The Central Bank of Nigeria (CBN) has sent Forex traders scampering as it pumped additional $350 Million into the foreign exchange market, bringing the total so far released within a week to $570 Million. Information reaching us at Greenbarge Reporters showed that the apex Bank is working hard to further crash the value of the Dollar and strengthen the value of Naira. Already there is heightened fears among traders and other market participants who are yet to recover from the losses of the last two weeks owing to sharp and sudden appreciation of the Naira. Acting Director, Corporate communications, Isaac Okorafor, confirmed this development and said that with improving reserve levels, the Bank is determined to continuously make forex available to all genuine customers through their banks. He advised those hoarding the greenback to reduce their losses by selling their dollar stock. Market watchers, say there is the likelihood of a liquidity glut as banks are beginning to send out salespeople to scout for customers to buy off their dollars in an effort to avoid losses, arising from the expected further appreciation of the Naira. The CBN has, in the last one week, supplied a total of $570m to the market made up of $80m for PTA, Medical fees and school fees, $100m in wholesale forwards, while another $350m is planned for injection this weekend. [myad]
Former President Olusegun Obasanjo has admitted that he does not know the exact date he was born, but that his mother told him it was on a market day.
Obasanjo who made this known at the 2017 International Youth Variety Day and Public Presentation of Olusegun Obasanjo’s Books for Children, on Thursday, said: “at early stage in my life, I had the challenge of knowing my date of birth, and my peers always asked, while in return I persisted in asking my mother, who was an illiterate and had no records.
“When I continued to put pressure on my mother, she told me that she was preparing to go to market on the said day, and went into labour, and before others could return from the market, she had given birth to me,” Obasanjo said.
The former president said he arrived at his current age using the ages of some of his peers.
“I’m not as lucky as some of my peers who know the dates of their birth. What matters to me is that I have chosen a date. If I don’t even know the exact date of my birth, at least I know my age group.” [myad]
The Central Bank of Nigeria (CBN) has advised a Lagos businessman and former governorship candidate, Babatunde Gbadamosi to face his case with ani graft agency instead of causing confusion by alleging that it (CBN) sold foreign currencies at ridiculous rates.
“Anybody who has run afoul of the law, and the security agencies have caught up with him, should go and face his or her case and stop causing confusion amongst participants in the market.”
The acting Director, Corporate Communications of the CBN, Isaac Okoroafor, in a statement today, Thursday, put to lie, the claim by Gbadamosi that the illegal sales of foreign currencies at ridiculous rates were responsible for the change in forex policy.
Gbadamosi had allegation of racketeering against the CBN and disparity in allocation of foreign exchange to cronies of the present administration. He accused the CBN of selling dollars to some people for as low as N3 to a dollar.
Okorafor said that the transactions which Gbadamosi referred to were third party transactions, like Japanese Yen to the South African Rand or Euros to U.S Dollars.
According to the CBN spokesman, the recent appreciation of the Naira against other currencies was the result of its market monitoring and intervention even as the apex bank directed banks to file returns on the sale of foreign currencies in dollars to avoid ambiguities and misinterpretations in future.
Okoroafor said also that the appreciation of the Naira was in no way connected to the allegations of Gbadamosi, adding: “I want to state categorically that there is no relationship whatsoever between the allegations by the so-called person (Gbadamosi) that dollar was being sold at 61 kobo and the current appreciation of the Naira.
“What led to the appreciation of the Naira includes the following:
“The CBN has done its intelligence work on the market and we came to the realisation that much of what was driving the demand on the BDCs and the parallel market was speculation.
“We reasoned that since there is a lot of pressure on the two segments from people seeking to buy foreign currencies for BTA, tuition and medical, that if we successfully address that, the pressure will come down.
“Also, before now, the level of our reserves was not enough to make us comfortable to really do the kind of intervention that is required.
“We decided to do so now because we are a bit more comfortable with our level of reserve.”
Okoroafor said that since the new forex policy, the CBN had intervened with about $591m in the market which had led to Naira gaining strength.
“Let me also state as proof that when we placed $500 in the market only $370 was taken.
“That tells you that the real demand is $370m. When we placed $230m in the market, only $221m was taken.”
Aisha Buhari, wife of President Muhammadu Buhari is taking mobile outreach clinic to remote parts of the country. She commissioned the programme today at the Presidential Aso Villa, Abuja, with the aim of providing basic and essential health care services. According to a statement by her spokesman, Haruna, Mrs. Aisha Buhari, at the commissioning ceremony, said that the programme is part of the humanitarian services which her pet programme: the Future Assured provides to underprivileged Nigerians in the remotest parts of the country. She said that the clinic will provide for routine screening of chronic ailments, including Vitamin A supplementation and deworming of children, as well as treatment of minor medical conditions and identified client operations that require referral to Primary Health Care and other health centers for further management or continuity of care. The National Coordinator of Future Assured, Dr. Kamal Mohammed, had earlier said that the mobile medical outreach is about improving health and providing services in remote areas. He said the clinic is equipped with consultation, dispensing, and observation areas as well as a mini-lab and a nursing station. “With the commissioning of this vehicle, organizing the medical outreach done frequently by Future Assured to remote areas is now easier.” So far under the programme, medical screening has been held in Cross River, Enugu, Oyo, Ogun, Kogi, Nasarawa, Adamawa and Katsina states in order to create a sense of health consciousness among citizens. Thousands of beneficiaries turned up for checking of blood pressure, malaria, blood sugar and sickle cell. The statement said that so far, two of the mobile clinics are available to service FCT and its catchment areas, with additional units envisaged in the near future to service remote communities in all geographical zones. It said that the humanitarian services of Future Assured are aimed at complementing government’s efforts in health care delivery. The statement said that the activities of the outreach medical facility will soon continue in other states. [myad]
The Nigerian National Petroleum Corporation (NNPC) has tendered for and is expecting contractor financiers to take up the construction of its 650 kilometres northern gas line network which would run from Ajaokuta in Kogi State to Abuja, Kaduna and then Kano when completed.
The tender processes for the construction of the line, it said, would be concluded by the end of the second quarter of 2017, after which preferred bids who would recoup their investments from the operations of the line would be announced.
The Group Managing Director of the NNPC, Dr. Maikanti Baru, made this known when he spoke to journalists shortly after his remarks at the 2017 edition of the annual Society of Petroleum Engineers (SPE) Oloibiri Lecture Series and Energy Forum (OLEF) which was held at the auditorium of the Petroleum Technology Development Fund (PTDF), Abuja.
The 2017 OLEF had as its topic: ‘Domestic Gas Utilisation in Nigeria: From Producers to Users,’ and the President of the Nigerian Gas Association (NGA), Mr. Dada Thomas as its lead speaker.
King Mohammed VI of Morocco yesterday, Wednesday called President Muhammadu Buhari, now on vacation in London, on phone to ask after the President’s health and expressed satisfaction at his rate of improvement. According to a statement by the special adviser to President Buhari on media and publicity, Femi Adesina, the two leaders discussed the current stage of the Morocco-Nigeria Atlantic crude oil pipeline project. “King Mohammed VI thanked President Buhari for Nigeria’s support in returning Morocco to the African Union and notified him of Morocco’s request to join the Economic Community of West African States (ECOWAS). “The Moroccan King also expressed his intention to make the Rabat-Abuja strategic partnership a framework for regular consultation and cooperation on African issues of mutual interest to both countries. “President Buhari, who thanked King Mohammed VI for the phone call, said that he looked forward to deepening relations between both countries.” [myad]
With the resignation of Dr. Margee Ensign as President of the American University of Nigeria (AUN), the institution’s Board of Trustees has appointed a professor of law, Professor Le Gene Quesenberry as the Interim President. Until her new position which came on February 25, Professor Quesenberry had also been the provost of the university. A statement by the Vice President for Administration, Yahaya Zango, which conveyed the decisions of the Board, also announce the name of the Dean of the School of Business and Entrepreneurship, Dr. Ahmad Hosseini, as Interim Provost. Yahaya Zango thanked former Institution’s President, Dr. Ensign for her stewardship and wished her well in her future endeavors. He congratulated Professor Quesenberry and Dr. Hosseini on their new appointments. In accepting the challenge, the new President pledged continuity with renewed vigor in the administration of the University. “We have unfinished business to a renewed vision of AUN as an academic institution committed to excellence in education.” Addressing students, parents, faculty, staff, and administrators, the new President said: “the university has flourished upon the foundation built by my predecessor, Dr. Margee Ensign, and others who preceded her in the presidency, other key posts, and faculty positions. Every school at AUN has made great strides in reflecting our mission of excellence in education. “With the combined efforts of everyone, the next strategic plan will align our collective work as a university community. “Quality will be our mantra. We will pursue those structures and results that will lead to the recognition of the American University of Nigeria as a ranked institution graduating future leaders of the country and continent and producing research that will benefit Nigeria. “We have unfinished business as well as the business attached to a renewed vision of AUN as an academic institution committed to excellence in education. With your continued effort and sustained energy, we will do that work together. “I express my unfailing gratitude to the members of the community who have brought AUN to this point of transition. The provost and I celebrate your accomplishments and ask for your continued hard work.” [myad]
I read a series of reports about the possibility of a national leader of the All Progressives Congress (APC), Senator Bola Ahmed Tinubu, running for an elective office in 2019. In the reports, which were variously slanted by the media that published them, Tinubu was quoted to have said it could be office of the president, senator or even local government chairman.
It was very clear and certain to me that the Tinubu story would become a subject of devil’s advocacy in the days and weeks to come, which was why I was not surprised at the further exploratory slant that was given to it, barely twenty-four hours after, by a respected national newspaper with strong bias for political reporting. I read the report and the response by the Tinubu Media Office.
I sincerely believe the response was to fulfill all righteousness-that the report was, after all, rebutted. Rebuttals, sometimes, do not necessarily diminish or obliterate the facts of stories. In this instant case, I do not think the rebuttal did. Rather, it only succeeded in giving a clarification of the conditions under which Tinubu would contest for the presidency, to wit: if President Muhammadu Buhari is not contesting.
Tinubu might have tried to obfuscate the direction he was coming from and the destination he was headed, the inevitable conclusion that any perceiver of opinionated whiffs would reach in the circumstance of this political speak was that the Asiwaju of southwest politics would throw his hat in the ring for the presidential contest in 2019 in the event Buhari does not seek re-election.
Indeed, the talk about other options, like running for a senate seat or local government chair, failed to detract from the bigger picture- presidency, which is the only enclave that is big enough, as it were, to contain the Jagaban Borgu without bursting. His vast and well-funded political structure, politics, rhetoric and wherewithal for almost limitless mobilization combine to present a formidable political force that can take the nation by storm.
I personally consider it instructive that Tinubu chose to speak on this sensitive, tentative and tendentious issue after his visitation to Buhari in London. Did he see or observe anything that suggested that the president may not be interested in re-election in 2019? Is there something Asiwaju is not telling us and would want us to read his lips and body language?
These are testy times for our nation. Subjecting Nigerians to the pastime of reading the lips and body language of political leadership may be dangerous as a misreading could cause inflammation of political tension where vested interests are under real or even imagined threats. I am sure Tinubu never contemplated a misunderstanding or misreading of his sanguine intention.
He is a grounded politician and consummate political leader, not given to dissembling or dissimulation, or even hiding behind a finger. He has the capacity to engage and speak truth to power. He has done so from within and outside government. In the Third Republic, he was the leading light of the pro-democracy group, National Democratic Coalition (NADECO) that fought the military junta for the revalidation of the annulled June 12, 1993 presidential election presumably won by Chief MKO Abiola. As governor of Lagos state, he dared the federal government on the creation of local council development areas. He created 37 out of 20 Local Government Areas in Lagos.
Now, let us for a moment assume without conceding that Tinubu would run for the office of president if Buhari is not contesting. The prognosis is scary, particularly for the APC. Other ambitious politicians in the APC would join the fray. For a moment, let us imagine the like of Atiku Abubakar, Rabiu Kwakwanso, Aminu Tambuwwal, Rochas Okorocha, Adams Oshiomhole, Rotimi Amaechi, Nasir el-Rufai, Abdulrahman Dambazzau, Bukola Saraki, et al, in the race. The dialectics and dynamics of presidential politicking will pull at the fragile soul of the APC.
The likely consequence is that the party may just be headed for the road to Kigali: for a battle of unimaginable magnitude. The battle for the soul of the party by supposed party leaders would unravel with its casualties both individually and corporately. The case of individual casualties is manageable, but not when the party itself becomes the major casualty.
Let us further imagine that Tinubu emerges as the presidential candidate of the APC, will his candidature sit well with the northern region which should, in all fairness, be allowed to hold down presidential power for two terms of eight years? If the opposition party to the APC decides to field a northern candidate, what happens would not be different from what happened to former President Goodluck Jonathan and the PDP in 2015.
Ethno-religious sentiments will kick in and I can see, a desperate opposition party, mobilising its members and supporters in the south to queue behind its northern candidate in order to wrest power from the APC. Will Tinubu be able to contain this possible scenario or put differently, how will he relate with this scenario?
Again, let us imagine Tinubu failing to clinch the party ticket at its presidential primary, will he be ready to make yet another sacrifice to deliver the southwest to whoever emerges as the candidate against the backdrop of his lingering experience of betrayal by some of his followers who, after following the Tinubu political trajectory to earn national recognition, decided to challenge his “suzerainty” and work, in concert with politicians from the north, to stymie his humongous influence?
Yes, Tinubu will not run in 2019 if Buhari will run. He will surely stand behind Buhari to show his unalloyed loyalty. Who does not know that it is suicidal to challenge a sitting president in the primary of his own party? Only a fool will commit that political hara-kiri, especially with a man who loves and knows how to use power, not like Goodluck Jonathan who failed to rein in party members and his government officials with the powers of his office.
Finally, if Buhari does not run, whether Tinubu decides to run or not, he will become the beautiful bride to be wooed or cajoled in a utilitarian manner that will conduce to the strategic empowerment and positioning of the cajolers. That is the truth; and, this represents the totality of Tinubu’s politics, no matter his political circumspection.
It is one and a half months since President Muhammad Buhari sent a letter to the National Assembly conveying his decision to proceed on leave. He also transferred power to his Vice President Prof Yemi Osibanjo as is required by the Constitution. The President has now extended his leave to an indefinite period on the advice of his UK doctors. Since taking over, the acting President has embarked on measures which have effectively set the country on the path of positive change. In an effort to reunite a dangerously polarized nation since the APC took power at the center, he has paid visits to the Niger Delta region and parts of the southeast. These are two zones of the country which feel genuinely alienated by the federal government’s discriminatory doctrine of favoring those who gave President Buhari over 95% of their votes over those who gave him less than 5% of theirs. The implementation of this policy in the initial political appointments including those of the military service chiefs had the negative effect of spawning a more determined Niger Delta militancy. That in turn, succeeded in crippling most of the nation’s oil and gas assets. As we all know, this country depends for over 90% of its foreign exchange earnings and an equally huge proportion of governments’ revenue on the oil resources in that region. Even more, it exacerbated the agitation for an independent state of Biafra. The acting President’s initiative appeared to have convinced the belligerents to engage in meaningful dialogue. This has led to the suspension of acts of sabotage and in raising our crude oil output to the optimum level of over two million barrels per day; as per our OPEC quota. Power generation has also gone up substantially, thanks to the reduction in gas pipeline vandalism. He has been proactive in attending to state affairs. He has so far signed seven bills while rejecting four, offering cogent reasons for rejecting the others. Much to the relief of the nation, the acting President forwarded the name of the acting Chief Justice Onnoghen to the Senate for confirmation as substantive CJN just before the expiry of his 90-day acting status. This has averted what could have been a major political crisis in a fragile federation as we have. The acting President has been chairing very lengthy and regular weekly Federal Executive Council meetings at which memos are dispassionately debated after which far reaching decisions are taken. He has prevailed on the CBN to adopt new and more transparent Foreign Exchange Management procedures which have yielded the desired result of reducing forex market volatility. The Naira is making tremendous gain against the US dollar and other currencies, much to the delight of the masses. He met at the state house with senior members of the NLC and other demonstrators who are protesting the current economic hardship in the nation. This is a departure from a situation where such demonstrators were forcefully dispersed by security forces and refused access to senior government officials. Even members of the Bring Back Our Girls (BBOG) group, a recognized ally of this administration, were prevented from meeting with the President. The acting President has also demonstrated an unalloyed loyalty to his principal by continuing to attribute his successes to the President’s inspiration. He has also debunked any criticism of the Buhari Administration in his absence. In contrast, the governor of Imo state, Mr. Rochas Okorocha, treacherously criticized the Buhari administration for allegedly marginalizing the Ibos. He complained that even under a President they supported, they had nothing to show for it. “In Imo state for instance”, he insisted, “all we have is a minister of state for all our efforts and extreme sacrifices to ensure that the APC had a good outing in the last elections. I know you are acting President and have the ears of the President so there is no better person to tell our painful story than you”. The Governor went on and on in indicting the Buhari administration which he had hitherto praised for its wonderful achievements. In a show of loyalty to his principal and his administration by the evident disloyalty of a governor who had pretended servile obeisance to the President, the acting President responded with a rebuke: “If there is any Governor in this country that has the ear of the President, I will say that it is Governor Okorocha. As such, it cannot be said that the state is marginalized by the APC-led federal government.” This definitely was intended to discourage traitors and effectively shut down the door to would-be turncoats. Credit for the acting President’s trialblazing actions and high performance must surely be attributed to President Muhammad Buhari who selected a running mate with tremendous intellectual capacity and character where most Presidential candidates would go for docile, inefficient and greedy ones; a person whose blind loyalty is to his principal as to himself. President Buhari’s choice of a running mate might well have been informed by his prescient consideration of the need to select a competent, patriotic and loyal person in appreciation of the challenges of his advance age and the enormity of the task of reclaiming the country. The President also deserves praise for his prompt transfer of power and continued support to his deputy as required by law. This will undoubtedly enhance and sustain our nascent democracy.
Abubakar Dangiwa, a retired Colonel in the Nigerian Army, wrote in from Kaduna. [myad]
President Muuhammadu Buhari’s men and women are still very much working while he iis away in Londong.
From right to left: Minister of Mines and Steel, Dr. Kayode Fayemi, National Security Adviser, retired Major General Babagana Mongonu, Minister of Transportation, Rotimi Amaechi and Minister of State, Mines and Steel, Hon Abubakar Bawa Bwari putting heads together to solve certain issue shortly before the Federal Executive Council (FEC) meeting which was presided over today, Wednesday, by Acting President Yemi Osinbajo at the State House in Abuja.
R-L: National Security Adviser, retired Major General Babagana Mongonu, Minister of Transportation, Rotimi Amaechi, Minister of Finance, Kemi Adeosun and Minister of State, Agriculture and Rural Development, Heineken Lokpobir shortly before the commencement of the the Federal Executive Council (FEC) meeting. Photo by Sunday Aghaeze. [myad]
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The Central Bank of Nigeria (CBN) has sent Forex traders scampering as it pumped additional $350 Million into the foreign exchange market, bringing the total so far released within a week to $570 Million.
Aisha Buhari, wife of President Muhammadu Buhari is taking mobile outreach clinic to remote parts of the country. She commissioned the programme today at the Presidential Aso Villa, Abuja, with the aim of providing basic and essential health care services.
With the resignation of Dr. Margee Ensign as President of the American University of Nigeria (AUN), the institution’s Board of Trustees has appointed a professor of law, Professor Le Gene Quesenberry as the Interim President.
The Many Positive Moves By Osinbajo As Acting President, By Abubakar Dangiwa Umar
Since taking over, the acting President has embarked on measures which have effectively set the country on the path of positive change. In an effort to reunite a dangerously polarized nation since the APC took power at the center, he has paid visits to the Niger Delta region and parts of the southeast. These are two zones of the country which feel genuinely alienated by the federal government’s discriminatory doctrine of favoring those who gave President Buhari over 95% of their votes over those who gave him less than 5% of theirs. The implementation of this policy in the initial political appointments including those of the military service chiefs had the negative effect of spawning a more determined Niger Delta militancy. That in turn, succeeded in crippling most of the nation’s oil and gas assets. As we all know, this country depends for over 90% of its foreign exchange earnings and an equally huge proportion of governments’ revenue on the oil resources in that region. Even more, it exacerbated the agitation for an independent state of Biafra. The acting President’s initiative appeared to have convinced the belligerents to engage in meaningful dialogue. This has led to the suspension of acts of sabotage and in raising our crude oil output to the optimum level of over two million barrels per day; as per our OPEC quota. Power generation has also gone up substantially, thanks to the reduction in gas pipeline vandalism.
He has been proactive in attending to state affairs. He has so far signed seven bills while rejecting four, offering cogent reasons for rejecting the others. Much to the relief of the nation, the acting President forwarded the name of the acting Chief Justice Onnoghen to the Senate for confirmation as substantive CJN just before the expiry of his 90-day acting status. This has averted what could have been a major political crisis in a fragile federation as we have.
The acting President has been chairing very lengthy and regular weekly Federal Executive Council meetings at which memos are dispassionately debated after which far reaching decisions are taken.
He has prevailed on the CBN to adopt new and more transparent Foreign Exchange Management procedures which have yielded the desired result of reducing forex market volatility. The Naira is making tremendous gain against the US dollar and other currencies, much to the delight of the masses.
He met at the state house with senior members of the NLC and other demonstrators who are protesting the current economic hardship in the nation. This is a departure from a situation where such demonstrators were forcefully dispersed by security forces and refused access to senior government officials. Even members of the Bring Back Our Girls (BBOG) group, a recognized ally of this administration, were prevented from meeting with the President. The acting President has also demonstrated an unalloyed loyalty to his principal by continuing to attribute his successes to the President’s inspiration. He has also debunked any criticism of the Buhari Administration in his absence. In contrast, the governor of Imo state, Mr. Rochas Okorocha, treacherously criticized the Buhari administration for allegedly marginalizing the Ibos. He complained that even under a President they supported, they had nothing to show for it. “In Imo state for instance”, he insisted, “all we have is a minister of state for all our efforts and extreme sacrifices to ensure that the APC had a good outing in the last elections. I know you are acting President and have the ears of the President so there is no better person to tell our painful story than you”.
The Governor went on and on in indicting the Buhari administration which he had hitherto praised for its wonderful achievements. In a show of loyalty to his principal and his administration by the evident disloyalty of a governor who had pretended servile obeisance to the President, the acting President responded with a rebuke: “If there is any Governor in this country that has the ear of the President, I will say that it is Governor Okorocha. As such, it cannot be said that the state is marginalized by the APC-led federal government.”
This definitely was intended to discourage traitors and effectively shut down the door to would-be turncoats.
Credit for the acting President’s trialblazing actions and high performance must surely be attributed to President Muhammad Buhari who selected a running mate with tremendous intellectual capacity and character where most Presidential candidates would go for docile, inefficient and greedy ones; a person whose blind loyalty is to his principal as to himself.
President Buhari’s choice of a running mate might well have been informed by his prescient consideration of the need to select a competent, patriotic and loyal person in appreciation of the challenges of his advance age and the enormity of the task of reclaiming the country.
The President also deserves praise for his prompt transfer of power and continued support to his deputy as required by law. This will undoubtedly enhance and sustain our nascent democracy.
Abubakar Dangiwa, a retired Colonel in the Nigerian Army, wrote in from Kaduna. [myad]