A group called Neighbourhood Watch in Port Harcourt the Rivers State capital has called on politicians and their supporters to uphold peace and unity during and after today’s Legislative re-run election.
According to the Leader of the group, Charles Inko-Tariah, while condemning the recent violence in the State, People are important than the ambition of politicians.
Hours to the rerun elections, tension has been at high degrees and security has been heightened as only just on Thursday, the Nigerian Army lost two of its men in a shootout with hoodlums in Abonemma area of the state.
However, all appears set for the exercise as all sensitive materials for the polls have been delivered at the state headquarters of the Independent National Electoral Commission (INEC) in Port Harcourt.
Sorting and distribution have been done at the different senatorial zones and constituencies in all 23 local government areas in the state.
The INEC has recruited the services of 24,930 adhoc staff, 379 collation officers and 37 returning officers for the elections.
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Adamant Buhari Making Hard-Currency Shortage Worse – The Economist
Amid debate over currency crisis in Nigeria, the Economist magazine has said President Buhari is only making the situation worse with his insistence on not devaluing the Naira.
In one of its latest edition to be published on Saturday, 19th March 206, the renowned UK-based newspaper said Buhari’s policy is not working, adding that as consequences, inflation has hit 11.4% in February and growth has fallen to 2.1%.
Here is the article by The Economist
How to make a hard-currency shortage worse
The mutterings of discontent are growing louder in Nigeria’s street markets. The price of a bag of rice has surged by 12.5% in the past month. Supplies of bread have dwindled after bakers turned off their ovens to protest about the rising cost of flour. The rich lament that milk is missing from supermarket shelves. The poor complain about the price of garri (cassava flour). A fish importer estimates that 70m Nigerians can no longer afford his wares.
Such are the symptoms of Nigeria’s foreign-exchange crisis. Africa’s most populous nation exports oil and imports nearly everything else. As oil prices have collapsed, Nigeria’s foreign earnings have tumbled with them, putting huge pressure on the naira, the local currency. Yet President Muhammadu Buhari refuses to allow the naira to devalue, fretting that this would fuel inflation. Economists point out that a weaker currency would simply reflect that Nigeria is poorer now than it was when oil was above $100 a barrel. He ignores them.
Since Mr Buhari came to power in May, the central bank has kept the official exchange rate artificially strong and restricted the supply of dollars. It refuses to release any for imports of a range of goods including meat, margarine and toothpicks.
The policy is not working: inflation hit 11.4% in February and growth has fallen to 2.1%. Factories are closing down for lack of supplies and the managers of those still running spend much of their time trying to find things to sell abroad to raise dollars, such as gold jewellery or gum arabic. Most have been pushed into the black market, where they pay about 60% above the official rate unless they are lucky enough to get some of the $200m or so released each week by the central bank. That the bank has the power to hand out subsidised greenbacks naturally invites corruption. An executive at a big importer says its budgets now include a 30% “premium” to be paid to central bank officials to get dollars.
Yet Mr Buhari seems unlikely to change his mind. So senior members of his party are now pushing for some form of dual exchange rate. This would leave the naira’s official value unchanged, satisfying the president, while legitimising a parallel market that would supposedly be used for non-essential imports. In practice most currency flows would soon be made at this new market rate. This solution is far from optimal—the central bank window would be a continued source of corruption and patronage—but better than the status quo.
Without some flexibility on the currency, expect food shortages to worsen.
It will be recalled that, last weekend, a team of editors of the London based “The Economist” newspaper met Senate President, Dr. Abubakar Bukola Saraki.
Thanks for reading.
Istanbul hit by deadly bomb attack
At least two people have been killed and another seven wounded in a suicide bombing in a major shopping and tourist district in Istanbul, according to Turkish media reports.
The attack struck Istiklal Street, a wide boulevard closed to traffic that is lined with international stores and shopping centres.
Turkish TV and CNN Turk reported two people were killed and seven wounded in the blast. The private Dogan news agency said at least three people died and 10 people were injured and taken to hospitals.
A witness in the area told Reuters they had seen police helicopters circling overhead, and television footage showed people running from the area.
This latest blast comes less than a week after 37 people died following a car bomb explosion in the Turkish capital of Ankara on Sunday, killing dozens of military personnel and civilians.
Militant group Kurdistan Freedom Hawks (TAK) claimed responsibility for the bombing, the third such attack in the Turkish capital in five months.
Last month a similar blast killed 29 people when a suicide bomber targeted military personnel, blocks away from the scene of last Sunday’s attack.
Following last Sunday’s bombing, Turkey’s president, Recep Tayyip Erdoğan, vowed to defeat terrorists who have staged a series of attacks on Turkey in the past 18 months.Thanks for reading.
Army To Investigate Killing Of Officers In Rivers – Buratai
The Chief of Army Staff, Lt.-Gen. Tukur Buratai, has said that the Military had commenced investigation into the death of two of its personnel in Rivers.
Buratai made this disclosure on Friday while addressing troops at the 34 Artillery Brigade headquarters, Obinze, Owerri.
He said: “the situation in the Niger Delta is presently being addressed. The activities of pirates, criminals and bandits will be checked; our troops are fully on ground and they have arrested the situation.
“The unfortunate incident of Thursday in Rivers state is something that we are currently investigating. We will deal with the situation as investigation unfolds in the area.”
Thanks for reading.
Nigerians told to #BuyNaija as economy battles falling oil prices
Nigerians are known for their love of foreign goods. At parties revellers often throw dollar bills over each other, the middle classes have a penchant for Japanese cars and almost everyone relies on imported generators to cope with constant power cuts.
But the fall in global oil prices to $33 a barrel in February has put Africa’s biggest economy, heavily reliant on its oil exports, under acute strain.
The value of Nigeria’s currency, the naira, has plummeted in recent weeks, leading the central bank to impose foreign exchange restrictions that have hit small businesses hardest.
Nigerians are now being urged to buy local goods to support homegrown manufacturers as part of a heavily promoted social media campaign #BuyNaijaToGrowTheNaira.
But Minas Mastrogiannis, who owns a café on Lagos Island, says though his import costs have risen by more than 50% he can’t switch to local goods because they simply don’t exist.
“With the exception of our beers and soft drinks, everything is becoming more and more expensive,” he says. “Our tea, coffee, our wine – so many of our materials are imported.”
Nigeria is Africa’s second largest tomato producer with 1.5 million tonnes of tomatoes annually, yet 45 percent of the produce will often perish.
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Nigeria is Africa’s second largest tomato producer with 1.5 million tonnes grown annually, yet 45% will often perish. Photograph: STRINGER/Reuters
Onaola Ajayi, who runs a security firm in central Lagos, also says he can’t “buy Naija”. He works with alarms systems and surveillance equipment – none of which is made in Nigeria.
“It’s ridiculous,” he says. “They’re telling us to not to import without creating the conditions to thrive in the current market, and whilst knowing that Nigeria is frankly a weak manufacturer.”
Ajayi says he currently imports around 90% of his equipment from South Africa. “I would love to buy it here, but the fact is I simply can not.”
#BuyNaija
Ben Murray Bruce, an outspoken senator supporting the campaign, said that Nigeria’s taste for foreign imports is a question of loyalty. “The leaders are not patriotic,” the former businessman said in a recent interview with al-Jazeera. “All they care about is a Gucci bag, a Rolex watch, and a trip to Dubai.”
But the central bank’s forex restrictions reflect the government’s increasingly critical stance on foreign goods. President Muhammadu Buhari said in January it was disgraceful that Nigeria still imported basic items “such as tomatoes and toothpicks”.
In March the senate proposed a legal amendment which would ensure local manufacturers are given first consideration in deals with government institutions.
Yet business owners say the #BuyNaija message contrasts sharply with the manufacturing reality in a country heavily reliant on imports, and that their appetite for foreign products is spurred on by pragmatism.
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“The efforts to promote buying locally made goods are no doubt well-intentioned,” says Cheto Manji, a financial analyst focused on sub-Saharan Africa. “But, unless Nigerian-made goods satisfy customer needs, the ‘buy Nigerian’ advocacy will remain an exercise in futility.”
Manji says the issue points to a wider economic problem: despite its agricultural potential, Nigeria spends over $5bn every year importing food. Of the 84m hectares of arable land in the country, less than half is cultivated for agricultural use.
So whilst the need to increase local production is broadly welcomed, many are sceptical of the current manufacturing potential.
Nowhere is the paradox of Nigeria’s import and export economy clearer than its production of oil. Despite being Africa’s biggest oil producer, the country still imports the majority it uses domestically.
Similarly, the country grows 1.5m tonnes of tomatoes annually but more than $360m is thought to be spent by consumers on tomato products, like puree, imported from Asia and Europe.
For people like Mastrogiannis, the future is uncertain. “This is has been the worst month we’ve had since we started our business,” he said. “All our import costs are up. If this continues I’m not sure how we’ll go on.”Thanks for reading,
How Saraki Used Kwara State Money To Repay Personal Loans – CCB
The Code of Conduct Bureau (CCB) yesterday narrated how Senate President Bukola Saraki allegedly looted Kwara State during his tenure as governor between 2003 and 2011.
According to the CCB, Saraki allegedly obtained huge bank loans which ran into billions of naira from Guarantee Trust Bank, GTB and paid back the loans with funds belonging to Kwara state.
The bureau alleged that Saraki used the bank loans to acquire landed assets in Lagos, Abuja and London.
The CCB’s position is contained in a counter-affidavit deposed to by one of its operatives, Peter Danladi, in opposition to a fresh motion filed by Saraki to challenge the validity of the 13 counts of false assets declaration instituted against him before the tribunal.
Danladi stated, “That I was informed by Mr. Yahaya Bello, an operative of the Economic and Financial Crimes Commission in our office on March 14, 2016 at about 11am and I verily believe him that:
“The EFCC received various petitions against the defendant/applicant between 2010 and 2012 alleging acts of corruption, theft, money laundering etc.
“The EFCC conducted its investigation on the various petitions and made findings which showed that the defendant/applicant abused his office, while he was the governor of Kwara State and was involved in various acts of corruption as the governor of the state.
“The defendant/applicant borrowed huge sums of money running into billions from commercial banks, particularly Guaranty Trust Bank, and used the proceeds of the loan to acquire several landed properties in Lagos, Abuja and London, while he was the governor of Kwara State.
“As against the defendant using his own legitimate income to defray the loan, he took public funds, running into billions from Kwara State Governemnt and lodged same in several tranches and in cash into his GTB account in GRA (Government Reservation Area), Ilorin, Kwara State.
“The defendant/applicant’s account officer in GTB confirmed that the defendant/applicant gave him several cash in the Government House to lodge into the account and on some occasions, the defendant sent his aides from the Government House to give him the cash for lodgement into his account.
“When the EFCC submitted its report to its legal department and the Federal Ministry of Justice, the Ministry of Justice formed the opinion that the offences revealed from the investigation, particularly as they relate to the properties acquired by the defendant/applicant, while he was governor of Kwara State and various monies sent into his various accounts outside Nigeria can be better handled through the Code of Conduct Bureau (CCB) and Code of Conduct Tribunal (CCT).
“The office of the Attorney General of the Federation (AGF) then sent the findings and the evidence gathered during investigation by the EFCC as a complaint to the Code of Conduct Bureau for investigation and that the operatives of the EFCC would collaborate with the officers of the CCB for effective investigation.
“Our investigation on the CCB Assets Declaration Forms for public officers filed by the defendant/respondent revealed the following:
“The landed property listed as No.42 Gerald Road, Ikoyi was visited by Mr. Ikechi Iwuagwu (Deputy Director, CCB), Miss. Geraldine Longsten (DSS) and Adamu Garba (EFCC) sometime in 2006 and discovered that the property was under construction.
“Contrary to the declaration by the defendant that he was earning an annual income of N110,000,000 from No.42 Gerald Road, Ikoyi, Lagos, there were no tenants in the property as same was an empty land as at the time of the declaration.
“Contrary to the declaration by the defendant that he owned 15A and 15B McDonald, Ikoyi, Lagos as at the time of the declaration in 2003, our investigation revealed that the said properties were acquired in 2006 from the Implementation Committee on Federal Government Landed properties through his companies called Tiny Tee Limited and Vitti Oil Limited wherein he paid the sum of N396,150,000 to the Federal Government of Nigeria.
“The defendant made an anticipatory declaration for the said 15A and 15B, Ikoyi, Lagos. The defendant acquired the properties in the name of two companies because he could not buy two Federal Government properties in his personal name.
“The defendant bidded for and acquired 17, 17A and 17B McDonald, Ikoyi, Lagos from the Implementation Committee on Federal Government Landed Property and paid an aggregate sum of N497,200,000 to the Federal Government between October 2006 and 2007.
“A scrutiny of the defendant’s salary account with the Intercontinental Bank (now Access Bank) account No: 0100857813 reveals that his monthly take home salary as at the time he acquired the property was not more than N500,000 and the defendant acquired properties far in excess of his income.
“While the Federal Government was selling its properties, the Central Bank of Nigeria, being an agency of the Federal Government sold plot 2A, Glover Road, Ikoyi, Lagos for N325,000,000 between 2007 and 2008 to the defendant, which the defendant purchased through his company called Carlisle Properties when he was the governor of Kwara State,” Danladi said.
He added that further investigation by the CCB revealed that Saraki also acquired a property at Plot 2A Glover Road, Ikoyi, Lagos through Carlisle Properties Limited, while he was governor of Kwara state and that he has been receiving rent from the property.
Danladi said investigation on the asset declaration forms submitted by Saraki between 2003 and 2011 revealed that he failed to declare his interest in Plot 2A Glover Road, Ikoyi, Lagos ( in his 2011 asset declaration form); No: 1 Targus Street, Maitama, Abuja otherwise known as 2482 Cadastral Zone A06, which he claimed he acquired in November 1996 from one David Baba Akawu (in his assets declaration form of 2003).
Saraki was also said to have failed to declare his ownership of No: 3 Targus Street, Maitama, Abuja, otherwise known as 2481 Cadastral Zone A06, Abuja which he acquired from one Alhaji Attahiru Adamu in his asset declaration form (of June 3, 2011) and No: 42, Remi Fani-Kayode Street, Ikeja, Lagos, which he acquired through his company, Skyview Properties Limited, from First Finance Trust Limited on December 12, 1996.
“The defendant has a domiciliary account with GTB Plc in Nigeria with account No: 441441953210 from where he made various cash transfers totalling 3.4million US dollar between 2009 and 2012 to American Express Service Europe Limited with account No: 730580 maintained with the American Express Bank, New York and the various sums were transferred into the defendant’s card account No: 374588216836009 maintained by the defendant outside Nigeria.
“Sometime in February 2010, the defendant obtained a loan of N375,000,000 from GTB Plc in Nigeria, which he converted into 1,516,194.53 Pounds Sterling and gave instructions to the bank to transfer the entire sum to the United Kingdom in favour of Forts Bank SA/NV the purpose of which the defendant stated to be the full and final payment of mortgage redemption for the property he purchased in London,” Danladi said.
Saraki had, in a fresh motion filed by his new lead lawyer, Kanu Agabi (SAN), queried the competence of the charge against him and the jurisdiction of the CCT on the case claiming that he was not accorded fair hearing by the CCB before he was charged with alleged discrepancies in his asset declaration forms.
He queried the timing, arguing that most of the offences were allegedly committed about 15 years ago, while he was governor and that he was not confronted with the discrepancies as required under the Constitution, to enable him either agree or deny the discrepancies.
However, prosecution lawyer, Rotimi Jacobs (SAN), armed with the CCB counter-affidavit, urged the court to dismiss Saraki’s fresh motion on the ground that it constituted an abuse of court process.
The CCT Chairman Danladi Umar adjourned sitting till March 24 to deliver ruling on Saraki’s application on the jurisdiction of the CCT to hear the case.Thanks for reading.
Angola's president says he's giving up 37-year rule. Should we believe him?
After 37 years in power, Angola’s president José Eduardo dos Santos has announced that he will be stepping down in 2018.
“I took the decision to leave and end my political life in 2018,” he told a meeting of the ruling party, the People’s Movement for the Liberation of Angola.
On the face of it, this is a momentous moment in Angola’s – and Africa’s – postcolonial history. There are few leaders like Dos Santos who have stepped down voluntarily, and his move could show other so-called “presidents for life” that it is possible to voluntarily depart from the presidential palace.
But most reactions to the news have been cynical. This is not the first time Dos Santos has announced his departure from the political stage, only to backpedal at a later date.
In 2001 the president promised not to stand in the next presidential elections, only for elections to be delayed until 2008, by which time Dos Santos had conveniently forgotten his earlier pronouncement.
There are also questions about the timing of the announcement, which comes in the midst of economic turmoil brought on by the falling price of oil. The crisis is a clear indictment of the Dos Santos leadership: he bears responsibility for the fact that Angola has failed to capitalise on its enormous oil wealth.
We don’t believe it because it is not the first time he says that… He is still there, so let us wait and see
Alcides Sakala, Unita
MPLA supporters attend a rally for Angolan president Jose Eduardo dos Santos in Kilamba Kaixi, 2012.
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MPLA supporters attend a rally for Angolan president Jose Eduardo dos Santos in Kilamba Kaixi, 2012. Photograph: Stephane de Sakutin/AFP/Getty Images
Then there’s the question of a successor: if not Dos Santos, then who?
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There is no obvious candidate to fill Dos Santos’s ageing boots, although vice president Manuel Vicente and Dos Santos’s son, Jose Filomeno, are likely contenders. But neither is likely to usher in dramatic change – at least not of their own volition.
“None of these people will find favour with an increasingly restless public, or with MPLA old-timers, who will resent a political newcomer being appointed simply because of connections with the veteran leader. So two years hence, the president might again present himself as the least bad option. But, at age 73, he must know the question cannot be put off forever,” Angola expert Justin Pearce told the BBC.
Angola’s main opposition, the National Union for the Total Independence of Angola (Unita), is just as sceptical. “We don’t believe it because it is not the first time he says that… He is still there, so let us wait and see. On the other side, it’s true Mr Dos Santos is tired because he has been in power for [37] years and it’s quite a lot of time,” spokesperson Alcides Sakala told Voices of Africa.
Will he leave?
If Dos Santos does leave, his departure will have significant ramifications for Angola.
Key to Dos Santos’ regime has been his skilful manipulation of friend and foe alike. Any successor will struggle to match his political might, greatly increasing the potential for upheaval and unrest within the ruling elite.
Forty years on from independence, Angola still lacks freedom
Rafael Marques de Morais
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The identity of Dos Santos’s chosen successor is also key. Dos Santos would be wise to recall the example of Egypt’s Hosni Mubarak, whose blatant grooming of his son Gamal Mubarak for the presidency played a key role in sparking the social unrest which led to the Egyptian revolution in 2011.
Not that stage-managed successions have to be a backward step. Sometimes, changing the status quo forces a rethink from within the political establishment that can pave the way for reform. Take Cuba, where Raul Castro’s economic policies are markedly more open than his brother Fidel’s ever were, despite being rooted in the same orthodoxy.
At this point, however, such a positive outcome seems unlikely. Angola is still very much Dos Santos’s baby, and perhaps it would be unwise to predict on any kind of change until the 73-year-old has actually been escorted out of the presidential palace — voluntarily or otherwise. Thanks for reading.
