₦airaland Forum

sarrki:
Let's be objective when we talk

We don't just talk for the sake of talking

He's your president if you have an idea bring it up

I saw most of your post atimes on the first row for

Several days on politics section.

If you have anything against is policy.

Bring up how better we can do it

not insulting him that way

Am sure you are a role model to many on nairaland

Please live like one.

CindyeMerAld:
the easiest way to a gals hrt is to love and care for her..

The Independent National Electoral Commission (INEC) on Thursday confirmed Eyitayo Jegede as the "authentic candidate" of the crisis ridden Peoples Democratic Party (PDP) in Ondo state ahead of the governorship election slated for November 26th 2016.


The Commission subsequently went ahead and published Mr. Jegede's name as the Candidate of the ruling party despite a factional crisis rocking the State Peoples Democratic Party (PDP).

The electoral body, however, dropped the name of Jimoh Ibrahim who has also been parading himself as the recognized governorship Candidate of the PDP in the same state.

Mr. Ibrahim, a controversial businessman was the factional candidate of the party under the control of the embattled factional PDP Chairman, Alimodu Sheriff.

Mr. Jegede, a former Attorney General and Commissioner for Justice in Ondo State was the factional candidate of the PDP in the state under the factional National Chairman, Ahmed Makarafi.

The duo of Biyi Poroye and Clement Faboyede laying claims to the leadership control of the Peoples Democratic Party in Ondo State.

SaharaReporters correspondent reported that the Commission has also recognized Rotimi Akeredolu as the gubernatorial candidate of the opposition All Progressives Congress in Ondo State.

It was learned that the Commission had already cleared no fewer than twenty-eight political parties and their Candidates that would participate in the November 26th governorship poll in the state.

Names of the political parties and their candidates where made public on Thursday evening.

[b]Below is the list of candidates and their parties released are as follows:

Accord (A): Pastor Oladare Amuda

Action Alliance (AA): Barrister Yinka Oloyede Orokoto

Alliance for Democracy (AD): Dr. Akin Olowookere

African Democratic Congress (ADC): Mrs Modupe Ogunyoku

African People Alliance (APA): Mrs Helen Folasade

Allied Congress Party of Nigeria (ACPN): Chief Adetuwo Ogunjumelo

All Progressives Congress (APC): Barrister Rotimi Akeredolu

All Progressives Grand Alliance (APGA): Prince Samuel Ayo Adegbite

Better Nigeria Progressive Party (BNPP): Hon. Funmilayo Jenyo Ataunoko

Citizens Popular Party (CPP): Prince Peter Fasua

Democratic Peoples Congress (DPC): Reverend Dr. M.D Adeeyo

Democratic Peoples Party (DPP): Mrs Olamide Falana

Hope Democratic Party (HDP): Hon. Olumuyiwa Odedeyi

Independent Democrats (ID): Mr Samuel Oluwatoyin

Labour Party (LP): Hon. Adeoti Taiye Stephen

National Conscience Party (NCP): Davies Oluwasuyi

National Unity Party (NUP): Pastor Moses Ayibiowo

New Nigeria Peoples Party (NNPP): Dr. Oluwadare Bada

KOWA Party (KP): Barrister Daniel Ogungbemi

People for Democratic Change (PDC): Segun Odidiemi

Peoples Democratic Party (PDP): Barrister Eyitayo Jegede

Peoples Party of Nigeria (PPN): Madam Temidola Olagbegi Olunmoliyi

Progressive Peoples Alliance (PPA): Prince Adekunle Egbuwalo

Peoples Redemption Party (PRP): Roland Aregbede

Social Democratic Party (SDP): Dr. Olu Agunloye

United Democratic Party (UDP): Mr Olugbenga Falaiye

Unity Party of Nigeria (UPN): Barrister Bolarinwa Aidi

United Progressive Party (UPP): Mr. Olamilekan Iyanu Olufemi

Young Democratic Party (YDP): Mr. Anthony Adeniranye.[/b]

The Naira crashed to N480/$1 at parallel market on Thursday, September 29, from about N460 exchange rate attained on Wednesday, September 28.

This is the worst rate since the introduction of the floating foreign exchange policy by the Central Bank of Nigeria (CBN) in June.

According to economists, the massive plummeting of the Naira was as a result of the anticipated return of transfer of dollars abroad by Travelex through the Bureau De change (BDCs).

The arrangement, introduced by the CBN August last year, to facilitate the transfer of money outside the country for payment of students’ school fees, has faced serious hiccups with acute shortage of dollar.

“There is no bank dispensing dollars to the BDCs for that purpose. The BDCs’ accounts were debited by some banks since Monday and they are not able to pay any of the BDCs so far debited. This is really sending a bad signal in the market,” a BDC operator said.


NAIJ.com recalls that the Association of Bureau De Change Operators of Nigeria had predicted that the Naira would recover before the end of the week due to the introduction of Travelex, a licensed forex dealer.

According to Alhaji Aminu Gwadabe, president of ABCON, the forex distribution would be efficient and uniform across ABCON members, unlike what was obtainable in the past.

Gwandabe says the Travelex has the technology to sell forex to about 1,000 BDCs in a couple of hours, which is a major advantage.

But sadly, supply of dollar has remained a huge problem in the foreign exchange market, as more Nigerians continue to press for dollar to assist importation of raw materials and payment of school fees in foreign schools.

Lalasticlala, Mynd44

adegunwa4real:
they should pass the bill already, cant wait for my babe to start killing the snakes while i hid under the bed!

Members of the Senate on Thursday debated the recommendations of the new version of a gender equality bill presented by the member representing Ekiti-South Senatorial District, Senator Abiodun Olujimi, where female senators urged their male counterparts to support the bill this time.

Olujimi, who led the debate on the Gender and Equal Opportunities Bill, which passed the second reading on Thursday, said the bill sought to give effect to the provisions of Chapters Two and Four of the Constitution, dealing with the Fundamental Objectives and Directive Principles of State Policy and Fundamental Human Rights.

She said the bill, which was read for the first time in the Senate on June 15, 2016, sought to promote equality, development and advancement of not only women but all Nigerians.

[b][size=13pt]The Deputy Senate President, Senator Ike Ekweremadu, while speaking on the bill, noted that it was critical “in view and experience of womenfolk in our society;” adding that whatever was needed to lift the womenfolk must be done.

He, however, asked that Section 4 of the bill be expunged, as it could clash with Section 42(1)(b) of the Constitution.

Ekweremadu said, “By way of direction, I will like to suggest that when this bill goes to the committee, we need to do proper interrogation to be sure that it is not in conflict with some of our existing legislations.[/size]

“I think the greatest problem I can see clearly now is the area of discrimination regarding Section 4 of the bill, which has made provision for specific percentage of women in employment and opportunities and also in political appointments.

“For me, these are the problems. If we place 35 per cent, for instance, for women (as affirmative action), that is discriminatory in a way and contrary to the provisions of Section 42 (1)(b).

“I think what we need to do is to look at the bill itself and make sure that such conflicts are eliminated at the time it is being processed by the committee, so that we will be able to leave the best of the bill that is consistent with our legislation.”[/b]

[size=13pt]The Senate Whip, Prof. Olusola Adeyeye, disagreed with Ekweremadu, saying, “With all due respect to our Deputy Senate President, I totally disagree with his submission on the conflict with the Constitution. Ekweremadu is a lawyer and I am not, but the words are written in clear and simple English.”[/size]

Ekweremadu then interrupted him, saying, “Read it out!”

Adeyeye replied, “When you were talking, I did not interrupt you. It is not against our Constitution to allow women have 35 per cent affirmative action. We have the Federal Character. We should also have Gender Character.'”

Adeyeye said he was backing the bill on behalf of his two daughters, wife and mother, saying, “The worst form of discrimination is gender-based discrimination.”

[size=13pt]Senator Oluremi Tinubu (Lagos-Central) stated that parts of the Constitution in conflict with the bill should be amended “to accommodate women.”[/size]

She said, “I rise to support this bill and I also request that my colleagues should do same because we have come to a time in our nation and in our polity that we have to really compensate our women.

“And when we talk about Nigeria today, we cannot really undermine the contributions that women have made to this country. It will be a good place to start where we have to amend that part of the constitution to accommodate women.”

Olujimi noted that the bill had been “re-engineered” to consider all sides, saying, “Recall that this bill was exhaustively debated last session and was negated as a result of certain reasons that were raised in the course of the debate, which have been aptly resolved in this new bill.”

Lalasticlala, Mynd44

989900:
Over to you Soludo and Sanusi, actually, over to you EFCC.

I've always wanted to know what happened to the said funds.

Lalasticlala, Mynd44

Sard:
Just utter something

Sard:
Just utter something

Mr Femi Falana, a Human Rights Activist on Thursday again questioned the management of the Central Bank of Nigeria (CBN) under the leadership of Prof. Chukwuma Soludo.

It will be recalled that Falana had petitioned the Econoimic and Financial Crimes Commission (EFCC) on allegations of criminal diversion of public funds from the Federation Account and the nation’s Foreign Reserves.

Falana, a Senior Advocate of Nigeria, also accused Soludo’s CBN management of illegally transferring 7 billion dollars to 14 commercial banks in 2006, an allegation he had since denied and described as laughable.

In denying the allegation, Soludo said Falana’s outburst was based on ignorance of how the apex bank was run.

But in counter response to Soludo’s denial, Falana again said the statement issued by the CBN management on the subject matter on Oct. 3 buttressed his point.

“For the avoidance of doubt, I wish to reiterate that it was the management of the CBN which claimed to have given out its own “share”of 7 billion dollars from the foreign reserves estimated at 38 billion dollars at the material time.

“Is Professor Soludo insisting that CBN under his management was entitled to any “share” of the nation’s foreign reserves?.

“In any case, whether it was a deposit or its own share of the foreign reserves, did the CBN ever announce that the deposit had been paid back to the foreign reserves which belong to the three tiers of Government?.

“If there is nothing to hide why did the CBN ignore the request of the Civil
Society Network Against Corruption for information on the “deposit” of 7 billion dollars?,” he said.

Falana said that in his petition to the EFCC, he had alleged that the CBN also gave a bailout of N600 billion to commercial banks in 2008 and provided intervention funds of trillions of Naira to captains of industry.

He said that CBN also paid N2.5 trillion for fuel subsidy in 2011 when the national assembly had appropriated N245 billion.

“As far as Soludo is concerned, these allegations are laughable and betray a lack of knowledge of how a bank such as CBN works.

“Since the allegations of gross mismanagement of public funds are laughable, are we to believe that these were deposits as well, or the share of the CBN mismanagement under his predecessor?

“Has AMCON not been set up to recover those loans and deposits running to several trillions of Naira? For goodness sake, how does a CBN work outside the ambit of the Constitution and the Central Bank Act, 2007?,”Falana asked (NAN)

Lalasticlala, Mynd44

[size=14pt]Nigeria Loses N61trn To Non-passage Of PIB[/size]

The country has lost $200 billion, translating to N61.1 trillion, for failing to pass the Petroleum Industry Bill (PIB), a Bill expected to provide the enabling law for the petroleum industry.

The Nigerian Extractive Industries Transparency Initiative (NEITI), which revealed this yesterday, called on President Muhammadu Buhari to take urgent steps to halt the unending delay in the passage of the Bill.

This was contained in NEITI’s latest policy brief, titled: ‘The Urgency of a New Petroleum Sector Law.”

NEITI attributed some of the losses to projected investments, which it put at $120 billion ($15 billion yearly), that had been deferred due to regulatory uncertainty.

Economically, NEITI stated that the losses incurred due to the non-passage of the Bill had been huge, stressing that it had caused a haemorrhage on Nigeria’s foreign reserves and the value of the Naira as the country imported refined petroleum products worth over $26.4 billion.

According to the report, the Nigerian petroleum industry has continued to deteriorate due to the fact that the laws governing the industry are not sufficient for effective regulation and, in some instances, too outdated to be relevant in today’s global energy environment.

“Though eight years in the National Assembly, the motion around the PIB has been on for all of 16 years. Sadly, there is little about what is going on at the moment to suggest real movement or adequate learning from the past. The PIB ship should be rescued from a start-stop, unhurried and uncoordinated mode and brought swiftly ashore,” the report stated.

It then recommended that, “There is need for President Muhammadu Buhari to take the lead by investing his presidential capital on this all-important legislation, putting in place a mechanism for rallying the stakeholders to a consensus, and using this law as one of the pillars of the bridge to a much needed economic recovery.”

Comparing the situation to that in Ghana, NEITI asked Nigeria to learn from that country.

“The fact that Ghana passed the law for its petroleum sector two years after commencing the process should be a lesson for Nigeria.”

NEITI, however, lamented that there is no evidence that Nigeria has learnt from its past experiences to guarantee that the present journey will be any different.

It noted that the current efforts at reviving the process of enacting the law are already exhibiting disturbingly familiar patterns and have added a new dimension on whether the bill should be taken en bloc or passed piece-meal.

“The process of enacting a new law for Nigeria’s petroleum sector has gone on for far too long, and at enormous costs to the country. More urgency and better coordination are needed on the passage of this very important bill.

“The PIB is one of the most important bills ever to be contemplated in Nigeria’s history, yet the one that has taken the most time and generated the most activity without legislation.”

NEITI asserted that as an agency set up to enthrone transparency and accountability in the extractive industries, it had legitimate interest in a petroleum law for the country.

NEITI, therefore, recommended that an inclusive task team be urgently empanelled, with the president in the lead, and charged with building consensus among stakeholders.

“This task team should draw up a clear and well-communicated roadmap and fast-track the passage of the law in piece-meal rather than an omnibus approach,” it said.

[size=14pt]OPEC approves first oil output cut deal since 2008[/size]

Members of the Organisation of Petroleum Exporting Countries (OPEC) agreed yesterday, to cut oil output for the first time since 2008, with Saudi Arabia softening its stance on arch-rival, Iran, amid mounting pressure from low oil prices.

A report which quoted two sources in the organisation said the group would reduce output to 32.5 million barrels per day from current production of 33.24 million bpd.

The sources however could not tell how much each country will produce, saying that is to be decided at the next formal meeting of OPEC in November, when an invitation to join cuts could also be extended to non-OPEC countries such as Russia, sources said.

Oil prices jumped more than five per cent to trade above $48 per barrel after the outcome of OPEC’s informal meeting in Algeria took traders by surprise. Still, many said they wanted to see the details of the deal.

“We don’t know yet who’s going to produce what. I want to hear from the mouth of the Iranian oil minister that he’s not going to go back to pre-sanction levels. For the Saudis, it just goes against the conventional wisdom of what they’ve been saying,” said Jeff Quigley, director of energy markets at Houston-based Stratas Advisors.

Saudi Energy Minister Khalid al-Falih said on Tuesday that Iran, Nigeria and Libya would be allowed to produce “at maximum levels that make sense” as part of any output limits which could be set as early as the next OPEC meeting in November.

That represents a strategy shift for Riyadh, which has said it would reduce output to ease a global glut only if every other OPEC and non-OPEC producer followed suit. Iran has argued it should be exempt from such limits as its production recovers after the lifting of EU sanctions earlier this year.

The Saudi and Iranian economies depend heavily on oil but in a post-sanctions environment, Iran is suffering less pressure from the halving in crude prices since 2014 and its economy could expand by almost 4 per cent this year, according to the International Monetary Fund.

Riyadh, on the other hand, faces a second year of budget deficits after a record gap of $98 billion last year, a stagnating economy and is being forced to cut the salaries of government employees.

Lalasticlala, Mynd44

The federal government has made a U-turn in its proposed bid to dispose national assets to raise money in order to reflate the economy, describing it as mere speculation.

This position was made known by the minister of information, Lai Mohammed, after the Federal Executive Council (FEC) meeting presided over by President Muhammadu Buhari yesterday, at the Presidential Villa.

This comes barely one week after the National Economic Council (NEC) meeting, presided over by the vice president, Yemi Osinbajo, with 23 state governors in attendance, backed the sale of national assets as one of the ways to raise cash to reflate the economy.

The NEC, which is the highest economic decision making body, also canvassed advance payment of licence renewals, infrastructure concessioning and implementation of fiscal stimulus.

LEADERSHIP recalls that the governor of Central Bank of Nigeria, Godwin Emefiele, had penultimate while confirming government’s plans to sell about 15 per cent of its oil assets held by the Nigerian National Petroleum Corporation (NNPC), which is expected to yield an inflow of $10 billion to the country.

He had said in an interview with top media managers in Lagos that the sale would commence soon. He said the expected income would have been up to $15 billion if the assets were sold earlier in the year and added that a team of consultants had been commissioned to carry out a study on the proposed sale.

Finance minister, Mrs Kemi Adeosun had also told business editors in an interview this week that sale of assets would reduce government borrowing.

Recall also that business mogul, Aliko Dangote, was the first to fly the kite about a fortnight night ago when he advised the federal government to sell some national assets, saying it was a better option for the country than borrowing from the World Bank or IMF. According to him, what the nation needs now is to beef up its reserves. He particularly advised the government to sell the Nigeria Liquefied Natural Gas Ltd.

The Senate, on Tuesday, however rejected the proposal, saying the country was not bankrupt, and wondered why the federal government would consider the sale of national assets as an option.

However, speaking to State House correspondents, the minister of information said that, so far, all the reports were still in the realm of speculation as the federal government had not officially made its decision known on the matter.

According to him, government is still working on how to reflate the economy in the most comprehensive manner and will make its position known very soon.

Mohammed said: “What the government will do is to reflate the economy; everything you have heard so far is just suggestion, until the government makes its position known.

“All these assets sale, assets leasing, whatever is being bandied about, they are nothing but speculations. The government is yet to come out with its position on how to bail out the economy.

“NEC will recommend but it is the Federal Executive Council that will decide, and what we decide will be the position of government,” he added.

[size=14pt]FG Okays New Water Policy[/size]

Also yesterday, the federal government approved a new water policy that will improve the management and delivery of water in the country.

Speaking to State House correspondents after the FEC meeting, minister of water resources, Suleiman Adamu, said the Council approved the National Water Policy, National Irrigation Policy and a Draft National Water Resources Bill.

Adamu said, “National Water Policy seeks to provide strategies that will improve the management and delivery of water in the country in particular reference to water supply.”

He noted that the policy was followed by the enabling law – National Water Resources Bill – which essentially consolidates all the existing laws, the Water Resources Act, the River Basin Development Authority Act, National Water Resources Institute Act, National Hydrological Services Act and other Acts put together to form a national law that conforms to international standard and international best practices.

According to him, “By so doing, we have been able to streamline many of the overlapping laws. Sometimes we have conflict in laws; like the one we have with NIWA, about some laws relating to environment and mining.

Adamu noted that the bill seeks to sort out all those issues so that Nigeria can have a standard national law, adding that the country can set up a proper regulatory agency to regulate the water sector.

“With that, the door is now open for the private sector to come in a big way to invest in water supply schemes in this country. The irrigation and drainage policy seeks to recognise and bring in water users association and generally improve not only irrigation infrastructure but irrigation management in the country.”

He observed that Nigeria had the potential of 3.4 million hectares of land for irrigation and that only about 130,000 had been developed formally, with about 70,000 being utilised.

“So, there is a huge gap and we feel that introducing this policy will help us to work along at federal and at regional levels with the states, so that we will have an all-encompassing policy that will help our agriculture agenda for now.

“So it is a good thing that we brought the three policies together and we believe the water resources sector is going to be an entirely different ball game from now on,” he said.

Also speaking, the minister of information, stated that water has become one of the most important resources today with economic, social and political implications.

According to him, the judicious allocation of water for human, livestock, and industry has become one of the serious issues facing humanity.

“As a matter of fact, many countries have gone to war over the issue of water. So I believe it is only timely that Nigeria is proactive and considers the issue of water resources as not one that should be left in the hands of just anybody but that the federal government took it seriously,” Mohammed stated.

Rushtec:
Some sud help me wit ZUMA photo

Rilwayne001:
She's UGLY ( no offense)

The selling off of Nigeria’s national assets has been in many discussions over the past few days with many arguing in favor and others arguing against the idea.

The chairman of the Dangote group, Alhaji Aliko Dangote is one of the voices in support of the selling of some of the national assets to tackle the recession, especially Nigerian Liquefied Natural Gas (NLNG).

He said: “The only way for us to get out of this recession is to make sure we move into action quickly; by diversifying the economy quickly.

“If I had challenges in my company, I would not hesitate to sell assets to remain afloat, to get to the better times. It doesn’t make any sense for me to keep any assets and then suffocate the whole organisation.

“We have a lot of assets to sell. We can sell part of the joint ventures, or part of the shares. My suggestion before was that they should even sell 100 percent of NLNG. I don’t think government should be in any business of investing in sectors like LNG.”

While, popular lawyer, Femi Falana (SAN), is against the sale for reasons he pointed out, he said:

“It is pertinent to point out that the suggestion is in total conflict with section 16 of the Constitution which has prohibited the concentration of the nation’s wealth in the hands of a few people or a group.

“Indeed, by section 44 of the Constitution the nation’s natural resources shall be held in trust for the Nigerian people by the federal government.”

However if the president is going to consider selling some national assets to help salvage the economy, there are some things he must never sell:


[size=17pt]3. NLNG[/size]

According to Revenue Mobilization Allocation and Fiscal Commission (RMAFC), the sale of NLNG is not the best option:

“It is the considered view of the Commission that Nigeria’s assets like NLNG and other strategic national resources should not be sold to meet short-term financial obligation.”


NLNG is one of Nigeria’s biggest oil companies, employing a large workforce of Nigerians. Like Femi Falana rightly pointed out, most buyers engage in asset-stripping, the sale of NLNG will definitely result in loss of jobs and the placing of one of Nigeria’s prime assets in private hands who may not have the same goals.


[size=17pt]2. Refineries[/size]

The refineries in Warri, Port Harcourt and Kaduna are among the national assets the President is asked to consider selling. This however might be a bad idea because, the loss of thousand of jobs that might be an unintended consequence.

The sale of refineries might also lead to an increase in fuel price. Given the current state of the Nigerian economy, a hike in fuel price is the last thing the country needs.

Speaking on the proposed sale, NLC made the following statement:

“A sensible nation does not go on chest-thumping trying to sell its cash-cows or its performing assets in times of difficulties.

“These assets guarantees the nation’s present and future as it provides the much needed resources to continue running the nation. In Nigeria, we seem to have perfected the act of the absurd putting common sense and logic on its head all the time to our eternal detriment.”


[size=17pt]1. NNPC[/size]

Nigeria National Petroleum Corporation (NNPC) is another of the nation’s assets that the president is being encouraged to sell. However this might be a bad idea because privatization exercises have not had a good success rate in Nigeria.

Speaking through the Nigeria Labour Congress (NLC), led by Joe Ajaero, warned that any attempt to sell the assets would be resisted as previous privatization exercises only made few privileged individuals to appropriate national assets to the detriment of the general masses.

“We assert that this call is contemptuous of the Nigerian nation and its suffering masses. To seek to sell our remaining national patrimony is to say the least an attempt to mortgage our collective future in favour of a few economic cannibals and Buccaneers who unconscionably have commandeered the Nigerian state and its levers of power with the hope of using it to hijack our national patrimony,” they said.

drnoel:
I dey wella. Juggling nairaland, opening a new blog and getting required traffic, life, family and work. Its not been easy but perseverance is the order of the day.

When u clear ur head and feel like browsing Nairaland also check up my blog and give your criticism.

About family stuff, keep your head high. Family remains with us forever so we handle them with care.

drnoel:
Thats u happens when u vote useless people into critical positions.
On another note, Guy how far? Where u go hide ya head.