IBADAN—THE World Bank, yesterday, said the former military President, General Ibrahim Babangida, never got its support for the Structural Adjustment
Programme, SAP, he introduced in the 1980s.
It said Nigerians should exclude it from all attendant problems that greeted the introduction of the programme.
World Bank Country Director for Nigeria and Africa Region, Mr. Onno Ruhl, who
made the disclosure at a lecture in honour of late Professor Samson
Olayide who died in 1985 at Ibadan, said it was regrettable that the
country has continued to heap all the blames for the failure of SAP on
the banking institution.
Ruhl noted that if the institution should be blamed at all, the blame should be that it worked for the military for too long.
He said: “Babangida never got our support for the Structural Adjustment
Programme, SAP, that he introduced and yet we were getting all the
blames for it. The only thing he did was that the recommendations he
made was the same we recommended for other countries.”
The Dutch, who spoke on the topic entitled, “Nigeria and World Bank - Friend or
Foe” at the programme organized by the Agricultural Economics Students’
Association in conjunction with the Students’ Union Transition
Government, University of Ibadan, said the country had dysfunctional
governance system especially around service delivery.
Governance,
Nigeria's bane
He argued that though corruption was being touted as the major enemy
inhibiting the country’s growth and development, governance was the
real problem.
Other challenges which he said still militated against the economic growth of the country included weak, non-functional and
deteriorating infrastructure - energy, transport and water resources.
Ruhl commended achievements that Governor Babatunde Fashola of Lagos State
had recorded saying many other governors he went had continued to ask
him to disclose the magic wand that Governor Fashola used to have made
such positive impacts.
He added that the urban transport projects in Lagos State combined institutional and regulatory reform together with
specific investments, adding that it encompassed all elements of
successful public_private partnerships.
Reiterating that the World Bank had never been a foe, he itemized some of the benefits that the
country had gained from the bank.
He said the bank was working for a world free of poverty through promotion of growth to create economic
opportunities; helping poor people to take advantage of these
opportunities, and providing interest-free credits to support Nigeria’s
development process.
Ruhl added that the bank, through the IDA, had put in more than 269,859 HIV positive persons on ART, tested close to
30,000 people and set up 640 counselling and testing centres.
Wednesday, September 1, 2010
NSE officials may face EFCC for corruption
LAGOS—INDICATIONS emerged, early in the week, that some top officials of the Nigerian Stock Exchange may have used their position to acquire
the exchange’s land at Temple Road, Ikoyi, for a meagre N495 million.
The land was said to have been paid for in four tranches with the following
First Bank’s draft numbers: 029128, 090755 and 818905. The payment was
alleged to have been made as follows: N 49 million in 2005; N 74.3
million; N100 million in 2006 and the final payment made on April 24,
2006.
Sources in the NSE said the land originally belonged to the Exchange.
This fact is one of the revelations of the ongoing audit of the accounts of
the exchange which auditors and forensic experts are said to have
described as misleading and meaningless according to comments made by
some of the auditors who are looking at the books.
Vanguard gathered that the auditors and forensic experts currently looking into the books
of the Exchange said the account contains some inconsistencies and
inaccuracies.
A source said: “What has so far been revealed is alarming and you will be surprised to see the extent of undercurrent in
the accounts. The figures are not very factual and there are so many
inconsistencies in what has been put together.”
But in defence of the allegations of wrong doings in the Exchange, former
Director-General and Chief Executive, Dr. Ndi Okereke-Onyiuke told
members of the Capital Market Committee recently that the Exchange
never exceeded budgetary approval nor falsify its account in anyway.
She said: “I wish to emphasise that the management of the Exchange never
exceeded budgetary approval by Council and if there is need for any
explanation on the published accounts of an organisation, the Board,
led by the Chairman, has the primary duty of offering insight, working
with the Chief Financial Officer of the organisation. In this instance,
I was neither the Chairman of the Council nor the Chief Financial
Officer of the organisation.”
Figures gathered from the NSE Management Account for the year ended December 2009 yet to be published showed that the
Exchange spent N 7 billion between 2007 and 2009 in market development
and N 1.230 billion in public enlightenment.
In 2007 alone, at the peak of the Exchange boom, market development gulped N 4.13 billion;
while it took N2.24 billion in 2008 and N 0.68 billion in 2009. In
three years, air travels swallowed up to N 2.52 billion, while N645
million was spent in 2007, N1.5 billion in 2008 and N 437 million in
2009.
In 2008, salaries and allowances of the staff hit N3.33 billion as against N1.58 billion budgeted, more than 100 per cent
increase.
The Exchange claimed that “the drastic staff cost was due to top level recruitment made during the period. Curiously in 2009, the
salary also came down to N 1.62 billion, raising question as regards
whatever happened to the top level staff hired in less than nine
months; either retrenched or disengaged.
In 2009, NSE made a deficit of N 2.752 billion. This apparently explained the NSE former
President, Aliko Dangote’s alleged insolvency of the Exchange.
Furthermore in 2009, NSE incurred interest expenses and similar charges of N37.9
million. In 2010, it budgeted increase in interest charges of N 45
million, implying continued borrowing or subsisting debts. Sources
further revealed that N1.6 billion was borrowed from CSCS account to
support the deficit cash flow of the Exchange.
the exchange’s land at Temple Road, Ikoyi, for a meagre N495 million.
The land was said to have been paid for in four tranches with the following
First Bank’s draft numbers: 029128, 090755 and 818905. The payment was
alleged to have been made as follows: N 49 million in 2005; N 74.3
million; N100 million in 2006 and the final payment made on April 24,
2006.
Sources in the NSE said the land originally belonged to the Exchange.
This fact is one of the revelations of the ongoing audit of the accounts of
the exchange which auditors and forensic experts are said to have
described as misleading and meaningless according to comments made by
some of the auditors who are looking at the books.
Vanguard gathered that the auditors and forensic experts currently looking into the books
of the Exchange said the account contains some inconsistencies and
inaccuracies.
A source said: “What has so far been revealed is alarming and you will be surprised to see the extent of undercurrent in
the accounts. The figures are not very factual and there are so many
inconsistencies in what has been put together.”
But in defence of the allegations of wrong doings in the Exchange, former
Director-General and Chief Executive, Dr. Ndi Okereke-Onyiuke told
members of the Capital Market Committee recently that the Exchange
never exceeded budgetary approval nor falsify its account in anyway.
She said: “I wish to emphasise that the management of the Exchange never
exceeded budgetary approval by Council and if there is need for any
explanation on the published accounts of an organisation, the Board,
led by the Chairman, has the primary duty of offering insight, working
with the Chief Financial Officer of the organisation. In this instance,
I was neither the Chairman of the Council nor the Chief Financial
Officer of the organisation.”
Figures gathered from the NSE Management Account for the year ended December 2009 yet to be published showed that the
Exchange spent N 7 billion between 2007 and 2009 in market development
and N 1.230 billion in public enlightenment.
In 2007 alone, at the peak of the Exchange boom, market development gulped N 4.13 billion;
while it took N2.24 billion in 2008 and N 0.68 billion in 2009. In
three years, air travels swallowed up to N 2.52 billion, while N645
million was spent in 2007, N1.5 billion in 2008 and N 437 million in
2009.
In 2008, salaries and allowances of the staff hit N3.33 billion as against N1.58 billion budgeted, more than 100 per cent
increase.
The Exchange claimed that “the drastic staff cost was due to top level recruitment made during the period. Curiously in 2009, the
salary also came down to N 1.62 billion, raising question as regards
whatever happened to the top level staff hired in less than nine
months; either retrenched or disengaged.
In 2009, NSE made a deficit of N 2.752 billion. This apparently explained the NSE former
President, Aliko Dangote’s alleged insolvency of the Exchange.
Furthermore in 2009, NSE incurred interest expenses and similar charges of N37.9
million. In 2010, it budgeted increase in interest charges of N 45
million, implying continued borrowing or subsisting debts. Sources
further revealed that N1.6 billion was borrowed from CSCS account to
support the deficit cash flow of the Exchange.
Six firms bid for consultancy on power privatisation
ABUJA — The Bureau of Public Enterprises, BPE, said it had received expressions of
interest from six companies as consultants on the sale of state-owned
power generation and distribution companies to private investors.
The companies include Goldman Sachs Group Inc., Standard Chartered Plc, a joint bid from Lazard Ltd. and United Bank
for Africa Plc, and the African Finance Corp.
The Abuja-based BPE said in an e-mailed statement, yesterday, that Goldman’s expression of
interest was submitted jointly with Lagos-based, Stanbic IBTC Bank Plc.
The bureau explained that the companies were meant to act as transaction
advisers and that their selection was quality based, and from a pool of
such companies in its kitty offering such services.
President Goodluck Jonathan, while unveiling the new Power Road Map in Lagos last
week, said government would go ahead with the privatisation of the
generation and distribution arms of the power sector, but would retain
control of the transmission, even as it would be privately managed.
The move and a host of others were part of the new revolution that is expected to revamp the power sector and guarantee sustainable power supply to Nigerians, while also boosting economic developmen
interest from six companies as consultants on the sale of state-owned
power generation and distribution companies to private investors.
The companies include Goldman Sachs Group Inc., Standard Chartered Plc, a joint bid from Lazard Ltd. and United Bank
for Africa Plc, and the African Finance Corp.
The Abuja-based BPE said in an e-mailed statement, yesterday, that Goldman’s expression of
interest was submitted jointly with Lagos-based, Stanbic IBTC Bank Plc.
The bureau explained that the companies were meant to act as transaction
advisers and that their selection was quality based, and from a pool of
such companies in its kitty offering such services.
President Goodluck Jonathan, while unveiling the new Power Road Map in Lagos last
week, said government would go ahead with the privatisation of the
generation and distribution arms of the power sector, but would retain
control of the transmission, even as it would be privately managed.
The move and a host of others were part of the new revolution that is expected to revamp the power sector and guarantee sustainable power supply to Nigerians, while also boosting economic developmen
2011: Igbos have not endorsed any candidate — Ohaneze Ndigbo
By Henry Umoru
ABUJA—AHEAD of the 2011 Presidential election, the umbrella body of the South East
geo-political zone, Ohaneze Ndigbo, said yesterday that as a body, it
had not endorsed any aspirant for the position.
Answering questions from journalists in Abuja yesterday, the new Chairman of Ohaneze
Ndigbo, Federal Capital Territory chapter, Barrister Nwabueze Calistus
Obi, who vowed that as a zone, it was prepared to fight for what was
just, stressed that they would confront any institution, individuals
that will stand as encumbrance to the fight of the Igbo within the
bounds of the law.
Also elected with him are Pastor Samuel Iloh, Prince I. H. Okwukwu and Emeka Wachukwu as Vice Chairmen, Val. Ogosi as
Deputy Chairman, Onwuka Arua as Secretary, Prince J.E. Ubani as
Publicity Secretary, among others.
He said Igbo people would at the most appropriate time come up with the
people of the zone after series of brainstorming exercises, adding that
the zone will allow for all the parties to come up with their
candidates, adding that after the primaries, the Igbos will now begin
to discuss and, thereafter, push the pendulum to the most favourable
place.
According to him, “a lot of people have been talking, some are bending towards Jonathan, some are bending towards other
contestants, they are doing that in their individual capacities. As a
nation, Igbo people have not endorsed any of the aspirants.
"Ohaneze national said in its last meeting in Enugu that the Igbo nation will at
the right time come out to tell Nigerians where they are. So, Ohaneze
FCT is in alignment with the views of the President General.
“The governors are not the Ohaneze, they are just the leaders of the various
states in the south East, they are not speaking for the entire Igbo
people. If you are abreast of what is going on, very recently, the
same governors came out to deny that the Igbos are behind any of the
aspirants, they said they never at any time said so.
They might, on their own, decide, but that does not foreclose the constitutional right
of any Igboman to aspire to be President. So like as I said, it is
individual expression, which has nothing to do with the thinking and
direction Igbo people are going to and at a very auspicious time, the
Igbos will tell you who their man is”
ABUJA—AHEAD of the 2011 Presidential election, the umbrella body of the South East
geo-political zone, Ohaneze Ndigbo, said yesterday that as a body, it
had not endorsed any aspirant for the position.
Answering questions from journalists in Abuja yesterday, the new Chairman of Ohaneze
Ndigbo, Federal Capital Territory chapter, Barrister Nwabueze Calistus
Obi, who vowed that as a zone, it was prepared to fight for what was
just, stressed that they would confront any institution, individuals
that will stand as encumbrance to the fight of the Igbo within the
bounds of the law.
Also elected with him are Pastor Samuel Iloh, Prince I. H. Okwukwu and Emeka Wachukwu as Vice Chairmen, Val. Ogosi as
Deputy Chairman, Onwuka Arua as Secretary, Prince J.E. Ubani as
Publicity Secretary, among others.
He said Igbo people would at the most appropriate time come up with the
people of the zone after series of brainstorming exercises, adding that
the zone will allow for all the parties to come up with their
candidates, adding that after the primaries, the Igbos will now begin
to discuss and, thereafter, push the pendulum to the most favourable
place.
According to him, “a lot of people have been talking, some are bending towards Jonathan, some are bending towards other
contestants, they are doing that in their individual capacities. As a
nation, Igbo people have not endorsed any of the aspirants.
"Ohaneze national said in its last meeting in Enugu that the Igbo nation will at
the right time come out to tell Nigerians where they are. So, Ohaneze
FCT is in alignment with the views of the President General.
“The governors are not the Ohaneze, they are just the leaders of the various
states in the south East, they are not speaking for the entire Igbo
people. If you are abreast of what is going on, very recently, the
same governors came out to deny that the Igbos are behind any of the
aspirants, they said they never at any time said so.
They might, on their own, decide, but that does not foreclose the constitutional right
of any Igboman to aspire to be President. So like as I said, it is
individual expression, which has nothing to do with the thinking and
direction Igbo people are going to and at a very auspicious time, the
Igbos will tell you who their man is”
Thursday, August 26, 2010
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