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Thursday, 26 February 2015

The Best Defence For The Naira Is To Make Nigeria An Export-Based Economy —GTI

Economic analysts have stressed the need to grow nation's capacity for exports to prop up the value of the naira, which has remained under pressure since last year.

Analysts at GTI Securities Limited, in a report entitled 'CBN's tactical devaluation of the naira, what next?' said, "The best defence for the naira is to make Nigeria an export-based economy, so that the severe pressure on the local currency as a result of crude oil price volatility can be averted."

In a move to calm the foreign exchange market, the Central Bank of Nigeria had last week closed the Retail and Wholesale Dutch Auction systems. It said the action had become necessary following the sharp disparity between the official exchange rate and interbank rate of the naira, adding that all demand for forex should be channelled to the interbank market.

"By and large, we view the CBN's decision a bold and positive move and expect to see the naira exchange rate fluctuate to its market determined exchange rate level."

The CBN had, at the close of the Monetary Policy Committee meeting of November 25, 2014, devalued the naira and moved the exchange rate from N155/$ to N168/$1 and equally raised the asymmetric band from +/-3 per cent to +/-5 per cent.

The GTI report stated, "At this point, the plausible trading region of the naira to the US dollar in the interbank market was at a lower limit of N160 and upper limit of N176. Unfortunately, the naira closed at N176.20 that day, 20 kobo above the upper limit.

"It appeared that the CBN had kept faith in the belief that the rapid fall in the oil prices which has remained the sole driver of mounting pressure in the forex would likely halt in no distance time.

According to the analysts, this assertion confirmed the unanimous decision by the MPC to maintain universal status-quo in the January's meeting.

They observed that despite the fact that the naira was already high at N189.14 to a US dollar at the interbank market, the CBN's decision to leave the regime unchanged elicited a lot of comments.

They stated, "In our view, this decision of the CBN to scrap the rDAS/wDAS foreign exchange window is a technical way of re-pricing (devaluing) the naira against the US dollar.

"The CBN's particular interest here is to reduce the unavoidable depletion in the external reserves account as a result of continuing uncompetitive trading position of the naira to the US dollar. Note that the external reserves accounts closed on February 13 at $33.66bn, 5.24 per cent lower than end-December 2014 figure of $34.47bn."


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Reported by Femi Asu, for Punch Newspaper
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Fierce Battle: Femi Fani-Kayode Denies Renting Crowd To Boo Buhari In London

Director of Media and Publicity of the Peoples Democratic Party, PDP, Presidential Campaign Organisation, Femi Fani-Kayode, has denied allegation that he has rented a crowd to boo the presidential candidate of the All Progressives Congress, APC, Gen. Muhammadu Buhari (Rted) during his presentation at the Chatham House, London, on Thursday.

He took to micro-blogging site-Twitter to deny the allegation, stating that "My attention has been drawn to a story that I am renting a crowd to embarrass Gen. Buhari at Chatham House later today. It is a lie," via his handle, @realFFK.

Since his appointment by president Goodluck Jonathan, the former APC stalwart has engaged the party and its presidential candidate, Gen. Buhari in a fierce campaign battle.

It will be recalled that the APC alleged on Wednesday that their sources in London disclosed that Fani-Kayode is organizing a paid protest against Gen. Buhari on Thursday when he appears for his Chatham House engagement.

Gen. Buhari also threatened, Wednesday, to back out of the Abuja Peace Accord over what he termed 'repeated thrown tantrums' over his academic qualifications by Fani-Kayode.

Buhari will address Chatham House by 11:00am.

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Reported by Abiodun Alade (@biodunpen) for Vanguard Newspaper
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Wednesday, 25 February 2015

Attempted Jail Break In Calabar Prison Foiled By Men Of The Nigerian Prisons Service

An attempted jail break in Calabar prison, Cross River State, has been foiled by officers and men of the Nigerian Prisons Service (NPS) with the support of the Army and Police Force.

The Controller General of Prisons, Dr. Peter Ekpendu, mni stated that but for the gallantry of the armed men on duty, the mass escape bid would have resulted in a monumental security disaster as over 500 out of the 638 awaiting trial prisoners at the time of the incident, are charged for capital offences such as armed robbery, murder, kidnapping etc.

He further stated that while the Prisons Service is devoted to humane treatment and correction of the inmates, his administration is committed to putting a stop to the wave jail breaks in the country, hence such attempts would never be tolerated.

Recounting the entire event has happened, DCP Enobore O. Francis, Public Relations Officer of the Nigerian Prisons Service, National Headquarters, Abuja, said: "trouble started when on the 20th of February, 2015 at about 1100hrs, two cells housing some awaiting trial prisoners where opened, as a normal routine, for the inmates to take their bath. About four of them walked up to an escort staff to complain that they were tired of staying in the prison awaiting justice and wanted to be taken to court."

"The staff on duty appealed to them to exercise patience for courts to resume seating as they were currently on strike but this fell on deaf ears. Other prisoners soon joined in the agitation to be taken to court and in a spontaneous reaction, pounced on the staff, advanced through the Chief Warders office, destroying all the adjoining doors before gaining access to the gate lodge. They eventually broke into the armoury situated in the gate lodge and collected three riffles, went to the yard and started firing sporadically."

"Warning shots fired by armed men on guard duty outside the perimeter fence did not deter them. The prisoners rather went to the rear of the perimeter fence and fired several shots at the wall to weaken the blocks. Thereafter they used a concrete slab to hit open the weakened wall, making large hole through which they jumped out still firing at anything in sight."

"They were however engaged in a gun battle with the Armed Squad personnel assisted by the Army and Policemen and at the end, 8 of the prisoners died, 17 were injured, 4 staff were also injured with one of them having serious wounds. Others were arrested and returned to the yard. No prisoner escaped and all the riffles were recovered. The situation is now fully under control and normalcy has since returned to the yard."


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Newsbeat Portal, Abuja / PR Nigeria
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EFCC Arraigns One for N6m Online Banking Scam

The Economics and Financial Crimes Commission, EFCC, on Wednesday, February 25, 2015 arraigned one Akpere Ovine Desmond before Justice Abubakar Shitu of the Federal High Court, Warri, Delta State on a 2-count charge bordering on conspiracy and money laundering.

The petitioner had alleged that on May 29, 2012, he received a phone call from one Mr. Taiwo Ogunsanyo who claimed to be a staff of First Bank Nigeria Plc.

According to him, Taiwo claimed the bank was updating customers' security information and requested for his token number, phone number and corporate identity number.

He sent all the details as requested and, to his surprise, he received a debit alert of the withdrawal of the sum of Six Million Naira (N6, 000,000.00) from his company, First Ambition investment Limited's account with First Bank.

A trail of the funds, led investigators to an account (number 2060211484) at the United Bank for Africa Plc (UBA) belonging to one Frank Asemota, from where the money was transferred to different accounts and consequently withdrawn at various ATM terminals.

Akpere Ovine Desmond whose account was flagged was arrested in Access Bank, Benin, Edo State with 44 ATM cards.

Investigation further revealed that the accused person conspired with others to launder the six million naira (N6, 000,000.00) proceed of the scam.

He pleaded not guilty to the charge.
In view of his plea, the prosecution counsel, Adebayo Soares asked for a date for trial but the defence counsel, D.O Afure presented an application for bail of the accused before the court.

Justice Abubakar granted the accused bail in the sum of three million naira( N3,000,000.00) and two sureties in like sum, who must be resident within the Jurisdiction court.

Additionally, one of the sureties must have a landed property with Certificate of Occupancy in Delta State.

The matter was adjourned till April 29, 2015 for trial.

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Courtesy: EFCC / PR Nigeria
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EFCC Press Release: CPC Partners EFCC to Protect Consumers Against Fraud

The Economic and Financial Crimes Commission, EFCC, on Wednesday, February 25, 2015 signed a Memorandum of Understanding with the Consumer Protection Council, CPC to bring fraudulent mortgage, and other scammers of consumers to book.

Executive Chairman of the EFCC, Mr. Ibrahim Lamorde, and the Director General of the CPC, Mrs. Dupe Atoki signed the MoU, which was witnessed by the Director, Legal and Prosecution, EFCC, Mr. Chile Okoroma and the Director, Legal Services, CPC, Emmanuel Ataguba.

Lamorde said, "It is very important that the EFCC partners with the CPC particularly in the areas of intelligence sharing, investigation, prosecution and engaging in campaigns to educate consumers."

He urged the CPC to cooperate with the EFCC in investigating and prosecuting financial crimes and consumer abuse.

He also commended the efforts of the Director General of CPC, adding that her dedication to her work got her awarded US citizenship by the State of Georgia.

Atoki noted that the MoU between the two agencies will "ensure that consumers and victims will receive appropriate redresses, restitution and compensation in a competent court of law."

Atoki stressed the need for joint investigation and enforcement cooperation between the two agencies of government, particularly on matters affecting consumers' economic and financial well-being.

"The collaboration is aimed at protecting consumers and combating scams using a three-pronged approach: Complaint data analysis to establish patterns, trends and hotspots; consumer education and sensitization campaigns across the country, and case investigations, prosecution and redress," she said.

She further disclosed that the two agencies signed a tripartite MoU with the United States, Federal Trade Commission, which was aimed at enforcing the law in cross-border cases.

She thanked the Commission for accepting to partner with the Council in strengthening consumer protection and consumer education.

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Wilson Uwujaren / PR Nigeria
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EFCC Arraigns Six In Court For Crude Oil Theft

The Economic and Financial Crimes Commission, EFCC, on Wednesday February 25, 2015 arraigned six persons in a Federal High Court for Crude Oil Theft.

They are Abu Sunday Smith, Albert Azasu, Lawal Abdul Akinola, Simeon Inatemi John, Sunday Essien, John Fregene.

The six men were arraigned before Justice Abubakar Shitu of the Federal High Court, Warri, Delta State on a 2-count charge bordering on conspiracy and illegal dealing in petroleum Product.

In a statement made available to the press by Wilson Uwujaren, the Head, Media & Publicity of the commission, the men were alleged to siphoned crude oil from an abandoned oil well at Sokobolo community, Warri South Local Government Area of Delta State.

Except of the statement reads: "The Economic and Financial Crimes Commission, EFCC, today February 25, 2015 arraigned Abu Sunday Smith, Albert Azasu, Lawal Abdul Akinola, Simeon Inatemi John, Sunday Essien, John Fregene, and a vessel, MT RAGINA before Justice Abubakar Shitu of the Federal High Court, Warri, Delta State on a 2-count charge bordering on conspiracy and illegal dealing in petroleum Product."

"The vessel and its crew members were arrested sometime in December, 2014 by officers of the Joint Task Force Operation Pulo Shield, at Forcados loaded with 300 metric tons of substance suspected to be crude oil. They are alleged to have been involved in siphoning crude oil from an abandoned oil well at Sokobolo community, Warri South Local Government Area of Delta State."

"They pleaded not guilty to charges.
Justice Abubakar adjourned the matter till March 4, for hearing of bail application, and April 29, 2015 for trial. He ordered that the accused persons be remanded in prison custody."

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Newsbeat Portal, Abuja.
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Breaking: Nigeria Lawmakers Fail To Confirm Obanikoro’s Ministerial Nomination

The Nigerian Senate failed to conduct the ministerial confirmation hearing for Senator Musiliu Obanikoro scheduled to take place on
Wednesday.

The ministerial confirmation hearing was not listed in the Order paper of the senate, this led to it being rescheduled for another date that is yet to be made available.

According to our sources, the postponement was to enable the Senators debate the Medium Term Expenditure Framework and Fiscal Strategy Paper preparatory to the passage of year 2015 budget today.

Senator Musiliu Obanikoro, including six other ministerial nominees, was reportedly scheduled to be screened by the senate.

It would be recalled that Obanikoro's nomination, by President Jonathan, had been under scrutiny from the opposition APC following the alleged role he played towards the rigging of Ekiti State governorship election that led to the emergence of Fayose as governor.


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Newsbeat Portal, Abuja.
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Breaking: Senate reschedules Ministerial Screening, Passes MTEF

The Senate today rescheduled the Ministerial screening listed in its Notice paper yesterday. The item was not listed in the Order paper.

Reason given for the postponement was to enable the Senators debate the Medium Term Expenditure Framework and Fiscal Strategy Paper preparatory to the passage of year 2015 budget today.

Meanwhile the Senate today at plenary passed the Medium Term Expenditure Framework and Fiscal Strategy Paper.

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Charles Akpan / PR Nigeria
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Account for U$800m, N50bn Cabotage Fund, APC Campaign Tells FG, Nigerian Maritime Authority

The APC Presidential Campaign Organization (APCPCO) has challenged the federal government and the Nigerian Maritime Administration & Safety Agency (NIMASA) to tell Nigerians what happened to the $800 million and N50 billion of the Cabotage Vessel Finance Fund (CVFF) which the agency was in control of until recently when the "Fund" became unaccounted for.

Mallam Garba Shehu, Director, Media and Publicity of the APCPCO said that Nigerians deserve to know what happened to the money, and that the agency should make public the list containing names of beneficiaries and amounts from the "Fund" if any.

He explained that the "Fund" was money derived as 2% surcharge for all Contracts under the Cabotage regime which came into force in 2004 by virtue of the Coastal and Inland Shipping Act (Cabotage) 2003.

The Cabotage Act, which was closely modelled after the United States of America's Jones Act 1938, was to help develop the capacity and participation of indigenous ship owners in coastal inland trade which was largely dominated by foreigners.

Up till today, that objective has not been achieved as seen in the depleted Indigenous Ship Owners Registry, the mass unemployed Nigerian Seafarers, and the prevalence of foreign interest in the Nigerian coastal waters,
Malam Shehu said that instead, the Cabotage regime breeds corruption, ranging from request of inducement and gratification from foreign ship owners through their agents for waivers processing by NIMASA and approval of the Federal Ministry of Transport by some top staff of the agency to the disappearance of the CVFF Fund meant to be accessed by the Nigerian ship owners.

He noted that the website of the Nigerian Ship Owners Association (NISA) shows that 90% of its 78 registered ship owners are on the brink of extinction as they are submerged in debts without the necessary CVFF to access.

He stressed that time is of the essence in publishing the list following fears that the money may have been diverted for other purposes such as the campaign of the presidential candidate of the Peoples Democratic Party, and the submission of a request from the Director General of the agency to proceed on a six-months leave of absence from the agency.


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SaharaReporters, New York
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Jonathan On The Cliffhanger, By Erasmus Ikhide

President Goodluck Jonathan's suspenseful uncertain transitional government is gradually drawing to a close. His secret wish had been truncated. He expects Nigerians to simply reward his 6-year gutter government with another 4-year without election. It was a vain fancy gone awry! It was a sordid denuding piety of dreaming away one's incompetence in governance. His rule has undoubtedly ended. But he has other tricks up on his sleeves.

In primitive societies, authoritarian governments survive because a coalition of political and military elites stands ready and willing to employ violence to execute Machiavellian vision of politics. The scenario described above mirrors Mr Jonathan's government and his propensity to perpetuate himself in power beyond 2015. He has been throwing several variables around to reinforce his fable hold on the governance of the nation.

Corruption in his government has decimated the middle class, dampened the prospect of power generation, ruined production industries, brought education to the precipice and the nation to the edge. This version of on-your-face affront by Mr Jonathan's disingenuous politics of self-sustaining gimmickry can not be disregarded. Beginning from 2014 in Ekiti governorship election, Nigerian democracy became militarized with the overt intrusion of the security sector into the political arena, a process that reached its feverish peak before the August 9th Osun Governorship election.

The electoral dimension of Mr Jonathan's authoritarianism stems from the fact that his failed government fails to hold elections as constitutionally stipulated. He is searching for an avenue to legitimised his hold on power so as to manipulate the elections for his own ends. To become a ruled-based democracy the stated letter of the constitution must be followed. The reign of terror in Ekiti and Osun elections was possible because of the symbiosis between the PDP and the security sector, with Jonathan providing the glue that binds them together in pursuit of regime survival.

The Ekiti and Osun elections heists marked glooming sports on the nation's map of liberal democracy as practised in saner society. It has come to the open after linked tape of how military were used to rig Ekiti election that Nigerians who were alarmed at the Ekiti and Osun elections invested with soldiers, police, DSS Civil Defence Corps, Niger Delta militant were not alarmists as claimed by the president and the PDP. Nigerian is a symptomatic of a militarised state that reflects a broader mindset on the part of the government.

International Communities, Civil Rights Groups, and media outlets have expressed concerned about the militarized role of the military in a democratic society, and even the Department of Justice has raised concerns about how to deal with the brutal force of the military toward unarmed citizens. Taking the long view, I can't agree less that the militarised army is a reflection of the evolution of government toward a police state model.

Although, the nation has witnessed brutal repression of political opponents since the Fourth Republic, which was deeply rooted in former President Olusegun Obasanjo's government, but this phenomenon evolved gradually after 2011 presidential election which led to the death of many. Militarised of the nation's politics reflects the convergence of hostile and desperate political groupings and the policy of the government at the centre which has been striving to remain in power for a hundred years. Now, its new found fang has been to eliminate "potential political enemies as terrorists".

It's interesting to know that in essence the justice system has indicted the military, police DSS and their bloodcurdling cousins in a lawsuit brought before it in Kano by a group of concerned Nigerians. It's interesting because the judgement came at a time the entire justice system was stacked against political opponents or those perceived to be the enemies of the president or his political party. The drawbacks of the military naivety has been exposed which misconstrues faithful service to the nation and its institutional structures, as the actual service to the government at the centre.

The crises that attended both Ekiti and Osun Gubernatorial elections should provoke protests from Nigerians, thereby prompting altruistic reform in our electoral body, its independence, and of course, toward attainment of free and fair election; devoid of manipulation of any kind. Mr Jonathan's heavy-handed government has consistently used the state apparatus to suppress dissenting voices, break up protesting groups violently more than his predecessors.

The goring scene in Ekiti, where the police shot an opposition protesting youth to death, where the military threatened to shoot Rotimi Amaechi, Adams Oshiomhole, both governors of the opposition party and others sympathetic to their cause is still fresh in our minds. The incident of Ayo Fayose, as the Governor-in-waiting of Ekiti ordering the merciless beating of judges handling his eligibility case in Ado-Ekiti High Court has not dissipated.

Mr Jonathan can resort to engaging military hostility, given the history of his failed government because under his watchful eye the state has crushed opposition elements or co-opted their followers in some manner that invariably includes superficial reforms. Nigerians didn't hold much hope for institutional change under President Jonathan with the culture of militarised elections in Nigeria. The subtle mass protests that attended Ekiti Governorship election are not just about the frozen institutional structure steeped in military and police-state methods. It was obviously created by the PDP government.

The Civil Rights Groups actually came short of staving off the negative effects of military deployment in an election and the harm's way such military engagement puts the nation and its toddling democracy. Such protests should have be vehemently design to address social issues, election manipulation and violence, among others, regarding social justice.
It is true that protests movements throughout Nigerian history have failed to change the status quo and there is no reason to be optimistic that the ones which led to the judgement in Kano court a few weeks ago will amount to anything. Nigerians are not in high spirit that their president will order the implementation of the court judgement. Neither do they expect a revolution if the Presidency used the military and other security apparatus to intimidate, manipulate and ultimately suppress Nigerians voices in the coming 2015 Presidential election.

The INEC chairman, Prof Attahiru Jega has in the past faulted the deployment of soldiers, hooded security men during Ekiti and Osun elections, describing it as abhorrent in a democracy. Beside, he spoke of how an attempt to rig the Ogun State governorship failed. Describing the trend as "worrisome, he said masked men would not be allowed for next year's general elections", as he also accused the security men deployed in Osun State of being "overzealous". Department of State Security (DSS) spokesperson Marylyn Ogar admitted that some of the DSS men deployed for the election wore hoods.

There may not be sporadic uprisings in urban areas in Nigeria that will dethrone President Goodluck Jonathan over night but there will be popular protests that will continue for different reasons, all of them revolving around the issue of absence of social justice and popular democracy. However, the cumulative effect of the protests that is to come, if the military lend itself to wrongful uses, as it were in 2011, will lead to mass demonstrations with very serious consequences on the unity of the country.

When the lives of the people are stagnated and the prospects of their children's lives look very bleak, when they realize that society is becoming increasingly unjust for more and more people, and not just the very ordinary people and poor minorities, it is very likely that a segment of the more radical of them will take to the streets and others will follow. This is the danger militarised elections could bring, and had brought to many Third World Country.


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Ikhide, a Public Affairs analyst writes in from
Lagos, Nigeria.

Follow him on twitter @ErasmusIkhide

Visit freepress.com.ng
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