Tuesday, 25 February 2014
Thursday, 20 February 2014
You have drawn a lot of flaks for donations by the CBN under your watch. What is the rationale for these donations?
When I came in, one of the things I discovered was that education was an area where we have had a lot of investments at the Bank. Since this process was on and I liked it, I talked to the board of the bank and they agreed that this is something that we should continue doing. They are largely interventions in educational institutions aimed at filling major gaps in infrastructure. We have tried to see if we can focus the schools on producing very high-quality personnel for the banking industry and finance-related areas. So, most of those centres of excellence are really for MBAs, MSc Finance and so on. They are supposed to produce high-quality personnel for the financial sector and give them the very best training.
If you don’t invest in human capital, the system will collapse. The graduates that come out and go to the banking industry will not have the ability to run the banks. Those that we employ as regulators will not have the skills to regulate. We don’t have the capacity in Nigerian universities to produce the kind of personnel that this industry wants. So at the level of the centres of excellence, the investments are aimed at contributing to the flow of human capital. Now if we don’t make the money, we won’t do it; and if we do make money and the board approves, we do it. What I have not understood in the criticism is the following: is it that it is wrong to intervene in education? Or is it wrong for the CBN to do it? I still have not understood what the criticism is all about.
Well the criticism is that CBN under you became a Father Christmas, dishing out money to all kind of things that are not related to your core mandate.
In 2002, there was a bomb blast in Ikeja, Lagos. The CBN Governor then was Joseph Sanusi and the CBN gave N10 million. What is the difference between giving bomb blast victims N10 million in Lagos and giving N100 million to bomb blast victims in Kano or N25 million to bomb blast victims in Madalla? I didn’t start it. It is a tradition of the bank. How is that Father Christmas? What is wrong with the board of the Central Bank approving if the Bank is making huge profits? What is wrong with the CBN contributing to relief for humanitarian disasters? What is wrong with the CBN getting banks together and contributing to flood disaster relief? We put in about N500 million when the flood disaster hit the country. We got the banks to put in money and we gave the money to the relief body set up by the president. Most of the victims of the Boko Haram bombings in Kano were not Kano indigenes. If you see the list, 70% of the people the governor of Kano State gave the money to were from the south. They were SSS officers and police officers whose barracks were bombed. They were people from all over Nigeria. The bulk of them were neither Muslims nor from Kano and the list was published.
What about the conference centre? Should the CBN be involved in things like that?
What is a central bank and who says the central bank should not be involved in these activities? On the basis of whose rule? How did this conference centre start? We all go out to Washington, Istanbul, Cape Town and other places for meetings and conferences of the World Bank and IMF etc. Let me give you an example. When I just became the CBN governor, there was a meeting of West African central bank governors and it was held at the Transcorp Hilton. But go to the Bank of Sudan and they have beautiful conference rooms. So when they were going to have the D8 meeting of central bank governors I said we needed to build a conference room in the central bank that will host the central bank governors and that is where we have our Monetary Policy Committee meetings now. We got Julius Berger to do it. We designed a roundtable with five cabins for simultaneous translation with video conferencing facility, with TV coverage facilities. Today, if the IMF and World Bank say they are coming to Africa, Nigeria cannot even offer to host
President Jonathan suspends Lamido Sanusi as CBN governor, appoints Dr. Sarah Alade as acting Governor.
Having taken special notice of reports of the Financial Reporting Council of Nigeria and other investigating bodies, which indicate clearly that Mallam Sanusi Lamido Sanusi’s tenure has been characterized by various acts of financial recklessness and misconduct which are inconsistent with the administration’s vision of a Central Bank propelled by the core values of focused economic management, prudence, transparency and financial discipline;
Being also deeply concerned about far-reaching irregularities under Mallam Sanusi’s watch which have distracted the Central Bank away from the pursuit and achievement of its statutory mandate; and
Being determined to urgently re-position the Central Bank of Nigeria for greater efficiency, respect for due process and accountability, President Goodluck Ebele Jonathan has ordered the immediate suspension of Mallam Sanusi Lamido Sanusi from the Office of Governor of the Central Bank of Nigeria.
President Jonathan has further ordered that Mallam Sanusi should hand over to the most senior Deputy Governor of the CBN, Dr Sarah Alade who will serve as Acting Governor until the conclusion of on-going investigations into breaches of enabling laws, due process and mandate of the CBN.
The President expects that as Acting Governor of the Central Bank, Dr. Alade will focus on the core mandate of the Bank and conduct its affairs with greater professionalism, prudence and propriety to restore domestic and international confidence in the country’s apex bank.
The Federal Government of Nigeria reassures all stakeholders in Nigeria’s financial and monetary system that this decision has been taken in absolute good faith, in the overall interest of the Nigerian economy and in accordance with our laws and due process.
Sunday, 16 February 2014
Today sunday, pres. Jonathan was in the nations commercial capital and worshipped at the redeemed christain church of God, olive tree parish, ikoyi, afterwards he met the general oversear and someone he respects immensely, pastor E.A adeboye.
Saturday, 15 February 2014
Have you ever gone to the market, pay money for goods then head back to your destination without picking up the goods? silly right? Thats the same way it feels when Etisalat deducts N50 for Sms subscription i never subscribed to every month. The first time this happen, i actually overlooked because i thought it could have been a mistake from their part. I know i absolutely didn't subscribe to any sms subscription, football alert at that, so i decided to opt out and moved on, i never realized that was just the beginning until same thing happened the following month, then it was just like i was dropping N50 in fire every month when its not that am appealing to the god of fire or would rather say gods of Etisalat.
This time, i called customer care and the lady that spoke to me ended up pouring salt on my injure, while i was trying to explain what the issue is, she was actually gisting with her colleagues i guess and was even laughing out loud. I didn't notice this at first probably because she was covering the mouth piece of the device she was talking to me with, not until i finished talking and didn't get any respond from her, all i heard was giggles and chitchats and i had to ask twice if she was still with me before she actually responded and she was telling me to repeat myself over and over again,what insolence. I had to disconnect the call after pointing it to her that she was only playing me around.
I called again and the guy that spoke to me this time told me to unsubscribe which i did even before i decided to call and promised it wouldn't repeat itself.
Okay,this month Etisalat has done it again and this time its so painful. As a student, you should know how it is when one is broke and decided to squeeze N100 out of your little allowance left for the rest of the month, hoping it will atleast be useful to make calls for a while in order to get info about lectures, supervisor and other minor things only for you to realize N50 naira has been deducted again for crying out loud.
I called customer care this morning and all i got was you subscribed to a SMS subscription and you have been charged for it. And pointed it to me that thats the only help he could render that nothing else could be done to it.
The question is, are they all trying to tell me am silly enough not to realize that i subscribed for this same thing over and over again?
Why do i have to subscribe for football alert when am not a huge fan of football and can easily google out whatever i want to know about football?
I rarely hand over my phone to people because i am always doing one or two things with it, so who have the subscribing to this things? The ghost of my father?
Or am i paying off the debt of my forefather which obviously, they never used GSM because i can't rely phantom this.
I'm pained, yes i am. Its so painful. After coping with the fact that i had to use 3sims as a result of the unending flunctuation of network, do i have to cope with this monthly deduction too without getting refunds?
In a country where there is law, anyone could have sued Etisalat and co for Theft. NCC isn't even helping matters and its so painful we just have to live with this unjustness
__ A pained Customer__
An Abuja Federal High Court on Friday discharged and acquitted a former Speaker of the House of Representatives, Dimeji Bankole, after the Economic and Financial Crimes Commission could not prove a 16-count criminal charge bordering on a N9bn contract scam filed against him.
Justice Evoh Chukwu, in a ruling on a no-case-submission filed by Bankole after the prosecution had called its witnesses, held that there was no evidence linking the former speaker to the alleged offences.
The EFCC had accused Bankole of perpetrating a contract fraud, involving the purchase of two Range Rover bulletproof vehicles; two Range Rover vehicles (without bullet proof); three Mercedes Benz S-600 cars; 400 units of DSTV systems; 400 television sets; 800 units of desktop computers; 100 units of Sharp digital copier; and 400 units of HP LaserJets 2600N.
The addresses presented by the companies which executed the contracts for the procurement of the items turned out to be false as well as other information provided in their profiles.
The anti-graft agency alleged that most of the purchases were contrary to Sections 17 to 56 of the Public Procurement Act No.14 of 2007, and punishable under Section 58(5) of the same Act.
With a private lawyer, Mr. Festus Keyamo, prosecuting the case, Bankole was arraigned over the 16-count charge, to which he pleaded not guilty.
However, the trial proceeded with the prosecution calling six witnesses, including officials of the National Assembly, to testify.
After the prosecution had called its last witness, Bankole, through his lawyer, Mr. O. Akoni, SAN, filed an application for a no-case-submission, asking the court to acquit and discharge him on the grounds that the EFCC had not established a prima facie case against him.
Ruling on the no-case-submission on Friday, Justice Chukwu stressed that, in order to prove the case against the former Speaker, the EFCC must prove that the “accused person (Bankole) colluded with the supplier or contractor to supply at inflated prices.”
He held that the anti-graft agency was unable to prove such. The judge further noted that witnesses brought by the prosecution all admitted that Bankole was not the chief accounting officer of the House.
Justice Chukwu added that all the witnesses also admitted that the contract for the purchase of the controversial items followed due process.
He said, “All the witnesses told the court that the procedure for the award of the contract followed due process. None of them showed that the accused person entered into a collusive agreement with the contractors or their agents.
“The accused person does not own any of the companies,” he added, citing the testimony of some of the prosecution witnesses, who told the court that investigations did not disclose that Bankole was a shareholder, director or signatory to any of the companies that benefitted from the contract.
Continuing, the judge held that the prosecution did not provide any evidence to prove that Bankole benefitted from the contract.
“In the totality of the evidence of the prosecution, there is nothing to show that the accused person acted with intention to defraud – there is no evidence to show that he selected the companies that were awarded the contract.
“There is no evidence to show that any of the companies were fronting for the accused person.
“There is no evidence to show that the accused person was a director or a shareholder in any of the companies.”
On January 31, 2012, a Federal Capital Territory High Court headed by Justice S. B. Belgore, had freed Bankole and his former Deputy, Ibrahim Nafada, of a criminal charged involving an alleged mismanagement of N38m.