Okonjo-Iweala, Sanusi begged us to save but we refused, says Peter Obi.

Former Governor of Anambra State, Peter Obi, yesterday said governors under the Goodluck Jonathan administration refused to save for a rainy day.

Obi said former Minister of Finance, Ngozi Okonjo-Iweala, and former Governor of the Central Bank of Nigeria (CBN), Lamido Sanusi Lamido, now emir of Kano, Muhammad Sanusi II, begged the Federal Government to build its savings but the governors kicked against the idea.

Speaking on CNBC Africa, Obi said he was not against the Muhammadu Buhari government’s plan to borrow, but he was against borrowing without a plan.

“I was in government when the likes of Ngozi Iweala, Aganga, Sanusi were crying let’s save; we collectively said we don’t want savings, and we are now in this mess; we cannot afford to increase it by going to borrow without a clear road map on what we would use it for,” Obi said.

“People start saving in crisis. Go and check most nations that save, they started it in crisis situation, because they could see the point of not saving yesterday; and that is where we are.

“I have said it before that even if we saved five percent of all our oil earnings from 1960 to date, which is about $1.2 trillion, considering a compound interest of about five percent, we should have about 150 billion today.”

Obi said the country could put up a savings plan that helps prepare for tomorrow, and could possibly allow government to borrow today.

“Imagine what would have been happening if we were in that situation. That was 56 years ago; we have 44 years to our 100th year of independence.

“What I am saying is that if we decide today to save on 50 percent of our own budgeted output of 2.2 million barrels per day, we decide to save on just 1 million barrels per day, with our earnings at $50 per barrel, in the next 44 years, we would be at 50 to 60 billion dollars.’’

Speaking about Okonjo-Iweala’s effort, he said: “ I was in government when Okonjo-Iweala was crying meeting after meeting, let’s save money; we need to save for a rainy day. We said no. Some said this woman should not be found near this country.

“We even went to court as a body to challenge savings, and look at where we are today.

“Change that constitution that says we cannot save; what type of constitution is that? When we are talking about constitution amendment, we should amend things that are immediate.

“Issue of savings should be included in our constitution today; oil is a depleting asset, and we are not even saving for tomorrow,” Obi added.

He urged the Federal Government to embrace restructuring and let the country’s strength be found in its diversity.

Donald Duke, Peter Obi, Odinkalu, Others for 2016 AELEX Annual Lecture.

In a bid to explore sustainable finance and developmental models for Nigerian states, AELEX, a leading law firm is set to host its 2016 Annual Lecture with the theme “Making States Work”.

The lecture is billed to hold on Wednesday, 9 November 2016 at the Muson Centre, Lagos.

According to the organisers, the 2016 lecture which is the 11th in the series of its annual lectures is poised “…to consider issues relating to the sustainability of individual states, especially as Nigeria goes through a recession. The format for the lecture will be that of a panel of insightful discussants with diverse sectorial expertise and erudition.

Outlined panelists for the 2016 AELEX lecture are His Excellency, Mr. Donald Duke (CON), Former Governor of Cross River; His Excellency, Mr. Peter Obi (CON), Former Governor of Anambra State; Mr. Aigboje Aig-Imoukhuede (CON), Former Group Managing Director/Chief Executive Officer, Access Bank Plc; Mr. Isaac Babatunde, Executive Director, Corporate & Sovereign Ratings, Agusto & Co; and Professor Chidi Odinkalu, Africa Program of the Open Society Justice Initiative.

 

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Running for over a decade, the AELEX Annual lecture has established itself as the platform for highlighting national topical issues of socio-economic and political relevance whilst forging solid reasoning and solutions for Nigeria, showcasing analytical strengths and weaknesses of opposing perspectives on National issues.

Since 2005, the Aelex Annual Lecture has featured top-notch speakers on a wide-range of contemporary issues. In 2015, former external affairs Minister, Professor Bolaji Akinyemi led the discourse on “Politics, Democracy and Ethnicity”. In 2014, Prof. Timothy S. Shah, Georgetown University, USA, delivered the keynote on the theme “In God’s Name: Politics, Religion and Economic Development”.

 

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Other previous themes include “This House Must Not Fall: Constitutional Reform and the People’s Will” in 2012; Corruption, the Thief in Broad Daylight in 2011; Taxation without Representation, 2010; How Ghana Kept the Lights On, 2009, amongst others.

The 2016 AELEX Annual lecture is scheduled for Wednesday, 9 November 2016 at the Muson Centre, Lagos. Interested participants can make reservations via annuallectureteam@aelex.com or Semilore: 08038162255.

Members of the public can join the conversation online using the hashtag #AELEX2016 on all major social media platforms.

 

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?LEX is a full service law firm with offices in Lagos, Abuja, Port Harcourt and Accra, Ghana. ?LEX was established in 2004 through the merger of four leading law firms which spawned the largest and most diversified law practices with a focus on the West African region.

The confessions of Peter Obi and Abdulmumin Jibrin

It is almost impossible to catch our political elite in this game at which they are masters, unless by some miracle there is an implosion in their ranks. Unless and until there is a willingness on the part of some of them to commit political hara-kiri, the best we get are occasional glimpses into the intrigues, desperation and volume of waste that is put to play in the power-game in the circles of the elite. There is so much that the ordinary man suspects of happenings in government, but there is very little he knows of a certainty.

But when there is drama in the camp, we get to know about the workings of the Okija shrines and the use to which public resources are put to. When Donald Duke, years back, in a profound moment of epiphany, opened up on the intricacies that make it almost impossible to have free and fair elections in Nigeria, many were shocked. He explained how it was that the INEC State Commissioner could not but be susceptible to the tunes of the governor, as the system was designed to make him practically dependent on the governor for upkeep and the meeting of routine needs of the Commission in the state.

That was before the introduction of the PVC and card-reader, but how much things have really changed is better left to the imagination. But if what we saw in many of the states in the 2015 elections, with Electoral Commissioners acting hand-in-glove with governors, not much might have changed. In the House of Representatives, Abdulmumin Jibrin, has been on a roll for a while now. He seems not only to be on a mission for immolation but to bring the ‘house’ down with him. Some say he is no hero and that he is only on this suicide mission for his own selfish interest, as he was a major part of the rot he is exposing. Perhaps, they have a point there. But who says he is one? That you blow the whistle does not necessarily make you one. But it does take plenty of guts and sacrifice to be a whistle-blower, especially in our clime. Edward Snowden and Julian Assange are seeing first-hand what it means to stand up to vested interests, in another part of the world.

In the case of Jibrin, it will be most foolish to throw this baby away with the bath-water. In fact, this baby deserves all the care and protection he can get to ensure the bath water is properly drained and processed accordingly. For who else but an insider, especially one of Jibrin’s standing, could have unearthed the level of rot that is now in the open?

Have you noticed that the National Assembly has functioned more like a cult where members take an oath to never disclose anything to do with their salaries and allowances, even with the gun to their heads? It is that troubling that once there is an outcry about happenings in the Assembly, it is usually the ex-members of the club who often show up in as to out defence of the National Assembly. Regardless of party lines, they are usually the most vociferous defenders of acts that not even hardened criminals will find justification for. But for a few we know who are not cut of this cloth, one might be tempted to conclude that the water in the National Assembly is laced with something else.

The levity with which the leadership of the two arms of the Assembly handle allegations of corruption and misconduct is such that one would think there is something in their Rule Book that assures them they are above the laws of the land. They leisurely stroll back and forth from courts, carrying on like they only visited the loo. Direct allegations of graft have been made against the Speaker of the House of Representatives and he has simply waved them off, as if they do not matter. Of course, they don’t.

He is not bothered, he says. He needs not be. He does not even need to humour us with an explanation. The question of resignation does not arise for him. He only needs to carry on exactly as he has been doing. The lead antagonist, Jibrin, has been banished from the hallowed chambers for 180 days. That will likely take more than a year, as the House hardly ever meets the constitutional requirement on the number of days it ought to sit in a year.

If, with all that is in the open, members of the National Assembly will rather rally around the leadership and dig in to save themselves, what other evidence does anyone need of the depth of decay within their ranks? It is within the context of that conspiracy of silence among the political elite that the speech by Governor Peter Obi at ‘The Platform’ on October 1 sits. You might need to have experienced government or be privy to its inner working for you to properly situate the exposé. It is a surprise that he was able to survive eight years in government without any other ‘incident’ beyond attempted impeachment, for he clearly stepped on too many entrenched and powerful toes in the civil service and political class, with the way he claimed to have run the affairs of the state.

The governor is like a god with such an elaborate temple built for him, where so many people feed, steal and waste, in pretence at pleasing him; while in reality, many more are benefiting from the institutionalisation of corruption. Apart from the liaison offices in Abuja and Lagos maintained by many of the states, many of the state governors have the Presidential Lodge and a chain of guest houses in their state capitals, maintained at enormous expense to the government.

There is such an alarming culture of waste in government, with the same replicated by the different arms of government, parastatals and many of the MDAs at the federal level, that you might be forced to ask yourself if the country has not been cursed. What Governor Peter Obi did was to confirm public suspicion in graphic details. To see what use he claimed to have put savings made from his simple, common-sense measures in cutting the cost of governance and what difference it made in performance and quality of lives of the people is sobering. Indeed, the immense power that goes with executive office in Nigeria, protected by a culture of waste and corruption is such that without political suicide in the ranks of the elite, it is almost impossible to penetrate it.

That is why the insight by Peter Obi is important, if we can manage to keep our eyes on the ball. Some are already querying his motives, questioning his politics and the morality of his engagement with President Jonathan. Fair enough. I am not a big fan of his politics either. I do not know what to make of his inability to grow APGA beyond how he met it. I will not pretend to understand the decision to commit political suicide by leaving his party for the PDP. I cannot explain too how come he could not share his ‘araldite’ philosophy with President Jonathan, or at least influence the man he vigorously campaigned for, even employing some unfair tactics in the process.

However, I have known him, for a while too, as a man of means, who from what one had heard, which he has now confirmed, has chosen to live modestly and conduct himself in line with principles and values that were once cherished and celebrated in this land. It is also good to hear that he manages his family in accordance with the same principles, not indulging the children, as seems to be the fashion even for many less-endowed than the man. Now, that old-school philosophy of frugality with a common-sense approach to the management of public funds is most needed at this time, with the downturn in revenue. A Peter Obi surgical knife to cut the cost of governance might be of use to President Buhari with him coming on-board to head a Due Process and Good Governance Commission.

For now, Abdulmumin Jibrin is doing his bit, in hope that law enforcement agencies will finally step in to help the Speaker share with us how he can be so calm and confident in the face of such allegations flying all around. Abdulmumin Jibrin is no hero. He has not laid claim to being one. Not every whistle-blower is. No one says Peter Obi is a hero. But we need to do all we can to promote and encourage whistle-blowing within the ranks of the power elite.

Without an implosion and many more committing political suicide, it will be difficult to make an appreciable dent on the strangle-hold of corruption.

– Olorunfemi works for Hoofbeatdotcom, a Nigerian Communications Consultancy and Publishers of Africa Enterprise.

Boost Investors’ Confidence, Capital Market Operators Task Peter Obi

Some capital market operators on Tuesday urged the new Chairman of the Securities and Exchange Commission (SEC), Mr Peter Obi to pursue policies that would reinvigorate investors’ confidence.

NAN in separate interviews in Lagos that investors’ confidence should be the first priority of the new chairman and the substantive director-general, Mounir Gwarzo.

Ariyo Olushekun, the immediate past President, Chartered Institute of Stockbrokers (CIS), who commended the appointments said that the two should work on ways to increase investors’ confidence,

Olushekun said that friendly policies should be introduced to increase local investors participation in the market,adding that more people would embrace the market with the right environment.

He said that the new chairman should use his influence as an ex-governor and banker to bring new investment resources to the market.

Olushekun also urged the new management to map out development strategies that would enhance new listings and enahnce return on investments on the exchange.

Sehinde Adenagbe, the Managing Director, Standard Union Securities Ltd., said that both personalities were “jolly good fellows with what it takes to leverage the market”.

Adenagbe expressed optimism that the market would experience better outlook under the new management, adding that, confidence would also be enhanced.

He said that the market would experience more activities with enhanced confidence.

“It is my belief that under the duo, the market will experience a better outlook,” he said.

Adenagbe said that the two personalities must carry all stakeholders along by working as a team and avoid witch hunting.

He said that they must also work as a team with staff and ensure strong partnership with the Nigerian Stock Exchange (NSE) for market growth and development.

Bayo Adeleke, National Secretary, Independent Shareholders Association of Nigeria (ISAN), said that a lot was being expected from the two personalities becuase they are both practitioners in the capital market.

Adeleke said that they must bring their years of experience to enhance transparency and development of the market.

“The new management should pursue reforms that will make the market more robust, attractive to both local and foreign investors,” he said.

He said that they must accelerate the demutualisation of the exchange and ensure zero tolerance to infractions by strict punishment of any market offender.

Mr Boniface Okezie, President, Progressive Shareholders Association of Nigeria (PSAN), said the appointments would move the market forward.

Okezie, who lauded the Federal Government for the appointments, said that it was a good decision considering the experiences of the personalities.

He said that the former governor was a core businessman with interest in the capital market.

“Gwazo as an experienced man will equally excel in his new assignments. I believe these appointments will move the capital market forward,” Okezie said.

Mr Harrison Owoh, the Managing Director, HJ Trust & Investment Ltd., urged the new management to boost foreign participation in the nation’s capital market.

Owoh said that the new management should check mate insider dealing in the market by ensuring strict compliance to corporate governance.

NAN reports that President Goodluck Jonathan had on April 27 confirmed Gwarzo as SEC Director-General and appointed Obi, a former governor of Anambra State as Chairman of the commission.

NHIS Boss Sacked As Obi Is Confirmed As SEC Chairman

President Goodluck Ebele Jonathan has sacked the Executive Secretary/Chief Executive Officer of the National Health Insurance Scheme (NHIS), Dr. Femi Thomas. He has been replaced by Olufemi A. Akingbade as Acting Executive Secretary/Chief Executive Officer of the NHIS.

Akingbade, who hails from Ekiti State and holds a Bachelors Degree in Computer Science as well as a Masters in Business Administration was the General Manager, ICT in the NHIS until his new appointment.

President Jonathan has also approved the confirmation of Mr. Mounir Haliru Gwarzo as Director-General of the Securities and Exchange Commission.

Mr. Gwarzo who has been acting as Director-General of the Commission after former DG Arunma Oteh finished her tenure, was appointed to the Board of the Securities and Exchange Commission as Executive Commissioner in January, 2013.

Another new appointment coming in the last weeks of Jonathan as president is that of former Anambra State governor Peter Obi, who is now the Chairman of the Securities and Exchange Commission.

Nigeria does not Need 72-yr-old Grandfather as President – Peter Obi

Mr Peter Obi, the immediate past governor of Anambra State, is a honorary adviser to President Goodluck Jonathan. Obi shares his perspective on the 2015 polls in this interview with Vanguard Nigeria.

We overheard the Vice President introduce you as the Deputy Director General (South), comprising the South West, South East and South South of the presidential campaign organisation, which is why you are here as part of the reconciliation team of the PDP for Lagos. Are you satisfied with the outcome of the reconciliation meeting? 

Yes I am. I thank Vice President Namadi Sambo, who led the peace talks and also thank and congratulate the people of the state for their maturity. Mr Vice Vice President spoke to the party members like a father, and everybody in the PDP family agreed with him on the need to close ranks and work together.

What is your reaction to the the statement of Governor Rotimi Amaechi, the Director General of Gen Buhari’s campaign, that the APC supports mutiny?

The statement, if it is true, is unfortunate and least expected of a public officer of his status. I have always maintained that leaders in corporate and public life should strive to maintain exemplary character and behaviour that is worthy of emulation. Their pronouncements and disposition must be responsible, devoid of abusive, or inciting words that could undermine the moral fabric of the society.

On this same issue of security in particular, lives have been lost by the civilian populace and military personnel. That is why public figures must be sensitive to these things and show signs of serious social responsibility at all times. We are expected to speak with restraint and decorum, knowing that we can make or mar society.   At all times and in all climes, issues of security are left in the hands of security agents and we must show utmost understanding of the dynamics of security.

Do you agree that Buhari has the capacity to stop Boko Haram if elected?

Gen. Buhari, as a respected, retired general and as an elder statesman, does not need an invitation, an appointment or an elective office to intervene on any national issue, especially issues of national security like the one facing the country at the moment. Elder statesmen all over the world do not wait to be invited before they step forward on matters of grave concern to their fatherland.

President Jonathan is running round sleeplessly and working with security agencies, in addition to forging bilateral ties to solve these problems. He will certainly be very glad to receive any suggestions from Buhari and I can assure you that Nigerians will be glad if he

helps solve the problem as an elder statesman. He has said that he will summon a meeting of serving and retired generals to help solve the problem if elected, but he does not need to be elected to do so.

But some people are saying that he can deal with Boko Haram, the way he dealt with the Maitatsine unrest decades ago.

I have read in some places where the APC said that because Buhari stopped Maitaitsine in the 80s, he will also stop Boko today. I disagree entirely with this claim, because the stable global environment of the 80s cannot be compared with the volatile and terror-enveloped global environment of today. The socio-religious realities that threw up the Maitaisine group are different from the realities that threw up Boko Haram.

In the 80s, most countries were stable, but today the global instability, cutting across nations like Iraq, Syria and the Middle East, has created a labyrinth of terror. This is in addition to our African neighbours, , like Libya, Egypt, Somalia, Sudan, Kenya, Tunisia and others, which are all facing various forms of instability and terrorist activities. The level of sophistication in technology and military hardware is also totally different today.  No one would have ever imagined in the 80s that terrorists would go into the US and bomb the World Trade Centre, or attack   the Pentagon. But   we all saw it happen.

These are realities that need to shape our understanding of the world of today. What is happening has a global coloration, because the ISIS flag is the flag you see with Alshaba in Somalia and Boko Haram in Nigeria. You can now see why we cannot compare yesterday with what we are seeing today. Who would have thought that Nigerians would turn into suicide bombers?

Credit: www.vanguardngr.com