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Vanguard, TUESDAY, NOVEMBER 15, 2022 — 35
MEDIA: Owners, journalists, stakeholders agree
code of conduct, co-regulation, Ombudsman
Continues from Page 5
complaints.
A person may complain
about any article in a
newspaper or magazine
published in Nigeria or
broadcast on a terrestrial
platform or radio and television
as well as well as
online (on the internet) he
or she believes directly
affects or involves him or
her unfairly. A person may
also complain about the
conduct of a journalist if
he or she believes that the
conduct directly or involves
him or her unfairly.
Sanctions against
erring newspaper,
publisher, journalist
After investigation and
due actions on a complaint,
“if the Ombudsman
upholds the complaint,
the publication
concerned will be obliged
to publish the decision in
full, and with reasonable
prominence, within seven
days of the ruling being
delivered to it. All NPAN
members shall be obliged
to publish an abstract of
the ruling produced by
the Ombudsman after seven
days but not later than
21 days of the delivery of
the ruling to the publication.
“Where the Ombudsman
determines that a
particular ruling affects
the fundamental rights of
the parties involved or is
of importance to journalism
practice and/or the
publishing industry, then
the ruling shall be published
by the publication
involved and by all members
of NPAN. This provision
is necessary to ensure
that only very important
cases are published.”
Don’t kill NPC
Pleading for the surviv-
Exchange rate gives us great concern, FG laments
Naira depreciates to N446/$ in
I&E window
By Elizabeth Adegbesan
The naira yesterday depreciated to N446 per dollar
in the Investors and Exporters (I&E) window.
Data from FMDQ showed that the indicative exchange
rate for the window rose to N446 per dollar
from N445.75 per dollar last week Friday, indicating
25 Kobo depreciation for the naira.
Similarly, the naira depreciated by N100 in the
parallel market yesterday.
Vanguard findings from black market traders
showed that the indicative exchange rate for the
market rose to N780 per dollar from N680 per dollar
last week Friday.
al of the NPC, Mr Francis
Nwosu, said efforts are
being made to ensure that
past issues that brought
the NPC and the media
industry at loggerhead do
not happen.
Rather than killing the
NPC, he said we need to
build strong institutions
including the press. According
to him the NPC
has 19 members including
four each from the NGE
and NUJ and two from
NPAN are nominated by
their various organisations
and not appointed by
the government or minister.
‘’It is good we strengthen
the media industry.
The NPC is not to gag the
press. We have been doing
good interventions to
save the polity. We should
not throw the baby away
with the bath water. In
whatever we do, let’s give
the press council a
chance.’’
•Says Nigeria's debt-service-to-revenue ratio undoubtedly high
ing a mechanism for increasing
supply and moderating
demand which will
be transparent and will
boost confidence.
"I am sure most can recall
several efforts have been
made in the past, such as
the Interbank Foreign Exchange
Market, Retail
Dutch Auction System,
Wholesale Dutch Auction
System, etc.
"While they may not have
been perfect, the rules
were clear and the gap between
the official and parallel
markets was not so
wide. The thing is that
there should be some element
of price discovery in
our policy regime. This
will boost confidence and
increase inflows of foreign
exchange.
"We will also have to take
urgent action to bring inflation
down because it is
both a tax on the poor and
disrupts long term growth.
Inflation in Nigeria is partly
structural, arising from
infrastructural deficiencies
etc but there is also an aspect
that is caused by increased
money supply, imported
inflation and depreciation
of the naira.
"In addition, therefore, to
the monetary measures being
taken by the Central
Bank of Nigeria, we would
need to increase domestic
production of food and
make sure it gets to the
market."
He said over the years,
the summit had become the
forum for high quality engagements
among thought
leaders, captains of industry,
civil society and decision
makers in the highest
echelons of government on
the economy of the country.
The Vice President noted
that the theme of the Summit
'2023 & Beyond: Priorities
for Shared Prosperity'
called on everyone to reflect
on what the nation's priorities
should be to attain inclusive
prosperity from 2023
and beyond.
"This is an important
question, given the frightening
headwinds of the
past three years and the
emerging local and global
trends that will most certainly
define the future.
"We are buffeted on all
sides - local security and
economic challenges, global
turbulence on the political,
economic and social
fronts. The Russia-Ukraine
war and tensions among
the great powers is impacting
Africa, includ-ing
through higher food prices
and disruptions to democratic
governance.
"The global economy is
yet to recover fully from the
effects of COVID-19, especially
the debts that were
racked up to cope with economic
slowdown and there
is continuing disruption of
global supply chains.
"Added to these, of
course, is the existential
challenge of climate
change as can be seen from
rising sea levels, drought
and flooding; the terrible
impact of which we have
recently seen in many states
of Nigeria.
"Given this background,
it is clear that our work is
cut out and we have to
choose our priorities going
forward very carefully.
President Muhammadu Buhari (centre) in a meeting with the presidential
candidate of the All Progressives Congress, APC, Asiwaju Bola Ahmed Tinubu
(left) and the National Chairman of the party, Senator Abdullahi Adamu (right)
on Sunday night at the Presidential Villa, Abuja.
Nigeria Air: FG may cede fewer top positions
to Ethiopian Airlines, after Vanguard report
•ET’s officials arrive today for further talks
By Prince Okafor
last weekend.
T
HERE are indications
that the federal government
may cede fewer top
management positions to
Ethiopian Airlines in the new
national carrier, Nigeria Air,
following Vanguard’s report
There are, of course, a
whole gamut of things that
require our attention and
many are well captured in
the National Development
Plan 2021 to 2025. But permit
me the liberty of sharing
some.
"The first of course is
improving macroeconomic
conditions. On the positive
side, the economy continues
to grow with GDP
growth at 3.54% in the 2nd
quarter of this year. Nonoil
revenues have similarly
continued to improve
due in part to strategic revenue
initiatives including
the annual Finance Act.
"For instance, the increase
in VAT from 5% to 7.5% in
the 2019 Finance Act led to
an increase in revenues by
up to 69% above target in
2021 while in the same period
corporate income tax
was 15.5% above target,
customs duties were 10%
above target and independent
revenues of government
were up by
17.8%.''
"We are buffeted on all
sides : local security and
economic challenges, global
turbulence on the political,
economic and social
fronts. The Russia-Ukraine
war and tensions amongst
the great powers is impacting
Africa, including
through higher food prices
and disruptions to democratic
governance.
"The global economy is
yet to recover fully from the
effects of COVID-19 especially
the debts that were
racked up to cope with economic
slowdown and there
is continuing disruption of
global supply chains.
"But It is still our revenue
challenges that heighten
the notion that we have a
debt problem, which is
really the case, given that
our debt/GDP ratio is just
23%.It is also true though
that what matters right now
is our debt service to revenue
ratio which is undoubtedly
high.''
This development might
further delay the commencement
of the national carrier
which was proposed to take
off before the end of the year.
Vanguard had reported that
the agitations and prophetic
projections of Nigerian aviation
stakeholders that ET’s
involvement in Nigeria’s national
carrier portended enslavement
are gaining strong
grounds, with the ceding of all
the commanding positions,
including the Chief Executive
Officer, Director of Finance,
Commercial, and Engineering
as well as the key positions
of purchasing, cargo sales and
quality assurance to ET in a
proposed organogram published
exclusively on Saturday.
“With these positions, ET
will drive the life, growth and
progression of Nigeria’s national
carrier. This travesty is
the fact that the Nigerian nation
will have no representation
at global and regional
aviation forums as it will be
represented by the ‘ET Nigeria
Air’ CEO and Commercial
Director.''
However, the development
has further troubled the Ministry
as an authoritative
source had disclosed that the
Federal Government would
likely press to change that organogram.
The source disclosed that
Vanguard’s report 'opened the
eyes' of the Nigerian authorities
who were not well informed
on the implications of
the proposed organogram by
ET which they were going to
accept.
ET’s officials arrive
today for further
deliberations
Meanwhile, officials of ET
will arrive Nigeria today to
begin further deliberations on
the structure of the new Nigeria
Air.
Another source told Vanguard
that the federal government
might press for a review
of the organogram, even as
they may not question the position
of Director of Finance
being held by ET as they are
the major investors.
He said: “Vanguard’s report
has caused some rethinking
among the Nigerian authorities
who did not know the
consequences of not controlling
substantial ownership
and management in the new
Nigeria. “Ethiopian Airline
officials are coming on Tuesday
(today) and Nigeria will
have to review the organogram,
otherwise the Federal
Executive Council may not
approve the proposal sent in
by ET which was going to sail
By Johnbosco
Agbakwuru
ABUJA-The Federal
Government lamented
yesterday that the country's
exchange rate regime
has remained a thing of
concern to the administration.
The government also noted
with concern that Nigeria
was buffeted with local
security and economic
challenges as well as global
turbulence on the political,
economic and social
fronts.
Vice President Yemi Osinbajo,
who expressed the
concerns while declaring
open the 2022 Nigeria Economic
Summit held in Abuja,
said as the country continued
to face economic
challenges, urgent action
should be taken to bring
inflation down, explaining
that inflation was both a tax
on the poor and disrupts
long term growth.
Professor Osinbajo submitted
that inflation in Nigeria
was partly structural,
arising from infrastructural
deficiencies, increased
money supply, imported
inflation and depreciation
of the naira.
He said: "Our exchange
rate regime remains of concern.
The discussion that
we must have, shun of sentiments,
is how best to manage
the situation by findthrough
before now," one govt
source said in Abuja.
Stakeholders react
Experts in the aviation sector
have continued to kick
against the country’s partnership
with ET as key stakeholders.
They alleged that the selection
process was not transparent
and wondered how only
ET appeared as the only bidder
for the new carrier.
According to the Principal
Partner, Avaero Capital, Sindy
Foster, so many things didn't
make any sense about the process.
She said: “Now they are
planning to sell the five per
cent which the government
owns to the public? We do not
even know who the current
shareholders are and what
shares they hold.
“If you hold stakeholder
meetings and you withhold
key elements of your plans
and who your preferred bidder
is, is that transparency?
“The airlines have made it
clear they do not want ET as
the core investor. What’s there
not to understand? They do
not want an airline which is
competing without a level
playing field. What’s there not
to understand? There are several
areas listed in the business
case listing what Nigeria
Air will get, which no other
airlines have got. It is not a
level playing field.
“It is clear that the problem
for the indigenous airline has
been a 'one-man-show' attitude
from those who were put
in a position to aid them.
“I genuinely feel sorry for
Nigerians who have no power
over their public servants,
to the point where they choose
to do whatever they like without
thought and consideration
of the impact.
“Where is the feasibility
study and impact assessment
of this scheme? The outcome
of this will be the same as all
the other schemes which over
time people have cried foul
over.” Also, aviation analyst,
Olumide Ohunayo, stated:
“Virgin Atlantic offered 10 per
cent shares to Nigerians as
reciprocity for the investment
in Virgin Nigeria, what is ET
offering Nigerians and shares
in Ethiopia Airlines as reciprocity?
“Why did ET, Eygpt Air, and
two local airlines and other
investors bid for the Ghanaian
national carrier and only
ET bidded for Nigeria, despite
the huge market and potential?
“Why did the Ghanaian
government throw all their
bids out and picked the local
airline, Ashanti Airline. as the
core investor for their carrier?"