Archive for nigeriang

Government begins airports remodelling

Government begins airports remodelling

The Ministry of Aviation has commenced a “total remodelling” of the five major airports in the country.

According to the
ministry, the development, which is part of measures to address the
level of infrastructural decay across Nigerian airports, is also aimed
at repositioning and refocusing the aviation sector in the country for
better performance, considering the critical role the industry plays in
the economy of the nation. “With Federal Airports Authority of Nigeria
(FAAN) in the driving seat, we are embarking on aggressive airports
infrastructural development and remodelling,” said Fidelia Njeze,
minister of aviation, over the weekend during the commissioning of the
newly acquired TBM850 training aircraft for the Nigerian College of
Aviation Technology (NCAT), Zaria.

Reacting to public outcry

Explaining that the
remodelling of the airports became imperative following plights of
passengers and “excessive reporting” of the dilapidated structures
inherent across Nigerian airports by journalists, Mrs. Njeze promised
that the federal government will endeavour to complete the exercise
within two years. “As part of the remodelling and general
refurbishment, you would agree with me that when you enter the check-in
hall at the Murtala Mohammed International Airport recently, you would
have noticed appreciable change in the temperature of the lounge, and
this is because the existing air conditioning system has been repaired
and additional units procured to alleviate the troubles of travellers.

“The remodelling
designs for five airports namely, Lagos, Abuja, Port Harcourt, Kano and
Enugu have been completed and these projects will be concluded in the
next 12 to 24 months,” she said. The ministry’s helmsman disclosed that
the government will invite the public to come see the model of the
airports after making an official presentation to the president in due
course, adding that the all forms of power interruptions across
international airports in the country are currently addressed.

“With the designs out, we have written to the president to come and
do a presentation, and after this the block model and video of the
design will be brought to the public for display in the major airports
for people to see what we are doing as pertaining the remodelling,” she
said, adding “with this initiative, power outage at MMIA will be a
thing of the past as we have commenced the process of replacing the six
old obsolete generators and transformers, and provide redundancies that
will serve as backup when there is system failure.” It could be
recalled that on May 9, there was a complete blackout at the Lagos
international airport for over four hours, which totally crumbled
flight operations at the airport leaving hundreds of passengers
stranded, a situation described by experts as “disgraceful, pathetic
and unprofessional.”

Click to Read More Latest News from Nigeria

Chinese drug suspects to appear in court today

Chinese drug suspects to appear in court today

The two Chinese
suspects and their Nigerian counterpart in connection with the unlawful
importation of 450.4kg of cocaine at the Tin Can Island Port, will be
arraigned today (Monday) at the Federal High Court, Ikoyi, Lagos.

The accused
persons, Fong Chui Sen, Wang Richard, and Inua Mohammed, who are to
appear before Justice O. E. Abang of the High Court, were arrested last
month by the National Drug Law Enforcement Agency (NDLEA) following
intelligence from the British Serious Organised Crime Agency (SOCA),
and the United States Drug Enforcement Agency.

In its pledge to
further unmask other persons involved in the illicit trade, Ahmadu
Giade, chief executive of the anti-narcotics agency, over the weekend
disclosed that the NDLEA has conducted its investigations scrupulously,
and that one of the suspects has been confirmed to be a Taiwanese.

“On our part, we
have conducted a thorough investigation and we have a watertight case.
Diligent prosecution by our legal team shall be the icing on the cake,”
he said, adding “like the arrest of these accused persons, Nigerians
should expect more from us in line with our operational promise to
expose drug barons, as no one dealing in drugs will go unpunished.”
Mitchell Ofoyeju, spokesperson for the agency said that Count One
charge against the suspects states that “Fong Chui Sen and Wang
Richard, both male adults, between the months of March and July 2010 at
Ibadan and Kano, Nigeria, without lawful authority conspired to import
450.4kg of cocaine into Nigeria from Republic of Chile.

“They have thereby
committed an offence contrary to and punishable under section 14(b) of
the NDLEA Act, CAP N30 Laws of the Federation 2004,” he said.

Societal Consequences of drugs

The agency’s boss
disclosed that drug businesses, though covertly done have serious
consequences on the social order, as he called on the general public to
unite in the fight against illegal smuggling of hard drugs.

“Illicit drug
transactions affect the public in so many ways. Apart from increasing
insecurity, drugs lead to money laundering and could adversely
undermine legitimate businesses,” said Mr. Giade.

“We must unite in
fighting against drug trafficking and abuse, and though the love for
money is attracting more people into the criminal act, one sure way of
tackling the problem is to increase the penal sanctions.”

Twenty suspects arrested at MMIA in July

Meanwhile, the
agency disclosed that it arrested 20 suspects for unlawfully
trafficking drugs last month at the Murtala Mohammed International
Airport (MMIA), Lagos with a total seizure of 28.13kg of narcotics.

The anti-narcotics
spokesperson said that 18 of the suspects are male while two are
female, adding that cocaine constitutes the bulk of the seized drugs
with 25.185kg, followed by cannabis with 1.5kg and then heroin with
1.445kg.

“The only heroin seizure in the month under review was ingested by a
professional lawn tennis player, Dairo Toyin. The last five suspects
caught in July ingested four hundred and twenty three (423) wraps of
substances that tested positive to cocaine,” said Mr. Ofoyeju.

Click to Read More Latest News from Nigeria

Ribadu replies Bakare over political ambition

Ribadu replies Bakare over political ambition

The former chairman
of the Economic and Financial Crimes Commission, Nuhu Ribadu, has
refuted claims that he is plotting to hijack the Save Nigeria Group
(SNG) to secure his political relevance in 2011.

According to the
press statement by his aide, Chido Onumah, the recent utterances by the
pastor of the Latter Day Saints, Tunde Bakare, suggests such and does
not in any way reflect the plans of Mr Ribadu. “Nuhu Ribadu’s attention
has been drawn to claims in the Sunday (August 15, 2010) sermon of
respected preacher, Pastor Tunde Bakare, to the effect that Mr Ribadu
desires to hijack the Save Nigeria Group for the purpose of his
political ambition,” stated Mr Onumah. “Mr Ribadu strongly refutes this
claim and affirms that he has the highest regard for Pastor Bakare and
for his patriotic vision espoused through the SNG.”

The former
anti-graft czar added that he still salutes the sacrifice, energy, and
resources many Nigerians have invested in building the SNG, and hopes
it will continue to grow in strength to become a major movement that
will deepen democracy and national development. “I am convinced that
Pastor Bakare came to his conclusion on a mistaken brief, and I look
forward to meeting him soon to assure him that nothing like that ever,
or could ever happen, because of the kind of person I am and the
philosophy that guides my pubic conduct,” he said.

Mr Ribadu stated
that no one can deny the role SNG played, and continues to play, “as
our country tries to chart a path to greatness 50 years after
independence.” “The SNG has become a mass movement of patriotic
Nigerians from different walks of life and political persuasion whose
common vision is a new and better Nigeria,” he said. “It would not only
be presumptuous but tragic for any individual to think he or she can
‘hijack’ such a people-oriented organisation.”

Turbulence within

Last week, the SNG,
a coalition of civil society and human rights group, suspended Mr
Bakare, Yinka Odumakin, and Salihu Lukman from the group. According to
the coordinator of Lawyers of Conscience, Benedict Ezeagu, and the
Secretary General of the Conference of Nigeria Political Parties, Willy
Ezugwu, the three were suspended because they refused to heed to
warnings to stop activities that are contrary to the goals of the
group. Mr Ezeagu said the suspension order stands till the proper
constitution of the organization leadership structure was sorted out,
revealed that frontline activist and lawyer, Femi Falana, was urged to
convene a stakeholders meeting within two weeks.

They three members were accused associating with some politicians
and presidential aspirants, and making some negotiations with them on
behalf of the group. Mr Bakare and the other two members were said to
have met with the former EFCC boss. SNG said the trio were suspended
because their actions contrasted with the group’s objectives, insisting
that the group is non partisan.

Click to Read More Latest News from Nigeria

Obasanjo holds closed-door meeting south-west governors

Obasanjo holds closed-door meeting south-west governors

Former President,
Olusegun Obasanjo, the current Chairman, Board of Trustees of the
ruling Peoples Democratic Party (PDP), , yesterday evening held a
meeting with governors of south-west states elected on the platform of
the PDP, to strategise on common positions ahead of the forthcoming
party primaries and polls in the governors’ respective states.

The closed-door
meeting, which took place at the private residence of Mr Obasanjo at
the Hilltop, Abeokuta, lasted for over four hours. It had in attendance
the Ogun State governor, Gbenga Daniel; Oyo State governor, Adebayo
Alao-Akala; Ekiti State governor, Segun Oni; Osun State governor,
Olagunsoye Oyinlola, as well as former Ondo State governor and party
leader in the state, Segun Agagu.

Speaking with the
press afterwards, Mr Obasanjo said the meeting was convened at the
request of governors of the south-west. “We resolved to hold
consultative meeting among ourselves; me as the BOT Chairman, they as
leaders of the party in their respective states,” he said.

Putting heads together

Mr Obasanjo further
said, since the PDP has resolved the issue of zoning, “we have decided
to have a preliminary meeting to put our heads together in the
south-west.” The BOT Chairman, who said another similar meeting would
take place soon, stated further that the issue of zoning has been laid
to rest. “We are going to have another meeting in due course and when
we hold that meeting, we will be talking to you in a more relaxed and
more prepared fashion than this impromptu.”

On the visit of the
party National Chairman, Okwesilieze Nwodo, to Ogun State today over
the unresolved political crisis in the state, Mr Obasanjo declared that
the party chairman is not coming to pay him a visit, hence, he is not
interested in addressing the issue further.

Similarly, on the proposed visit of Goodluck Jonathan to the state
next month, Mr Obasanjo also told journalists that he is not aware of
the president coming to the state. “I am hearing of the visit of the
president for the first time,” he said.

Click to Read More Latest News from Nigeria

Abia PDP resist Nwodo’s action

Abia PDP resist Nwodo’s action

The dissolution of
the Abia State executive on the orders of the PDP national chairman,
Okwesilieze Nwodo, has pitched him against party leaders in the state
who described the action as unilateral.

Executive members
of the party from the 17 local government area chapters of the party,
who met at the weekend in Ntigha, Isiala North, described the
dissolution of the Ndidi Okereke-led State Executive Committee as
“fraudulent”, as it did not emanate from the PDP National Working
Committee, as claimed by Nwodo.

The meeting, which
was convened by Reagan Ufomba, one of the numerous governorship
aspirants within the PDP, was attended by executive members of the
party from all the wards, the zone and some members of the dissolved
state executive committee.

Participants resolved to stop Mr Nwodo from taking unilateral decisions that were capable of causing disaffection in the party.

They said they were
not, in any way, against the readmission of the state governor,
Theodore Orji, to the party, as the PDP umbrella was large enough to
accommodate more people.

An Abuja high
court, presided over by U.P Kekemeke, had on August 11, 2010, ordered
that the status quo be maintained, pending the hearing and
determination of the motion on notice in a suit filed by Mr Ufomba
against the PDP, Mr Nwodo, Olisa Metu and Mrs Okereke.

Consigned to dustbin

Mr Ufomba said the
“illegal, unconstitutional and undemocratic” actions of Nwodo in
dissolving elected state executives have vitiated his claims that he
was on a mission to reform the party, instil discipline and ensure that
internal democracy was restored.

“Most unfortunately
and regrettably, what we’re witnessing are hordes of illegalities,” he
said. “Some of us have risen in defence of the party, in restoration of
the sanctity of the soul of the party.”

He said Nwodo even
acted fraudulently by claiming that the decision to dissolve the Abia
PDP executive was taken by the National Working Committee (NWC) of the
party, noting that it was Nwodo’s decision. “PDP constitution has no
provision for one man to just wake up and dissolve a duly elected state
executive committee,” he said.

Mr Ufomba also
explained that the NWC meeting was held on August 4, 2010 in Abuja, and
the issue of dissolution of the SEC was not discussed.

“The issue was not discussed, but one man just woke up and consigned all of us to the dustbin,” he said.

Click to Read More Latest News from Nigeria

Government sets aside N150 billion for wealth fund

Government sets aside N150 billion for wealth fund

The
federal government on Friday announced that it has set aside the sum of
$1billion (about N150billion), in preparation for the Sovereign Wealth
Fund (SWF) take off.

The Accountant
General of the Federation, Ibrahim Dankwambo, who disclosed this in
Abuja at the end of the Federation Accounts Allocation Committee (FAAC)
meeting on Friday, said the three tiers of government agreed to share a
total of about N704.3billion for the month of July.

Details of the
allocations include a statutory revenue allocation of N404.3billion,
which includes earnings from value added tax (VAT) of N42.8billion, and
additional $2billion (about N300billion) withdrawn from the Excess
Crude Account (ECA) for undisclosed purposes.

The statutory
revenue allocation, according to Mr Dankwambo, include N361.4billion,
which is higher than the previous month’s figure by N183million, or
0.05 per cent, attributable to higher crude oil prices in the
international oil markets and improved tax drive. Earning from VAT was
lower than previous month’s figure by about N9billion, or 2.3 per cent.

At the end of the
meeting, Mr Dankwambo said the balance in the ECA stands at about
$460million, while that of the new Excess Revenue Account has increased
to over N112billion.

Process already in motion

Mr Dankwambo
explained that though the Nigerian National Petroleum Corporation
(NNPC) paid revenues in excess of N500billion into the Federation
Account, only N365billion was shared, with the balance transferred to
the Excess Revenue Account, in line with the new fiscal rule requiring
that any revenue in excess of that ceiling every month be saved.

Though he said
government is yet to firm up the decision on when the Sovereign Wealth
Fund will take off, Mr Dankwambo indicated that the process has already
been set in motion to lay the structural foundation on how the fund
will be operated whenever it takes off in the near future as soon as
the enabling laws setting it have been passed by the National Assembly.

The wealth fund is
a pool fund being proposed by the federal government for the
accumulation of excess revenue from trade and crude oil exports for
investments and development of critical infrastructure that will
benefit the country’s economy.

Reforms will be initiated

Minister of State
for Finance, Yawaba Lawan-Wabi, who was attending the meeting for the
first time since her appointment early this week, said issues
concerning the controversial N450billion NNPC debt to the Federation
Account is still being processed and would soon be resolved.

She solicited the
cooperation of members and representatives of agencies towards
successful meetings, noting that some reforms will be initiated in the
future to make the work of the committee beneficial to all the three
tiers of government.

Chairman,
Commissioners Forum, Rebo Usman, expressed the hope that the fund will
be better managed than the Excess Crude Account when it finally takes
off, noting that the FAAC will not have anything to do with revenues
saved under the fund whenever work on the operational structures and
legal framework are in place.

“The SWF will be a great cushion for the country’s economy when it finally takes off,” he said.

Mr Usman, who is
also the Taraba State Commissioner for Finance, said it will be
difficult for the impact of the Excess Revenue Account, which was set
up more than two months ago, to become obvious, considering the
prevailing global economic crisis, which Nigeria is not immune.

“If the big economies, like China and Japan, are crying as a result
of the negative impact of the global economic situation, why should it
be different for Nigeria? Whatever the federal government is doing is
to ensure that Nigeria surmounts the impact of this global economic
challenge, which is something one cannot tackle overnight. It is unfair
for Nigerians to think that it is a Nigerian problem alone,” he said.

Click to Read more Financial Stories

Sentiments remain negative at the stock market

Sentiments remain negative at the stock market

Trading
activities at the Nigerian Stock Exchange (NSE) remained negative as
measuring parameters of market performance closed down throughout last
week’s trading.

The NSE All-Share
Index depreciated by 753.99 points or 3 per cent to close on Friday at
24,984.80 while the market capitalization of the 199 First -Tier
equities closed lower at N6.11 trillion, after opening the week at
25,738.79 basis points and N6.294 trillion, respectively. The All-Share
Index also depreciated by 0.4 per cent last week.

Three of the four
sectorial indices depreciated during the week. The NSE Food/Beverage
Index depreciated by 23.33 points or 2.82 per cent to close at 811.62,
the NSE Banking Index depreciated by 14.56 points or 3.8 per cent to
close at 373.50 and the NSE Insurance Index depreciated by 2.18 points
or 1.2 per cent to close at 177.22. However, the NSE Oil/Gas Index
appreciated by 0.87 points or 0.23 per cent to close at 376.28.

A total turnover of
1.23 billion shares worth N11.3 billion in 33,065 deals was recorded at
the close of last week, in contrast to a total of 1.1 billion shares
valued at N9.11 billion exchanged in 27,401 deals the previous week.

Banking leads

The Banking
subsector was the most active during the week, measuring by turnover
volume, with 544.01 million shares worth N4.4 billion exchanged by
investors in 16,608 deals. Volume in the Banking subsector was largely
driven by activity in the shares of UBA Plc, Zenith Bank Plc, Fidelity
Bank Plc and Guaranty Trust Bank Plc. Trading in the shares of the four
Banks accounted for 250.22 million shares, representing 46.0 per cent
and 20.3 per cent of the subsector’s turnover and total volume traded
during the week, respectively.

The Construction
subsector, boosted by activity in the shares of Multiverse Resources
Plc, followed on the week’s activity chart with a turnover of
94.51million shares valued at N130.4 million in 298 deals. Last week,
the Banking subsector led on the activity chart and was followed by the
Insurance subsector.

Gainers reduce

A total of 28
stocks appreciated in price during the week, lower than the 30 of the
preceding week. Northern Nigeria Flour Mills Plc led on the gainers’
table with a gain of N3.43 to close at N37.01 per share while Nestle
Nigeria Plc followed with N2.00 to close at N371.00 per share.

On the losers’
chart, a total of 64 stocks depreciated in price during the week,
higher than the 59 of the preceding week. Nigerian Breweries Plc led on
the price losers’ table, shedding N7.04 to close at N68.01 per share
while Flour Mills of Nigeria Plc followed with a loss of N1.99 to close
at N74.01 per share.

Two equity prices
were adjusted for dividend or bonus as recommended by the Board of
Directors. Poly Products Nigeria Plc was adjusted for dividend of N0.08
per share while Unity Kapital Assurance Plc was adjusted for bonus of
one for every 19 units of shares own.

Bond market

A turnover of
166.74 million units worth N170.761 billion in 1,762 deals was recorded
last week, in contrast to a total of 273.73 million units valued at
N293.907 billion exchanged in 2,705 deals during the previous week.

The most active bond, in terms of turnover volume, was the 10.00 per
cent FGN July 2030 with a traded volume of 47.65 million units valued
at N45.879 billion in 876 deals. This was followed by 4.00 per cent FGN
April 2015 with a traded volume of 24.6 million units valued at N20.400
billion in 189 deals. Only 20 of the available 37 FGN Bonds were traded
during the week, compared with the 22 in the in the preceding week.

Click to Read more Financial Stories

FINANCIAL MATTERS: Trust and economic growth

FINANCIAL MATTERS: Trust and economic growth

Recent
developments in that bit of the economy usually referred to as the
“corporate sector” confirm some of our worst fears. Nigeria does have a
very serious governance problem.

If principals
cannot trust their agents to act in the best interest of the former,
what recourse remains? Conceivably, it ought to be more difficult to
unwind the accoutrements of civilisation especially the devise of the
legally enforceable contract, than it would be to find solutions to
this problem.

However, we have
seen attempts to align the interests of managers of businesses with the
goals of the firms they run (in the United States of America, at least)
through share options and a cornucopia of other fancy incentive plans,
result in companies focusing on short-term increases in share values to
the apparent detriment of sustainable growth in shareholder value.

Erosion of trust

So, even this expedient is no longer available as remedy to our problems.

The consequent
erosion of trust represents a real and present threat to all efforts to
grow this economy. I have no doubt that until the requisite levels of
trust for running a modern economy are in place, we would want for the
right quantity of investment in just about every sector of the economy.
This again goes beyond our familiar plaint about the constraining
effects of poor infrastructure. It is instead best addressed by a
workable response to this question. Why would anyone put money in any
sector of this economy, without a clear indication of where the returns
will come from, and how?

I have listened to
advocates of the economic opportunities available in emerging markets
admonish would-be (non-resident) investors to seek partnerships with
trusted nationals with the right connections if they expect to make a
good fist of their investments in such places. And always, I wonder by
how much such counsel reinforces the odious traditions of related-party
transactions that lie at the heart of these economies’ underdevelopment.

Obviously, this
trust deficit plays fast and loose with the supply of investment to
economies like ours. There is though, an added dimension to it. It also
pushes available investment to the speculative end of the continuum. If
you cannot trust your investment partners in any economy further than
you can throw them; if their value as partners depends not on
institutional guarantees, but on their often fickle connections to
local centres of influence and power; then invariably, one would seek
out business opportunities with shorter investment cycles, and returns
that compensate for the capricious transaction base. Not surprisingly,
therefore, most investment in this country is of a speculative variety.

This sadly is not
all. As an economic jurisdiction, we also suffer from an enforcement
problem. One explanation for the rise of meta-state institutions (such
as the mafia in Sicily) is the need – in the absence of competent state
authorities – for some agency to guarantee the integrity of
transactions between individuals/institutions. The police find excuses
for the breakdown of law and order. And only those who court trouble
attend to the courts of law.

Acting in restraint

In the run up to
another general election, not much is being said about all this. There
is the argument that further commentary might be rendered superfluous
by the fact that the responsible regulators are acting in restraint of
the excesses that the earlier passages describe. But I do not see a
consensus on the causes of these infractions. Nor am I convinced that
we are agreed that infractions indeed they are. What to make of the
local aphorism that “one eats where one works”? Is there a national
sense of the tension between what is moral and what the laws allow?
Moreover, how much agreement is there on the notion that not all is
expedient that is legal? Besides, what do these mean?

Arguably, around the issues that we may claim to have reached
agreement on (the need for government to hands-off certain sectors of
the economy, and the need to correct the biggest shortcoming of this
economy – the want of public infrastructure) not much has happened on
the current government’s watch. In the absence then of the failure of
serious engagement around the contribution of the failure of our social
infrastructure to our lack of economic development, any chance that the
government that will take office in 2011 would find the resources and
the will to address these challenges?

Click to Read more Financial Stories

‘Corruption threatens Uganda oil revenue’

‘Corruption threatens Uganda oil revenue’

Corruption
in Uganda will swallow billions of dollars in revenue from the East
African nation’s budding oil industry that is needed to build schools,
hospitals and roads, says a Ugandan opposition leader. Olara Otunnu, a
former U.N. under secretary-general who heads the Uganda Peoples
Congress party, said there had been no transparency on plans to develop
the oil found in 2006 along Uganda’s border with the Democratic
Republic of Congo.
Otunnu, Uganda’s
foreign minister from 1985-86, hopes to topple longtime President
Yoweri Museveni when the country goes to the polls in February ahead of
the start of commercial oil production late next year. British firms
Tullow Oil and Heritage Oil have found up to 2 billion barrels of oil
in the Albertine Rift Basin and experts say the reserves could be four
times bigger. Uganda stands to earn about $2 billion a year in oil
revenue. “Based on the current record all that money would be
swindled,” Otunnu told Reuters in an interview in New York. “All this
is being handled personally and exclusively at the kitchen table of the
president. We know nothing about it.” “We don’t need to wait until oil
begins to flow. We already know … the oil revenue will become part of
his personal ATM machine,” said Otunnu, who could be arrested when he
returns to Uganda for failing to appear in court this week on sedition
charges related to radio show comments made earlier this year. He says
the charges are a bid by Museveni to silence him. Ugandan Minister for
Information Kabakumba Matsiko said it was widely accepted that East
Africa’s third largest economy has been blighted by corruption, but the
government has systems and institutions in place to combat it.
Oil money for infrastructure
“Otunnu is entitled
to his opinion. Unfortunately he’s blinded by his own hatred,” Matsiko
said. “This oil has always been there, but no previous government
including the one in which Otunnu served ever thought about starting
exploration. The president has stated on several occasions that the oil
money will not be used for recurrent expenditure but long-term
infrastructure development in the health, transport and other sectors.”
Museveni won power
in 1986 and was credited with returning stability and economic vitality
to Uganda, ravaged by dictatorship and civil wars in the 1970s and
early 1980s. The country’s economy is seen growing between 7-8 percent
in 2010/11 from 5.6 percent in 2009/10.
But donors and
global civil society groups accuse Museveni of suppressing opposition
and free speech, tightening his grip on power and failing to rein in
rampant corruption. International donors said this week that they would
trim at least 10 percent off their $360 million contribution to
Uganda’s budget in the year to June 2011 because of concerns over
corruption.
Opposition parties have refused to work with the electoral
commission, because they say it is corrupt, but Otunnu said that does
not mean there will be a boycott of the election. He also said
negotiations continue among leading opposition parties to form an
Inter-Party Cooperation coalition to field a single candidate against
Museveni. “Everything is turned into this corrupt enterprise,” said
Otunnu. “We must make sure … that there is change, there’s
accountability, there’s transparency … that this oil will be a
blessing for the people of Uganda.”

Click to Read more Financial Stories

Babangida declares presidential ambition

Babangida declares presidential ambition

Ibrahim Babangida officially affirmed his presidential ambitions on Saturday after declaring: “I’m back.”

The declaration is
the culmination of a busy fortnight which has seen the former military
ruler launch a campaign website and set up offices in 32 states of the
federation.

No manifesto

Speaking at his
house in Minna, the retired general dismissed all the recurrent
obstacles that have been put forward to dissuade his ambitions.
However, during a two hour press conference he repeatedly failed to put
forward any clearly defined policies. He conceded that policy making
was not his strongest point and that he will entrust such matters to a
“trusted team of experts.” He however defended some of his old policies
such as the controversial Structural Adjustment Program (SAP) which he
said foreshadowed many of today’s democratic policies.

“When you look at
SAP, it set out to achieve some things that are now being praised.
Deregulation, opening up the economy and stabilising the naira were all
things we set out to do with SAP and I am very proud of those things.”

He said that
although he presently had no clear manifesto, he will “unleash”
outlined policies to the public in “two or three weeks.”

Fighting the clock

At 69, the former president dismissed suggestions that he was too old for the job.

“I have a daughter
who makes sure I go to the gym every day so I have never been
healthier. If you look at other countries [Hosni] Mubarak is 82,
[Shimon] Peres is 87 and [Muammer] Ghadaffi is my age.

So I don’t think age matters much.”

Mr Babangida came
close to apologising for the annulment of the June 12 1992 elections
calling it an “ugly spot that one has to live with.”

He stopped short
however by saying that the decision was a collective one during his
regime. He fully expected Nigerians to forgive his regime’s decision
because he believed “we are a godly nation that embraces forgiveness.”

The former
president challenged anyone who could claim he has ever offered a bribe
to speak up. He said he had made a similar challenge when he was
president and, to date, no one has been able to bring up credible
evidence. If elected, he said that he would take the same “vigorous
stance” against corruption as he has always taken.

“I am getting tired of people who say I institutionalised corruption,” he said.

“People forget that
I disciplined a military administrator over N300, 000. Today people in
office are accused of N300 million, N15 billion and they are still
there.”

Okigbo report

Mr Babangida
absolved himself of any blame in the Okigbo report saying his critics
were using it in the most “blindly controversial and distorted manner.”
The panel was set up, he said, not to investigate his regime but to
“examine operations and make recommendations for activities of the
Central Bank of Nigeria.”

He added that he was never subpoenaed nor was he linked to any acts of financial impropriety in the entire report.

The former
president once again distanced his regime from any culpability in the
1986 killing of the Newswatch editor, Dele Giwa.

“I wish to state
for the umpteenth time, that I did not murder Dele Giwa,” he said. He
added that no agency under his regime was found guilty of the “heinous
act.” Last week, the Peoples Democratic Party, which Mr Babangida aims
to represent in the elections, failed to take a decisive stance on who
it would back for the presidential elections. He said although there
was still ambiguity he was happy that the race was thrown open this
year.

Reasons for
returning The former president said he had hoped that, seventeen years
after leaving office, Nigeria would be in better economic shape but
that had not happened.

“I left that house
seventeen years ago and I had wished that things would be different
now. I can assure you that Nigeria was far better off between 1985 and
1993 than from 1999 to present day.” He further argued that he achieved
greater economic stability and security with far less resources than
were available in the democratic years.

Money has seldom
been far from any discourse relating to Mr Babangida and he said his
campaign would be funded by both himself and “good friends who
benefitted from his policies.”

The former president paid tribute to his late wife saying that she
would be “difficult to replace.” He added, however, that he had not
entirely ruled out the possibility of remarrying.

Click to Read More Latest News from Nigeria