Friday, 31 August 2018
The Communique issued by NBA at the just concluded Annual General Conference:
Why We Wail..
Thursday, 30 August 2018
Run Saraki Run
Wednesday, 29 August 2018
The State With The Highest Foreign Debt In Nigeria - Debt Management Office voxnews
A document obtained by the News Agency of Nigeria, NAN, from the Debt Management Office (DMO), on Wednesday in Abuja, titled: 'States, Federal Capital Territory (FCT) and Federal Governments' External Debt Stock as at June 30, 2018,' also detailed other states' external debts.
The document also stated that the external debt stock of the entire nation stood at 22 billion dollars with the Federal Government incurring 17.8 billion dollars, while the states and the FCT owed 4.28 billion dollars.
This means that the Federal Government accounts for 81 per cent of the country's external debt, while the states and the FCT account for 19 per cent.
The News Agency of Nigeria (NAN) reports that as at Dec. 31, 2017, Lagos State also had the highest foreign debt portfolio 1.47 billion dollars, but the figure reduced to 1.45 billion dollars by June 30.
Following Lagos in a distant second is Edo, which incurred 279 million dollars.
Others are Kaduna, 232.9 million dollars; Cross River, 193.7 million dollars; Bauchi, 134.9 million dollars and Enugu, 127.9 million dollars.
According to the DMO, other top debtors are Anambra owing 107.4 million dollars; Oyo, 106.34 million dollars; Ogun, 105.3 million dollars; Osun, 101.5 million dollars and Abia with 100.2 million dollars.
Following closely are Ekiti with 97.9 million dollars; Ondo with 81.4 million dollars; Rivers, 79.5 million dollars; Ebonyi, 67.9 million dollars; Kano, 65 million dollars; Katsina, 64.7 million dollar and Delta, 63.8 million dollars.
The statement also revealed that Imo incurred 61.2 million dollars; Nassarawa, 61.4 million dollars; Adamawa, 57.8 million dollars; Niger, 55.7 million dollars; and Bayelsa with 57.2 million dollars.
Others are Akwa Ibom with 48.3 million dollars; Kebbi, 46.7 million dollars; Kwara, 49.8 million dollars and Sokoto with 40.2 million dollars.
States with the lowest debt portfolio include Taraba, with 22.1 million dollars; Borno, 22.2 million dollars; Yobe, with 28.4 million dollars and Plateau with 29.6 million dollars.
Others are Kogi, with 32.37 million dollars; Jigawa, 32.80 million dollars; FCT, 32.83 million dollars; Zamfara, 34.2 million dollars; Benue, 34.7 million dollars and Gombe, 38.5 million dollars.
NAN reports that the Director-General of DMO, Ms Patience Oniha, had at a media conference on Aug. 14, said as at June 30, the nation's public debt stock increased marginally by 3.01 per cent from that of Dec. 2017.
"One of the beneficial outcomes is the rebalancing of the debt stock, the ratio of domestic debt to external debt inching towards the target of 60:40 and the target of 75:25 between long term domestic debt and short term domestic debt.
According to the figures for June 30 released by the DMO, the ratio between domestic and external debt stood at 70 to 30 compared to 73 to 27 in Dec. 2017.
Oniha said the ratio of 60 to 40 was important to ensure that the nation was not 100 per cent indebted externally, and that it was also easier to raise money domestically.
Oniha also said the Federal Government had been borrowing from the external debt market to refinance maturing local debts because of the lower interest rates obtainable from foreign sources
GT Bank MD Arrested for ‘Assault’
August 29, 2018
CBL suspends him for time indefinite
Although police spokesman H. Moses Carter's mobile phone had remained switched off up to press time last night, the Voxnews reliably gathered that officers of the Liberia National Police (LNP) are holding Ayodeji Bejide, managing director (MD) of Guaranty Trust Bank (GT Bank) Liberia, in custody on the charge of physical assault against an employee of the bank.
Due to the severity of the wounds he inflicted on Edward Freeman, the assaulted employee who was on active duty, police will subsequently forward Bejide to court for prosecution.
On Tuesday, August 28, a video shared on Facebook shows Mr. Freeman bleeding from his lips in Bejide's office after Bejide reportedly threw a calculator at him, allegedly wounding him on his lips.
After reportedly wounding Mr. Freeman, Bejide was heard in the video telling the employee to calm down, threatening to dismiss him if he made any further comment.
Mr. Freeman then walked out of Bejide's office at the end of the video. The GT Bank MD, who is a Nigerian, is said to be in the constant habit of insulting employees, a situation which has led to series of resignations at the bank.
When contacted, Mr. Freeman declined to speak on the issue as he is seeking legal redress. Many persons, who commented on the video posted on social media, expressed outrage at Mr. Freeman's ordeal.
They said Nigerian employers are often aggressive toward their Liberian counterparts, addressing them in any manner and form.
Former GT Bank Liberia employees (names withheld) who spoke to the Daily Observer via mobile phone, said Bejide is noted for verbal assaults against employees, especially Liberians.
But some employees informed this paper that victim Freeman was assaulted for not submitting a report on time as mandated by Bejide, following a review of the Board of Directors in its August 2018 sitting.
A female employee told the Voxnews that she resigned because of Bejide's behavior, especially toward female staffers. She said Bejide looks down on employees and senior staffers as though they are his kids, and addresses them however he feels, in spite of one's assignment and status.
CBL's Statement
A statement issued last evening by authorities of the Central Bank of Liberia (CBL), announced that Bejide has been suspended for time indefinite from the bank, with immediate effect and without pay, "pending a thorough investigation by the Board into the allegations."
In the meantime, CBL has appointed Amazu Nwachukwy, GT Bank's Chief Operating Officer, as Acting MD until the investigation is concluded.
The release quoted Nathaniel R. Patray, III, Chairman of the Board of Governors and Executive Governor of CBL, that the appointment of Mr.Nwachukwu will remain in force until the conclusion of the investigation; submission to the CBL within 48 hours of the Board's intended course of action to address "this grave matter."
The CBL will henceforth, review the GT Bank Board's recommendations. Thereafter, it will ensure the strictest implementation of the Bank's mitigated actions.
According to the Central Bank of Liberia, the GT Bank Board has conveyed its deep regrets for the alleged incident, and has further informed the CBL that a senior executive from its parent company, GT Bank Nigeria, will arrive in Liberia on Wednesday, August 29, 2018, to assist in the investigation.
Labor Minister's position statement
At the same time, the Ministry of Labor (MoL) has also condemned Bejide's action, terming it as "unacceptable."
"We are not only deeply concerned by Bejide's alleged action, but have also contacted the Ministry of Justice through the LNP to thoroughly investigate the matter.
"The police have already taken the suspect into custody, considering the possible criminal nature of this case," the release said.
MoL further said that in keeping with the relevant procedural laws of Liberia where criminal actions take precedence over civil actions, the ministry will be informed by the outcome of the ongoing criminal investigation in the matter.
Meanwhile, the ministry emphasizes to all employers and employees that the Decent Work Act of Liberia in Section 14.3 (d) reserves its most severe sanctions for persons who breach the fundamental rights of another employee or attacks, batters, threatens, or intimidates his or her co-workers.
The ministry said that they will not hesitate to effect the utmost penalties on persons who flagrantly violate the Decent Work Act, and calls on all employers and employees to behave in keeping with law.
GT Bank's Reaction
"We have received with total reprehension a report about the assault of one of our members of staff and wish to inform the public that we have immediately commenced a thorough investigation into the matter in accordance with professional standard and international best practices," the GT Bank said in release late Tuesday evening.
The release, which is written under the signature of Alexandra Zoe, Head, Legal/Company Secretary, said at GT Bank Liberia, "we do not condone any form of assault in the workplace nor do we compromise on our principle that every staff should be able to come to work without fear of violence, abuse or harassment from any member of our staff."
Indeed, at the core of our value is the premium we put on the welfare of our members of staff and their safety in the workplace.
As a law abiding organization and corporate citizen, GT Bank Liberia maintains a 'zero tolerance' attitude towards violence or assault of any kind and we will not hesitate to take action against any staff who is found to be in breach of the bank strict code of conduct, regardless of their position in the organization.
The bank also maintains very active structures to provide all necessary care and assistance to any member of staff who is a victim of assault.
Once again, "we wish to reassure all members of the public that the bank remains committed [to] ensuring a safe and conducive environment for its staff and providing best-in-class services to its customers."
Tuesday, 21 August 2018
Ekiti: Court grants Oni’s prayer for substituted service in suit against Fayemi
Saturday, 18 August 2018
TRIBUTE TO FORMER UN SECRETARY-GENERAL, KOFI ATTA ANNAN (1938-2018)
Ex UN Chief ,Kofi Annan is dead
Former UN Secretary-General and Nobel Peace Prize laureate Kofi Annan has died at the age of 80, his foundation said on Saturday.
Annan, a Ghanaian national, died in hospital in Bern, Switzerland, in the early hours of Saturday, two of his close associates said.
In Geneva, the Kofi Annan Foundation announced his peaceful death with "immense sadness" after a short illness, saying he was surrounded in his last days by his second wife Nane and children Ama, Kojo and Nina.
Annan served two terms as UN Secretary-General in New York from 1997 to 2006 and retired in Geneva and later lived in a Swiss village in the nearby countryside.
"In many ways, Kofi Annan was the UN. He rose through the ranks to lead the organization into the new millennium with matchless dignity and determination," UN Secretary-General Antonio Guterres, whom Annan had chosen to head the UN refugee agency, said in a statement.
As head of U.N. peacekeeping operations, Annan was criticized for the world body's failure to halt the genocide in Rwanda in the 1990s.
"The U.N. can be improved, it is not perfect but if it didn't exist you would have to create it," he told the BBC's Hard Talk during an interview for his 80th birthday last April, recorded at the Geneva Graduate Institute where he had studied(Reuters/NAN)
Dubai’s Model for Nigeria?
By Voxnews
Of course, economies go through booms and busts. And several nations have gone through situations similar to Nigeria's and emerged for the better.
A case in point is the United Arab Emirates (UAE). As one of the seven emirates making up the UAE, Dubaihas been through its own economic boom and bust. It is now a world destination for tourism, a center of commerce and a model for major oil exporters seeking to diversify their economy.
Like Nigeria, Dubai wasn't always so savvy in economic principles. In the 1900s, the main stay of the Dubai economy was pearl trading and pearl diving. However, following the emergence of artificial pearls from Japan in the late 1920s and the Great Depression of 1929, Dubai's economy took a downward spiral.
A parallel can be drawn here with the current situation in Nigeria. Not only has the country lost a major customer for its crude oil in the United States, but Nigeria also has to face stiff competition and price wars from the Arabian Peninsula in the battle for market share. While the robust economies of the Gulf Cooperation Council allow them to offer discounts to Asian buyers even in the face of dwindling oil prices, such tactics do not come easily for Nigeria. As it stands, Nigeria faces problems financing its 2015 budget, while the naira is losing value.
Just like pearl divers in Dubai learned to cast their nets for fish rather than jump in for pearls, Nigeria would be wise to seek other sources of revenue while the oil market gains some form of stability. Perhaps it is time for Nigerian leaders to seek lessons on how to jumpstart an economy — and Dubai is probably a good place to start.
What makes the emirate worthy of emulation is that despite being in a region bedeviled with crises and an arid landscape, Dubai has gone from being a desert to a world-class state, dazzling and ambitious in development. Dubai shows how sincerity of purpose, true leadership and strong institutions contribute to economic prosperity.
Nigeria's biggest problem is corruption, which likely stems from insincere governance. Since the discovery of oil in the 1950s, Nigerians have remained poor while oil wealth is concentrated in the hands of a few. This is the result of one thing: a failure in leadership.
To prosper, nations need leaders who put in place strong institutions that guarantee security of lives and property; leaders who coordinate and promote economic growth; and leaders who provide critical public infrastructure, formulating laws that facilitate trade and private participation.
The absence of constant electricity has been a major impeding factor to an industrial revolution in Nigeria, and successive governments seem to have no idea how to change the trend. When oil was discovered in 1966, Dubai's leaders chose to quickly use the receipts from oil rent to finance mass infrastructure, building large ports and 5-star hotels that would one day make the emirate a major trading hub and tourist destination.
While the judicious use of Dubai's oil receipts were probably due to the fact that its oil reserves were not as vast as Abu Dhabi's, the fact remains that having sincere and visionary leaders helped put Dubai on the path to prosperity. Indeed, Dubai's leaders could have pocketed the cash from oil rent or shared the funds among a select few, as most corrupt leaders often do.
So, as harsh economic realities beckon, it is time for Nigeria to overhaul its corrupt institutions, revamp its educational system, invest in critical infrastructure and perhaps revisit the cocoa plantations and groundnut pyramids the country was once known for. And just as Dubai learned from its mistake of depending on a major source of revenue in the early 20th century and instead diversifying its economy when oil was discovered, Nigeria must not be complacent at a time when respite does come.