Archive for nigeriang

Banks are still not lending

Banks are still not lending

Despite relative stability and gradual return to profit, banks’ third quarter results show that they are still reluctant to expand their asset creation in respect to loan grants, especially to the private sector.

“An analysis of the key parameters on the balance sheet shows that UBA total assets remained relatively flat, declining marginally by 0.4 percent,” Afrinvest, an investment banking and research firm, said.

“We also observed a decline in the bank’s lending activities in quarter three. The bank’s loan portfolio was subsequently down by 4.2 percent to N636.2 billion, from the N664.2 billion reported in quarter two 2010,” the firm added.

“The bank’s inability to grow its loan book during the quarter led to a slow growth in net interest income. The Q3 net interest income of N27.1 billion falls short of an average of N33.9 billion reported in Q1 and Q2. We expect the bank to be more aggressive in its risk generation appetite and also channel more of its assets into higher income earning assets.

“Currently, 24.2 percent (N402.5 billion) of the bank’s total assets are placed in the inter-bank market where yields were an average of 7.9 percent during the quarter,” the firm further said.

Guaranty Trust Bank’s third quarter result, however, reveals that loans and advances to customers increased to N545 billion, from N532 billion at the end of quarter two, 2010.

Central Bank’s policy not reflecting

Samir Gadio, emerging Markets Strategist, Standard Bank, said the Central Bank’s accommodative policy stance between 2009 and September 2010 has not really reflected in lending to the real sector.

“According to the Central Bank, the growth rate in credit to the private sector fell to a record low of 4.5 percent year on year (y/y ) in August, from 9.8 percent y/y in July and 18.1 percent y/y in June. Although aggregate private sector credit extension edged up 2.0 percent in monthly terms to N10.1trillion, from N9.9 trillion in July, it has only increased 0.4 percent year to date (Ytd).

“This means the Central Bank’s accommodative policy stance between 2009 and September 2010 has not resulted in a turnaround in lending to the real economy, which we think reflects the intrinsic weakness of the monetary transmission mechanism, amid structural issues in the banking system,” Mr. Gadio said.

Experts have said the tightening in monetary conditions during the last Monetary Policy Committee, held in September, is likely to further impact credit dynamics as the Central Bank hiked the standing deposit facility by 225 basis points (bpts) to 3.25 percent. This, they say, may curtail liquidity and place upward pressure on money market rates.

However, a source at Spring Bank said the bank’s lending is fast improving.

“I can’t speak for other banks, but I know Spring Bank is lending. Even if you want a loan, just come to the bank and get a form. Once you meet with the basic requirements, why won’t you get a loan?” he said.

Click to Read more Financial Stories

PDP will scrutinise members on EFCC list

PDP will scrutinise members on EFCC list

The national leadership of the Peoples Democratic Party (PDP)
said yesterday that it will scrutinise the list of corrupt politicians on the
website of the Economic and Financial Crimes Commission (EFCC) to ensure that
those proven guilty are not given its ticket to contest for any position during
the forthcoming elections.

The party’s national publicity secretary, Rufa’i Ahmed Alkali,
who spoke to journalist last night after a meeting of the National Working
Committee, said it has not received any formal letter from the EFCC on the
matter, and that it will not take action based on newspapers reports since it
(party) is not a court of law.

The anti-graft agency reportedly listed the names of over 50
corrupt aspirants on its website. It also advised political parties not to
field them for any elective offices until they are cleared by the courts.

“What is important is that whatever that is be done has to be
done through a thorough work. Even though the names are there on the advisory
list, since we are not the court, it is not possible for us to pass judgement
whether somebody is guilty or not. That is why in the process of looking at all
the issues involved, there must be proper consultations and discussions at
every level so that everybody will be comfortable with the outcome,” Mr Alkali
said.

The PDP spokesperson noted that many members of the party will
be concerned about the list.

“When the EFCC which is the professional organ responsible for
this assignment issues a statement like this, many people will be concerned. We
should be able to calm them down to let them know that the party will not go
after their jugular just like that. So we want them to remain calm and continue
with their normal activities as party men and leaders.”

ANPP to checkmate the
move

The All Nigeria Peoples Party (ANPP) said it is not in
possession of the list of corrupt politicians reportedly sent to the political
parties.

A statement by the its spokesperson, Emma Eneukwu said the EFCC
action must be checked.

“The ANPP views as a throw-back to the pre-2007 election era
the purported submission of list of politicians tagged as corrupt by the EFCC
and a development that must be checkmated.

“The ANPP is not in possession of any list containing names of
its either former or serving elected public office holders and therefore
defends its members of allegation of corrupt practiceswhen nine of them have
been found guilty by the competent court of jurisdiction.”

The party however said it does not tolerate corruption in any
form.

“Much as we welcome any legal move that will ensure that politicians with
questionable character are not allowed to return to office to continue their
looting spree or seek refuge against prosecution, we are also against the
decision of the EFCC to raise allegations and seek to stop such alleged
politicians from further pursuing their political ambition.

Click to Read More Latest News from Nigeria

Edo dissolves local council

Edo dissolves local council

The Edo State House of Assembly yesterday passed a resolution
to dissolve the 18 local government councils with immediate effect. This is
sequel to a letter from the state governor, Adams Oshiomhole, requesting the
House to dissolve the councils.

The motion was moved by the majority leader, Phillip Shaibu,
and was seconded by the deputy speaker, Paul Ohonbamu.

The council chairmen were directed to hand over all government
properties in their possession to the head of local government administration
in their respective areas, just as the accounts of the councils remain frozen
with immediate effect.

The constitution of the Edo State Independent Electoral
Commission (EDSIEC) by Mr. Oshiomhole last week was an indication that the local
councils might soon be scrapped to make way for another election.

Caught unawares

Many of the local government bosses were, however, caught
unawares. Interestingly, Mr. Godsent Akhabue of Esan West local government was
putting finishing touches to a programme for the commissioning of some projects
in his local council on Thursday.

The chairmen were elected in December 2007 during the
government of former governor, Oseriemen Osunbor.

In a swift reaction, the Edo State chairman of the Peoples
Democratic Party (PDP), Dan Orbih, faulted Mr. Oshiomhole’s action, describing
it as illegal and unconstitutional.

“I am not surprised by the illegal action of the governor
because from his behaviour and conduct he has shown he has no respect for the
constitution. He is used to taking arbitrary decisions,” Mr. Orbih said.

He called on Mr. Oshiomhole to rescind his decision, saying
that if the governor failed to do so, the PDP would call on the federal
government not to release the local government allocations meant for the state
until he returned the local government administrations back to the elected
officials to complete their tenure.

According to him, Section 7 of the Constitution guaranteed the
tenure of elected local governments. He also said there were three tiers of
government and that the laws that govern the three tiers must be respected.

“The man thrives in illegality. It is like the federal
government saying it has cut short the tenure of state governors. Has he asked
himself how he will feel if the federal government wakes up and dissolves his
administration?” Orbih further said.

Click to Read More Latest News from Nigeria

Chief Judge reassigns Akingbola’s case

Chief Judge reassigns Akingbola’s case

The trial of the
former chief executive of Intercontinental Bank Plc, Erastus Akingbola,
did not start yesterday as expected as the Chief Judge of the Federal
High Court, Daniel Abutu, transferred it to a new judge.

The trial which was previously handled by Mohammed Idris will now be presided over by Charles Achibong.

Mr. Akingbola is standing trial over an alleged missing N364 billion linked to him by the Central Bank of Nigeria (CBN).

The former CEO,
who returned to the country two months ago to clear his name over the
allegation of financial impropriety during his tenure as managing
director and CEO of Intercontinental Bank, was also in court yesterday
for the trial before his counsels were briefed about the change of
judge.

A counsel to Mr.
Akingbola, Felix Fagbohungbe, told journalists that no definite date has
been fixed for the trial as the prosecuting counsel were absent from
the trial.

Mr. Fagbohungbe, however said the court registrar would send hearing notices to the parties on the next adjourned date.

Meanwhile, Mr.
Akingbola has resolved to challenge the CBN on how it arrived at the
figures quoted as the amount allegedly misappropriated by him.

From the content
of the charge preferred against him by the Economic and Financial Crime
Commission (EFCC), funds movements as alleged are loans to companies
related to the directors of the banks, reclassified loan portfolio of
the bank; direct investments by the bank into the stock market and staff
performance bonuses.

Mr. Akingbola is
querying the connection of the funds to his name or companies in all the
reports produced by CBN, National Deposit Insurance Commission (NDIC)
or EFCC.

In his statement
of defence, Mr. Akingbola averred that the total amount reported to have
gone as loan to companies related to some directors of the bank is
about N40 billion, out of which N22.9 billion has been repaid with N17.1
billion outstanding but he was accused of permitting the amounts to be
outstanding.

The second
component of the figure in the charge amounting to N87.6 billion
represented the value of bank’s loan portfolio, where, the former bank
chief was accused of allowing this amount to be translated as commercial
paper, which according to the apex bank, understand the bank’s
non-performance loan portfolio.

The third
component of the charge comprises the various sums the bank invested in
the stock market, totalling N179.4 billion; Mr. Akingbola was accused of
approving the investment in order to boost the bank’s share price in
the stock market.

The balance of
about N39 billion out of the N346 billion quoted as misappropriated
represented various staff performance bonuses paid to bank’s staff over
several years which the apex bank considered inappropriate.

Click to Read More Latest News from Nigeria

‘Credible elections should be the only the agenda’

‘Credible elections should be the only the agenda’

The governor of Ondo state, Olusegun Mimiko, has urged the
Independent Electoral Commission to speed up the process for a new voter’s
registration, saying it is the only means to have credible elections in the
country.

While speaking as the special guest of honour at an event
organised by the Campaign for Democracy, the governor said Nigeria’s
development depends on credible elections.

“If I am to give a three point agenda for Nigeria future, I
will say number one credible election, number two, credible election and number
three, credible election. For me, I don’t believe there is a short cut to it;
this Nigeria must rise and shine again.”

Mr Mimiko urged that stakeholders must ensure that there is
healthy internal democracy within all political parties, stating that, “issues
where people that are not even members of a political party emerges as the
aspirants should end. That has always been the beginning of the panic at every
election year.”

Getting it right

also giving a possibility of getting the conduct of election
right in the country again, the convener of the Save Nigeria Group and keynote
Speaker at the event, Tunde Bakare told the audience that the only means for
Nigerians to take charge of the country’s destiny is to understand the power of
their vote and be part of the coming voters’ registration to get one.

“If it is like a supreme sacrifice, and we must pay it. Until
we know the right thing and do it rightly, we cannot get it right. Until what
was wrong was put right and every Nigerian stand and be counted to have a fair,
free and credible election.” He said.

The Resident Electoral Commissioner for Lagos state, Adekunle
Ogunmola who got to know about the event while on a visit to the office of the
commissioner of Police Lagos state command, Marvel Akpoyibo, also had
accompanied Mr. Akpoyibo and urged the organisers to always ensure that he is
approached and invited for such event in the future.

Mr Ogunmola said Nigerians can take to Mr. Bakare’s advice on
not trusting INEC, believing that INEC is a body that comprises many
individuals, “so until we give what we promised. I only know myself, we can’t
speak for all of us.”

Speaking on a topic, “Security Environment for a free and fair
election,” Mr. Akpoyibo advised Nigerians to help the police by granting
information resource to help its work, claiming that the causes of crime has
always been every ones faults.

“Whenever there is a failure or a candidate has lost an election, of course
the police are always being held accountable, even those who lost lawfully and
those who lost unlawfully. Perhaps there is this fact, that if there has been
any failure in the past, it was a systemic failure.”

Click to Read More Latest News from Nigeria

Police arrest pay officers over fraud

Police arrest pay officers over fraud

A shake up of the
Nigeria Police Force on Monday saw about 16 senior officers, including
the Force PRO Emmanuel Ojukwu, redeployed and another detained for
tampering with officer salaries.

NEXT, gathered that a
group of pay officers had tampered with the salary increases approved
for each cadre of the police personnel stalling the salary payment
process. The officers are accused of deducting up to N20,000 each from
the salaries of the rank and file, while the salaries of more senior
officers were muddled up in such a manner that it will be difficult to
confirm their actual take home pay.

According to police
sources, the officers connived with the commissioner of police in charge
of budget at the force headquarters to perpetrate the act, which has
been a common phenomenon in whenever there is an increase in officers’
salaries.

Other states affected in the scam include Kogi, Kwara, Nasarawa, Kaduna and Lagos.

An officer, who
spoke on condition of anonymity, said his salaries and allowances,
including three-month arrears, were far less than what his counterparts
in Abuja and other parts of the country were expecting.

“Well, I didn’t want to talk until I sign my voucher and collect [my salary],” he said.

“Some of my
colleagues in Abuja here have started writing their petitions that is
why they invited some of the pay officers from about seven states,
including Lagos State, to write statements.”

However, police are
denying the allegations. Yomi Ajayi, Chief Superintendent of Police and
acting force public relations officer, said his enquiry at the budget
office in Abuja revealed scams of any kind and dismissed the reports
‘rumour mongering’.

Officers redeployed
In a related development, the force public relations officer and
assistant commissioner of police, Emmanuel Ojukwu, and 14 other senior
officers have been redeployed from the force headquarters in Abuja to
other state commands and departments.

Mr Ojukwu has been
moved to Imo State as the officer in charge of the State Criminal
Investigations Department (SCID), Imo State Command, Owerri.

The redeployment
letter was signed by the Force Secretary, Suleiman Fakai on behalf of
the Inspector General of Police, Hafiz Ringim. The letter said that the
new postings were immediate. Mr Ojukwu is replaced by CSP Yomi Ajayi
becomes.

The redeployment affected eight deputy commissioners, three assistant
commissioners (ACPs) and four CSPs. It is the first major shake-up by
Mr. Ringim since his assumption of office in September.

Click to Read More Latest News from Nigeria

OBSERVATIONS: The long trip to Mali

OBSERVATIONS: The long trip to Mali

Here is a riddle. I
board a plane in Lagos, Nigeria at 7.30am. Thirteen hours and two plane
changes later, I finally arrive at my destination tired and dirty but
glad that the journey is finally over. So which city in this wide world
am I visiting? Is it Kuala Lumpur, Beijing, Doha, Dubai or some
far-flung exotic corner of the world? No, nothing like that, in fact my
plane hopping and many hours have not taken me beyond the West Africa
region. All of the travelling hours and the three plane rides have
taken me only as far as Bamako, Mali’s capital which is just some 900
miles or so from Lagos.

Anecdotal evidence
from friends had always suggested that travelling within the West
Africa region is a nightmare, but not having experienced it, I always
thought the stories were somewhat exaggerated; not anymore. In order to
visit Bamako, I first had to fly to Accra and wait a few hours, after
which I boarded another plane and made my way back, yes you read
correctly, back to Togo. Another four hours later, I was on another
plane heading to Niamey from which after a two-hour wait, I finally
embark on the final leg of my trip to Bamako.

This trip, if I were flying directly from Lagos to Bamako would have lasted no more than two hours.

The problem of a
lack of functioning infrastructure within the sub region is more than
an irritation; it comes with a heavy economic price, an inability to
maximise trade among the various countries in the sub region. Figures
available show that just 10 percent of total trade by Economic
Community of West Africa countries (ECOWAS) both imports and exports,
is to other West African nations.

Another example
that may bring home the seriousness of the problem is this, according
to EU figures ‘‘ Ghana sends less than 3% of its exports to neighboring
Benin (compared with 49% to the EU).

However, this is
not a problem that is peculiar to the sub-region, all across the
continent we are losing opportunities that can allow us to grow
economically because we lack the basic infrastructure to trade with
each other. Here is another example, this also taken from an EU
produced document, (sadly as with a lot of other things we rely on
others to tell us about ourselves) ‘‘ it costs as much to move a
container from Mombasa to Kampala as it does from Mombasa to Shanghai.’’

The total value of
trade between Africa and the EU in 2008 was EUR 278 billion; this is
for both imports and exports. Can you try and imagine the impact on the
continent if this level of trade was taking place among African
countries?

The wealth that will be created through job creation and other value added services would immediately transform our societies.

While it is true a
lot of unofficial trading takes place that is not captured by the
numbers, the informed consensus is that trade within African countries
is miniscule compared to trade with other regions.

It also pales in
significance when compared to the volume of trade among Western
European countries, which is 60 percent of their total trade.

The World Bank has
estimated that Africa has a population about 1 billion potential
consumers and says’’ it is a powerful engine for growth, employment and
intra-African trade, especially at a time when other markets are
contracting in the wake of the global financial crisis’’

But we are not
talking advantage of this. At various forums the obstacles to making
trade flourish have been identified and solutions proffered, yet we
seem to lack the will to implement the necessary measures.

The president of
Coca-Cola South Africa, William Egbe, is on the record as saying ‘‘ a
litany of measures aimed at curbing behind-the-border trade
constraints; improving trade facilitation and logistics and reforming
customs unions and other regional trade institutions continue to
languish in drawers, awaiting implementation’’.

This is tragic
because Africa does not need to look to any other place for the panacea
for poverty and many other ills. The solution is staring us in the
face. It is time to dust those documents that Mr. Egbe refers to and
begin to implement them, one item at a time. The difference this will
make will be immediate.

As for my arduous trip to Mali, it is

symptomatic of the
wider issues we face on this continent and these sorts of trips are
only one obstacle among many to flourishing trade among African
countries. If, however, we can start by tackling this one area by
making travel easy it would be a big first step. Let us build a decent
road/ rail network and encourage the setting up of airlines that will
offer cheap direct flights to major African cities. Sectors like
tourism would receive a boost. There are many like me who I am sure
would love to visit Mali if only to see the world heritage

sites in Timbuktu. As things stand, many won’t even be tempted to make the journey, as it is tedious and expensive.

Click to read more Opinions

Untitled

Untitled

Click to read more Opinions

Between the past and the future

Between the past and the future

Social development was in ascent across Africa,
when Europe and Arabia declared it fair game, and began a brutal
campaign, sanctioned by state and religion, to subjugate it. The
imperialists knew that leadership manifests in society through
institutions and went on to scrupulously undermine all existing social
structures in order to prevent the development of any form of
self-assured leadership, which could mobilise the local populations and
challenge the status quo. They poisoned the leadership gene pool, and
groomed a new subservient gentry, which has come to dominate the
political landscape.

The colonial social systems handed down at
Independence, were designed to evolve a debased leadership, alienated
from its own people, and beholden to the foreign powers that inspired
and installed it. 50 years after Independence, social institutions
across the continent are so degraded that the emergence of responsible,
institutionalised leadership appears unlikely for at least another
generation. It appears the imperialists have succeeded marvellously at
both colonising the African mind and appropriating Africa’s natural
resources.

Modern African states were at their inception,
little more than production camps, with the supporting evacuation
infrastructure. They were designed, primarily to serve the economic
interests of those who first conceived of them, and waged genocidal
wars to force them into existence. The invaders seized the most
valuable economic assets, and successive regimes have since not made
any serious attempt to find tangible connections between the imperial
impulse and the natural aspirations of ordinary African people. There
appears to be a permanent divide between the government and the people.
For these reasons, most of our governments lack political or moral
legitimacy, and require the most odious regimes of corruption to
sustain them.

Today, our children in Liberia, Sierra Leone, the
Niger Delta, Congo, and similar resource-rich places, have limited
access to education or healthcare. They starve, have their limbs
amputated, their mothers raped and their fathers dehumanised so that
the global elites can wear gold trinkets, use mobile phones, fuel their
SUVs, build nuclear reactors, go on safaris, drink designer coffee, and
eat gourmet chocolate. It may not be unfair to speculate on how many
African limbs have been chopped off so that the innocent Belgian child
can be guaranteed a dignified existence, or that some benighted bride
somewhere can wear her diamonds.

The failure of African nation-states is a
manifestation of the failure of the evolving international political
economy, which created them in the first place. Moreover, it is a
manifestation of the failure of the global leadership that system has
engendered. The recent financial meltdown is another bracing reminder
that the political economy itself is as flawed as the financial system
it has enabled. The inherent contradictions have only just been brought
painfully home to some of its most ardent beneficiaries and defenders.
Africans and other denizens of the so-called third world have been
bearing the brunt of the system for the past 500 years.

In clarifying the dysfunction of modern African
states, it is important to recall the established truism that whoever
controls the economy, controls the politics. It is politically
untenable that the most powerful economic institutions operating in any
territory have little interest there, beyond profit making. The
multinational businesses and the multilateral financial institutions
that control economic activities across our continent are so detached
from the realities of ordinary people that it is manifestly impossible
to evolve the kind of leadership that can be held accountable at the
grassroots.

These organisations do not have the kind of
symbiotic ties that bind Detroit, or Silicon Valley to the people and
the government of the United States. They do not have the same
political allegiances that bind the fortunes of Shell or TotalfinaElf
to that of Europe. They can only pretend to be, to African countries,
what Hyundai has been to South Korea or more recently what Huawei has
been to China.

Like most globalisation dummies sold to us, the
idea of a stateless multinational is a specious lie. The world has
entrenched an unfair system of international relations that shamelessly
exploits the poorest people. Even if it does so with the wilful
complicity of African elites, an international system that likes to
call itself civilised and equitable, and moralises shamelessly to
“rogue” states, cannot absolve itself of its own culpability in this
unremitting injustice.

We need to facilitate the development of our own home grown
multinationals. We need to do this as a matter of urgency, by
redirecting all our resources towards empowering our people
economically and politically. One good thing about the subsisting
political economy is that it compels us to dig in and solve our own
problems. We must begin to engage, with more confidence, the damage
done to our continent by the imperialist misadventure. We must also
reflect with contrition, on our own shameful complicity, in the
execution of the most heinous crimes against our own people. We must
participate more aggressively in the control and ownership of
productive economic activities across the continent. We must urgently
empower our selves and our local communities to take control of the
politics and the economy of this continent, which we call our own.

Click to read more Opinions

Caught in the act

Caught in the act

It caught many Nigerians by surprise: what one of this paper’s columnists rightly called “Jonathan’s subversive loophole.” Following the request from the Independent National Electoral Commission to postpone the 2011 general elections from January to April 2010, President Goodluck Jonathan sent an Executive Bill to the National Assembly proposing those amendments to the Electoral Act 2010.

But beyond the amendments, the president added his own changes – particularly those relating to Section 87(7) and (8) of the Electoral Act. And these provisions were dangerous, even fatal, to the conduct of credible elections.

Section 87(7) proposed that “A political party that adopts the system of indirect primaries for the choice of its candidates shall outline in its constitution or guideline:

Who shall be a delegate at the congress or convention”. In essence, that provision would allow parties change at will the rules governing procedures for primaries simply by issuing a new guideline.

This meant, in effect, that the procedures set out in the current 2010 Electoral Act imposing clear conditions for internal democracy, by stipulating that political parties nominate candidates only by elected party delegates, could be jettisoned. Political parties will be able to select delegates at will, the offensive idea of consensus candidates will be allowed to thrive, and the situation that led to litigation all around the country, most famous of which was current Rivers State governor Rotimi Amaechi’s, would be perpetuated. .

Even worse was the president’s proposal that Section 87(8) of the Electoral Act 2010 be deleted. The Section provides that: “No political appointee at any level shall be a voting delegate at the Convention or Congress of any political party for the purpose of nomination of candidates for any election.”

This section sought to prevent the president or governors flooding political party congresses with ministers, commissioners and others and to avoid the situation where a governor with about 1000 assistants (as obtains in Adamawa State) is able to skew the primaries heavily. Finally, it sought to give the leadership of Independent National Electoral Commission (INEC) the power to determine the sequence in which elections are held.

Thankfully, the Senate immediately resisted the president’s transparent plan to hijack the new Electoral law, rightly calling his proposals undemocratic and “toxic”. Last Wednesday, the Senate acted in a largely unified manner to shut down Mr. Jonathan’s attempt to reshape the 2010 Electoral Act. Their move was devoid of the political or ethnic sentiments that usually colour similar debates. They were determined to “kill the bill” and perhaps send a message to the presidency.

It can be assumed that Mr. Jonathan and his campaign team experienced something of a shock to the system from the Senate’s rejection. Of course it is possible that the Senate’s action was predicated on self-interest rather than commitment to the nation, since many of them were affected adversely by these kinds of provisions in the last election cycle. Still this was a laudable move.

At least, on this issue, we know that the National Assembly stands with the rest of Nigeria.

The question now is: where does Jonathan stand? He has spoken severally about giving Nigerians “free and fair elections”, but not only do his intentions signify a desperate man looking for loopholes to manipulate, they belie his stated commitment to improving the democracy in Nigeria. The unavoidable conclusion is that President Jonathan’s incumbency is following the predictable trend.

Unfortunately, this was no isolated incident. The president has shown a disappointing propensity to play politics with issues of national importance, and in this case he doesn’t seem to get the message that it’s him against the national interest. “We haven’t given up. We will go back and negotiate and ask questions,” said one of his campaign managers to NEXT last week. “There is not absolute victory or defeat.”

This is very worrying. President Jonathan fell into a deep, dangerous hole with his unholy move to circumvent reforms already agreed on. Right now, it is time for him to put the shovel down first, and stop digging.

Click to read more Opinions