisis highlights the limitations of the current administration’s anti-corruption policy. There’s nothing new in Mr. Buhari’s war against corruption. He’s using the same tools as former Presidents Obasanjo, Yar’Adua and Jonathan. A lot of cases filed by the EFCC during Obasanjo’s administration are still in process, stalled in a judicial system that is programmed to shield privileged thieves. Already, the Supreme Court has put the case against Senate President Bukola Saraki in a state of abeyance. There’s no sign that the case against former National Security Adviser, Sambo Dasuki, will not drag on for years. One expects that the government will indict many more ex-officials. As I suggested last week, there won’t be enough investigators, prosecutors, and judges to handle the size of the potential new indictments.
 
Meanwhile, as the economy becomes more beleaguered, Nigerians are bound to lose interest in the soap opera of EFCC prosecutions.
 
Mr. Buhari’s challenge is to outline his policies for getting the economy out of its current (and bound to worsen) quagmire, fixing the broken educational system, establishing a semblance of a healthcare system, improving infrastructure, and reforming law enforcement, the judiciary and other institutions. It’s not a sexy task, and certainly won’t inspire the kind of frenzied applause that comes from arresting a Dasuki or two. But that’s the deeper challenge that would establish whether Mr. Buhari understands what it means to epitomize Change.
 
Please follow me on Twitter @okeyndibe or email me at okeyndibe@gmail.com

Tanzania govt statement denying Magufuli "mini-skirt ban". Demands retraction from Kenyan newspaper.

This is getting interesting...

Oil price, January of year

As you can see things are not rosy for the country again.

2009: $47
2010: $86
2011: $97
2012: $105
2013: $101
2014: $99
2015: $48

Current: $26.3

6 Components of Buhari Social Investment Plan

1. There are 6 components of Buhari Social Investment Plan. Teach Nigeria is one-FG 'll employ 500,000 graduates as public school teachers

2. Youth Employment's two-FG trains btw 300-500,000 youths on vocational skills. Three is Homegrown School Feeding for primary school pupils

3. Fourth is Conditional Cash Transfer-one million extremely poor Nigerians get a monthly stipend of N5000 each to enable them live decently

4. Fifth is Free Education for STEM students- about 100,000 of them & finally N60G one time soft loans for artisans & market women and men.

5. All of these have been planned for in the 2016 budget now before the National Assembly. The soft loan is meant for one million Nigerians.

Laolu Akande,
Senior Special Assistant,
Media & Publicity to VP of Nigeria

CBN gov blames US policy, importation for naira fall

The Governor, Central Bank of Nigeria, Mr. Godwin Emefiele, explained to the Senate on Tuesday that some harsh monetary decisions taken by the United States and Nigeria’s over dependence on foreign goods were responsible for the continuous fall in the value of the naira against major foreign currencies.

The Chairman of the Senate Committee on Media and Publicity, Senator Sabi Abdullahi, stated this when he briefed journalists at the end of the closed-door meeting with the CBN boss.

Emefiele was said to have stated that other factors like the declining commodity prices and the geo-political tensions along important trading routes were equally injurious to the naira value.

Abdullahi said, “He (Emefiele) touched on the global economy conditions in which he informed us that we are not immune from external shocks that are currently going on in the world. These shocks include the following: declining commodity prices, geo-political tensions along important trading routes and tightening of monetary policies in the United States of America.

“The Senate appreciated the need to support the various policies being formulated to strengthen the currency.”

Abdullahi added that the Senate also acknowledged the pains that many people were experiencing currently, especially in the light of the shortage of foreign exchange for legitimate businesses.

SEE ALSO:  FG imposes stamp duty on bank customers

He, however, said that having carefully considered the policies of the CBN, the upper legislative chamber would like to commend and support them because they were mostly geared towards increasing local production, creating jobs in the country, safeguarding the commonwealth and expanding economic opportunities and growth.

Abdullahi stated, “It is, therefore, critical that we all join our hands together to seek both short-term and long-term solutions to our underlying problems of non-diversification of foreign exchange earnings and revenues rather than pointing fingers at who did what and who’s to blame.

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“The Senate believes strongly in the resilience of the Nigerian economy and the ingenuity of the Nigerian people, and as such, we are confident that we will all pull through these difficulties and come out as an equitable and prosperous nation.”

Abdullahi anchored the meeting with the CBN governor on the section of the CBN Act, which required that it should brief the National Assembly on periodic basis.

He said, “This appearance by the CBN governor and his management team is in line with Section 8 of the CBN Act, 2007, which requires that the governor of the bank provides the National Assembly periodic updates on the activities of the bank as well as the performance of the economy.

SEE ALSO:  Dogara condoles with Lamido, Emefiele on mothers’ death

“In view of the above, the CBN governor presented a detailed, comprehensive and lucid account of the performance of the Nigerian economy in the last one year.”

The Senate spokesperson noted that Emefiele explained the occurrences within the Nigerian economy, especially with respect to the over 70 per cent decline in oil prices from about $116 per barrel in June 2014 to about less than $30 presently.

He said “The CBN governor also gave us an insight into the bank’s analysis and understanding of the situation and, therefore, the rationale underlining the various policy actions the bank has taken over the past couple of months.

“He also provided an insight into other countries that are facing similar difficulties and how they have dealt with them. Based on these analyses, it is clear that Nigeria is not doing badly, and I think we are on course to see how we can bring back Nigeria into the path of economic prosperity.

“After the presentation, of course, there were questions from distinguished senators on many issues, especially the stoppage of foreign exchange to the Bureaux De Change, the gradual rise in inflation, and the fallen foreign exchange reserves, among others.”

Source - Today.ng

BVN: CBN Cautions Banks Over Suspicious Change Of Name

The Central Bank of Nigeria has said anyone who tries to change the name on a bank account so as to link it with the Bank Verification Number (BVN) of another account should be reported as a suspicious activity.

Many bank customers who had various accounts with various banks under different names had not been able to link their accounts or access funds and had resorted to changing of names so as to link all their accounts to their BVN.

The volume of change of name and confirmation of names in national newspapers had soared by over 50 per cent after the deadline for the registration of the BVN in October last year.

Speaking in Lagos yesterday at a CBN/International Finance Corporation (IFC) organised media workshop CBN deputy director, Banking Supervision, Steve Nwadiuko, explained that “when someone bears John in a bank and had obtained BVN using that name and he has another account where he bears Joseph when he wants to link the accounts, a suspicious activity has already occurred.

“That bank is supposed to raise a suspicious activity report to the Nigeria Financial Intelligence Unit (NFIU). He has some explanation to do because of the mere fact that he bears various names with various accounts. The bank also has to notify the bank where they adopted the BVN from so that the bank that gave the BVN also issues a suspicious activity report and the account is closed until the issues are cleared.”

Consequently, he said the CBN will be issuing a circular soon. “For the people doing change of name, the CBN is working on that. It is going to issue a circular on what banks should do because that is the essence of the BVN and we are happy with what is going on.”

The BVN was launched in 2014 as a means to curb fraud, identity theft and engender loan growth by issuing bank customers with unique identification numbers.

Press Release from CBN

As part of its efforts to boost its revenue base, the Federal Government of Nigeria is exploring revenue opportunities in the non-oil sectors especially taxes and rates. 

It is in recognition of this fact that Banks and other financial institutions are enjoined to support Governments’ revenue generation drive through compliance with the provisions of the Stamp Duties Act, LFN 2004 as reinforced by the court judgement in Suit No FHC/L/CS/1710/2013.

In this regard, the CBN pursuant to the provisions of is enabling laws, hereby issues this circular to all DMBs’ and other financial intuitions.

1.       With immediate effect, all DMBs and other financial intuitions shall commence the charging of N50 per eligible transactions in accordance with provisions of the Stamp Duties Act and Federal Government Financial Regulations 2009, that is, all receipts given by any bank or other financial institution in acknowledgement of service rendered in respect of electronica transfer and teller deposits from N1, 000 and above.

2.      For the avoidance of doubt the following receipts are however exempted from imposition of Stamp Duties:

a.      Payments deposit or transfer by self to self-weather inter or intra bank: and

b.      Any form of withdrawal/ transfers from saving accounts.

 

3.      It should be noted that these charges are only payable by receiving accounts.

4.      Each DMB shall open an account designated as NIPOST Stamp Duties Account into which all charges collected shall be paid 

The balances in such account shall be transferred monthly by DMBs to CBN NIPOST Stamp Duty Collection Account No.3000047517.

 
5.      Other Financial Institution shall remit their Stamp Duty collections to any DMB of their choice.

Please be guided accordingly and ensure strict compliance. 

Proshareng.com