TheNewsGuru

Tag: Interest

  • Between Nigeria and Niger Republic: Where does Buhari’s interest lie? – By Godwin Etakibuebu

    Between Nigeria and Niger Republic: Where does Buhari’s interest lie? – By Godwin Etakibuebu

    Evidence on the place, time and jurisdiction of birth of Muhammadu Buhari – either as a Major General or President, are well documented enough that ambiguity is never accommodated. He attained the rank of Major General of the Nigerian Army before retiring. And he was, and is, President of the Federal Republic of Nigeria and Commander-in-Chief of the Nigerian Armed Forces.

    These are the incontrovertible facts of the gentleman and officer – Muhammadu Bubari. Even when the level of his Certificate became so controversial and search for it became a serious challenge to all those in his camp, the search was limited only to Nigeria’s landscape.

    It was never extended to Niger Republic in spite of the fact of the Country’s proximity to Nigeria – the neighbourhood boundary extends from Sokoto in the North-West to Maiduguri, in North-East. This secures the evidence that my President – Muhammadu Buhari, is a Nigerian over and over.

    Yet, there are happenings over the past few years to put a wedge of suspicion on the actual nationality of Buhari; in-between Nigeria and Niger.

    The more we look at the evidences of nationality’s loyalty, available to Nigerians, about Buhari’s actions, the more one would want to query and interrogate the fact of him being a Nigerian. Maybe, we should access one or two of these happening in order to put our navigational chart on focus.

    At the end of our interrogation and whatever fact or facts we may be coming out with; without giving judgement ahead, Buhari must be seen as a Nigeria – through and through.

    Since his emergence as the President of Nigeria in 2015, Buhari has overwhelmingly opened Nigeria’s financial vault into providing strategic infrastructural development to the Niger Republic, despite Nigeria’s poor financial standing.

    The projects executed in the last seven years include a $2billion standard gauge railway project the Nigerian government is constructing from Kano to Maradi in Niger Republic, a project President Muhammadu Buhari flagged off in February, 2021.

    The project, which was awarded to a Portuguese Construction Company, Mota-Engil, involved the construction of 284 kilometres standard-gauge line with 12 stations from Kano in northern Nigeria to Maradi in landlocked Niger Republic.

    The project was funded through an external loan of $4.054b, approved by the National Assembly, in 2018. It remains one of those loans we might not be able to pay in the next 50 years.

    The Nigerian leader had informed the National Assembly, in the letter, dated August 24, 2021, that the projects to be executed in the six geopolitical zones of the country, including Kano to Maridin, listed in the 2018-2021 Federal Government Borrowing Plan, would be financed through sovereign loans from the World Bank, French Development Agency, EXIM Bank International Fund for Agricultural Development, Credit Suisse Group and Standard Chattered/China Export and Credit in the total sum of $4,054,476,863 and €710m (839m) and grant components of $125m.

    And we must not forget in hurry what the Nigerian Minister of Transport then; Rotimi Amaechi, told Nigerians at a time that he had to go to Niger Republic personally to beg the government to allow the construction of the rail line into their country. Did he say so? Yes, he said it, and with the approval of President Buhari.

    Then another project followed successively.

    In July 2018, Nigeria and Niger Republic agreed to collaborate to construct an oil pipeline and refinery.

    They agreed that while the proposed refinery will be located in Katsina State, Northern Nigeria, crude supply will be through the pipeline from Niger Republic’s oilfields in the Ténéré desert.

    The MoU for the two projects, which are expected to cost about $2billion, was signed by the two countries’ energy ministers and witnessed by Buhari and his counterpart from the Republic of Niger, Mahamadou Issoufou.

    In November 2020, the Nigerian government, through the Ministry of Petroleum Resources, headed by President Buhari himself, signed a $2b refinery project to import fuel from Niger Republic, a country that only joined the league of oil-producing countries in 2012. That is Buhari’s way of growing Nigerian economy!

    The Ministry of Petroleum Resources in justifying the MoU stated that the Soraz Refinery in Zinder, Niger Republic has an installed capacity to produce 20,000 barrels per day while the country’s domestic requirement was just 5000 barrels per day, thereby resulting in a surplus of 15,000 barrels per day.

    Timipre Sylva, Nigeria’s Minister of State for Petroleum Resources; who was more or less a spare tyre in the Nigerian-Buhari’s vehicle said: “Nigerians should be proud that we are doing that to encourage sub-regional trade because we have been talking about sub-regional trade for a long time, and this is how it should be between neighbouring countries. Niger should import from us what we have, and we should import from Niger what they have. Let us encourage intra-regional trade, and this is one good example of trading within West Africa.”

    There are too many over-generosity of Muhammadu Buhari to the country called Niger Republic that time may not permit to mention all, exempt just to add the latest, which looks like a few days ago.

    President Buhari, just last Wednesday, was reported to have directed the Minister of Finance, Budget and National Planning; Zainab Ahmed, to release the sum of N1.14billion for the purchase of 10 Land Cruiser Jeeps, to the government of Niger Republic.

    These 10 luxurious cars – take note that they are not security operational vehicles, came at the cost of One Hundred and Fifty Million Naira apiece. And they were never imported from Innoson Motors of Nigeria, but instead, the contract to import the vehicles from Japan was given to  Kaura Motors Nig. Ltd to supply the vehicle under the direct procurement method, in line with section 10 A and B of the Public Procurement Act 2007, because of the urgency of the matter. Kaura Motors Nigeria Limited is an incorporated auto dealers based in Kaduna State and was registered on the 19th of August, 1985, with Registration Number 75140.

    The vehicles, it was gathered, would “assist the country [Niger Republic] in the transportation and movement of VIPs, high-ranking officials, top government functionaries and visitors scheduled for official visit to Niger at this time of its nascent democracy, with all its attendant consequences on their collective and individual security and safety of lives and property.”

    Permit me to point out that there was a time, about four years ago, when President Muhammadu Buhari nominated a Nigerien [not Nigerian citizen] citizen for ambassadorial appointment in Nigeria and same was confirmed by the Nigerian Senate.

    I will recommend that Nigerians should tamper justice with mercy on our beloved president on this Niger Republic issue because if the truth must be told; Muhammadu Buhari has so many Cousins – not the type of Mafioso Cousins, but BLOODLY related Cousins in that country.

    Or how will you explain a situation when two Governors, from two different regions of Niger Republic, crossed the Nigerien/Nigerian border into Kano State in 2019, to campaign with, and for, a bigger Cousin – Muhammadu Buhari, during the General Campaign of that year. Or didn’t you see that?

     

    Godwin Etakibuebu; a veteran Journalist, wrote from Lagos.

    Contact:

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    You can also listen to this author [Godwin Etakibuebu] every Monday; 9:30 – 11am on Lagos Talk 91.3 FM live, in a weekly review of topical issues, presented by The News Guru [TNG].

  • Varsity Strike: ASUU, CONUA renew rivalry over clash of interest

    Varsity Strike: ASUU, CONUA renew rivalry over clash of interest

    Congress of University Academics (CONUA) in Obafemi Awolowo University, Ile-Ife, chapter has criticized the President, Academic Staff Union of Universities, Professor Emmanuel Osodeke, for attacking the university’s outgoing Vice Chancellor, Prof. Eyitope Ogunbodede, who he referred to as a member of an unregistered union.

    In a statement released by national Cordinator, Dr Niyi Summonu, states that the ASUU president made wrong claims that CONUA assisted Ogunbodede to emerge as VC in 2017, but clarified that CONUA was formed in OAU in 2018.

     

    It reads “Prof. Osodeke’s vituperations on Prof. Ogunbodede being a member of CONUA is uncalled for and it is laughable. As a professor and supposed activist, he should know that the formation of an association is a prerequisite for its registration and not vice versa.

    “Saying that Prof Ogunbodede claims to be a member of an association which is yet to be registered is a personification of ignorance on the part of Prof. Osodeke as far as labour law is concerned in Nigeria. For his information, there are associations in Nigeria that have filed in their registration documents but are fully recognised by the government. CONUA is one of these associations.

    “Lastly, since the emergence of CONUA, Prof Osodeke has never been comfortable because he could see freedom coming the ways of academics in Nigerian universities.

    “He is afraid of CONUA’s bold steps in confronting the evil effects of strikes in our universities; hence, he is bent on attacking CONUA at every opportunity.”

    CONUA urged ASUU president Osodeke to always mind his business and stop meddling into the affairs of another group.

     

  • APC under Buhari lacks power to implement policies in Nigeria’s interest – Edwin Clark

    APC under Buhari lacks power to implement policies in Nigeria’s interest – Edwin Clark

    Elder statesman, Edwin Clark, has asked President Muhammadu Buhari to immediately implement the Governor Nasir El-Rufai-led committee of the ruling All Progressives Congress (APC) report on true federalism.

    Clark, who is the leader of the Pan-Niger Delta Forum (PANFEF), told newsmen at his Abuja residence on Wednesday that true federalism remains the solution to the multiple challenges besetting Nigeria.

    According to him, it is President Buhari’s duty to ensure the nation heads towards true federalism even as it has been detailed in the APC report by the Governor El-Rufai-led committee.

    The elder statesman is of the opinion that the degenerating living conditions in the country are worsening because the President has refused to heed the call for restructuring which breeds equity, fairness, and justice.

    He further asserted that restructuring was part of the President’s campaign manifesto in 2015 and wondered why it has become an uphill task to implement.

    The former federal commissioner of information argued that if the APC cannot implement its own committee’s recommendations, then the party lacked the necessary capacity under President Buhari.

    “The statement of both the former chairman of APC, His Excellency, John Oyegun and El-Rufai himself; El-Rufai was blaming the National Assembly because they have the power to make law, they have the power to constitute a constitution,” he said.

    “If the government in power in 2015, said that ‘in our manifesto, restructuring of Nigeria for a better Nigeria is number one’ and you came to power in 2015. Now, we are in 2021, or two years more for you to go, you are not talking about your constitution.

    “So, your party said look, let us put into the writing. It was in our manifesto. Let us set your committee to examine the issue of restructuring and the party did it. What are they waiting for? Are they waiting for PDP to come into power before executing their own report?

    “As I said, I am speaking on behalf of the majority of Nigerians who are aggrieved. A meeting called by Mr President to Aso Rock of representatives of Nigeria will not last more than one day.

    “The executive will then prepare a memorandum to the National Assembly and within three or four months, they will be completed. The National Assembly has been spending N1 billion every year on amending the Constitution of Nigeria for years now; they have not been able to do so.

    “So, if the APC is the party ruling Nigeria today, it means it lacks power under President Buhari to implement whatever they want to implement in the interest of Nigeria,” Clark explained.

    He, however, noted that regardless of how long was left for the current administration, the Buhari-led government can still implement the recommendations of the party’s report.

    “So, the issue of time does not arise. If they want to do it within six months, it will be carried out,” the elder statesman declared.

    The PANDEF chief also stressed that no part of the country would remain slaves to the other, adding that until the injustice perceived by parts of the country was addressed, the issue of the Indigenous People of Biafra (IPOB) and other agitators would be a child’s play.

    According to him, the agitation for self-determination and secessions will definitely increase to the extent that it will worsen the security situation in the country, therefore, threatening the nation’s polity.

    He asked the government to heed the cautionary messages and act lest the nation implodes.

  • Jonathan to political class: Let’s unite and advance interest of the people

    Jonathan to political class: Let’s unite and advance interest of the people

    Former President Dr Goodluck Jonathan has urged the political class in Bayelsa State to imbibe Christian virtues of love, tolerance, and unity to build a united and prosperous State.

    Dr Jonathan who spoke at the 9th Bayelsa State Thanksgiving Day of Bayelsa in Yenagoa on Monday, November 2, 2020, noted that politicians in the state should emulate those in the body of Christ who despite having different denominations and doctrines still unite to advance the Christian faith.

    His words: “The political class should learn from the body of Christ. That is my only message today. There are so many denominations but all of them believe in one God, through Christ and that brings them together always.”

    Jonathan who reminded politicians in the state that their primary interest in being in politics is to serve the people and advance their welfare also called on them to see themselves as friends and work together to develop Bayelsa.

    “In Bayelsa State, the political class should understand that why we are in politics is to advance the cause of the people. No matter our political parties and interests, we must see ourselves as friends and unite to develop our state.

    “After the elections what follows is governance. We should support those who by providence have emerged victorious in the last elections.

    “We must not continue in enmity. Irrespective of our political parties, we must work together and love ourselves. There are places where husband and wife belong to different political parties, siblings belong to different political parties but the common interest of the family is retained.

    “Let us retain the common interest of Bayelsa, irrespective of our political persuasions. If we continue to work together and put the interest of the state ahead of every other thing, then surely Bayelsa will develop.”

  • Nobody fighting for Hausa, Igbo or Yoruba interest, everyone after their own interests – Sanusi

    Nobody fighting for Hausa, Igbo or Yoruba interest, everyone after their own interests – Sanusi

    Former emir of Kano, Muhammad Sanusi, on Thursday said those who claim to represent the interest of the country’s geopolitical zones are fighting for their pockets.

    Sanusi, made the remarks was speaking at The Platform, an annual conference organised by Covenant Christian Centre in Lagos, on Thursday.

    The virtual event hosted by Poju Oyemade, its convener, was to commemorate the nation’s 60th independence anniversary.

    Nigeria has witnessed series of ethnoreligious crisis which has resulted in several ethnic groups calling for a referendum.

    When asked about ways to solve the crisis and restore peace, Sanusi said Nigerians must recognize that irrespective of political office, every citizen must be good representatives of their beliefs, religion and ethnic groups.

    He said those who claim to represent the interest of southerners and northerners due to the political positions they occupy are more concerned about their pockets than happenings in the various areas they represent.

    “Ethno-religious crisis is not so much from Nigerians but the Nigerian elites. We have identities in Nigeria but the construction of opposing identities, the political process, is basically the Nigerian elite competing among itself for a share of the national cake,” he said.

    “I don’t think that the people who say they are fighting for Hausa, Igbo or Yoruba are really interested. I mean when they get there at the end of the day, it is about them and their families.

    “There is nobody out there that is really representing north or south or east. They claim to be if you look out there in the cabinet. In the history of Nigeria, there has never been a government that does not have people from every part of the country.

    “So the first thing to recognize is that we must get away from the sense that holding political office is what makes you representative of a people.”

    Sanusi also commended the federal government for its decision to remove fuel subsidy.

  • NASS: Always self, never people’s interests – Ehichioya Ezomon

    NASS: Always self, never people’s interests – Ehichioya Ezomon

    By Ehichioya Ezomon

    The coming of the 9th National Assembly (NASS) – from the ashes of the 8th NASS that’s more an opposition to than a co-partner of the government of the day – evoked the kind of scepticism that attended the time Jesus was recruiting.

    Because “Jesus is from a back-water town like Nazareth,” with a population of about 500, Nathanael, who’s with Philip, was doubtful if anything good, like a miracle-performing Jesus, could be ascribed to Nazareth.

    The Bible, in John 1:46, records the conversation between Nathanael and Philip, thus: “And Nathanael said unto him, Can there any good thing come out of Nazareth? Philip saith unto him, Come and see.”
    As bibleref.com explained, “Nathanael’s question is more than a little sarcastic. He assumes that Nazareth couldn’t produce much of worth, let alone the Promised One. Philip’s response is not to argue, but simply to invite. He knows already that talking about Jesus is nothing like meeting Him in person.”
    Though not in the same context, most Nigerians had greeted the inauguration of the current NASS with “nothing good” would come from the chambers. They had past experiences as a guide!
    Since the return of democracy to Nigeria in 1999, it’s been the national lawmakers’ endless tales of “let’s serve ourselves instead of the people that elected us into office.”
    They advanced this self-interest with unexplained humongous allowances for each legislator; endless renovations of the NASS; purchase of exotic vehicles for their comfort; and passing of bills and resolutions that favoured their positions and pockets.
    And what did the lawmakers on both sides of the aisle – the ruling party and the opposition – spare for the people, while they swam in affluence? Untold hardship in all ramifications: unemployment, high cost of living and general insecurity in the land!
    So, it would have been a great surprise to Nigerians if members of the 9th NASS – many of whom were in previous sessions – were to toe a different path from their predecessors since 1999.
    Let’s take the lawmakers’ craze for new, exotic vehicles in the midst of foreign cash crunch, and availability of Made-in-Nigeria vehicles to serve as replacements.
    In late December 2015, President Muhammadu Buhari, in his first televised Media chat, criticised the plans by members of the 8th NASS to buy 400 new vehicles at over N4.7 billion.
    Prior, Buhari had rejected moves for him to deploy N400 million for new vehicles for his fleet because, in his words, “the vehicles I am using are good enough for the next 10 years.”
    “If I can turn down N400 million for the presidency – that I do not need any new car because of the economy – I can’t see the National Assembly spending more than N4.7 billion to buy cars, on top of transport allowance they collect,” the President said.
    Buhari promised to “look conscientiously” at the budget for transport allowance for the lawmakers that had “gone up to N100 billion,” and revisit the car issue, “and see how we can live within our means.”
    Well, Buhari wasn’t able to stop the 8th NASS, led by Senate President Bukola Saraki and House Speaker Yakubu Dogara – who emerged as Presiding Officers in spite of the opposition by the presidency and the ruling All Progressives Congress (APC).
    But if the 8th NASS acted as an unnecessary counterweight to the policies of the Buhari administration, should the 9th NASS carbon-copy, and even strive to surpass the 8th NASS’ nuances?
    Recall that Senate President Ahmad Lawan and House Speaker Femi Gbajabiamila were the lawmakers the presidency and APC rooted for in June 2015, for the positions they now occupy.
    Thus, why would the Gbajabiamila-headed House want to buy 400 exotic vehicles – 2020 models – some costing over N34,000,000 a piece? And to think that the lawmakers rejected the products of Innoson Motors manufactured in Nnewi, Anambra State!
    It boils down to self-interest that binds political officeholders. In four years, those vehicles would revert to them at give-away prices. Considering that some lawmakers have been in the NASS since 2003, they would have collected six cars each by 2023!
    Nigerian legislators – via bills or resolutions – have never really worked for the people they purport to represent. If otherwise, why is the 9th NASS pursuing immunity for its Presiding Officers?
    This pursuit flows from the “Legislative Immunity” that the 8th NASS enacted, to give lawmakers unfettered freedom to say anything – no matter how damaging to individuals, groups or institutions – on the floor of the two chambers.
    The 8th NASS also mooted or commenced the amendment of the amended 1999 Constitution of Nigeria, to grant immunity to the Presiding Officers – Senate President, Senate Deputy President, the House Speaker and Deputy House Speaker.
    Section 308(1)(a-c) and (2) of the constitution grants immunity to “a person holding the office of President or Vice-President, Governor or Deputy-Governor.”
    The essentials of Section 308 are that during the period of holding such office, (a) no civil or criminal proceedings shall be instituted or continued against the person; (b) the person shall not be arrested or imprisoned and (c) no process shall be applied for or issued by any court requiring or compelling the appearance of a person to whom the section applies.
    Perhaps, sensing obstacles in the passage of the bill by State Houses of Assembly, the NASS has extended the “immunity” to the Principal Officers – Speakers and Deputy Speakers – of the 36 States of the Federation.
    If the Bill passed, Nigeria will now have 150 public officeholders that enjoy immunity from arrest, forced appearance and prosecution in court – either for civil or criminal proceedings – while in office.
    The worry is, if the trend isn’t checked, the NASS, in the pursuit of the principle of Separation of Power, and “Co-equal” of the three arms of government, will extend the privilege to the Judiciary.
    This will benefit the Chief Justice of Nigeria, President of the Court of Appeal, Chief Judge of the Federal High Court, Chief Judges of the State High Courts and the Federal Capital Territory (FCT), President of the Customary Court of Appeal, and Grand Khadi of the Sharia Court of Appeal.
    And what stops the Chairmen and Vice-Chairmen of the 744 Local Government Areas and Area Councils from agitating to be granted the constitutional immunity?
    It’s a vicious circle that would further the alleged impunity in the executive branch of government, which has necessitated the calls for abolishing of immunity in the constitution.
    Instead of tackling this request – and faced with a yawning gap in legislation to better the conditions of Nigerians – the 9th NASS members have engaged in the preservation of class interests. And nothing good has yet to come from the chambers!

    * Mr. Ezomon, Journalist and Media Consultant, writes from Lagos, Nigeria.

  • PDP no longer represents our interest; we’ll seek alternate platforms – Yoruba youths

    …demands immediate apology from Wike for anti-Yoruba comment

    Yoruba youths in the Peoples Democratic Party (PDP) under the auspices of Congress of Concerned Sons and Daughters of Oduduwa, have urged Rivers State Governor Nyesom Wike to apologise to Southwest people.

    According to the group, the governor’s remark about the position of the Southwest in the PDP before last weekend’s convention, is disparaging.

    If he failed to apologise, they said, the PDP would be dead and buried in the region because they would seek alternative political platform.

    President of the Group, Hon. Dayo Ogunjebe said Wike insulted the Yoruba on a television programme in Abuja last Friday saying “We demand an immediate and full apology from Mr. Wike for the kind of language he deployed against our people”.

    In a statement titled: “The Yoruba People: Time for deep

    reflection” – Ogunjebe said: “Our leaders are being mocked. Our symbols of truth and sincerity are now being derided, snubbed, treated with contempt, disowned.

    “The irreverent, scandalous, arrogant and most myopic statement by the Governor of Rivers State, Mr. Nyesom Wike, is the crowning of all insults upon our people. “This is rather scandalous and very benighted. He even insulted President Olusegun Obasanjo as a failure. This is an aberration”.

    As for us at the Congress of the sons and daughters of Oduduwa, the PDP as presently constituted does not

    appeal to us anymore. We will look for a more favorable platform that will protect the interest of our people.

    “As we see it, the PDP has no future in Yoruba land any more. The party has failed our leaders. It has failed our youths. It has failed our women. It has failed everyone in Yoruba land. Without a redirection, PDP is dead and buried in Yoruba land.

    “The Yoruba people had worked assiduously for the growth and development of PDP. In both financial and moral terms, the Yoruba people have been selfless, making tremendous sacrifices, consistent, devoted to the growth of our party.

    “But we have been cheated. We have been maligned.”

     

  • Assassination claim: ‘I have no interest in your death’, Kashamu fires back at Gbenga Daniel

    …says ‘I do not have a killer squad’

    The senator representing Ogun East Senatorial District, Buruji Kashamu, has denied the claim by a former Governor of Ogun State, Otunba Gbenga Daniel, that he sent assassins after him.

    TheNewsGuru.com reports that Daniel had accused Kashamu in a petition to the Inspector General of Police, Idris Ibrahim, on Friday of sending hired killers after him.

    However, in a swift response, Kashamu, in a letter to the IG as well asserted that he did not have a killer squad and he was not interested in the ex-governor’s death.

    “I have been in Lagos since the National Assembly went on recess last month. I do not have a killer squad …

    “My telephones and call logs are available for scrutiny. It is true that we have had political differences since 2009 after working together for some time. Even at that, not once have I been linked to any form of violence.

    “As for me, I have no interest in Daniel’s death or that of any human being. If I engaged him as a sitting governor with tact and intelligence, why would I want to attack or assassinate him now?” he said.

    The senator added, “It is part of the grand plot by Daniel to … foist a caretaker committee on the PDP in the state despite the subsisting and binding court judgment which expressly states that the Engr. Adebayo Dayo-led state executive committee – which I belong to – should remain in office till 2020.”

    Kashamu stated further that the petition was politically motivated.

    “The authentic PDP ExCo in Ogun State under the leadership of Dayo has a final judgment in its favour that has yet to be appealed, set aside or upturned. What is more, the orders and judgment are binding on the police and the Independent National Electoral Commission who were parties to the suit.

    “This … story of an attack is part of Daniel’s … bid to seek relevance, revive his … political career …

    “He is afraid that some genuine and concerned party members could resist … his actions… despite being aware of the existence of the democratically elected and the judicially approved Ogun State PDP ExCo,” the lawmaker said in the petition.

    Also, in the petition, he drew the attention of Idris to previous letters written by Dayo to complain about the activities of Daniel in the state.

    “Instead of raising … alarm like Daniel, the Engr. Adebayo Dayo-led State ExCo had written two letters dated August 14 and 15, 2017 to your office, wherein your attention was drawn to the … acts of Daniel and his collaborators and how they could threaten the peace … in Ogun State, if not checked.

    “A careful perusal of the two petitions and the attached documents would give you an insight into the undercurrents of this unfounded alarm,” Kashamu stated.

  • INEC’s failure to conduct credible elections, biggest threat to Nigeria’s unity

    INEC’s failure to conduct credible elections, biggest threat to Nigeria’s unity

    The Rivers State Governor, Nyesom Wike has declared that the most dangerous threat to Nigeria’s unity is the inability of the Independent National Electoral Commission, INEC, to conduct free and fair elections in the country.

    Speaking in the United States, US, over the weekend, the governor also claimed that the repeated use of security agencies to rig elections will endanger the unity of the country more than the agitations of different ethnic groups

    According to Wike, “The most dangerous threat to the unity of the country is not the agitations by different ethnic groups, but the inability of INEC to conduct free and fair elections.

    “Unless security agencies agree for free and fair elections to hold, the unity of the country may come under severe threat. ”

    He, however, declared that Rivers people believe in the unity of the country.
    Wike further urged people of the state to shun politics of hatred, bigotry and acrimony, bloodletting, blackmail and falsehood.

    “As 2019 approaches, we must eschew politics of hatred, bigotry and acrimony, bloodletting, blackmail and falsehood and allow our genuine leaders to take us in the direction that best serves our collective interest.

    ”Most importantly, we must resist every attempt by any Judas among us to truncate our ascendancy and make us play second fiddle in the evolving politics of the State and the nation because of their selfish interest,” he added.

  • Nigeria’s $1b Eurobond oversubscribed at 7.875% interest rate – Adeosun

    The Minister of Finance, Mrs. Kemi Adeosun has said the country’s $1 billion Eurobond offered in the international market has been oversubscribed at an interest rate of 7.875%.

    She said the Notes were approximately 8 times oversubscribed with orders in excess of US$7.8 billion compared to a pre-issuance target of US$ 1.0 billion.

    According to her, this demonstrated strong market appetite for Nigeria.

    “This is despite continued volatility in emerging and frontier markets and shows confidence by the international investment community in Nigeria’s economic reform agenda.”

    The bond will mature on 16th February 2032 with a bullet repayment of the principal.

    Adeosun and Central Bank Governor, Mr. Godwin Emefiele, Budget Minister, Senator Udoma Udo Udoma as well as other top officials of the Debt Management Office went on a roadshow from last week through this week, which took them to global financial institutions in Europe, Southern Africa and the United States to promote the bond.

    This was revealed in a statement by the Finance ministry. The statement reads in details:

    “Announcement of pricing of US$1 billion notes by the Federal Republic of Nigeria under its US$1 billion Global Medium Term Note programme

    The Federal Republic of Nigeria (the “Republic”) today announces that it has priced its offering of US$1 billion aggregate principal amount of notes (the “Notes”) under its newly established US$1 billion Global Medium Term Note programme. The Notes will bear interest at a rate of 7.875% and will mature on 16th February 2032 with a bullet repayment of the principal. The Republic intends to use the proceeds of the Notes to fund capital expenditures in the 2016 budget. The Notes represent the Republic’s third Eurobond issuance, following issuances in 2011 and 2013.

    The Notes were approximately 8 times oversubscribed with orders in excess of US$7.8 billion compared to a pre-issuance target of US$ 1.0 billion demonstrating strong market appetite for Nigeria. This is despite continued volatility in emerging and frontier markets and shows confidence by the international investment community in Nigeria’s economic reform agenda.

    The offering attracted significant interest from leading global institutional investors. The Notes will be admitted to the official list of the UK Listing Authority and available to trade on the London Stock Exchange’s regulated market. The Republic will apply for the Notes to be eligible for trading and listed on the Nigerian FMDQ OTC Securities Exchange and the Nigerian Stock Exchange.

    The pricing was determined following a roadshow led by Mrs. Kemi Adeosun, the Honorable Minister of Finance, Senator Udoma Udo Udoma, the Honorable Minister of Budget and National Planning, Godwin Emefiele, Governor of the Central Bank of Nigeria, Dr. Abraham Nwankwo, the Director-General of the Debt Management Office (DMO) and Mr Ben Akabueze, the Director General of the Budget Office, to key global financial centres.

    Commenting following the successful pricing, the Honorable Minister of Finance Mrs Kemi Adeosun said:

    “Nigeria is implementing an ambitious economic reform agenda designed to deliver long-term sustainable growth and reduce reliance on oil and gas revenues while reducing waste and improving the efficiency of government expenditure. At the heart of the agenda is a commitment to invest in developing Nigeria’s infrastructure through a target 30% annual budget commitment to capital expenditure. We are establishing the building blocks for long-term growth and making the hard decisions that must be made to reset our economy appropriately.”