News http://persecondnews.com Wed, 26 Apr 2017 17:29:30 +0000 Joomla! - Open Source Content Management en-gb VIDEO: Ooni of Ife is left hanging as he goes to greet Oba of Lagos http://persecondnews.com/index.php/psn-news/item/7871-video-ooni-of-ife-is-left-hanging-as-he-goes-to-greet-oba-of-lagos http://persecondnews.com/index.php/psn-news/item/7871-video-ooni-of-ife-is-left-hanging-as-he-goes-to-greet-oba-of-lagos VIDEO: Ooni of Ife is left hanging as he goes to greet Oba of Lagos

The Ooni of Ife, Adeyeye Ogunwusi, was left red faced recently after a very awkward encounter with the Oba of Lagos, Rilwan Akiolu. 

The embarrassing video shows the ooni of Ife attempting to greet the Lagos monarch but he simply waved him off.

The Ooni, put up a brave smile, turned around and proceeded to take his seat.

 

WATCH VIDEO

https://www.youtube.com/watch?v=ssD5nykEtN8

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psnmedia.os@gmail.com (Super User) Top Stories Wed, 26 Apr 2017 08:30:36 +0000
Lock Him Up: Group Renew Calls for Andy Uba's Perjury Charges http://persecondnews.com/index.php/psn-news/item/7870-lock-him-up-group-renew-calls-for-andy-uba-s-perjury-charges http://persecondnews.com/index.php/psn-news/item/7870-lock-him-up-group-renew-calls-for-andy-uba-s-perjury-charges Lock Him Up: Group Renew Calls for Andy Uba's Perjury Charges

A grassroots youth organization in Anambra State, Anambra Youth Movement (AYM), has called on the Police to immediately arrest and prosecute Mr. Andy Uba, for deceit, forgery, and perjury.

The group said that Mr Uba must be punished for lying.             

The demand for the arrest and prosecution of Mr. UBA, who represents Anambra South Senatorial District in the Senate, was contained in a petition addressed to the Inspector-General of Police (IGP). Dated 22 April and signed on the group's behalf by Comrade Austin Okeke, the petition alleged that Mr. Uba has extensively falsified his educational qualifications, presented such to the Independent National Electoral Commission (INEC), caused it to be published on the website of the National Assembly and deceived voters into viewing him as intellectually-endowed on account of his confected educational qualifications.  

"By his actions, Mr. Uba wilfully contravened Section 463 of the Criminal Code ( which provides for three years' imprisonment), Sections 362 to 364 of the Penal Code, which stipulate 14 years'imprisonment with an option of fine or both," stated AYM.                        

The group demands an immediate investigation of the falsification of results with intent to deceive and defraud the public and the government, a refund of taxpayers' money by Mr. Uba on the basis that the falsified results helped his election into the Senate and his immediate arrest for forgery and perjury within seven days.            

"We expect that Mr. Uba will be arrested within the next seven working days to answer to these allegations and subsequently charged to court appropriately following this petition," said the group.

The group added that its own private investigations showed that Mr. UBA, whose real name is Nnamdi Emmanuel Uba, completed his secondary education at Union Secondary School, Awkunanaw, Enugu, in 1974. For his secondary school leaving certificate examination, the AYM found that Mr. Uba sat for nine subjects, passing just one (Chemistry)  at credit level, according to its authentic results.                                                        

Mr. Uba's authentic results, AYM found, showed that he scored F9 in Christian Religious Knowledge,  Economics and English Literature. Mr. Uba had P8, the next lowest grade to F9, in Physics, Biology, English Language, and Statistics.                    

He scored P7 in Mathematics, showing he was an all round poor student. However,  noted AYM, Mr. Uba cooked a different "confirmation of result" dated  November 13, 2013, and claimed it was issued by the West African Examinations Council (WAEC).                

                             

 

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psnmedia.os@gmail.com (Super User) Top Stories Wed, 26 Apr 2017 01:15:52 +0000
Man kills two-year-old baby for disturbing his sleep http://persecondnews.com/index.php/psn-news/item/7869-man-kills-two-year-old-baby-for-disturbing-his-sleep http://persecondnews.com/index.php/psn-news/item/7869-man-kills-two-year-old-baby-for-disturbing-his-sleep Man kills two-year-old baby for disturbing his sleep

 A man has killed his two-year-old son after his cries ‘disturbed’ his sleep on Sunday night, police said on Tuesday.

 

The incident took place at Belabadan village in Purnia district, some 350km east of Patna in India.

Police have arrested the accused and sent him to jail.

Reports said Mangal Sharma was sleeping in his room with his son Adharsh Kumar, the youngest among his three children, on Sunday night when the child began crying.

Irritated by his cries, which he found disturbing, the man put his hands firmly around the neck of boy and strangled him.

After committing the crime, the man carried the body in his arms and then dumped it in the nearby rivulet, before going back to sleep.

“When I got up in the morning and inquired about my missing son, he [husband] said [the baby] was crying. I soon got suspicious and rushed out of my home looking for him. I found the body lying alongside the rivulet,” the victim’s mother Sulekha Devi told police.

Based on her statement, the police registered a case against her husband and arrested him from the home. The suspect was later sent to jail.

“We have arrested the accused and are in the process of filing the chare-sheet soon. The case will be speedily tried,” the local Purnia district superintendent of police Nishant Kumar Tiwari told journalists.

Such incidents are quite common in Bihar. Barely a couple of days back, a man in Bihar was hacked to death just after his bike hit a goat.

Before that, villagers in Bihar chopped off nose of woman after branding her a witch. The incident took place in November 2012.

Even more weird incident took place in 2006 when a 10-year-old dalit girl had her fingers chopped off for stealing a few spinach leaves from the field of an upper caste farmer.

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psnmedia.os@gmail.com (Super User) Top Stories Wed, 26 Apr 2017 01:00:15 +0000
Who is the Presidency? By Reuben Abati http://persecondnews.com/index.php/psn-news/item/7866-who-is-the-presidency-by-reuben-abati http://persecondnews.com/index.php/psn-news/item/7866-who-is-the-presidency-by-reuben-abati Who is the Presidency? By  Reuben Abati

When last week, President Muhammadu Buhari decided to suspend the Secretary to the Government of the Federation, Babachir Lawal, and the Director General of the Nigeria Intelligence Agency, Ambassador Ayo Oke in order to allow unfettered investigations of both public officers, the most striking immediate reaction was the SGF asking: who is the Presidency? 

State House correspondents had accosted the then SGF as he left a meeting with the Vice President. It is standard practice at the State House for correspondents to lay ambush. Babachir Lawal obviously did not know that he had been suspended from office. 

        If the Vice President knew, he did not tell him. Again, that is how the Nigerian Presidency works. Once you fall out of line or favour due courtesies may not be extended to you. I was instructed on many occasions to wait until certain persons left the Villa, before issuing their sack statements. I once announced the disengagement of an important public official from the Presidential wing of the airport, as our aircraft taxied on the runway en route France. 

       In Babachir Lawal's case, he was asked to react to something he knew nothing about. When he sought clarifications, the correspondents told him that the Presidency had suspended him from office.  Anybody in his shoes would have been just as shocked as he was.  He was right there in the Villa, and nobody told him there was a knife at his back. Besides, he occupies a very strategic office.  The SGF's office is the engine room of the Presidency.  

       The Chief of Staff may be the political, administrative head of the State House, but the engine of the Presidency is in the office of the SGF.  He is in charge of Council meetings, the Ministers must interface with him, the civil service also, and he is directly in charge of more than 30 government agencies and parastatals. No key government event or appointment can take place without that office. Presidential power is delegated and distributed. The office of the SGF arguably has a larger share, in other words, in real terms, that office is probably more influential than every other office in the Executive arm of government.  

      The problem with privileged people in government, holding political appointments, however, is that they often get carried away. They forget that they are mere agents, exercising delegated authority.  The illusion of power and the delusion of agents constitute one of the major threats in the corridors of power. But the delusion of relatives, associates and wayfarers is even worse. I have seen ordinary relatives of the President threatening to be powerful, and mere acquaintances claiming to be in charge of the Presidency. It got so interesting at a point that a colleague, who had a First Class and whose only dream was to get a Ph.D in his lifetime, kept insisting that he would devote his doctoral thesis to a study of the impact of informal agents on Presidential powers and authority. If waka-pass characters in the corridors of power can lay so much claim to power, there can be no doubt that privileged persons with big egos would be worse. 

    At that moment therefore when Babachir Lawal asked the question: who is the Presidency?,  he must have thought of all the powers and influence in his custody and imagined himself as being indeed the main engine of the Presidency. His response to the correspondents was actually a retort: "who will dare take such a decision behind my back?  I am the Presidency and I have just held a meeting with the VP.  You reporters don't know anything. You are telling the Presidency that the Presidency has suspended him from office?" By now, a week later, Babachir Lawal must have learnt one basic lesson about power.  

     The lesson is simply that it is power that gives power, when power withdraws power, what is left is powerlessness. For example, another person has since taken Babachir Lawal's place in acting capacity and there is nothing he can do about that.  Some other politicians are also already being positioned to take over that office eventually, so far three names have been mentioned- Ogbonnnaya Onu, Adams Oshiomhole and Olorunnimbe Mamora and it looks like there is a serious hustle for that office. Nobody is likely to reject the job if Babachir Lawal loses it. Meanwhile, the Presidency continues to move on while Babachir Lawal is under interrogation.  In the last week alone, the suspended SGF should also have learnt a few more lessons about human beings. He may no longer ask that question: who is the Presidency? He is more likely to be asking: who is Babachir  Lawal? 

     But that is a private question. No matter how concerned we may be, we can't answer it for him.  It is a kind of question, manifesting in form of a cross which every person must carry at certain critical moments in their lives. When he asked that other question however: who is the Presidency?, Babachir Lawal, beyond his egoistic slip, threw up something anagnoristic, which is of significant public interest.  I offer to attempt an answer to the question. 

        The simple answer is that the President is the Presidency – office, power and system unified in one person.  Under the type of Presidential system that we run, the President of Nigeria is more or less a unilateral person.  He is Head of State, Head of Government, and Commander-in-Chief of the Armed Forces.  His powers are derived from the Constitution, under which he is elected and which he swears to uphold and defend, and it is also subject to it, that he is expected to exercise his powers.  The idea of our American-styled Presidential system is further hinged on the doctrine of the separation of powers. 

     This makes the President the custodian of Executive powers and provides constitutional checks and balances on those powers through the legislature and the judiciary. The Constitution requires the President for example to seek the National Assembly's approval for appropriation and certain appointments, and grants the legislature the powers to impeach the President or pass a vote of no confidence, although this oversight power is hardly exercised. The Judiciary is constitutionally independent, and whereas the Executive approves the appointment of judges, it is not granted the powers to dictate to the judiciary.  There are also certain independent bodies like the Electoral Commission, the Federal Civil Service Commission, the National Judicial Council and the Code of Conduct Bureau, which in the eyes of the law are required to be free from partisan control. The President also cannot take certain decisions without consultation. He consults such bodies as the Nigeria Police Council, the National Defence Council, and the Council of State, even if their advice is not binding on him.  In making appointments he is also required to respect the Federal Character principle as stated in Sections 14(3) and 147(3).

         The sum effect of the constitutional powers of the President under the 1999 Constitution in addition to the residual and implied powers of that office is that what we have in Nigeria at the moment is an imperial Presidency, far more imperial than the imperialism of the American Presidency contemplated and analysed in Arthur M. Schlesinger Jr's book of the same title.  Sections 5, 11, 157, 158, 215, 216, 218, 231, 305, and 315 of the 1999 Constitution grant the President of Nigeria enough powers to compromise the authority and impact of the other two tiers of government. 

       The exercise of so-called residual and implied powers makes the situation worse.  The President can hire and fire, enter into covenants on behalf of the country, send police men onto the streets, send troops to war and seek legislative approval later, he can give national honours, grant pardon, spend money and seek approval within a time-frame, insist on the declaration of an emergency, and act as he may wish in the national interest. 

      This imperialism is a throwback to the monarchical nature of primeval societies. It is sustained sadly by contemporary myths, the thinking that the President is a mythical repository, a superhero- the man who has all the answers and who can do all things.  Other players within the system at all levels, be it the legislature or the judiciary, the private sector or the civil society, also actively promote this myth and concede to it.  The result is that power becomes centripetal. The people unwittingly submit their sovereignty. The idea of the President as a savior is a sad re-imagining of our democracy, which in full flight over-extends the symbolism and powers of the Presidency and threatens to make the legislature and the judiciary irrelevant and thus displaces the people from being partners into consumers of government propaganda and tyranny. 

     By regarding their Presidents or Heads of states as super-heroes, Nigerians place them above democracy and short-change themselves. This has been our dilemma since 1960. Tafawa Balewa, Nigeria's first and only Prime Minister was the super hero who received the instruments of independence from the British colonialists, but by 1966, he had led the country into trouble.   Yakubu Gowon, a soldier, took over.  He was the super hero who led the country through a civil war and held it together, but he was soon shoved aside by another super hero, Murtala Muhammad, also a soldier. From Muhammad to Obasanjo, the military held sway until 1979 when the military returned power to a civilian "super hero", Shehu Shagari.  Shagari's task was to prove that civilians could take charge of their own affairs, but the civilians messed up and the soldiers returned: Buhari, Babangida, Abacha, Abdusalami Abubakar, all super heroes who deployed power in different ways. Fast-forward to 1999 and the return to civilian rule since then. 

     What seems clear is that the extent to which every Head of State and Head of Government exercises Executive powers is a function of personality and the surrounding myths and circumstances. President Olusegun Obasanjo was such a total embodiment of Presidential powers every knee bowed before him.  Those who resisted him regretted doing so in one form or the other.  If he had actually insisted on a Third term in office, he could have possibly gotten away with it. He understood the full extent of his powers as President and he was not afraid to put those powers to test.  He was succeeded by Umaru Yar'Adua who became President primarily because some powerful persons didn't want some other people in that office and merely to pacify certain interests but eventually illness and death truncated President Yar'Adua's potential.  

       President Goodluck Jonathan became acting President and later President also as a superhero. Nigerians used him to remind the North that in a Federation, no single region is "born to rule," and that all Nigerians have full rights under the Constitution.  The North never forgave Jonathan. In his case, he seemed to have played into the hands of his opponents by refusing to use Presidential powers to their fullest extent. He publicly declared on more than one occasion that power should not be wielded like a whip. He conceded a lot, some say too much to God, and to the opposition, and for this reason, many courtesans of power in Nigeria have also not forgiven him especially for being humble and for allowing power and office to go in the opposite direction. 

     His successor is a war-hero, a former soldier, who is not shy about being a Nigerian super-hero.  He is wielding power and using it.  The only problem is that a fully imperial Presidency creates its own contradictions, most of which the subject teaches us, is internal and therefore far more damaging to the system and democracy itself.  Under no circumstance should an elected leader appear more powerful than the people, and the checking and balancing systems so vulnerable. The note-taking on this and the long-term dangers in the context of Nigeria's democratic process and experience is, for now, a work in progress... Babachir Lawal, I hope I have answered your question. I hope you now know who and what the Presidency is. 

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psnmedia.os@gmail.com (Super User) Top Stories Tue, 25 Apr 2017 16:35:31 +0000
Former Niger gov Babangida Aliyu remanded in prison over corruption charges http://persecondnews.com/index.php/psn-news/item/7865-former-niger-gov-babangida-aliyu-remanded-in-prison-over-corruption-charges http://persecondnews.com/index.php/psn-news/item/7865-former-niger-gov-babangida-aliyu-remanded-in-prison-over-corruption-charges Former Niger gov Babangida Aliyu remanded in prison over corruption charges

The former governor of Niger State, Babangida Aliyu was on Tuesday  remanded in prison custody until May 4, the Niger state high court ruled.

 

The immediate past governor is to spend the next nine days inside the prison alongside the Peoples Democratic Party, PDP, in the 2015 election, Umar Nasko.

They both face charges of fraud and diversion of funds running into billions of naira, Per Second News gathered.

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psnmedia.os@gmail.com (Super User) Top Stories Tue, 25 Apr 2017 16:00:53 +0000
$5.9m: Patience Jonathan set to get money back..as.EFCC withdraws motion on account http://persecondnews.com/index.php/psn-news/item/7864-efcc-withdraws-motion-on-patience-jonathan-s-account http://persecondnews.com/index.php/psn-news/item/7864-efcc-withdraws-motion-on-patience-jonathan-s-account $5.9m: Patience Jonathan set to get money back..as.EFCC withdraws motion on account

NAN---The Economic and Financial Crimes Commission (EFCC) on Tuesday withdrew a motion before a Federal High Court Lagos for stay of execution of a judgment which unfroze the account of a former first lady, Patience Jonathan.

 

Justice Mojisola Olatoregun had on April 6 unfreeze the account after Jonathan’s lawyer, Mr Ifedayo Adedipe (SAN), challenged the propriety of EFCC’s action.

He had challenged the commission for joining her in a suit, which he said, she was not a party to, and urged the court to unfreeze Jonathan’s account.

Dissatisfied with the unfreezing order, EFCC had filed an application for a stay of execution of the order as well as a notice of appeal challenging the judgment.

The two applications, according to EFCC counsel, Mr Rotimi Oyedepo, were dated April 6 and filed on April 7.

At the resumed hearing of the case on Tuesday, Oyedepo informed the court of his agency’s intention to withdraw the two applications.

He did not give reasons for the withdrawal.

Following the withdrawal of the applications, Adedipe confirmed service of the application for withdrawal on the defendants.

He equally informed the court of his intention to withdraw Form 48 (notice of Committal to prison) and Form 49 (Committal to prison), which he said, was filed against Skye Bank in anticipation of a failure to obey the order of the court.

After the submissions of both counsel, Olatoregun granted the withdrawal of both the EFCC’s two applications and Patience Jonathan’s Form 48 and Form 49 respectively.

Olatoregun had in 2016 following the application of EFCC, ordered that the account of the former first lady which housed the sum of about 5.8 million dollars be frozen on the grounds that the money was suspected to be proceeds of a crime.

Also affected by the order were five liability companies habouring a total sum of N7.4 billion.

The five companies are Finchley Top Homes Ltd, Aribawa Aruera, Magel Resort Ltd, AM -PM Global Network Ltd, Pansy Oil and Gas Ltd .

Also, affected was an account belonging to one Esther Oba having the sum of 429,000 dollars.

The freezing order was sequel to a further and better affidavit in support of an ex-parte originating summons deposed to by Abdulahi Tukur, an investigating officer of the EFCC.

Tukur had averred that there was urgent need for the court to direct the managers of the bank accounts contained in the schedule to in the interim forfeit the money contained to prevent further dissipation.

While granting the freezing order, the judge had ordered the anti -graft agency to file an undertaking as to damages if it turned out that the order should not have been made. (NAN)

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psnmedia.os@gmail.com (Super User) Top Stories Tue, 25 Apr 2017 15:55:13 +0000
Why We are Hopeful About Improving Health in Africa, by Aliko Dangote and Bill Gates http://persecondnews.com/index.php/psn-news/item/7863-why-we-are-hopeful-about-improving-health-in-africa-by-aliko-dangote-and-bill-gates http://persecondnews.com/index.php/psn-news/item/7863-why-we-are-hopeful-about-improving-health-in-africa-by-aliko-dangote-and-bill-gates Why We are Hopeful About Improving Health in Africa, by Aliko Dangote and Bill Gates

This week, more than 138,000 vaccinators will fan out across five African countries in the Lake Chad area in a push to eliminate polio in Africa and rid the world of this terrible disease forever.



They will take boats across fast-flowing rivers, ride jeeps along sandy ravines, walk crowded street in towns and cities and navigate cramped quarters of refugee camps to ensure that every child is immunized. Traveling for hours a day, these dedicated women and men will visit children in homes, schools, train stations, and transit points across Nigeria, Niger, Chad, Cameroon, and the Central African Republic.

This also marks World Immunization Week, a coordinated effort to make sure that people everywhere understand the importance of getting immunized to protect against vaccine-preventable diseases.

And by coincidence, it was almost seven years ago that the two of us first met in a hotel conference room in Abuja, Nigeria’s capital. We were there as part of a diverse group—public officials, religious leaders, business people, polio survivors, and journalists—to discuss how we could work together to stop polio in Nigeria.

At the time, Nigeria had done an amazing job tackling polio—reducing reported cases by 95 percent in just one year. But it was still circulating in six Nigerian states. While 95 percent might seem like success, as long as a single child remains infected, children across Africa and around the world are at risk.

Thanks to the effort of so many, Nigeria’s Borno State is now the only place in Africa today where polio is still circulating. It will take ingenuity to end polio there, and it will take persistence to continue reaching children in the surrounding area with vaccines to protect them from the disease until it is eradicated. But we’re confident it can be done. And when that happens, Africa will celebrate one of the biggest victories ever in public health.

Since our first meeting in 2010, the two of us have worked together on a range of other projects to help improve health in Nigeria and across Africa.

We supported the establishment of emergency operations centers in Nigeria and other countries to keep polio from spreading. This turned out to be a blessing during the 2014 Ebola outbreak in West Africa. When the disease first appeared in Nigeria—an international travel hub that is home to more than 180 million people—the staff of an emergency operations center set up in Lagos jumped into action and stopped the disease in its tracks. It’s almost unimaginable to think what would have happened without them.

In the state of Kano, we are working with the government to ensure that children can get essential childhood immunizations against tetanus, pneumonia, liver cancer and measles. And when parents bring their children into a clinic for vaccinations, health workers can address other health issues, too, like nutrition, care for pregnant mothers and newborns and malaria prevention and treatment. We have since widened the program to several other states.

Vaccines are also one of the best tools to save lives in an epidemic, such as the meningitis C outbreak happening now in Nigeria and other West African countries.

And because of the devastating impact malnutrition has on Nigeria’s children –  leading to 300,000 deaths annually and causing stunted growth and development in millions more – we have expanded our partnership to include nutrition programs across 12 states.

Earlier this year, we also helped launch the End Malaria Council, a group of influential public and private sector leaders committed to ensuring that malaria eradication remains a top global priority.

Underlying all these efforts is our belief that strengthening health systems is the key to breaking the cycle of extreme poverty and disease—and kick-starting a virtuous cycle of health, productivity, and prosperity.

In our work together, we have learned a few important lessons.

First, improving the health of communities depends on a successful partnership between government, communities, religious and business leaders, volunteers, and NGOs. This ensures that everyone is rowing in the same direction. And it is essential to building trust so parents have the confidence that vaccines are safe and will protect their children from life-threatening diseases.

Second, we must keep innovating to speed up progress. This month, for example, vaccinators will test a new vaccine carrier that keeps the temperature of vaccines stable for up to five days, even in blistering heat. This breakthrough will enable vaccinators to finally reach children in extremely remote areas with life-saving vaccines.

Last, accurate and reliable data is central to any effort to improve health. Data can tell a health officer which communities are running low on vaccine supplies, where there are gaps in vaccination coverage, and which new mothers need reminders to take their babies to the health clinic to be immunized.

An Africa without polio is within reach. So is the vision of getting life-saving vaccines to every child. Success will generate more enthusiasm and support from across different sectors – government, business, civil society, the media – to tackle other killer diseases and the underlying conditions that affect people’s health, including fixing broken health systems.

We know that strengthening health systems takes time and diligence. We are optimistic that Africa can achieve the future it aspires to. That future depends on people working together—across national borders and across socioeconomic strata—to build the better world we all want. 

 

An Opinion Piece by Aliko Dangote and Bill Gates

 

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psnmedia.os@gmail.com (Super User) Top Stories Tue, 25 Apr 2017 15:43:23 +0000
Nigeria faces economic disaster over plans by minister to float the naira http://persecondnews.com/index.php/psn-news/item/7862-nigeria-faces-economic-disaster-over-plans-by-minister-to-float-the-naira http://persecondnews.com/index.php/psn-news/item/7862-nigeria-faces-economic-disaster-over-plans-by-minister-to-float-the-naira Nigeria faces economic disaster over plans by minister to float the naira

 ...Months after floating, Egypt's inflation hits record high

Per Second News---The minister of Finance, Mrs Kemi Adeosun and some cabinet members in the Buhari administration risks sparking social unrest and economic breakdown in their call to float the Naira.

 

The moves seen by many as appeasing international financial agencies at risk of enraging millions of poor people in Nigeria.

 “Nevertheless, one cannot discount the multiple blunders caused by conflicting government policies during the fiscal year 2015-2016, all of which have negatively impacted the Nigerian economy, said Segun Mebude, a Lagos based economist. “Many of these blunders are due to financial policies adopted to resolve economic issues. Unfortunately, most of these measures were counterproductive and on top of them is the renewed call to float the Naira.

In interviews done by Per Second News during the just concluded World Bank/ IMF annual Spring meetings in Washington, dozens of economists agreed that with every currency devaluation, every  citizen loses a significant portion of his/her life savings, pays higher prices for the same products and is likely to refrain from any extra spending that could improve the cycle of the economy, thus causing a recession in the market.

One factor militating against floating of the naira is the lack of infrastructures in the country. Nigeria’s infrastructure is in a deplorable state and the nation’s infrastructural needs are evident for all to see. Much of the road system is in disrepair and barely useable.

Once again the government might find itself in a quagmire of its own making by floating the currency, Per Second News learnt.

Accordingly, should the minister of finance, Kemi Adeosun, continue on this path of treating the Nigerian economy according to simple textbook formulas, without considering the consequences of her decisions on the populace, the situation will only exacerbate even further.

Egypt’s currency submerged after floating

Egypt‘s inflation surged to records high of over 30.1 percent in April, propelled by a steep currency depreciation since the central bank dramatically floated the Egyptian pounds last year, Per Second News gathered.

The measures have pushed up prices sharply in the import-dependent country of more than 90 million.

In cities and towns, food and beverage inflation reached 29.5 percent, healthcare inflation 27.4 percent and transport 22 percent, undermining already-paltry spending power in an economy where many subsist on the equivalent of a few dollars a day.

Shortages of sugar, food items and medicines in recent months have caused public uproar and piled pressure on the Sisi led government.

Economist Madgy Toulba is more direct than some in expressing his concerns over Egypt’s floatation.

“It’s a disaster, he said.

He said floating has exposed the Egyptian currency to supply and demand, but since there is no demand for the Egyptian pound at present, it will plunge in value as a result.

"The government is implementing the IMF conditions very well," he said

“Sometimes floating the currency can be good, if the country already has a rich store of foreign currency. But the country’s only source of foreign reserves at the moment is foreign loans, grants and deposits, which are not a solid basis for this decision,” he said.

Some members of the Nigerian cabinet are making President Buhari’s sincere efforts and vows to revive the Nigerian economy in two years even harder by calls to float.

For decades, average Nigerians have been continuously hearing about alleged “economic reform”, usually followed by paper formulas that only add to their daily burdens. They still remain hopeful and wish to believe that their government is aware of their problems and is vehemently working on resolving them. That belief is diminishing lately and this needs to be addressed urgently.

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psnmedia.os@gmail.com (Super User) Top Stories Tue, 25 Apr 2017 14:36:23 +0000
FGPL: Court Quashes Charges, Refuses to Acquit Duru http://persecondnews.com/index.php/psn-news/item/7860-fgpl-court-quashes-charges-refuses-to-acquit-duru http://persecondnews.com/index.php/psn-news/item/7860-fgpl-court-quashes-charges-refuses-to-acquit-duru FGPL: Court Quashes Charges, Refuses to Acquit Duru

Abuja High Court on Tuesday quashed fresh charges brought against the sacked Vice Chairman of First Guarantee Pension Limited (FGPL), Hon. Nze Chidi Duru by the Economic and Financial Crimes Commission (EFCC) on the grounds that the charge violated a pending court order.

 

 It will be recalled that the EFCC had on 27th Febraury 2017 arraigned the former House of Representatives Member over alleged diversion of N16.1m belonging to FGPL through forgery and money laundering to his personal benefits while he was the Vice Chairman of FGPL.  

The former lawmaker, however pleaded not guilty to the charges and while also challenged the validity of the charges through a preliminary objection to the suit No. FCT/HC/CR/75C/2017 before Honourable Justice Peter Affen of Court 24, FCT High Court, Maitama, Abuja.

In a ruling by Justice Affen, the court quashed the charge and held that it is an abuse of court process for being in defiance of a pending court order by Justice Donatus  Okorowo, which nullified the Target Examination Report on which the charges were based.

The judge said that Duru could not be charged based on the Target Report until Okorowo’s judgment is set aside in order not to foist a fait accompli on the pending appeal. 

The Court, therefore, proceeded to discharge Nze Duru based on this technicality, but however refused to acquit him of the alleged crimes until the suit is determined.

It will also be recalled that Nze Duru is facing four-count charges of stealing, conspiracy, impersonation, and breach of peace following alleged invasion of the head office of the FGPL in Lagos.

He was arrainged before a Lagos Magistrate Court by the Nigeria Police, Lagos Command on 16th January 2017 and the matter was adjourned to 9th May 2017.

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psnmedia.os@gmail.com (Super User) Top Stories Tue, 25 Apr 2017 12:42:26 +0000
Nnamdi Kanu granted bail finally http://persecondnews.com/index.php/psn-news/item/7858-nmandi-kanu-granted-bail-finally http://persecondnews.com/index.php/psn-news/item/7858-nmandi-kanu-granted-bail-finally Nnamdi Kanu granted bail finally

Justice Binta Nyako of a federal high court in Abuja has granted bail to Nnamdi Kanu, leader of the Indigenous People of Biafra (IPOB).

 Kanu was granted bail on “health grounds”.

Image result for pictures of fayose at kanu's trial

 Picture of Ayodele Fayose with Kanu at the court today

 

 

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psnmedia.os@gmail.com (Super User) Top Stories Tue, 25 Apr 2017 11:29:03 +0000