₦airaland Forum

SUSPENDED House Committee on Fuel Subsidy Regime chair Farouk Lawan kept another date with the police yesterday.
Lawan got more questions on the $620,000 bribe allegation hurled at him by businessman Mr. Femi Otedola, who said he hand him the cash to get his company’s name off the list of those indicted in the subsidy probe.
Lawan and the Clerk of the committee, Mr. Boniface Emenalo, got more questions from the Commissioner of Police in charge of the Force CID, Mr. Ali Amodu, following a letter from the government prosecutor, Chief Adegboyega Awomolo (SAN).
The two suspects will report at the FCID today to answer the questions in writing after taking the oath to be truthful.
But the police have also decided to re-invite Otedola and the Chairman of the House Committee on Financial Crimes, Drugs and Narcotics, Mr. Adam Jagaba, who Lawan claimed to have given the $600,000 bribe for transmission to the anti-graft agency, EFCC.
It was learnt that the police may probe Jagaba’s medical records as part of their search for the bribe cash.
Lawan and Emenalo reported at the FCID as part of their bail bond, but the situation took a new turn as the police placed them on additional investigation.
It was learnt that the two suspects were told that they had to go through another round of additional investigation at the prompting of the government prosecutor.
A source said: “When the two suspects (Lawan and Emenalo) reported at the FCID, they were served questions by the CP. But Lawan queried why the police will subject them to investigation after recommending them for trial.
“Lawan alleged that since the police had made up their mind that they had a case to answer, they should just go ahead with their arraignment in court.
“But the CP took time to explain that the additional investigation was at the prompting of the government prosecutor.”
The source quoted Lawan as saying: “Let us take the questions home to study, we will come and make statements on oath or under caution later.”
According to the source, “Lawan and Emenalo were served with the questions and directed to report on Thursday for interrogation and writing of statements under caution.”
Responding to a question, the source said: “Certainly, we will re-invite Otedola and Jagaba.
“Jagaba’s case is peculiar because Lawan said he met him at about 3.47am and handed over $500,000 out of the $620,000 to him. But Jagaba said he could not have met Lawan at 3am because of his health challenge as a result of which he sleeps by 10pm.
“Now, the police will probe the medical records and his medication to ascertain whether he has a life-threatening ailment as claimed.
“The real challenge is locating the whereabouts of the $620,000.”
The prosecutor, Chief Adegboyega (SAN), has written the police on what he is expecting on fresh angles to the case.
He, specifically, asked the Police to obtain a statement from the Chairman of the EFCC, Mr. Ibrahim Lamorde, as a follow-up to his letter on how Lawan approached him and ignored his advice for a sting operation by the anti-graft agency.
The prosecution team’s demands are as follows: “Police to obtain statement from each and every member of the House Ad Hoc Committee. They should make statement of their knowledge of the transactions and communication between Otedola and Farouk with regard to the $3m and if they have knowledge of wether $120,000 was given to the Secretary. When did they become aware?
“Whether they were a part of the House leadership meeting that made the Resolution not to display the money. Who brought the money and where was it as at 6th of June, and who took custody of it thereafter?
“The members will also say whether they were aware of reports to Jagaba and EFCC and if they were aware, when and how they became aware.
“Police to investigate the security guards at Jagaba’s house, especially the security man on duty on the 24th April 2012 (if there was any).
“Police to confirm medically and scientifically the ‘life time medication’ of Jagaba, the source, the duration of such medication. Check the correctness of the claim – Jagaba should not be believed without cross checking.
“Where is the $600,000 or $620,000? It must be established. Note the meeting of House Leadership, i.e. Deputy Speaker, Hon Bashiru Adamu and Hon Adams Jagaba – statement of each of them (Lawan’s statement of 14/06/2012).
“Confirm whether the House Leadership knew of the money with Jagaba as at 29th May. Confirm the serial number of the $100 bills obtained from Emenalo’s house. Whether it accords with that issued by SSS.
“Whether the $10,000 recovered from Lawan has the same serial numbers of the US dollar bills as those issued by the SSS to Mr. Femi Otedola.
“To obtain statements from the SSS operatives who conducted the sting operation. A statement should be obtained from Mr. Lamorde – in line with his letter of 4th July 2012. His letter is not a statement admissible in a court of law).
“To obtain CTC of the following documents: Hansard of the House sitting of 8th January 2012 (there should be terms of reference). Rules and procedure of the committee; The Hansard of the proceedings of the 18th and 24th April, 2012; The PPPRA subsidy scam from Mr. Femi Otedola; The letter of Mr. Otedola to SSS, dated 18th April, 2012; The register/serial number, copy of the SSS of $620,000 bills.”



http://www.osundefender.org/?p=37560

They can shove their aid up their ass.very soon africans won't do bussiness with morally decayed countries cos we have all the natural resourses.shio
t

When they where in position of power why didnt they search for oil then in the North.I thought they struck oil in sokoto?.bunch of greedy losers

Here is another source this Time a nigerian new paper Leadership news paper



Convention: Democrats Deny Giving Gold Card Invitation To Tinubu, Others
Sat, 08/09/2012 - 1:19pm | ABIODUN OLUWAROTIMI

United States President and the sole presidential candidate of the Democratic Party in the forthcoming US election, Mr. Barrack Obama did not personally or officially invite the national leader of the Action Congress of Nigeria {ACN}, Asiwaju Bola Ahmed Tinubu, or any other politician from Africa to attend the just concluded national convention of the Democrats in Charlotte, North Carolina, a top official of the Democratic Party told LEADERSHIP SUNDAY.
 
The official who prefered not to be mentioned, told our United States Bureau Chief in a telephone conversation that it was a mere speculation that President Barrack Obama personally sent a 'gold card invitation' to Senator Bola Tinubu and some politicians across the African continent in order for them to attend the convention which ended on Thursday.
 
He also added that the likes of Bola Tinubu were automatically qualified to attend the National Convention of the Democrats because they had donated more than 5,000 US Dollars to the campaign organisation of President Barrack Obama who will fly the flag of the party in the November 2012 presidential election in the United States.
 
He further said that the invitation that Asiwaju Bola Tinubu used to attend the convention was the normal generic one sent out to all donors by the Barrack Obama campaign organisation, stressing that the US president will soon react on the rumour making the round that he had adopted the leadership style of a particular political party in Nigeria, a reason he reportedly invited Bola Tinubu on the rumoured gold card invitation to attend the convention.
 
"The United States government will never allow itself to be dragged into local politics of any region or country. Several politicians from other parties in Nigeria also attended the Democrats' convention in Charlotte with the same kind of invitation got by Mr. Tinubu because they had donated the required funds to the Obama campaign team. None of them, including Mr. Tinubu was given a special treatment during the convention. President Barrack Obama did not privately meet with any of them to discuss the local politics in their country, so the issue of special interest or preference did not arise" the source noted.
 
The official also debunked the newspaper publications in Nigeria that the US President actually invited Bola Tinubu to attend the convention of the Democrats in his capacity as the leader of opposition party in Nigeria and in order to show the total loyalty of the US government to his party in Nigeria..
 
It would be recalled that some newspapers had early last week reported that US President, Mr. Barrack Obama, had personally extended “a gold card invitation” to the Chieftain and national leader of the Action Congress of Nigeria {ACN}, Asiwaju Bola Tinubu in order for him to attend the Democratic Party national convention in Charlotte, North Carolina.
 
It was also claimed by the ACN leader's media aides that the Democratic Party indeed invited him to attend its just concluded national convention because of his position as the leader of the opposition in Nigeria.
 
One of his media aide, Mr. Sunday Dare was quoted in some newspapers reports as saying:  “Tinubu  will be at the ring side as the Democratic Party conduct activities that will culminate in the nomination of President Barrack Obama as its candidate for the November 2012 Presidential elections in the USA.”
 
“Tinubu receives a gold card invitation which is prime and with this, he will be joined by three other eminent personalities – Governor Kayode Fayemi of Ekiti state, Speaker Lagos state House of Assembly Adeyemi Ikuforiji and former Commissioner for 
Information and Strategy in Lagos state, Mr Dele Alake.” 

http://www.leadership.ng/nga/articles/34460/2012/09/08/convention_democrats_deny_giving_gold_card_invitation_tinubu_others.html

cantell: Smh. Anyone who attacks Tinubu in this forum is likely from a particular ethnic group and doing that out of hatred.
You should hear yourself talk.

that is how Ʊ knw the gullible and brainwashed ass lickers among the ACN and tinubu supporters here in the SW

seanet01: Walahi awon to nie oni jere e. Sango lo ma pae. Why did your pdp paymasters not pay the 5k and see if ediooots like them will be invited.. Oloriburuku akosii ba eero..

ode ogun lo ma pae ati gbogbo abule e.bigorted fool so am no longer ibo am now a pdp member!,just like the oloriburuku omo ale that Ʊ Worship ur day are numbered in the SW cause a lot of the people are wiser that Ʊ and ur lying and deceiptive party can imagine.why would any party waste public tax to go and become a spectator and a cheer leader in a party convention and lied that he was given a Gold card!.well I hope he learnt a thing or two about internal democracy which his 419 party lacks.ode alakori

seanet01: stupidity coupled with ignorance can be devastating.. You ibos refuse to learn. Tinubu was invited isn't it? one day you ibos will wake up and accusse Asiwaju of being the cause of oju-iku's death. Ibo the bingos

oloshi olori buruku! So anybody that says the truth about the 419, deceptive, lying hypocritical party is ibo?.ode alakori oshi.I guess Ʊ are one of the gullible agberos that is under the spell of the conman called tinubu! Is people like Ʊ that make the other tribes look at us as gullible people who has been brainwashed by this monkey that feels the sw belongs to him.stop bigotry and tell us why Ʊr emperor conman lied that he was givena GOLD CARD by obama.ode

Fresh facts have emerged that Leader of the Action Congress of
Nigeria, Bola Tinubu, paid $5000 to obtain the generic invitation
from the Democratic Party campaign office, but claimed he was
personally invited to attend by President Barack Obama as leader
of Nigeria opposition.

Obama, it has been revealed,  did not personally extend what has
been dubbed  by Tinubu “a gold card invitation” to him to attend
the Democratic party convention in Charlotte, North Carolina.
contrary to claims by him and his aides.

This is not the first time Tinubu has been enmeshed in controversy
bothering on false claims. The controversy surrounding his
academic qualifications,  his claim of being a Certified Public
Accountant, and discrepancy in his age records are still fresh in
memory.

According to investigations by reporters of  a United States based
online medium, Sharpedgenews.com, the invite received by
Tinubu was a generic kind sent out to donors by the campaign
organization.

The medium which is attending  the convention, also revealed that
the DNC denied ever inviting Tinubu on any official capacity as the
“ leader of opposition” in Nigeria
The media team of   Tinubu  had claimed that he  was invited to
the Democratic National Convention in his right as the leader of
the opposition in Nigeria.

According to his media aide Sunday Dare “ Tinubu  will be at the
ring side as the Democratic Party conduct activities that will
culminate in the nomination of President Barrack Obama as its
candidate for the November 2012 Presidential elections in the
USA.”

“Tinubu receives a gold card invitation which is prime and with this,
he will be joined by three other eminent personalities – Governor
Kayode Fayemi of Ekiti state, Speaker Lagos state House of
Assembly Adeyemi Ikuforiji and former Commissioner for
Information and Strategy in Lagos state, Mr Dele Alake.” His
statement added

DNC sources irked by the suggestive news reports which is being
interpreted that Barack Obama may have extended a preferential
invitation to Mr. Tinubu in spite of similar politicians in his native
country of Nigeria, said that such notion was further from reality as
was claimed by  the ACN leader

The DNC source explained  that the invite that was given to Tinubu
was a generic type that similarly went to whoever donated more
than $5,000 to the Obama campaign.

“The invitation card sent  to Tinubu, the former senator from
Nigeria, was generic and it generally goes from the campaign
organization and not personally from President Obama,” the highly
placed source explained under condition of anonymity.

The source said that it would be difficult for anyone to implicate
Obama in attempts at foisting a preferred leadership on Nigeria or
Africa as that would negate the philosophy of Washington’s new
international engagement.

“Nigerians are capable of determining its destiny,” said the source.

The source said that politicians are free to strategize, while
explaining that “it is immoral to deceive anyone that we are who we
are not.”

“This gentleman is not like your popular national icon,
businessman Moshood Abiola, who was well-grounded and at
home with many people in government and private sector.
Americans don’t want to be dragged into the affairs of any country
through personal preferences. The man probably did what he had
to do in order to gain access to the convention ground.” The
source said

Hahahahahahahaha GOLD CARD invitation indeed .ACN 419!!!!.tinubu and his gullible followers should come and shed more light on his so called Gold card invitation.he can only succeed in deceiving his agbero supporters.

By Chineme Okafor and Ike Abonyi

The Federal Government has moved some steps further in its bid to enthrone transparency in the management and disbursement of subsidy payment to oil marketing and trading companies involved in importation of petroleum products into the country.

The move culminating in a meeting with major marketers was also aimed at averting rumoured shortfall in importation and supply of petrol by companies that are within the Petroleum Support Fund (PSF) scheme.

The government delegation led by Coordinating Minister of the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, Friday in Abuja met with members of the Major Oil Marketers Association of Nigeria (MOMAN) to evolve sustainable means of managing importation of petrol and disbursement of subsidy claims to verified marketers.

Issues such as proactive and transparent means of subsidy payments in the 2012 fiscal year as well as swift conclusion of ongoing audit of marketers’ subsidy claims, featured prominently at the meeting which also had Mr. Aigboje Aig-Imoukhuede, Managing Director and Chief Executive Officer of Access Bank Plc, who had chaired the Presidential Task Force that audited and verified subsidy claims of marketers in the 2011 fiscal year, as well as top officials of MOMAN member companies.

The meeting, it was learnt, gave both parties an opportunity to extract firm commitments with regard to smooth management of issues related to importation and supply of petrol into the country and subsequent payment of subsidy claims.

Also Friday, the Economic and Financial Crimes Commission (EFCC) declared three oil marketers indicted in the multi-billion naira fuel subsidy scam wanted. The oil marketers said to be on the run include Abdul Afeez Olarenwaju Olabisi of Fargo Petroleum and Gas Limited, Abubakar Peters Ali Jeldi, managing director of Nadabo Energy Limited and Ikechukwu Onuabuchi Nworgu of Star Inspection Services Nigeria Limited.

A statement issued by the commission’s spokesman, Wilson Uwujaren, said the three are wanted for offences relating to criminal conspiracy, forgery, obtaining money by false pretences and money laundering running into several billions of naira.

The statement added that the marketers obtained the money as subsidy payments from the Petroleum Support Fund under false pretence, and fled in the wake of the commission’s investigation of the subsidy regime.

The Commission urged anyone with information with regard to their whereabouts to contact its Enugu, Kano, Lagos, Gombe, Port Harcourt and Abuja offices or the nearest police station.

MOMAN with such members as Conoil, Forte Oil, Mobil, MRS, Oando and Total is a key stakeholder in the marketing and distribution of petroleum products in the country. Its members are reputed to have extensive storage and distribution capacity and have also invested massively in retail distribution infrastructure and assets nationwide, thus ensuring adequate petroleum products supply to all parts of Nigeria.

A larger chunk of petrol consumed in Nigeria is imported by MOMAN, the Nigerian National Petroleum Corporation (NNPC), Depot and Petroleum Products Marketers Association (DAPPMA), and other independent marketers under permits issued by Petroleum Products Pricing Regulatory Agency (PPPRA).

Upon the publication of a list of indicted marketers that had abused the subsidy scheme under the PSF, the association absolved its members of any complicity in the criminal act, adding that they have always advocated transparency and accountability in the whole process.

However, in her remarks shortly after the meeting, Okonjo-Iweala disclosed that the government had invited members of MOMAN to explore better ways of pushing through measures it had initiated to ensure accountability in the PSF scheme.

She explained that the meeting had become necessary in view of rumours that government was broke and unable to fulfil its obligation to genuine marketers. This, she said, had spawned panic purchase of petroleum products by the public, resulting in the emergence of queues in filling stations.

“I just want to state very clearly here that we had a very good and constructive conversation on how to manage issues of payment of subsidy claims going forward in 2012 year. I think that with this kind of discussion we had today, it will be good for the marketers to speak to Nigerians.

“What is the background? The background is against what is reported in the news about availability of fuel in the country and government’s obligation and so we got round the table with the marketers on the way forward,” Okonjo-Iweala said.

She added that: “As we said before, we are paying the major marketers and will continue to pay as long as we are able to verify their claims. Efforts are being expedited to make sure that there are no undue delays and marketers who make it through this process are paid the monies that are due them.”

Also corroborating the minister’s statement, the Chief Executive Officer of Oando Marketing Company, Mr. Yomi Awobokun, stated that the verification exercise had started with Oando and would move to other marketers as scheduled, adding that they are fully committed towards ensuring an uninterrupted supply of petrol across the country.

“The exercise has commenced with us; it is a thorough one and we are clear about their mandate which is against the backdrop of what has happened in the industry. We fully support the exercise to ensure that there are clear terms in the payment of subsidy.

“The minister has given us comfort that the government isn’t broke and we expect that the verification exercise will be concluded soon. We are doing everything to ensure that distribution continues unhindered; we have given the minister that commitment because the NNPC has also been very supportive.”

According to Awobokun, “From next week, I expect that queues that we have today will reduce and hopefully all this will be a tale. There are still efforts required from both sides to ensure that we don’t have these kinds of queues going forward and next year, as a matter of fact, we are confident that by this time in December we won’t be talking about such situation and that is what the ongoing process if geared to achieve.”



http://www.thisdaylive.com/articles/subsidy-payment-fg-oil-marketers-meet-to-stem-abuse/124393/

By Chuks Okocha
                                 
The Arewa Consultative Forum has again called on the extremist Islamic sect, Boko Haram to lay down its arms, adopt dialogue and stop all violent activities.

The apex northern group also commended the efforts of the federal government to dialogue with the militants, while lampooning "those questioning Nigeria’s status as one united country."

According to a communiqué issued Friday in Abuja following a Board of Trustees meeting chaired by Lt. Gen. Jeremiah Useni and a National Executive Committee meeting chaired by Alhaji Aliko Mohammed, ACF also chided the Boko Haram sect and declared that "enough is enough."

The ACF statement signed by its spokesperson, Anthony Sani, said both meetings considered "the security challenges of the Boko Haram sect; ethno-religious crises in some states of the North and the spate of kidnappings and communal clashes across the South-East."

The meetings also examined "the widespread armed robberies in the South-West; and the militant activities and oil bunkering in the South-South."

The ACF also expressed appreciation with the efforts of northern state governors in setting up panels to help find lasting solution to the country’s security challenges and called on Nigerians to support government’s action.

The ACF also said it considered the expressions of ethnic nationalism as manifested by recent declaration of autonomy and hoisting of flags and anthems by some groups as unhelpful.

It noted that "actions which promote cleavages along ethnic and religious lines are unlikely to inspire national solidarity that must go with our relative pluralism."

The ACF also praised the actions of religious leaders whom it said took it upon themselves to promote tolerance between faiths through interdenominational breaking of fast "as hosted by Archbishop John Onaiyekan in Abuja; Archbishop Kaigama in Jos and many others who stood guard at places of worship while members of the opposite religion prayed."

It therefore called on all religious, political as well as community leaders to follow suit for collective good.

On the debate relating to the review of the constitution, the ACF objected to the concern expressed by the presidency: "It was the considered view of the meetings that, given the fact that progress comes from change through robust debates, and the fact that democracy is a contest of ideas and reasons, the debates should continue provided it is conducted with decorum and sense of patriotism."

The meetings also expressed concern about "the current state of affairs in the New Nigerian Development Company" and urged Northern state governments to look into it."

http://www.thisdaylive.com/articles/enough-is-enough-acf-tells-boko-haram/124390/

very goood move DR.Okupe extend it to ACN and liar mohammed

By Akinwale Akintunde 

The Senior Special Assistant to President Goodluck Jonathan on Public Affairs, Dr. Doyin Okupe has sued the Benue State Government over allegations of fraud made against him and his company, Value Trust Investment Limited by the government.

Okupe in the suit filed by his lawyer, Festus Keyamo at the Benue State High Court, Makurdi is seeking an order of the court, compelling the defendants to pay him N358, 762, 934.90, "being amount for work already completed pursuant to the contract entered between them."

The presidential adviser also wants the court to order the payment of interest on the sum at the rate of 21 per cent per annum from 18th of June, 2007 (when the amount became due to the Plaintiff) "till judgement is entered and subsequently at the rate of 10 per cent per annum till the sum is finally liquidated."

The SSA averred that the Benue State Government under the leadership of former governor, George Akume, in 2004 awarded a contract to Value Trust Investment Limited, for the construction of rural roads using a product known as Romix Soil Stabilizer.

He stated that the contract was duly executed in favour of his company on April 21, 2004.

Amongst other prayers, he also wants the court to declare that "the plaintiff is entitled to a review of the contract agreement dated 21st of April, 2004 (with all its subsequent amendments) from N2, 303, 561, 032.50 to N6, 634,  033, 255.50.

He also wants payment made for damages "in the sum of N5, 000, 000, 000.00 against the defendants and in favour of the plaintiff for breach of contract."

According to the suit, "The plaintiff avers that it applied to the defendant for approval to enable the plaintiff appoint additional sub-contractors."

On the 16th of December, 2006, "the plaintiff again applied to the defendant, for its approval to disengage the sub-contractors appointed by the defendants because the sub-contractors failed to meet the terms of the agreement, thereby causing delay in the execution of the contract."

The plaintiff further said that the defendants refused to approve the application as contained in the letter dated 16th December, 2006 "even though the main reason behind the plaintiff’s application was due to the delay and poor performance of work by the sub-contractors appointed for the plaintiff by the defendants."

The plaintiff said the refusal of the defendants was contained in a letter dated 9th January 2007.

It would be recalled that the Benue State Government had last month accused Okupe and his firm of not executing the road contract after collecting mobilisation fees.


http://www.thisdaylive.com/articles/okupe-sues-benue-over-alleged-contract-scam/124392/

L♥√ع him or hate him his getting it right! If our past leaders took these steps this administration is embarking on to tranform the power sector while in power nigeria would have had no bussiness with power shortage

jmaine: It's only a fool who thinks Fixing the power sector won't jump start the economy immensely Or do we need to spell that out to seeming dull brains

I also liken the clamor of state policing to those clamoring the usage of nuclear power plant to generate electricity . . .We are simply not politically and culturally mature for that yet . . .

The EFCC has commenced prosecution of the fuel subsidy scam offenders . .A stain on those who felt and vowed nothing of such will happen . . .Can remember vividly when you all spammed the board with article citing why the fuel subsidy prosecution won't proceed . .Ain't you supposed to be ashamed . .

You all appeared very silly after Okonjo clarified her true opposition on her budget implementation claim . .

Under the scale of preference . .What Nigeria is in dire need of right now is power and security . .it takes only a fool to think otherwise


If GEJ fixes power and our security challenges . . .You will appear extremely foolish & silly not to appreciate it

don't mind them let them continue while their paymasters tap into GEJs tranformation agenda.their HERO TINUBU is busy tapping into power road map of the GEJ that he pays them to criticize

i Thought the opposition led by a certain TINUBU has been critizing the power road map of the GEJ administration!. Openly they scream that the government is clueless they are not working yet underground they get involved in the transformation agenda of the government!.since they say the government is a failure why are people like tinubu associating with failure?.they should have stayed away from this policy embarked upon by the government they termed as a failure so that those who believe in the hard work of this administartion to tranform this country, can have a Good chance of getting and running this PHCN assets!.I hope he and other haters of this administration dont get these assets so as not to use it as a political tool to sabotage this very well thought out policy concieved and implemented by the so called clueless president.

By Ejiofor Alike and Linda Eroke

Two former heads of state, retired Generals Ibrahim Babangida and Abdulsalami Abubakar, as well as former Governor of Lagos State and leader of the Action Congress of Nigeria (ACN), Senator Ahmed Bola Tinubu, are the promoters of some of the bidding consortiums contesting for the 18 companies unbundled from the Power Holding Company of Nigeria (PHCN), THISDAY investigations have revealed.

This is coming as the workers of the ailing power utility giant have called for the re-evaluation of bids for companies slated for privatisation.

Also topping the list of promoters is an oil magnate, Sir Emeka Offor; business mogul, retired Colonel Sani Bello; as well as allies of Vice-President Namadi Sambo.

North South Power Company Limited, which is believed to be promoted by Babangida, passed the technical evaluation for the Shiroro Power Station and would participate in the financial bid stage.

North South Power Company was the only consortium that submitted bids for Shiroro, while Dangote Power and Super Tech belonging to business mogul, Aliko Dangote and Professor Jerry Gana, respectively, submitted late bids and were automatically disqualified.

Integrated Electric Nigeria Limited, promoted by retired General Abubakar as chairman, Mr. Tunde Ayeni and Dr. Shola Ayandele, is contesting with other bidders for Eko, Ibadan and Yola Distribution Companies.

However, the chances of the company’s bids for Eko and Ibadan Discos are slim due to the presence of Oando Gas and Power, Lagos State Government, Tinubu and Honeywell in the contest.

THISDAY learnt that Integrated Electric has however passed the technical evaluation for Yola Disco, which is awaiting the approval of the National Council on Privatisation (NCP).

For Ibadan Disco, Integrated Electric will compete against Western Consortium, promoted by Oando Power and Tinubu. Integrated Electric and Western Consortium are believed to have passed the technical bid stage for Ibadan Distribution Company, which is awaiting NCP’s approval.

Mainstream Energy Solutions Limited, supported by Bello, passed the technical evaluation for Kainji Power Station and is set to participate in the financial bid.

It also submitted a bid for Jebba Power Station but it is not yet clear if any of the bidders for Jebba was successful, as there was no announcement made by the NCP on the status of the technical bids submitted for the hydro power station.

The Oando Consortium, believed to be promoted by Oando Gas and Power, Lagos State Government and Tinubu, is battling with other bidders for Eko and Ikeja Distribution Companies.

Also in the race for Eko and Ikeja Discos are: Ampiron Power Distribution Limitedand Honeywell Consortium, promoted by Mr. Oba Otudeko.

The Lagos State Government, it was gathered, decided to hedge its bets by also submitting a bid alongside the Honeywell Consortium, as it is bent on acquiring a stake in the two Lagos-based distribution assets.

The state government has made it abundantly clear that whoever wins Eko and Ikeja Discos would have to deal with it owing to its massive investment in distribution infrastructure and rural electrification projects over the years.

Meanwhile, Offor’s Interstate Electric Nigeria Limited is slugging it out with several other bidders, which include Eastern Electric Nigeria Limited for Enugu Distribution Company.

THISDAY gathered that there are 30 per cent unalloted shares in the Interstate Electric bid which was submitted to the Bureau of Public Enterprises, fuelling speculation that the shares may have been reserved for investors with the financial muscle to enhance Interstate’s bid for Enugu Disco.

Eastern Electric, on the other hand, is backed by Time Power Global Dynamics, believed to be sponsored by Ernest Azudialu’s Nestoil; Nifex Limited; Aba Power and Geometric Power Limited, which belongs to the former Minister of Power, Prof. Bart Nnaji; and the governments of Abia, Anambra, Enugu and Ebonyi States.

It is believed that the refusal by the Imo State Government to bid under any consortium stemmed from Governor Rochas Okorocha’s close relationship with Offor.

In the case of Port Harcourt Distribution Company, Four Power Consortium, promoted by the governments of Rivers, Cross River, Akwa Ibom, Bayelsa States and other private sector bidders, is contesting against Rockson Engineering, promoted by the owner of Arik Air, Sir Joseph Arumemi-Johnson.

Southern Electric Distribution Company, which submitted bids for Benin Distribution Company, indicated that it has the commitment of the government of Delta State, while Rockson Engineering indicated that it has a similar commitment from the Edo State Government.

A top member of the NCP is believed to be behind Skipper Nigeria Limited, which is bidding for Kaduna Distribution Company against NAHCO Energy and Power Limited.

However, none of these bidders was successful, compelling the BPE to come up with three fresh options, which it intends to submit to NCP, on how to handle the failed bids for Kaduna Disco.

The first option is to re-advertise the company to harvest a new batch of expressions of interest from prospective investors; the second option is to allow those that submitted late technical and financial bids and were rejected by the BPE to submit their bids; while the third is to invite other bidders that lost out at the financial bid stage to submit fresh bids for Kaduna Disco.

Skipper Nigeria Limited is however believed to have passed the technical re-evaluation conducted by a new committee set up by the NCP for Afam Power Station, but is subject to NCP's approval. Skipper had slugged it out with NPG Consortium and Primeniza Energy Limited.

The reconstituted evaluation team comprised officials from the Ministries of Works and Power, Infrastructure Regulatory Concession Commission and Bureau of Public Procurement.

Sahelian Energy, which was pre-qualified for Kano Distribution Company, is promoted by Alhaji Yusuf, a ministerial nominee of Vice-President Sambo, who did not pass the security screening.

However, Kepco Consortium, promoted by Sahara Energy, is still in negotiations with the BPE for the takeover of Egbin Power Station, subject to NCP and the Federal Government's approval.

State governments such as Lagos, the four South-east and four South-south states are believed to have joined various consortiums after they were encouraged by the BPE to submit bids for the distribution assets.

Under the privatisation programme, the state governments are automatically entitled to two per cent but can get a maximum of eight per cent through the bidding consortiums due to their ownership of the right of way in their states and their massive investment in the distribution and rural electrification network.

THISDAY gathered that another reason the states were encouraged to participate in the process stemmed from the difficulty in carving out the distribution network and delineating boundaries in the immediate term, but this could happen in the future as the market structure evolves.

Also, there were concerns that it will be difficult to place a value on the investment by the states in distribution and rural electrification infrastructure, thus necessitating that they bid for the distribution assets through the privatisation process.

Meanwhile, electricity workers under the aegis of the National Union of Electricity Employees (NUEE) have called for the re-evaluation on the grounds that Nnaji’s resignation implied that there might have been some undue influence in the overall management of the privatisation process.

In a letter to Sambo who doubles as the Chairman of NCP, the union also requested the report of the valuation of PHCN which puts the assets and liabilities of the corporation at N200 billion.

It stated that the valuation of a company like PHCN should be transparently done with active participation of all stakeholders.

The letter signed by the General Secretary of the union, Comrade Joe Ajaero, advised that persons who are politically vulnerable should not be allowed to participate in the privatisation exercise.

“To us it is altruism that the undue influence issue might not have been restricted to Afam Power Plant and Enugu Electricity Distribution Zone of PHCN alone, we believe the whole process has been grossly infested by the menace.

“With all sense of patriotism, we demand also for the report of the valuation of PHCN assets and liabilities that actually came up with the current value of PHCN put at N200 billion only.

“The valuation of a company like PHCN should be transparently done with active participation of all stakeholders.

“We believe that this is the only way credibility and transparency would be seen to have returned to the whole privatisation process. This will enhance investors’ confidence and those of the international community,” the union stated.




http://www.thisdaylive.com/articles/ibb-abdulsalami-tinubu-lead-battle-for-phcn-assets/124309/

By Chika Amanze-Nwachuku and Akinwale Akintunde

As the Lagos State High Court resumes from its annual vacation, the Economic and Financial Crimes Commission (EFCC) will from next week commence the arraignment of more directors of oil marketing and trading companies (OM&Ts), THISDAY has learnt.

The courts had on July 16, 2012 gone on recess, necessitating the suspension of arraignment of more directors and their companies, irrespective of the ones earlier arraigned.

Confirming the development Wednesday, an EFCC source said that the commission was putting the finishing touches to their case files for possible arraignment starting next week.

The EFCC had arraigned some directors and oil marketing companies before Justices Habeeb Abiru and Adeniyi Onigbanjo of the Ikeja High Court charging them with conspiracy, obtaining money under false pretence, forgery and use of false documents.

Those arraigned before Justice Abiru on four to nine-count charges were Abdulahi Alao, Adaoha Ugo-Ngadi, Fakuade Babafemi Ebenezer, Ezekiel Olaleye Ejidele and Ontario Oil and Gas Nigeria Limited. They were all however released on bail after meeting their bail conditions.

Also arraigned before Justice Onigbanjo in separate cases and were later released after meeting their bail conditions are Mahmud Tukur, son of Peoples Democratic Party (PDP) National Chairman, Alhaji Bamanga Tukur; Ochonogor Alex; Abdullahi Alao, son of a prominent businessman, Alhaji Abdulazeez Arikesola-Alao; and Eterna Oil and Gas Plc in the first case.

Also, Nasaman Oil Services; Mamman Nasir Ali, son of former PDP National Chairman, Dr. Ahmadu Ali; and Christian Taylor were arraigned in the second case.

Other marketers that were arraigned included Oluwaseun Ogunbambo, Habila Theck and Fargo Energy Limited.

Meanwhile as the EFCC steps up efforts to prosecute marketers suspected to have defrauded the fuel subsidy scheme, the Presidential Committee on Verification and Reconciliation of Fuel Subsidy Payments headed by the Managing Director/Chief Executive Officer of Access Bank Plc, Mr. Aigboje Aig Imoukhede, has appointed the audit firm, Ernst & Young, to assist it to verify the shore tank certificates submitted by oil marketers.

According to Ministry of Finance sources, Ernst & Young will assist the committee verify and reconcile several of the outstanding claims being made by oil marketers.

The sources explained that although payments are being made to marketers with no issues against their names, those with discrepancies and those that have been indicted by the committee would have to have their documents verified by the auditor before payments can be made.

Among the oil marketers that the ministry listed as having received payments are: Integrated Oil and Gas Limited; Masters Energy Oil and Gas Limited; Mobil Oil Nigeria Plc; MRS Oil and Gas Limited; NIPCO Plc; Oando Plc; and Total Nigeria Plc.

They are among the 24 companies that were paid a total of N78.9 billion as their 2012 subsidy claims.

Capital Oil and Gas Limited; Ceoti Limited; Eterna Oil and Gas Plc; Forte Oil Plc; Heyden Petroleum Limited; Integrated Oil and Gas Limited; MRS Oil and Gas Company Limited; MRS Oil Nigeria Plc; and Pinnacle Contractors Limited are among the 79 companies that were paid arrears of 2011 subsidy claims in 2012.

One of the major infractions that was uncovered by the Imoukhede-led committee was subsidy payments made by the Federal Government without the signature of external auditors and independent inspectors of shore tank certificates.

The guidelines for the Petroleum Support Fund (PSF) provides that the volume of products for which subsidy is paid should be based on duly signed shore tank certificates.


http://www.thisdaylive.com/articles/subsidy-scam-efcc-to-arraign-more-marketers-next-week/124196/

Businesstools: The coup was a measure to curb the high level of corruption that took place during the Shagari regime.Can Solomon Lar also enlighten us whether or not the corruption was as a result of ignorance?

according to these objectives you mentioned, did the coup staged by buhari and his gang of armed robbers(ibb,abacha that carried out the coup) achieve this your stated objectives?.instead they institutionalized corruption and destroyed all the gain's that the people would have beeen enjoying if the life of that democratic dispensation was not cut short by buhari and his greedy karki robbers and looters.imagine how far we would have gone by now as a country.it is on record that buhari,ibb and abacha's regime did not build a single power plant throughout the duration of their tenures,instead they were busy creating irrelevant ministries and government parastatals for their friends,girlfriends and family members to share the national cake through their selfish decrees.

The federal government will not stop the trial of some of the oil marketers indicted by the Aig-Imoukhuede Committee set up to investigate fuel subsidy claims by the marketers currently standing trial in the Lagos High Court in Ikeja, Lagos.

There are speculations that the federal government, through the attorney-general of the federation and  minister of justice, Mr. Mohammed Bello Adoke (SAN), may stop the last four oil marketers the Aig-Imoukhuede Committee added to the list of indicted marketers, as their names are yet to be forwarded to the commission for arraignment. It is believed they have friends in high places.

The four oil marketers - Top Oil and Gas Development Company Limited, Tonique Oil Services, Sifax Oil and Gas Company and Pinnacle Contractors Ltd - have allegedly defrauded the nation to the tune of N7.73 billion

But the EFCC prosecutor, Mr Rotimi Jacobs (SAN), and the EFCC’s head of media & publicity, Wilson Uwujaren, had, in a separate interviews with LEADERSHIP, said the federal government had no plan to discontinue with the trial of any of the 25 oil marketing companies so far indicted by the Aig-Imoukhuede committee. “The federal government cannot, in the face of the gravity of indictment leveled against the oil marketers, turn around to stop their trial,” Jacobs said, contending that the trial was only adjourned until the courts, currently on holiday, resume in a week or two.

On the application of plea bargain concept or negotiating to pay back the loot, Jacobs said such must still pass through the court for adjudication.

“Do you know what nolle prosecui means? It means “stop the trial”. How do you expect the federal government to stop the trial of any of these oil marketers with the weight of evidence proffered against them in the Aig-Imoukhuede committee’s report?,” he asked.

Uwujaren said: “None of the 25 oil marketers already indicted by the Aig-Imoukhuede committee would be left out. The courts have only adjourned to later dates for continuation of their trials. You need to wait till these dates to see if the federal government had stopped their trials.’’. 

Abuja-based lawyer Alasa Ismaila  recalled that during ex-president Olusegun Obasanjo’s tenure, such matters were treated as the PDP’s family affair. “Besides, the AGF Adoke had, as at February 2011, granted administrative reprieve or nolle prosequi to several multinational companies and individuals such as Halliburton, Siemens and Julius Berger  over their trials for bribing our public officials in order to obtain or retain business in Nigeria. This was on the pretext that our corporate criminal liability law is inadequate to deal with these multinational companies,” Alasa said.


http://www.leadership.ng/nga/articles/34330/2012/09/06/fg_insists_trying_indicted_oil_marketers.html

The Federal Executive Council (FEC) on Wednesday approved contract for the reconstruction of phase lll of the Benin-Ofosu-Ore-Ajebandele-Shagamu expressway.

Minister of Works Mike Onolememen disclosed this after the FEC meeting presided over by President Goodluck Jonathan at the State House.

Onolememen said the contract was awarded in favour of Messrs RCC Nigeria Ltd, for N65.2 billion, with completion period of 36 months.

He said the phase was in dire need of reconstruction and that the reconstruction of phases one and two earlier awarded were nearing completion and would be handed over soon.

The minister said government was committed to the completion of the project in order to improve the socio-economic activities of the area as well as reduce vehicle operating costs, travel time and accidents on the road.

He refuted media report that the government had cancelled the concession with Bi-Courtney Plc on the reconstruction of the Lagos-Ibadan Expressway.

``That report is news to me. It is a rumour making the rounds. I am oblivious of that information.

``What I can say is that the Federal Government through the Ministry of Work is determined to ensure full rehabilitation of the road.

``It is a task that we must deliver. We are engaging the concessionaires and the engagement is still on.’’

Onolememen gave assurance that as soon as the rains were over, the jobs would be done.

``We are committed to doing that. Once the final action plans are raised, we will let Nigerians know.’’

The News Agency of Nigeria (NAN) reports that the council also approved N13 billion contracts for infrastructure development in the FCT.

The Minister of State for FCT, Mrs Olajumoke Akinjide, said FEC approved N10.9 billion contract for the construction of the Southern Parkway in the territory.

She said that N2.84 billion contract was also approved for the provision of infrastructure at Apo Estate layout in the territory.

Akinjide explained that the Southern Parkway project was part of the efforts to reduce the heavy traffic being experienced in the city.

Akinjide said government was concerned about the poor infrastructure in the satellite towns around the FCT and that decisive steps were being taken to address the shortage,

She said the development of the satellite towns would come under the national priority project in order to address the challenges of fund allocation.

The Minister also said that the FCT administration would improve on revenue generation and channel accruals to the development of the satellite towns.

Also speaking, Minister of Information Labaran Maku said FEC ratified the President's anticipatory approval for the Sagbama erosion control rehabilitation works in Bayelsa State.

He said the N1.501 billion contract was awarded in favour of Messrs Nigerian Westminister Dredging and Marine limited, with completion period of 12 months.

Maku said that when completed the project would generate employment as well as impact positively on the informal sector of the economy.

He said the council also approved N120.23 billio n contract for the purchase of various search and rescue operation items for the National Emergency Management Agency (NEMA).

Maku said the rampant increase in the spate of disasters in the country had continued to stretch NEMA’s resources in terms of equipment and logistics. (NAN)



http://www.leadership.ng/nga/articles/34271/2012/09/05/fec_approves_contracts_reconstruction_phase_lll_beninshagamu_road_others.html

The Federal Government on Wednesday lifted the suspension of the operating licence of Dana Airlines.

The Minister of Aviation, Princess Stella Oduah, announced the lifting of the suspension in a statement, signed by the Special Assistant to the Minister, Mr Joe Obi, in Abuja.

The statement said that the lifting of the suspension followed the Federal Government’s satisfaction with the air-worthiness of the airline's planes after a rigorous technical, operational and financial audit of the company.

``By this development, DANA Airlines is free to resume its normal commercial flight operations,” the statement said.

It added that government would continue to strengthen its oversight and regulatory functions to ensure that all airlines operating in the country adhered strictly to safety procedures as required by the Nigerian Civil Aviation Act.

The statement said that government would ensure that other relevant local and international regulations were followed to ensure and promote sustainable air safety.

The News Agency of Nigeria (NAN) reports that the operating licence of the airline was suspended, following the crash of its aircraft on June 3, in Lagos that kiled all 153 passengers on board .

Mr Kayode Adeniran, the Station Manager of DANA Air at the Nnamdi Azikiwe International Airport, Abuja, told NAN in a telephone interview that the development was welcome.

He said that the airline would ensure that all regulations were followed strictly. (NAN)



http://www.leadership.ng/nga/articles/34270/2012/09/05/breaking_news_fg_lifts_ban_dana_airlines.html

Attorney-General of the Federation Mohammed Adoke said that the Federal Government had disbursed more than N2 billion to communities affected in the border dispute in the Bakassi Peninsula.

Adoke said this in an interview with the News Agency of Nigeria (NAN) in Yaounde, Cameroon, on the sideline of the 29th session of Cameroon-Nigeria Mixed Commission.

 The Justice Minister said that the government was working hard to ensure that the affected communities were properly resettled.

``There is effort to resettle them and then there is also the UN effort at helping to resettle them effectively and that has been done; both government are working very hard.

 ``Nigeria had given over N2 billion for resettlement of the affected population and had decided or opted to go to the Nigerian side of the Bakassi.

 ``So the government is trying very effectively. We have the borders community agency that is there to faithfully ensure that the indigenes of Bakassi are well resettled.”

 He advised the affected communities to continue to be law abiding and have faith in Nigeria.

 “The communities should realise that government is responsible enough to choose whether to abandon or not to abandon them.’’

 He said both governments would continue to ensure security in Bakassi Peninsula and that the implementation of the cooperation agreement on trans-border security between the countries would enable them to quickly stamp out security threats along the 2000km expanse of the border.

 Adoke recalled that in 2002 the International Court of Justice (ICJ) gave a judgment awarding part of the peninsula to Cameroon.

 ``It has been a lot of misunderstanding in respect of that judgment. The judgment actually decided five issues whereby Cameroon won two and Nigeria won two and the both countries lost one, I mean on ground of state responsibility.

 ``But unfortunately due to the misrepresentation ongoing, it seems as if Nigerian has lost completely to Cameroon. That is not the situation it was a win-win situation for both countries.”

 He expressed the commitment of both countries to live peacefully “as brothers sharing common destiny”. 

 The attorney-general said the commission had not complained about lack of funds for the resettlement of the affected communities at the moment.

 According to him, the government will support the commission if it lacks the funds that will enable it to settle the affected communities.

 
http://www.leadership.ng/nga/articles/34267/2012/09/05/fg_disburses_n2bn_resettlement_package_bakassi_indigenes_minister.html

At least we know who the FG is paying and what project they are handling.can the publisher of this aticle tell us what his state and local govermnent area are doing with their own share of the subsidy?.

The Akwa Ibom State multi-billion naira gas plant project is now ready for commissioning before the end of the year.

The gas project which will boost power generation in Nigeria by 1,000 megawatts, is being executed by a consortium of private investors including Frontier Oil Limited, Gulf Energy Nigeria Limited and Septa Energy Nigeria Limited, in Esit Eket Local Government Area of Akwa Ibom State.

Chairman of Frontier Oil Limited, Chief Odoliyi Lolomari, who stated this in Uyo when he visited Governor Godswill Akpabio said the plant had the capacity to produce two million cubic feet of gas, adding that the 62 km gas pipeline from Esit-Eket area to Ibom Power Plant and Aluminium Smelter Company of Nigeria (ALSCON), will  also be ready by the end of the year.

The chairman described the plant as an important project and a major milestone in the life of Frontier Oil Limited.

Governor Godswill Akpabio, on his part, said that the project is strategic to the transformation agenda of President Goodluck Jonathan in the power sector.

“When the history of the gas project is written, it would be stated that it was done during the Akpabio administration. This is a practical step by the private sector to look into gas flaring. Akwa Ibom is proud to partner with you on this project,” he said.

“We will continue to encourage you. We will encourage every private industry, at least one in every local government area, to create employment opportunities for our children.

“We have set aside funds to encourage the private sector to establish industries. The oil and gas industry should also invest in other sectors, particularly the agro-allied industry.”

Also speaking, the Managing Director of Frontier Oil Limited, Dada Thomas, said that the company had made substantial progress in the ongoing development and construction of the Uquo Field gas plant.

He said the  project  would not only increase the generation of power  in Akwa Ibom State but also in other part of the country.

 http://www.leadership.ng/nga/articles/34208/2012/09/05/aibom_multibillion_naira_gas_project_ready_commissioning.html

The new N5,000 note just approved by President Goodluck Jonathan will end the use of  $100 notes now in vogue among looters, industrialist-businessman Atedo Peterside told journalists yesterday while supporting the introduction of the new currency.

The Central Bank’s proposal to launch the new note has met with widespread criticism from the general public as many feared  inflation and corruption as likely consequences. The president’s approval announced yesterday by minister of national planning Shamsudeen Usman in Abuja at the end of a meeting of the Economic Management Team (EMT) put paid to the controversy.

Mr Peterside, a member of the team, rose in defence of the introduction of the new currency by giving it a bizarre twist.

“Money is a store of value. All these thieves, rogues and vagabonds running around various states and all over the country when they steal money will want to keep it outside the banking system, so they need higher denomination notes,” he said.

“Right now they are using $100 notes all over Nigeria because they are the best store of value for them. If you give them a better store of value in Nigeria, they will move away from those dollars and move into our own currency as opposed to the use of $100 to hide their loot,” the businessman added.

Mr Atedo Peterside said if he were the CBN governor he would have preferred to introduce a N10,000 note instead of N5,000 “Right now the country is losing by importing massive US dollars to finance the activities of all these rogues because the US dollars offer the higher store of value for them and also by squandering resources to print large volumes of worthless notes.’’

In another twist to the issue, however national planning minister Shamsudeen Usman, who claimed to know nothing about the link between the new note and corruption, declared: “I think people alleged that part of that corruption is being done in dollars but a $100 is N16,000 and N5,000 will be $30; so which one is bigger to carry if you are doing corruption?”

He argued that the new note will not necessarily increase the level of corruption as “those doing corruption will probably find it too small’’.

Business mogul Alhaji Aliko Dangote argued that the introduction of the N5000 note had nothing to do with inflation. He  told State House correspondents after the Economic Management Team meeting, “I think it is even to protect the economy. The cost of printing is not anything different from the amount they are using in printing any other note. It is the same cost.”

The only difference is the design and the figure printed on them. Sometimes, minting the coins can even help. If I have a product which I am selling for N5 and I want to raise the price to N6, I won’t be able to do that. It is either I swallow the bullet and take it to N10 or I don’t increase it at all. “A lot of companies have not been able to increase their prices even though they are losing money.”

On the cost of printing the new note said to be at a cost of N40 billion, Dangote said last year the CBN spent N47billion to print currencies, it is not different at all,’’ he said.

Managing director of Access Bank Mr. Aig-Imoukhuede Aigbojie, who also lent his support, said the reactions by Nigerians were rather unfortunate.

He said, “I have tried to analyse the cause for these reactions. Legal tender and restructuring of currency are normal parts of the Central Bank’s functions. It is very rare for you to have a central bank that does not look at the issue of currency management and issue new notes from time to time based on the reality of the economy.

“In the case of Nigeria, our economy is such that a N5,000 note, which is in effect a $30 note, is not strange. The greatest argument I have heard about is causing of inflation; the other argument is that it will cost money to introduce the new note. There is no relationship between the issuance of higher legal tender and inflation. It is unfortunate that some have misled people into thinking that it will lead into higher inflation.’’

He also explained: You are introducing the N5000 note, you print less of N1000 and N500 notes. It is not going to add to the cost of printing. It is going to basically fall into your normal annual budget for printing. What you should also understand is that, with less notes in circulation, it is cheaper in the long run based on quantities ordered to print N5000 denomination than lower denominations.”

Peterside continued: “Right now, the country is losing in two ways: one, we are importing massive US dollars to finance the activities of all these rogues, because the US dollars offered the higher store of value for them and, two, we squander our resources printing large volumes of worthless notes.

“There is no inflationary impact that is voodoo economics. Let me tell you one thing: if you know that printing N5000 notes will create more inflation, why don’t you reduce the value of your notes and see whether you will not experience inflation in the process. This is simple logic.’’

National Planning, Dr. Usman disclosed to State House correspondents after a meeting of the Economic Management Team (EMT) that the endorsement of the N5000 note by the team followed  approval by President Goodluck Jonathan.

“Obviously, the discussion today was basically to endorse. The president had already approved; that is the only requirement by law. The CBN is to propose and Mr. President is to approve. And since Mr. President has approved, really what is important is to just explain. I personally had some concerns about the coins but, since some discussions with the CBN governor, he has actually clarified that even the media didn’t get it,’’ the minister said.

Arguing that the N5,000 note, contrary to public perception was not going to lead to higher inflation, Shamsudeen hinted that  CBN was going to explain to Nigerians that the coins will run concurrently with the naira notes they are replacing as a test-run for Nigerians to accept them first.

He said, “There is absolutely no link. I am an economist. I have been deputy governor, operations, of the Central Bank. In the last review of the introduction of N1000 note and the various coins I was deeply involved, it was my responsibility at the Central Bank. There is absolutely no link between inflation and the currency denomination.

On whether the N5000 note was at variance with the cashless policy, the minister explained: “It is not at variance. In most of the economies you look at, the Euro has the €500 note. If you go to the countries where Euro is in use, you will not get the €500 note in normal circulation. But it is used by the banks and a few other heavy cash users to store higher value. I have been in parts of the United States where you draw the $100 bill and give it to somebody and they start looking at it as if  it is something strange. They probably have not seen it before.”  He said that higher denominations are there to create higher value and will not be in the widest of circulation.

 

NLC, NACCIMA, others react

The proposed introduction of N5,000 denomination and currency restructuring exercise of the Central Bank of Nigeria (CBN) has continued to meet with stiff public resistance, as more groups and individuals kick against the implementation.

A civil society organisation, the Anti-Corruption Network, yesterday stormed the CBN head office in Abuja, protesting the proposed restructuring exercise, particularly the introduction of the N5,000 notes, and asked the Federal Government and the regulatory banking institution to stop forthwith arrangements on the exercise in view of what it termed the likely negative socio-economic impact on ordinary Nigerians.

Organised   private    sector    said    the introduction of N5, 000 notes in the planned restructuring of the nation’s currency, saying it will aid corruption.   Director General, Lagos Chamber of Commerce and Industry, Muda Yusuf in his comment said although the idea of restructuring the currency is a welcome development, “there is a flip side to the policy.”

The Nigeria Labour Congress (NLC) also described as unfortunate the fact the President Goodluck Jonathan would approve the proposed N5,000 note despite intervention by the House of Representatives to halt the process.

Mr. Bayo Babatunde, Managing Director, Avscon Nigeria Ltd said, “ I think it is an improvised vessel for corruption and goes counter to the cashless policy of the Central Bank of Nigeria (CBN). It will facilitate easier exchange of bribes and reduce the quantity of Ghana must go bags required” he said.

On its part, the Director General of the National Association of Chambers of Commerce Industry, Mines and Agriculture (NACCIMA) Mr John Isemede, said he was more concerned about what the project would cost the Nigeria economy.

According to him “we want to know what the printing would cost the taxpayers.” He also raised concerns on what benefit the currency restructuring would have for Nigerians stressing that there is a need to improve on the export capacity of the country.

He also noted that NACCIMA is watching the moves of the CBN as well as the stand of the lawmakers on the issue, stating that it is would be on the look-out for the process of the award of the contract.

Managing Director and Chief Executive of APT Securities and Funds Limited Mallam Garba Kurfi on the other hand said he is not as bothered about the introduction of the N5000 note as that of the conversion of the N20, N10 and N5 notes to coins.

In his reaction, Mr Lanre Ajayi, President of Association of Telecommunications Companies of Nigeria (ATCON) said “It doesn’t look consistent with the cashless policy. My own understanding is that cashless policy is meant to reduce cash in circulation. I am not an economist but from the layman’s perspective it doesn’t augur well, while Mr Tim Akano, vice chairman, Wini Group, an IT security company said the introduction of the N5000 note will definitely have a negative impact on the economy. “The concept of cashless is to take cash away from people.

“Increasing currency to N5000 note is an indirect way of CBN telling people to dump cashless policy. To every discerning analyst, it is more political than economic. It is going to drive inflation up and support corruption. The money being used to print the N5000 notes could have been deployed to improve the standard of education”, said Ajayi.

Leading about 300 hundred youths on the protest which was being closely monitored by the security agencies in the front of the CBN Headquarters, Abuja, a former Legislator and Executive Secretary of the Network, Otunba Dino Melaye, described the proposed measure which, he said, his group was prepared to mobilise millions of ordinary Nigerians to frustrate the plans as a proof of government’s insensitivity to the plight of millions of poor Nigerians who, he said, were already over-burdened economically as a result of the partial withdrawal of fuel subsidy in January this year.

Also, President of the Chartered Insurance Institute of Nigeria (CIIN), Dr. Wole Adetimehin, said the introduction of N5, 000 note by the CBN would adversely affect insurance business in the country.

Melaye, who spoke with the media on why the protest was organised said it was to show to the CBN authorities and government that sovereignty resides with the people and that it was regrettable that despite the National Assembly’s directive that the apex bank should suspend the plan, the Governor of the CBN, Mallam Sanusi Lamido Sanusi, was hell-bent at carrying out the plan in furtherance of his Islamisation agenda for the country.

According to him, the planned introduction of the N5,000 clearly contradicted the policy stance of the apex bank on cashless and electronic banking, pointing out that it would further devaluate the national currency with the attendant negative implications on efforts to make the economy’s growth more inclusive and globally competitive.

He explained: “We want to say that the CBN Governor and indeed the Federal Government had proven that they are not a responsible and responsive government. This government is not equally sick but also suffering from what I call a dreadful continental abnormality. We suffered during the fuel subsidy and we are yet to recover form that pain. We have long discovered that N277 billion was budgeted for subsidy in 2011 budget and government went ahead to spend N2.3 trillion. “For now, I believe the idea should give room to other major issues that are paramount to our country’s growth, `` he said.

“Our points is, instead of the government to attack this key issue and fight, arrest and prosecute those who are stealing our commonwealth, they want to inflict further pains and injury on Nigerians that are already suffering from perilous and times of opprobrium. What I am saying in essence is that the Anti-Corruption Network is mobilising Nigerians to say No to this N5,000 haram. We are still praying to God to conquer Boko Haram but Sanusi Lamido Sanusi is introducing N5,000 haram. We will reject, we will renounce, we will rebuke, we will pray it out of order”, Melaye said.

CBN deputy governor Mr Tunde Lemo, who received the protest letter from the group on behalf of CBN management, however reassured Nigerians that the currency restructuring exercise would not worsen the socio-economic hardship of ordinary Nigerians as being speculated by a broad section of the public.

Meanwhile, CIIN boss Adetimehin said yesterday in Lagos that the currency reform would cause huge claim costs to insurance companies.

He said the proposal had the prospects of raising the amount of money in circulation at a given time.

``The N5,000 note will aggravate the quantum of costs to be incurred by the industry on money insurance policy management.

``What this means is that people will indulge in carrying huge amount of money that may run into millions without anyone noticing.

``Meaning that any loss of a bundle of N5,000 notes will amount to huge claim costs and compensation on the insurance company in a given money insurance policy,`` he said.

The CIIN president advised that the proposal should be suspended by the apex bank for now.

While describing the restructuring agenda as satanic in intents and purposes, he advised Nigerians to join forces with the group in its ongoing war against the measure, querying that “we graduated from N20 to N50, from N50 to N100, from N100 to N200, from N200 to N500 and from N500 to N1,000. What has that done to inflation? What has that done to the economy? What has that done to unemployment? What has that done to the provision of pipe borne water? What has that done to the provision of electricity? Has that one given us good roads or good hospitals?

On the current procedures being adopted by government to recover money in the fuel subsidy payments from indicted marketers, he pointed out that the entire process was too secretive since government had failed to let Nigerians know who is making refunds and of what amount and denominations such refunds are being made, adding that his group is already warming up to lead another national protest to the National Assembly as soon as it reconvened with a view to demanding for publication of recoveries made so far on the fuel subsidy scam.





http://www.leadership.ng/nga/articles/34227/2012/09/05/n5000_notell_end_use_dollars_looters.html

The Joint Task Force (JTF) in Borno saying it raided the residence of the key Boko Haram commander in Maiduguri on Monday recovering a lot of items.

In a statement signed and made available to LEADERSHIP by the JTF Spokesman, Lt Col Sagir Musa, the force conducted a follow-up operationat the residence of a wanted key commander of Boko Haram in Bulunkutu-Lawanti area in Maiduguri.

The items recovered were three AK 47 rifles, 306 x 7.62mm special ammunition, 39 Primed IED cans, six empty magazines, 1 HP laptop computers containing précis for the preparation of IEDs and chemical weapons, a notebook register containing names of Boko Haram members indicating those already dead, 54 assorted SIM cards, 40 IED remote control gagdets, 20 assorted electrical switches, 50 Q-link motorcycle battery chargers, 20 assorted torchlight batteries and 1 RPG bomb fuse.

According to the statement, “the Task Force wishes to thank members of the public particularly our moles in Boko Haram for giving the information that contributed to the success of the operation.”

 

 
http://www.leadership.ng/nga/articles/34219/2012/09/05/jtf_raids_residence_key_boko_haram_commander_recovers_weapons_ammunition.html

Dr Sam Agbogun, the Managing Director of the Nigeria Electricity Liability Management Ltd (NELMCO) said that the company needed more than N330 billion to settle creditors of PHCN before a smooth and full privatisation could take place.

Agbogun told the News Agency of Nigeria (NAN) in Abuja on tuesday that the debts owed by PHCN was quite substantial because it was more than N330 billion and was increasinf everyday.

He said, ``Majority of the dept owed by PHCN are now with the Independent Power Producers ( IPPs)  who are  generating power now and PHCN  cannot pay them because of the low tariff it is charging.

``So, everyday as power is being consumed, we owe the power producers more, but for other liabilities that are stationery or stagnant, such as landed property, nothing is being added to them.

``However, I am happy to report that close to N120 billion of the debt owed the producers came from depts owed by the Federal Government and its agencies.

``They iclude the Federal Inland Revenue Service, the ITF and other institutions but we hope to discuss all these with the Ministry of Finance so that we can find a way to swap these liability to avoid cash flow.’’

The managing director explained that the agencies were owned by government and that the liability management company would settle the
debts through directive from the Ministry of Finance.

Agbogun said NELMCO would find a way to settle all debts owed by PHCN and government establishments, adding, however, that some were foreign liabilities, which the Debts Management Office (DMO) would deal with.

He said that some power stations, such as Kainji and Jebba were built with foreign loans, noting that the loans had not been fully paid, hence NELMCO would allow DMO to clear up such debts.

He listed the debts/liabilities owed by PHCN to include PHCN’s  pensioners , IPPs, financial institutions and other creditors, foreign and local, who had supplied PHCN with materials or services for their functions but are yet to be paid.

According to him, the major challenge facing NELMCO is how to manage the more than 12,000 pensioners from PHCN, who are to be settled before a maximum of five years that the company will last.

``NELMCO will be liquidated in a short period because it is a short-term company,’’ the mmanaging director said. 

NELMCO was set up to inherit and resolve outstanding liabilities incurred by PHCN and unions in PHCN and government is required to work out a strategy to resolve all outstanding issues. (NAN)


http://www.leadership.ng/nga/articles/34145/2012/09/04/liability_management_company_pay_n330bn_phcn_creditors_privatisation.html

When ibb made this comment I was expecting his attack dog yinka odumakin to reply Ibb the way he replies PDP or GEJ swiftly and abusive.well,I will keep waiting till he recovers from the muscle pull he currently suffers in his mouth since Ibb made the “I would expose you” statement.cos I really want to hear what he and elrufai has to say about this issue.

[quote author=re@lchange]if i were him i would resign too
i will still win the bids
power ministry can't beat real business opportunity offered by his company[/quote]you are as wise as barth nnaji! Those two companies would win the bid.and if they do,it would be because they are competent and well qualified to and not because barth nnaji is a minister! And this is what the hypocrite opposition parties would us as a propoganda against the FG good move nnaji.for those who say GEJ is clueless IN YOUR FACE hAhA!!!