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Opinion/Feature

Nigeria, Emefiele, and the new naira note

Published

2 years ago

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Fidelity acquires Union Bank

Yemie Adeoye

RECENT events in Nigeria has made it imperative for me to ponder and wonder on how Nigeria, Africa’s largest economy, and largest crude oil producer, moved from Charles Soludo, Mohammed Lamido Sanusi to the current Governor of the Central Bank, Godwin Emefiele.

I just wonder how we have decided to play with almost everything that can help our sorry lives. Especially the institutions that makes a nation.
Post office, Public Primary Schools, Primary Healthcare centers, Fire service stations, Police stations and barracks, libraries etc.

We killed them all by first appointing the most clueless on our clueless list of clueless people, those ones will develop policies that will gradually make the organizations or institutions irrelevant to the society, such that when it dies, no one will feel a thing.

We’ve done a good job of this to every thing that we once held as national pride, from Nigeria Airways to Festac town, Nitel to trade Fair complex and indeed the National stadium.

How does all these affect Emefiele and the current Naira redesign policy? Well…if it walks like a duck, quacks like a duck, and swims like a duck..it is most definitely a duck!! Emefiele Godwin unlike his immediate two predecessors does not come across as smart or brilliant by any standard. Not his dressing, carriage, talking or even walking betrays anything slightly close to intelligence.

Now how such a fellow amidst 200 million people ended up in that most sensitive and important position is the reason for the aforelisted institutions and how they were brought to irrelevance and finally complete collapse.

I knew Mr. Emefiele was unintelligent and bereft of anything close to 21st century common sense when he challenged the DG of the DSS Mr. Yusuf Bichi to a fight, saying in a video that went viral “come out, let’s fight” and this statement was made during a supposed world press briefing on seemingly serious national issues, but of course we laughed it away, and the comedians, and skit makers smiled to the bank, as they developed that content for commercial use.

The next give away for Mr. Emefiele in my books, was when he went after Aboki FX, an online foreign exchange (forex) trading platform, accusing the platform of being the single major reason behind the high exchange rates and free fall of the Naira. That was such a shameful statement from the monetary policy custodian of our nation, and even elementary economics speaks otherwise, but here we are under the most clueless on our clueless list of clueless people.

Finally, as if struggling to convince right thinking Nigerians of how truly clueless and dumb he was, Godwin Emefiele, incumbent Governor of Nigeria’s Central Bank, suddenly declared via multiple proxies that he would be running for president in the forthcoming 2023 presidential election. It was then that I drew my conclusion that nothing surprisingly good or intelligent can emanate from this individual. He just does not have it, or cut it.

So now he has dragged us into what is clearly understandable only to only himself, President Buhari, and probably AGF Abubakar Malami alone, throwing the entire country into weeks of chaos and mayhem on the heels of a most sensitive and extremely crucial national elections.

Even if this policy is what Nigeria needs to become developed overnight, and eradicate corruption and poverty in a week, it is obviously glaring that it wasn’t well thought out, or even tested. It was just so frivolously done, that everyone is now wondering if someone with a functional brain actually conceptualized this policy, and how many testing stages it passed through before it was finally launched.

Sadly, we have built a system without institutions, and institutions are meant to stabilize situations when they get out of hand, but we have destroyed ours, especially the courts, hence the supreme court can give orders that the politicians will overlook or simply ignore, and nothing will happen. Isn’t that interesting?

We have ticked all the boxes that defines a failed nation, otherwise if the politicians were behind this policy, because they do not want a particular candidate to emerge President in the February elections, a solid institution (CBN) under a brilliant Governor would have objected, and pointed out to the politicians the dangers of such a decision at such a time. But never Emefiele, he simply does not have it or cut it.

It is interesting however, that in all these, Mr. Buhari whether knowingly or unknowingly seems to have concluded plans to end his 8-year rule, the same way he started it, on a frightening low.

 

 

Mr. Adeoye, Publisher and CEO, Biztellers.com.ng writes from Richmond Texas, USA

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Opinion/Feature

Downstream Deregulation: Between Obasanjo’s Half-measures And Tinubu’s Bold Leadership

Published

4 weeks ago

on

October 28, 2024

By

By Temitope Ajayi
A video of former President Olusegun Obasanjo’s interview with News Central Television has been trending on social media platforms for the past week. In the interview, the former President, in a veiled reference to the current administration, said Nigeria has a President who came into office without a plan. Yet, the same ‘planless’ president is implementing a bold economic reform programme that Obasanjo initiated and abandoned mid-way.
This intervention is essentially about a tale of two leaders and how they both handled fuel subsidy removal, a very touchy issue every president of Nigeria has avoided since 1973 because of its disruptive nature and potential to precipitate a pushback that may lead to civil unrest. This serious matter in itself can make a difference between a bold and courageous leader from one that is pretentious and hesitant.
It is a fact of history that one of the things former President Obasanjo set out to do, among other reforms his administration embarked upon, was complete deregulation of the downstream oil industry. But hard as he tried, he failed to actualise it. Obasanjo faced so much opposition from organised labour and civil society groups that he abandoned a good policy that would have led to massive economic gains for the country. All he could muster the courage to do was to raise the pump price four times during his two-term tenure.
Twenty years after Obasanjo failed to implement complete downstream deregulation, President Bola Tinubu had the courage of his conviction to implement the policy, redirect the economy, and ensure efficiency in the management of public finance.
Despite his foibles and messianic complex, former President Obasanjo is no doubt a remarkable leader. His administration opened the economy and implemented essential reforms that his immediate successor should have continued with. What most critics find offensive about the former president is how he sees himself as the only saviour God created for Nigeria. As far as he is concerned, no other leader before and after him has been good enough. For context and clarity, it is essential to recall the former president’s position on deregulating the downstream oil sector when he was in charge.
In a national broadcast on October 8, 2003, President Obasanjo expressed his frustration and anger at the Nigeria Labour Congress for its opposition to the deregulation of the downstream sector to the point of accusing labour leaders of sedition thus:
“As you are aware, my government has embarked on fundamental reforms designed to depart from the waste and unproductive exercises of the past and leave lasting legacies for the prosperity and improved welfare and well-being of all Nigerians. Since 1999, we have gradually but steadily embarked on the programme of liberalisation and deregulation of the Nigerian economy to promote efficiency and effectiveness of service delivery. Most Nigerians and certainly all organised key stakeholders in the Nigerian economy, including the Nigeria Labour Congress, have endorsed the deregulation programme of government.
“It is a fitting symbol of our administration’s commitment to the welfare of workers and in an effort to cushion the effects of deregulation that the government provided 80 buses to the NLC in 2002. The transliner buses were delivered to the Congress for management without government interference. It is noteworthy that every step taken to deregulate the downstream oil sector has been dogged by, sometimes, irresponsible opposition by the Labour Congress. The result has been that we took too little steps to achieve no meaningful and satisfactory progress. We have tolerated all of these in the interest of promoting popular dialogue and informed dissent.
“Let me inform Nigerians that when government first came up with the deregulation programme, it was endorsed by the NLC and other stakeholders. In fact, the NLC had requested that we call it a “liberalisation” programme. It was thus more a matter of label than of substance. If we had been successful in implementing the deregulation or liberalisation of the downstream oil sector as earlier agreed by all stakeholders, including labour, we would not have been worrying about the periodic and unsatisfactory price-fixing which has led no where except to frustration. The failure to fully deregulate or liberalise has also cost Nigerians billions of naira which are currently wasted on millions of man-hours in queues at the petrol stations.
“The tens of billions of naira currently being lost in money that could have been used to increase capital spending in the universities, fund agriculture, repair and rehabilitate our roads, invest in education and health, improve security with extra police for security of lives and property.
“Realising that the investment of well over $400 million (excluding pipelines and depots) in the last six years mostly on Turn Around Maintenance (TAM) and repairs had not improved the performance of the refineries significantly, government had decided that it was unwise to put additional money into the repair of the Kaduna and Port Harcourt refineries before privatising them.
“What most Nigerians must know is that the contracts for the Turn Around Maintenance for the Kaduna and Port Harcourt refineries were awarded with 50% of the cost paid upfront before the advent of this administration in 1999. Allow me to add that two of the three refinery locations in the country today, were built by my administration as military head of state. This means that if for no other reason, I should be interested in keeping them working. Already, 18 private firms have been licensed to build refineries but they have been reluctant to go into the industry because of Government’s price control in the sector.
“If only 30% of these firms had been able to establish and operate private refineries, thousands of jobs would have been created and Nigeria would have been in a position to even export refined oil products. All these benefits and more have been denied to Nigerians by the stop-go approach to the deregulation or liberalisation programme, and only a few Nigerians are benefiting from the prevailing government-controlled system. In fact, the NLC’s approach has been counter-productive, and inflicted more pains on Nigerian workers. Each time there is a small increase of three naira or more, transporters have used the opportunity to jerk up transportation cost thereby making the ordinary worker poorer.
“A once-and-for-all total deregulation would have meant a once-and-for-all increase in transport cost and the pump price for petroleum products. Without a doubt, a once-and-for-all total deregulation would have resolved the problem of availability and thus bring down prices for those outside Abuja, Lagos, Port Harcourt and their environs who have always paid much more than the official posted price. Pump prices arising from the present total deregulation would, in reality, amount to a reduction in prices of majority of Nigerians.”
Interestingly, excerpts from the 2003 national broadcast by President Obasanjo present a contrast between the former leader and President Tinubu. They also showcase two leadership visions. One leader saw the need to fight for the country’s long-term sustainability but chickened out because he lacked the courage to upset the status quo. Two decades later, another leader saw the damage the failure to make the right economic decision had caused the country. He decided to correct it to avert a looming calamity. While former President Obasanjo left the most challenging task of his presidency undone, President Tinubu tackled head-on what has become an existential threat to our collective well-being from his first day in office. He has remained focused on the bigger picture.
President Tinubu recognises the burden of leadership and responsibility he bears on behalf of Nigerians. In discharging this burden, he knew from day one that he would have to make the right but unpopular decisions that would ultimately serve the best interest of the country and her people.
It is certainly not correct to say this president came to the office without a plan. President Tinubu came into the office with a clear plan titled “Renewed Hope 2023: Action Plan for a Better Nigeria.” It was a well-thought-out programme, with which he canvassed for votes across the country and was elected by our people.
In the past 17 months, he has remained faithful to the document as he implements the distilled eight-point agenda.
At the heart of President Tinubu’s economic revitalisation is gas development and expansion of gas pipeline infrastructure to enable Nigeria to compete with Russia in the European markets. In fairness to him, former President Obasanjo himself recently lamented he did not pay adequate attention to gas during his term of office.
Expanding the pool of available talents and human capital through granting of loans to young Nigerians who are the future of the country to enable them acquire tertiary or vocational education is part of the plans that propelled Tinubu into office. Consumer credit initiative that will promote local production and further stimulate the economy is also high on Tinubu’s action plan. To the President’s credit, these two important policy initiatives among several others are being implemented through NELFUND and Nigerian Consumer Credit Corporation (CrediCorp).
If there is one President of Nigeria that came prepared and well armed with a clear cut plan to reposition the country across sectors for better outcomes, that President, undoubtedly, is President Bola Ahmed Tinubu.
-Ajayi is Senior Special Assistant to President Tinubu on Media and Publicity
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Opinion/Feature

UNCOMMON SCHOLAR, EXCEPTIONAL ADMINISTRATOR: MY TRIBUTE TO PROF. OLOYEDE AT 70

Published

2 months ago

on

October 9, 2024

By

 

By President Bola Tinubu

As Professor Ishaq Oloyede turns 70 tomorrow, October 10, I pay a special tribute to this astute administrator, educator, author, and scholar, currently the Joint Admissions and Matriculation Board (JAMB) Registrar.

As the former Vice Chancellor of the University of Ilorin, Prof. Oloyede’s invaluable contributions to the nation through academia and public-sector administration have significantly impacted the academic community.

ALSO READ: Tinubu Congratulates Zainab Shinkafi-Bagudu On Her Election As President, UICC

His impactful tenure at the University of Ilorin, during which he introduced landmark ideas and innovations that helped the institution attain enviable heights, is on record.

Through patriotic dedication and commitment to his craft, Prof Oloyede imparted knowledge and character to thousands of students who underwent his teaching during his glorious and impactful academic career.

Indeed, the bedrock of development lies in education. Developing nations, including Nigeria, are in dire need of more scholars like Prof. Oloyede. His selfless sacrifices and innovative approaches to learning and leadership give hope for a brighter future.

Perhaps more remarkable is Prof. Oloyede’s transformative leadership at JAMB. He pioneered and sustained a series of reforms and technological innovations that have made the admission process in Nigeria transparent and credible.

In his eight years of stewardship at the board, thus far, Prof. Oloyede has demonstrated an uncommon commitment to financial integrity and accountability in public service. He has also raised the bar in administration and management.

I am proud of Prof. Oloyede’s accomplishments.

The nation owes the Professor of Islamic Jurisprudence a debt of gratitude for transforming JAMB, traditionally a non-revenue-generating government agency, into a consistent contributor to the national treasury through efficient financial management. His contributions to JAMB are invaluable and greatly appreciated.

On this occasion of his 70th birthday, I join members of the academic community, students, JAMB staff, and well-wishers in celebrating this scholar who, in words and deeds, has also done a lot to propagate the Islamic religion.

I pray that Almighty Allah will continue to honour the distinguished professor with health, wisdom and strength to serve the nation for many more years.

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Opinion/Feature

Clarification On NNPCL Refinery Operations

Published

2 months ago

on

October 9, 2024

By

 

By Sen. Heineken Lokpobiri PhD

My attention has been drawn to statements made by Engr. Kamoru Busari, Director of Upstream in the Ministry of Petroleum Resources, who represented me at a recent conference in Lagos. I wish to categorically state that the claim that I directed the Nigerian National Petroleum Company Limited (NNPCL) to stop running its own refineries and focus solely on equity participation in other refineries is false. This does not represent my position as Minister overseeing the oil sector, nor does it reflect the stance of the Federal Government.

It is important to clarify that NNPCL is a company governed under the Companies and Allied Matters Act (CAMA), with a functional board and management. The Ministry of Petroleum Resources does not control or run NNPCL, as it operates independently like any corporate entity.

ALSO READ: NNPC/Seplat JV’s “Eye Can See” Programme Restores Vision, Hope In Imo

The oil and gas sector is fully deregulated, and the Nigerian government remains committed to promoting in-country refining. We encourage companies, including NNPCL, to operate independently, following global best practices. While we provide strategic guidance, we do not interfere directly in the operations of these companies.

I reaffirm our commitment to supporting the growth and independence of NNPCL, ensuring that its operations are in line with international standards for efficiency and transparency and profitability.

Sen. Heineken Lokpobiri PhD, Minister of State Petroleum Resources (Oil), wrote from Abuja, Nigeria

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