Archive for nigeriang

The MPC’s latest decisions

The MPC’s latest decisions

Available economic
indices, ahead of this year’s last meeting of the Central Bank of
Nigeria’s rate-setting committee (the Monetary Policy Committee – MPC),
were not exactly pretty. Both government debt and the fiscal deficit as a
share of GDP were up and growing. Moreover, government had become the
biggest borrower in the economy, and there were signs that its
activities in the market for fixed income securities had begun to
constrict the private sector’s borrowing space.

Inflation remained a
key worry and is likely to worsen, as we head into the harmattan
season. Two things are in play with projected inflation: first,
agriculture is the main driver of domestic prices (according to our
official bean counters), and it is largely rain-fed and subsistence. So,
the dry season would cut into agric production, driving prices up.

A second price also
caused concern, as the MPC’s worthies headed for their meeting tables:
the naira’s exchange rate. Whatever the main drivers of demand are in
the foreign exchange markets (speculation, or front-loading by importers
concerned to secure supplies ahead of a potentially disruptive election
cycle), the rate at which the Central Bank was drawing down on the
external reserves to keep the official foreign exchange market supplied
is not sustainable.

In this
circumstance, what was the MPC expected to do? Tighten monetary
conditions by raising rates. There were two problems with this option.
The first was to decide which is the most important of the policy tools
available to the MPC: the policy rate or the standing facilities’
corridor.

Secondly, could
liquidity conditions in the economy support a rate increase? Or put
differently, are the banks healthy enough to help transmit any rate
movement to the economy? Remember that the CBN has had to maintain its
guarantee on interbank transactions to keep the market ticking.

Still, the biggest
unknown in predicting the MPC’s response was always political. Could the
CBN find the nerve to move rates up when its political paymasters would
rather not? A great part of the apex bank’s dilemma over the years has
been the economic nous (or lack thereof) of the managers of the fiscal
side of the economy.

The Obasanjo
administration long argued, for instance, that the main burden on the
real sector was its lack of access to bank lending. It then focused its
best efforts on holding interest rates down, while its revenue and
spending activities fed rampant increases in domestic prices. True, we
cannot forget that the CBN has both statutory and operational autonomy.
But we must also remember that it does not have as good enough a handle
on the monetary transmission mechanism as it needs to argue its corner
with the political authorities.

In the end, the CBN
performed a veritable conjurer’s trick! According to all the
post-meeting media reports, the CBN’s rate-setting committee left
interest rates unchanged. The MPC did vote to hold the monetary policy
rate (MPR) at 6.25%. But it also adjusted the corridor around the MPR to
+/- 200 basis points, “implying Standing Lending Facility (SLF) rate of
8.25%, and Standing Deposit Facility (SDF) rate of 4.25%”. The denizens
of Aso Rock may have slept better Tuesday night, persuaded that Mallam
Sanusi Lamido Sanusi was not minded to rock the economic boat faster
(and/or more violently) than the political lullabies that the country is
being asked to go to bed on.

But did nothing
really happen? Look closely at the details. Even the media reports have
cat-type phalanges poking out of the bag several paragraphs down. Every
bank treasurer that I have spoken with on this issue since Tuesday
anticipates a rise in retail rates on the back of the apex bank’s
decision to increase its standing deposit facility by 1%. What this does
is push up the opportunity cost of interbank lending. Apparently,
therefore, the key to understanding the CBN’s policy response is the
movement in the standing facilities corridor around the policy rate.

Does this then mean
that the MPR no longer matters? Or has the monetary authority given up
on the attempt to tie the policy rate to market rates? Most
commentators would argue that as a lever on the economy, the policy rate
never really mattered. Expect further tightening ahead. But do not
expect the incidence to fall on the policy rate.

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‘We will address majority of bank debt problems’

‘We will address majority of bank debt problems’

The first stage of the operations of the Asset Management
Company (AMCON) would address most of the troublesome loans in the industry,
Mustafa Chike-Obi, the managing director of AMCON, expressed this optimism in
an interview last week.

The AMCON chief also said shareholders of the rescued banks will
never be forced to sell their shares during the recapitalisation process.

“We think that when we have done the first stage, we would have
addressed 80-90 percent of all the troublesome loans in the country,” he said.

“We are taking non performing loans in stages – Phase 1 we
estimate to be about N2.2 trillion face value and roughly 600 billion in actual
cash. The Act specifies what assets are eligible for purchase by AMCON, so it
is determined absolutely by the Central Bank’s guidelines, and the guidelines
in this case are non performing loans – all non performing margin loans for all
banks and all non performing loans for rescued banks.

“In the first phase, first of all, everything has to be
non-performing loans. It is a category. Another category is all margin loans
across all banks and then all other non-performing loans from the rescued
banks. That is the first stage. We anticipate that there may be other loans
that may be troublesome down the road, which we would address later,” Mr.
Ckike-Obi said.

He also assured shareholders of the troubled banks that they
have the freedom to decide how and when to sell their shares.

“They may sell their shares on the market, if they think the
market is high enough; or they can stay and be partners with AMCON in the new
recapitalised banks, but they will never be forced to sell their shares and
nobody will force them out,” he said.

Freedom to sell

Mr. Chike-Obi said major conflicts between the banks and
shareholders are not really anticipated. According to him, the NDIC is the only
option left for any bank in an irresolvable conflict with its shareholders.

“Our view is pretty clear. What we (AMCON) would do is that we
will buy the non performing loans and we will offer to recapitalise the rescued
banks. Negotiations between the banks and the shareholders, we expect, between
those two,” he said.

“If the existing shareholders don’t agree to a merger, the only
option left for them is to go to the NDIC where they would lose everything, so
we don’t expect much… This is a win- win for everybody. The existing
shareholders get something, the new shareholders get something. Most of these
rescued banks have interested buyers’ interested merger partners, most of them
do. There has been a lot of work done with them and we know who they are, both
local and international,” Mr. Chike-Obi further said.

Afrinvest, an investment and research firm, said the AMCON
intervention should be good for the economy.

“AMCON has offered to purchase an estimated N2.2tn (US$15.0bn)
in bad loans in exchange for 7-year bonds guaranteed by the Federal Government
of Nigeria. This should help plug the negative equity of the rescued banks, as
well as get banks lending again.

“Another crucial point in our view remains the relatively small
window within which banks are expected to deal on these terms. The AMCON has
said that it expects all transactions involving the purchase of NPLs from banks
to settle on or before December 31, 2010. This may prove to be impracticable
for a number of reasons, including the length of time required to carry out
necessary due-diligence on the relevant assets, as well as the impact the
existing market conditions surrounding bond pricing will have on funding for
AMCON,” Afrinvest said.

AMCON was set up as a resolution trust vehicle, following the
Central Bank induced reforms in 2009, which led to the sack of the chief
executives of all eight banks, as well as the injection of N620.0bn (US$4.0bn)
into these institutions. The audits revealed severe impairment to asset quality
across the sector, a display of grave corporate governance abuses amid serious
liquidity squeeze in several banks.

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Kalu’s bail surety asks to be discharged

Kalu’s bail surety asks to be discharged

Gaius Ihejimaizu, a surety for the former governor of Abia
State, Orji Uzor Kalu, has asked a Federal High Court, sitting in Abuja, to
discharge him as he no longer has confidence in the former governor.

Mr Kalu is facing a 107-count charge of money-laundering,
brought by the Economic and Financial Crimes Commission (EFCC) over the
misappropriation of N5 billion belonging to the Abia State government.

The surety was acting as a character reference as part of Mr
Kalu’s bail conditions. Mr Ihejiamaizu, a traditional ruler in the state, said
that he was no longer in contact with Mr Kalu and could not vouch for his
actions or whereabouts. “I no longer have confidence in the 1st accused person
and will not stand as surety for him anymore,” he said in a court statement.
“It would be in the interest of justice to discharge me as a surety to the 1st
accused person and return my said certificate of recognition to me.”

Mr Ihejiamaizu’s lawyer, Anthony Agbazure, told journalists in Abuja, that
his client wanted to be discharged from the burden of being his surety to the
former governor because he would be held liable if the governor elopes. The
court, presided by Adamu Bello, will decide whether to discharge Mr Ihejiamaizu
as surety on December 20, 2010.

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Yusuf seeks sanction for election riggers

Yusuf seeks sanction for election riggers

Former Inspector General of Police and one time presidential
candidate of the Movement for Democracy and Justice (MDJ), Muhammed Yusuf
yesterday called for the prosecution of political office holders removed by the
court because they rigged their way into office.

Speaking in Abeokuta as Guest Lecturer at the 2nd Sobo Sowemimo
Annual Lecture held in the premises of Abeokuta Club, Mr Yusuf said such people
should be made to refund all salaries and allowances collected by them while in
office.

“Yes I support their prosecution and refund of all salaries and
allowances they have received while in office, because it was later established
by law court that they got to power fraudulently,” he said.

He also opposed the candidacy of President Jonathan.

“I think it is important to point out that the current effort by
President Goodluck Jonathan to continue in office after ending his tenure on
29th May 2011, instead of ensuring we have free and fair elections in this
country, is a reflection of the governance crisis,” Mr Yusuf said. “We have a
President who is trying to self succeed himself through a process which amount
to a political coup in his own political party.” A leader of the Arewa
Consultative Forum (ACF), Mr Yusuf faulted some supporters of the president who
said recently that if Mr Jonathan did not emerge as President in 2011, there
will be crisis in the country.

“In a democracy nobody should think that he/she has to be president or there
will be no Nigeria,” he said. “I have to make this point because a Minister had
warned that if Goodluck Jonathan does not emerge as President there will be
crisis in Nigeria, so if this is the case what is the point of conducting
elections?”

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PDP governors to take stand on consensus ticket

PDP governors to take stand on consensus ticket

Governors elected on
the platform of the Peoples Democratic Party (PDP) are to take a stand
soon on the emergence of former vice president, Atiku Abubakar, as the
consensus candidate for the northern region to contest against President
Goodluck Jonathan in the party’s primaries.

The Akwa Ibom State
governor, Godswill Akpabio, disclosed this to journalists in Abuja at
the weekend. Mr. Abubakar emerged the north’s consensus candidate last
week, after beating three other aspirants in a screening carried out by
the Northern Political Leaders Forum (NPLF).

The governor said that the choice of Mr. Abubakar will brighten Mr. Jonathan’s chances in the primaries.

“The outcome of the
consensus brightens the chances of the Jonathan/Sambo success in 2011. I
do know that in politics we cannot underrate anybody, but one thing is
certain; that President Goodluck Jonathan and Vice President Namani
Sambo are both grounded in the PDP; seriously grounded in the PDP, and
the consensus candidate just thrown up, clearly will find it difficult
to find his feet within the PDP,” Mr. Akpabio said.

He noted that it is
not certain if due process was not followed in granting Mr. Abubakar a
waiver, but that it will become clearer when the aspirants face the
screening panel to be set up by the PDP leadership.

He alleged that the
picture that was shown immediately after the former vice president was
announced as the consensus candidate by the Adamu Ciroma-led committee
was bearing a bundle of broom, which is the logo of the Action Congress
of Nigeria, from where he came from.

The governor said he
is neither for nor against zoning of the presidential slot, but
insisted that peace, unity and progress of the country are paramount,
stressing that the Jonathan/Sambo tickets will offer them.

Mr. Akpabio said
both the president and his deputy have been governors and that this
places them in good stead to fully understand and tackle the
multifarious challenges facing the country.

He described the
incidents of violent crimes, especially kidnapping in Akwa Ibom State,
as unfortunate, and said that his administration will do all within its
power to ensure culprits are made to face the law, irrespective of who
they may be.

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‘Improved electricity would unlock Nigeria’s potential’

‘Improved electricity would unlock Nigeria’s potential’

The special adviser to the president on power,
Bart Nnaji, at the weekend said a developmental miracle would occur in Nigeria
once the federal government concludes its power sector reform.

Speaking at the fourth Universities Research
& Development Fair (NURESDEF) event at the University of Nigeria at Nsukka,
Enugu State, Mr. Nnaji said, “Nigeria is a development miracle waiting to
happen,” adding that the key to the ‘development miracle’ is the modernisation
of the nation’s power sector, as contained in the Road Map for the Power Sector
Reform, which the President, Goodluck Jonathan, launched recently.

The road map provides a detailed analysis of how
the power crisis would be resolved within five years, with a plan to unbundle
Power Holding Company of Nigeria (PHCN) into a transmission company, six
generations, and 11 distribution firms.

The presidential adviser said the conclusion of
the reform agenda would automatically end “the perennial electricity blight in
our nation, which has stunted Nigeria’s development, as manufacturing firms
have collapsed or relocated to neighbouring countries and those which are still
in business here are operating with difficulties. The reform will end the de-industrialisation
of our country.”

Darling of investors

He disclosed that the federal government’s
decision to become a minority shareholder in the generation and distribution
companies, by reducing its interests to 49%, has been welcomed by both local
and local investors.

“Apart from various state governments and the
labour movement, which have indicated interest,” he told the audience,
“high-minded international entrepreneurs have displayed great commitment to
investing in the power sector. An example is Aser of India, which has pledged
to invest $2billion if we sustain the reform programme. And a group of
investors have approached the vice president, with a view to investing $20
billion in the sector.”

Describing Nigeria as “perhaps the best place on
earth to invest in infrastructure development because of the virgin market, the
huge market and the generally high yield,” Mr. Nnaji said foreign investors
have learnt from the success achieved in the reform of the nation’s
telecommunication sector.

“International businesses have learnt from the
experience of companies like Vodafone, which refused to invest in Nigeria’s GSM
market in 2001, only to bite their fingers when they saw the fortunes firms
like MTN began to make out of Nigeria no sooner than they commenced operations.

“Nigeria is so good for infrastructure investors, and that is why Bharta of
India paid billions the other day to acquire a controlling interest in Zain,
the international GSM operator,” he said.

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Aregbesola’s inauguration, early test of popularity

Aregbesola’s inauguration, early test of popularity

The people of Osun State did not only celebrate the victory of
their newly sworn in governor, Rauf Aregbesola, in addition, there was
declaration by many individuals to decamp into the new governor’s party, the
Action Congress of Nigeria (ACN).

Dramatically, the Technical School playground, Osogbo, where the
swearing-in event took place last Saturday was not only visited by the party
faithful but also loyalists to the former governor Olagunsoye Oyinlola.

The chairman of the ACN, who is an indigene of Iwo, Moshood
Adeoti, said the “era of deceit is gone in the state. Oyinlola is gone and as
you can see, we don’t have to start telling you the strength of our popularity
around here. Even our enemies are here to celebrate with us. We are ready for
them if they so wish to repent and meanwhile, this is a government of the
people and not just a military painted green and white,”

Supporters trooped in from all parts of the state and converged
in the state capital, holding brooms. All roads were blocked and the venue of
the swearing-in filled to its brim. Even children were not left out in the
broom holding ritual.

Apart from the words of promises and position of Mr. Aregbesola
on Mr Oyinlola’s tenure in the state, many individuals and groups who had
besieged the venue, told NEXT their expectations from the new government.

An official of the state’s farmers association, Bode Omoloye
accused the former governor of hijacking the cassava plantation fund that was
provided to the state by the federal government for use on his own private
farms. Mr Oyinlola was accused, alongside his deputy, Erelu Obada of diverting
the entire state agricultural machineries into their private farms, “He must
go, there is nothing to do about that. The buildings that Awolowo built for us
at the farm settlements were taken away from us and no one has compensated us for
that,” he said.

Olasunkanmi Adebayo, the chairman of the farm settlers, said the
former governor had the opportunity to perform miracles in the state, but “he
has done his own part and we are waiting on the new governor to turn things
around for good in the state.”

The swearing-in of the new Governor by the state Chief Judge,
Olaniyi Ojo, was held amidst huge funfair. Mr. Aregbesola received the
imprimatur of office in the company of his wife, Sherifat Aregbesola and the
Deputy Governor, Titilayo Laoye-Tomori.

Celebrating what he described as the new beginning for the
state, the party’s leader and a former governor of Lagos state, Bola Tinubu
said: “the charge,

‘never give up’ is a spirit we must all seriously embrace from
now on and across the length and breadth of Nigeria. For us in the Action
Congress of Nigeria, it has become a cardinal aspect of our party culture.
…And this is why I must congratulate our great party, ably led by Bisi
Akande, who incidentally is the last progressive governor of this state. I
celebrate with you the beginning of a new era after seven and half years of an
era of locust, during which the clock of progress restored in 1999 by our own
indefatigable Akande was set backwards by the People Destructive Party of Nigeria
(PDP).”

The new governor, in his speech, promised to provide 20,000 jobs
within his first 100 days in office,adding that within the first 150 days, he
will turn Osogbo into a commercial hub, where goods would be sold for the same
price they are sold in Lagos.

Inglorious exit

At exactly 1:50PM last Friday, power changed hands in the state
and jubilation spread across the state while some of the former governor’s
associates and friends left the state in disgrace. Vehicles bearing some top
government functionaries were seen making ways out of the state government
house, all in a move to prepare for what seems like an inglorious exit.

Several, including Mr. Oyinlola, were not only openly mocked,
they were booed and some stoned in a desperate revelation that shows the
people’s feelings about their performance while in power.

Police officers stationed at the government secretariat arrested a
photographer who claimed to be working for a journalist. They said some
documents linked to the governor’s office were found on him, but they declined
to tell NEXT what the documents were.

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Eye on the Soundcity Music Video Awards

Eye on the Soundcity Music Video Awards

Prior to the
Soundcity Music Video Awards of November 20, its organisers generated a
lot of hype about the calibre of the event they were planning to
unfold. The major gist was how different this show was going to be from
prior SMVAs and also from other award shows in the country. “We are
aiming for international standards,” CEO of Consolidated Media, owner
of the Soundcity brand, Tajudeen Adeputu was quoted as saying.

The show started
with the ubiquitous red carpet which the SMVAs had transformed to a
fashion show hosted by Spice TV, the lifestyle channel and sister brand
to Soundcity. The red carpet was opened only to holders of the VVIP
ticket sold at N100,000 and special guests. The dramatically and
beautifully lit runway which was hoisted at the poolside of the Eko
Hotel and Suites, Lagos, featured designs from top fashion houses
across Africa, especially Nigeria. There were exquisite designs from
Lanre Da Silva-Ajayi, Tiffany Amber and Dax Martin from South Africa,
amongst others.

The award show proper which was held at the Expo Hall of the same hotel started at about 11pm.

Uti the host

The event started
with a performance from P-Square, backed by a high-octane dance routine
from dancer, Kaffy. The announcer soon introduced the host and Big
Brother All-Stars winner, Uti Nwachukwu. Heralded by bikini clad
females and himself in glittering metallic overalls, Uti’s entrance
aimed for the dramatic but only marginally achieved it. (To balance the
bikini-clad females, at another point during the show, bikini-clad
males accompanied Adaora, host of MTN Project Fame on stage to present
an award.) There had been some sceptics on the choice of Uti as host.
However, with the sarcastic wit he displayed on Big Brother, his
supporters felt he was worthy. At the end of the day, both sides of the
debate came out justified. He had his high and low moments but there
was nothing of the spectacular, either good or bad.

Unlike last year’s
show where the sound quality was held in question, this year it was
loud and clear. For those on the balcony who were not able to feel the
raw excitement from the well-lit stage (the downside of VIP area),
there were small screens in strategic corners there and also huge ones
on the walls of the hall that transmitted high definition images. The
camera and video-editing crew did a pretty good hands-on job as there
was no way one could have missed what was happening on stage or the
power of it.

There were however
awkward moments brought on by the absence of quite a number of award
recipients. Presenters were often left standing aimlessly on the stage
after announcing a winner’s name without any clue of what to do with
the award. When this happened to Fred Amata who had to present the
award for Viewers Choice won by Buffalo Souljah for ‘Ezandlha Phezulu’,
he called on Zaaki “the man from Benue to collect the award for the man
from Zimbabwe”. This inspired move was accepted gamely by Zaaki and
brought on amused chuckles from the audience.

The performances

Still going for big
and over the top, the SMVAs had contracted almost all the big names in
Nigerian entertainment and one or two from Ghana and South Africa to
give life performances. Even so, each staged performance depended
entirely on the artists as there were little or no stage effects
provided by the organisers. The best performances came from Sasha P,
Asa and Whiz Kid who displayed some mean dance skills. D’Banj and the
Mo’Hits crew were literal crowd pullers as they (especially after
D’Banj and Don Jazzy appeared) managed to get people off their seats
and to the bottom of the stage where they roared out their love for the
Koko Master. The show all but ended there as most people left the hall
in D’Banj’s wake, leaving very few to witness Timaya, the last
performer, give his usual energetic routine.

From the lights,
cameras and stage and hall models, one thing was evident about the
SMVAs 2010: a lot of money, effort and attention to detail were put in
to this particular event, even starting way back from the runway on the
red carpet. But as Julius Agwu who was an award presenter noted, it was
sadly a solo project from Consolidated Media with no input from
external sponsors.

Although, the SMVAs is still far from what is seen at international
awards, especially at the “average” televised American award show, its
ambitions were clear. At this stage, it is only fair to say that if
Soundcity continues to set such high standards for themselves, they
will one day surpass even these so-called international standards.

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A global platform for Nigerian talent

A global platform for Nigerian talent

The latest television talent hunt in the country, Nigerian Idol, debuted on the small screen last week.

Nollywood star,
Genevieve Nnaji attended an exclusive preview organised by the show’s
producers at the Sheraton Hotel, Lagos, on November 21. Present at the
event were two of the three judges on the show, singer Yinka Davies and
African American entertainer, Jeffrey Daniel of Shalamar fame. The
preview was anchored by the show’s presenters, Anis Holloway and Misi
Molu (aka Yemisi Fajimolu).

Also in attendance
was Rotimi Pedro, CEO of Optima Media Group, current holders of the
Idols franchise in Nigeria. He talked to NEXT about his company’s plans
for the show, as the search begins for the next Nigerian superstar.

The Idol
franchise first came in to Nigeria in 2008 but was discontinued after
only one season amidst controversies. Why has your company picked it up
and why would you be more successful with it?

Looking for the
next big star in Nigeria is something I think that is ripe at this
point in time. Over the last few years, there has been a huge
renaissance of Nigerian music. I have a two and a four-year-old kid.
When I was their age, I was singing to Shalamar and Kool and the Gang;
those were my mentors. But kids these days are singing to Banky, D’Banj
and P-Square. These are the people they know now. They don’t know about
the American scene anymore. Like I said, there is a huge renaissance of
Nigerian music and having a huge franchise like the Nigerian Idol is in
line with the mood of the country. This is the reason why we went into
it.

Is this strictly a business decision for you or is there also an altruistic desire to invest in Nigerian music?

The way we have
positioned Nigerian Idol this time around, it can never be about the
commercial aspect of it. It is purely about the altruistic, looking for
the next talent and making our contribution to the Nigerian music
scene. Over the last ten years we have done very well with sports and
we now want to make our contribution to the music sector. We are in it
for the long term. We aim to develop the next talent. Our franchise
covers 44 African countries, not just Nigeria. In the next couple of
months, we are going to launch East African Idol and the Ghanaian Idol.
We are about discovering and nurturing the African talent over the next
five years so we are in it for the long haul.

The last Idol
winner in Nigeria is yet to fully make his mark on the Nigerian music
scene, especially after much publicised misunderstandings with the then
organisers of the show. What should we expect from and for the winner
of Nigerian Idol?

The last holders of
the franchise in Nigeria lost it due to this issue of non-compliance to
obligation. So because of such issues, the owners of the franchise,
Fremantle, were looking for a respectable Nigerian/African company that
could actually project the franchise for the next few years and my
company, Optima Media Group, came along to pick it up. The [winner of
the] Nigerian Idol season one would be recorded and release an album on
Sony-BMG and all obligations in accordance with the franchise would be
respected.

Simon
Cowell expressed disappointment at the fact that many American Idol
winners had failed to become big stars. Any such fears here?

I think that
Nigerians have the ability and we have the opportunity to discover raw
talent in this country. As Jeffrey Daniels [a judge on Nigerian Idol]
said, there are people from the creeks of Ajegunle and the Niger-Delta
who may never have the opportunity for their 15 minutes of fame but
Nigerian Idol is giving them that opportunity to come out and represent
this great country of many talents. Based on this idea, we do not think
we would have any dearth of talent or problems discovering one. We had
ten thousand people that registered and above five to six thousand of
them came to the venues, three thousand in Lagos alone; surely, there
must be one or two stars in that number.

Tell us more about your company

Before we went into
music, we were mainly into sports. We hold at least 80 percent of the
market share in terrestrial sports television in this country. We have
done that for over ten years. We have now gone into music and
entertainment generally. Apart from Nigerian Idol, we would be handling
other shows like ‘Got Talent’. We have already done ‘Don’t Forget the
Lyrics’. Basically, we are building a pedigree in quality production of
music formats.

So far, much of your content is based on foreign franchises. Do you see yourselves developing totally indigenous content?

We believe in the
global village. A Nigerian guy in the Niger-Delta knows about what goes
on in North America and Europe. We want to harness the power of
globalisation and promote our own. The world does not live in isolation
or with a nationalistic toga anymore. The ethos of our company is
plugging into the global network and delivering for our people. Even
though we bring these international franchises to Nigeria, we would
leave our own mark on it. The idea is to use a global platform to
project the Nigerian image and artists that would cross over and
conquer the world.

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Musharaf demands a new democracy

Musharaf demands a new democracy

“The West has an
obsession with the Greek democracy and that obsession they want to
impose on the third world in a hurry” however this will not work in the
third world countries where many democratically elected governments are
running their countries aground.

This was the focal
point of former Pakistani president; Pervez Musharaf as the keynote
speaker at the 12th session of the Osigwe Anyiam Osigwe lecture series
in Lagos on Friday, titled Democracy as holism: that the dove may be
set free in our land (Political stability, security, peace and
socio-economic development as integrals of democracy).

Mr Musharaf
explained that “democracy must be tailored to the dictates of the local
terrain of a country,” warning that “democracy does not end at the
conducting a free and fair election, as the West always supports.”

“Democracy is about ensuring security, equity and balance of welfare for the people in a state” he said.

Citing Pakistan as
an example, he noted that due to series of war the country has fought
in its history, the Pakistani army wields enormous power and control of
the country till this day.

“The army is such
an institution that ordinary Pakistani run to whenever there is a
problem.” He therefore called for the Pakistani military to have “a
constitutionally instituted role in the governance of the country where
it can make its voice known in issues affecting the country. This he
claimed was the reason why he set-up the National Security Council
(NSC) which was composed of the President, Prime Minister, four
military chiefs, members of the opposition parties and key economic
drivers.

The former military
ruler who seized power via a coup d’état stated that “I have been the
most adamant supporter of democracy in Pakistan” claiming that his role
in the last nine years has been to institute sustainable democracy in
Pakistan and national security.

Militancy, extremism, terrorism and conflict with India

Comparing Nigeria
with Pakistan, Mr Musharaf noted that both nations shared number of
things in common with the challenges of ethnic, tribal and religious
diversities. He noted that these diversities have warranted the
development of militancy in the countries. He said militancy can only
be addressed by “developing the underdeveloped regions using a holistic
approach by striking the root-cause of the unrest else the militancy
will continue to brew. The military tactic can be used for those that
are rebellious it will not work sustainable.

On terrorism, the
former president highlighted the failure of the coalition forces (US,
NATO and Pakistan) to consolidate on the success achieved with the
defeat of the Taliban in 2002, has led to the resurgence of the Taliban
and pockets of Al-Qaeda forces around the world.

As the nation
prepares a general election in the next six months, Mr Musharaf who
recently launched a new political in the United Kingdom-where he is on
a self-imposed exile-made it known that to address the issue of voter’s
apathy, he will be “reaching out to the over 60 per cent of eligible
voters in Pakistan who do not vote.” Noting, that this range of people
consists of women and youths who are predominantly from the
middle-class, he stated that these are the class of people he will be
reaching out because “these people will not vote on tribal or ethnical
prejudice but make a sound decision on who is right to get their vote.”
He enjoined the developing world to reach out to these voters who will
not willingly vote. He suggested that Nigerian politicians too should
employ this strategy.

The Nigerian
President, represented at the lecture by Minister of State for
Information, Labaran Maku, used the occasion to again affirm that his
administration will ensure that the forth coming polls will be the
cleanest and freest election in the history of the poll.

Explaining why a former military leader who seized power through a
coup d’état was brought to speak on democracy and security, Mike Anyiam
Osigwe; the coordinator of Osigwe’s foundation stated that “most
leaders are more sober and reflective outside their terms in office;
hence the use of the insights of these leaders will be beneficial to
the world.”

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