African Development Bank AfDB approves $600m loan for Nigeria

The African Development Bank (AfDB) has approved $600 million loan as the first tranche of a one-billion-dollar budget support to help finance Nigeria’s economic governance, diversification and competitiveness programme.

Fatima Abubakar, the spokesperson for the bank in Nigeria, said the executive directors of the bank approved the facility on Wednesday.

“The last tranche of 400 million dollars will be approved in 2017,” Abubakar said.

The operation is part of a two-year (2016-2017) fiscal programme support to enable Nigeria implement reforms to achieve efficiency in government business, combat corruption and promote diversification.

It will help the government to create fiscal space to facilitate  smooth implementation of its budget, support fiscal and structural reforms and improve social sector spending to protect the most vulnerable segments of the population.

“The facility will also assist the country’s efforts to quickly build a buffer of foreign exchange reserves, which will  contribute to easing pressure on the foreign exchange market and stabilising the naira,” she said.

Nigeria’s success in efforts to achieve macroeconomic stability and economic recovery will signal the end of the current recession.

An elongation of the recession has potential to severely affect the economies of neighbouring countries in West and Central Africa.

Abubakar quoted Akinwunmi Adesina, AfDB president, as saying:   “We must think through innovative solutions to support our regional member countries in crisis situations like this.”

“We must also provide them with the knowledge products they require to get back on track.”

She said given Nigeria’s demonstrated commitment to significantly scale up infrastructure investments (30 per cent of the 2016 budget), the resources would contribute to creating the fiscal space for investments in power, housing and transport.

“These are key sectors for stimulating the strong economic growth required to exit the recession,” Abubakar said.

Nigeria’s economy has been hit by a sharp decline in oil prices. Oil provides the bulk of government revenues and exports although agriculture and services contribute most to GDP.

Over 90 per cent of Nigeria’s exports and at least 70 per cent of government revenues come from the oil sector, which is projected to have shrunk by 1.6 per cent within the year.

The economy slipped into a recession in the second half of the year because of foreign currency shortages, sharp reduction in power generation, vandalism of oil installations, lower oil production and weak investor confidence.

At the end of  December 2015, AfDB’s portfolio comprised 46 operations estimated at $3.01 billion.

The portfolio consists of 22 public sector operations valued at 1.51 billion dollars or 31 per cent of the entire portfolio and 24 private sector projects, estimated at 2.21 billion dollars or 69 per cent.

At a recent meeting with President Munhammadu Buhari and economic stakeholders, Adesina pledged to provide Nigeria with one billion dollars loan to help it reinvigorate the economy.

Read More

HON. COLLINS ONUNWO ANOTHER NYESOM WIKE IN THE MAKING

Hon. Collins Onunwo the Caretaker Committee Chairman of Obio/Akpor has proven to be another Nyesom Wike due to his leadership style.

Governor N. E. Wike, CON who is the best Local Government Chairman the council has ever had till date due to his developmental achievements while he was the LGA Chairman and the way he empowered the people of the LGA.

Hon. Onunwo with his achievements so far and his style of leadership is already seen as the best CTC Chairman the LGA has ever had.

He is very generous, close to his people and also empowering the youth.

My experience with him, during the Birthday Celebration of Goodluck Ichenwo still amazes me.

Being the caretaker Committee Chairman, people expected to see him at the VIP corner with protocol. But to my greatest surprise he sat with us and chatted freely.

Such a free and down to earth man.

Governor Nyesom Wike started on a good step like this, and Hon. Onunwo Collins has followed in that path, I believe he will also go far.

I am also seeing your goodness in the life of Amadi Promzy Chimenem and Ichenwo Goodluck now as against before.

Like I said before, if Hon. Collins Onunwo continues like this, I will endorse him for a higher position he deserves if I am in the position to.

Thank you sir for leading us well!

You have our support!

#LetsContinue for #WeWontStopTalking because we are #VeryVeryCareful

#FigureItOut and #DontGetItTwisted

#ISignOut

Ikwerre Meka

Read More

Erisco Foods relocates to China, thousands to lose jobs

The Chief Executive Officer, Erisco Foods, Chief Eric Umeofia, has decried the Central Bank of Nigeria’s foreign exchange policies, saying they were stifling local manufacturers’ operations and growth.

The company on October 5th gave the President Muhamamdu Buhari-led Federal Government 30 days to do the right thing by giving the requisite support to indigenous manufacturers or else it would relocate its production base to another country.

Umeofia told newsmen on Tuesday that the company has planned relocation to China.

He said the planned downsizing and plant relocation should be completed in six months to nine months.

Umeofia said that the relocation of production plant to China would increase unemployment, tomato waste and the food import bill of the country.

Erisco Foods is an indigenous tomato paste manufacturing company that employs thousands of Nigerians.

“It is saddening and painful that we have started the process of relocating our factory out of the country, thereby forcing us against our wish to create jobs in foreign lands due to the evil and wicked desires of unpatriotic Nigerians who frustrate every effort we have made to create jobs in the country and earn foreign exchange.”

It will be recall that the Wife of the President, Hajiya Aisha Buhari, in February this year inaugurated the company’s N4 billion tomato paste processing plant that can process 450,000 tonnes of tomatoes in Oregun, Lagos State. According to Umeofia, the idea of the new plant was borne out of the need to resolve the glut in the tomato products from farmers, particularly in the northern part of the country, who are losing about 75 per cent of their produce due to the absence of storage or processing facilities.

While disclosing that it will be taking the company about six months to complete move its factories out of Nigeria, Chief Umeofia said “CBN refused to give us approval till date to use our own deposit of USD460, 000.00 generated from our foreign operations, but the same CBN approves Nigeria’s scarce FOREX to other companies to continue to import sub standards products into the country.” He added “CBN refused to give us FOREX to import machineries, machine spare parts and raw materials to be used for processing of Nigeria fresh tomatoes into tomato paste in our Lagos factory.

In addition, CBN refused to give us enough intervention funds after several promises to import agricultural tractors, improved tomato seedlings, fertilizer, and chemicals for our Katsina Project.

Umeofia said it is regrettable that the same CBN approved intervention loan and FOREX to companies mostly owned by foreigners to import finished tomato paste at cheaper rate and other items like frozen fish and other items that can be produced in Nigeria.

“Recently, USD 15.1 million was allocated to an Indian company among others in one bidding at the exchange rate of N280.00 to a dollar and the CBN claimed it was for future contract, while, Erisco Foods is running its big company with FOREX sourced from parallel markets at the exchange rate of over N450.00 to a dollar.””

Chief Umeofia said they expected the government to place a ban on the importation of tomatoes paste into the country as they did in banning importation of cement and fruit juice, but regretted that that was not done. He added that the company with over 2, 000 workers has the capacity to meet all the tomato needs of Nigeria and even export if they produce at full capacity.

“But since inception, we have been producing fewer than 20% because of dumping of substandard products by Indians, Chinese and some unpatriotic Nigerians.”

The Erisco Foods’ boss noted that the tactical supports given by some government agencies to importers of sub-standards tomatoes paste into the country is forcing them to close their factories and join the importers to flood the market with finished goods as they have lost over N3.6 Billion due to dumping of finished products in the past.

“We have over N6billion of finished products not sold due to the activities of nefarious activities of importers and over N13 billion of raw materials in our warehouses. Also, our foreign supplier bills for collection line worth over US$20m were cancelled due to CBN frustration."

Read More

Election Re-Run: MOTION BROUGHT UNDER MATTERS OF URGENT PUBLIC IMPORTANCE.

ISSUE: URGENT NEED FOR INEC TO CONCLUDE ALL POSTPONED RE-RUN ELECTIONS IN THE COUNTRY IMMEDIATELY AND SAFEGUARD OUR DEMOCRACY.

The House notes with great concern incidence of several postponed re-run elections in Nigeria, particularly in Rivers State.

Also notes with dismay the continuous and persistent denial thereby, of such affected Constituencies and her constituents of their constitutionally guaranteed right to representation at the National and State Assemblies.

Further notes that the following provisions in the Constitution of the Federal Republic of Nigeria (CFRN), 1999 (as amended), namely:

(i) S.48 which provides that the Senate shall consist of three Senators from each State and one from the Federal Capital Territory, Abuja;

(ii) S.49 which provides that subject to the provisions of this Constitution, the House of Representatives shall consist of three Hundred and sixty members representing constituencies of nearly equal population as far as possible, provided that no constituency shall fall within more than one State;

Notes also that the above constitutional provisions are mandatory, thus failure to comply with any of them is unconstitutional.

Aware that the Independent National Electoral Commission (INEC) is set up under S.153 (1) (f) of the Constitution of the Federal Republic of Nigeria (CFRN), 1999 (as amended), and has power under paragraph 15(a) of Part I, of the third schedule to the CFRN to among other things: “organize, undertake and supervise all elections to the offices of the President and Vice-President, the Governor and Deputy Governor of a State, and to the membership of the Senate, the House of Representatives and the House of Assembly of each State of the Federation”.

Also aware that in the case of Rivers State, the Court of Appeal in December 2015 ordered that re-run elections be conducted within sixty days, but INEC has since consistently failed, neglected and/or refused to do so; apart from the one it conducted on March 19, 2016 in only four out of twelve Federal (and few State) Constituencies that re-run elections were ordered in December 2015.   

Also aware that in March 2015, INEC under Professor Attahiru Jega successfully conducted peaceful elections in Bornu and other Northern East States that were then faced with crisis caused by the activities of Boko Haram; yet the present leadership of INEC has consistently neglected, failed and/or refused to conduct elections in only about Eight Local Governments of Rivers State, citing security concerns.

Concerned that while almost all States of the Federation are adequately represented in Parliament in compliance with SS. 48, 49 and 91 CFRN, 1999, Rivers State continues to be unrepresented, (particularly in the Senate where it has no Senator) due to INEC’s deliberate neglect, refusal and/or failure to conduct outstanding elections in the State. 

Worried that INEC’s action is a clear case of injustice being meted to Rivers State and her people, as they have being denied the right to participate in critical National issues that have come up at the National Assembly, including National Appropriations.    

Resolves to:

(i) Urge INEC to immediately conduct all outstanding elections in Rivers State.

(ii) Mandate the House Committees on Legislative Compliance and Electoral matters to ensure compliance with the House resolution of 23rd June, 2016, as applicable, and that INEC concludes all elections in Rivers State and revert to the House within two (2) weeks, with a confirmed date for the elections.

1. HON. LEO OGOR
2. REP. O. K. CHINDA.
3. HON. BETTY APIAFI
4. HON. KEN CHIKERE
5. HON. BLESSING NSIEGBE
6. HON. PRINCE UCHE NNAM OBI.

Read More

APC AND ITS BOUT WITH HYPOCRISY, FRAUD AND TYRANNY By Oraye St. Franklyn

It was Frederick William Robertson who said,  "There are three things in the world that deserve no mercy, hypocrisy, fraud, and tyranny" and I completely agree.

Unfortunately, these three vices, not one or two, are exactly what define the All Progressives Congress (APC) and emphasise the need to not show mercy to its  characterised intransigence in spite of its avowed rhetoric of change. Talk about hypocrisy, duplicity and tyranny and APC pops up at your very before.

So much has been said lately by the APC, through its Rivers adjunct, about the nominations of two Rivers sons into the Ethics Committee of the National Judicial Council, a constitutional body surreptitiously being primed for imminent destruction by the hands of tyrannical governmental establishments in a bid to completely compromise the substructure of constitutional democracy in Nigeria and superimpose what can best be described as a democratic diarchy by military fiat.

The concerned gentlemen are Hon. Justice Iche Ndu (Rtd) and Okey Wali  (SAN). The basis for the aggravated angst against their inclusion as members of the committee is simply that they are Rivers people and said to be 'friends' of the Governor of Rivers State. In fact, APC is even more infuriated by the membership Okey Wali (SAN) of the recently inaugurated Rivers State 50th Anniversary celebration Committee, populated by distinguished sons and daughters of Rivers State including Agbani Darego and others, that they readily point to as evidence of his affinity to Governor Wike; including his being Governor Wike's lawyer, and on the basis of that should stand disqualified from being members of the Ethics Committee of the NJC.

As for His Lordship, the Honourable Justice Iche Ndu, not much is said of him except that the entire trouble that the judiciary in Rivers State was bedevilled by, which prompted the closure of courts for over a year, was placed squarely on his shoulders and not at the doorsteps of the former Governor of Rivers State, Mr. Rotimi Amaechi, whose refusal to accept the nominee of the NJC as provided by law, was the Genesis and Revelation of the judicial imbroglio in Rivers State. Who would forget that in a hurry?

What the APC is not saying, is that neither Okey Wali, SAN, a former President of the Nigerian Bar Association and accomplished lawyer of repute nor Justice Ndu, a former Chief Judge of Rivers State, now meritoriously retired, have been compromised by acts carried under their hands in the entirety of their individual careers.

What the APC is not saying is that the NJC Ethics Committee is a 27 member committee, of which 2 members are not just insignificant to derail the outcomes of the committee's assignments but also makes the promoters of the logic of that possibility, mischief makers.

But APC's protest smacks of inordinate hypocrisy. This is the same Party, whose leader, the current President of Nigeria, Muhammadu Buhari, has violated every piece of legislation providing for Federal character in the appointment of Nigerians to political offices. A Party that produces a President who justifies his lopsided appointments in favour of his kinsfolk on the basis of not wishing to work with unknown and untrusted hands; who sets out to appoint his family relatives into the Federal Cabinet and populates other related appointments with men of his tribe, now turns around to oppose the inclusion of distinguished Rivers Sons into a committee that exemplifies the diversity of the Nigerian nation and charged with duties they are competent to discharge? What defines hypocrisy and duplicity better than this? What speaks of tyranny better than this effort and the grand agenda to emasculate the judiciary and her internal bodies in a bid to loosen the restraints on the pervading lawlessness and give free course to illegalities?

INEC, EFCC and the entirety of the Security structure of the Nigerian federation are controlled by Northern Nigerians, from where President Buhari hails, against the norm and provisions of extant laws governing appointments into such offices. The APC, a Political Party that has devalued the rule of law in Nigeria's democracy, made mockery of the essence of the diversity of our nation and promoted nepotism to the status of State policy is the same organisation that is querying the inclusion of men of impeccable character and unblemished reputation into a committee on the basis of their affinity to Governor Wike. It's almost stupefying. What does the APC aim to achieve if not to further compromise our democracy?

The APC also says Governor Wike wields so much influence in the NJC that allowing people linked to him and from his State will completely compromise the NJC. As laughable as that is, one must say, its logic also falls flat on its face. Beyond mere propaganda, the stock-in-trade of the APC, what substantiates the influence of Governor Wike in the NJC? Does it now mean that because Rivers State is governed by a lawyer, lawyers in the State are forbidden from participating in the affairs of their profession? Does it make sense? Does the mere fact that judicial decisions are against the reigning impunity and that lawyers themselves now lead protests against the lawlessness of this government not impinge on its avowed integrity and so called credibility? Is that Governor Wike's fault?

Why is the APC fear-stricken by Governor Wike? Is there proof of anything he has done that undermines Nigeria's democracy, integrity and solidarity? Does Governor Wike not model a true Democrat and nation-builder who is focused on developing the lives of the people of his State? Is this not essence of governance? Why is his name being used as the pretext to further decimate the judiciary beyond the injury already inflicted on it by the Department of State Services  (DSS) without any known and justified cause? Does Nigeria no longer practice democracy? Is that why Democrats are being taken hostage, slammed with charges and detained in flagrant disregard for the rule of law and the decisions of courts?

If the APC feels so pained about the inclusion of 'friends of Governor Wike', as they describe them, in spite of the credibility of their respective individual standing and in concomitance with the diversity of our nation, can they kindly begin the change process by prevailing on their leader to take out all personal relatives of his from both the cabinet and other government parastatals and spread the appointments to reflect the diversity of our nation? Won't that be a good starting point and to exemplify exemplary leadership?

Do they really have the right to query justified actions, when they themselves ridicule every provision of our laws if not that their aim is to unleash an era of impunity, and are they to go unchallenged?

Finally, the APC through its Rivers Chapter has said it would make Nigeria ungovernable if the nominees are not dropped. Both the Police and the Department of State Services have done nothing known to the public about this. One is hoping that they won't surprisingly spring to action against nationalists that will rise to oppose the suppression of democracy and the rule of law because as Frederick William Robertson opines, which makes perfect sense: hypocrisy, fraud and tyranny do not deserve any mercy, whatsoever.

Read More

Outstanding Strength: ‘Cucumber Queen’ Chidinma, To Receive Award Of Excellence

Ex-Miss Anambra, Okeke Chidinma, also known as ‘Cucumber Queen’ is set to receive an Award of Excellence as Queen of Gold at the Divas Award on 18th of December, 2016.
Despite her back to back lesbian video scandal going viral for almost 1 week, while topping the Google’s chat for the most search scandal; Chidinma Okeke who has reportedly fled the country and granted asylum in another country would be recognised for her Outstanding Strength; for not giving up during trying times & staying strong against all odds.

The event according to what Celeb Police gathered, will take place at Kolanut Centre, Calabar, Cross River State.

Read More

Cucumber Scandal: Group wants Miss Anambra beauty pageant banned

The Civil Rights Realisation and Advancement Network, CRRAN, has called for thorough investigation over the controversy surrounding the Miss Anambra Beauty Pageant.

The group asked the National Agency for the Prohibition of Trafficking in Persons to look into the alleged suspected case of sexual exploitation and trafficking involved in the contest.

The development followed the circulation of an online lesbian sex video involving the winner of the 2015 edition of the pageant, Miss Chidimma Okeke.

In a petition dated October 29, and addressed to the Director General of NAPTIP, the group said there were strong indications that the organisers of the pageant were sexually exploiting young girls who participated in the beauty contest.

President of CRRAN, Mr. Olu Omotayo, who signed the petition, urged NAPTIP to prosecute masterminds of the alleged sexual exploitation.

He expressed regrets that the pageant, which was established by a government agency – Anambra State Broadcasting Service – has turned into an avenue for sexual exploitation and trafficking.

Part of the petition read, “Recent happenings which led to the online circulation of nude pictures and video of the said Miss Anambra pageant queen 2015, Miss Chidimma Okeke, have shown prima facie that the organisers of the pageant are using the avenue to sexually exploit young innocent girls of South East Nigeria.

“The purpose for which the state government through one of its parastatals, the Anambra State Broadcasting Service, established the pageant competition has been defeated because it could no longer be said that the pageant is promoting morality, culture of the people or empowering the female youths of this zone.

“We submit that it is part of the functions of your agency to among other things: ‘investigate all cases of trafficking in persons including forced labour, child labour, forced prostitution, exploitative labour, and other forms of exploitation, slavery and slavery like activities, bounded labour, removal of organs, illegal smuggling of migrants, sale and purchase of persons’.

“We submit that the incident in Anambra State is sexual exploitation and slavery of young female persons.

“We urge you to urgently commence thorough investigation into this barbaric competition and made those behind it face the full wrath of the law.”

The group insisted that the beauty contest should be banned, in order to prevent further exploitation of young girls.

It said, “It becomes more worrisome when it is an agency of the state government that is involved in a dastardly act of this nature. This is a serious embarrassment to the whole nation.

“We urge you to take immediate action to save female youths in the South-East Nigeria, particularly Anambra State, from further sexual exploitation and slavery being perpetrated under the so called pageant.

“The government should immediately ban the said pageant.”

Read More