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Navy Commence Operation “Chase Thief” In Niger Delta

The Nigerian Navy has announced the commencement of what it called “exercise ani-oforifori” meaning, Chase Thief in Kalabari language, around the Niger Delta Region.

The Flag Officer Commanding Eastern Naval Command, Rear Admiral David Adeniran, who made the announcement today, Wednesday, in a statement, said that the operation would be carried out at the Eastern Flank of Nigeria’s Maritime Environment from 15 to 22 November 2018.

He said that the objective of the exercise is to assess the operational readiness of ships, gunboats, helicopters and other platforms of the Eastern Fleet in order to practically test the skills of personnel in tackling maritime threats within the Command’s Area of Responsibility.

Rear Admiral David Adeniran asked members of the public, particularly thepeople of the Niger Delta not to panic but go about their normal businesses on sighting movements of large body of war ships, gunboats, helicopters and other naval platforms in the area as the exercise is for routine purposes.

2019 Elections: APC Accuses PDP Of Turning Into Fake News Merchant

The All Progressives Congress (APC) has accused the opposition Peoples Democratic Party (PDP) of turning into fake news merchant, even as it declared its support for the ongoing global media attention and efforts to check the proliferation of fake news ahead of the 2019 elections

In a statement today, Wednesday, by its national publicity secretary, Malam Lanre Issa-Onilu, APC said that it is disturbing to know that the PDP and its agents have continued to deploy the loathsome strategy of fake news, misinformation and distortion of facts as focal campaign strategies for the 2019 elections.

“While the APC is not surprised at the PDP’s typical theatrics in an attempt to evade scrutiny for its 16 years of misgovernance, it is instructive to the electorate that no lessons have been learnt by the prodigal party.

“It is indeed clear to the electorate that the PDP is not a party to either be trusted or taken seriously as it has missed out on the opportunity to apologize and show remorse for the cruelty it wrought on our country while in power.

“What we witness instead is its weekly disgraceful and embarrassing shadow chasing through fake news and spurious allegations.

“PDP cannot pull the wool over the eyes of the good people of this country. It can cry wolf for all it cares, Nigerians won’t be deceived. PDP remains a damaged product showing no regret for its retrogressive old practices which brought the country to its knees in terms of our infrastructure, economy, security, values and standing among nations of the world.”

The ruling party said that instead of engaging the electorate on serious issues of development such as health, education, economy, foreign policy, security, corruption, pension, job creation, infrastructure development among others, the PDP and its agents have chosen to populate the mainstream and social media space with ludicrous fake news and infantile  conspiracy theories, moving from one absurdity to another.

“While the PDP ups its game as a crybaby, the President Muhammadu Buhari-led APC administration is busy building a new Nigeria for our collective progress, peace, unity and prosperity. We are restoring our country to its deserved standing among the comity of progressive nations; fighting corruption and repairing our value system, diversifying our economic revenue base, creating jobs and economic opportunities for Nigerians, particularly the poor; bringing succour to the insurgency-ravaged North-East; reforming the oil industry, power, defence, pensions, and other critical sectors; creating a world-class transportation system, amongst others.”

NNPC Guards, Cleaners Protest Non-Payment Of 7-Month Salary Arrears In Borno

Private security guards and cleaners deployed to the Nigeria National Petroleum Cooperation (NNPC) Depot in Maiduguri have staged a peaceful demonstration to protest non-payment of seven-month salary arrears.

The protesting workers blocked the depot’s gate to prevent staff, petrol tankers and visitors from gaining entrance.

The security guards, who were employees of JAFI Security Limited, carried placards bearing different inscriptions, such as: “Pay us our 7-months salaries,’’ “We are not slaves,” and “Our children are out of school.”

One of the protesting guards, Iliya Miyem, lamented that their employer failed to pay their salaries despite their pleas.

Miyem said: “We are getting half salary in the past years and the company stopped payment of our salary since April.”

He therefore called for government intervention to resolve the matter and address their plight.

Other protesters, Messrs Ali Bura and Umar Ali, said the action had exposed them to hardship and unbearable life conditions.

Ali accused the management of the company of being insensitive to their plight, alleging that the employer had on several occasions threatened to sack them whenever they demand for payment of their salaries.

On his part, Bura said he could not meet his family needs and pay school fees for his children.

Also, Malam Ibrahim Bashir, a cleaner, said that they were protesting payment of N7, 500 as salary by their employer, as against the N18,000 national minimum wage.

In a swift reaction, Alkali Lamba, the Director, JAFI Security Guard, dismissed the claims as ‘misleading’, adding that the company paid its workers as at when due.

Lamba explained that JAFI had in September took over ownership of the Kala Security Company, which previously engaged the services of the protesters.

He disclosed that JAFI Company owed its workers only two months salaries, stressing that they should demand payment of the remaining salary arrears from their former employer.

“We took over Kala Security in September, they have two months outstanding salaries with JAFI Company, and not eight months as erroneously claimed.”

Lamba assured that his company is working with the NNPC management to facilitate payment of the two months’ salary arrears.

However, the Acting Depot Manager, Nasiru Gaji, declined comments and ordered newsmen to be chased away from the premises.

“I will deal with you if you do not leave this place in one minute; I will arrest all of you.

“Journalists have no right to take pictures here,” Gaji threatened.

2019: Gov Ambode Advises Nigerians To Vote Man Of Good Conscience, High Integrity

Lagos State Governor, Akinwunmi Ambode

Lagos State Governor, Akinwunmi Ambode has advised Nigerians to vote for a man of good conscience and high integrity for Nigeria to sustain the development that has been going on as well as ensuring an improvement in the nation’s Gross Domestic Product (GDP).

Ambode, who spoke when he received in audience national leadership of the Full Gospel Business Men’s Fellowship International (Nigeria) at the government  House in Alausa, Ikeja, said that the Nigeria stands to benefit a lot when good business practice is combined with excellent religious conscience.

“The economy of Lagos cannot be that productive to improve the GDP if there are no people with good conscience and this is what this fellowship stands for. It is not enough for you to have resources, it is not enough for you to have people that can improve productivity but again there are people who have to be drivers to arrive at the GDP or the kind of nation that we want.”

The Governor said that since his assumption of office in the last three and half years, concerted efforts have been made to ensure religious harmony and also create greater enabling environment for businesses to thrive, saying that it is gratifying that the State has experienced peaceful co-existence among religious group.

“One thing that I can assure of is our continuous support. Like you must have noticed in the last three years, we have ensured that there is proper religious harmony in this State and there has never been any single incident of religious crisis.

“Obviously, we recognize the fact that Lagos is a cosmopolitan State but irrespective of that, we have allowed a whole lot of freedom of space because that is the thing that actually drives productivity.

“All we do as a government is just to ensure that we create an enabling environment for people to practice religion without interference and at the same time greater enabling environment for them to do their businesses. So, when we combine good businesses and good religious conscience, obviously the nation will grow and then the nation will develop.”

Governor Ambode described members of the fellowship as distinguished personalities in various fields, even as he commended them for holding their annual convention in Lagos..

Earlier, National President of the fellowship,  Ifeanyi Odedo, who led the delegation, said the team was at Lagos House to officially inform the Governor of the ongoing 87th National Convention of the Fellowship, and also to explore partnership in key areas to grow the country’s GDP such as housing, agro-industry, and information communication technology, among others.

Odedo also commended the Governor for his giant strides in the last three and half years, saying it was commendable that he had given priority to people-oriented policies and programs.

“We appreciate the kind of grace that God has bestowed upon you. In the past number of years that you have served this State as Executive Governor, we have seen your doggedness, we have seen your passion, we have seen your integrity, we have seen the spirit of professionalism and excellence with people-oriented programs that are very impactful.

“Suffice it to say that you have left a great legacy in the sand of history. I want to put on record that what God has deposited in you with which you have served this State in the past three and half years or thereabout, that thing will still find expression in no distant time. All things work together for good and because you are carrying the spirit of the Lord, the Lord is setting before you an open door and no man can shut it.”

University Professor Faces Court Trial For Allegedly Demanding Sex From Student

Professor Richard Iyiola Akindele, until recently, a lecturer at the Obafemi Awolowo University (OAU), Ile-Ife, will soon appear before the Federal High Court, Osogbo, for allegedly demanding sex from one of his students, Ms. Monica Osagie, in order to upgrade her academic result from fail to pass.

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) which is taking up the case, said that Professor Akindele will face a 3-count charge, having been accused of using his position as a lecturer in the Department of Management and Accounting to demand for sexual benefit from a student and fraudulently upgrade her result in Research Method course which she supposedly failed in 2017.

The Commission said that the actions of the Professor are contrary to Sections 8 (1) (a) (ii), and 18 (d) of the Corrupt Practices and Other Related Offences Act, 2000, and are punishable under the same sections.

One of the counts reads: “That you, professor Akindele, on or about the 16th day of September, 2017 at Ile-Ife did corruptly ask for sexual benefits for yourself from Ms. Monica Osagie on account of favour to be afterwards shown to her by you in the discharge of your official duties as a lecturer in the Department of Management and Accounting, Obafemi Awolowo University, to wit; altering her academic grades in the course with code MBA 632- Research Method from fail to pass; and thereby committed an offence contrary to and punishable under Section 8(1)(a)(ii) of the Corrupt Practices and Other Related Offences Act, 2000.”

The 57-year-old professor has asked for plea-bargain having admitted guilt. He also cited ill-health as a factor that may make him unable to stand the rigours of prison life, notifying the Commission through his lawyer, Omotayo Alade-Fawole.

He pleaded that his prayers for plea-bargain be considered, more so as he was already serving punishment for his offence having been sacked by the university.

It would be recalled that in an interview granted The Punch newspaper, Ms. Osagie had expressed a lack of confidence in the capacity of ICPC to give her a fair hearing.

This public announcement of Professor Akindele’s impending arraignment is in fulfillment of the Commission’s promise to the public in a rejoinder in the same newspaper dated 7th September, 2018 to avail them of the outcome of the investigation in due time.

FCT Minister Expresses Embarrassment Over Building Collapse

Minister of the Federal Capital Territory (FCT), Malam Muhammad Musa Bello has expressed embarrassment that despite imputes from various professionals, public buildings are still collapsing in Nigeria, with particular reference to Abuja.

“I am saddened by the incidents of building collapse in the country despite the calibre, number, and mix of professionals in the building industry in Abuja and other parts of the country.”

The minister, who today, Wednesday, received the report of the Panel of Inquiry on Jabi building collapse, vowed to restructure and overhaul the Department of Development Control of the Federal Capital Territory Administration (FCTA) to strengthen its institutional framework in order to enable the department cope with the ever increasing building activities.

Musa Bello, who was represented by the FCT Permanent Secretary, Chinyeaka Ohaa, said that the restructuring will ensure more efficient and functional operations by offering developers value for their money.

He said that activities of the department will also be decentralised to keep pace with the changing profile of the Territory and improve service delivery.

He hoped that the recommendations of the Committee would help to curtail the incidents of building collapse to the barest minimum, even as he appreciated the commitment and dedication of the committee in putting together the report.

Submitting the three-volume report to the minister, Chairman of the Panel and Director General/Chief Executive officer of the Nigeria Building and Road Research Institute (NBRRI), Professor Danladi Matawal said that discoveries by the panel indicated that the collapse of the four-storey building in Jabi was due to poor structural and architectural pre-examination before the commencement of building in 2005.

According to him, work on the building was abandoned but recommenced in January 2018 without any proper revalidation of the building.

He called for appropriate disciplinary measures against indicted officers, even as the panel blamed the developer for unprofessional practices, especially in the commencement of work without adequate and comprehensive documents in place. It noted that there was a deficiency in the professional capability of the people charged with responsibility of supervising buildings, from start to finish.

As a means of checking quackery in the building process, the panel recommended, among other things, the use of qualified FCTA pool of site officers and engineers at building site while embarking on the postings of staff for better performance.

PDP Cries Out: Buhari Plans To Starve Us Of Fund For Presidential Campaign

PDP spokesperson, Kola Ologbondiyan

The Peoples Democratic Party (PDP) has cried out for help as the President Muhammadu Buhari government has concluded plan to starve the party of funds to execute its presiddntial campaign ahead of 2019 elections.

PDP alleged that the President and his political party, All Progressives Congress (APC) will soon secure what it called ‘frivolous court orders’ from compromised judicial officers to liquidate accounts belonging to PDP and critical stakeholders, perceived to be against the President’s re-election bid.

In a statement by its National Publicity Secretary, Kola Ologbondiyan, PDP said that it is aware of how instructions had been given to certain agencies of government to trail and throw up fabrications in order to create an impression of financial infractions around the said accounts.

The statement said that accounts belonging to critical stakeholders are already being frisked with a view to having them liquidated ahead of the general elections, saying: “it is clear that the only reason for this is to ensure that our party and candidates are deprived of access to funds for campaigns, but the APC and the Buhari Presidency fail to realize that the 2019 election is now a battle between them and Nigerians, who are the bastion of the PDP.

“Nigerians have since taken over the saddle for the quest to rid the nation of this incompetent, vicious and vengeful administration, for which they are now freely making contributions and sacrifices. “They have collectively resolved to vote out President Buhari and not even the APC’s on-going vote-buying strategy and intimidation can scuttle that resolve.”

Customs Intercept Truck Conveying Weapons, Drugs, Others In Owerri

The Nigeria Customs Service has announced that it has intercepted two Italian-made magnum data pump action of eight rounds, 200 set of military camouflage, 4,375 pieces of live ammunition being conveyed in a truck that bears the inscription: Gini Ka Chukwu in Owerri, the Imo State capital.

Also found in the intercepted truck are  1,160 packets of codeine and over 300 pieces of Tramadol, among others.

The Customs Area Controller, Comptroller Kayode Olusemire told news men today, Tuesday in Owerri that the operation was conducted by the Federal Operations Unit, Zone ‘C’ of the Service, adding that the truck was tracked by the intelligence officer of the unit.

“There was no tip off, but the eagle-eyed operatives of the unit suspected the truck. It was in the course of the dogged search that these exhibits were discovered.”

According to Kayode Olusemire, the truck was seized along the 9th Mile, Enugu road, adding that that three suspects were arrested, and that they would be arraigned at the Federal High Court, Owerri tomorrow, Wednesday.

Aig-Imoukhuede And Initiative For Public Governance, By Reuben Abati

A week ago, I stumbled on an article titled “Africa and the burden of Leadership” (The Guardian, Nov. 7), written by Aigboje Aig-Imoukhuede, banker, investor and entrepreneur, former Managing Director of Access Bank Nigeria, our compatriot.  The piece was actually excerpted from a speech he delivered at the graduation ceremony of government and public policy students at the Blavatnik School of Government, University of Oxford, UK, in his capacity as founder of the  Africa Initiative for Governance (AIG).  The AIG was founded by him in 2014. The piece made me curious and I had to check out the Africa Initiative for Governance online. In this age of “google-it” or what others call the “white man’s oracle,” if you are in doubt about anything or you are looking for information, just consult the google-oracle.  So I googled it to double-check some of the information already provided in the article before me. 

Indeed in 2014, Aigboje Aig-Imoukhuede founded the Africa Initiative for Governance (AIG) as a not-for-profit, private sector-led Foundation to promote good governance and public sector reform. Every year, since 2016, the AIG, in partnership with the Blavatnik School of Government has provided post-graduate scholarships for a Masters in Public Policy (MPP) programme at the University of Oxford. To date, persons selected from Nigeria and Ghana have benefitted from the programme. Five of them graduated in November 2018. They are expected to return to their home country and become change agents in their country’s public sectors. Five other AIG scholars enrolled for the MPP in September 2018.  

Every year, the Foundation also awards the AIG Fellowship to an outstanding public official in Nigeria or Ghana. To date, Professor Attahiru Jega, former Chairman of Nigeria’s Independent National Electoral Commission (INEC) and the immediate past Chief Justice of Ghana, Justice Georgina Wood have benefitted from the Fellowship. The AIG is involved in partnership with the Office of the Head of Service of the Federation (OHCSF) to give teeth to a 2017-2020 Federal Civil Service Transformation Strategy and Implementation Plan to ensure the transformation of the Nigerian civil service, and general public sector reform. As recently as October 2018, the Africa Initiative for Governance (AIG) sponsored and facilitated a session: “The Unfinished Business of Reforms” at the 24thNigerian Economic Summit held at the Transcorp Hilton in Abuja, FCT.   I further discovered that my friend and brother, Olusegun Adeniyi sits on the board of the AIG. I recall that he actually once wrote a piece on the initiative when it was first launched.

Aigboje Aig-Imokhuede is a member of the emergent generation of Nigerian wealthy men and women, the 80s generation that made its money in the last two decades, from banking, finance, securities, real estate, oil and gas and just about anything that could be turned into money as the decades progressed. This rise of new money in Nigeria as different from “old money” (represented by the the Odutola brothers, Dantata, Ibru, Ojukwu, daRocha, Fernandez etc) also seems to have coincided with a rising consciousness about the need to give something back to society, that is philanthropy or social responsibility. There has been, in Nigeria, a re-definition of capitalism, in terms of a more benevolent construction, and the rich man as a responsible man of community and an agent for social good.

What has been seen, therefore, is the growth of institutions and initiatives devoted to the public good or ostensibly so, with too much money seeking to do much good. Alhaji Aliko Dangote, President of the Dangote Group, and one of the richest men in Africa, has the Dangote Foundation. Jim Ovia, owner of Zenith Bank, has a Jim Ovia Foundation, and is founder of the Jim Hope Schools. Tony Elumelu, Chairman of the Union Bank for Africa (UBA) runs the Tony Elumelu Foundation (TEF) which has been supporting and grooming entrepreneurs in 44 African countries. Of all these efforts that I know, the least publicized in my view is the Africa Initiative for Governance (AIG). Or to put it differently, in a country where a Foundation that distributes food to the poor, and another small one that gives out second hand clothes, are much better known, a Foundation like the AIG which focusses on reform, governance and policy deserves more aggressive publicity – not to promote ego, but to inspire a much broader debate about its goals and objectives.

The only significant thing I notice however is that the acronym of the Africa Initiative for Governance is AIG. The founder, Aigboje Aig-Imoukhuede, is also more popularly known as Aig, a shortened form of his name. But greater publicity for the Foundation should expand access to the opportunities it offers. This is my point. How many persons in Nigeria or Ghana are aware of the scholarships and Fellowships on offer? Who knows that the Foundation exists? Aig-Imoukhuede may assume that the work of the Foundation will speak for it. These days, Foundations speak, and they should speak for themselves. 

It remains for us to interrogate the foundations of the initiative, and some of the points raised in Aig-Imoukhuede’s article.  The original assumption is that the civil service is the engine-room of a country and that for a country to function effectively, attain a competitive edge and for democracy to work, there must be in place a development-oriented civil service in place. Aig-Imoukhuede obviously believes as shown in his piece “Africa and the burden of leadership”, that the failure of African states is a function of the failure of the bureaucratic machinery in those countries, and that reform is required to reverse the trend, rediscover lost glory and reposition African countries for progress. There is a touch of nostalgia in this. Many Nigerians growing up in the 60s, 70s, and early 80s in Nigeria will remember a country that once worked. Chinua Achebe referred to this when he titled one of his books, “There was once a country”. In that country referred to by Chinua Achebe, there may have been small corruption within the system, tongue and “tribe” may have differed, but Nigeria was a country that worked. 

There was in place a state bureaucracy that provided opportunities and service for the average citizen. We had in the country some of the best schools in the sub-region, if not in the entire continent. Scholars from around the world came to teach at the country’s universities; there were foreign students in Nigeria as well. As a secondary school student, some of my teachers were from Pakistan, India and other parts of the Commonwealth.  As an undergraduate, we had Faculty members from the United States, France, UK and Canada. Nigerian roads were fixed by a department called PWD, that is Public Works Department. In those days, teachers were special citizens because students and their parents celebrated them and appreciated their value. A school principal or a primary school headmaster or headmistress was definitely a member of the local elite. There was a Sanitary and Hygiene Department at the Health Office. Today, Nigeria ranks second on the ignoble, global list of countries that are guilty of open defecation due to the absence of public latrines! There was regular power supply in those days. Nobody had any need for a generator. Today, every home is a power station. You have to generate your own water, your own electricity too. The situation is so bad that the Federal Government has had to declare a national emergency on water supply, sanitation and hygiene (WASH). 

AIG believes that the narrative can be changed and that new thinking can produce a new Nigeria. Aig-Imoukhuede is convinced that public sector reforms focused on human capacity development and institutional capacity building can change our circumstances. The truth is that there have been many public service reforms in Nigeria as has been convincingly argued and rigorously analysed by Tunji Olaopa, our former Perm. Sec at the State House who in a few days will be delivering an inaugural lecture as a Professor at the Lead City University in Ibadan. (see for example: Tunji Olaopa, Managing Complex Reforms, Ibadan: Bookcraft, 2011, 315 pp). Nonetheless, in spite of all of those reforms, Nigeria remains classified as a “hesitant reformer”. Countries like Ethiopia, Ghana, Rwanda, South Africa, Mauritius, Botswana, and Kenya are ahead of Nigeria. Nigeria remains resistant to new thinking. Aig-Imoukhuede through the AIG, wants to intervene from within, through private sector injection, into the policy making process. His entry route is education. He believes that if the private sector can invest over time, in human capital, create a pool of public policy experts who have been schooled in some of the best institutions in the world, when such individuals are injected into the system, they can make a difference. He even intends to set up a public policy university in Nigeria where such new thinkers can be produced. 

I get the point about human capacity investment. Many countries in the developing world have learnt to recruit into their bureaucracy only the best and the brightest available. In India, Bangladesh, Malaysia, Pakistan, you must be really smart to be a civil servant. It is understood that what happens in terms of the management of the state determines everything else. In Nigeria, our civil service system has been overtaken by nepotism, lack of merit, incompetence and complete disregard for critical thinking. The same Nigerian civil service that once produced Super Permanent Secretaries (including Philip Asiodu, the late Allison Ayida and late Hayford Alile), now produces ethnic champions, looters, “area boys”, and closet politicians. Aig-Imoukhuede believes that a carefully groomed and intellectually exposed new elite can create a revolution. He has taken the strategic step of involving beneficiaries from Ghana and other African countries. 

I assure Aig-Imokhuede that he may end up having more success stories from Ghana and elsewhere in Africa. But that does not mean he must give up on his own country. He made his money here and he has an obligation to contribute to the re-making of the country of his birth. The path he has chosen is much better than donating money to politicians who do not understand policy or the developmental process that will produce a better society. It is a much wiser way of spending his money than acquiring additional wives or side chicks, living large like an octopus, dressing like a coxcomb, or becoming an embarrassing face of capitalism. My worry is this: when the new bureaucratic elite that he is helping to create through first world education return to Nigeria or Ghana, how do they fit in, into the rot in Nigeria especially? How do they fit into the prevalent culture of anti-intellectualism?  A Masters in Public Policy (MPP) from Oxford is great but is Nigeria’s civil service today, ready for Oxonian intellect and competence? What is the guarantee that some of AIG’s products will not end up elsewhere in other countries where they may be better valued? Aig-Imoukhuede wants to create 21st century technocrats for a 19thcentury system in Nigeria. Will elite public policy education also prepare his beneficiaries for the primordial constraints of the Nigerian public sector?  

Let me simplify that. In Oxford, and I believe in the elite school that Aig-Imoukhuede wants to build, they will teach things like planning, processes, innovation, creativity, efficiency and outcomes as parts of the bureaucratic engine. How will the AIG agents when they return to Nigeria respond to their other colleagues who in the first place are holding strategic positions because of Federal Character and whose secondary school certificates cannot be traced and who have never been to anywhere close to Oxford? How will they relate with the horde of civil servants who will leave the office before noon every Friday and will not return? How will they deal with a system where records are not kept and nobody wants to keep any record because of an established “Guardian syndrome” – the this-is-how-we-have-always-done-it mentality that has always made new thinking impossible in the Nigerian civil service? The plan is to train AIG Fellows to think modern, post-modern even, but what should they do with that other colleague who during the weekend had been shown wearing a masquerade attire and prancing about with a primitive sword in his hands, and paraded as the chieftain of a 9thcentury society?     

I am not knocking AIG’s emphasis on human capacity development and institution building. I am trying to problematize what they propose by saying that there is a whole lot more beyond the development of a new skills-set, and a new generation of thinkers. Nigeria failed first at the level of values, culture and ideals before its public service followed suit and failed. The entire country itself needs to be re-built before the input of private institutions like AIG can be better felt. We need a different kind of leadership: a leadership that values ideas and the capacity of human beings to make a difference, and a governance system that is driven by ideas and a competitive spirit.  

Nigeria cannot afford to continue drifting. It is the reason many of our capitalists are beginning to jump into the fray to see what they can do from the private sector-end to reduce the spread of institutionally generated madness. It is probably in their enlightened self-interest to be seen to be actively creating new currents within the country, and an enabling environment for capital to thrive, but we should hold Aig and others at the higher end of the spectrum: their love for country. The founders of AIG and similar others have proven one point: that leadership is a collective responsibility and more so, between the public and private sectors. In doing so, they all hold up a candle to future generations and offer hope that some day, this country will reach the turning point of progress.  AIG doesn’t want Nigeria and the rest of Africa left on the tarmac. That’s fine.  Nigeria needs to board a flight to a higher destination… 

Central Bank Injects Another $210 Million Into Forex Market

The Central Bank of Nigeria (CBN) has again, injected the sum of $210 million in the inter-bank foreign exchange market as part of its interventionist role.

Figures obtained from the CBN today, Tuesday, indicate that the authorized dealers in the wholesale segment of the market received the sum of $100 million while the Small and Medium Enterprises (SMEs) and invisibles segments were allotted the sum of $55 million each.

The Bank’s Director, Corporate Communications Department, Isaac Okorafor assured that the CBN would continue to sustain liquidity in the forex market. He also expressed optimism that the Naira will continue its strong run against the dollar and other major currencies around the world, considering the stability in the market and robust reserves.

The Central Bank of Nigeria (CBN) had on Friday, November 2, made interventions to the tune of $337.16 million in the retail Secondary Market Intervention Sales (SMIS) and CNY56.17 million in the spot and short-tenored forwards segment of the foreign exchange market.

Meanwhile, the Naira exchange at an average of N360/$1in the BDC segment of the market today, Tuesday.

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