Tag Archives: Assets

We’ll continue to protect Nigeria’s oil assets – Buhari

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President Muhammadu Buhari has restated the determination of his administration to continue to protect the country’s oil assets and installations.

Speaking at a meeting on Tuesday with the Director of Global Upstream of Shell Oil Company at the State House, Abuja, President Buhari said he will leave a legacy of improved infrastructure, particularly in the power sector, and also ensure better security in the Niger Delta.

“It is only by doing this that investor morale and confidence will return, and the economy will be positioned on the path of growth,” He said.

According to a statement by the Senior Special Assistant to the President on Media and Publicity, Garba Shehu, President Buhari commended Shell for their faith in the economy and staying power.

The president also gave assurances on some issues of concern raised by the company especially the protracted issue of cash calls.

The minister of Budget and Planning, Udoma Udo Udoma, some weeks ago, revealed that the Federal Government has not been able to fund its counterpart Joint Ventures Companies, JVCs, and cash calls totaling $6 billion for several months due to revenue shortfalls.

The President assured other oil firms that the Federal Executive Council will soon consider a proposal for the easing of unpaid arrears owed by the government.

President Buhari said the security of oil infrastructure will continue to be priority of his administration which will include the dialogue with the stakeholder-communities in the Niger Delta.

He, however, urged oil companies to take more responsibility in the protection of oil installations to complement the efforts of Nigerian Navy in the region.

The Shell director, Andrew Brown, revealed that the company has resumed oil exportation through the Forcados terminal following its restoration.

He also commended the anti-corruption stance of President Buhari’s administration as well as the efforts to streamline and stabilize the economy for long term projects.

Before we sell public assets – Obiageli Ezekwesili

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As if the current unclear economic policy context was not disconcerting enough, the sudden emergence of a raging debate on the sale of public assets has escalated one’s fears that easier things seem to appear more attractive to the government. Yet, in public policy, it is wise to be wary of the easiest options.

As a pro market economy advocate, I inherently support any programme of government that will help roll back the public sector from the economy because economic evidence shows this to be almost always correct. However, lacking the sound economic management and policy context as yet, I am presently opposed to what sounds like a proposal for “distress option” sale of public stakes, especially in NNPC and NLNG.

But the government can proceed urgently through the Bureau of Public Enterprises (BPE) to sell off those cesspools of corruption in our petroleum sector otherwise known as refineries. Their sale would in fact amount to fiscal savings beyond the proceeds and should therefore be supported by all.

I am opposed to the sale of any productive assets like the NLNG because there seems to be no clear economic vision and rigorous analytics to serve as the anchor for such a major policy thrust. We need well deliberated policies from our government including the plans for revitalization of the programme of privatization being run by BPE to properly situate public debate of economic structural change agenda. After all, even in our country, there is now proof that the economy can relatively respond to deliberate, well thought and rigorous analysis of context and sound policy options in resolving growth and development problems.

The evidence that backs this is that it was a modest range of such sound economic policies that helped deliver an average of 5-6 percent growth of our economy on a sustained basis over a long period of nearly a decade and half. It was only recently at the end of 2015 that growth dropped to below 3 percent.

True, the relatively impressive economic growth rate did not resolve the major challenges of poverty, unemployment and inequality. That 61 percent of our population is poor, according to the Nigerian Bureau of Statistics (2011 Household Survey) is indicative of how growth and poverty reduction can often times disconnect. Also, according to NBS, unemployment rate stood at 10.5 percent at end of 2015 and grew to 13.3 percent by the second quarter of 2016, revealing that the economy is severely failing to absorb new entrants into the labor market — especially the 2-2.5 million youths that seek to do so annually.

With a high income inequality rate of .4 Gini-coefficient instead of a score closer to a perfect zero, the gap between our top income earners and the majority bottom poor earners is one of the highest in the world and is the reason why Nigeria stands at number 26 out of 190 countries.

So, yes again, there are very deep challenges that growth did not yet resolve for Nigerians since the early 2000s when it became normal in the economy.

However, we can objectively admit that if we had not grown steadily at those higher rates from 2003 – 2014, the economy would not have expanded as significantly as it did in the sixteen years of our 1999 cycle of democracy. The expansion of our GDP offered more diverse opportunities in sectors like telecommunication, agriculture and agri-business, entertainment and services.

In real human terms, a growing economy provided more and newer opportunities for citizens than was the case during the lost decades of the 80s and 90s known mostly for no, low or negative growth. The concept of economic growth must therefore not be derided nor dismissed as some usually do.

The fundamental anchor for Nigeria’s long period of economic growth was, when starting since 2003, policy makers managed to achieve macroeconomic stability through an effective mix of monetary, fiscal and some measure of structural policies. Whereas not many citizens would normally concern themselves with the rather arcane concepts that engage the minds of economic and finance technocrats; yet, growth policies are fundamental to economic progress of individuals, households, governments and businesses. This is becoming obvious to Nigerians in the last twelve months as more citizens now better see the relationship between growth and the fact that some who once had a job no longer have one.

What then was the genesis of the loss of economic growth? It came from the fact that we learned nothing from previous mistakes in the manner of poor governance of resources, especially oil earnings. Nigeria was once again extravagant during the most recent five years of oil boom.

That this happened even after the country turned the corner in 2003 when it set up oil-based fiscal rules on how best to save in plenty in order to prepare for the lean period, is all the more disappointing. Regrettably, in the period between 2010 and 2014 when oil prices were exceptionally high and several other oil-rich countries were accumulating reserves, Nigeria was acting out an alternate reality. We were incongruously borrowing during plenty to expand the consumption habits of all the levels and arms of government.

The parlous state of the Nigerian economy on 29th May, 2015 should therefore have instructed an incisive and urgent macroeconomic stabilization programme to realign price levels in the economy. If a menu of sound monetary and fiscal policies that the economy needed on May 29, 2015 had been provided, it would have sent the right signal to players that there was no cause for alarm. Had the government made quick and necessary adjustments that corresponded close enough to the level of impact that a 40 percent sharp drop in government oil revenue necessitated, the story would most likely be less negative today.

There is a new level that our post 2014 oil-shocked economy must find for stability in order to stop tottering reason and so we do need a string of policy responses that can enable this happen quickly. Such responses would have helped the economy absorb the shock, reassured investors and consumers, and thereby helped reasonably retain investor confidence. But that did not happen. The attendant fiscal pressure and the delayed right policy response were severe enough that by the end of 2015, economic growth sharply declined to 2.7 percent.

It was a major mistake that the economy did not get the timely and right type of policies that could have helped us avoid the calamitous collapse into negative growth in the last two quarters of 2015 that finally led us into a recession. The signals of statist economic policy preferences did in fact worsen matters and set off the wave of uncertainty that dented investor confidence in the economy. So, it is accurate to conclude that both the preceding and the successor governments conspired by their actions and inactions to throw the Nigerian economy into the deep rut from which it must be rescued to avoid social implosion.

The record of the government for timely and right action on the economy is however so far not encouraging. For almost one year, the government delayed right action on the fuel subsidy regime despite its aggravating impact on fiscal imbalance. Over the same period it delayed the right action on exchange rate policy despite its deleterious impact on foreign reserves, the value of the Naira and the rate of inflation. The government finally retraced its steps on the wrong petroleum subsidy regime and fixed exchange rate policies some five and four months ago respectively.

But the design and implementation of those policy changes were half hearted and therefore remain doubtful in their fiscal and monetary impact. The reluctance to fully embrace tested and sound policy options was what minimized the salubrious impact that the two highlighted key policy changes would ordinarily have had on stabilizing the economy.

With inflation- nay, stagflation- now at high double digits of 18% , with the decline of foreign reserve from $37.3 billion at end of 2014 to $25billion in September 2016, with an “administrative-floating ” exchange rate regime that still creates enormous opportunities for corruption and rent seeking arbitrage, with a high interest rate that poses a stress for the financial sector because of deteriorating bank asset quality as well as for limited access to credit by the real sector, with a continuously declining aggregate demand, with a shrinking gross domestic product, with 2016 budget deficit level of $11billion that still has unclear sources of financing; what more do we need before citizens stepped up a demand for the government to retrace its steps from its string of unsound economic policies?

All the sobering data are indicators of hugely deteriorating macroeconomic indices. The more such indices deteriorate, the harder it is for growth to resume.

The macroeconomic stability that poor choice of economic policy helped to unravel within one year had itself taken many years of arduous work to achieve. When therefore one hears the rather simplification of the economic recovery antidote being espoused by the government as “we shall spend our way out of recession”, it heightens anxiety. When one further hears that the sale of assets- especially some productive ones – is being proposed as key contribution to the Budget 2016 deficit financing options of the government, the immediacy of opposing such intention becomes self evident.

For Nigeria therefore, the most critical challenge that needs resolving is how to convince the federal government to urgently retrace its steps back to what it failed to do since 29th May, 2015. First, it failed to launch a deep fiscal consolidation program. Second, monetary policies failed to adjust to reflect new realities. Third, the government failed to present the most ambitious structural reforms ever that can materially improve the productivity and competitiveness of all potential existing and new sources of economic growth.

The third action could achieve the four decade-long diversification goal and help build a resilient economy that is insulated from the volatility of oil prices in the future.

These three broad actions were and still remain the key things mandatory for the economy to regain the lost macroeconomic stability that will drive growth recovery, move us to economic development and shared prosperity.

It is good economics to stimulate economy through increased government spending in a time of recession. So, there is a place for the stimulus spending proposed by the government. However, the economic vision that will arrest the macro imbalance in the short run must be deeper than the proposed plan to “spend, spend and spend”. After all, if massive government spending were to be the solution that can fix our economic failures, then they should never have happened in the first place based on our public expenditure record. Government spending has been the albatross of our economy.

The current administration has not communicated any persuasive basis for assuming that it’s proposed spending will achieve a different set of outcomes without being anchored first on sound economic policies. The current language of “massive spending” is therefore very unnerving because it is not accompanied with a corresponding agenda for massive restructure of the behemoth and the governance system that easily widens its mouth to gulp the largest scale of public resources.

By the way, whatever happened to the report of the Presidential Committee on the Rationalisation and Restructuring of Federal Government Parastatals, Commissions and Agencies which found that the cost of governance in Nigeria is one of the highest in the world? Did the report not recommend the scrapping of 102 statutory agencies on which we continue to spend scarce resources? Where is the fierce urgency required to implement this game changing report that can help roll back one of the most unproductively expensive governance architecture in the world?

I have a simple message: The Federal government should do the right first things, first. Change should begin with those who promised Change!

– Ezekwesili is Senior Economic Adviser of The Africa Economic Development Policy Initiative.

False Asset Declaration: CCT Finds Orubebe Guilty

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The Code of Conduct Tribunal, CCT, on Tuesday, found a former Minister of Niger Delta Affairs, Godsday Orubebe, guilty of false declaration of an asset.

Orubebe had been standing trial on a one-count charge of false asset declaration.

The Federal Government had claimed that Orubebe, who was a minister under the administration of former President Goodluck Jonathan, committed the offense while he was a public officer.

But the chairman of the tribunal, Danladi Umar, in his judgment, ruled:“?I hereby seize, on behalf of the federal government, the property known as plot 2057.

“The prosecution proved its case beyond reasonable doubt, and all evidence tendered are admitted.”

The tribunal chairman held that Orubebe committed an offense for not declaring a piece of property in Abuja, which the former minister claimed he had sold.

Rather Than Sell National Assets Revise The Budget, Cross River Speaker Tells FG

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The Speaker of the Cross River State House of Assembly, Mr. John Gaul-Lebo, has advised the Federal Government to revise the 2016 Appropriation rather than sell national assets.

Speaking with the News Agency of Nigeria (NAN) in Calabar on Wednesday, Gaul-Lebo said national assets should not be sold to raise funds to bail the country out of its current recession.

He suggested that rather than sell the national assets, the Federal Government should revise the 2016 national budget from N6.06 trillion to N4 trillion. He said that the suggestion became necessary following the present economic recession and the challenges of funding the 2016 Budget.



He called on President Muhammadu Buhari to work with the National Assembly on the need to revise the budget for optimal implementation.

“If the economy is in recession and then the budget that we have is N6 trillion, the first thing to do is to revise the budget to an amount that is realisable.

“Mr. President should do a budget priority and identify those projects that can be funded. He should look at those projects that can re-engineer the economy and fund them adequately.

“If our budget can go down to N4 trillion that we can realise and spend, then it will be better. We should revise the budget rather than sell our national assets,’’ the speaker said.

Sale Of Assets, Mere Speculations, FG Yet To Decide – Lai Mohammed

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Shortly after a meeting of the Federal Executive Council, FEC, at the Presidential Villa in Abuja today, the Minister of Information and Culture, Lai Mohammed described the many reports in the media about the sale of national assets as mere speculations saying he Federal Government is yet to make any decision on it. He said;

“What the government will do is to reflate the economy, everything you have heard so far is a just suggestion, until the government makes its position known. All these reports of the asset sale, asset leasing and whatever is being bandied about, are nothing but speculations.

“The government is yet to come out with its position on how to bail out the economy and it will take
that position,” he said.

When informed that a meeting of the National Economic Council, NEC, that held last week has recommended asset sale, the Minister said: “NEC will recommend but it is the Federal Executive Council that will decide and what we decide will be the position of the government.”

Senate Rejects Sale Of National Assets To Revive Economy

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The Nigerian Senate has rejected the proposed sale of national asset by the federal government.


The Senate took the decision on Tuesday at the resumed plenary after extensive deliberation.
The Buhari administration has proposed the sell some asset to revive the economy. But many Nigerians are opposed to the plan, arguing that previous sales barely helped the nation’s economy.
The government has suggested that if it eventually adopts the policy, it would insist on a re-purchase
clause.

Selling National Assets Will Be A Historic Mistake – Soludo

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The federal government will be repeating mistakes of the past should it sell some of the nation’s assets as has been proposed in some quarters, Chukwuma Soludo, former governor of Central Bank of Nigeria (CBN), has said.

Asset sale has recently emerged as one of the strategies for Nigeria’s quick exit from its current economic recession, and notable public figures have argued for and against it.

Writing on the subject on Monday, Soludo said he initially labelled the asset sale suggestion a “joke” when it first began to emerge, but when the senate and NEC joined the “convenient but flawed call”,
he decided to lend a voice to the matter.

He said that although he would ordinarily not join issues, the matter in question is “critical”, especially due to the assumption that the move would help to “build reserves and provide funds for immediate spending” and thus ensure that this recession will be the “shortest” ever.

“Part of the legacy of the oil resource curse on matters of public finance is a mindset that resorts to easy, albeit lazy approach to ‘quick fixes’ — with a gaze on the short term even when the issues are structurally long-term. So, I understand the mental framework that drives such a proposal especially given the pressures to show immediate results,” he said.

“But for the record, it is our considered view that the proposal is based on a false foundation. Our thesis is that in extreme, exceptional circumstances, sale of certain assets could be a last resort option but that Nigeria is currently not near that threshold and the institutional framework for its effective use is also not in place.

“Furthermore, we argue that any sale of assets now amounts to chasing pennies when by acts of omission or commission, we are losing pounds. Such a hasty auction of national assets can only benefit a privileged few with cash and access while jeopardizing Nigeria’s long-term economic interests. It will be a historic mistake….”

Labour threaten to shutdown Nigeria over planned national assets sale

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Oil workers, under the aegis of the Petroleum and Natural Gas Senior Staff Association of Nigeria, have threatened to shut down the country should the Federal Government carry out its plan to sell national assets to augment revenue shortfall.

Also, the Trade Union Congress on Sunday said it would join PENGASSAN to shut down the country if the government remained adamant on its plan to sell some national assets.

PENGASSAN, in a statement on Sunday by its National Public Relations Officer, Emmanuel Ojugbana, said the government should look into other ways to increase its revenue base while plugging loopholes and leakages in government’s finances.

The union, which described the plan to sell the national assets as a self-destructive move for Nigeria, said, “The plan meant to solve short-term financial obligations is targeted at handing over our collective wealth to a few individuals and further impoverish the rest of our countrymen and women.”

It said government at all levels should pump money into the economy through the execution of capital projects and payment of workers’ salaries to revive the economy.

PENGASSAN said it would not sit back and watch the sale of national assets, especially those in the oil and gas industry, such as the Nigeria LNG that had become a huge revenue-earner for Nigeria; refineries and shares in the upstream oil and gas JV operations being shared among those in power and their cronies.

It said, “Any attempt to sell these national assets will be met with stiff resistance from the association, as PENGASSAN will galvanise every support, including that of our sister union and labour centres to shut down this country by ensuring that every activity in the oil and gas sector is brought to a complete halt.

“Some opportunists in the clothes of businessmen and short-sighted politicians had earlier advocated the sale of public assets such as the NLNG, four state-owned refineries, Nigeria’s stakes in the Africa Finance Corporation, the nation’s airports and reduction of government’s shares in upstream oil joint venture operations and this was approved by the National Economic Council.”

Reacting to the recent approval of the sale of the national assets by the NEC, Ojugbana said the sale of the assets would further compound the economic and security problems in the country.

He added, “They should tell us what will happen after the recession if we have sold the assets to greedy individuals. Will the country go cap in hand begging those individuals who bought the assets and borrowing from them?”

He said the plan “is ill-timed and unwarranted as it does not serve national interest,” adding that no nation could develop, survive or feel secure after selling all its national assets.”

PENGASSAN stated, “Doing this will further mortgage the future of our great country in the hands of few cabals. These individuals are just looking for advantage to further loot the country through illegal acquisition of the national assets as in the case of various oil blocks held by a few powerful Nigerians.

“The sale of national assets is not only surprising but also embarrassing for a nation experiencing economic recession. The proponents of the sale of national assets are those who have been actively involved in the operations of the nation’s economy in the past. They were part of those responsible for the country’s current economic situation.”

According to him, such sales in the past, including the power and steel sectors privatisation, are just a shift from public monopoly to private monopoly, which has further worsen those sectors.

“It is, therefore, the candid position of PENGASSAN that such a plan should be thrown into the trash bin. Government should continue to seek better ways to address the present economic challenges and reduce areas of wastage. The long overdue calls for diversification of the economy should be driven with all seriousness; more action is required urgently than propaganda mechanism,” he said.

The President of the TUC, Bala Kaigama, said on the telephone on Sunday that the Congress would collaborate with the two major unions in the oil sector because the planned sale of the assets was flawed.

He noted that if those who invested in the assets had sold them, the current administration would not have met them.

Kaigama said, “We will solidarise with them. You cannot sell vital assets like that. You don’t. If those who invested in the assets had sold them, would they have met them?

“Of course, these business people, who are saying sell and sell, let them pay the appropriate taxes. Those people who are not paying the appropriate taxes, let them pay the appropriate taxes and money will accrue to the Federal Government.

“TUC will solidarise with NUPENG and PENGASSAN to shut down the country.”

The Nigeria Labour Congress, on its own, said while it would take necessary steps on the issue, it had not taken the decision to shut down the country.

The General Secretary of the NLC, Dr. Peter Ozo-Eson, stated on Sunday that the congress would inform Nigerians when the decision was taken.

Ozo-Eson added, “No. We are a democratic organ; we have our processes. We have not taken a decision; when we take a decision, we will let the country know.

“If individual unions have announced, we have no quarrel with that. We are opposed to it (assets sale) and we will take the necessary steps. We have not yet taken that decision of shutting down the country or whatever. We will inform the nation when we take that decision.”

Labour Vows To Resist Sales Of National Assets, Says It Won’t Solve Our Problem

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Labour warned yesterday that the Federal Government should reject the clamour for the sale of the nation’s assets to fight the recession.
The Nigerian Labour Congress (NLC) described those pushing for the measure as enemies of the country, who are only bent on acquiring the nation’s assets for their personal use.

NLC President Ayuba Wabba told The Nation in an interview that the congress was against the suggestion that the Federal Government should sell off national assets to address challenges. To Wabba, experience has shown that privatisation has not worked. Most of the national assets Nigeria sold off have not done well; selling off the assets will not be in the interest of Nigerians, he said.

Said the NLC chief: “First, most of our national assets they have sold under the banner of privatisation, non of them has succeeded. Many countries of the world has passed through this same period of recession and their approach to addressing the issue is not to sell their commonwealth, leaving them in the hands of a very few.

“It is worrisome that those canvassing for this are looking forward to buying these assets themselves. I don’t think it will be productive for us as a nation to dispose off these assets to meet short time need. It will certainly not be productive and not in the interest of the larger Nigerian public.
“As NLC, we are against the sale of those assets because we have tried it even in the power sector and the result is very obvious. Those people are looking for opportunity to buy those assets themselves. We are against it, especially selling them to individuals because of the gee viols effect of those assets that have been sold in the last.

“In the past, they were sold at give away price and people just amassed them for themselves.
“There can be a coexistence with people coming to invest side by side and for the government to strategically hold on to these assets. NLC is totally against the sale of these assets in the name of trying to address a short time need to address the challenges we are passing through. That is not what other countries have done.”
Wabba said should the government listen to the proposal and sell off the assets, organised labour will lock down the nation until the decision is reversed. “If they go ahead to sell the assets, we will protest. We have done that in the past,” he said.

“When it comes to selling off our national assets, if you remember, there was a time when they tried to sell the refineries when Obasanjo left office. We protested against it and that was how that decision was reversed. It is not as if these assets cannot add value, but because they have not been allowed to operate maximally.
“Take the refineries, for example. Our refineries are still among the newest in the world and so, if we add value to them, it is possible for the refineries to stop importation. It is because of inherent corruption that these refineries have not been allowed to work.

“Instead of addressing the corruption, what they did was to shift the to the larger Nigerian people without addressing the inherent challenges in the system.
“Our position is very clear and that is the fact that we are against their sales because they are for our children and generations yet unborn. We will be doing a lot of disservice if we sell such items. How are we sure that if we sell them, it will address the current challenges.”

CBN Orders Bank Workers To Declare Assets

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The Central Bank of Nigeria has ordered workers in all the 19 Deposit Money Banks in the country to declare their assets. The  move analysts say looks like the Federal Government is beginning to expand its ongoing anti-corruption crusade to the private sector, especially the banking industry.

The directive, which came in a letter through the Banking Supervision Department of the CBN to all the 19 commercial banks in the country about four weeks ago, gave bank officials only one week to complete the assets declaration process, sources close to the DMBs said.

As of Thursday, investigation by our correspondent revealed that all the staff members of Ecobank Nigeria, First City Monument Bank Limited and Fidelity Bank Plc had complied with the directive.

Top officials of Ecobank, Fidelity Bank and FCMB, among others, confirmed the development. The workers said there was a directive from their management asking them to comply within one week.

Narrating his experience, a top official of one of the tier-1 banks, who spoke on condition of anonymity because he was not authorised to speak on the matter, said, “All our staff members, from the most junior to the most senior, were asked to declare their assets through a court affidavit. It was handled by the company’s lawyer.

“We were asked to declare all our assets, including developed and undeveloped parcels of land, properties, houses in Nigeria and outside Nigeria etc. We were asked to also declare everything, including power generators at home. We complied within one week.”

Top bank executives said the move by the apex bank was not unconnected to the Federal Government’s plans to extend its anti-corruption crusade to the private sector.

It was also gathered that fear had descended on bank workers, especially top officials whose assets were beyond their means.

Read More:

http://punchng.com/cbn-orders-bank-workers-declare-assets/

Bukola Saraki’s Assets Form Not Verified By EFCC- Witness

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As the trial of Senate President Bukola Saraki continued yesterday, the first prosecution witness (PW1) admitted before the Code of Conduct Tribunal (CCT) that some of the exhibits he tendered earlier were not investigated by his team.

Mr. Micheal Wetkas, an investigator with the Economic and Financial Crimes Commission (EFCC), during a cross-examination by the lead defence counsel, Chief Kanu Agabi (SAN), admitted that he did not investigate the petitions in Exhibits 11, 12 and 13.

Exhibit 11, dated May 22, 2012, was a petition written by Kwara Freedom Network, inviting EFCC to investigate Kwara State Universal Basic Education Board (SUBEB).

Wetkas had earlier in his evidence in-chief informed the tribunal of the petition by the Kwara Freedom Network. But yesterday, he said that his team did not investigate the petition.

He in fact declined virtually every question put to him by the defence counsel on most of the documents he tendered, stressing that he did not participate in the investigations.

When asked to produce the petitions, Wetkas quickly told the tribunal most of them were oral and intelligence reports from sources who pleaded anonymity . He also admitted most of the intelligence reports he based his investigations on emanated from ‘whistle blowers’.

“Most times to the best of my knowledge, people who bring information prefer anonymity. If it was not in anonymity, it would be called a petition,” he said.

Also, Exhibit 12, which was dated May 7, 2011, was addressed to the chairman of the EFCC asking the anti-graft agency to investigate the Kwara State government on borrowings for projects described as phoney . Exhibit 13 was a petition dated June 7, 2012,? which was about the mismanagement of local government revenue in Kwara State between 2003 and 2011.

When asked if in the course of his investigations he had audience with the accountant general of Kwara State, the witness said he did not as that was not part of his assignment. When also asked whether he invited any official of the Kwara State government in the course of investigation, the witness said he did not. On whether he got another written document to buttress the petition written by Kwara Freedom Network, the witness also said he did not.

During further examination, the witness was asked why he tendered documents he did not investigate and for which he could not answer questions . He told the tribunal that he did not tender the exhibits on his own but that they were tendered through him by the prosecution.

Credit: Guardian

Panama Papers: Why I Failed To Declare My Wife’s Assets- Saraki

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Last September the CCB slammed false asset declaration charges on Mr. Saraki, accusing the Senate President, among other things, of failure to declare his assets in full.

Under the code of conduct law, a public office holder is required to declare his own assets, those of his wife as well as assets in the names of his children below the age of 18.

The Senate President maintained that he did not fail to declare assets belonging to his wife in secret offshore territories, adding that he, in his different asset declarations, included properties owned individually by himself and his wife.

“The property in question forms part of Dr Saraki’s wife’s family asset,” Mr. Saraki said. “It is public knowledge that Mrs. Saraki comes from a family of independent means and wealth with numerous and varied assets acquired over decades in family estates and investments

“Furthermore, the law only requires a public officer to declare both his own assets and those held by his spouse and his children under 18 years of age. The law does not require a public officer to declare assets held by the spouse’s family.

“It is not expected by the law that a public officer should declare such assets held in the spouse’s family estate. Indeed, the Code of Conduct form does not make provision for declaration of spouse’s family assets,” he stated.

Indeed, Toyin Saraki hails from the rich and famous Ojora family of Lagos. She married Bukola Saraki in 1991.

The hidden properties in offshore territories the Senate President failed to declare were acquired in 2004 and 2011 respectively.

They are not part of the Ojora’s family estate and were not acquired through inheritance.

They are owned by Mrs. Saraki, as shown in the offshore documents obtained by this newspaper.

Credit: PremiumTimes

Army Chief, Buratai, Orders All Officers To Declare Their Assets

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Press statement from the Nigerian Army…

The Chief of Army Staff, Lieutenant General Tukur Yusuf Buratai has directed all officers of the Nigerian Army who have not declared their assets to do so immediately. He gave the directive today during a conference with Principal Staff Officers and Directors serving at the Army Headquarters.

It is to be noted that the Chief of Army Staff has done so soon on his appointment as Commander, Multinational Joint Task Force in May 2015 and also on his appointment as Chief of Army Staff in July 2015. Copies of both are with the Code of Conduct Bureau.

This directive is in order, considering the fact that all military officers are having Presidential Commission and are public servants, as well as subject to both civil and military laws.

In addition, given the current drive of the country for probity and accountability, the Nigerian Army should not only key in but should be one of the key drivers for such laudable project. Colonel Sani Kukasheka Usman Acting Director Army Public Relations

Buhari’s Ministers Should Publicly Declare Assets, Activists Demand

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One of Nigeria’s foremost anti-corruption coalitions, the Civil Society Network Against Corruption (CSNAC), has challenged all the 36 ministers in President Muhammadu Buhari’s cabinet, to publicly declare their assets in the light of the ongoing war against corruption

In a statement Sunday, the coalition said through its chairman, Olanrewaju Suraju, that by publicly declaring their assets, the ministers would be demonstrating their readiness to complement the president’s zero tolerance for corruption and promise  of  a transparent government.

According to CSNAC, President Buhari and his vice, Yemi Osinbajo, “have laid a good precedence by keeping in line with Section 140 of the Federal Republic of Nigeria 1999 (as amended), by declaring their assets publicly.

“This was also in fulfilment of their campaign promise of running a transparent government as well as eradicating corruption in the country.

“Public declaration of assets usually aids the assessment of public officers and will help in monitoring of public office holders and ultimately reveal those who corruptly enriched themselves while in office, paving way for proper punishment and sanctions against them.

“As public officers it is expected that the ministers should also declare their assets in line with this administration’s quest to run a transparent and corrupt free government. With the President and his Vice having shown a great example by declaring their assets, the ministers should also follow suit without further delay. The President, in his ‘my covenant with Nigerians’, promised to ‘encourage’ his ministers to publicly declare their assets. The President is hereby reminded of his promise and called to act appropriately.

“CSNAC therefore calls on all ministers to publicly declare their assets as a matter of priority. By so doing, they will have shown their readiness to complement the President’s zero tolerance for corruption and promise in the actualisation of a transparent and corrupt free Nigeria.”

Credit: PremiumTimes

Orubebe Docked At CCT Over False Asset Declaration, N70m Bribe

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The trial of former Minister of Niger Delta Affairs, Elder Godsday Orubebe by the Code of Conduct Tribunal (CCT) over alleged four count charge of false declaration of assets and acceptance of about N70million bribe, on Monday, began in Abuja.

Justice Danladi Umar, the chairman of the Tribunal ordered Orubebe to enter the accused box immediately he entered the courtroom around 10.43 am.

The four-count charge was filed on behalf of the Attorney General of the Federation (AGF) by Peter Danladi of the CCB on October 8, 2015.

Count one reads: “That you, Godsday Peter Orubebe, while being a Minister of Federal Republic of Nigeria in charge of Niger Delta Affairs, on or about June 29th 2011 did make a false declaration in your asset declaration form by failing to declare plot 2722 Kyamu District Abuja on assumption of office on 26th September 2007 and on leaving office (at the end of your tenure), on June 29, 2011 and you thereby committed an offence under section 15 of Code of Conduct Bureau and Tribunal Act Cap C15 and as incorporated under paragraph 11(1) & (2) of Part 1, Fifth Schedule to the Constitution and punishable under section 23(2) of the CCB & T Act.

Count two: “That you Godsday Peter Orubebe, while being a Minister of Federal Republic of Nigeria in charge of Ministry of Niger Delta Affairs, on or about June 29, 2011 did make a false declaration in your asset declaration form by failing to declare plot 2059 Asokoro district, Abuja on assumption of office on September 26, 2007 and on June 29, 2011 and you thereby committed an offence under section 15 of the CCB & T Act, and punishable under section 23 (2) of the CCB & T Act.

Count three: “That you Godsday Peter Orubebe while being a Minister of the Federal Republic of Nigeria in charge of Ministry of Niger Delta Affairs on or about September 19, 2012 asked for and accepted the sum of fifty million naira from one Pastor (Dr) Jonathan Alota, as bribe for the contract awarded in favour of his company, Chemtronics Nigeria Limited and you thereby committed an offence contrary to section 10 of the CCB & T Act, and punishable under Section 23 (2) of CCB & T Act.

Count four: “That you Godsday Orubebe, while being a Minister of the Federal Republic of Nigeria in charge of Ministry of Niger Delta Affairs, on or about 2013 asked for and accepted the sum of twenty million naira from one Pastor (Dr.) Jonathan Alota as additional bribe for the contract awarded in favour of his company Chemtronics Nigeria Limited for the construction of skill acquisition Centre at Edo State for the sum of one billion seven hundred and ninety nine million, nine hundred and fourteen thousand two hundred and fifty naira eighty eight kobo only (N 1,799,914,251.88K) and you thereby committed an offence contrary to Section 10 of CCB & T Act.”

Code Of Conduct Bureau Chair Refuses To Disclose Own Assets

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The Code of Conduct Bureau has said that assets declared by public officers would not be available for public inspection.

In a response to the Advocate for Peoples Rights and Justice, the CCB said that assets declarations by public officers contain personal information ?that fall within the exemptions of the Freedom of Information Act.

The advocacy group had filed an FOI request demanding the assets declaration forms of the heads of both the CCB; the Code of Conduct Tribunal; and Nasir El-Rufai, the governor of Kaduna State (while he was the FCT minister).

“This is to ensure the citizens’ right to know, in line with your fight against corruption,” the group stated in a letter dated September 28 and signed by Victor Giwa, its National Coordinator.

The request came a week after the CCB slammed? a 13-count charge of false asset declaration and corruption against? Bukola Saraki, the Senate President.

The ?b?ureau accused Mr. Saraki? of offences ranging from anticipatory declaration of assets to failing to declare some assets – which were beyond his legitimate earning – he acquired while in office as governor.

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Nigerian Workers Demand Amaechi, Fashola, Others Declare Their Assets Publicly

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Nigerian workers on Thursday urged the National Assembly to ensure that all ministerial nominees declare their asset publicly before confirmation.

Among the 21 persons nominated as ministers by President Muhammadu Buhari are former Lagos State governor, Raji Fashola, ex-Rivers State governor, Rotimi Amaechi, and spokesperson of the ruling APC, Lai Mohammed.

The workers, members of the Trade Union Congress of Nigeria, TUC, stated this in a joint statement by the union’s president, Boboi , and General Secretary, Musa Lawal.

The TUC said that the declaration would be in the public interest.

The labour union said the public declaration of asset was necessary following “worrisome” allegations of fraud against some ex-ministers and officials.

“There is need to verify the financial and material status of each nominee before they are allowed to assume such high offices,” the workers said.

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Declare Your Assets, Ekiti APC Tasks Fayose

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The All Progressives Congress (APC) in Ekiti State has urged Governor Ayodele Fayose to declare his assets 10 months after its earlier call on the governor to follow his predecessor, Governor Kayode Fayemi, who publicly declared his assets to the applause of Ekiti people.

Publicity Secretary, Taiwo Olatunbosun, in a statement said that the call became imperative against the background of earlier calls for the governor to declare his assets, failure of which had fueled speculations that state resources were allegedly being channeled towards private enterprises outside the state by the governor.

“The governor must seize the opportunity of declaring his assets to douse speculations of his alleged funneling of the state resources to his private enterprises abroad…”

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Buhari, Osinbajo Haven’t Declared Their Assets Yet- PDP

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The Peoples Democratic Party, PDP, has described as “a deceptive window-dressing to hoodwink unsuspecting Nigerians” the release, by an aide of President Muhammadu Buhari of a “mere” list of some belongings of the president and his Vice, Yemi Osinbajo, in place of the pledge made to Nigerians by Mr. Buhari as candidate of the All Progressives Congress, APC, on March 18, 2015, at exactly 5 pm.

The PDP recalled that the President in his own words had stated to Nigerians that, “I pledge to publicly declare my assets and liability and also encourage my political appointees to publicly declare their assets and liability”.

The party however, observed that Messrs. Buhari and Osinbajo failed to produce copies of their declarations, detailing the exact nature and value of respective assets.

PDP National Publicity Secretary,Olisa Metuh, in a statement on Friday said “the release of a mere list of belongings falls short of credibility, transparency and anti-corruption standards as well as exposes the proclivity of the present administration for deception.”

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Some Governors Yet To Declare Assets- CCB

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The Code of Conduct Bureau has expressed worry over the delay by some state governors to declare their assets, one month after assuming office.

“The people we are having problem with now are some governors, but I cannot be categorical in terms of statistics except I confirm.” Chairman of CCB, Mr. Sam Saba, said in an interview with the News Agency of Nigeria.

He said, “The governors are not even supposed to start work as political office holders until they declare their assets. It is provided in Section 185 of the 1999 Constitution of the Federal Republic of Nigeria as amended.

“It reads that; a person elected to the office of a governor of a state shall not begin to perform the function of that office until he has declared his assets and liabilities.”

Saba said that in spite of the fact that the section made assets declaration prelude to taking oath of office, some governors took over office without declaring their assets because of ignorance.

“It is not like they are not willing to declare, but because of the erroneous impression that they have up to three months within which to declare their assets and liabilities.

“But the issue is that they are supposed to have declared before being sworn in as governors,” he added.

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No Need For FOI, I Will Declare My Assets Publicly As Promised – President Buhari

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President Muhammadu Buhari has said that in fulfilment of one of their campaign promises, his declared assets and those of Vice President Yemi Osinbajo will be released to the public upon the completion of their verification by the Code of Conduct Bureau (CCB).

His clarification will quiet critics who complained about his statement early this week that anyone who needs to see it has to request for it via an FOI request to the Code of Conduct Bureau.

The president expressed hope that the verification process by CCB will be completed before the expiry of the 100-day deadline within which he promised to declare his assets.

The Senior Special Assistant, SSA (Media and Publicity), Mal. Garba Shehu who announced this in a statement on behalf of the President on Saturday, 6 June, said “the duly completed forms by both the President and the Vice President were submitted to the CCB on March 28th, a clear day ahead of their inauguration.”

He said this statement was warranted by the need to clarify some suggestions that the President and the Vice-President may not, after all, declare their assets publicly.

“While such public display of concern is appreciated and valued, it must be said that it is a little precipitate.

“As required by law, the declaration and submission of documents to the CCB have been made, but there still remains the aspect of verification which the Bureau will have to conduct to authenticate the submissions made to it.

“In the circumstances, it is only after this verification exercise, and not before, that the declaration can be said to have been made and validated; and only after this, will the details be released to the public.

“There is no question at all that the President and the Vice President are committed to public declaration of their assets within the 100 days that they pledged during the presidential campaign.

“The President and the Vice President wish to thank Nigerians for their show of concern, and for the confidence they have shown in their leaders’ integrity, as evidenced by the high pedestal of uprightness and expectations on which they have placed them.

#Pausibility: The Frailty Of Our Ingenuity. – Adebayo Coker

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Dear Compatriots,

We sure had a wonderful Inauguration last Friday. It was awesome even though there were obvious lapses in the protocols during the Swearing-in proper and other activities that followed. From the foregoing, you should be able to tell what I am set out to talk about. The side dis(at)traction!

These past few weeks I have deliberately fed my laziness to blog. Not necessarily because I couldn’t write anything but I knew the last few weeks of Jonathan’s administration were tales of woes and that was what many bloggers cum columnists would air . I was right as so many valedictory notes I read were just as I had thought. Jonathan, A Failure! Scorecard…!! Good Riddance…!!!

I was a bit rattled about the frailty of our ingenuity when I read some news items on social media. Please do not get me wrong: everyone and anyone has a right to air their opinion but let us try to help our newfound ‘political kinetics’.

There is no better decision than the Command Headquarters being moved to Maiduguri. Recently, we have witnessed how these same service chiefs would sit in Abuja and feed us with ‘second hand’ information which was usually proven to be untrue. Also, these same chiefs would constitute panels that court-martialed many officers of the Nigerian Army even when the commonest reasoning pointed to the fact that the guys were ill-equipped to face the insurgence before them. The Commanding Officers saw no wrong in their own act by embezzling the allocation meant for the training and equipment of the forces under them. They cited insubordination, treason and cowardice as their grounds for the court martial. Now is their turn to go feel the heat. Someone mentioned what if any of them opts to resign than go to Maiduguri? Then I answer, I will have him Court-martialed if I were the CnC. Neither does PMB necessarily have to retire these chiefs now until they are given the chance to redeem themselves by going to the warfront. I still want to believe the reason the military did not perform adequately was due to massive permissive corruption under GEJ’s watch. But now that a’ true Daniel has come to judge’, let us put these same guys to work and see their performance.

Secondly, the law requires public office holders to declare their assets through the Code of Conduct Bureau. During an APC rally, President Muhammad Buhari , out of his own volition, had said he would declare his assets ‘publicly’ within the first hundred days of office just as he would make sure all principal officers working with him would do the same. Now that PMB has satisfied the statutory end of this requirement, many Nigerians cannot wait for him to stand to the moral obligation of his own promise by doing it PUBLICLY. I strongly understand the hurried cry. No sane person would forget easily the experience of the past irresponsible administrations. But don’t let us be too much in a hurry that we forget some obvious lacuna. For crying out loud, the man said ‘within hundred days in office’. There are processes to be followed before public declaration of assets by public office holders. The CCB needs to conduct verification exercise amongst other things before the public announcement. Some are even telling the world that late Yar’adua declared his assets publicly but I have come to find out that he did declare his assets publicly after twenty seven days in office. Let us be patient with this new President. More so, we all know that PMB has a big farm in Kaduna with considerable number of cattle. A house each in Kaduna and Katsina, one wife and about six daughters, all of which were already in public domain. And majorly, we know he is not a corrupt or bibulous man. So what else are we looking for?

If anyone would remain blind and continue with this argument of public assets declaration when it is not 100days yet, then I will advise that such a person approach the Code of Conduct Bureau and invoke the Freedom of Information Act in exercising his right. I am not a journalist but I know so very well that part of that act says anyone can approach any government agency for any information so far it is not scheduled under national security.

aisha2Assets

What we should consider more germane now should not be the continued feeding of our fleeting vanities by looking for the cost of a wristwatch worn by the wife of the President on Inauguration day. We should start asking questions like:

What is the meaning of CHANGE that is being touted if their interpretation of a ‘lean government’ will be a carrying-on of Special Assistants/Advisers and Senior Special Assistants/Advisers even in the face of this austerity?

Why is it taking so long for PMB to appoint aides that will work with him directly like Chief of Staff and the rest? I want to believe that he does not want to expose his ministerial nominees at this time until the 8th Assembly is constituted, because they are the ones to screen the ministers. Not that he is confused as to the personalities he wants on his team. A man like Abraham Lincoln shouldn’t be bereft of a roadmap he wants to chart especially when he belongs to everyone and belongs to nobody.

The task ahead of all of us is how to make this change trickle down and from down to up or should I say we should make this matter of CHANGE a studious case of Osmosis and Diffusion. Not these obvious trivialities. We should constitute ourselves into a formidable opposition to APC. PDP has obviously gone under if you doubt me call Doyin Okupe a bastard if they survive to the end of 2016.

Graft, in whatever guise, has to be nailed and stopped if any system new or old is to work!  But since greed is as old as mankind, no feasible change will be recorded even with new faces involved at the top if you and I would not change in our small corners.

Let the real work begin.

 

 

We Lack Power For Now To Display Buhari, Osinbajo’s Assets – Code Of Conduct Bureau

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Nigerians who are itching to see the net worth of President Muhammadu Buhari and his vice, Prof. Yemi Osinbajo, may need to wait a bit longer, as the Code of Conduct Bureau, CCB, which keeps custody of the assets declared by the two leaders, says it lacks the power to make them public for now.

Speaking to the Vanguard Newspaper, the Chairman of the Code of Conduct Burea, Mr Sam Sada, who spoke through his Special Assistant, Mr. Gwimi Sebastian Peter, said only the National Assembly is vested with the powers to decide the terms and conditions under which such documents could be made public. The chairman said even though the Constitution of Nigerian made it clear that the agency should make available to the citizens the assets declared by public officials, the same law vested the National Assembly with the power to decide the terms and conditions for making such materials public.

Sada explained that the CCB was ready to comply with the terms and conditions specified by the National Assembly on the matter but would only do so once the law was amended. He said: “While the Constitution of the Federal Republic of Nigeria (1999) and the Code of Conduct Bureau and Tribunal Act give the bureau powers to receive assets declarations, verify, examine, keep in custody and enforce compliance when there is a breach, the responsibility of determining how and on what terms asset declarations will be made accessible to the public was left to the National Assembly.

“Several National Assemblies have come and gone since the establishment of the CCB without addressing the matter.”

When his attention was drawn to the provisions of the Freedom of Information Act, which makes it compulsory for the CCB to make available to media houses and other interested Nigerians the assets of public officers, the chairman said the FOI Act could not override the provisions of the Nigerian Constitution.

Why President Buhari Didn’t Declare Assets Publicly- Aides

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Aides of President Muhammadu Buhari, yesterday, explained why the president did not declare his assets publicly. They said he will make his assets known to Nigerians within the first 100 days of his stay in power in line with his assertions before the election.

Meanwhile, there were mixed reactions, yesterday, on the report that the president and Vice-President Yemi Osinbajo had submitted their assets declaration to the Code of Conduct Bureau without immediately making them public.

A civil rights group, Socio-Economic Rights and Accountability Project, SERAP, argued that it was imperative for the duo to make public their assets. It said the action will indicate “their desire and commitment to ending corruption in the country.” The Peoples Democratic Party, PDP, on its part, said it would allow Buhari to settle down for governance before taking him to task on his campaign promises.

However, some notable Nigerians disagreed over call for the public declaration of assets by the president and his vice president.

Among those who expressed divergent views were constitutional lawyer, Professor Itse Sagay, SAN; Chief Emeka Ngige, SAN; rights crusader, Mr Femi Falana, SAN; Mr Kayode Ajulo; Second Republic lawmaker, Dr. Junaid Mohammed and rights activist, Mr Mohammed Fawehinmi.

A close associate of the president, however, debunked criticisms on the issue saying, yesterday, that the president still has 97 days within which to make his assets public as he promised during the campaigns.

President Buhari had in a document on his plan of action within the first 100 days of assumption of office as president promised to make his assets declaration public and influence his appointees to do the same.

“In the document the president said what he would do within the first 100 days and among them was that he would declare his assets publicly in the first 100 days. How many hours has he been in office? How many days after his inauguration?

“I think that the president should be given the benefit of the doubt. It is only three days since he came to office. Does he not deserve the benefit of the balance of the 96 remaining days? I think he deserves commendations”, the source close to the president said on the basis of anonymity.

Credit: vanguardngr

 

You Will Declare Your Assets Publicly To Work In My Government — GMB

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The presidential candidate of the All Progressives Congress, APC, General Muhammadu Buhari has promised to declare his assets and liabilities once elected and sworn into office as President on May 29, 2015.

And other members of his cabinet and appointees, he said, would be asked to toe the same line.

“Buhari is very passionate to create jobs for our youths and strongly feels that the best way to create jobs in this region is to revamp Enugu coal, which has been abandoned since the civil war.”

Buhari spoke through APC spokesman in South-East zone, Mr. Osita Okechukwu, after a road show in Enugu to sensitize the people on how he intended to run a transparent government on Thursday.

Buhari would inaugurate the National Council on Procurement as stipulated in the Procurement Act. He also assured the Igbo nation that he stood by his pledge to revamp coal in Enugu, if elected as President, noting that his word was his bond.

On the issue of insurgency and insecurity, Okechukwu said Buhari served the country meritoriously in the military to the highest level, and recalled how he crushed the Maitasine terrorists, a violent rabid sect like Boko Haram and chased away Chadian Army from Nigeria.

Jonathan, You Must Declare Your Assets- AU

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The African Union has declared that President Goodluck Jonathan together with all other African leaders must as a matter of compulsion publicly declare their assets due to the high level and many cases of corruption and money laundering attached to them.

When the issue surfaced during his third Presidential media chat in 2014, Mr. Jonathan criticised those calling for the declaration, and said leaders should be allowed to determine whether or not the decision to make their assets public agreed with their personal principles. The president emphasised his disapproval by infamously declaring that he did not give “a damn” about publicly declaring his assets. “The issue of public asset declaration is a matter of personal principle. That is the way I see it, and I don’t give a damn about it, even if you criticise me from heaven,” the president said.

Worried by the high rate at which resource-rich African countries lose huge revenues through corruption, illegal transfers of profits and money laundering abroad, the African Union, AU, has asked President Goodluck Jonathan and other African leaders to openly declare their assets and subject their wealth to public scrutiny.

A report on Illicit Financial Flows from Africa, compiled by an AU panel led by former South African President Thabo Mbeki, said Africa loses an estimated $60billion (about N10.08trillion) annually through such transfers. The report was presented Sunday at a summit in Addis Ababa, Ethiopia.

The report has stirred massive concerns in Nigeria, which is said to account for over $40.9billion (about N6.87trillion), or 68 per cent of the total figure.

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