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ABUJA, Aug 17 (Reuters) - Former World Bank managing director Ngozi Okonjo-Iweala was sworn in as Nigeria's finance minister and chief coordinator of economic affairs by President Goodluck Jonathan on Wednesday, a month after the rest of his cabinet was announced.

Okonjo-Iweala, who has held the finance portfolio before, flew to Nigeria to be screened by the Senate for a position in Jonathan's cabinet last month, but then returned to Washington to finish her work with the World Bank.

"People wonder why we want you back having served in the same capacity before, we want you back to play a key role in coordinating economic issues in the country," Jonathan said, shortly after the swearing-in ceremony.

Okonjo-Iweala will take a broader version of the role she held between 2003 and 2006, when she successfully secured debt relief. Jonathan plans to head a new economic team, which will be inaugurated on Thursday.

"This time we are expanding the economic team and Ngozi is brought in to coordinate the federal government economic issues and that of the states," Jonathan said.
Africa's most populous nation faces a long list of hurdles, not least opaque government spending, rampant corruption, import dependence, and the need to tame double-digit inflation while creating jobs and building infrastructure.

Okonjo-Iweala said last week Nigeria needed to make fundamental changes to diversify its economy, to reduce its over-reliance on crude oil exports.

During her previous tenure she stepped on some toes and investors are watching closely to see how she operates alongside an existing set of reformers, including the influential central bank Governor Lamido Sanusi.

"People believe that you have the magic wand to change things for the better, so make sure that the transformation agenda moves," Jonathan said.

Jonathan was sworn in for his first full term on May 29 and named the majority of his cabinet more than a month later. Okonjo-Iweala is the most high-profile member of his team and her appointment was met with optimism by investors. (Reporting by Felix Onuah; Writing by Joe Brock; Editing by Susan Fenton).

http://af.reuters.com/article/commoditiesNews/idAFL5E7JH0Y520110817

Former Kaduna State Military Governor, Col. Abubakar Umar (rtd) yesterday challenged President Goodluck Jonathan to prosecute former President Olusegun Obasanjo and all those indicted in the on-going Senate probe of the privatisation process.

Col. Umar, in a statement made available to The Nation in Kaduna, said it will be a disservice to the nation to leave those indicted unprosecuted.

He said: “The Federal Government owes it to posterity to order for an investigation into these disasters immediately and not to wait a day longer. To wait until Chief Obasanjo might have died … would expose it to charges of wickedness. When that happens, it would have no coherent defence.”

In the statement entitled “Do It Now”, Umar said: “It is up to the officials of the sold ALSCON, Delta Steel, Ajaokuta, NICON Insurance, Nigeria Re etc at insignificant fractions of their true values to convince the courts that they were motivated by a desire to help the motherland and not some other deity.

“If the Federal Government comes round to appointing judicial commissions to enquire into some of the other scandals that had beset public policy implementation over the recent past, Nigerians would surely be happy to help.

“Indeed not a few Nigerians are keen to know why all the major initiatives embarked upon during the eight years Chief Obasanjo had ruled the country – privatization, power sector reforms, alienation of Federal Government Properties, 2003 general elections, 2007 general elections etc; have been such spectacular failures.”

He added: “Even  for a people long used to the shenanigans of bureaucrats and the frequent scandals within government, the revelations from the just concluded Senate hearings into the implementation of the privatisation programme since 1999, have left many Nigerians sick with outrage.

“The shock comes not from hearing that mistakes have been made but from the fact that the mistakes were probably the result of widespread conspiracy. Even more telling is the attempt by some of the officials to obfuscate the issues, believing obviously that the public lacks the capacity to tell an honest mistake from a swindle when they see one.

“No matter how hard they tried to sound civil and non alarmist, witness after witness that has come before the Senate Ad-Hoc Committee ended up giving evidence that showed our privatization project is all but a fool’s errand.

“Almost without exception, the witnesses stressed one recurring issue: that implementation of the privatisation scheme since 1999 has been characterised by bad faith, depredation, embezzlement, fraud, swindle and, at times, outright theft by officials and clients alike.

“Often, the details cited are truly horrendous. But, let’s face it: much of it are hardly new. Over the years, many public policy analysts, newspaper columnists, NGO’s and a host of whistle blowers had suspected mischief and have made spirited efforts to persuade the Federal Government investigate the privatisation process.

“The Senate should therefore be commended for responding to this outcry even at this late hour. One would earnestly hope that the exercise is not one of the usual gimmicks designed to douse public agitations. For the sake of the present and future generations of our countrymen, this is one enquiry which needs to be carried out to its logical conclusion”.

Justifying the privatisation exercise, Col. Umar said “let this be said quickly, however: the case for privatisation and perhaps commercialisation of certain public enterprises has been well made.

“No attempt should be made within or outside the government to reverse or abandon it due to these lapses terrible as they are.”

We say this not because of the charges often made by some people, mainly chambers of commerce, that government has no business in business.

“It is because experience has shown that public interest is better served and economic development proceeds faster where government devotes most of their energies towards creating and sustaining an enabling environment.”


http://www.thenationonlineng.net/2011/index.php?news=16064

@Halfcurrent.I share your concern and frustration. My advise is to prepare to inquire from them if you can retrieve your passport to renew your visas that may expire.Put everything in God's Hand.
Best Wishes!

@Knowall.You are honestly making sense and I don't see your views as speculation.ACN has the best chance here because Fashola and Chris Ngige both have strong grassroot support.Ngige is a smart strategist who will definitely play this out but Tinubu may go with Fashola in place of Ngige.I hope this works out for both Fashola and Ngige because I think they are great.

Beautiful,Graceful And A Bundle Of Talent.
Congrats Genevieve!

Someone better get clearance from Obama or US government before doing this.There are so many projects that require immediate attention in our beloved country.Ok!

Absolutely funny.We will see how this one plays out!

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I look forward to the day people like Mallam Ribadu will lead Nigeria.He is perhaps the most honest,sincere and patriotic Nigerian I have seen.People like Mallam Ribadu make me proud of being a Nigerian and clearly erode that unfounded stigma most people have about us.
Mallam Ribadu,Comrade Adam Oshiomole and The Current Governor of Lagos.Imagine how Nigeria will turn into in three years if you have these men in charge,instead of what we have had in years.

I love my country very deeply but I am ashamed of our corrupt and evil ways.

@ Dasa,
I honestly agree with you.I think P-Square's Danger is good but I also understand where the critics are coming from.The guys have been coming out with hits and this one may have fallen a little short.The thing is that there are many creative artists out there and that put a lot of pressure on some artists like P-square to do something.Overall,the album is good to be fair and I listen to all the tracks almost daily.
Naija hip hop is the rave of the moment worldwide and I am proud of artists like djinee,dbanj,2face,timaya and others.

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P-Square - Danger - Audio CD
Terry G - Ginjah your Swaggah - Series 1 Audio CD
Olu Maintain - Kentro World - Arab Money CD
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2Face - Unstoppable
African China - Return Of The Legend Audio CD
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P-Square - Danger - Audio CD
Terry G - Ginjah your Swaggah - Series 1
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BRACKET, YORI YORI
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Hmmmm! This is a tough one because I like both artists.Faze is very talented but at the end of the day I will go with 2face.As popular as he has emerged,I still think that 2face has a lot of untapped potentials.Both guys are the pride of Nigeria.
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I think Timaya's new album is ok though he did much better with true story.
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D'Banj - The entertainer,
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Lord of Ajasa - Second turning by the right,
Asa - the Captivator,
Naeto C - U know my P,
Ill Bliss - that ibo boy,
Timaya - Gift & Grace,
Modenine - Paradigm shift,
J Martins - Get serious,
Yinka Ayefele - Absolute Praise,
2 face - Unstoppable,
Eedris Abdulkareem - The king is back,
African Kings - New & improved,
Nigga Raw - Everything remains raw,
Faze - Originality,
Flavour - Nabania,
Solek - Why worry,
Niyola - Bring it on,
Danny Young - The one,
African China - London fever,
O.D - Don't hate,
OJB Jezreel - Jigga's world,
Sasha - First Lady,
P Square - Game over,
Soty - Malaria,
Plantashion boyz - Plan B,
Eldee - Big boy,
Eldee - Return of the king,
Terry G - Free me,
Styl plus - Back & better,
Roof top mc's - The minority report,
Blackface - me musiq & I,
Sound sultan - naija 007,
2 shotz - Music business,
Keeno - The rebirth,
D'Jewels - Jewels,
Kelly Handsome - 2 much money,
Tizze - Konkorsion,
Olu maintain - Kentro world,
Kc presh - Get ready,
Jazzman olofin - Fire,
Banky w - Capable,
Mohits - Cuurriculum vitae,
Frank d'nero - Kalangolo,
Kaha - Making hits,
Timaya - True story,
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