₦airaland Forum

I was watching Bloomberg TV this morning, and there was this excerpt from the news that focus on the social corporate responsibility (Citi and Chase buying new Corporate Jet). In this trying time when companies are embarking on massive lay off just to stay profitable, most of these companies are also receiving aids from the Federal Government to cushion the blow and effect of the financial crisis. Does it make any business or economic sense for our corporate bodies to invest proceeds from these FG loans and cost saving from job cut on Corporate Jet? What sort of argument justify laying off loyal employees who has been with the firm for more than 20 years just because a new corporate Jet is needed. What can we do on our part as a shareholders / tax payers / patriotic citizen to repudiate this idea of corporate greed?

Ask and you shall receive.
Seek and you shall find.
Knock and the door shall be opened unto you

Mathew 7:7

Regardless of the situation, that act of maltreatment is unjust and uncalled for. How could a grown-ass man be flogged in public just because he was late to work. I understand setting a certain barrier of high standard of leading by example is necessary, but flogging is just pushing too far. Why should teachers unprecedented image be shattered in public in a manner that posed irreparable threat to the respect accord by his/her followers. Is this how we can repay patriotic citizen who pledge support to public services that elevate the moral standards of our upcoming youths?. I know we can do better.

I believe there is nothing wrong with docking of pay, suspension without pay, termination of employment if the individual is on final warning. This will signify and shows that school system authority does and will not tolerate lateness, absenteeism or any other abuse of school rules and regulation.

Q: What is the Geithner Plan?

A: The Geithner Plan is a trillion-dollar operation by which the U.S. acts as the world's largest hedge fund investor, committing its money to funds to buy up risky and distressed but probably fundamentally undervalued assets and, as patient capital, holding them either until maturity or until markets recover so that risk discounts are normal and it can sell them off--in either case at an immense profit.

Q: What if markets never recover, the assets are not fundamentally undervalued, and even when held to maturity the government doesn't make back its money?

A: Then we have worse things to worry about than government losses on TARP-program money--for we are then in a world in which the only things that have value are bottled water, sewing needles, and ammunition.

Q: Where does the trillion dollars come from?

A: $150 billion comes from the TARP in the form of equity, $820 billion from the FDIC in the form of debt, and $30 billion from the hedge fund and pension fund managers who will be hired to make the investments and run the program's operations.

Q: Why is the government making hedge and pension fund managers kick in $30 billion?

A: So that they have skin in the game, and so do not take excessive risks with the taxpayers' money because their own money is on the line as well.

Q: Why then should hedge and pension fund managers agree to run this?

A: Because they stand to make a fortune when markets recover or when the acquired toxic assets are held to maturity: they make the full equity returns on their $30 billion invested--which is leveraged up to $1 trillion with government money.

Q: Why isn't this just a massive giveaway to yet another set of financiers?

A: The private managers put in $30 billion, but the Treasury puts in $150 billion--and so has 5/6 of the equity. When the private managers make $1, the Treasury makes $5. If we were investing in a normal hedge fund, we would have to pay the managers 2% of the capital and 20% of the profits every year; the Treasury is only paying 0% of the capital value and 17% of the profits every year.

Q: Why do we think that the government will get value from its hiring these hedge and pension fund managers to operate this program?

A: They do get 17% of the equity return. 17% of the return on equity on a $1 trillion portfolio that is leveraged 5-1 is incentive.
Q: So the Treasury is doing this to make money?

A: No: making money is a sidelight. The Treasury is doing this to reduce unemployment.

Q: How does having the U.S. government invest $1 trillion in the world's largest hedge fund operations reduce unemployment?

A: At the moment, those businesses that ought to be expanding and hiring cannot profitably expand and hire because the terms on which they can finance expansion are so lousy. The terms on which they can finance expansion are so lazy because existing financial asset prices are so low. Existing financial asset prices are so low because risk and information discounts have soared. Risk and information discounts have collapsed because the supply of assets is high and the tolerance of financial intermediaries for holding assets that are risky or that might have information-revelation problems are low.

Q: So?

A: So if we are going to boost asset prices to levels at which those firms that ought to be expanding can get finance, we are going to have to shrink the supply of risky assets that our private-sector financial intermediaries have to hold. The government buys up $1 trillion of financial assets, and lo and behold the private sector has to hold $1 trillion less of risky and information-impacted assets. Their price goes up. Supply and demand.

Q: And firms that ought to be expanding can then get financing on good terms again, and so they hire, and unemployment drops?

A: No. Our guess is that we would need to take $4 trillion out of the market and off the supply that private financial intermediaries must hold in order to move financial asset prices to where they need to be in order to unfreeze credit markets, and make it profitable for those businesses that should be hiring and expanding to actually hire and expand.

Q: Oh.

A: But all is not lost. This is not all the administration is doing. This plan consumes $150 billion of second-tranche TARP money and leverages it to take $1 trillion in risky assets off the private sector's books. And the Federal Reserve is taking an additional $1 trillion of risky debt off the private sector's books and replacing it with cash through its program of quantitative easing. And there is the fiscal boost program. And there is a potential second-round stimulus in September. And there is still $200 billion more left in the TARP to be used in other ways.

Think of it this way: the Fed's and the Treasury's announcements in the past week are what we think will be half of what we need to do the job. And if it turns out that we are right, more programs and plans will be on the way.

Q: This sounds very different from the headline of the Andrews, Dash, and Bowley article in the New York Times this morning: "Toxic Asset Plan Foresees Big Subsidies for Investors."

A: You are surprised, after the past decade, to see a New York Times story with a misleading headline?

Q: No.

A: The plan I have just described to you is the plan that was described to Andrews, Dash, and Bowley. They write of "coax[ing] investors to form partnerships with the government" and "taxpayers, would pay for the bulk of the purchases, "--that's the $30 billion from the private managers and the $150 billion from the TARP that makes up the equity tranche of the program. They write of "the Federal Deposit Insurance Corporation will set up special-purpose investment partnerships and lend about 85 percent of the money, "--that's the debt slice of the program. They write that "the government will provide the overwhelming bulk of the money — possibly more than 95 percent, "--that is true, but they don't say that the government gets 80% of the equity profits and what it is owed the FDIC on the debt tranche. That what Andrews, Dash, and Bowley say sounds different is a big problem: they did not explain the plan very well. Deborah Solomon in the Wall Street Journal does, I think, much better. David Cho in tomorrow morning's Washington Post is in the middle.

RichyBlacK:
But China also needs South Africa. China is showing that it would be a horrible bully if it ever becomes a military superpower.

Who will suffer the most if China decides today to disrupt their trade relation with South Africa? China has already been painted as "bullying country" even when they are not considered military superpower.

No source

We all know our Chinese counterparts are strategically courting Africans for this reason, to have influence at all times. Thats why they keep spending tremendous amount of money to keep that courtship going. It is up to our respected African Countries to device a strategic means of breaking that status quo, of not depending on their economy for help. Can we actually blame RSA for bowing to Chinese pressure? I will not. In this economic crisis, the only country that have the will (even though is in their own self interest), cash to support aspiring economy like South Africa, Nigeria, and other African countries is China. This financial crisis has clearly demonstrated that if you have cash, you're the king and you can use it to get whatever you need. If South Africans economic development and growth depend heavily on chinese cash, why risk it?

Enugu refutes N2b car claims

THE Enugu government has denied the report that it plans to buy official cars for 80 traditional rulers in the state at the cost of N2 billion.

In a statement, Chief Press Secretary to the Governor, Dan Nwomeh, said the report published in a national newspaper (not The Guardian), was "a calculated attempt to cause mischief" and incite the good citizens of the state against the government.

Nwomeh wrote: "The report had claimed that the 80 cars cost a princely sum of N2 billion, with the price of each of them put at N2.5 million. Were the reporter not in a hurry to pin the stigma of financial recklessness on the state governor, he would have known that 80 cars, at a cost of N2.5 million each, amount to N200 million".

Nwomeh expressed displeasure that his own reaction to the story was "not fully" reflected in the piece.

He said even though he admitted that the government was liaising with the state Traditional Rulers' Council on possible ways of raising the status of the monarchs, the issue of car loan was still being considered while no particular brand of car had even been discussed.

They jettison the idea. No money

ajibozo:
Why is Tinubu or his wife following Fashola about. They stand over his shoulder at every event, shame they did nothing in 8 years themselves

That is not true. Tinubu laid the foundation for all the project that Fashola embarks on today.
We all have to learn to give credit where credit is due. Tell me Tinubu did not perform up to expectation and i'll agree with you.

iReport:
There are over 1 million Deji's in planet earth.

There is only one Deji of Akure, Traditional ruler of Akure territory.

What is this country turning into. In the midst of dwindling financial crisis, low government revenue to execute projects projects that will keep the country on track. Infrastructure, education, security, energy continue to deteriorate each day. These people continue to spend recklessly, endangering the value and the future of our upcoming citizen. How do you explain this reckless spending? What kind of Job is N2Billion spending on cars for monarchs going to provide? How do we stop, curtail or control all these stupid and frivolous spending habbit of all corrupt animals called governors/government?

The administration of Governor Sullivan Chime of Enugu State has concluded plans to present Chevrolet as official cars to over 80 traditional rulers in the state.

The cars are estimate to cost a whopping N2 billion, as, according to sources, each costs N2.5 million.

This is amid the global economic meltdown, which made the state government not to implement the harmonised Teachers Salary Scale (TSS).

But Alliance of Political Parties, Enugu State (APPES) has noted with dismay, the recent flagrant disregard of the directives of the House of Assembly by the governor, threatening to unveil to the public, all his not-too-good practices which might make him unfit as a candidate for 2011.

Sunday Independent findings also revealed that the gifts might be the governor's way of buying support of the royal fathers for his rumoured second term ambition, which got the endorsement of Enugu State chapter of Peoples Democratic Party (PDP) last Friday.

The car largesse for the royal fathers would bring the total number of cars of various brands already bought within two years by the Chime administration to over 3,000 since it assumed office on May 29, 2007.

Those who had benefited from the car largesse before now are about 60 political appointees, including Secretary to State Government (SSG), commissioners, special assistants and advisers to the governor, the 17 local government chairmen and their deputies, 57 development area administrators, 260 councillors, permanent secretaries, judges and magistrates.

Last December, formers governors of the state including Chief Jim Nwobodo, Chief Christian Onoh, and Dr. Okwesilieze Nwodo, got SUV jeeps worth over N15 million each from the governor.

However, it was learnt that these cars are not free-of-charge as deductions are made from salaries of the beneficiaries on a monthly basis over an agreed period to offset the cost of the cars.

Some traditional rulers are, however, not comfortable with this arrangement against the backdrop of hike in the price of the said Chevrolet cars, from N2 million to N2.5 million each.

The aggrieved traditional rulers, who pleaded anonymity, also contended that the state government did not give them a choice in handling the issue of the official vehicles, but rather imposed the Chevrolet brand on them.

"He (governor) should know that we are not school boys and we are not councillors. We thank him for considering us worthy to own official cars, though some of us have jeeps. It shows that he has respect for elders, but he ought to have given us the privilege to choose the brand of car we want. That is our argument," the source said.

It was further added that if the governor insists that it should be Chevrolet and nothing more, then he should not make the cars compulsory to the traditional rulers.

But reacting to the development, Chief Press Secretary (CPS) to the Governor, Dan Nwome, said the car was being presented to the traditional rulers to raise their status, adding that the issue of choice should not arise in anyway.

"I don't understand what you mean by choice here. The government wants to raise status of the traditional rulers and that is why we have plans to present the cars to them. So, what has choice got to do with this? The cars are purely status cars," Nwome said.

If APPES makes good its threat, Chime may become a possible candidate for prosecution by the Independent Corrupt Practices and other related offences Commission (ICPC) and Economic and Financial Crimes Commission (EFCC).

According to a statement signed by APPES spokesperson, James Nweke, the flagrant disregard of the directives of the House of Assembly by the governor is in conflict with his government's claim to treading the path of the rule of law and due process.

Nweke recalled that the House had recommended to the governor the suspension of the Commissioner for Transport, Luke Mammelu, for gross misconduct, which the governor ignored.

He said further: "On February 3, 2009, the House unambiguously mandated Governor Chime to suspend, with immediate effect, the Commissioner of Local Government Matters, Prof. Frank Asogwa, following allegations that each of the 17 local government chairmen remitted N100,000 to him monthly from the council funds for the past 18 months totalling N30.6 million.

"He (Asogwa) was also accused of receiving a Toyota Hilux van from the chairmen to stifle the befitting allocations to the Development Councils, blackmail of House members among others," he stated.

According to Nweke, Asogwa has, despite the sanctions, been performing his official duties, ostensibly shielded by the governor, which raises questions as to whether the Ministry was not like in the past administration, a conduit by which the governor's office illegally deducted fund from local government allocations.

Expressing fears that there could be more to it than meets the eye, he said if there was nothing amiss, the governor, with his eyes wide open, has no cause to embark on such an impeachable offence by engaging the House in muscle-flexing.

To buttress the allegation of corruption made by APPES against the governor, Nweke said the Enugu State Government awarded a contract in 2008 for installation of street lights in Enugu metropolis to one Kannel Nigeria Limited for N600 million, which was paid upfront and nothing tangible was recorded in the execution of the contract for the past one year.

"Payment of the contract sum upfront for a job not done clearly speaks volume of Governor Chime's belief and commitment to due process. Meanwhile, the names of the directors of the company will soon be made public and, in due course, all the relevant documents germane to this fraudulent contract would be made available to EFCC for proper action.

Source: http://www.independentngonline.com/news/tfpg/article02

GettysBurg:
@ Ziddy,

Even though you have mixed a lot of emotional outburst with some measure of logic, i will respond to some issues you raised. In a measured fashion!

1)FDI inflow - You said this is due largely to change from military to democratic dispensation. And that the current capital flight is due to global recession.   And that this is all coincidence.
First, you should know(i hope), that scientifically or rationally, NOTHING is left to coincidence. Every phenomena should be thoroughly examined; trends should be studied; seeming coincidences MUST be scrutinized, while correlations or otherwise should be established.
It should interest you to note that the FDI inflow started to dip before the global economic crises. It started when the present govt. began sending conflicting signals in its policy thrust as regards issues like privatisation, reforms continuity, etc. Naturally, investors will start taking a second look.

2)OBJ squandered our surplus - We must remember that OBJ met $3 billion in our foreign reserves, and left $55billion. Sounds like squandering?
                                                       Met debts of $36billion and  left $5billion debts. Squandering too?
                                                       Stock market cap.: 1999: $3billion.  2007:$100billion. Today: $25billion. Coincidence or squandering or both?


3) Bank loan/TOD rates - What were the rates before OBJ came in? Let me remind you: 1999 rates were 40 - 45%. Today you have rates as low/high as 23%. If you have a sense of objectivity, you know that's an improvement. Loans were previously unaccessible. Under OBJ, access was increased.

4)Still on banking - In a society were  successful professionals & bankers can be insulted with the ease you have done, it explains our continued romance with personal failure and poverty. Remember, you can never be like what you revile.

How do you explain that OBJ met failed banks trapped with peoples deposits and life savings, and by policy, depositors got back their monies years later. I lost large sums in City Express, and got the cash back through UBA under the P&A model. Same with many I know. I don't understand if this is squandering or a coincidence.

5)Mind-boggling salaries for bank employees - I am ashamed that you probably dont have a single relative working in the banking sector. Else you wouldnt have such. Are the employees not Nigerians? Aren't you happy they are able to meet their family needs? Isn't that what we all are hoping for?Since when did fat salaries for employees (except politicians) become anathema? In that case, the rag-dressed people on the streets are your vision for Nigeria.

6)What do the shareholders get? - Where have you been? The shares you bought that crashed, when did they crash? Under OBJ or Yar adua? Do you know over millionaires were made in OBJs time through the stock exchange?  Double that number has been lost just 2 years after he left?      
Do you know that share prices are a measure of the value people place on the given share or its company, or larger still, the economy? And that's why when sept 11 happened, the ripples went out? In a word, the high prices in OBJs time were indicative of a higher confidence in Nigeria, and not a fraud as u feel.

7)Satanic pre-occupation with balance sheets - It is like asking, "why are teachers and parents always concerned with my scores at school?", or let me ask you-"why were you concerned about your grades in school?".  Your answer is mine.

/quote]

Spot on. I agree with your analysis

trunature:
Chei! Obj, how i wish we can do the same here. Obasanjo suposed to be bared from public function,infact he should be put back to his fomer place , Prison.

$16b power, don't ask me

Do we have any evidence to support the accusation that OBJ Lavished all the $16b expended on power? How much of this fund can we physically trace to him?

Lest not forget, Obasanjo pave way for the Financial Institution Consolidation process that is now helping our dear country withstand the financial crisis.

Engineering Tips

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Accounting and Management Information

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Share your most educational, informative, interesting sites here with people of Nairaland.

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Why not consider both.
If the opportunity of double major present itself. Why not major in Economics and Minor in maths
The swot analysis of both combination definitely justify a good future.

@ Mr Know it all,

I agree with you 100%. This is absolute day light robbery and something has to be done to put an end to this menace that continue to threatens our democrazy and the functionality of our Local Government Administrators.

What do you suggest we do your majesty sir?

Capital market crisis: Reps lose 70% investment
Bola Badmus, Abuja - 12.03.2009

Senators and House of Representatives members of the National Assembly may each have lost about 70 per cent of his investments to the ongoing slump in the capital market. House of Representatives Committee on Capital Market chairman, Honourable Aliyu Wadada, disclosed this on the floor of the chamber on Wednesday while arguing a motion on the need to pass a resolution to urge the Federal Government to intervene in the capital market by way of a bailout.


According the Wadada, with the present situation of the capital market, available records showed that most federal lawmakers may have lost over 70 per cent of their investments to fall in share prices and other market instruments.


He argued that at this point it was imperative that the Federal Government should be asked to bail out the market to save it from collapse.


However, he said he was not in a position to determine the level of government bail out. Others co- sponsors of the motion also shared in the sentiments but majority members opposed the motion on the grounds that investment risks should be borne by the respective investors and not government using tax payers? money.

http://www.tribune.com.ng/12032009/news/news16.html

Reps throw out capital market bail-out motion
By John Ameh, Abuja
Published: Thursday, 12 Mar 2009

A motion seeking financial succour for the troubled capital market was rejected by the House of Representatives on Wednesday.

The motion, entitled, ?Urgent Need for Federal Government?s Intervention in the Nigerian Capital Market,? was moved by the Chairman of the House Committee on Capital Market, Alhaji Ahmed Wadada and 24 others.

They were, however, met with stiff opposition by the majority of members at Wednesday?s plenary.

The majority had argued that a wiser option would have been for the sponsors to ask government to bail-out ailing manufacturing industries and fix collapsed social infrastructure in the country.

The motion was thrown out amidst speculations that some members might have compromised themselves in supporting the motion, described as ?commercial motion.?

Some influential personalities at the Nigerian Stock Exchange were believed to have pushed for the House to pass the motion.

The motion surfaced on Wednesday, following a series of meetings between the Director-General of the NSE, Prof. Ndi Okereke-Onyuike, and members of the Committee on Capital Market.

The Deputy Chairman of the committee, Alhaji Abubakar Maifata, alluded to the allegation of compromise, when he complained that his privileges as a legislator had been breached by the conduct of his colleagues, who made the allegation.

He said, ?Mr. Speaker, I heard some of my colleagues saying that the motion should be killed because they called it a commercial motion.

?That is unfortunate. We members of the committee sat down and agreed on the merit of this motion. It was not even Wadada?s idea because he was not aware when we took the decision.?

According to him, ?We merely asked him to present the motion, being the chairman of the committee. It is unfortunate that some members are saying the motion is a commercial motion.?

Opposing the motion, the Chairman of the Committee on Rules and Business, Mr. Ita Enang, kicked against using public funds to bail-out a market that ran into crisis because of the ?greed? of speculators and the ?inefficiency? of regulators.

Enang said, ?I am surprised that Wadada will bring this type of motion to the House; he used to be the adviser on capital market matters, urging everybody on the success of the market.

?People knew that they were gambling; yet they went into it because they felt it was an opportunity to make quick and easy money.

?Now, you want the Federal Government to use public funds to bail-out the market for a few greedy people to go and mismanage it again.

?By the way, where will the money come from? There is no provision for it in the 2009 budget.?

Supporting Enang?s argument, the Chairman, House Committee on Information and National Orientation, Mr. Dino Melaye, blamed the current situation on banks, which saw the momentary success of the market as an opportunity to rake billions of naira into their coffers.

?Government has no business bailing out the capital market; let us use the money to bail out the manufacturing sector and generate employment.

?We were all here in 2008 when banks made so much money from the capital market that they were even returning money to share subscribers. What happened to all that money?, stated.

Wadada had made two prayers in the motion namely, to ?urge the Executive arm of Government to come up with a bailout package to finance the downward slide in the prices of stocks in the Nigerian Capital Market.

?Further urge the Executive to overhaul the entire institutional structures in the financial system in order to strengthen them to cope with the situation.?

He recalled that the current global financial meltdown had led to the withdrawal of around $200bn from the market by foreign investors.

Locally, Wadada told the House that over 70 per cent of investment had been lost by subscribers.

We warned that banks might soon begin to feel the impact the crises in the market considering the fact that they were major stakeholders in the system.

When the Speaker, Mr. Dimeji Bankole, put the motion to vote, the ?nays? overwhelmed those backing it; hence the motion was throw out.

The House also reversed itself on the decision it took last week to stop the bill on the regulation of the award of national honours from scaling through the Second Reading stage.

The sponsor of the bill and Leader of the Action Congress, Mr. Femi Gbajabiamila, reintroduced the bill on Wednesday through Order 9, Rule 1 (6).

The House endorsed a motion he moved to reintroduce the bill, meaning that it would be tabled again for debates by members.

The bill is seeking the confirmation of the names of national honour recipients by the National Assembly before the President can confer the awards on them.

The aim is to control the indiscriminate award of honours to non-deserving individuals either for political or other parochial reasons.

Last week, there was disquiet in the House after Bankole stopped debates on the bill by ruling in favour of those opposing it in a voice vote.

It later turned out that though the bill came from the AC minority leader, it had the support of most members of the House.

http://www.punchng.com/Articl.aspx?theartic=Art200903122245037

Omo, toooooooooo far from it. In fact, its about 900000000000000000000000 miles away from it.

I don't see a reason why the government have to inject funds into the stock market. Direct injection of funds into the stock market is only going to prolong our problem. The idea might spurred sentiments and drive stock market growth on the short term (3 to 6months), but it is not going to solve our problem. It is a matter of time before people realize that the funds fueling this growth is not going to be continous, and will eventually dry up one day. And after that, people will change their position and dump their stocks all at once. The stock market will nose dive again with people capitalizing on their short gain, taking us back to our initial position.

Rather injecting funds into the stock market, I think the funds should be utilized to improve market efficiency. We can do this by improving the environment at which these companies operates. Putting the necessary enablers in place for them to operates efficiently and successfully. If market efficiency improves, this will expose opportunities and threat within the market. Sound stocks will resurface again giving people the opportunity to analyze and value company accordingly. Competition will reign forcing unsound stocks to perfect their game if they want to live to see another day. I believe all those sound stocks that have shed 60-70% of their market value will eventually come back to their level. what drove people away back then will definitely bring them back.

On what Ground?

Where does he stand on Power?
Rule of Law
Education
General Infrastructure
Stock Market

He doesn't even deserve to finish this 1st term.

noetic:
forgive the guy, he is entitled to his ranting. . . . after all this is democracy.

@poster
only in ur dreams will atiku bcom president. It is ideologically impossible because considering his antecedents he can never win a free and fair election.

and in Nigeria where there is nothing called free and fair election, it will take a miracle to defeat an incumbent president. I strongly believe that from next year to d elections, yara will show his true colours.

atiku ko, turaki ni.

Posting this piece does not mean i'm supporting Atiku 2011 presidency. I came across the information, and i thought it will be nice to share it with NL's

Since the commencement of the Umaru Yar’Adua Presidency in 2007, there is virtually nothing that works. The signs and symbols of decay in government is vividly written on the faces of Nigerians. No one seem to be happy with the way government is being run. Most Nigerians seem to be regretting they are citizens. Each time they drive on the roads, they get angry that the roads are bad. When they switch on light either in the house or office, there is permanently no light. The hospitals do not have drugs-they are more or less consulting centres. The taps have remained permanently dry. The costs of food in the market have soared up by over 300 percent. Unlike before, human beings now scavenge for food in the dustbins. Each time the organized labour embanks on strike to press for their welfare, Nigerians get angry, agitated and distressed.

Inspite of the government’s seven point agenda, to better the lots of Nigerians, the country’s most dangerous reality poverty, caused by lack of a purposeful leadership has driven out the youths into numerous crimes such as 419, drug abuse and all manners of shaddy deals. The country is enveloped in gloom and despondency, just as poverty is making mincemeat of Nigerians. This is simply due to the fact that, Mr. President and his so called appointed members of the Federal Cabinet have failed to deliver dividends of democracy to the people.

Despite Mr. Yar’Adua’s loud noise about the ills assorted with corruption and his pledge to stamp it out of the polity, the malaise has continued to be the inthing in the last 22 months of his government. The government which seemed to be obsessed with paying lip service to such sensitive issues has so far neither convicted any culprit nor has it frontally tackled corruption.

Unemployment is another cancerworm that the Yar’Adua regime wants Nigerians to believe it will tackle under his seven point agenda. He claimed that his government will concentrate on giving functional vocational training to job seekers and encourage the training of existing labour force to meet industry demands. But alas, this was not to be. This is because from records available at the National Directorate of Employment, and the Labour Ministry, the numerical strength of unemployed graduates for instance, has tripled the former figure of 10 million in the last two years of this administration. This is aside from the World Bank assessment which put the population of unemployed Nigerians to 40 million recently.

There is no gainsaying the fact that, these challenges are as a result of bad leadership. The leadership that lacks vision and direction. The one that alienates every other Nigerian, with the exception of the few cabals privileged to be appointed by the present administration to stir the ship of governance. It is unarguably that some of the factors responsible for this government’s inability to perform are the fundamental basis of their appointment. Most if not all of the appointees are alleged to have been appointed simply on some mundane considerations such as religious background, sectional and family relationship. It is either one is from the president’s nuclear family, a friend to his son in-laws, a business partner and or the First Lady’s relation or a political family friend. Simply, they are round pegs in square holes. Abuse of office at its best.

Infact Umaru Yar’Adua’s catalogue of failures which translated into the nation’s system collapse is legion. The restoration of railways system ear marked by the immediate past regime, apart from serving as a conduit pipe for some cronies of both regimes, it has remained as a white elephant project. Resuscitation of the ailing refineries has equally eluded the nation. In terms of comparison, the Obasanjo Presidency inspite of its several pitfalls, had to some extent fared better than this one. We cannot continue like this.

It is against background that Nigerians need to commence the search for a possible remedy of the ugly situation. The overall aim, is to rectify the problem associated with the country’s crisis of confidence in leadership in which it found itself. Consequent upon that, the person so chosen should be able to evolve a workable development agenda for sustainable socio-economic reforms and political stability.

In my opinion, the cap fits the Turaki Adamawa and immediate past Vice President Atiku Abubakar. The man, considering his wealth of experience in governance has what it takes to strengthen our democratic institution which currently has reached a near comatose level. As a man of profound wisdom, Atiku Presidency would improve the quality of life of Nigerians. This he would do, through effective concentration on priority areas like the economy, creating gainful employment and ensuring accelerated infrastructure development.

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Atiku’s humility and transparent ordinariness for a man of his class is simply amazing. It could only have come from the heart, maybe, a preordained benefactor of mankind. He loves working with all categories of people irrespective of religious, sectional and other parochial considerations.

Therefore, I have no doubt in my mind that if given the chance to rule as Nigeria’s president in 2011, the man will carry everybody along in the Nigerian project. For instance, employment generation, war against corruption, democracy and good governance, education and social services are among the programmes that require immediate interventions as a matter of priority.

These initiatives are practical and attainable by any responsible government especially at the national level. Their attainment will no doubt require a paradigm shift; in a bid to make it leaner and better managed for effective result.

There is also the need to reform the nations economy unlike what obtains under the present administration. Operating a mono-product economy with some minor domestic linkages and the absence of basic services expected of government, coupled with the inability of the system to enable citizen run their businesses with minimal interference by government agencies is a major lapse. In recent years, the economic reform efforts have focused on improving the macro economy expecting that the benefits would accrue to those down the ladder. Unfortunately, that was a complete departure from the resultant income differences, joblessness and general insecurity in the country.

The Atiku Presidency if given the mandate will reengineer the current reform system in order that benefits accruable from them are targeted frontally. One of the greatest national resources of any nation is its youthful population. Nigeria has no fewer than 70% of her population below the age of 40. The Umar Yar’Adua regime’s inability to give recognition to this category of people remains central to some of the country’s endemic problems. As a lover of youths, Turaki Adamawa will make a difference in this sector. He will initiate a vibrant and strategic communication aimed to reorientate them and obtained the youth feedback for policy reforms. These policy thrusts are just to mention a few.

The nasty fate of under development facing Nigeria under the present administration is attributed to the ruling PDP’S disdain for due process and finesse. Even from its formation level, the PDP leadership enthroned the culture of impunity as epitomized by the flagrant disregard for ethics of democracy and good governance. Both Mr. President and members of his cabinet have incurred the wrath of the electorate. No amount of federal might or PDP fortress can rescue them from the impending catastrophe.

But surely, Atiku Abubakar can rescue the rest of us. His sagacity in politics and large heartedness has endeared him to the generality of Nigerians. Nigerians can never be wrong. There is something they see and sense in the man that holds them spellbound.


Source: http://www.pointblanknews.com/artopn1096.html

honeric01:
they must settle me, else i will go ahead and form Movement for emancipation of eko area.

Typical Naija mentality

Obasanjo

I am disappointed that Senate President, David Mark, did not lead a delegation of Nigerian Senators to Washington to observe the recent Senate confirmation hearings for Barack Obama’s cabinet nominees. In fact, had Nigeria’s entire Senate moved to Washington during this process, no Nigerian would have dismissed the trip as an estacode-guzzling proposition.

Watch the latest videos on YouTube.comOur polity is in dire need of what our distinguished senators could have learnt from such a classroom experience in the US Capitol. I know a few Nigerians in Washington who, desperate for change at home, would have supplied notepads, jotters, and pens to the apprentice senators as their contribution to national development. If necessary, I would have shipped chalk and wooden black slates to them in Washington to facilitate their classroom experience.


Had Senator David Mark and his fellow lawmakers registered for and attended the Confirmation Hearing 101 course in Washington, they would have learnt crucial lessons that would have reduced their lamentable ignorance of confirmation procedures and saved the Nigerian people the agony of witnessing the periodic circus they call senate confirmation hearings in Abuja. For starters, Senator Mark and co. would have witnessed the rigorous grilling of as important a figure as Hillary Rodham Clinton by her former senate colleagues.

They would have been surprised – no, shocked – that the John Kerry-led Foreign Relations Committee didn’t just ask this famous American and former first lady to “take a bow” and be sworn into office three seconds later. Imagine Hillary Clinton’s Nigerian equivalent, Maryam Babangida, appearing for confirmation before David Mark and his people in Abuja! We would have had a bunch of cackling sycophants over-reaching themselves to play footsie with her ego: “Ah, Madam, welcome to your Senate confirmation hearing ma.

Hope Her Excellency had a nice trip to Abuja o? What about our General ma? What, he accompanied you to Abuja ke? He really shouldn’t have bothered, ma. We are his boys. Who are we to invite an elder statesman? Take a bow ma. Winner ooo winner, winner ooo winner, Her Excellency you don win o winner pata pata you go win forever winner. Bye-bye ma”Back in Washington, our senators would have witnessed the grueling questioning of such power brokers as Timothy Geithner, Eric Holder, and Tom Daschle.

They would have been dumbfounded that Senator Daschle’s nomination as Obama’s Health and Human Services Secretary collapsed under the weight of the sin of tax evasion. In their Abuja universe, it would be unthinkable to have a former Senate President appear for confirmation for a cabinet position and suffer the indignity of even being questioned about his taxes in the first place! The Nigerian equivalents of the Obama nominees whose candidacies fell through are all “big men”, “stakeholders”, and “chieftains” who, by definition, are above the laws of the land and such demeaning processes as confirmation hearings, hence the perfunctory ritual of taking a bow.The Nigerian people pay a considerable price for this tragic culture of demission on the part of our Senators.

Their comical approach to confirmation hearings largely explains how President Yar’Adua has been able to get away with two of the most somnambulistic cabinets in the nation’s history. It also explains the new meaning we have given to multitasking in Nigeria. It is possible for a single individual with a Bachelor’s degree in Islamic and Arabic studies, who has served in every administration since Lord Lugard, to survive three cabinet reshuffles in the life of a single administration, moving from, say, the Ministry of Finance to the Ministry of Information and, finally, to the Ministry of Science and Technology.

Naturally, this individual would face three separate senate confirmation hearings, claiming expertise in all these areas and taking the perfunctory bow each time.There is one important last lesson our senators could have learnt in Washington: the proper way to use legislative aides and personal assistants. They would have noticed that each confirmation hearing committee member was in session with his or her aides seated behind him or her. They would have noticed the endless passing of scribbled notes between each senator and his/her aides.

These are the aides who would have spent thousands of hours poring over documents, verifying the resume of the Cabinet nominee, checking and cross-checking every detail, and preparing the interventions of their principals. In Abuja, the counterparts of these congressional aides loiter in the corridors of the national assembly, flashing important-looking business cards at every opportunity. Yet, all they really do is carry the briefcases and the cell phones of their principals, buy recharge cards, kolanuts, suya, and newspapers, and make themselves generally useful as part of the big man’s “protocol”.

OsunAmazon:
Who are these human spare part merchants?. Are they so invisible that the police can't arrest them?. How much do they sell human kidneys?

Do you need one? All you have to do is go to Jankara market and ask.