Tuesday 21 February 2017
Strike: Govt agrees to pay CAC workers in arrears
CAC
The three-day warning strike embarked upon by the workers of Corporate Affairs Commission(CAC) has been suspended immediately.
A statement endorsed by the Special Adviser to the Permanent Secretary, Aminu Bisalla, Babajide Ilotogen explained that it is sequel to the tripartite agreement reached between the Federal Ministry of Industry,Trade and Investment,the management of CAC and the leadership of Amalgamated Union of Public Corporations, Civil Service, Technical and Recreational Services Employees (AUPCTRE).
The agreement,which was signed at the conference room of the Permanent Secretary resolved that the salary differential of nine per cent will be paid from January 2014 to date and that the management will ensure immediate approval from National Salaries Income and Wages Commission (NSIWC) for implementation and payment of the nine per cent within three months from the date of the agreement.
It was also agreed that a committee will be reconstituted to bridge the gap in the salaries between the executive and non- executive staff within three months from the date of the agreement.
Furthermore, Bisalla is requested to reconvene another meeting in May 2017 to consider the effect given to the agreements and other administrative issues raised by the workers.
Our naira cannot regain it's stand when Buhari is in control - Ekweremmadu
Eight months into Godwin Emefiele’s ‘’Managed Float Exchange Rate System” – the verdict, at least so it appears, is that all is far from being well. If anything, things have gone much worse, not better, with the forex policy introduced in June last year. As predicted (or prophesied?), the naira has finally crossed the N500 line to the United States dollar; indeed, in the last two weeks, it has oscillated between N506 to N516. And so, the debate on whether the system can claim to have served the country well in the last eight months has ceased to be academic: it is the reality we now live with.
Little wonder, the governors at the National Economic Council, (NEC) on Thursday last week demanded an immediate review of the policy by the Central Bank of Nigeria (CBN). What they had in mind, they wouldn’t say. Be that as it may, the surprise is that it took them eight months to come to that conclusion.
Talk about the CBN being on the spot, weeks before, the cyber-sphere had been awash with all manners of theories – ranging from the outlandish to the harebrained –alleging serious economic crimes against the monetary authorities. Part of the frenzy of finding who to blame for the naira’s one-way trip to the Golgotha was to cast the Central Bank of Nigeria governor, Godwin Emefiele, in the lead of Project Kill the Naira! And as if determined to pour fuel into the raging inferno, Attorney General of the Federation and Minister of Justice, Abubakar Malami (SAN), reportedly issued the apex bank governor a query ostensibly to explain the charges – which I consider too base to list here – charges that may well have been dredged up from the vacuous rumour mill!
Of course, these are interesting times. Soon enough, there would be enough blames to go round for everyone.
For now, where do we go from here? From managed to the floating exchange rate regime, what next? We have turned full cycle. The former, despised for its rigidity – never mind that we had some semblance of stability – was blamed for sundry ills plaguing the economy. The latter, for all its pretences to the allocative power of the market has been a disaster (if it worked, we probably would not be talking of landing in the cesspit of recession).
Trust the manufacturer who could not access forex; the parent who could not remit wards’ fees to the college in a foreign university, the sundry importer whose 41-odd items were declared ineligible for official forex by Emefiele’s CBN, there is no telling the difference between the old and the new. Not even a good word from our hordes of analysts for whom the thriving black market is sufficient proof of the blind alley that the two policies have left us! Eight months on, we may have just realised how badly the Nigerian ailment has been misdiagnosed.
Here is what I wrote eight months ago when I first observed our obsession with forex management. The quest, I had reasoned, “stems from a fundamental misdiagnosis of the problem”. The problem, I had argued, being “more fundamental, touches on the ability of the economy to renew itself… the problem comes down to the tragedy of a nation that relies on a single commodity for all its forex; one that spends a disproportionate chunk of its forex on imports”.
Needless to state that I have been proven right. Few weeks later I had also warned on this page: “Had the economy’s minders spent as much time on how to get the economy on its feet as they have done on figuring out the arithmetic of sharing the shrinking piggy bank, we would probably be well on the way to developing the concrete policies to get some our critical industries revving back to life and to boost our forex stock”.
Today, we seem set for the same old prescriptions that brought us here in the first place. Never mind that the CBN has shouted itself hoarse; it appears that nobody is listening. The problem, says the apex bank, is that it does not have enough forex to go round! Unfortunately, unlike the naira which it has the liberty to print, the dollar is a no-go area.
Yet, we expect the naira to rebound by throwing it to the market hounds. And while we can do nothing about increasing the stock of forex in the piggy bank, we are also not prepared to give up our love for those exotic items that consume a huge chunk of our forex! And while Emefiele fails to play the magician, we demand that his head be served on the platter!
Just imagine the club of whiners. As it was in the very beginning, so it is even now: manufacturers, traders, contractors, portfolio investors to shady operators; name them; all them permanently on queue for forex. The range of demands is such that makes it tempting to assume that dollar has suddenly become the local medium of exchange. How could anyone not have foreseen the current unidirectional move of the naira more so at a time the supply of forex had severely contracted?
Merely by the amount of pressure brought to bear on Emefiele’s CBN in the last few days, expect to see some hastily packaged policies to ameliorate what is essentially a structural problem – something that requires deep thought as against superficial obsession with forex management.
But then, that is the way of a people that would rather treat symptoms than tackle the disease.
Finally, I need to highlight another fundamental problem that the minders of the economy continue to ignore. Today, Nigerians worry that segment of that so-called parallel market has grown wings to the extent that it now plays the reference rate while the official inter-bank rate acts the adjunct. The question is: what are the monetary authorities doing about it? We are talking here of the club of unscrupulous actors known not only to prey on the system but have since become an atavistic force. What would it require to take them on? Why does the federal government prefer to feign helplessness in the face of their brutal assault on the nation’s currency? And where in the world, save Nigeria, are foreign currencies hawked on the highways as you would ‘pure water’?
What is the role of the Bureau de Change in the equation? By rule, they are supposed to serve the lower end of the market. Do they? Given that the latter operate strictly by its own opaque codes, what is the chance in a million that the CBN will ever be able to bring this segment within the loop of its forex management?
Is anyone still talking about respite for the naira?
Little wonder, the governors at the National Economic Council, (NEC) on Thursday last week demanded an immediate review of the policy by the Central Bank of Nigeria (CBN). What they had in mind, they wouldn’t say. Be that as it may, the surprise is that it took them eight months to come to that conclusion.
Talk about the CBN being on the spot, weeks before, the cyber-sphere had been awash with all manners of theories – ranging from the outlandish to the harebrained –alleging serious economic crimes against the monetary authorities. Part of the frenzy of finding who to blame for the naira’s one-way trip to the Golgotha was to cast the Central Bank of Nigeria governor, Godwin Emefiele, in the lead of Project Kill the Naira! And as if determined to pour fuel into the raging inferno, Attorney General of the Federation and Minister of Justice, Abubakar Malami (SAN), reportedly issued the apex bank governor a query ostensibly to explain the charges – which I consider too base to list here – charges that may well have been dredged up from the vacuous rumour mill!
Of course, these are interesting times. Soon enough, there would be enough blames to go round for everyone.
For now, where do we go from here? From managed to the floating exchange rate regime, what next? We have turned full cycle. The former, despised for its rigidity – never mind that we had some semblance of stability – was blamed for sundry ills plaguing the economy. The latter, for all its pretences to the allocative power of the market has been a disaster (if it worked, we probably would not be talking of landing in the cesspit of recession).
Trust the manufacturer who could not access forex; the parent who could not remit wards’ fees to the college in a foreign university, the sundry importer whose 41-odd items were declared ineligible for official forex by Emefiele’s CBN, there is no telling the difference between the old and the new. Not even a good word from our hordes of analysts for whom the thriving black market is sufficient proof of the blind alley that the two policies have left us! Eight months on, we may have just realised how badly the Nigerian ailment has been misdiagnosed.
Here is what I wrote eight months ago when I first observed our obsession with forex management. The quest, I had reasoned, “stems from a fundamental misdiagnosis of the problem”. The problem, I had argued, being “more fundamental, touches on the ability of the economy to renew itself… the problem comes down to the tragedy of a nation that relies on a single commodity for all its forex; one that spends a disproportionate chunk of its forex on imports”.
Needless to state that I have been proven right. Few weeks later I had also warned on this page: “Had the economy’s minders spent as much time on how to get the economy on its feet as they have done on figuring out the arithmetic of sharing the shrinking piggy bank, we would probably be well on the way to developing the concrete policies to get some our critical industries revving back to life and to boost our forex stock”.
Today, we seem set for the same old prescriptions that brought us here in the first place. Never mind that the CBN has shouted itself hoarse; it appears that nobody is listening. The problem, says the apex bank, is that it does not have enough forex to go round! Unfortunately, unlike the naira which it has the liberty to print, the dollar is a no-go area.
Yet, we expect the naira to rebound by throwing it to the market hounds. And while we can do nothing about increasing the stock of forex in the piggy bank, we are also not prepared to give up our love for those exotic items that consume a huge chunk of our forex! And while Emefiele fails to play the magician, we demand that his head be served on the platter!
Just imagine the club of whiners. As it was in the very beginning, so it is even now: manufacturers, traders, contractors, portfolio investors to shady operators; name them; all them permanently on queue for forex. The range of demands is such that makes it tempting to assume that dollar has suddenly become the local medium of exchange. How could anyone not have foreseen the current unidirectional move of the naira more so at a time the supply of forex had severely contracted?
Merely by the amount of pressure brought to bear on Emefiele’s CBN in the last few days, expect to see some hastily packaged policies to ameliorate what is essentially a structural problem – something that requires deep thought as against superficial obsession with forex management.
But then, that is the way of a people that would rather treat symptoms than tackle the disease.
Finally, I need to highlight another fundamental problem that the minders of the economy continue to ignore. Today, Nigerians worry that segment of that so-called parallel market has grown wings to the extent that it now plays the reference rate while the official inter-bank rate acts the adjunct. The question is: what are the monetary authorities doing about it? We are talking here of the club of unscrupulous actors known not only to prey on the system but have since become an atavistic force. What would it require to take them on? Why does the federal government prefer to feign helplessness in the face of their brutal assault on the nation’s currency? And where in the world, save Nigeria, are foreign currencies hawked on the highways as you would ‘pure water’?
What is the role of the Bureau de Change in the equation? By rule, they are supposed to serve the lower end of the market. Do they? Given that the latter operate strictly by its own opaque codes, what is the chance in a million that the CBN will ever be able to bring this segment within the loop of its forex management?
Is anyone still talking about respite for the naira?
Gunmen kill 21 in Southern Kaduna attacks
No fewer than 21 persons have been reported killed in villages of Kaura and Jema’a Local Government Areas in southern Kaduna State.
The state government yesterday confirmed the renewed attacks as the Garrison Commander of the Army’s 1 Division and the Commissioner of Police relocated to the area.
It was learnt that gunmen suspected to be Fulani herdsmen, despite the presence of security agents, launched attacks on four communities, killing 21 people.
Many houses were reportedly set ablaze during the Sunday and Monday attacks on Ashim, Nissi and Zilan in Atakad District, Kaura Local Government and Bakin Kogi in Goska District of Jama’a Local Government.
The attacks in Ashim, Nisi and Zilan, according to eye witnesses took place yesterday at about 6:00pm, claiming 15 lives; over 50 houses were burnt. Those at Bakin Kogi occurred on Sunday at about 5:00pm, claiming seven lives; many houses were set ablaze.
The President of Atakad Community Development Association, Mr. Enock Andong, who confirmed the attack on the three villages, said the herdsmen were heavily armed and that in spite of the security presence, they launched the attacks.
He noted that one of the attackers was killed by soldiers.
Enock Barau, a resident of Bakin Kogi, told of how the gun bearing herdsmen invaded his village, saying they wore black dresses. They started shooting sporadically on arrival in the village, he said.
He said the attack lasted for about four hours. His community, with the support of soldiers, tried to repel the attackers.
Said Barau: “Yesterday (Sunday) around 5pm, we heard gunshots within our surrounding. When I heard the gun shots three times, I came out of my house. The gunshots continued rapidly. Before I could realise what was happening, they had surrounded part of the community. I saw many people coming down from the hill side, shooting and running. They were in a complete black and black from head to toe.
“As they were shooting, we managed to evacuate women out to a safe zone while the men stayed for defence. The shooting started around 5 pm to 9pm before they eventually stopped. As they were shooting, they were burning our houses. Over 100 houses were set ablaze. Seven people were killed and one person is still missing.
“We have soldiers and policemen stationed in the community, but, unfortunately, the soldiers were just coming from the river where they went to have their bath. So they were caught unawares. The herdsmen took control of their camp and the soldiers had to run back to strategies to take over their camp. “We are very impressed with the soldiers because they did their best.
“After taking over their camp from the herdsmen, some of the soldiers moved into the community to help us. But the mobile police whose Armoured Personnel Carrier (APC) was stationed directly opposite my house didn’t do much; they were just driving up and down without firing a single shot at the gunmen. The police only started responding to the attack when a senior officer arrived. By the time a reinforcement arrived, the attackers had left”.
The state government said the top military Commander and the Police Commissioner relocated to Southern Kaduna to coordinate a determined response to the renewed attacks by the armed bandits.
According to a statement signed by the Special Assistant to Governor Nasir El-Rufai on Media and Publicity, Samuel Aruwan, the situation in the communities had been brought under control by Monday afternoon, with the relocation of Brigadier-General Ismaila Isa and CP Agyole Abeh.
The statement said: “Governor Nasir El-Rufai has extended his condolences to the families of the victims of the renewed attacks which began last night, 19th February 2017. The governor assured them that the government is fully committed to securing the area, with the active support of the army and the police.”
The statement added that the two battalions of the army and the 10 mobile police squadrons are engaging the bandits, as the state carries out its obligations to secure the area, protect lives and rout these armed bandits.”
The statement quoted the governor as saying: “Despite these difficulties and the pain of the attacks, this is not the time to give the bandits the pleasure of seeing victims turn on each other.”
He called for support for the army and the security agencies as they work to repel attacks and crush the bandits.
“Unknown gunmen in a coordinated attack invaded Bakin Kogi, Kaninkon Village in Jemaa Local Government Area in the state on Sunday 19th February, 2017 at about 5:30pm. They were repulsed by Operation Yaki Surveillance Patrol Teams and Operation Harmony Patrol Teams. Further attacks were recorded today in Kaura local government. Fatalities were recorded and some houses were burnt in the attacks.”
The state government yesterday confirmed the renewed attacks as the Garrison Commander of the Army’s 1 Division and the Commissioner of Police relocated to the area.
It was learnt that gunmen suspected to be Fulani herdsmen, despite the presence of security agents, launched attacks on four communities, killing 21 people.
Many houses were reportedly set ablaze during the Sunday and Monday attacks on Ashim, Nissi and Zilan in Atakad District, Kaura Local Government and Bakin Kogi in Goska District of Jama’a Local Government.
The attacks in Ashim, Nisi and Zilan, according to eye witnesses took place yesterday at about 6:00pm, claiming 15 lives; over 50 houses were burnt. Those at Bakin Kogi occurred on Sunday at about 5:00pm, claiming seven lives; many houses were set ablaze.
The President of Atakad Community Development Association, Mr. Enock Andong, who confirmed the attack on the three villages, said the herdsmen were heavily armed and that in spite of the security presence, they launched the attacks.
He noted that one of the attackers was killed by soldiers.
Enock Barau, a resident of Bakin Kogi, told of how the gun bearing herdsmen invaded his village, saying they wore black dresses. They started shooting sporadically on arrival in the village, he said.
He said the attack lasted for about four hours. His community, with the support of soldiers, tried to repel the attackers.
Said Barau: “Yesterday (Sunday) around 5pm, we heard gunshots within our surrounding. When I heard the gun shots three times, I came out of my house. The gunshots continued rapidly. Before I could realise what was happening, they had surrounded part of the community. I saw many people coming down from the hill side, shooting and running. They were in a complete black and black from head to toe.
“As they were shooting, we managed to evacuate women out to a safe zone while the men stayed for defence. The shooting started around 5 pm to 9pm before they eventually stopped. As they were shooting, they were burning our houses. Over 100 houses were set ablaze. Seven people were killed and one person is still missing.
“We have soldiers and policemen stationed in the community, but, unfortunately, the soldiers were just coming from the river where they went to have their bath. So they were caught unawares. The herdsmen took control of their camp and the soldiers had to run back to strategies to take over their camp. “We are very impressed with the soldiers because they did their best.
“After taking over their camp from the herdsmen, some of the soldiers moved into the community to help us. But the mobile police whose Armoured Personnel Carrier (APC) was stationed directly opposite my house didn’t do much; they were just driving up and down without firing a single shot at the gunmen. The police only started responding to the attack when a senior officer arrived. By the time a reinforcement arrived, the attackers had left”.
The state government said the top military Commander and the Police Commissioner relocated to Southern Kaduna to coordinate a determined response to the renewed attacks by the armed bandits.
According to a statement signed by the Special Assistant to Governor Nasir El-Rufai on Media and Publicity, Samuel Aruwan, the situation in the communities had been brought under control by Monday afternoon, with the relocation of Brigadier-General Ismaila Isa and CP Agyole Abeh.
The statement said: “Governor Nasir El-Rufai has extended his condolences to the families of the victims of the renewed attacks which began last night, 19th February 2017. The governor assured them that the government is fully committed to securing the area, with the active support of the army and the police.”
The statement added that the two battalions of the army and the 10 mobile police squadrons are engaging the bandits, as the state carries out its obligations to secure the area, protect lives and rout these armed bandits.”
The statement quoted the governor as saying: “Despite these difficulties and the pain of the attacks, this is not the time to give the bandits the pleasure of seeing victims turn on each other.”
He called for support for the army and the security agencies as they work to repel attacks and crush the bandits.
“Unknown gunmen in a coordinated attack invaded Bakin Kogi, Kaninkon Village in Jemaa Local Government Area in the state on Sunday 19th February, 2017 at about 5:30pm. They were repulsed by Operation Yaki Surveillance Patrol Teams and Operation Harmony Patrol Teams. Further attacks were recorded today in Kaura local government. Fatalities were recorded and some houses were burnt in the attacks.”
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