Thursday, 31 March 2016

$180m Halliburton probe: EFCC boss, AGF in U.S.-Yusuf Alli


$180m Halliburton probe: EFCC boss, AGF in U.S.
EFCC
Two Federal Government officials have gone to the United States for talks on President Muhammadu Buhari’s anti-corruption war.
Attorney-General of the Federation (AGF) and Justice Minister Abubakar Malami and Economic and Financial Crimes Commission (EFCC) Chair Ibrahim Magu are in the United States, barely two weeks after a similar trip to the United Arab Emirates (UAE) where about $200b looted funds are believed to have been stashed away by former public officers.
On the agenda are likely to be the extent of the war against graft,  how to repatriate looted funds, the fate of fleeing former public officers, the $180million Halliburton bribery scandal and the $2billion Malabu Oil deal.
The AGF and the EFCC are to participate in the US-Nigeria Bi-National Commission meeting.
According to sources, the EFCC chairman has been in the US in the last five days to meet with various departments connected with the anti-graft war.
It was learnt that the AGF later joined the EFCC boss because of many pending legal issues on corruption matters involving some former public officers.
A source, who spoke in confidence, said: “The AGF and the EFCC chairman are in the US to give status report on the anti-corruption war by the government, areas requiring assistance and how to explore ways of legally ensuring that ex-public officers who have fled to the US return home to account for their tenure.
“Certainly, the agenda will include some issues like the $180million Halliburton bribery scandal, the $2b Malabu Oil deal, the Abacha loot, money laundering cases, 419 scams and the use of some banks for transactions by the Office of the National Security Adviser (ONSA) for arms purchase.
“Some of those involved in the $2.1billion Halliburton scam have relocated to the US for further studies or medical trip. A few others have dual citizenship and decided to take advantage to hide in the US.
“We need to act within the ambits of the law and collaborate with the US on how to bring back these suspected former public officers to account for their activities in office.”
Responding to a question, the source added: “For the AGF and the EFCC chairman, they just came on board and it is imperative for them to compare notes and build contacts with relevant departments and security agencies.
“The discussion might also focus on capacity building for staff of anti-corruption agencies. The FBI had been of help over the years but we need more technical back up to win the war.
“As a matter of fact, the US had reservations on the anti-corruption policy of ex-President Goodluck Jonathan and these observations slowed down exchange of information, sharing of intelligence and coordination of activities between the two countries.
“The renewed commitment of the government of President Buhari has buoyed the confidence of the US that the anti-corruption war is winnable.”
A source in EFCC said: “The trip was in connection with the Federal Government’s anti-graft war.”
A presidency source said: “Both the AGF and the EFCC chairman are members of the Nigerian delegation to the US- Nigeria Bi-National Commission where issues of mutual interest and economic benefits are usually discussed. Definitely, the recovery of looted funds will be dominant at the meetings with the AGF and EFCC chairman.
“You will recall that on his first day in office, the President said. ‘The next three months may be hard, but billions of dollars can be recovered, and we will do our best.’ The intensity of the war against corruption has earned Buhari the confidence of the US and others.”
It was gathered that the Halliburton bribery scandal might attract attention at the talks.
The EFCC had in January reopened investigation into the $180million Halliburton scam.
Of about $22, 417, 000 and DRM 500,000 bribes shared to top government officials during the administrations of ex-Heads of State Gen. Sani Abacha and Gen. Abdulsalami Abubakar and ex-President Olusegun Obasanjo.
An Abuja High Court on March 27, 2013 struck out the case against six Nigerians arraigned over the scandal.
Those set free are a former Permanent Secretary,  Ibrahim Aliyu, Mohammed Gidado Bakari and four companies.
The four companies are Urban Shelter Ltd., Intercellular Nigeria Ltd., Sherwood Petroleum Ltd. and Tri-Star Investment Ltd.
The six accused persons stood trial for allegedly  serving as conduits and receiving bribes in hard currency to facilitate natural gas contracts between 1994 and 2005.
Justice Abubakar Sadiq Umar,  said the prosecution had failed to diligently prosecute the case.
Also,  Bodunde Adeyanju, Obasanjo’s former presidential aide, was arraigned in 2010 alongside George Mark, Jeffrey Tesler(now at large), Hans George Christ, Heinrich J. Stockhausen; Julius Berger Nigeria Plc and Bilfinger  Berger GMBH.
It was learnt that Adeyanju has a pending application in the Supreme Court.
Some Senior Advocates of Nigeria have been quizzed by the EFCC in connection with the scandal.

Wednesday, 30 March 2016

CBN pensioners elect new executives

cbn-logo_500


The Central Bank of Nigeria (CBN) Pensioners’ Club, the umbrella body of all CBN Pensioners which came into existence in 1993 with its National Headquarters in Lagos and branches at all CBN locations across Nigeria, has elected new National Executive Committee to take over from the immediate past Committee led by Chief Abidoye Akinlade. The last EXCO was in power for the last four years – from March 16, 2012 to March 18, 2016, having completed two terms of two years each.
At a very well attended bi-annual National Conference held at its National Headquarters in Lagos, on March 18, 2016, in which delegates from 21 (twenty-one) branches within the federation, including Abuja, attended and actively participated, a new National Executive Committee (EXCO) was elected.  The meeting which was held at the Conference Room, CBN Learning Centre, Alakija, Satellite Town, Lagos, produced Mr. Omoyemi R. Banjo, a former Branch Controller, (B/C), Central Bank of Nigeria (CBN), Minna branch, Niger State, to pilot its affairs for the next two years.
The full list of the officers elected to serve in the National Executive Committee (EXCO) including 1. Mr. Omoyemi R. Banjo – President, 2. Chief Charles M. E. Katecgy -1st Vice-President, 3. Mr. Bon. Onwubualili   – 2nd Vice-President, 4.,Mr. Nicholas U. Mbah -General Secretary, 5.Mr. Michael O. Akinbola  -Asst. General Secretary, 6. Chief Chimezie C. Ahaneku -Publicity Secretary/P.R.O, 7. Mr. Barth E. Eyo  -Asst. Publicity Secretary, 8. Mrs. Francisca K. Arueze -Treasurer, 9. Mr. Charles Ugbulu  -Financial Secretary, 10. Mallam Al-Hassan A. Bala -Asst. Financial Secretary, 11. Mr. Anthony Egbenyor    -Provost (1), 12. Mr. Jamiu a. Akanbi  -Provost (2)
Constitutionally, the newly elected EXCO members shall hold office for two years in the first instance, but are also eligible for re-election for another term at the end of their current tenure if any of them so wishes.
In a brief acceptance speech, the newly elected President of the club, Mr. Omoyemi R. Banjo, thanked the pensioners for giving him the mandate to lead them at this very moment and assured  he and his team will strive their utmost to justify the confidence reposed in them by rendering good service to all.
He further promised that, with their full support and co-operation, he and his team will do their very best to ensure that CBN Pensioners are not in any way short-changed by anybody but rather, receive what is legitimately due to them.
The CBN Pensioners’ Club which is always guided by its Constitution, has, as its primary objectives, the bringing under one forum, all CBN Pensioners in order to foster closer interaction among them and thus promote the interests, welfare and well-being of all its members.  Most importantly, it is also the only association or organisation of CBN Pensioners that is officially recognised by the CBN management and serves as the link between the CBN and its pensioners, through the regular communication and discussions that usually take place from time to time between the management and the Club’s NEXCO, on all matters affecting the pensioners whenever the need arose.
As has always been the tradition, a formal letter from the club officially conveying this information together with the above list of the newly elected National Executive Officers of the CBN Pensioners’ Club, is to be forwarded to the CBN management in the next few days for official record purposes.

Culled from Sun

Tuesday, 29 March 2016

Army Offers N1m Reward for Information on Kidnapped Colonel- John Shiklam



The 1 Mechanised Division of the Nigerian Army, Kaduna, has offered a N1 million reward to anyone with any useful information that could lead to the arrest of the abductors of Colonel Samaila Inusa who was kidnapped in the state on Saturday.
The military officer, serving with the Nigerian Army School of Infantry, Jaji, near Kaduna, was abducted at about 7.30 pm when he went to visit his in-laws at the Kamanzo area, near NNPC junction, Kaduna.
Deputy Director, Army Public Relations, Colonel Abdul Usman who disclosed this in a phone interview with THISDAY, said any information would be treated with utmost confidentiality.
Usman said the culprits were yet to communicate or demand for any ransom as is common with kidnappers.
However, sources said the army has launched a manhunt for the abductors in a bid to rescue the colonel.
Also, the Islamic Movement in Nigeria (IMN), also known as the Shiite sect, has distanced itself from reports that it plans to kidnap military officers to demand the release of its leader, Sheikh Ibraheem Zakzaky.
Zakzaky has been in detention since his arrest following the sect’s followers’ clash with the Nigerian Army in Zaria between December 12 and 14, 2015.
The presidency was reported to be harbouring a suspicion that the Shiites might have been behind the abduction of Colonel Inusa.
But IMN, in a statement by its spokesman, Ibrahim Musa, described the reports as mischievous and calculated to give the movement a bad name.
According to him, “Our attention has been drawn to a false, unsubstantiated and mischievous claim that looks more like a planned operation aimed at painting the Islamic Movement in Nigeria (IMN) black of some ‘intelligence’ report that the IMN may plan the kidnapping of military officers for ransom to force the release of our revered leader, His Eminence Sheikh Ibraheem Zakzaky.
“Typically, this was followed by the alleged kidnap of an army officer in Kaduna with the Nigerian Army issuing a statement calling on the public to give information that would lead to the arrest of the perpetrators.
“Soon, some media outlets were quick to quote these malicious sources linking the IMN with the alleged kidnapping.”
He maintained that it was “obvious that the government and its army were going further with their plan of campaign of calumny and false propaganda against the movement ranging from smear documentaries on television networks, advertorials in newspapers, sponsoring fake non-governmental organisations and engagement of some very dubious characters to malign the IMN and its leadership, to engaging in organised crimes and attributing same to the Movement”.
The statement declared that the Shiites under the leadership of Sheikh Zakzaky has never and will never engage in any form of crime to meet any of its objectives.
“Crime and criminal activities are fundamentally sinful and are not in our character. The Islamic Movement knows that due to official administrative ineptitude and official negligence of constituted authority, a lot of crimes including kidnapping are prevalent in the country.
“As a religious body, the IMN condemns and preaches against all forms of crime. Therefore, it is virtually illogical and unreasonable for anyone to presume that the IMN would turn around to engage in such acts of immorality,” the statement said
The sect further maintained that it is a peaceful mass movement, with enlightened and responsible members, adding that for close to four decades now, it has conducted its activities in the most civilised manner and “cannot in any way be derailed from that golden track record”.
“IMN will therefore never be lured or diverted into any form of crime or violence. We are forced to believe that the government and its army are resorting to these vicious campaigns in desperation.
“They wish not only to bury their crimes against humanity, but also to justify the bestiality they meted on the innocent and unarmed members of the movement between 12th and 14th of December 2015, including burning IMN members alive, sexual mutilation and harassment of women, as well as abduction and illegal detention of members including the leader of the movement, besides killing over 1,000 unarmed citizens,” the statement alleged.

Culled from Thisday

Thursday, 24 March 2016

N1trn Scam: Court Stops Senate, IGP From Arresting Larmode - By Kunle Olasanmi

ibrahim_lamorde1
Justice Gabriel Kolawole of a Federal High Court sitting in Abuja has stopped the Senate from going ahead with the probe of former chairman of the Economic and Financial crimes Commission ( EFCC) , Ibrahim Lamorde over an alleged N1trillion scam.
The Senate summoned the former EFCC boss to account for the fund seized from some alleged corrupt public servants but rather than honour the invitation of the lawmakers, the former anti-graft boss rushed to the court to stop his probe.
In a motion exparte dated March 7, 2016, Lamorde through his counsel, Festus  Ukpue asked the court to stop the senate from issuing a warrant of arrest of his client pending the hearing and determination of the suit before the court.
Justice Kolawole, after listening to the exparte motion ordered, “That a limited order on injunction is hereby granted to restrain the defendants pending when they are heard on the reply to the plaintiff’s motion on notice.
“That the plaintiff’s counsel is hereby directed to obtain a certified true copy of the order in this ruling, and shall cause same to be served on the Inspector-General of Police who shall, on the authority of this court’s order refrain to give any effect to any such warrant which the defendants may have issues against the plaintiff
Culled from Leadership

Wednesday, 23 March 2016

Rivers Rerun Polls: How NYSC Member, Samuel Okonta, Was Killed-Adebiyi Adedapo

Samuel Okonta

It was a rude shock, says brother • Killers will not go unpunished, vows FG • NYSC may review MoU with INEC

Details emerged on Tuesday on how a member of the National Youth Service Corps, Mr. Samuel Dumebi Okonta, a graduate of Political Science from Ambrose Ali University, Ekpoma, Edo State, was murdered in cold blood on Saturday night.
Okonta, who hailed from Illah community in Idemili North Local Government Area, Anambra State, served as the Assistant Presiding Officer (APO II) for the Independent National Electoral Commission (INEC)at Ukpeliede Town Hall, Ward 6, Unit 5 in Ahoada West Local Government during the last Saturday’s rerun elections in Rivers State.
THISDAY learnt that the deceased was trailed and killed after he had submitted the election results to the local government office of INEC in Ahoada West.
Okonta’s colleague, Anana Aniekan Udoetor, who narrated what transpired after votes were cast, said he was in the company of the late Okonta departing INEC’s office when his killers tracked them and shot sporadically at them.
Udoetor, who spoke to THISDAY on the phone, explained that they had concluded their duty and were on their way back to Ukpeliede, when the unfortunate incident occurred.
“I was the APO I, while Okonta was the APO II at the Ukpeliede town hall, Ward 6, Unit 5, we had conducted the elections peacefully without even the presence of security agents.
“We proceeded to the INEC collation centre to submit our results, on reaching there, the environment was tense and supporters of both APC and PDP were charged. We managed to submit our results, but while we were submitting them, there was an alarm of skirmishes, forcing the collation officers to hide under the table,” he disclosed.
Anana said the situation at the INEC local government secretariat seemed unsafe, which prompted him and his late friend to take the risk of travelling back to Ukpeliede.
“We felt that the INEC office was no longer safe, so we then made our way to Ndiama junction and took a taxi to Okode junction. We were supposed to board a (commercial) motorcycle, but we couldn’t get one, so we decided to trek down to Ukpeliede.
“Shortly after, we saw a vehicle coming and we noticed that the head lamps of the vehicle was not on and someone in the vehicle was pointing a torchlight at us.
“We suddenly realised that the vehicle was coming directly towards us and before we knew what was happening, we started hearing gunshots. I ran inside the bush but they kept on shooting. Okonta was killed in the process.
“I stayed in the bush for some minutes and later ran into an uncompleted building which is used as a church,” he said.
When contacted, Samuel’s elder brother, Azuka, could not speak on the death of his sibling, stating that he was on his way to Port Harcourt, the Rivers State capital, to see his late brother’s corpse.
However, his younger brother, Uche, who works as a software engineer in Lagos, said he was still in shock following the news of his brother’s death.
Uche, who is the only younger brother of the deceased, said the late Samuel was an easy-going God-fearing young man, who was often referred to by his friends as a pastor.
“We are nine in number from the same parents, our father died in 1993 and our mother in 2012. I am the last child, while Samuel was my immediate elder brother, he was very calm and easy-going.
“He attended Ugbede Memorial Primary school, Illah; then proceeded to Illah Grammar School and later Ambrose Alli University, Ekpoma. People usually referred to him as a pastor because of his calm disposition and neat dressing. But he was just an usher in the church,” he said.
Meanwhile, the Minister of Youth and Sports Solomon Dalung and Chairman, Independent National Electoral Commission, Prof. Mahmud Yakubu yesterday paid a condolence visit to the NYSC headquarters in Abuja following the death of the youth corps member.
In his remarks during the visit, Dalung appealed to politicians to guard against any act that will lead to the death of Nigerians because, according to him: “If everyone dies, who will be alive to cast the votes.”
He added that: “In this our game of politics, we must understand that match officials, and spectators are not the opponents. We must not direct our anger towards the wrong people.”
The minister who said that there was an insurance policy covering NYSC members on election duty under the Memorandum of Understanding (MoU) between the INEC and the NYSC, promised that government would ensure that perpetrators of the dastardly act would not go unpunished.
“I’m sure there is an insurance policy covering corps members, but this government will not condone impunity, government will go against the killers and ensure that they are brought to book,” he stated.
Yakubu, while condoling with the NYSC, said there was no elective position that was worth the blood of anybody.
Yakubu said the partnership of the two agencies was important as the use of corps members during the conduct of elections in the country has led to their success and smooth process.
He also said that the commission would grant automatic employment to ex-corps members, Abiagbe Daniel who lost his sight in an accident while carrying out election duties in Yobe State.
“We are here to commiserate with the NYSC family, and we pray that the soul of the late Okonta Samuel rests in peace. At the same time, we are glad to note that the other corps member, Anana Aniekan Udoetor, who could not be accounted for has been found alive but is understandably traumatised.
“I wish to state that we share in your grief; it pains INEC profoundly when life is lost in the cause of conducting ordinary elections. No matter the grievances of those involved in a political contest, nothing justifies the cold blooded murder of an innocent official conducting an official national assignment,” he said.
Yakubu also described youth corps members involved in election processes as the most patriotic and neutral electoral staff.
“The NYSC and INEC have been in this mutually rewarding partnership, which has helped in the conduct of our elections. I can’t imagine the successful conduct of elections in Nigeria without the partnership of the NYSC.
“The young men and women in the NYSC are among the most educated, most committed, most reliable, most neutral and most patriotic election duty staff available to INEC. Their loss is certainly of monumental national proportion, I want to assure you that INEC will fully participate in honoring the sacrifices of Mr. Okonta Samuel, and other members of the NYSC who may suffer injury or worse during election duty,” he said.
Responding, the Director General of NYSC, Brigadier General Olawunmi Johnson said his organisation would review its security arrangements for corps members, especially those involved in election duty.
Olawumi also announced that a committee would investigate the unfortunate incident, noting that the outcome of the investigation would determine whether or not the NYSC would review its memorandum of understanding with the INEC.
“I have set up a committee to fully investigate the issue, the report of that committee would determine if we have to review our MoU with INEC. But it is a shame on the Rivers State Government and community leaders where this happened. We are going to get to the root of the matter,” he said.

Culled from Thisday
Police probe alleged sexual assault at Queens College On March 23, 20165:24 amIn NewsComments By Esther Onyegbula, Lagos State Police Command is investigating a teacher at Queens College, Yaba, Lagos, one Mr. Osifala Olaseni, over allegation of sexual assault of a Junior Secondary School 2 student. Queens-College-Yaba Queens-College-Yaba Lagos State Commissioner of Police, Mr. Fatai Owoseni, disclosed this yesterday when the Commander of 435 BSG, Mr. Paul Masiyer, paid him a courtesy visit in his office. He said: “As a responsible organisation, we are aware of a story accusing a male teacher of Queens College, one Mr. Olaseni, of assaulting a student. “We did not wait for a formal complaint to begin investigation into the matter.” Meanwhile, the Minister of State for Education, Professor Anthony Anwukah, constituting a panel to investigate. Anwukah, according to a statement by Mr. Ben Bem Goong, Director of Press, assured the public, particularly parents and guardians whose wards are in any of the Unity Schools and other Federal Government Colleges that their children were in safe hands. One Mrs Chinyere Okoye had claimed that her JSS 2 daughter was sexually molested by Olaseni, a Biology teacher. However, the school’s management and students embarked on a peaceful protest, Monday, saying the allegation was false and an attempt to dent the image of the school and the teacher.

Read more at: http://www.vanguardngr.com/2016/03/magistrate-remanded-wife-cars-brushed-2/

Tuesday, 22 March 2016

State of emergency won’t work in Ekiti, Rivers –Fayose — From Juliana Taiwo-Obalonye


Ayodele-Fayose-300x194

Governor Ayo Fayose has said President Muhammadu Buhari should not contemplate declaring a state of emergency in Ekiti and Rivers states.
Fayose said this following  rumours making the round that the Federal Government was contemplating imposition of state of emergency in Ekiti and Rivers over perceived insecurity in the states.
The Ekiti governor warned that such measure will not work in the two states.
Speaking to State House Correspondents after the opening  of the National Economic Council (NEC) retreat on the economy at the Presidential Villa, Abuja, yesterday, the governor urged Buhari to bear in mind that power now resides with the people.
“They have been insinuating that in Ekiti. We have been waiting for them. Power has gone beyond the leaders, power has gone back to the people. There are certain things leaders will do today, you will eat it tomorrow.
“You want to declare state of emergency, declare it and we will tell you that the state of emergency will not work . This country belongs to all of us.”
It would be recalled that Governor of Rivers State, Nyesom Wike had also, over the weekend, alleged that some people were creating problems in his state to make the Federal Government to impose a state of emergency there.
Wike said such ploy will not work because the PDP was more popular in the state. The Department of State Security (DSS) recently raided the Ekiti State House of Assembly where the personnel were reported to have arrested eight lawmakers while one of the lawmakers was being detained by the Economic and Financial Crimes Commission (EFCC).
Fayose condemned the weekend’s National Assembly and State House of Assembly re-elections especially because of what he said was their militarization.
He described the situation in Rivers as a service of ego of some individuals who believe they have control on the Federal Government.

Source: The Sun

Monday, 21 March 2016

US, UK Knew Whereabouts Of Chibok Girls – Ex-UK Envoy-By Raliat Ahmed-Yusuf

Dr Andrew Pocock
The former British High Commissioner  to Nigeria, Dr Andrew Pocock, has disclosed that the United States and the United Kingdom  knew the whereabouts  of about 80 of abducted Chibok girls by Boko Haram but failed to launch a rescue mission.
Pocock further claimed that a large group of the missing girls were spotted by the UK and the US surveillance officials shortly after their disappearance but experts felt nothing could be done.
The former UK envoy, who  stated this during an interview with  The Sunday Times of London, added  that Western governments felt “powerless” to help as any rescue attempt would have been too risky  with Boko Haram terrorists using the girls as human shields.
Pocock said: “A couple of months after the kidnapping, fly-bys and an American eye in the sky spotted a group of up to 80 girls in a particular spot in the Sambisa forest, around a very large tree, called locally the Tree of Life, along with evidence of vehicular movement and a large encampment.”
According to Pocock, the Chibok girls were there for at least four weeks but authorities were ‘powerless’ to intervene, saying however that the federal  government (under former President Goodluck Jonathan)  did not ask for help.
He said: “A land-based attack would have been seen coming miles away and the girls killed, an air-based rescue, such as flying in helicopters or Hercules, would have required large numbers and meant a significant risk to the rescuers and even more so to the girls.”
In an investigation by Christina Lamb for the Sunday Times Magazine, Pocock said the information was passed to the Nigerians but they made no request for help.
A former canon at Coventy Cathedral, Dr. Stephen Davis, who has spent several years attempting to negotiate with the terror group, said Boko Haram “makes ISIS look like playtime” and said it is “beyond belief” that the authorities both in Nigeria and the West do not know where the schoolgirls are.
Davis insists the locations of the camps where the girls are being kept are well known and can even be seen on Google maps. He added: “How many girls have to be raped and abducted before the West will do anything?”
Boko Haram members had stormed the Government Girls Secondary School (GGSS),  Chibok in Borno State on  April 14, 2014 and seized about 276 girls, who were preparing for end-of-year examination.
Although 57 of the girls managed to escape, the rest have remained missing and have not been heard from or seen since apart from in May that year, when 130 of them appeared in a Boko Haram video wearing hijabs and reciting the Koran.

Culled from Leadership

Friday, 18 March 2016

Federal Govt tackles unemployment with N10b ‘YES’ project


Federal Govt tackles unemployment with N10b ‘YES’ project
Fed Govt
THROUGH the Bank of Industry (BoI), the Federal Government has taken a bold step to tackle unemployment. It launched a N10 billion Youths Entrepreneurship Support (YES) project to empower youths with revolving loans to start businesses.
Speaking at the launch the launch  at Transcorp Hilton in Abuja, Industry, Trade and Investment Minister Okechukwu Enelamah said his ministry would partner all government agencies to create job opportunities.
According to the minister, more than 40 per cent of graduates are jobless and an average of eight million Nigerians join the unemployment market yearly.
Enelamah explained that the ‘YES’ project of BoI was part of the Federal Government’s youth employment scheme, saying that about 36,000 jobs would be created annually through ‘YES’.
He appealed to prospective beneficiaries to repay the loans for the success and sustenance of the project.
BoI’s Managing Director Waheed Olagunju said that a participant under the scheme could access up to N10 million loan with single digit interest rate and repayable over three to five years.
He said that an applicant must present the National Youth Service Corps (NYSC) or higher education certificate as collateral to qualify for the loan with two external guarantors.
Mr. Olagunju said his bank was partnering 11 consultants across the country for the project’s pilot phase.
A special assistant to the Vice President on Youth Development, Mr. Afolabi Imokhuede, said job creation was at the heart of the President Muhammadu Buhari-led administration, adding that the government has a plan to create 3.5 million jobs in the next three years.
Imokhuede, who identified the ‘YES’ project as one of the programmes urged participants to take the ‘YES’ seriously as online courses were now popular means of job creation worldwide.
Kaduna State Governor, Mallam Nasir El-Rufai said his government has concluded plans to partner with BoI on job creation.
The governor said the state had been able to take controlling shares in Peugeot Automobile Nigeria (PAN) with the bank’s assistance.

Culled from The Nation

Thursday, 17 March 2016

Mile 12 Mayhem: Ambode Bans Okada In Ikosi-Isheri LCDA George Okojie


Okada riders
For precipitating the mayhem that claimed many lives and properties in the state, Lagos State Governor Mr. Akinwunmi Ambode on Wednesday banned activities of commercials motorcycle operators popularly known as Okada from operating within Mile 12 and adjoining communities in Ikosi-Isheri Local Council Development Area.
Speaking at a joint press briefing at addressed by the leadership of the Mile 12 market, Maidan and Agiliti community at the Bagauda Kaltho Press Centre, Alhaji Shehu Usman, financial secretary of the market, said that they have decided to work with the state government in achieving its goals.
According to him, “we have resolved to ban the use of Okada as a means of commercial transportation in the area because of their flagrant disobedience to the 2012 road traffic law.
“Also, they cause road accidents in the area. For instance, they were responsible for the breakdown of law and order that predicated the present crisis in our community.
“Shanties and blighted areas within the communities that could harbor miscreants will be removed in order to eliminate illegal activities hoodlums from the community.”
Usman explained that the shanties were illegal structures and unsuitable for human habitation, adding that “these areas are prone to landslides and other environmental problems especially flooding. Their removal will greatly enhance the security of lives and property in the communities.”
“The market executives will dialogue further with the state government on the relocation programme which will hel p increase the economic growth and development, provide better infrastructure and reduce traffic congestion on the expanded Mile 12-Ikorodu road,” he added.
Also speaking the secretary to state government Mr. Tunji Bello warned that the state government will deal decisively with any group of persons that disturbs public peace in the state.

Culled from Leadership

Tuesday, 15 March 2016

NNPC Did Not Remit N3.3trn To FAAC – Auditor-General


Ukaru
The Office of the Auditor-General of the Federation (AGF) yesterday submitted a damning 2014 audit report of all ministries, departments and agencies (MDAs) to the leadership of the National Assembly.
The submitted audit report also captures embassies and foreign missions.
The AGF, Mr Samuel Ukura, who presented a copy of the report to the clerk to the National Assembly, Alhaji Salisu Maikaswa, for both chambers, gave highlights of how monies were diverted or spent by MDAs during the period under review.
According to the AGF, the Nigeria National Petroleum Corporation (NNPC) did not remit N3,234577,666,791.35 to the Federation Account Allocation Committee (FAAC) in January 2014.
The report states that the sale of gas to Nigeria Liquefied Natural Gas (NLNG) to the tune of $235,685,861 was not paid to the federation account; rather, it was transferred to some undisclosed Escrow accounts.
“Relevant documents were not made available for verification,” AGF noted in the report.
The report also indicates that the acquisition and payment of N3,630,000,000 property was made without a Certificate of Occupancy (C of O).
According to the report, a total payment, amounting to N73,547,759,436, was made contrary to established purpose of the funds.
Other revelations of the audit report include: “The sum of N36,432,423,968.73 was released to the Office of the National Security Adviser (ONSA) for the rehabilitation and construction of dams instead of the Federal Ministry of Water Resources.
“The sum of N2,894,531250.00 was spent for the procurement of hand sanitisers for schools and critical public places.
“The sum of N31,324,952,239.87 was payment of subsidy on fertilizer and youth employment in agricultural programmes.
“The sum of N2,395,851,978.00 was payment for Group Life Assurance Premium for Armed Forces budget in 2013, but not backed. The sum of N500,000,000 was made as payment for agricultural programmes.
“These were variances with the purpose of the fund. No evidence of these lines of expenditure in the 2014 Appropriation Act,” the AGF revealed in the report.
nnpc_01Ironically also, the management of the National Assembly, headed by the Clerk, made payments of N9,514,568,222.62 without raising payment vouchers, which, according to the AGF, violated the nation’s financial rules.
In the same period under review, personal advances were granted to 112 staff of the National Assembly from recurrent votes and 50 members of staff from general service votes from July to December, 2014, for various purposes, all amounting to N1.162,009,305.00.
In the audit report, the AGF revealed how the Embassy of Nigeria in Washington DC, United States of America, realized Internally Generated Revenue (IGR) of $3,705,428 between 2012 and March 2015, but expended the whole amount on sundry expenses.
The audit report also indicted the leadership of the Nigerian Prisons Service. The AGF, in the report, said the Pay As You Earn (PAYE) tax of N2,036,758,176.75 was deducted and was said to be remitted to Federal Inland Revenue Service (FIRS), but there is no evidence of remittance and nothing was produced for audit confirmation.
At the time of filing in this report, our correspondent could not ascertain when the Clerk to the National Assembly woul forward the report to the leadership of both chambers for further consideration.

OPEC Oil Exports Fall To 24m bpd In February
Crude oil exports by the Organisation of Petroleum Exporting Countries (OPEC) fell marginally in February by 30,000 barrel per day (bpd) to 24 million bpd.
Thomas Reuters’ OPEC Oil Research and Forecasts report for February 2016 indicate that, generally, exports fell by 280,000 during the period.
This is as oil price fell yesterday after Iran dashed hopes of a coordinated production freeze any time soon, returning bearish sentiment to the market over a supply glut that has sent prices crashing.
Global benchmark Brent crude futures fell back below $40 a barrel, trading at $39.70 at 1128 GMT, down 69 cents or 1.7 per cent on Friday’s close. Brent hit a 12-year low of $27.10 in January.
U.S. crude was down 82 cents at $37.68 a barrel.
“Oil is down because Iran said they would only join the output freeze group once they reached production of four million barrels a day (bpd),” said Tamas Varga, oil analyst at London brokerage, PVM Oil Associates.
Exports remain at multi-year highs as the market share battle wages on. Sales increased from Venezuela, Nigeria, Angola, Algeria, Ecuador and Qatar, with the African producers adding 340,000 bpd month-on-month (m-o-m), while Latin American members exported 280,000 bpd more m-o-m with Venezuela accounting for 69 per cent of the increase.
Nadim Najjar, managing director, MENA, Thomson Reuters, said, “Our bottom up analysis shows that the largest Asian buyers (China, India, Japan and South Korea) in the month of February shifted their attention back to Saudi Arabian crude oil, importing less from other OPEC members.
“China in particular was the only country that reduced its share of Saudi crude from 34 per cent in January to 30 per cent in February as emphasis was given to Iraqi crude and crude from other non-Middle East members like Venezuela and non-OPEC crudes such as Russian ESPO.” China has now pledged to get more of its exports from Nigeria.
“February exports have increased 1.12 million bpd year-on-year (y-o-y) as Iran increases oil exports following the sanction lift, while other core Middle Eastern producers have pushed output to multi-year highs leaving a very thin spare capacity. Yearly export growth for January stood at 950,000 bpd. We expect OPEC exports to remain strong as refinery maintenance wraps up and road fuel demand increases for the summer driving season.”
“OPEC exports to Africa increased by 46 per cent to 0.69 million bpd, while exports to Asian buyers fell by 14.3 per cent to 15.43 million bpd. European imports from the organisation fell by 21.4 per cent to 2.2 million bpd and exports to the Americas slowed by 5.85 per cent, to 3.59 million bpd as demand from refineries declines due to ongoing maintenance.
“Our oil flows tracking indicates that there is 63.35 million bbls with unknown destination, likely still on route for their final destination, with the largest part expected to reach Asian countries in the following days”, said Thomas Reuters.
Saudi exports softened in February in line with lower crude output. The Kingdom exported 7.8 million bpd, 60,000 bpd lower compared to 7.86 million bpd in January. Flows to Africa and Europe surged by 96 per cent and 159 per cent respectively to 0.24 million bpd and 0.18 million bpd. Exports towards the Americas declined by 31 per cent to 0.85 million bpd, while Asian buying remained very strong at 5.40 million bpd.
Iraq exported 3.35 million bpd in February, down by 132,000 bpd compared to January as the Kirkuk-Ceyhan pipeline remains offline due to sabotage, with repair work still ongoing. Basrah loadings during February rose by 42,000 bpd compared to January.
Meanwhile, Iranian exports slowed significantly in February as Asian buyers reduced their intake. The Islamic Republic exported 1.41 million bpd in February, 300,000 lower compared to January’s multi-year high of 1.71 million bpd. Iran has not priced its crude aggressively for Asian buyers, as it did for European customers, allowing Saudi Arabia to maintain its market share dominance.
Export volumes are calculated by the Thomson Reuters Research & Forecast team using a bottom-up methodology that leverages data from the Trade Flows module available on Eikon.
Iran’s oil exports are due to reach 2 million bpd in the Iranian month that ends on March 19, up from 1.75 million in the previous month, oil minister Bijan Zanganeh said on Sunday.
Zanganeh poured cold water on hopes for a quick deal on freezing production, saying the OPEC member would join discussions only once its own output reached four million bpd.
Saudi Arabia appeared to have stuck to a preliminary deal with some other producers to freeze output, as its crude production held steady in February at 10.22 million bpd, an industry source told Reuters.
OPEC members and non-OPEC producers are likely to hold their next meeting to discuss an output freeze in mid-April in Doha, OPEC sources told Reuters.
A March 20 meeting in Russia, which was part of an earlier plan, now looks unlikely.
Worries about demand fundamentals moved back into the spotlight as investment bank, Morgan Stanley, warned that a slowing global economy and high production would prevent any sharp rises in oil prices.
“Oil prices now seem to have bottomed, even though they are likely to stay subdued for the rest of this year before starting to move higher in 2017,” the U.S. bank said in a research note. It added that cheap oil had not provided the boost to growth that many had hoped for.
“When oil prices are falling below production costs, the income gains for consumers will be smaller than the costs to producers, and falling oil prices become a negative-sum game,” it said

Culled from Leadership

Monday, 14 March 2016

IG Deploys 3 CPs for Rivers Re-run Election


  • Orders AIG to relocate
  • Warns policemen to be apolitical, professional
Yemi Akinsuyi in Abuja
In furtherance of strategies to prevent electoral violence and ensure a smooth and orderly conduct of the Rivers State supplementary elections slated for Saturday, 19th March, 2016, the Inspector-General of Police, IGP Solomon Arase, has directed the AIG in charge of Zone 6, Calabar, Mr. Adisa Baba Bolanta, to relocate to Port Harcourt on Monday 14th March, 2016, for pre-election preparations with a view to emplacing a conducive environment for a free, fair and credible election.
While disclosing that three Commissioners of Police have been deployed to supervise security arrangements within the three senatorial districts – Rivers East, Rivers West and Rivers South East – the IGP stated that 6,000 conventional policemen and 14 Units of Police Mobile Force (MOPOL) personnel would be deployed to complement the personnel of Rivers State Command during the election.
According to a release signed by the police spokesperson, ACP Olabisi Kolawole, the Deputy Inspector-General of Police in charge of the Department of Operations, DIG Sontoye Wakama, has also been directed to proceed to Rivers State immediately to hold meetings with stakeholders and police officers in the State Command on the need for peaceful conduct before, during and after the election.
The IGP warned all security details to desist from accompanying their principals and politicians to polling booths and collation centres during the election.
He assured that the law-abiding citizens among the electorate of a secure and enabling environment to exercise their franchise,
He emphasized that only security personnel specially assigned for election duties must be seen within and around the election designated places.

Culled from Thisday

Friday, 11 March 2016

South Africa's MTN says continues talks with Nigeria


A worker sweeps past an outlet of South Africa's MTN Group in Johannesburg
A worker sweeps past an outlet of South Africa's MTN Group in Johannesburg, February 23, 2016.  …
JOHANNESBURG (Reuters) - South Africa's MTN Group said on Friday it continued to engage with Nigerian authorities over a $3.9 billion fine following media reports that the telecoms firm proposed to pay $1.5 billion of the charge.
Bloomberg reported on Thursday that MTN, Africa's largest mobile networks operator, offered to pay about 40 percent of the fine and that Nigeria's senate said talks with the company should continue.
"MTN has previously advised shareholders not to make decisions based on press reports and MTN again urges its shareholders to refrain from doing so," it said.
Nigeria in October imposed the fine on MTN for failing to disconnect unregistered SIM cards from its local network amid fears the lines were being used by criminal gangs, including militant Islamist group Boko Haram.
MTN makes about 37 percent of its sales in Nigeria, its biggest market, last month made a $250 million "good faith" payment towards reaching a settlement after dropping a legal case against the Nigerian Communications Commission.
(Reporting by Zandi Shabalala; Editing by Tiisetso Motsoeneng)

Culled from Reuter

Thursday, 10 March 2016

House Insists N1.04tn MTN Fine Must be Paid in Full- Damilola Oyedele

The senate floor

The House of Represen-tatives Committee on Telecommunications is insisting that the initial N1.04 trillion fine imposed on MTN Communications Nigeria Limited for failing to disconnect 5.2 million unregistered subscribers on its network must be paid in full, instead of the reduced penalty of N780 billion.
The Nigerian Communica-tions Commission (NCC) slapped the N1.04 trillion fine on MTN last October, but later reduced it to N780 billion and gave the network provider till December 31, 2015 to pay up after the company had pleaded for leniency.
But before the deadline, MTN sued the federal government challenging the power of the federal government and NCC to impose the fine.
Less than three weeks ago, it withdrew its case and paid N50 billion as a gesture of good faith towards the settlement of the fine.
The penitence exhibited by MTN paved the way for negotiations with the federal government led by the Attorney General of the Federation and Minister of Justice, Mr. Abubakar Malami (SAN) and the South African-owned firm led by former US Attorney General, Mr. Eric Holder.
On Tuesday, President Muhammadu Buhari at a joint briefing with his South African counterpart, Mr. Jacob Zuma, who was on a two-day state visit to Nigeria, confirmed that negotiations were ongoing
He blamed MTN’s tardiness in disconnecting the unregistered SIMs on its network for fuelling the Boko Haram insurgency in the Northeast, which according to him, resulted in the deaths of 10,000 persons.
Wading into the issue wednesday, the House committee insisted that the telecoms firm should be made to pay N1.04 trillion fine, instead of the reduced fine.
It also accused Malami of usurping the powers of the NCC by leading the negotiations on the fine with MTN.
The chairman of the committee, Hon. Sajeed Fijabi, at a meeting with the Minister of Communications, Mr. Adebayo Shittu and officials of NCC, said any negotiation on the fine must be spearheaded by the NCC and not the AGF, adding that there should be no room for a reduction of the fine, as it would set a bad precedent.
“There is nowhere in the law that says there is room for reduction. If you are reducing this now, what will happen to Glo and others? I see MTN going to court every time as a way to circumvent the law. In the US, British Petroleum paid the full fine for the oil spill (in the Gulf of Mexico).
“Somebody is not allowing you to handle this matter the way you should. After you had imposed the fine, somebody is negotiating and reducing it. You imposed the fine, you should take the lead in negotiations, but now you are being sidelined.
“You imposed the N1.04 trillion fine, and we at the National Assembly have already projected that amount as part of federal government’s revenue,” Fijabi added.
Hon. Ehiozuwa Agbonayinma (Edo PDP) said while the government was interested in attracting foreign investments, MTN should not be allowed to get away with flouting regulations.
He also emphasised that the MTN should not be allowed to determine how it would pay the fine, following reports that the company has offered to N150 billion in cash and the balance in “complimentary services”.
“When a crime is committed and the offender has been sentenced by the court to 20 years, he now goes back to the government and say he wants to serve only one year, is that not what MTN is doing? They have committed a crime which they admitted to, and are deciding how they will go about paying for the crime,” Agbonayinma said.
Agbonayinma said the company decided to go to court to buy itself time after it received a letter from the House over the fine. “Now they are discussing with the AGF and the chief of staff,” he added.
Hon. Michael Eyong (Akwa Ibom) said if the matter was in court, the AGF would be representing the NCC.
In his remarks, the executive secretary of the NCC, Prof. Umar Danbatta said the commission received a proposal for negotiations from the MTN on the fine, adding that there was no indication in it that the N50 billion had been paid.
The commission, he disclosed, however received a letter from the office of the AGF informing it that the money was paid into the Federation Account.
Danbatta further noted that the money ought to have been paid into NCC’s account, and not the Federation Account, as it imposed the fine.
Shittu, who made a brief appearance at the meeting, said the former executive vice-chairman of the NCC looked the other way at the infractions committed by MTN in the past, but said he played no role in the decision to withdraw the MTN suit and the payment of N50 billion.
“I have not played any role whatsoever. When the out-of-court settlement came up, I had no role. When they wanted more relief, they discussed with the attorney general. The AGF gave them two conditions, that they pay N50 billion as down payment and withdraw the case from court. But I had no role, so the AGF will be the most appropriate person to speak on this.
“We should be the ones handling it but it has been been taken over by the Ministry of Justice,” Shittu added.
The committee subsequently pledged its support for NCC spearheading the negotiations on payment of the fine.

Culled from Thisday

Wednesday, 9 March 2016

Nigeria, Switzerland Sign Pact Over Fresh $321m Abacha Loot -By Jonathan Nda-Isaiah


Untitled-2
The Federal Government has welcomed an offer of the Swiss government to return $321m stolen funds from Nigeria under the Abacha government, and is now developing a framework that will aid the repatriation of the funds stashed abroad.
Vice President, Prof. Yemi Osinbajo, SAN, made this disclosure yesterday at the Presidential Villa, Abuja during a meeting with a Swiss delegation led by the country’s federal councillor and head of its foreign affairs department, Mr Didier Burkhalter and the Swiss Ambassador to Nigeria, Mr Eric Mayoruz.
In a statement issued by his senior special assistant, media, Laolu Akande, he said: “We guarantee that recovered assets would be put to uses for which they have been intended.”
Accordingly, the vice president explained that the framework being developed would ensure exactly that.
Prof. Osinbajo said the framework once finalized will be made available publicly and it would cover the whole spectrum from the source of the stolen asset to how it would be managed once recovered.
He said: “the framework will guarantee that returned assets will be used in the interest of the people of this country.”
Commending the Swiss government on its assistance in repatriating the country’s stolen assets, the vice president said the federal government appreciated the Swiss government for their very laudable efforts.
He noted that the “Swiss has always been at the forefront of returning stolen assets and ensuring that the people of Nigeria gets the benefits.”
Later the attorney-general of the federation and justice minister, Mr. Abubakar Malami, SAN, signed an agreement which was described as a “Letter of Intent” between the Swiss government and the Nigerian government on the restitution of illegally-acquired assets forfeited in Switzerland.
Mr. Burkhalter signed the letter for the Swiss government.
Under the agreement, the Swiss government will award to Nigeria $321m of funds illicitly acquired by the Abacha family, initially deposited in Luxembourg and confiscated by the Judiciary of the Republic and Canton of Geneva pursuant to a Forfeiture order dated 11th December 2014.

Culled from Leadership

Tuesday, 8 March 2016

Crude Theft: FG Sues IOCs over $12bn Missing Oil Revenue- Davidson Iriekpen


President Muhammadu Buhari

In a move interpreted by industry watchers as a major step by the Muhammadu Buhari administration to curb the menace of oil theft in the country, the federal government has instituted civil suits against international oil companies (IOCs) operating in the country in a bid to recover over N2 trillion in alleged missing revenues from over 57 million barrels of crude oil shipments that were believed to have been declared or under-declared between 2011 and 2014.
THISDAY learnt that in the suits filed on the government’s behalf by a team of lawyers led by Prof. Fabian Ajogwu (SAN) against the oil giants, the government is praying the Federal High Court in Lagos to direct the oil firms to pay into its account with the Central Bank of Nigeria (CBN), the sum of over $0.6 billion (comprising $51,033,180, $462,681,780, and $145,551) in the first instance, being the value of missing revenues accruable to the government of Nigeria from the shortfall/undeclared/under-declared crude oil shipments made by the defendants.
The federal government’s legal team explained in its deputations that the significant crude oil theft for which payment is being sought, takes the form of accounting fraud, non-declaration or under-declaration of crude and gas cargoes.
In one instance, the team revealed some cases where it was discovered that an oil tanker declared that it loaded about 50,000 barrels at Nigeria’s port, but the same vessel on arrival at a port in the United States, discharged over 60,000 barrels of crude oil revealing a difference of 10,000 extra barrels uncounted for.
It noted that it is all these cumulative differences that account for the losses running into billions of dollars in lost revenues.
The federal government’s suit may not be unconnected to President Muhammadu Buhari’s position from the outset of his government that a lot of the oil theft under his predecessor’s administration went on with the collusion of international oil tankers that lift Nigeria’s crude on behalf of the IOCs and the Nigerian National Petroleum Corporation (NNPC).
Shortly after he assumed office, he banned 113 vessels from lifting the country’s crude oil but was later to reverse the ban after pressure was mounted by the ship owners and Nigeria’s oil shipments suffered a decline in the global market.
In lifting the ban, Buhari had approved the consideration of all incoming ships subject to a letter guaranteeing that they were free and would not be used for any illegal activity.
The president had also directed a review of activities of all affected vessels to determine their culpability in illegal operations in Nigerian territorial waters.
The legal team, in the suits, stated that there is documentary evidence showing that over 57 million barrels of Nigeria’s crude oil was illegally exported by the oil companies and sold to buyers in the US alone from January 2011 to December 2014.
It went further to submit that the missing revenue due to Nigeria as a direct result of this non-declaration and/or under-declaration of shipments made between 2011 and 2014 to buyers in the US alone is valued at $12,722,600,327.
According to documents filed in court and sighted by THISDAY, at an official exchange rate of N197 to the dollar, the said amount translates to over N2,493,629,664,092.
Exhibits attached to the court processes showed that there were a series of investigations undertaken by a consortium of experts comprising Nigerian and American lawyers as well as technical partners (both foreign and local) engaged by the federal government.
The job of this consortium of experts, according to the documents, included intelligence-based tracking of the global movements of Nigeria hydrocarbons, including crude oil and gas, with the main purpose of identifying the companies engaged in the practice that led to missing revenues from crude oil and gas exports/sales to different parts of the world.
The outcome of the said investigations revealed that the crude oil declared to have been exported from Nigeria between January 2011 and December 2014, was less than what was declared to have been imported into the United States of America, a country that maintains detailed records and has stricter compliance measures.
Before filing the suits against the IOCs, THISDAY gathered that all the crucial data and intelligence reports submitted by the consortium of experts had been shared with the Economic and Financial Crimes Commission (EFCC), which in turn is poised to begin major recoveries from the errant companies for payment to the central bank account.
As at press time, the matter had neither been assigned to a judge nor a reaction received from any of the oil companies.
However, the current move is seen as one being pursued by the Buhari-led administration to curb oil theft, encourage transparency, sanitise the oil and gas industry, and send a strong signal that the days of oil theft are over.

Culled from Thisday

Monday, 7 March 2016

Clinton’s tax hikes on the rich would raise $1.1 trillion over 10 years - By Eric Pianin


Clinton’s Tax Hikes on the Rich Could Raise $1.1 Trillion Over 10 Years
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View photo
Clinton’s Tax Hikes on the Rich Could Raise $1.1 Trillion Over 10 Years
Democratic presidential frontrunner Hillary Rodham Clinton is promoting tax measures that would increase federal revenues by $1.1 trillion over the coming decade, according to a new analysis. Compared to Republican plans, which typically cut taxes, her proposal could help stabilize the nation’s ballooning debt if she also finds a way to reduce existing government spending.
Clinton’s proposals for boosting taxes on high-income earners, modifying taxation of multi-national corporations, doing away with fossil fuel tax incentives and increasing the estate and gift taxes would fall hardest on the top 1 percent of taxpayers, while leaving 95 percent of Americans relatively unscathed, according to an analysis released on Thursday by a joint venture of the Urban Institute and the Brookings Institution.

Clinton’s tax plan, including some leftover ideas from the Obama administration, would almost certainly encounter stiff opposition from the GOP controlled Congress which opposes any tax increases. Moreover, Clinton has advanced a raft of high-priced plans for the middle class – including relieving college tuition costs and expanding healthcare, family leave and energy production – that would more than offset the $1.1 trillion of new revenue over the coming decade.
While Clinton’s tax proposals are still a work in progress and could end up being more costly, the report says there is little doubt that the wealthiest Americans would be hardest hit by soaring marginal tax rates that would “reduce incentives to work, save and invest.” The 40-page report doesn’t venture a guess as to the long-term effect of these tax increases on the overall economy. However, they would almost certainly slow the growth of the Gross Domestic Product if enacted unless Clinton’s ambitious domestic proposals succeeded in generating new jobs and economic activity.
Len Burman, director of the Urban-Brookings Tax Policy Center, told reporters today on a conference call that his organization hasn’t conducted a full macro-economic analysis of Clinton’s plan yet, and probably won’t until later this year after the Clinton campaign unveils other proposals for providing tax relief to middle and lower-income Americans.
“I think a standard macro-economic model would show probably a small reduction in economic output from the rising marginal tax rates,” he said. “The actual effect is a little complicated because it depends not only on how it affects changes to work, savings and investment . . . but it also depends on what the money is spent for.”

Clinton, the former secretary of state and first lady, unveiled her tax proposals on March 3. Among her proposals:
  • A 4 percent surcharge on adjusted gross income above $5 million.
  • A 30 percent effective tax rate on adjusted gross incomes greater than $1 million – the so-called “Buffett Rule” that would guarantee wealthy people pay tax rates at least as high as those of lower-income people.
  • An increase in the estate tax and limiting the tax value of specified deductions and exemptions to 28 percent.
If these and scores of other proposals were approved, taxpayers in the top 1 percent of the income distribution, with annual incomes above $730,000, would see their tax burdens increased by more than $78,000, according to the report. That would amount to a reduction in after-tax income of 5 percent. By contrast, most Americans who earn less than $300,000 a year would see little change in their average after-tax incomes.
According to the study, Clinton’s proposals would increase federal revenue by $1.1 trillion over the first 10 years of the plan and an additional $2.1 trillion over the following decade. The top 1 percent of U.S. households would be obliged to pay more than three quarters of the total tax increase. 
Related: Sanders’ Plan Would Raise Taxes a Staggering $13.6 Trillion over a Decade
The combination of the 4 percent surtax on adjusted income over $5 million and the new 30 percent minimum tax would effectively drive up the average marginal tax rate on all forms of capital income for the wealthiest Americans and discourage investment, according to the report. For instance, the average marginal tax rate on interest income would shoot up by 4 points – from 36.8 percent to 40.7 percent – within the very highest income tier. Meanwhile, the effective marginal tax rate on dividends would rise from 24.0 to 30.3 percent.
Clinton’s tax proposals contrast sharply with those of her Democratic rival, Sen. Bernie Sanders of Vermont, as well as billionaire Donald Trump and the two other remaining major GOP candidates, Sens. Ted Cruz of Texas and Marco Rubio of Florida.
Sanders, the self-described democratic socialist, has advanced a soak-the-rich tax plan that would raise taxes by $13.6 trillion over the coming decade to help pay for his proposals for universal government health care, free college tuition and other measures, according to an analysis by the non-partisan Tax Foundation. Sanders is seeking the largest tax hike in modern times, one that would boost the top marginal income tax rates to 54.2 percent and likely slow the growth of the economy by 9.5 percent in the long-term, according to the analysis. 
On the Republican side, Trump, Cruz and Rubio have all proposed major tax reforms to spur economic growth, but all at enormous potential costs to the Treasury. Trump’s plan, for example, would drain the federal coffers of $9.5 trillion over the first decade and another $15 trillion over the second ten years, according to a separate Tax Policy Center study.
Cruz’s revolutionary idea to switch from the current federal tax code to a simple, European-style “flat tax” would add $8 trillion to the deficit over the coming decade, according to a new study by the Committee for a Responsible Federal Budget. And Rubio’s tax cuts and simplification plan would reduce federal revenues by $6.8 trillion over a decade, according to the Urban-Brookings Tax Policy Center.
“Those are really big deficits,” Burman said today in raising a red flag about many of those proposals. “And I think it’s safe to say . . . if there were not pretty big spending cuts to offset those deficits, the deficits would have a negative effect on the economy. The way that works is, the government borrows more and more money and pushes up interest rates, which actually makes the government’s problems even worse in the ways we didn’t explicitly reflect in our analysis.”
Culled from The Fiscal Times:

Friday, 4 March 2016

Senate: Supreme Court ends hope of Chris Uba, others

nigeria-supreme-court


The Supreme Court in Nigeria on Wednesday dashed the hopes of Anambra strong man, Chief Chris Uba following a ruling that ended controversies over the representation of his state at the national assembly.
The court bluntly refused invitation of the Independent National Electoral Commission, INEC to clarify the controversies over its earlier judgment which many had interpreted had by default, made Chris a senator while his brother, Andy will have to vacate his senatorial seat.
In the earlier judgement, the Supreme Court had declared the faction of Anambra State PDP Executive which conducted the primary elections which led to emergence of Senators Andy Uba and Stella Oduah illegal.
Uche Ekwuenife, the third senator produced in the primary conducted by the faction had earlier being kicked out by Court of Appeal.
In the earlier judgment delivered last month, the Supreme Court had upheld the December, 2014 decision of Justice Chukwu of Federal High Court in which the Chris Uba backed Ejike Oguebego faction was declared the authentic PDP executive for Anambra State.
Analysts had thought that by the judgment, Andy Uba, Stella Oduah and PDP members of House of Representatives, who were products of a primary conducted by another faction of the party, are now to be replaced by those on the list submitted to INEC by the Ejike Oguebego-led Executive Committee of the PDP in Anambra.
The ruling had led to clamour by Chief Chris Uba, the two other senators as well as House of Representatives contenders produced from the primary conducted by the court recognized faction to be sworn in as lawmakers.
They had also mounted pressure on INEC to issue certificates of return to them in tune with their interpretation of the court ruling.
But Andy and Stella Oduah who have been sitting pretty as Senators rejected the interpretation of the judgment to mean that they have lost their seats.
The Senators insisted that the primary which led to their emergence as PDP candidates in the senatorial election was conducted by representatives of National Executive of PDP and not the local executive declared illegal by the court.
With the pressure coming on all sides, INEC decided to approach the Supreme Court to further clarify its judgment as relates to authentic representatives of Anambra State in the National Assembly.
On Wednesday, the apex court in a judgment delivered by Justice Inyang Okoro said the court lacked the jurisdiction to hear the case.
The Judge also said the request by INEC on it to review its earlier judgment was wrong as no such errors existed in the judgment on the matter delivered last month.
Justice Okoro also held that the applicant tried to mislead the court by including fresh issues that were not captured in the judgment sought to be interpreted.
“In that judgment, the court set aside the decision of the lower court and ordered that Chief Ejike Oguebego remained lawful Chairman of the PDP in Anambra pending the determination of the substantive suit.
“We did not elevate Oguebego to National Chairman of the party, let alone deciding whether he reserved the authority to submit list of the candidates to contest the National Assembly from that state.
“We also did not decide or mandate INEC to the candidates to issue certificates of return because that matter was not before us,” Justice Okoro said.
The Judge accused INEC of being pressured by commentaries in the media to file the motion.
“Since the applicant is unable to convince the court on whether it has jurisdiction to hear the motion, it is hereby dismissed.’’
“We have gone through the argument advanced by counsel to parties. And the court cannot be invited to interpret, justify or clarify its own judgment based on issues outside the purview of that judgment.
“This subtle invitation is simply to cause the court to rewrite the judgment, and we cannot do so. This is a court of finality,” Okoro held.
Culled from PM NEWS in Sun

Thursday, 3 March 2016

Saraki Replies Obasanjo, Promises to Cut Waste, Fight Corruption in N’Assembly


Senate President, Dr. Bukola Saraki, has formally replied the letter the former President, Chief Olusegun Obasanjo, wrote to the National Assembly on January 13, accusing the federal lawmakers of corruption, greed, lawlessness and impunity.
In his reply, dated January 29, Saraki, according to Premium Times, responded to Obasanjo’s concern, saying the eighth National Assembly, under his leadership was already taking deliberate steps to strengthen the country’s democratic institutions and ensure prudent management of resources.
“This is to ensure that we plug all leakages and minimise waste across our expenditure systems.”
“Likewise, the eighth National Assembly has made the issue of plugging leakages and cutting wastages in our public expenditure system a major priority that should not be toyed with. This may have happened in the past but it will not happen with us,” he said in the letter.
The former president had in his letter addressed to Saraki and the Speaker of the House of Representatives, Yakubu Dogara, accused the lawmakers of fixing and earning salaries and allowances far above what the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) approved for them.
He also alleged that most of the 109 senators and 369 members of the House of Representatives were receiving constituency allowances without maintaining constituency offices as the laws required of them.
He faulted the plans by the lawmakers to acquire new exotic cars for themselves, saying: “Whatever name it is disguised as, it is unnecessary and insensitive.”
He advised that “a pool of a few cars for each chamber would suffice for any committee chairman or members for any specific duty.”
“The waste that has gone into cars, furniture, housing renovation in the past was mind-boggling and these were veritable sources of waste and corruption.”
“That was why they were abolished. Bringing them back is inimical to the interest of Nigeria and Nigerians,”Obasanjo said.
But in his response, Saraki told the former president that the lawmakers were fully aware of the challenges the nation was facing, saying: “As leaders with a duty, we will not disappoint Nigerians in their yearnings for a more transparent public expenditure system.”
On corruption, Saraki said the National Assembly was working with President Muhammadu Buhari to stem the menace in the country.
According to him, the legislature was already overhauling its oversight functions to make it more effective in exposing corruption in federal ministries, departments and agencies.
“We are hand in glove with the president on this matter and this is why we are overhauling our oversight functions to make it more effective in exposing corruption in the Ministries, Departments and Agencies (MDA).
“We recognise the hard work our anti-corruption agencies are putting into this fight.
“The Senate is resolved to support them to perform their duty effectively by providing them with adequate funding where necessary, as their work is integral to our oversight responsibility.”
Obasanjo had written the National Assembly to amplify widespread concerns that federal lawmakers were insensitive to the economic hardship facing their country, and had continued to live in opulence at taxpayers expense.
As the Senate President’s letter got to Obasanjo, the federal lawmakers were allegedly taking delivery of exotic cars for themselves even when the nation’s monetisation policy forbids them from doing so.
The acquisition of the cars was also done in disregard of the advice of the former president urging the lawmakers to discard the plan.
The National Assembly is yet to make details of its 2016 budget public despite widespread calls on them to emulate the other arms of government – the executive and the judiciary – and do so.

Source: Thisday

Wednesday, 2 March 2016

More Troubles For PDP As Gulak’s Associates Float New Political Party, PMP-By Chibuzo Ukaibe


PDP
The crack within the Peoples Democratic Party (PDP) has widened as associates of the former political adviser to President Goodluck Jonathan, Ahmed Gulak, have formed a new political party, the Peoples Mega Party (PMP).
Members of the group attended the maiden National Executive Committee (NEC) meeting of the PMP in Abuja yesterday and adopted Chief Perry Opara as the protem chairman of the proposed party.
Opara, who led the PDP faction was an aide to Gulak, who recently declared himself national chairman of PDP after getting a court judgement against the then acting national chairman of the party, Prince Uche Secondus.
Opara said: “The major people that are forming the party are majorly former members of the PDP who are disenchanted with the high level of corruption, with the high level of impunity and high-handedness going on in the PDP. They have decided to form something new.
“It does not mean that it is only people from the PDP. We have APGA chairmen from many states of Nigeria identifying with the new party, people from Labour Party (LP) and the Accord Party (AP).
“There are also disenchanted people from the APC that feel that they want a new place and that is what it is. Today marks the birth of this new party.
“We don’t normally mention their names. Nobody has given me mandate to mention his name, so I don’t know what you mean by bigwigs but the party is for all.
Assuring that the party would be registered soon, Opara however explained that the proposed party would not participate in the forth-coming council elections in the Federal Capital Territory (FCT).
The proposed party adopted human picture as its logo while its slogan is: “Forward Nigeria.”

Culled from Leadership

Tuesday, 1 March 2016

Mbeki: How Gen Abacha Betrayed Mandela’s Trust-Olawale Olaleye

Former South African President, Thabo Mbeki
  • Says killing of Saro-Wiwa, others led to a drift in Nigerian, S’African relations

Former South African President, Mr. Thabo Mbeki, monday gave a graphic picture of how Nigeria’s former military head of state, General Sani Abacha, betrayed a solemn undertaking he had with South Africa’s late president, Mr. Nelson Mandela, a development he said led to a drift in the bilateral relations between Nigeria and South Africa.
Mbeki, in a piece posted on his Facebook page, titled: “Propaganda and the Pursuit of Hegemonic Goals – The Myanmar and Zimbabwe Experience”, said the Mandela administration was under intense pressure from the international community to support its proposed sanctions on Abacha’s government over alleged rights abuse, but the former South African leader refused to succumb to the pressure.
The pressure, he claimed, came against the backdrop of expectations by the international community that the post-Apartheid South African government under Mandela should have led the campaign for the respect of human rights especially in Africa, adding that Mandela’s first major test was at the 1995 Commonwealth Heads of Government Meeting (CHOGM), held in Auckland, New Zealand.
But Mandela, he said, refused to yield to pressure initially on the grounds that his government had been in talks with Abacha on the release of the late Ogoni leader Ken Saro-Wiwa and eight other Ogoni detainees; the presumed winner of the 1993 presidential election, the late Chief MKO Abiola, as well as General Olusegun Obasanjo and the late General Shehu Musa Yar’Adua.
Mbeki, who was clearly alluding to the hypocrisy of the international community on human rights protection, said: “President Mandela resisted all this until news filtered in on the very first day of the CHOGM that the Nigerian government had executed Ken Saro-Wiwa and eight of his Ogoni colleagues.
“He then immediately joined others to strongly condemn the Abacha government and approved the suspension of Nigeria from the Commonwealth.”
Narrating the story in detail, especially what the events that forced the former South African leader to have a change of heart, Mbeki said after Mandela had personally visited Nigeria in 1994 and engaged Abacha on the matter of the release of Abiola, he (Mbeki) also led a small delegation a year later as a follow up to Madela’s visit.
According to him, “In July 1995, I led a small delegation of our government to Nigeria to meet General Abacha. This time our focus was on the two matters of persuading General Abacha and his government to release the Ogoni leader, Ken Saro-Wiwa, and his co-accused, as well as to release Generals Olusegun Obasanjo and Shehu Yar’ Adua, who were detained for allegedly having been involved in a planned coup d’etat.
“We met General Abacha at 02.00 hrs at his offices. Having heard us out, he told us that he would reflect on what we had said and would respond to us before we left Nigeria.
“A day or so later, then Chief of Defence Staff and effective deputy to Abacha, Lt.-Gen. Oladipo Diya, invited us to lunch. During this lunch he gave us General Abacha’s response to the issues we had raised.
“This response was that with regard to the matter of Ken Saro-Wiwa and his co-accused, Gen Abacha could not intervene to stop a legal judicial process, which involved murder charges.
“However, if the accused were to be found guilty and sentenced to death, he would use his prerogative as head of state to reprieve the accused so that they would not be executed.
“Gen. Diya also reported that Gen. Abacha had said there was a military tribunal which was considering the matter relating to Generals Obasanjo and Yar’Adua.
“It was necessary that he should allow the tribunal to complete its work. His view was that the tribunal would recommend the release of the two Generals, failing which he would again intervene to release them.
“After asking Gen. Diya to convey our thanks to Gen. Abacha for the commitments he had made, we suggested to him that it would be best that the Nigerian government makes the necessary announcements when the time came, rather than that we should do this.
“Diya agreed to this and said that Gen. Abacha would issue the necessary orders at the appropriate moments.
“Our delegation still had a small challenge to address. We had travelled from South Africa with a journalist. Treated by our Nigerian hosts as a member of our delegation; she was present at the lunch, where Gen. Diya gave us Gen. Abacha’s response.
“She therefore had a real ‘scoop’! Together with her we agreed that if she were to publish what we had been told by Gen. Diya, the likelihood was that not only would the Nigerians deny the story, but this would also inevitably condemn Ken Saro-Wiwa and others and Generals Obasanjo and Yar’Adua to death.
“A principled person, she kept her word not to publish her ‘scoop’, convinced as all of us were that Gen. Abacha had made a commitment to President Mandela and South Africa, which he would honour.
“It was with this knowledge that President Mandela left South Africa to attend the New Zealand CHOGM meeting.”
Mbeki further disclosed that when Saro-Wiwa and others were executed, Mandela was truly surprised and genuinely outraged that Abacha had evidently so easily betrayed his solemn undertaking to him to keep them alive.
“Undoubtedly our government drew its own conclusions from this painful experience with regard to the complexities of the construction of inter-state relations, including as this relates to the effective promotion of human rights,” he said.

Culled from Thisday