Obasanjo warns against plot to hand over to military

Former President Olusegun Obasanjo

FORMER President Olusegun Obasanjo on Tuesday warned against handing over the reins of government to the military.

Obasanjo said the speculation that the government was planning an Interim Government had been substituted by speculations that President Goodluck Jonathan was plotting to hand over to the military. He said that doing so would undermine the integrity of the country.

The ex-President, while hosting Aisha Buhari, wife of the All Progressives Congress presidential candidate, Maj. Gen. Muhammadu Buhari, said, “I do hope we will get things more right. A lot of rumours are flying around; I think we have gone away from the rumour of Interim Government because that is not in our constitution.

“I hope we will soon go away from the rumour of handing over to the military because the military is not meant to run the affairs of a nation in terms of running government.”

Obasanjo, who said that he was happy that the country had gone beyond the Interim Government rumour, added that he hoped the nation would also survive the rumour of handing over to the military.

He said, “The international community will not condone it, particularly the African Union where we have a situation, we have said and it is part and parcel of the constituting Act of the African Union. Any government that is brought about not on the basis of the constitution will not be accepted; will not be tolerated and will not be a member of the AU until that government is dismantled.

“It shouldn’t be. We are the largest country in Africa; we should be a model, setting examples, we shouldn’t be drawing Africa backwards. I hope we will not. I hope at the end of this exercise, we would be where we should be, leading Africa and showing examples for the rest of Africa and indeed the rest of the world.

“We have the goodwill of many people. I watched last night, President (Barack) Obama talking about our constitution; I watched our Brother from Ghana, the current Chairman of ECOWAS talking about our constitution. They are all interested, they all wish us well; should we wish ourselves anything less?”

Recently, the former President had warned the current administration not to plunge this country into chaos by following the footsteps of the former President of Cote d’lvoire, Laurent Gbagbo, who refused to hand over to the winner of the presidential election in his country.

Obasanjo also bemoaned hate campaigns among politicians, advising that they should focus more on what united the country as opposed to what divided the country.

According to him, for anyone who is interested in the future of this country, issues of insecurity, economy and unemployment, among others, should form the focus of political campaigns.

He said, “Unfortunately, issues that should have been the main item of our campaign, they did not. We have serious issues of security, we have serious issue of our economy, we have issue of unemployment, particularly youth unemployment, we have serious issues of infrastructure.

“These are issues among others that I believe campaign of those who are interested in the present and the future of this country should be directed at.

“How are we going to get them and what are we going to do? Not trivial issues of certificate or no certificate, not trivial issues of somebody talking about someone is a Nigerian and not a Nigerian.

“I said it, this is what they had in Cote d’Ivoire and led them into almost a very serious problem, not issue of religion, not issue of tribe, not issue of section but issues of unity of this country and the hate campaigns that we have embarked upon now, I hope this will be the last time in the history of this country that we will have this type of campaign of hatred or division.”

Obasanjo commended Buhari’s wife, stressing that women had a role to play in politics and enthronement of good governance.

Trader murders customer over N10 cigarette

The police in Lagos have arrested a 42-year-old man, Alli Mustapha, for allegedly killing one of his customers, Idowu Maliki, in the Ikotun area of Lagos State.

PUNCH Metro learnt that Mustapha had a shop at Imope Compound in Ikotun, where he sold petty goods to people in the community.

The Niger State indigene was alleged to have sold a stick of cigarette to the deceased on Saturday, March 7, which the latter refused to pay for.

Our correspondent learnt that when the victim returned to the shop some minutes later, an argument ensued between him and the suspect.

In the ensuing scuffle, our correspondent learnt that Mustapha hit Maliki’s head with a long stick and he slumped.

Efforts to revive him failed as he was later confirmed dead at the Igando General Hospital.

In his statement to the police, Mustapaha admitted to committing the crime, adding that the deceased had first hit him.

He said, “I don’t know the man’s name, but he comes to my place to buy things. On the fateful day, he came to buy a stick of cigarette. He did not pay for it.

“He returned few minutes later and wanted to enter my shop. I refused to allow him. But as I tried to stop him, he took a stool and hit me with it.

“Then he started looking around for other things to hit me and that was when I quickly grabbed a long stick which I usually kept in my shop to protect myself, and hit his head with it.”

It was learnt that the victim was first rushed to a private hospital, but was rejected before being taken to the Igando General Hospital.

Don’t demand fees in dollars, CBN warns schools, landlords

CBN Governor, Mr. Godwin Emefiele

The Central Bank of Nigeria on Tuesday warned schools, landlords and other business enterprises against demanding foreign currencies for the settlement of transactions carried out within the country.

The CBN Governor, Mr. Godwin Emefiele, gave the warning while briefing journalists shortly after the end of the two-day Monetary Policy Committee meeting, which was held at the central bank’s headquarters in Abuja.

Emefile said the official currency of the country remained the naira and warned that the central bank would no longer tolerate what he described as the “dollarization” of the economy.

The CBN governor said if the development remained unchanged, the bank would be forced to go after such organisations that were in the habit of demanding foreign currencies for the settlement of transactions.

He said the bank had identified the practice as one of the reasons for the high pressure on the naira.

Emefiele said, “There is a need for us to continue to imbibe fiscal discipline as much as we will see whatever can be done to build the Excess Crude Account; but from our side at the CBN, we are going to be taking certain actions that will nip some of the demands that are not useful in the bud.

“You have heard the incidence of partial dollarization of the economy. We will take actions to prevent that; the currency for doing business in Nigeria remains the naira and we will be looking at areas where people are making demands for foreign currencies.

“People who are landlords that are asking for rents in dollars; schools are asking for school fees in dollars or transacting business in dollars.

“This is illegal in Nigeria and we will like to advise those who are involved in this practice to desist from it because the CBN will in due course come after them.”

When asked what the outlook for the naira would be within the next few months, the governor said some of the recent measures taken by the CBN would help to reduce the pressures on the nation’s currency.

Some of the measures, according to him, are the improvement in supply of foreign exchange, deepening of the market and cutting what he described as ineffective demand.

Emefiele expressed optimism that after the elections, confidence in the naira would improve and the economy would move in an upward direction.

He said, “The exchange rate in the bureau de change market is going for N220 but I will like to say that this is a shallow market compared to the interbank market in terms of percentage in the foreign exchange market; it is, in my view, very insignificant and that market deals mainly in transactions that are not documented, and for that reason, we will not be looking at the outlook for the naira by looking at the BDC rate.

“But if you look at the outlook based on the interbank, which is on the average of N198, I believe that given the pressures that we have seen in the market as a result of the drop in crude oil prices and the pressures that have come with it, that adjusting the currency at the level it is now is okay and it is still sufficiently appropriate.

“But a number of measures have been taken in terms on improving supply, deepening the market and looking at areas where demand pressures can be cut and demand inefficiencies can be cut.

“I am sure that in due course, the central bank will begin to take actions that will look at areas where people make demands that are not effective, demands that we think are not useful for the economy.

“We will try as much as possible to control these to ensure that we look at the interplay between demand and supply, and what we will start to see is effective appreciation of the currency.”

On the removal of the country from the JP Morgan index, Emefiele said the central bank was doing all within its power to remain on the index.

He said the bank had begun taking steps to address all the issues raised by JP Morgan for the country to be re-admitted onto the index.

The CBN governor said, “We are committed to remaining on the JP Morgan index. The JP Morgan index has already told us what we have to do and that is that we need to deepen the market, increase the level of transparency and liquidity in the market.

“We do not have to meet or talk with them once we have met the criteria they want us to meet. We have done a lot and there is a lot of liquidity that has been injected, and we believe the market is sufficiently deep today to the extent that all the demands are effective.”

Emefiele also denied insinuations that the central bank was giving priority to foreign investors in the sale of foreign exchange, noting that it was only selling through intervention on a daily basis to people who had legitimate demands.

He said, “There is nothing like prioritising sale to foreign investors. The CBN sells foreign exchange through intervention on a daily basis or as it deems fit to sell foreign exchange to people who have effective demand.

“What we have done consistently is to make sure that for the foreign investors, we have made a promise to them that it is a free entry and exit, and that whenever they do decide to come in to invest in Nigeria and whenever they decide that they want to go out of the market, they should have unhindered access to get foreign exchange to exit.”

On the key monetary policy indicators, the governor said these were left unchanged owing to the fact that the previous decisions needed time for their effects to fully permeate into the economy.

Consequently, he said all the 11 members of the committee voted unanimously to retain the Monetary Policy Rate at 13 per cent; Cash Reserve Requirement on private sector deposits at 20 per cent; CRR on public sector deposits at 75 per cent; and the liquidity ratio at 30 per cent.

Asked what the interest rate outlook would be for the short to medium-term, the governor said, “The stance for now remains very tight and we will continue to monitor liquidity in the system, particularly during this election season, and in the course of time.

“The CBN will be taking certain actions and we don’t know what it is because of the size of the liquidity, depending on what people use liquidity for, whether they use it to target the real sector of the economy or whether they use it to carry out what I call the unholy attitude of attacking the currency.”

Anxiety as judge adjourns suit to stop Buhari till today

Maj.-Gen. Muhammadu Buhari (retd)
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There was anxiety in the camp of the All Progressives Congress on Tuesday as a Federal High Court in Abuja fixed Wednesday (today) for further proceedings in one of the suits challenging the eligibility of the presidential candidate of the All Progressives Congress, Maj. Gen. Muhammadu Buhari(retd.), to contest in Saturday’s presidential election.

Justice Adeniyi Ademola is to rule on fresh applications by intended parties seeking to join the suits as defendants.

The judge fixed Wednesday (today) for the ruling after hearing the intended parties’ applications on Tuesday.

Those whose applications for joining the suit as defendants were heard on Tuesday are Ebun-Olu Adegboruwa, Chukwuma Ochu, Sunusi Musa, Ahmed Maitarki and the Fiscal and Civil Rights Enlightenment Foundation.

The suit was filed on January 26, 2015 by a lawyer, Chukwunweike Okafor, asking the court to declare Buhari ineligible to contest the presidential election slated for Saturday over his (Buhari’s) alleged failure to submit his school certificate along with his Form CF001 to INEC.

The Plaintiff’s counsel, Chief Mike Ozekhome (SAN), had in his objection to the applications of the intended defendants, described the applicants as interlopers.

The existing defendants in the suit are the Independent National Electoral Commission, Buhari and the APC.

Earlier on Tuesday, the judge ruled that he would hear both the main suit and Buhari’s preliminary applications challenging the court’s jurisdiction together.

The plaintiff, through his counsel, Ozekhome, insisted that both the main suit and the preliminary applications should be heard together.

But Buhari and the APC had urged the court to hear and determine their preliminary applications which bordered on the court’s jurisdiction first before entertaining the main suit.

The court agreed with the plaintiff and ruled that he would entertain the preliminary applications and the main suit together.

But when the suit will be heard depends on the outcome of the court’s ruling on the applications of intended parties in the suit.

Buhari and the APC had challenged the mode of service of the plaintiff’s originating summons on them, insisting that the issue bordered on the jurisdiction of the court.

Chief Wole Olanipekun (SAN), who is representing Buhari and Lateef Fagbemi (SAN), counsel for the APC, had while opposing the plaintiff’s prayer to quickly hear the suit, argued that there was no law stipulating that pre-election cases must be heard before the conduct of the elections.

There are about 10 suits instituted against Buhari’s eligibility to participate in the presidential election.

The plaintiff argued that failure of Buhari to submit his school certificate   to INEC contravened provisions of sections 131 and 318 of the 1999 Constitution and section 31(3) of the Electoral Act, 2010.

APC warns against disqualifying Buhari

Before the court’s sitting, the APC warned against any orchestrated and last-minute disqualification of   Buhari in order to pave the way for an easy victory for President Goodluck Jonathan of the Peoples Democratic Party.

The APC, through a statement by its National Publicity Secretary, Lai Mohammed,   also cautioned against another postponement of the elections.

It said, ‘If it is true, as it is being widely speculated across the country, that the Jonathan administration has procured a judgment to disqualify the APC presidential candidate on Wednesday(today), when the Federal High Court in Abuja is expected to rule on the issue, then it portends a great danger for the nation.”

The party said in addition to other reasons, the six-week postponement of the elections might have been used by those who never wanted the polls to hold   to shop for such a “satanic judgment.”

The statement partly read, ‘’Anyone who will disqualify a presidential candidate on the eve of an election can only have one and only one purpose for that: to trigger chaos and pandemonium across the country.

“Perhaps, this is the reason for the deployment of troops across the country to crack down on possible protests and create confusion.

‘’Then, those who orchestrated the disqualification will simply use what they expect to be angry reactions nationwide as an excuse to postpone the elections again, thus triggering a constitutional crisis, the end of which no one can predict.

‘’This is why we are hoping that good reason will prevail and nothing will be done, deliberately, to plunge Nigeria into crisis by the same people who have always been quick to say their political ambition is not worth the blood of any Nigerian.’’

When contacted, the Deputy National Publicity Secretary of the PDP,   Abdullahi Jalo, said, “By now, Nigerians have become accustomed to the antics of the opposition. I don’t think anybody takes them seriously any more.”

Emenike faces ban for walking off pitch

Emmanuel Emenike

Fenerbahçe forward Emmanuel Emenike faces disciplinary action in the Turkish league following his indecent reaction in the derby against Beşiktaş at the Şükrü Saracoğlu Stadium on Sunday.

The Nigeria international tore off his shirt in anger and ran off the pitch, demanding to be substituted in the first half, after his fans booed him for missing a ‘simple’ chance to put the hosts ahead.

It took the intervention of Fenerbahçe manager Ismail Kartal and his technical staff to stop Emenike from walking down the tunnel. Kartal eventually managed to convince him to put his shirt back on and return to the game.

A former referee in Turkey Ahmet Çakar said Emenike deserved punishment for leaving the pitch and re-entering without permission. He said it was a technical error not to have booked the player, and that the action could mean a replay of the derby.

“These incidents are not even open to interpretation, they are all bookable offences, the first thing they teach amateur referees are the rules of the game,” Turkish Football quoted Çakar as saying on Beyaz Tv.

“This was not a refereeing error, it was a technical error and that could result in the match being replayed.”

The 28-year-old has only scored four league goals for The Yellow Canaries this season, but Kartal revealed he prayed for the Nigerian to score and break his poor run of form in the derby.

“I prayed for Emenike to score and win over the fans again,” Kartal told Lig Tv. “The fans need to be more patient and understanding, he cannot change around his fortunes with everyone getting on his back.”

Fenerbahçe eventually won the game courtesy of a 90th minute goal from Mousa Sow, but not before Kartal had substituted Emenike at the start of the second half.

The manager also gave Emenike a two-day leave to be spent in Nigeria during the international break.

Corporate group endorses Jonathan

President Goodluck Jonathan

A Non-Governmental Organisation, the Nigerian Corporate Forum, has expressed confidence in President Goodluck Jonathan to do more if re-elected on Saturday.

The group, therefore, urged members of the corporate world to vote massively for Jonathan on March 28.

The group stated its position during a press conference in Lagos on Monday.

The Chairman of the forum, Otunba Funsho Lawal, said Jonathan had done well in the areas of education, agriculture, infrastructure and the economy as a whole.

Lawal, who is also the Chairman of the Corporate Affairs Commission, said he and many other captains of industry would vote for Jonathan because his government had created an atmosphere for private business to thrive.

He said, “It is noteworthy to mention here that the private sector has flourished and benefitted immensely from the business-friendly programmes of the Jonathan administration. Today, the Nigerian economy, with an average growth rate of 6.2 per cent per annum, is the largest economy in Africa – thanks to Jonathan’s administration.

“We, the corporate forum, therefore, resolve to encourage this administration to do more in order to consolidate on the gains already made to take this country to greater heights. Finally, the corporate forum on March 23, 2015, hereby endorses President Goodluck Jonathan for another term of four years.”

Director of the group, Mr. Francis Kudaya, said apart from the economy, Jonathan had made several achievements which had impacted directly on the life of the common man.

He said, “There have been financial sector reforms, pension reforms, Local Content Act, job creation reforms and manufacturing reforms. There have also been aviation sector reforms, maritime sector reforms, railway reforms, human capital reforms, education reforms and power reforms. Even though we have not seen the full impact of the (power) reform, we will soon begin to see power become much more stable.

“There have been trade and industry reforms, solid minerals reforms, health sector reforms, Freedom of Information Act. He is the first President to successfully convene the National Conference and this is what many previous presidents never had the courage to do although it is still subject to ratification by the National Assembly but we feel confident that most of the resolutions will be passed.”

The Director-General of the Nigerian Institute of International Affairs, Prof. Bola Akinterinwa, commended the group for encouraging Nigerians to vote.

He said those in the corporate world – who are educated – should see it as a duty to educate the masses and guide them on who to vote for so as not to be led astray.

Development bank begins operation with N300bn

CBN Governor, Mr. Godwin Emefiele

President Goodluck Jonathan on Monday formally inaugurated the Development Bank of Nigeria with a capital base of $1.5bn (about N300bn).

The bank is being supported by development partners such as the African Development Bank, World Bank, Agence Francaise de Development, and KFW Entwicklungsbank of Germany

The development bank, according to the President, will support medium to long-term lending to Micro, Small and Medium-scale Enterprises, with duration of up to 10 years and a moratorium period of up to 18 months.

The moratorium period is to enable the MSMEs a grace period before they will start repaying the loans.

Going by the projection of the Federal Government, the capital base of $1.5bn (about N300bn) is expected to increase to $5bn (about N1tn) in the medium-term and to N2tn within the next 10 years.

Within the first five years of operation of the bank, about 200,000 new loans are expected to be disbursed to MSMEs.

With each MSME creating an average of five new jobs, the government is projecting that the bank will assist in creating one million direct jobs.

The DBN, in collaboration with the development partners, is also expected to provide business training for over one million MSME operators in order to make their businesses more attractive for commercial bank lending.

The President used the opportunity of the bank’s inauguration to unveil a document entitled: ‘Jonathan’s next four years: My vision for a Nigeria that works for all’.

The document, he said, contained his plan to build on the platform his administration had laid in the last four years to deliver growth, prosperity, peace and justice for all.

Jonathan described the occasion as a milestone in his administration’s efforts to empower MSMEs, which according to him, are the backbone of the Nigerian economy.

He described those operating small scale businesses as true reflections of the country’s strong enterprise.

The Minister of Finance, Dr. Ngozi Okonjo-Iweala, explained that the establishment of the bank would guarantee a robust financing for MSMEs.

She said that about 20,000 beneficiaries would be offered loans in the first one year of the bank’s operation.

Okonjo-Iweala said, “I share in the President’s belief that the most valuable change we can make as a government is ensuring that we break this jinx so that small businesses can actually have a full-fledged institution that will provide this access.

“Not just access, but access in a manner that does not stifle them, but instead grows them; access that gives them space to afford a decent life, while nursing their businesses; access in a manner that will not take substantial portions of their profits away from them; access to the sort of finance that empowers them and their communities.

“Simply put, access to credit means financial inclusion; financial inclusion helps convert people’s dreams to reality. This is the reason why we are here today, this is the reason why the President is also here to launch the flagship bank that gives all Nigerians a chance not only to dream, but to also see that the dream becomes a reality.”

The Minister of Industry, Trade and Investment, Mr. Olusegun Aganga, said in the last four years, over N400bn loans had been disbursed by the Bank of Industry to businesses in the country.

The Vice President, AfDB, Solomon Asamoah, who spoke on behalf of donor agencies, said the new bank would help address funding gaps for Nigerian MSMEs.

The Governor, Central Bank of Nigeria, Mr. Godwin Emefiele, said the bank would support the DBN to channel funds to the MSME sector.