₦airaland Forum

eyesofgod:
What kind of government is Wike running? If he wants to get at Amaechi, there are other engagements of Amaechi, while in charge, to exploit instead of splashing fecal missiles everywhere on this case.

If there is an allegation against a PDP member or PDP friend by APC / PMB, then we are fighting corruption, DSS or EFCC will move in immediately to arrest and detain the person without waiting for APC/ PMB to go to court.

BUT

If the allegation is against APC member by a PDP member, then it is 'witch hunting and ranting' , PDP should go to court, DSS and EFCC are deaf, dumb and blind.

THEN

Before the matter goes to court, PMB will tel-guide the court by pronouncing the accused guilty and even if the court rules in favour of the PDP accused, PMB ignores court ruling.

Tell me if this is not a recipe that is capable of eroding confidence in the judiciary and brewing anarchy like where 'Dasukigate is corruption while Halliburton scam, power sector loot , 'AmaechiMonorailGate'and Abacha loots are saintly acts.

someone spent N82M of state fund on a 3hr dinner with a certain Nobel Laureate and got rewarded with a ministerial appointment....... the best way to 'fight' corruption.

The Nation newspaper is trying to reverse fall in sales revenue. The paper is recording very low acceptance in SS / SE & Middle belt.

This propaganda / traditional lie is dead on arrival.

Why over N1.4B on general travels and another over N700M on local travels, is local not part of general?
The billions budgeted for presidential fleet and new vehicles not inclusive.
If he travels 365 days in 2016, it means he spends at least N6M per day to exhaust the travel purse. This is outrageous for a country that is running on deficit budget (benchmark was $38/ barrel but oil price fell to $36/ barrel on the day budget was presented, meaning we are on deficit on arrival).
On feeding budget of about N450M as claimed, buhari and family feeds for N1.3M per day in a country with a minimum wage of N18,000 / month (N49/ day on all of food, shelter, health, education, travel, generator, petrol, security, etc).
Where is the change?

mytime24:
.

please this is going too far.

@Lai, media giving Boko haram oxygen?

how have they (APC + Channels + CNN + Amaechi + Rochas + Ali Ndume, Buhari + Kwankwqnao + Oby Ezekwesili + Elrufai + OBJ + Tinubu + all irational haters of GEJ) forgotten so soon?
A few months ago, still this year, they were all feeding Boko haram with steroids, food, multivatamins, bottled water and liver..... the evil that men and women do.....

@Olulenzo,

Your points below refer:

These are the issues I have with your submission, I'll try not to nitpick:

1. It's okay to become a thief if you're poor.
2. Niger Deltans are poor with NDDC and ministry of ND, numerous OIC CSR, etc, and this is Buhari's fault.
3. Bunkerers are kids who don't know it is a crime to vandalise other people's properties and steal, hence we must treat them with kids gloves.

1) Those doing bunkery are not the poor community people who the FG expect to do the policing. The bunkerers are a bunch of organized criminals with high military and foreign connections.

2) Niger Deltans are still very poor because its the politicians that run the show in NDDC and co, before it was the PDP contractors, today an APC apologist who saw nothing wrong in the looting and wrecklessness of Amaechi is now in charge of NDDC.
Just like the way the politicians in the north own oil blocs (TY Danjuma, Indimi, Lukman , Atiku, Mustaph and Dasuki etal) are extremely rich while their people our people are extremwly poor, it is so accross the country. It is continued, NO CHANGE.

3) Bunkerers should be treated with iron gloves. The security apparatus should focus on how to identify the criminals including those in support of ' CHANGE' instead of coercing the poor community poeple to do their own work while the exhibit their strength against IPOB, Bayelsa and Kogi elections.
This position is like telling the IDPs that the FG have confiscated their lands for allowing Boko haram to operate there. It is capable of causing further cracks in our proverbial nationhood.
I am yet to see concious effort to unite the divides.

olukenzo:
A lot is wrong with this country I tell you. Many of the respondents above are potential thieves and oil bunkerers. Look at them giving excuses for such criminal acts.

This is akin to community policing, but those folks will rather join the bunkerers and get rich quick.

The locals better report bunkerers to the authorities or be charged for abetting crime and lose their lands.

Your thinking is in order but in law, you have to consider enforcability or implimetability of a law or an order. Dont forget that most of the oil facility bearing communities are languishing in poverty and most of them dont trust the FG (including all previous govts.), worse still, PMB recently lebelled them as the politically
inferior 5%. The FG has to earn their trust first then patriotism will be catalyzed.
Dont forget in a hurry that the SS n SE felt that the north did not support GEJ. Its a mutual distrust which must be cured if we are to succede as a nation. Unfortunately, PMB does not seem to be building bridges accross the cracks.

Sounds good but there is no law backing it. In a democracy, you dont marshal out policies by decrees and fiat.
My family own some landed properties in the hinterlands, I have not visited them for a long while, if a bad guy uses them for some illegal deal in my absence, how does that conote change of ownership to FG who aught to have provided security proactively?
Any attempt to impliment such order would cost the FG some millions as damages after this regime.

mostyg:
same was done to Obasanjo

When he visited the Boko haram leader's house for negotiations abi?

PassingShot:
Why has there been too many inconsistencies in judgement on the last election?

The Nigerian judiciary is not speaking in one voice.

In one case, you say the card reader is required, in another you say it's not required.

Maka why?

If you are a student of history, you will begin to fear that this is a recipie for anarchy or that this may provoke the opposition into extreme resistance and the ruling govt. into extreme brutality that may turn the govt. into tyrants and the opposition into anarchists. I pray for my country.

Super1759:
Why Abia state come deh different

because their oil & gas is smaller!

Funny

I will miss him. Fare thee well my beloved one. Wherever you go, I will give you my support.

Regards.[color=#000099][/color]

APC should start performing and stop wailing. I think this govt is wailing too much about their responsibilities instead of setting to work.

The furious fists of Fury were too fast and fiery for a friegthened Klitchko. A worthy champ. The 2nd Brit to beat a Klitchko, Lennox Lewis did it too. Congrats Tyson, you bragged and bagged your honour.

Navigation: Home > News > News > Buhari scares away foreign investors
Buhari scares away foreign investors

By News Express on 27/11/2015

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When Muhammadu Buhari clinched victory in Nigeria’s presidential elections in March, stocks soared as investors looked to the former military ruler to reverse decades of economic mismanagement and policy inertia. Now hopes have fizzled in his ability to turn around Africa’s largest economy and oil producer.

Money that flowed into stocks and bonds in the West African nation, which McKinsey & Co. says could become one of the world’s 20 biggest economies by 2030, is now fleeing as growth prospects diminish along with oil prices. While Buhari, 72, has prioritised stamping out the graft that has plagued Nigeria since independence from Britain in 1960, policy-making appears as uncertain and haphazard as ever.

“After the initial euphoria, people have become disillusioned,” Ayodele Salami, who oversees about $500 million of African equities as chief investment officer of London-based Duet Asset Management Ltd., said by phone. “He would probably say that he’s being deliberative and cautious. But we expected more.” Duet’s Africa fund has cut its investments in the country to about 24 percent of the total from 38 percent in the last year.

Buhari waited five months before naming his cabinet, hasn’t proposed a clear plan to revive growth and backed foreign-exchange controls aimed at defending the naira. His retention of gasoline subsidies, plans to raise spending in the face of declining revenue and silence about a $5.2 billion fine levied on mobile-phone operator MTN Group Ltd. have added to investor unease.

Nigeria’s benchmark stock index has plunged 22 percent since reaching a year-high on April 2, the day after Buhari was declared the winner of the presidential race against incumbent Goodluck Jonathan. That’s the third-worst performance globally in the period, after the bourses in Ukraine and Egypt. The index advanced 12.5 percent in the two days after Jonathan conceded.

To be sure, Buhari inherited depleted government coffers and a bureaucracy that multiple probes have blamed for looting billions of dollars of oil revenue. The president has said he delayed appointing ministers because he needed time to vet suitable candidates.

Garba Shehu, a spokesman for Buhari, didn’t immediately respond to written questions after requesting they be sent that way.

The hiatus has compounded the pain caused by the slide in the price of crude, which accounts for two-thirds of government revenue and 90 percent of export earnings. Growth, which averaged 6.3 percent annually over the past decade, is set to slow to a 16-year low of 3.3 percent this year, according to the median estimate of 15 economists surveyed by Bloomberg.

Many filling stations ran dry this month as the government withheld fuel subsidies to suppliers, preventing them from restocking. Lengthening lines forced Buhari to ask lawmakers for permission to pay 413 billion naira ($2 billion) in overdue payments, an amount that hadn’t been budgeted for.

While next year’s budget has yet to be finalised, Buhari wants to raise spending by 56 percent, according to a person who attended a briefing on the government’s plans and asked not to be identified because the matter is private. Vice President Yemi Osinbajo says the government plans to spend its way out of a slowing economy and that an infrastructure fund will be created with public and private financing.

The penalty imposed on MTN’s Nigeria unit last month for failing to register about 5 million subscribers may be an attempt to plug the hole in government finances, according to Cobus de Hart, an economist at NKC Independent Economists.

“You cannot deny there might be a fiscal element to the massive fine,” he said by phone from Paarl, near Cape Town. “It will make investors a little bit more wary of investing in Nigeria.”

An even bigger concern for many investors is the authorities’ naira policy. The Central Bank of Nigeria, with Buhari’s backing, has burned through $4.3 billion of reserves this year and choked off supply of foreign exchange to banks and their customers to defend the naira, even as major oil exporters such as Russia and Colombia have let their currencies slide. The restrictions prompted JPMorgan Chase & Co. to remove Nigeria from its local-currency emerging-market bond indexes, tracked by more than $200 billion of funds, in September, triggering a selloff in the nations’ assets.

While the naira has been all but fixed at about 198 to 199 per dollar since March, forward prices suggest it will drop by almost one-fifth, to 243.5, in a year.

“The number-one issue is the exchange rate,” Andrew Howell, a Citigroup Inc. frontier markets strategist, said from Lagos. ”Access to foreign exchange is becoming a widespread problem.”

Nigerian Breweries Plc, the nation’s biggest brewer that’s controlled by Heineken NV, said it takes two weeks to obtain dollars to pay for its imports, twice as long as it required a few months ago. Nestle SA’s Nigerian unit has had to wait six weeks for dollars, according to Renaissance Capital Ltd. analysts.

“We have had an underweight position in Nigeria since before the election,” Johan Steyn, a fund manager at Prescient Investment Management in Cape Town, said by phone. “Until we see the depreciation of the naira toward a more sustainable level, we are hesitant to add to that position.”

Buhari has won plaudits from leaders including President Barack Obama for his efforts to tackle graft. He replaced the management of the state oil company, which was accused of withholding billions of dollars from the government, and has stepped up the fight against an insurgency being waged by Islamist group Boko Haram.

“The degree of transparency we’re starting to get with the new administration is hugely positive,” Douglas Rowlings, an analyst at Moody’s Investors Service, said in an interview in Lagos. “It gives investors the perception that operating in Nigeria will now be done following proper procedures.”

Jan Dehn, head of research at Ashmore Group Plc, which oversees almost $60 billion of emerging market assets, remains unconvinced that Buhari is up to the job. The fund manager sold all its Nigerian government debt in the past year.

“So far the Buhari administration has done all the wrong things,” Dehn said by phone from London. “Not only has he been incredibly slow in taking any action, when he finally has taken action on the economic front it’s been diametrically opposed to sensible policy. That is a major disappointment given expectations prior to his election.”

•Sourced from Bloomberg. Photo shows President Buhari.

Source News Express

Posted 27/11/2015 12:22:54 PM

I think he did well in infrastructure development at his time as a governor, I wish his soul a happy experience in the beyond.

Though I feel we should rather say: the things that were done by his administration, rather than painting them as what he achieved with his personal resources.

Congrats to the deserved winners. Oil money for you guys.

So they are arrested for exposing Larmode who was a vendatta agaent?

So they are arrested for exposing Larmode?

Meanwhile, System Specs, the company that owns Remita, the e-payment and e-collection software used by the Federal Government to implement payments into the Treasury Single Account (TSA), has written a letter to President Muhammadu Buhari on the controversy surrounding the 1% processing fee charged on inflow into the TSA.
The company in the letter dismissed allegations of wrongdoing, explaining that it was contracted by government in 2011, when President Goodluck Jonathan was still in office, whilst Emir Lamido Sanusi was Governor of the Cen­tral Bank of Nigeria (CBN).
The company further dismissed allegations made against it by Senator Dino Melaye (Kogi West) that the firm was making about N25 bn daily as commission, saying it made about N3 billion from the 1% processing fee as its share since the implementation of the project.
System Specs said it actually shared the processing fee with banks affected by the implemen­tation of the TSA and the CBN in ratios of .5 %, .4% and .1%, respectively.

It is clear that during GEJ era he trusted Sanusi to enlist an ethical collection agent but Sanusi in his usual character enlisted one of their own, REMAITA.
GEJ was so prudent not to kick-start the TSA because of the N25B loss or leak implication per month.
Oduah was sacked for buying two bullet proof vehicles for N150M yet we are clapping for wiping of a whole N25B/ per month.
Currently, no bank is permitted to charge COT on govt. account so why collect charges on TSA, its against ethical standards.
The TSA is not expected only taxes and receivables, on the receivables like taxes and levies should be subjected to charges equivalent to the current COT regime of N 1/1000 (0.1%).
Alternatively, the commercial banks will be happy to manage the money / collection free just to enjoy the float. If the intention was to prevent losses then it has not solved the problem. Its a good intention but should be reviewed.

richidinho:
by appointing Jonathan as its Special representative, in what analysts see as an affirmation of the former President’s towering status as the moral face of democracy and transparent polling in Africa

meanwhile Obasanjo is running up and down looking for Boko Haram war Manual last i checked he was in Colombia

An undemocratic and greedy man who deployed all his energy and cunning to pepertuate himself in power through an obnoxious, unconstitutional and ignoble 3rd term project cannot be trusted with such serious matter of integrity. GEJ is an epitomy of civility, peace and integrity.

eightsin:
This people have been paid to protest. Oshomole remains the best edo state governor so far. How many protest did they embark on when Lucky Igbinadion?

Oshomole thought them how to protest against lies and failed government. Igbinedion did not. He who comes to equity should do so with his hands clean. Since he told his citizen "go and die'', I knew he was no longer the comrade for social justice.

Any tribunal ruling on saturday is a response to body language of tyrany.

Any tribunal ruling on Saturday is suspicious and teleguided by a remote 'body language'

You mean Buhari said Abacha is not corrupt?

This is shocking if true, if true then PMB has his personal definition for corruption, not what we all think.

Firefire:
[size=14pt]Buhary and APC purported fight against corruption is farce. [/size]

We don't believe all these cat and mouse stories.

[quote author=TonyeBarcanista post=39618514]Dark days that was perpetrated by who please?[/quote

Buhari, Obasan, IBB, TY Danjuma, Abdulsalami... all in APC now or pro Halliburton

This is mind boggling. A country that is burdened by mutual suspicion is actually not a nation.
The bitter part of it is that some of the suspicion may be true.
The south suspects that the North sponsored BH to make GEJ's unable to deliver the goods and frustrate him out with the aid of some foreign collaborators.
The north suspect that Biafra is raising up its head again because they want to destabilize PMB.
Its very bad if any of this is true but why would the SS/SE want to retaliate BH with a non violent struggle?

Why is this ruling given on Saturday?

Please is this the same Ali Ndume that was standing trial on Boko Haram affairs or is it another?
That is defending the only ex-governor in the history of Nigeria that refused to hand offer to his successor?
That may not handover to his succeeding minister?

If PMB must be supported to fight corruption and defeat Boko Haram, then the likes of Shittu who refused or was scared to publicly condemn BH does not understand and cannot contribute to the focus of the government.

One form of corruption is aiding corruption , worse than that is shielding , condoning and preserving corruption. Electing to be deaf and dumb against monumental allegations and perception of corruption is a huge corruption. Therefore any anti corruption war that is desigbed to recognize the allegations against Diezani in the oil and gas industry but rejects the facts and proofs (more than allegations) of Abacha loots and Halliburton scandal in the same industry is a scam , suspiciuos, treacherous and the worst form of corruption ever.