2015: Jonathan woos South-West leaders

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Read Time:1 Minute, 49 Second
Barely 24 hours after President Goodluck Jonathan officially declared his intention to run for a second term in office, he has started reaching out to prominent groups in the South West to actualise his ambition come 2015.
One of such groups is Oodua Peoples Congress, OPC, whose leader, Otunba Gani Adams,  played host to Special Adviser to the President on the Niger Delta and Chairman, Presidential Amnesty Programme, Mr. Kingsley Kuku, yesterday.
Although the duo denied that their close door meeting which lasted for several hours in Lagos, had nothing to do with President Goodluck Jonathan’s 2015 ambition, the undertone of the courtesy visit showed otherwise as a reliable source close to the corridors of powers disclosed that the meeting was in line with Jonathan’s effort to woo the South-West ahead of 2015.
 
According to Otunba Adams, the President of Nigeria had the constitutional right to contest for a second term.
“Since he is passing through a process that is constitutional, he has a right to contest,” Otunba Adams said.
Adams said President Goodluck Jonathan’s first two years in office was a completion of late Musa Yar’Ádua tenure.
He said: “But it is left for Nigerians to decide whether they want him or not. In my own humble opinion he has right to contest for second tenure.”
In a bid to prevent Nigerians from reading meanings to the visit, Mr. Kingsley Kuku noted: “I advise Nigerians not to read any political meaning to the visit.
“Otunba Gani Adams and I share several bond, we come from  the same state, we struggled together against the military and above all, we have the same ideology.
“Since I assumed office as Special Adviser to the President on the Niger Delta and Chairman, Presidential Amnesty Programme, I haven’t seen my brother,” Kuku explained.
On continuation of amnesty programe after 2015, Kuku noted that there were so many people in the Niger Delta, South-South, South East and the three senatorial districts of the north where youths and women needed some form of empowerment.
 

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Anthony-Claret Ifeanyi Onwutalobi

Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
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NIGERIA: Reps at war over Okonjo-Iweala

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Read Time:2 Minute, 32 Second
ABUJA — CHAIRMEN of the joint committees of House of Representatives on Petroleum Upstream and Gas Resources, yesterday, warned House Committee Chairman on Finance, Rep Abdulmumin Jibrin to stop defending the Minister of Finance, Dr. Ngozi Okonjo-Iweala.
The Chairman, House Committee on Petroleum Upstream, Muraino Ajibola and Chairman, Committee on Gas Resources, Bassey Ewa,  in a statement declared that Jibrin should stop misleading Nigerians on happenings in the Ministry of Petroleum Resources and Nigeria National Petroleum Corporation, NNPC.
But Jibrin in a reaction said: ”For two years I was the number one critic of the Minister of Finance, I only stated the obvious.“
 
The two House Committee chairmen, who co-signed the  joint statement, cautioned their counterpart in Finance Committee to face his work rather than’ poke-nosing ‘into the affairs of their committees.
It would  be recalled that Rep Jibrin had recently, while  reacting to the call by Governor Rotimi Ameachi led Nigeria Governors Forum, NGF that the Finance Minister, Dr Mrs Ngozi Okonjo-Iweala, should resign her position over her management of Nigeria’s economy had said that rather than calling on the Finance Minister to resign, the Minister of Petroleum Resources should be called to answer questions and give account of what was happening.
He had said:  “It is not the Minister of Finance, Nobody knows the quantum of crude we produce per day in this country, the Minister is not giving out any information and nobody is asking her.
”By our rules, since the Petroleum Committees have primary jurisdiction on the Ministry of Petroleum and its Agencies, other Committees of the House can request for first hand information from us as the need arises.
”Unfortunately, our colleague has never taken advantage of this but is interested in projecting the Petroleum Committees as not performing their oversight functions.
”We have noted with great concern Abdulmumin’s attempt to divert Nigerians’ attention from the statement credited to the NGF on where and how the sovereign wealth fund is being managed which falls within the purview of his office as the Chairman Committee on Finance.
”It is indeed the saddest day for our democracy and it smacks of compromise that a legislator and of course the chairman of Committee on Finance of the House of Representatives is now the public relations officer of a minister.
”We would have dismissed this statement in the greater interest of protecting the image and sanctity of the House of Representatives (so that the institution will not be seen as divided against itself), but this
rejoinder has become imperative on account of the following:  Abdulmumin’s press statement is an indictment that the Petroleum Committees of the House of Representatives are not performing their oversight function as required by the Rules of the House.
“There has been several similar misleading comments in the media concerning the Ministry of Petroleum Resources and the NNPC by Abdulmumin Jubrin.”
 

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Anthony-Claret Ifeanyi Onwutalobi

Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
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Sacked 670 Mainstreet bank workers: Reps threaten to order MD’s arrest

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Read Time:1 Minute, 53 Second
ABUJA — THe House of Representatives, yesterday, threatened  to issue a bench warrant on the Managing Director of Mainstreet Bank Plc, Mrs Faith Turduo Martins, for allegedly sacking 670 staff of the bank without due process.
Chairman of the House committee on Banking and Currency, Jones Chukwudi Onyereri, said  a bench warrant awaited Turduo Martins if she failed to appear before the committee on October 2 to explain why 670 staff of  the bank were sacked under anonymous circumstances.
Onyereri, whose committee met on the issue  to probe the allegation of highhandedness levelled against the management of the bank by the affected workers, insisted that Mr Anojwi Anyanwu who stood in for Turduo Martins could not provide the committee the requisite information to get to the root of the matter.
”In the wisdom of members of this committee, the representative of the MD of Mainstreet Bank is not able to give us all the information we need to get to the root of this matter.
“We will postpone this meeting to the 2nd of October for the M.D to appear before us and offer explanation on this issue. If she fails to appear, we would be compelled to issue a bench warrant against her,” he said.
Earlier, Mr. Eyo Usanga, who spoke on behalf of the affected workers of the bank, claimed that the bank breached laid down rules when they were relieved of their jobs.
Eyo, who was one of the management staff affected, sought the intervention of the lawmakers to force Mainstreet management to pay them their terminal benefits (redundancy) according to collective agreements, that is 16 weeks of total emoluments on terminal grade per year multiplied by number of years spent by staff.
The workers also asked for payment of 2012 annual leave and passage allowance; payment of outstanding housing allowance up to December 2012, since they had committed their personal monies in paying landlords in anticipation of the payment and commutation of all outstanding annual leave days to cash.
They equally asked for payment of July 2012 salary in full, including allowances, as the salary for 2012 leave period, that is terminal leave, conversion of the termination letter issued to them to retirement/resignation letter.

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Anthony-Claret Ifeanyi Onwutalobi

Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
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ASUU strike: NASS to initiate new policies on education

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Read Time:1 Minute, 16 Second
ABUJA — Worried by the incessant strike by universities and other tertiary institutions, the National Assembly is set to initiate legislative educational policies that would regulate frequent industrial actions in Nigeria.
Senate President, David Mark, stated this at the first conference of National and State Assembly Committees on Education organized by the Senate Committee on Education.
Mark, who was represented by the Senate Minority leader, Senator Ganiyu Solomon, said it was imperative that particular attention be paid to the country’s education sector which, according to him, is in serious need of transformation.
He said:  “The persistent industrial action by the Academic Staff Union of Nigerian universities has had huge impact on the country’s education system and there is need for the senate to initiate legislative solutions to the problem.
”Issues of educational development have been priority of government and it has called for comprehensive and sustainable policies that will deliver good standards, decent environment and  cost effectiveness.”
He, however, called on the federal government and ASUU to urgently come to an agreement to call off the 84 days’ old strike.
Chairman, Senate Committee on Education, Senator Uche Chuwkumerije, in his goodwill message, identified poor funding and inconsistent policies as the two major challenges facing the country’s education sector.
Senator Chuwkumerije also reaffirmed the senate committee’s position on education, stating that it was central to the development and maintenance of the different sectors of the nation’s economy.
 

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Anthony-Claret Ifeanyi Onwutalobi

Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
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Owerri: Okada man, housewife caught making love in bush

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Read Time:1 Minute, 41 Second

OWERRI—A mild drama played out in Orlu, ImoState, when a commercial motorcyclist, a father of two (names withheld), was caught pants down making love to a married woman in a lonely bush.

While the 45-year-old housewife was making a case of rape against the randy motorcyclist, the 30-year-old man insisted that the woman was his concubine.

Giving account of what transpired to the police, the woman said she engaged the motorcyclist at Orlu to take her to her matrimonial home at Obibi-Ochasi.

She said when they got to a solitary area along the route, the man stopped ostensibly to ease himself.

She further told the police that while she was waiting for him to finish easing himself, the man emerged and started asking that they sleep together, adding that when she refused the amorous advance, the man grabbed her and forcefully lifted her into the bush.

The woman equally claimed that the rapist tore her inner wears to shreds, over-powered and raped her.

In his defence, the man claimed that the woman had been his concubine for years, adding that he had previously had fun with her at different times and places, including the spot where they were caught in the act.

He also claimed that he called the woman on her mobile line and asked her to meet him at the agreed spot in Orlu.

The man also claimed that when they got to the bush, the woman stripped herself naked, spread her wrapper on the ground and laid down before he started the act.

The randy motorcyclist, however, agreed that along the line there was a minor misunderstanding on the amount he should pay after they had satisfied themselves.

While the man claimed that the woman was asking for N500 for the service, he offered N200, which he said was the only money on him at the time.

Vanguard equally gathered that plan was in top gear to arraign the alleged rapist in court to face trial.

About Post Author

Anthony-Claret Ifeanyi Onwutalobi

Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
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Digital broadcasting: ECOWAS ICT ministers meet to forge common plan

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Read Time:3 Minute, 55 Second

DUBAI, UAE — COUNTRIES of the ECOWAS sub-region are working to adopt a common implementation plan for digital transition as the June 2015 deadline set by the International Telecommunications Union (ITU) approaches.

This disclosure was made by Edmund Yirenkyi Fianko, Manager, Engineering at Ghana’s regulator, the National Communications Authority of Ghana.
Fianko said this in the course of a presentation he made at the Digital Dialogue Conference holding here in Dubai, UAE.
The conference is sponsored by global pay-TV leader, Multichoice, and is the third in the series, the first two having held in South Africa and Nigeria respectively last year.
He also said that that ICT ministers in the sub-region will meet this week in Banjul, The Gambia to approve protocols and specifications on digital transmitters and set-top boxes that will henceforth be imported by countries in the region to fulfill needs generated by the digital migration.

One of such protocols, he said, includes character set specifications so that set-top boxes can appropriately decode programme and station names in local languages. He said that if these specifications were not made, names of stations and broadcast programmes in several languages will not decode properly.
For instance, the name of a radio station like FAAJI FM, or a television programme like Kaakaki will not decode well if the manufacturers of set-top boxes do not have the appropriate character set specifications.

These, among others, are what ICT ministers of the sub-region will deliberate on at the Banjul meeting.
For Nigeria, the yet-to-be tackled issues revolve around  network roll-out (for broadcast organizations), and the all-important issue of set top boxes (decoders) that members of the public will need if they are to continue receiving signals from television stations. This need arises as free-on-air TV signals will no longer be available from June 17, 2015, the ITU deadline.

Regarding set-top-boxes, there are issues regarding specifications, manufacturing, distribution, retail and installation of the set-top boxes. As things stand, majority of the Nigerian viewing public are in the dark regarding the source of the set-top boxes, who makes them, where they can be purchased, and at what prices.
A sector of the population that subscribes to pay-TV services however remain smug as their service providers are offering digital decoders.
Former director-general of the National Broadcast Commission, Engr. Yomi Bolarinwa had disclosed at the second Digital Dialogue held last year in Nigeria that since 2008, late President Umaru Musa Yar’Adua had approved that Nigeria should key into the digital migration process with T-2, the latest technology in digital broadcasting.
In a presentation, Gerhard Petrick of the South African Digital Broadcasting Association (SADIBA), said that countries beginning the transition should leapfrog the technology gap by opting for set-top boxes driven by the T-2 technology. However, this issue is problematic in Nigeria as some service providers are still aggressively selling T-1 decoders to unsuspecting members of the public.

For the rest of the public who are largely unaware that they will need set-top boxes to receive broadcast signals, the industry regulator, NBC, will have to gear up to ensure that one of their fundamental rights, the right to freedom of information is not infringed on when the analog signals are switched off.
This is because, as Petrick added in his presentation, there will “be no protection for ATVs (analog TVs) after 2015,” and those who are still locked in the analog format of broadcast signal reception “will have to contend with signals from digitally compatible” neighbours. Countries like Togo and Benin Republic fall into this category as they are yet to launch digital terrestrial operations.

However, the advantages of T-2, both for broadcast organizations and the viewing public are over-arching. For broadcast organizations, DVB-T2, according to Petrick “yields 67% more payload at equivalent coverage and network cost” than T-1.
However, Kenya seems to be ahead of other countries on the continent, as Daniel Obam of Kenya’s National Communications Secretariat told the conference that his country will begin the digital migration this year as it switches of analog signals in Nairobi and environs this December, followed by other cities like Mombasa, Kisii, Nyeru, and others in phases next year.

Ana Aguilar of Deloite’s Economic Consulting Group in her presentation highlighted the economic benefits of digital migration, saying the proliferation of channels, content, platforms and devices will generate employment opportunities in both the broadcast and entertainment sectors, while the multiplicity of channels will create new revenue channels for the advertising industry.

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Anthony-Claret Ifeanyi Onwutalobi

Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
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Nigeria Woman rescued from drowning over N500

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Read Time:1 Minute, 4 Second

ONITSHA—There was pandemonium, yesterday, in Awka when a middle-aged woman escaped death at Ezu River, where over 23 mystery corpses were found few months ago.

The woman, Ms. Peace Nnabuife, from Ezeoye, Nibo in Awka South Local Government of the state, had entered the river on a “spiritual journey” when she suddenly slipped and almost drowned.

Some young men, using canoe, were said to have gone to the river bank to perform some sacrifices when they saw the drowning woman and helped her.

They were leaving when her N500 fell into the river. She went for the money and got swept off by the river. Roots of trees were said to have stopped her from being taken away by the river.

She said: “I came here so that Ezu River will carry me to Nibo. We travel through rivers to our meeting place in the depth of the river, where our queen’s kingdom is.

“I came with cellophane bag and I had N500 in it. The N500 fell into the river as the water carried me.”

Asked where she was going for the meeting, she said, “we hold our meetings at Ezu Agulu and I am still in the junior category.”

About Post Author

Anthony-Claret Ifeanyi Onwutalobi

Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
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NIGERIA: Opposition to Jonathan: Questions the North must answer – Uduaghan

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Read Time:5 Minute, 57 Second
Dr. Emmanuel Uduaghan of Delta State is in the second and final term of office as governor of Delta State. the Governor was last Thursday honoured with the Fellowship of the National Postgraduate Medical College of Nigeria in Lagos, the highest award given by the institution. Uduaghan, who is a medical doctor by training on the eve of the award, spoke to a selection of newsmen on issues in the polity including calls by a faction of the Nigerian Governors Forum, NGF that Dr. Ngozi Okonjo-Iweala should resign as Minister of Finance, calls for a national conference and his plans to hand over Delta to a credible successor. Excerpts:
What’s your reaction to the calls for the resignation of Mrs. Ngozi Okonjo-Iweala as Finance Minister by the NGF?
I was very careful in listening to and reading the communiqué and I think the communiqué talked about an Appropriation Act that is based on ‘projections’.
If you read the communiqué, it talked about projection and what projection simply means is that you are not sure of what is on ground.
What that means is that you are making an estimate and your projection may be correct or may be wrong.
What has happened is that I think the Federal Government is saying that our projection, although it is an Act, the projection figures are not quite adding up and so we cannot run it exactly the way it has been projected.
What is your reaction to the support of Senate President, Senator David Mark for a national conference?
 
I talked about national conference over three years ago and that Nigeria needs a national conference. What I refuse to agree with is a Sovereign National Conference.
Various challenges
We should remove the word ‘Sovereign’ we should hold a national conference. I talked about it maybe in low tones over three years ago because there are various challenges in Nigeria that we need to sit down and discuss.
There are regional challenges, there are security challenges, there are even religious challenges that we need to sit down and discuss and agree on the way forward.
There are economic challenges. We have to sit down and put them right on the table, and start a process of give and take: I am from this part of Nigeria and these are the challenges. You are from that part of Nigeria and these are the challenges.
Okay, I will give in to that and you will give in to this. We start the process of give and take and eventually arrive at something that is acceptable to everyone and we move up from there and build up from there. It might not even be the best by the time we even agree, but with time we would build up on what we have started as a people.
There is so much suspicion, there is so much distrust. Let me take the issue of President Jonathan for instance. Many people in the Niger Delta believe that this opposition against Jonathan is because he is from the Niger Delta. They started with performance but now people are beginning to see performance.
This is a President who had challenges from the beginning on insecurity. I don’t see any President who has had the kind of challenges he had on Boko Haram from Day One.
What was one of the issues from Boko Haram? That if we want to give you peace, then, you must become a Muslim if you want to continue as the President of Nigeria. Those are challenges that had never happened and these are things that have been on ground.
And the Niger Delta people are looking at it and asking, ‘is it because he is our son that all these problems are happening? Is it because he is our son that is why there are those evil political moves?
Did they make those political moves against their people?
When they wanted to be President they came to us and we gave them the highest votes and now that our son is there, we expect that they should also give us the highest votes but are they? These are questions.
They may be abstract but they are questions that people from that (Niger Delta) region are asking. And that is why some of us are saying that the opposition to Jonathan should not come from his region and I still say it that the opposition should not come from his region.
People of his region should put their hands and heads together and see how we can build bridges across the other parts of Nigeria to make him succeed as a President.
I agree that there should be a national conference, if anything, to give everybody room to air their views and then we will start negotiating on what will happen.
What is your succession plan like in Delta?
It is on course. (General laughter)
You have a succession plan?
Off course; when you talk of a succession plan there is no way you can hold a position without having a succession plan. There is no way you can be a political editor for example and not have a succession plan.
You must have a succession plan, but the difference in our own case is that the person who is going to succeed me is going to be elected by the people. The person has to work hard, the person has to work on me that has one vote and also work on the people that have over two million votes.
The challenge about my succession plan is that I have put a structure in place that I am marketing to Deltans that we should build an economy beyond oil.
So, if you are going to succeed me you have to convince the people of Delta that your plan will be on developing the Delta economy without oil.
But if you say you want to continue to depend on oil forever and ever, I don’t think you will find it easy to be elected. So, when I talk about my succession plan, the person has to key into the programmes we are putting in place.
Why haven’t you held local government elections in Delta State?
Let me first of all say this that the issue of who fixes the date for local government elections is for the State Independent Electoral Commission. The responsibility of the governor is to put up that commission which I have done. Unfortunately, by the time the life of the other council was finishing, the life of the DESIEC was also finishing.
We took a list to the State House of Assembly but somebody challenged the membership in court and it took us some time to get through that process because we had to appeal to him to remove the case from court before we inaugurated the commission. The commission is in place now and I hear they are going round sensitizing people and they will soon fix a date.
 

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Anthony-Claret Ifeanyi Onwutalobi

Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
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I’ll ensure Nigerians enjoy benefits of democracy – Jonathan

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Read Time:1 Minute, 35 Second
President Goodluck Jonathan, yesterday, in Lagos said the Federal Government would do everything humanly possible for Nigerians to continue to enjoy the full benefits of democracy.
He spoke through the Vice President, Alhaji Namadi Sambo at a ceremony marking the beginning of the 75th anniversary of the Ikoyi Club in Lagos.
The club which has 15,000 junior and ordinary members was established in 1938 to cater for the recreational needs of expatriates and other Nigerian civil servants and businessmen during the colonial era.
Jonathan said the privatisation of the power among other sectors was part of the reformation agenda of the Federal Government aimed at enabling Nigerians to enjoy the full benefits of democracy.
’’Nigerians are to enjoy full benefits of democracy. With improved electricity supply, the creative potentials of our people will be greatly unleashed to continue to challenge the best in world,’’ he said.
According to him, the present administration also identified with the club’s ethics, noting that as part of its agenda for human and national development, the government ‘’supports development and promotes recreation in order to create a healthy and productive citizenry.
“In this era of many health challenges arising from sedentary living and inadequate exercises, an institution that encourages harmony through recreation is worthy of being celebrated.”
The President pointed out that the government would encourage the club to meet the demands of its membership, stressing that in this regard, “the club and the Federal Government can be regarded as transformation partners.”
Jonathan who stated that he was looking forward to a time when he too would join the club to enjoy its sports facilities, however, commended the club for embarking on a multi-storey car park project for its members and asked members to ensure that the N2.1billion project was completed in record time.
 

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Anthony-Claret Ifeanyi Onwutalobi

Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
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NIGERIA: I ‘ll not devalue the Naira – SANUSI

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Read Time:3 Minute, 57 Second
The Governor of the Central Bank of Nigeria, CBN, Mallam Sanusi Lamido Sanusi, has vowed to defend the Naira. He said he was prepared to use the nation’s foreign reserve to ensure the currency’s stability.
Briefing the newsmen at the end of the Monetary Policy Committee meeting in Abuja, yesterday, he said that the argument of those pushing for the devaluation of the Naira did not make any valid economic sense in an import-dependent country like Nigeria.
Mallam Sanusi insisted that the CBN would stick to its position unless forced to do otherwise.
His words, “as far as the Naira is concerned, the CBN has always said that we are committed to its stability. I know there are some people who don’t share that view. But I have not personally heard any economically valid argument as to the benefits of devaluating the Naira up to this point in time.
“It will not improve our export nor reduce our imports into the country. It will not improve our fortunes as long as our structural reforms have not been implemented.
 
“My view and the view of the CBN is that if we will have to use some of our reserves to support the currency, we will. No central bank governor will say that he will not support the currency but we want to be very clear in our minds and to the public that there is no country in the world that will allow its currency to be determined by the market.
“Certainly, the currency is neither over-valued nor under-valued. We are not looking for a stronger currency nor a weaker one. We just want an anchor of expectations: people want to pay school fees; people want to import raw materials; investors wants to be able to predict the returns they would have on their investments; and we think ultimately that it is more important than having a reserve at $50 billion or $40 billion.
“We will use the reserves and the interest rates and I believe we have gone through the most difficult period. Hopefully the next months will not be as difficult as the last one or two. We expect that the Naira will be maintained within our target band but the message is that we are committed to the stability of the exchange rate and we will not, unless we are forced, to allow the Naira to weaken. I think I should make that very clear.”
$41. 7 foreign reserve
The CBN boss noted the decline in external reserves to the current $45.27 billion but said it was better that the $41.19 billion recorded at the end-September, last year.
According to him, “the Committee (MPC) noted that this level of accretion is too low given the relatively high price of crude oil and further underscores the need for much-needed reform of the oil sector”, and said measures would be taken to address the unbridled demand for dollar in the foreign exchange market.
Measures against dollarization
Mallam Sanusi said that money laundering could be the only main factor for the high dollar demand and that new policy measures would soon be announced by the apex bank.
He however, refused to disclose what the policy measures would be, in spite of newsmen’ attempts at his revealing the details.
He lamented that, “Nigeria has become the largest importer of the U S Dollar in the whole world and said that only a firm policy against the dollarization of the Nigerian economy could save the situation.
MPC decisions
The governor announced that the Monetary Policy Rate, MPR, was retained at 12.0 per cent with a symmetric corridor of 200 basis point around the MPR by the MPC.
His words, “the Committee noted that the actions taken at the last MPC have served the purpose of helping the naira avoid the fate of other developing country’s currencies by keeping it relatively stable. It also noted the continued moderation in inflation and the benign outlook for the next six months.
“The Committee decided by a vote of 11 members to hold the MPR at 12.0 per cent. One member voted to reduce the MPR by 50 basis points. 11 members voted to retain the symmetric corridor of 200 basis points around the MPR while one member voted for an asymmetric corridor of 200 basis points above the MPR and 400 basis points below the MPR. All members voted to retain the 50.0 per cent Cash Reserve Requirement (CRR) on public sector funds, and 12.0 per cent CRR on private sector deposits.”
 

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Anthony-Claret Ifeanyi Onwutalobi

Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
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