13052019 - NSITF: Kokori, Labour tackle Presidency

More documents

Recommendations

Info

30 — Vanguard, MONDAY, MAY 13, 2019 (08052201997) IN April 2019, CBN made good it’s over a year old promise, to <strong>tackle</strong> the acute shortage of lower Naira denominations by flooding the market with fresh supplies of N50, N20, N10, N5 Polymer denominations, to facilitate settlements and restrain compelled higher off-the-shelf prices in millions of retail outlets, nationwide. It is not clear, if the N100 paper denomination, which is alleged to bear an offensive religious symbol, was included in the fresh currency profile. However, according to Priscilla Eleje, CBN Director, Currency Operations, who spoke at a sensitization programme in Abuja in February 2018, “all you need to do is to take your higher denomination currencies to your (Market Association/bank) and exchange with mint fresh lower denomination polymer equivalent.” It is remarkable, however, that polymer, which has a modest lifespan of about 2 years is preferred to traditional lower denomination hard wearing coins with over 30 years lifespan. The article “Redenomination of Ghana’s Currency”, (see www.lesleba.com and www.betternigerianow.com), which was first published, on 15/01/2007, discussed the imminent redenomination and promise of a successful return of primary coins (pesewa) in Ghana. The Ghana pesewa is counterpart to Nigeria’s kobo and one pesewa at inauguration in 2007, was about US$0.12 cents. Thus, one new Ghana cedi GH¢1 (i.e. 100 pesewa=$1.2 or N192, when $1=N160). Thus, while a Nigerian may forego change of N1, his Ghanaian counterpart would be reluctant to forego one cedi change because of its over 160 times higher purchasing power than Naira! Nonetheless, Nigeria’s Central Bank, erudite Governor, obviously failed to recog- Polymer Currency: Waste, Deceit & Commonsense FINANCIAL VANGUARD nize this commonsense observation with regard to currency value and proceeded in 2006 to release the almighty N1000 note (less than $8 at the time) and also released new 50k, N1 and N2 coins, because the existing note forms of these denominations were cumbersome unhygienic and unsightly, and were generally rejected by even lowly beggars on our streets! However CBN, in its ‘wisdom’ ignored this reality that the existing 50k, N1 and N2 paper notes were not rejected on grounds of material of construction, but as a result of their negligible purchasing value! Instead, our Professor ascribed rejection to the material of construction and therefore speedily embarked on production of coins for clearly valueless currency denominations! That decision must have been motivated by other factors other than related professional knowledge! Not yet done, and as if to force commonsense out of nonsense, Soludo directed that all banks must accept at least two per cent coin component for every batch of currency supplied from CBN! Furthermore, in addition to actual production cost, in an action akin to throwing good money after bad money. CBN recklessly spent over N10bn of tax payer’s money on massive enlightenment and media campaign for the public to embrace the worthless coins! In another article on 26/02/ 2007 titled “Hurray! The Coins are Back, But…” this column noted that “the economic wisdom in coin production is in their long lifespan (as coins can last over 50 years)… and that initial production cost can therefore be profitably amortized over its lifespan, if coins retain their purchasing power and remain in use”. Regrettably, however, less than three years after, CBN Governor has since admitted that the introduction of coins was misguided; consequently coin denominations were withdrawn and offered for sale, at a heavily discounted price! Oh my country! In October 2009, as if in demonstration that Coin denominations are exceedingly more cost effective, because they can last upto 50 years despite any rough handling or harsh climate CBN had not learnt its lesson with regard to profligacy with public funds, N5, N10 and N50 denominations which were earlier released as new paper note issues, were again re-released, this time, with much more expensive polymer material, which has barely 3 years lifespan. Meanwhile, inexplicably, the advantages of cost-effectiveness and currency security which were touted as the object of billions of naira expenditure on refurbishing CBN controlled “Nigeria Mint and Security Co.” were jettisoned. The promise that the new mint could supply over 80 per cent of Nigeria’s currency issues (with the exception of the then newly introduced and very expensive N20 polymer note) became an empty boast! The introduction of imported N5, N10, N50 polymer notes, in October 2009, to complement the existing N20 note of same fabric, probably now means that, CBN’s newly refurbished mint will produce far below installed or efficient capacity! Again, what waste! Worse still, some Nigerians will invariably, lose their jobs to a security printing company in Australia! Incidentally, (see Punch editorial 8/10/2009) Securrency, the Australian beneficiary printing company for polymer notes was lately accused of bribing, the proxy of some top Nigerian government officials, with over US$6m to win Nigeria’s 2006 polymer printing contract! It is not clear whether the new polymer notes of N5, N10 and N50 were part of the 2009 contract or if the alleged bribe relates only to the first batch of N20 polymer notes released in 2006! The superiority of polymer notes is canvassed, in ongoing CBN adverts, as being userfriendly; they look better and remain crisp over a long period; and that they do not stain, rumple or tear easily. Furthermore, CBN also claims that polymer notes will save the nation huge sums of money used for reprinting. What, the adverts do not say, however, is that coin denominations are exceedingly more cost effective, because they can last upto 50 years despite any rough handling or harsh climate. However, the Nigerian public, as noted in our article “The Putrid Mess Also in CBN – 1-3” of 28/09/08, (see www.lesleba.com and www.betternigerianow.com), recognize that polymer notes fade and peel easily, especially when they are wet or folded or expose to heat. But much more importantly, polymer note denominations, will also fail because of their insignificant purchasing power! I recall that eight months after this column’s admonition to CBN to emulate our Ghanaian brothers in an article titled “Redenomination of Ghana’s Currency” - 15/1/2007, Soludo emerged with his Strategic Agenda for the Naira in August 2007. The Professor’s agenda also included redenomination, which once again entailed the production of another fresh set of currencies!! Indeed, Our eminent Professor displayed incredible courage in floating this kite, especially in view of the fact that he had, in the same year (2007), produced and lavishly promoted note and coin denominations, with a structure which went against the grain of wisdom with regard to value being essential to currency acceptability; notwithstanding, Soludo subsequently, issued the N1000 note and also changed the design of all other note and coin denominations, at oppressive public expense. It will be a big tragedy if current CBN Governor, Lamido Sanusi, also hopes that Nigerians won’t notice this inexplicable folly! Truth is, the Economy needs coins (including one kobo) with value! Shikena! POSTSCRIPT 2019: The N1000 is regrettably, now less than $3, even when it was over $8 in 2007! ECONOMY Paga partners security agencies to enhance mobile payment By Esther Onyegbula Paga, a licensed mobile payment operator has commenced partnership with security agencies to enhance security of mobile payments in the country. To this end the company organised a security conference to intimate security agencies about operations of mobile payments. Tagged, “Security Organisations: What you need to know about mobile money and payment in Nigeria”, the workshop is part of Paga’s initiatives to boost financial inclusion in the country. Speaking at the workshop, Co- Founder and Director of Business Development, Paga, Mr. Jay Albraba stated that the country needs clear perspective on financial payment processes. “At Paga, we constantly seek opportunities to learn and understand how payments are processed and other extraneous variables that could hinder a successful transaction. “This security conference which will be held annually is a great opportunity for both Paga and security agencies to rub minds together and have a smooth working relationship. As a team, we are looking forward to this”. Commenting on its benefit to businesses, President, Association of Mobile Money Agents of Nigeria, AMMAN, Victor Olojo, explained that, “The security forum put together by Pagatech is a major step in the right direction. Paga as a responsible company has taken the lead in sensitising security operatives and other stakeholders on how the payment system works in Nigeria. “More encouraging for us as an association, is that the measures taken will go a long way in correcting the many instances of harassment, intimidation and detaining of agents across the country over irregular payment issues beyond our control.” Also speaking at the workshop, the Assistant Superintendent of Police, Akinwande Ogundana, said: “This workshop is expository, informative and educative. It makes me understand more about the importance of mobile money operators’ in moving forward the economy of a nation like ours. The mobile money operators also enhance ease of doing business in the country and it made me to realize that there must be a good synergy between the operators and security agencies to enhance the safety of all Nigerians and foreigners in their businesses”.
Vanguard, MONDAY, MAY 13, 2019—31 Send Opinions & Letters to: opinions1234@yahoo.com Nigerian leaders sowed the wind IN my first year at the University of Ife (now OAU) a ‘National Sailing’ by a secret confraternity was scheduled for the campus. On the eve, the local branch held a procession at midnight. The procession stopped an ambulance conveying a student to the hospital asking it to switch off its lights. Tragically, the student later died. A mourning student populace was enraged when news filtered that the confraternity had stopped the ambulance, even though it was for a few seconds. The Students Union immediately banned not only the national convention of the fraternity, but all such groups on campus. In those days, the Union’s decision, was law amongst students. To further placate the student populace, the university authorities instituted a probe and meted out disciplinary actions on identified members of the confraternity. Such were the powers of the union, that the Alhaji Shehu Shagari administration, though elected, thought it was better to subvert independent student unionism in the country. It bribed student renegades; some with brand new cars. It also tried to stop the 1980 emergence of a unified national student body: the National Association of Nigerian Students, NANS, which covered students in all tertiary institutions. Partly to achieve this, the administration sponsored the establishment of a sectarian body, the Nigerian Universities Students’ Association, NUSA, but it was a still birth. When NANS was eventually established, the government, within three months, expelled its leadership under Tanimu Kurfi from the Bayero University, Kano, and tried to impose an illegal “steering committee”. This failed. That same period, the Shehu Shagari government expelled 13 student leaders at the University of Nigeria, Nsukka and student leaders at the Polytechnics in Akure and Bauchi, Kwara College of Technology and the Schools of Basic/ Preliminary Studies in Keffi and Makurdi. It also suspended the student unions in Ibadan and Kaduna polytechnics and the College of Education, Ilesa. But those were not the most dastardly acts of that government in its efforts to destroy independent student unionism. That 1981, at the Ahmadu Bello University, ABU, it expelled 30 student leaders and rusticated 165 others. The government then turned to the University of Ife where it killed seven students during a protest on June 7, 1981. Its follow-up attempt to use the Justice Salihu Moddibo Alfa Belgore Tribunal Report to flush out student leaders was firmly and successfully resisted by the student populace and lecturers led by Dr. Biodun Jeyifo, the then National President of the Academic Staff Union of Universities, ASUU. The Shagari administration also tried to repress freedom of speech by banning and occupying the premises of a number of newspapers. However, the Shagari adminstration was a ‘saint’ compared to the succeeding military regimes under Generals Muhammadu Buhari, Ibrahim Babangida and Sani Abacha. The Buhari regime was a cyclone which smashed through national institutions, including the judiciary and the media. In the case of the Increasingly, elections are being settled not by votes, but bullets; in election after election, the country is drowned in rivers of blood press, it enacted Decree 4 of 1984 which made reporting falsehood and the truth, punishable offences. It enacted Decree 2 of 1984 under which Nigerians were detained without trial. It turned to smashing the campuses; it introduced school fees, abolished the Cafeteria System which subsidised food for students on campuses, and accused lecturers of inciting students against its dictatorship. When students staged a national protest against its draconian policies, the Buhari regime not only went out to smash the protests, but also kidnapped the then NANS President, Lanre Arogundade, at the post office in Ile-Ife. All these were concerted attempts to destroy independent student unionism and consciously or unconsciously make way for the emergence of cultists who would not be loyal to students, but take directives from the regime. But it was the Babangida regime that consciously destroyed the Student Movement; expelling as many student leaders as it could lay hands on, and most infamously, promoting cultists to seize student unions across the country. In 1986, it killed “only” four students of ABU during a protest, and when the NANS called a national protest over this, it shut down many tertiary institutions and banned student unionism across the country. The Babangida regime also in June 1986, occupied the Nigeria <strong>Labour</strong> Congress, NLC, premises because labour decided to stage a solidarity protest for the students, and detained a number of Congress leaders. The detention of labour leaders was repeated in December 1987 before the regime banned the NLC in February 1988. In its attempts to finally smash independent student unionism, the regime established two Tribunals of Inquiry, one led by retired Major General Emmanuel Abisoye and the second by Justice Mustapha Akanbi. Perhaps the most devious move by that regime was the establishment, by its security services, of Student Peace Councils or Peace Committees to impose ‘peace’ on campuses. This included the sponsorship of cultists and sleeper agents to infiltrate the student unions, take them over or sabotage them. The arrow head of these councils was based in the University of Ibadan, and it was there an epic battle ensued in which the student populace took him on, flushed him from the campus and burnt his room. However, it was in the University of Benin that the most vicious battles between students and the Babangida regime were fought. They were so bloody that the regime issued a directive to the police and security forces to “shoot students at sight”. Lecturers like then ASUU President, Dr. Festus Iyayi and Professor Itse Sagay were not even given quit notices: thugs simply invaded their homes, broke the doors, threw out their families and replaced the doors. By 1999 when civil administration was restored in the country, cultists, thugs and security agents had taken over some student unions. Things degenerated so much that when a NANS Convention was held in Abuja, matters were settled with guns, and genuine student leaders loyal to the Student Movement, were overcome. Cultists, security agents, traders and street toughies have taken over some student unions to the extent that a few years ago, when I was invited to speak with a cross section of student leaders, I discovered that the NANS President was not a student! Many of the student leaders knew and whispered it but none was bold enough to table it. Now, this later generation of student leaders have graduated into political leadership in the country holding executive and legislative positions. Increasingly, elections are being settled not by votes, but bullets; in election after election, the country is drowned in rivers of blood, especially in Rivers State. Youths are said to be ‘the leaders of tomorrow.’ The youths produced by our leaders yesterday, are taking over today . Prophet Hosea might have had Nigerian leaders in mind when he proclaimed in Hosea 8:7 “For they sow the wind, and they shall reap the whirlwind”. Okorocha, Owerri spirit and contemporary lessons By Collins Obibi FOR the governor of Imo State, Owelle Rochas Okorocha, it is the month of May, time to hand over to another. Indeed whatever has a beginning will definitely end someday. In the past few years of his administration this season looked too far, but it is here already. Even if his tenure is extended by another four or eight years through his son-in-law proxy which he attempted to foist on the state, it will still end someday. But that is good history, hence it is easy to see where his disputation of the recent election of Chief Emeka Ihedioha as governor of the state is headed. But what is the hullabaloo in Imo about this particular hand over? The answer is simple: Okorocha warmed himself into the heart of Imo people by courting the church, the traditional institution and the ordinary man on the street. He was seen as a lover of education, Imo’s pride, and began a scheme which reduced the burden of education on some indigent families. At a point he sought nomination for some of the children through the churches. With this he was then able to defeat an incumbent governor to enter the Douglas House seat of government which he so treasures. Today, go back to these constituencies and ask for an appraisal of Okorocha’s tenure and get the answer you seek. By his acts, he has, even if unwittingly, strengthened the hand of Ihedioha who will be sworn in on May 29. Ihedioha’s election is simply put, a call to duty for Imo people. His role is basically to utilize the free-flowing goodwill of the people at home and in the Diaspora and make them own the government and achieve the development they need. Okorocha’s story is like that of a child who ate fat and decided to challenge the gods. Indeed he challenged the gods, for instance the hurricane Owerri spirit that cut stubborn politicians to size. The Owerri spirit is more or less the Imo spirit. It was the same spirit that installed Okorocha after humiliating his predecessor. For want of a better definition, I stick to the one I made a few years ago: “The Owerri spirit is the spirit of justice, fair play and integrity. It is conscientious and defends human dignity with passion. It has enormous capacity to mobilise all classes of people to fight its cause. It can be enduring and long suffering, but it can also move spontaneously and in such a case with great venom. It moves sparingly, in fact, only when provoked, but as a virile and potent force when it moves it teaches the target hard lessons. It is a force that has cut short the career of many politicians in the state.” Any surprise, therefore, as to the turn of events today? First, Okorocha has been running a one man show and has reduced government to a family affair. He repudiated his entry slogan of “my people my people” soon after winning the election, and adopted a new one: “my family my family,” in government patronage. He humiliated the first deputy governor, Chief Jude Agbaso out of office, and has been hounding the current deputy, Eze Madumere. Considering Madumere’s sacrificial contributions towards his election which all attest to, Okorocha is seen as an ingrate. Public servants have had a taste of his bitter pill through cutting and non-payment of salaries and sidelining. He made retirement a nightmare for senior citizens and superintended a scheme that robbed them of their entitlements. Discountenancing the sensitivity of the people he lavished public funds in erecting statues of individuals in the state capital, many of whom are corrupt African heads of state some of whom he hosted to state banquets. The akpuola gi akpuo phrase will live with Imo much longer after Okorocha, just as ohashierism which makes its nonadherent to end up in Iberiberism. Good lexicon from Imo. Again, Okorocha did the two terms allowed by the Constitution and wanted to forcefully install his son-in-law as successor, an indirect way of extending his tenure, notwithstanding that he is from Orlu Zone that has held the governorship position for 16 of the 20 years lifespan of the current democratic dispensation. If it was by consensus as was the case when he came in eight years ago, it would not have mattered. But by forcefully pursuing it and disparaging the people’s call for equity, justice, fairness, mutual co-existence, peace and harmony, he stirred the hornet’s nest. Imo sons and daughters grouse with him is indeed a catalogue. Banking on the fact that in this second term, his party, the All Progressive Congress, APC, won elections in the state and at the federal level he converted to an ‘Emperor’ whose words are law and sacrosanct. Doing so in a state like Imo would definitely yield unpalatable results. His quest for a Senate seat, just in a Okorocha’s story is like that of a child who ate fat and decided to challenge the gods third of the state is even herculean. Without prejudice to the exploits of lawyers at the election tribunal and the Independent National Electoral Commission final decision on the matter, what is already in the public domain is that the returning officer in his zone was held ‘hostage for two and half days’ and he announced the senatorial election result under 'duress’. However there are some pluses of his eight year tenure. For instance, the concept of broad roads. He has shown that it is indeed possible to dualise link roads to all the senatorial zones in the state and have broad network of roads particularly in the state capital. There are also testimonial buildings and structures too. Even if credit is not found in the quality of the structures, particularly the roads, the concept is commendable. Okorocha will not easily be forgotten in Imo. He will be remembered, quoting his own words at the recent birthday celebration of Chief Emmanuel Iwuanyanwu, for “the good, the bad and the ugly”. For Ihedioha, the starting point is taking a decision on style - either to be humble and humane or be proud on the seat. He has living witnesses in his predecessors. Compare Chief Achike Udenwa with his successors. The position of governor is already exalted as the number one citizen of the state who holds the yam and the knife. No need to push it further. Two, times are hard and the governor and his aides should not be seen to be living in affluence while the people are suffering. No matter the projects embarked on, if salaries and pensions are not being paid, that government has failed. Salaries have better spread among the citizens and impact more than any project. Non-payment of salaries is bad public relations for any government as the news reverberates at home and to all Diaspora relations who care about the well being of their parents and other relations at home. The concept of governance as erecting of gigantic buildings and edifices at the expense of people’s welfare is faulty. Ability to identify and embark on policies, programmes and projects that appeal to the people makes the difference. This is where Chief Samuel Onunaka Mbakwe of blessed memory excelled. Expectations are high on the incoming administration. But where are the resources? Has anyone seen the handover account of the Okorocha administration? If Ihedioha comes plain and makes Imo people own the government, improve security and emphasize production and agriculture, not taxes, then it will be a new dawn for Imo. •Obibi is a Lagos-based media professional C M Y
Page 1 and 2: Companies record weak earnings amid
Page 3 and 4: Vanguard, MONDAY, MAY 13, 2019 —
Page 5 and 6: Vanguard, MONDAY, MAY 13, 2019—5
Page 11 and 12: STATE OF THE NATION: Life and times
Page 13 and 14: Vanguard, MONDAY MAY 13 , 2019 —
Page 15 and 16: Why we are protesting today — WAB
Page 19 and 20: Vanguard, MONDAY, MAY 13, 2019 —1
Page 21 and 22: FINANCIAL Liquidity mop up, lower T
Page 29: FINANCIAL VANGUARD The famine this
Page 33 and 34: Mina Mangal, Afghan journalist, kil

13052019 - NSITF: Kokori, Labour tackle Presidency

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?