$7 billion: Why Falana must apologise to me – Soludo

Charles Soludo

A former Governor of the Central Bank, Chukwuma Soludo, has insisted that senior lawyer, Femi Falana, apologise for making incorrect allegations.
Mr. Falana had called for Mr. Soludo’s probe, after he accused the former bank chief of doling out $7 billion to commercial bankers while he was in office. The Senior Advocate claimed that the loan was never returned by the beneficiary banks.
Mr. Soludo has, however, clarified the disbursements; saying it was never a loan, but deposits placed in the appropriate banks by the federal government.
“I can’t believe that the learned and respected Senior Advocate of Nigeria does not know the difference between a bank LOAN and a bank DEPOSIT,” Mr. Soludo said.
The former Central Bank chief added that “none of the 14 Nigerian banks needed a loan or requested for a loan, and the CBN did not grant any loan with our foreign reserves.”
Read Mr. Soludo’s full statement below:

FEMI FALANA CONTINUES TO LIE: I INSIST ON HIS APOLOGY

Chukwuma Charles Soludo

I have just read further statement from Femi Falana in response to mine and his position that he does not need to apologize to me but that instead I may wish to direct my demand for apology to Mr. Festus Odoko (then head of corporate affairs at the CBN). I hereby further wish to state as follows:
When I read Falana’s original statement, claiming that he had “evidence”, that I ‘dolled out’ $7 billion of foreign reserves to banks as a LOAN, I denied the charge and challenged him to publish such evidence. His “evidence” turns out to be a newspaper report quoting the announcement by CBN through Mr. Odoko that “deposits worth $7 billion representing the apex bank’s share of the foreign reserves estimated at about $38 billion has been released to the consortium of bankers” (The Guardian newspaper of 5/10/2006). The same newspaper report noted that the Investment Committee of the CBN (charged with responsibility for deciding where and how our foreign reserves should be kept) approved the decision to allow 14 Nigerian banks with capital base of more than $500 million to be part of the consortium of banks that hold our foreign reserves as deposits.
In all honesty, I can’t believe that the learned and respected Senior Advocate of Nigeria does not know the difference between a bank LOAN and a bank DEPOSIT, and there is no way I would have imagined that he was referring to the deposits with banks as LOAN. As I stated in my earlier response, Nigeria’s foreign reserves are required by law to be kept in foreign currency abroad. This has been kept either as deposits in banks or invested in sovereign instruments such as the US treasury bill. Before 2006, none of the Nigerian banks was considered big enough or with the infrastructure to manage our foreign reserves. Consequently, our reserves were kept with a consortium of other countries’ banks such as JP Morgan Chase, USA, UBS of Switzerland, Citibank, USA, Bank for International Settlement (BIS), Switzerland, etc. Indeed, in much of the 1990s especially under Gen. Abacha, our reserves were almost exclusively kept with BIS Switzerland.
After the consolidation of banks by December 2005 and as part of our long term vision that Nigerian banks should ultimately take charge and manage Nigeria’s entire foreign reserves, the CBN took the patriotic step of allowing the biggest of our banks to join the consortium of other countries’ banks holding our reserves as deposits. The CBN decided as a first step to give the biggest Nigerian banks a small portion of our reserves, $7 billion as deposits, while the remaining $31 billion as at that date remained with other countries’ banks as deposits and other investments.
It is interesting that Femi Falana would refer to the deposits held by Nigerian banks as LOAN while saying nothing about the other deposits with other countries’ banks.
Let me state that none of the 14 Nigerian banks needed a loan or requested for a loan, and the CBN did not grant any loan with our foreign reserves. As I stated in my earlier statement, the CBN Act does not allow the CBN to grant loans with our reserves to banks, and no loan was ever made. Chief Falana is therefore looking for a repayment of a LOAN by banks that never existed in the first instance. Under my tenure, Nigeria’s foreign reserves grew from $10 billion to all time high of over $62 billion and due to our efficient management, Nigeria never lost a penny of it.
Finally, I must say that I don’t believe any of the conspiracy theories flying around, including those who question the motive, timing, and content of his bogus claims, and some even allude to it as a hatchet job. Going into the archives to fish out a newspaper report of 10 years ago about deposits and making up a fantasy story around it to become a loan, could give anyone cause for suspicion. Even several of the allegations against my successor, Emir Sanusi, are laughable and betray a lack of most elementary knowledge of how a bank such as the CBN works. As one of his admirers, I want to believe that this is one of those cases he is proving to be human after all and therefore could get his facts completely wrong. It may be challenging for him to admit his error and apologize, but if he is not on a mission, it is the only honourable thing for him to do.

FASHOLA SPEAKS !!!
"Our government of yesterday expressed its preference for providing ‘infrastructure of the stomach’, giving handouts instead of real infrastructure.
“This is how the seeds of today’s recession were sown. For those who say that today’s government should stop talking about yesterday, with due respect, I disagree.

“Yesterday will remain relevant in understanding today in order to make choices that make tomorrow different and better.
“I once used the allegory of the patient, and I think it deserves repetition. If a patient complains about stomach pain, the first question that the physician is likely to ask is: ‘What did you eat yesterday?’
“The answer helps the physician make a diagnosis and choose a prescription first to solve the problem, and to recommend further dietary habits about what to eat and what not to eat. This is what the current leadership is addressing.
"That we wasted our money, we did not invest in roads, highways, bridges, schools and hospitals. Money was taken out of the larger society and invested in private accounts. The economy began to shrink, construction companies laid off workers, who in turn lost income, which resulted in shrinking demand for goods and services, and in turn led to national under-productivity.
“That was what we ate yesterday. The stomach pain is comparable to symptoms of bad dietary choices that manifest in the recession we now deal with.
“The solution is to spend on infrastructure, which has started. The recovery time is a function of what we can spend and how quickly it will go round… If an arid area of land has not witnessed rainfall in two to three years, you know what happens when the first rain falls. It literally disappears into the ground.
“In order to reach a point where any moisture is visible in the soil that may support the germination of a seed to be planted, more rain water needs to be injected. This is the best analogy I can offer for where our national economy is......."
BABATUNDE FASHOLA.

*FACTS ABOUT NIGERIA YOU MAY NEVER HAVE KNOWN*
You may already know that Nigeria is the largest black nation in the world and the
most populous nation in Africa.
You may already know that Nigeria has great dependency on crude oil, plus all the other opinions of David Cameron.
Here are *20 popular *facts* about Nigeria.
1. Are you aware that all over the world Nigerians are setting the pace and becoming the standard by which others measure themselves? Do you know??
2. In the US, Nigerians are the most educated immigrant
community. Type it into Google and you’ll see it. Not one of
the most educated, the most educated.
3. 60% of Nigerians in the US have college degrees. This is far
above the American national average of 30%.
4. Nigerians in US are one of the highest earners, typically earning 25% more than the median US income of $53k.
5. In Ivy League schools in Europe and America, Nigerians
routinely outperform their peers from other nations.
6. A Nigerian family, The Imafidon family, have officially been named the smartest family in the UK.
7. The designer of the famous car, Chevrolet Volt, Jelani Aliyu,
is a super talented Nigerian from Sokoto State.
8. The World’s fastest supercomputer was designed by a world renowned inventor and scientist, Philip Emeagwali, a full-blown Nigerian whose patency was awarded in 2015. This means Nigeria has the patency to the world’s fastest computer: a Black Nigerian.
9. The wealthiest Black man and woman on earth are Nigerians, Aliko Dangote and Mrs. Folorunsho Alakija. Both have no trace of criminal record of any kind.
10. South Africa couldn’t have ended apartheid & achieved
Black rule if not for the leadership role Nigeria played.
11. Of the 3 South African Presidents who ruled after apartheid, two of them once
lived in Nigeria under asylum. Both Nelson Mandela (60s) and
Thabo Mbeki (70s) lived in Nigeria before becoming President of South Africa. We gave financial support, human support, boycotted an Olympics and our politicians, musicians and activists campaigned relentlessly.
12. Nigeria spent over $3 Billion and lost hundreds of soldiers to end the wars in both Liberia and Sierra Leone which the world ignored because they have no oil.
13. When there was a coup in São Tomé and Príncipe in 2003,
Nigeria restored the elected President back to power.
14. Before there were street lights in European cities, ancient
Benin kingdom had street lights fueled by palm oil.
15. 500 years ago, Benin casted metal alloys to create magnificent art including the world famous Queen Ida Mask.
16. Amina was a warrior queen who ruled Zaria Emirate in
Kaduna state, Northwestern Nigeria 400 years ago in 1610. Google and see what she means to Africa.
17. We gave monetary gifts to Ireland during our oil boom and
built a statue for France free of charge. We are not poor blacks. Nigeria is rich and don’t be lied to.
18. The first television station in Africa was NTA Ibadan (1960) long before Ireland has their RTE station.
=========
Wherever you look in this great country, Nigeria, heroes abound both now and in our recent and ancient past. If all you do is listen to mainstream Western media, you’ll not get the full
picture of your Nigerian heritage.
Do not listen to any leader who says Nigerians are criminals,
no matter who he is, or his height and position. We’re not a nation of scammers, drugs &
corruption, but a people with a verifiable track record of greatness.
==========
Here is what CNN, BBC, Aljezeera and western media will not tell you about Nigerians:
19. On the 7th May, 2016 at Howard University in Washington D.C history was
made. Out of 96 graduating Doctor of Pharmacy candidates,
43 of them were Nigerians and out of 27 awards given, 16 went to Nigerians. The entire world still envies our uniqueness as a NATION with living together despite our ethnic diversity. One single country with over 400 languages. They will only tell you how Nigerians are scammers and cheats, how Nigerians are into drugs overseas et al.
If you don’t blow your trumpet, no one will blow it for you.
VIVA NAIJA!!!
20. There are over 180,000,000 Nigerians world over and only less than 250,000 of this figure have traceable criminal records. This is about 0.14% of our entire national population in the last 20 years: nothing close to 1%. Shame on global media.
Listen Nigeria, don't let anybody woo you into believing that you are a criminal just because you are a Nigerian. Nigerians are
NOT criminals. You are NOT a criminal. You are topnotch; second to none around the world.
I am proud am created a Nigerian, thank you God.
Be proud of Nigeria wherever you go. Take out your Passport with pride.
Be proud of our GREEN HERITAGE.
Be enthusiastic of our FUTURE

“We got into trouble as a country, because we did not save for the rainy day. For example, between 1999 and 2015, when we produced an average of 2.1 million barrels of oil per day, and oil prices stood at an average of $100 per barrel, we did not save, neither did we develop infrastructure. Suddenly, when we came in 2015, oil prices fell to about 30 dollars per barrel.
“I asked; where are the savings? There were none. Where are the railways? The roads? Power? None. I further asked; what did we do with billions of dollars that we made over the years? They said we bought food. Food with billions of dollars? I did not believe, and still do not believe.

“In most parts of Nigeria, we eat what we grow. People in the south eat tubers, those in the north eat grains, which they plant, and those constitute over 60 per cent of what we eat. So, where did the billions of dollars go? We did a lot of damage to ourselves by not developing infrastructure when we had the money.
“Those who stole Nigeria dry are not happy. They recruited the militants against us in the Niger Delta, and began to sabotage oil infrastructure. We lose millions of barrels per day, at a time when every dollar we can earn, counts. It is a disgrace that a minimum of 27 states, out of 36 that we have in Nigeria, can’t pay salaries.”
- President Muhammadu Buhari (while speaking in New York when he hosted Nigerian professionals based in the United States of America on Friday, Sept. 23, 2016).

MMM ZIMBABWE CRASHES....

THOUSANDS of people, among them civil servants and vendors, have lost thousands of dollars to fraudulent online pyramid scheme MMM Global Zimbabwe after it collapsed recently. The social financial network, which relied on an accelerating number of new members to pay off the old, abruptly terminated its services last week leaving participants stranded.

This comes as Econet’s mobile financial service platform, EcoCash yesterday distanced itself from the pyramid scheme. Participants claimed they were using EcoCash for their transactions.

Zimbabweans have in the past months been joining the online investment scheme in droves in a bid “to get rich quickly”. The Reserve Bank of Zimbabwe warned people that the scheme was fraudulent and there was no legal recourse in the event they lost their money.

The central bank said MMM, which advertises its operations through a website and recruiting agents, was not a registered or regulated entity. EcoCash yesterday said: “We have noted that some of these pyramid schemes are allegedly advertising in a manner that suggests that the Ecocash facility is a medium for prospective members to deposit their money. This is not correct.

“We advise our valued customers and all stakeholders that Ecocash is a licensed mobile payment platform that enables customers to make financial transactions such as sending money, buying prepaid airtime as well as paying for goods and services within the confines of the law of Zimbabwe. EcoCash promotes safe and legal transactions but will not be held liable for any losses arising from the use of EcoCash to engage in illegal activities such as Ponzi schemes.”

The scheme advertises itself as a mutual aid fund under which recruited members contribute money to assist others and are promised investment returns of 30 percent per month. Some of the people left counting their losses told The Herald that they received emails that the scheme had been suspended until September 15.

“All along things were moving in the right direction and we now have nowhere to claim our investments,” said Mr Tinashe Muza of Harare.

“When we started putting our funds in the scheme one could get assistance within seven days but things later changed to 14 days and when we were shut out the waiting period was 21 days. What it simply means is that the number of people in need of help has outnumbered the number of people joining. Right now we have nowhere to get our money which we invested.”

MMM stands for Mavrodi Mondial Moneybox and takes its name from its founder, Sergei Panteleevich Mavrodi of Russia. He founded MMM in 1989 and the scheme was declared bankrupt three years later leading to the disappearance of Mavrodi until his arrest in 2003.

Another victim, Mrs Rosemary Mawonde said: “We never thought the scheme would end this way as we believed that by using EcoCash to do the transactions, things were in order. I am surprised that EcoCash is also distancing itself from the scheme and it is clear that I will never recover the $300 that I invested.”

While some people who were skeptical about the scheme started with small amounts, it is believed some poured in thousands of dollars anticipating higher returns. The RBZ said the schemes were fraudulent as existing investors were ‘paid money not from genuine market investment of their funds, but from contributions made by new investors, until a point when the scheme can no longer attract new investors,”

“The participants are made aware that they make their money by recruiting new members who in turn must recruit more members,” warned the Central Bank.

Tinubu Demands Oyegun’s Resignation As APC Chairman, Accuses Him of Coup Plotting

National Leader of APC, Bola Tinubu, has reportedly asked for the immediate resignation of the party’s National Chairman, John Odigie-Oyegun. According to Vanguard, Tinubu made the demand in a stinking communiqué sent to Oyegun and other party chieftains.
The former Lagos state governor in the letter accused Oyegun of interfering and sabotaging the will of democracy in Ondo State by overriding the decision of the party’s appeal panel that asked for a fresh governorship primary following investigations that showed that the delegates’ list used had been tampered with.
He alleged that APC was now under threat of being suffocated by anti-democratic forces pretending to be progressives, His communique reads
“The APC, a party born of the quest for democratic good governance, is under critical threat by those who managed to be in the party but never of it. From the party’s inception, the principles of democratic fairness and justice were to guide APC internal deliberations. Party founders realized that only by intramural fair dealing could the party remain faithful to the progressive ideals that we presented to the Nigerian electorate as our governing creed. If the party could not justly govern itself, it would find it difficult to establish and maintain just government throughout the nation. In essence, the party was the embodiment of a democratic promise made between its members as well as a democratic vow made to the public. Evidently, some errant members believe promises and vows are mere words to be easily spoken and more easily broken.
Chairman John Oyegun has breached these good pledges in a most overt and brazen display. In doing so, Oyegun has dealt a heavy blow to the very party he professes to lead. It is an awful parent who suffocates his own child for the sake of a few naira. The party was supposed to buttress APC members elected to government at all levels. Because of Oyegun’s conduct of our affairs, the party is rapidly becoming an albatross to those it was meant to help. Oyegun’s comportment regarding the Ondo State primary will become the textbook definition of political treachery and malfeasance of the basest order. In early September, the state primary was held. A purported winner was named. Having faith in the ways of the party, Tinubu publicly accepted what he assumed to be a verdict honestly derived. As a democrat, one must face the possibility of defeat and accept such as outcome with as much grace as one would embrace victory. One of the few bright spots during the conduct of the primaries was Jigawa Governor, Alhaji Mohammed Badaru Abubakar. He chaired the primary convention with decorum and impartiality. He was unaware that a tampered list had been slipped into the process. Indeed within hours of the announcement, news began to filter in that gravely disturbed me. Credible allegations of fraud troubled the waters. The delegate list had been materially altered by someone in a strategic position to so do. The names of over 150 valid delegates were excised to make room for an equal number of impostors. This was not a clerical error. The alteration was wilfully executed that the primary would be directed toward a chosen end that bore nothing in common with the will of most state party members. A cunning few had tried to deceive the many into believing they were outnumbered. A conspiracy to steal the Ondo primary had been uncovered. Fortunately, the grand deception afoot had been unable to cover its tracks fast enough. Truth began to cry for justice. “Several candidates filed petitions contesting the result. The party established an investigative board to review the evidence.
In a two to one decision, the panel found the delegate roster had suffered tampering. The panel recommended that a new primary should be held using the valid delegate list. This recommendation was tabled before the National Working Committee (NWC). After many hours of deliberations spanning several days, a final vote was held by the NWC. Before hand, NWC members agreed that the decision of the majority would become the stance of the party. Such is the way of democracy. The NWC voted six against five to cancel the fraudulent results and hold an honest primary. For a moment, it seemed the party would restore its integrity by giving democracy a chance.
However, those who sought to scam an entire state would not let the vote of 11 people spoil their enterprise. After the NWC vote, a noticeably agitated Chairman Oyegun proposed the NWC engage in prayer before concluding the meeting. Adhering to this chairman’s request, NWC members began to pray. Seeing that the others had taken his bait, Oyegun used the prayerful interlude to secretly excuse himself from the meeting. Contravening the NWC decision and in violation of all rules of fundamental decency, Oyegun decided to safeguard the fraud done in Ondo by perpetrating a greater fraud. Oyegun arrogated to himself the right to submit the name of Rotimi Akeredolu to INEC as the candidate of the party. Truth has finally come to light. There exists a regressive element in the party that cares nothing for the progressive ideas upon which this party was founded. They joined the APC because it was the best ride available at the time. Now they want to guide the party into the ditch. They want to turn the party into a soulless entity incapable of doing good, just like they are. When such a person tastes power, they shed all good restraint. They come to abuse the trust given them as if they are the owners of that trust and not its mere custodians. These people did little to build the party but now will do much to wreck it. Our party was to stand for change. Oyegun and his fellows seem to be on a different wave length. They are the cohort of Unchange.
The APC wants to guide Nigeria into a better tomorrow. Oyegun and the cohort of unchange want to pull Nigeria back into the past where rigging and vote stealing were the old and new testaments of politics. They want the people to think that there is no alternative to their reactionary system of skewed politics and imperious government. Thus, they seek to turn the APC into a factory of the very political malpractices the people soundly rejected in the past election. To choke the APC in this manner is to kill the chance for progressive reform for the foreseeable future. Much more than the Ondo primary is at stake. Oyegun has revealed his team’s game plan: It is the destruction of progressive politics and governance on behalf of the people. As party chairman, Oyegun was supposed to protect our internal processes and be an impartial arbiter, a person in whom all had confidence. Instead, he donned the garment of a confident man, duping the NWC, the party, and INEC in one fell blow. He has robbed APC members in Ondo State of the chance to pick in a fair manner who they believe is the best candidate. As such, he has broken faith with the party and probably has broken a few laws. The consequences of what he has done are more expansive than a man of his scope can fathom,” Tinubu said as he said that Oyegun must have been under some major sinister influence as to allow what happened. “With strong expectation, we await a response to Oyegun’s wrongdoing from those who clamored so long and loudly about Tinubu’s alleged role in the Ondo primary. Leading into the primary, a prominent lawyer from Ondo published lengthy missives alleging that Tinubu was a malicious hand intent on rigging the primary. His letters spoke of his great love for democracy and justice. Though Oyegun has assaulted democracy in a most public and vulgar way, this lawyer’s prolific pen will remain stilled. He dare not publish a word about this travesty. His silence will be sign for all who care to decipher its meaning. The plan was to point the accusing finger at Tinubu. With everyone focused on Tinubu, they would have distracted all attention from the heist they had set in motion. As fate would have it, the trickery they hoped to conduct in the shadows has come to light. Those who so actively attributed imaginary wrong to Tinubu now stand dumb and mute in the face of confirmed impropriety. They remain silent for reasons they cannot divulge.
Oyegun and his ilk turn out to be gangsters adorned in the tunic of party authority. Oyegun has engaged in the strange math where five is greater than six. This smacks of how the PDP conducted its affairs and orchestrated its own downfall. Tinubu disparaged such malpractice when it was not in his party. Tinubu surely disowns it now that it has invaded the party he helped bring to fruition. Tinubu has consciously refused to hold any official position with the party to avoid the perception that he was trying to control all and sundry. Tinubu has even kept his peace for some time despite many things that happened within the party that were not quite right. He exercised this forbearance because the party is young. A collective endeavor cannot avoid the mistakes and errors of organizational newness and evolution. Yet, the wrongs Oyegun committed had nothing to do with newness or the mistakes occasioned by the path of reform. His actions are in the nature of the old wrongs that have afflicted our national politics much too long. If Oyegun wants to walk backward into the past, he has every right to it. However, he has no right to drag the party or any of us with him. Against our choosing. The informal title of national leader of the party was given to Tinubu at the onset which he accepted it as a sign from those who wished to recognize my contributions to the party’s formation. It is an honorific title which he has been proud to wear until today. I would rather not have any title yet reside in a party that honors democracy than hold a title in a party that says it honors me but that treats justice with indecency. I find greater honour and comfort where democracy and fairness are found and respected. Oyegun has done the irredeemable. His coup is an insult to party and to patriot, to reason and to the reform agenda of this government. To remain silent would be to admit the defeat of the reform and progressive change many have labored to bring forth.
While the forces resistant to change and reform are strong, Tinubu dare not submit to them. Tinubu encourages all party members not to submit to them. If we acquiesce in this wrong, the one greater than this shall cascade upon us. “Oyegun’s transgressions are a warning. He is but the mercenary of forces that seek to return the nation to the old ways. If they get away with this infraction, no telling what or whom they will undermine tomorrow. Much is at stake. On the chopping block, lies the future of the political party in which the majority of voters had placed their confidence. To rescue the party, Oyegun must go. He has shown that he and democratic fair play cannot exist in the same party at the same time. If Tinubu is to choose between John Oyegun and progress toward a better Nigeria, the choice has already been made. For those who care about the party, who care about Nigeria and its chance for a better tomorrow, now is the time to stand against this brewing evil before it grows to encompass all we have built and all we hold dear.”

Forget about Biafra - President Buhari tells agitators

Forget about Biafra - President Buhari tells agitators

President Buhari yesterday asked agitators of Biafra to forget the plan. Speaking with some NYSC members, particularly those from the south East, who paid him a visit at his home in Daura, Katsina state yesterday, President Buhari said

“Tell your colleagues who want Biafra to forget about it. As a military commander, I walked from Degem, a border town between the north and the east, to the border between Cameroons and Nigeria.
I walked on my foot for most of the 30 months that we fought the Nigeria-Biafra civil war, in which at least 2 million Nigerians were killed. We were made by our leaders to go and fight Biafra not because of money or oil, because oil was not critical factor then, but because of one Nigeria. So if leaderships at various levels failed, it was not the fault of the rest of Nigerians who have no quarrel with one another. So please tell your colleagues that we must be together to build this country. It is big enough for us and potentially big enough in terms of resources. Those who work hard will earn a respectable living. I have seen this country, I fought for this country and I will continue to work for the unity of this country,’’he said.

I won’t serve in Buhari’s govt – Okonjo Iweala

Former Finance Minister, Dr. Ngozi Okonjo-Iweala has said that even if she was called upon, she would not accept to serve in President Muhammadu Buhari’s administration because the contry boasts of competent people who can help the country.
She said: “I served my country for seven years and it was a great honour. The second time was very tough but it is still an honour. I am not the only person who is a repository of knowledge. There are other people who can equally try their hands in running the economy”
Okonjo-Iweala, said this while participating in an Aljazeera programme: The Stream. She said there were solutions to Nigeria’s present economic decline but regretted that the economic gains recorded in Africa started eroding a few years ago, noting that solving macroeconomic question was key to fixing the continent’s economic challenges.
She specifically said that having a firm control over the rate of inflation in addition to ensuring a stable exchange rate should be prioritized by African governments.
Her words: “One of the things you learn as you get wiser is to talk less as you grow older. I have spent my time contributing to the country. It will be better to live those managing the economy to do what they know how to do. There can be solutions.
“I am not a typical politician. I went in as a technocrat. I think on the continent we have seen a period when the economy was doing well, in the last two years we have been experiencing challenges. We  need to focus on the basics which are macro-economics. You must get the fundamentals like having a stable exchange rate and having  inflation under control”.
She added: “I will advise young people not to wait for employment. They should create jobs to employ six people or more. During my time in government, we had a program called You Win designed to support young entrepreneurs. The whole idea was to have a business plan competition.
“The idea was that they should create jobs. And each, created 9-10 jobs. The World Bank did an evaluation of it and found it good. I do believe that the government should come in. We started a peer to peer mentoring. Now, one of the things I want to say is that creating employment is not only about struggles, it is about managing success. Also, counseling people on accounting, bookkeeping and not falling apart is very important.”
Responding to a question on how the anti-corruption war was fought during her time in government, she said: “It was a very tough fight, I must thank my team, you don’t do it alone, I had the support of an economic team in the Ministry of Finance. It was tough because at the end of the day you need to have some principles.”
On her roles as a  Finance Minister, Okonjo-Iweala said: ‘’The average life span of a Finance Minister is two year in a country. No one likes a Finance Minister because it is the business of saying no. It is very difficult and challenging. It was interesting for me. I wish I had seen myself as wielding power. All I saw was the job because I was seeing myself working for the country.”

Why I will not serve in Buhari’s govt – Okonjo-Iweala On September 13, 20169:21 amIn NewsComments By Charles Kumolu LAGOS—FORMER Finance Minister, Dr. Ngozi Okonjo-Iweala yesterday said it was better to allow those managing Nigeria’s economy to do the best they could, noting that there could be solutions to the present economic decline in the country. She also noted that she would not be available to serve the present administration if overtures were made to her by President Muhammadu Buhari, noting that Nigeria boasts of competent people, who would offer their services when called upon. Okonjo-Iweala, who said this while participating in an Aljazeera programme: The Stream, regretted that the economic gains recorded in Africa started eroding a few years ago, noting that solving macroeconomic question was key to fixing the continent’s economic challenges. She specifically said that having a firm control over the rate of inflation in addition to ensuring a stable exchange rate should be prioritised by African governments. She said: ‘’ One of the things you learn as you get wiser is to talk less as you grow older. I have spent my time contributing to the country. It will be better to live those managing the economy to do what they know how to do. There can be solutions. Minister of Finance and Coordinating Minister of the Economy, Dr. Ngozi Okonjo-Iweala Ex Minister of Finance and Coordinating Minister of the Economy, Dr. Ngozi Okonjo-Iweala “I am not a typical politician. I went in as a technocrat. I think on the continent we have seen a period when the economy was doing well, in the last two years we have been experiencing challenges. We need to focus on the basics which are macro-economics. You must get the fundamentals like having a stable exchange rate and having inflation under control. “I served my country for seven years and it was a great honour. The second time was very tough but it is still an honour. I am not the only person who is a repository of knowledge. There are other people who can equally try their hands in running the economy. “I will advise young people not to wait for employment. They should create jobs to employ six people or more. During my time in government, we had a programme called You Win designed to support young entrepreneurs. The whole idea was to have a business plan competition. “The idea was that they should create jobs. And each, created 9-10 jobs. The World Bank did an evaluation of it and found it good. I do believe that the government should come in. We started a peer to peer mentoring. Now, one of the things I want to say is that creating employment is not only about struggles, it is about managing success.” Also, counseling people on accounting, bookkeeping and not falling apart is very important.” Responding to a question on how the anti-corruption war was fought during her time in government, she said: “It was a very tough fight, I must thank my team, you don’t do it alone, I had the support of an economic team in the Ministry of Finance. It was tough because at the end of the day you need to have some principles.” On her roles as a Finance Minister, Okonjo-Iweala said: ‘’The average life span of a Finance Minister is two year in a country. No one likes a Finance Minister because it is the business of saying no. It is very difficult and challenging. It was interesting for me. I wish I had seen myself as wielding power. All I saw was the job because I was seeing myself working for the country.”

Read more at: http://www.vanguardngr.com/2016/09/will-not-serve-buharis-govt-okonjo-iweala/

Why I will not serve in Buhari’s govt – Okonjo-Iweala On September 13, 20169:21 amIn NewsComments By Charles Kumolu LAGOS—FORMER Finance Minister, Dr. Ngozi Okonjo-Iweala yesterday said it was better to allow those managing Nigeria’s economy to do the best they could, noting that there could be solutions to the present economic decline in the country. She also noted that she would not be available to serve the present administration if overtures were made to her by President Muhammadu Buhari, noting that Nigeria boasts of competent people, who would offer their services when called upon. Okonjo-Iweala, who said this while participating in an Aljazeera programme: The Stream, regretted that the economic gains recorded in Africa started eroding a few years ago, noting that solving macroeconomic question was key to fixing the continent’s economic challenges. She specifically said that having a firm control over the rate of inflation in addition to ensuring a stable exchange rate should be prioritised by African governments. She said: ‘’ One of the things you learn as you get wiser is to talk less as you grow older. I have spent my time contributing to the country. It will be better to live those managing the economy to do what they know how to do. There can be solutions. Minister of Finance and Coordinating Minister of the Economy, Dr. Ngozi Okonjo-Iweala Ex Minister of Finance and Coordinating Minister of the Economy, Dr. Ngozi Okonjo-Iweala “I am not a typical politician. I went in as a technocrat. I think on the continent we have seen a period when the economy was doing well, in the last two years we have been experiencing challenges. We need to focus on the basics which are macro-economics. You must get the fundamentals like having a stable exchange rate and having inflation under control. “I served my country for seven years and it was a great honour. The second time was very tough but it is still an honour. I am not the only person who is a repository of knowledge. There are other people who can equally try their hands in running the economy. “I will advise young people not to wait for employment. They should create jobs to employ six people or more. During my time in government, we had a programme called You Win designed to support young entrepreneurs. The whole idea was to have a business plan competition. “The idea was that they should create jobs. And each, created 9-10 jobs. The World Bank did an evaluation of it and found it good. I do believe that the government should come in. We started a peer to peer mentoring. Now, one of the things I want to say is that creating employment is not only about struggles, it is about managing success.” Also, counseling people on accounting, bookkeeping and not falling apart is very important.” Responding to a question on how the anti-corruption war was fought during her time in government, she said: “It was a very tough fight, I must thank my team, you don’t do it alone, I had the support of an economic team in the Ministry of Finance. It was tough because at the end of the day you need to have some principles.” On her roles as a Finance Minister, Okonjo-Iweala said: ‘’The average life span of a Finance Minister is two year in a country. No one likes a Finance Minister because it is the business of saying no. It is very difficult and challenging. It was interesting for me. I wish I had seen myself as wielding power. All I saw was the job because I was seeing myself working for the country.”

Read more at: http://www.vanguardngr.com/2016/09/will-not-serve-buharis-govt-okonjo-iweala/

Why I will not serve in Buhari’s govt – Okonjo-Iweala On September 13, 20169:21 amIn NewsComments By Charles Kumolu LAGOS—FORMER Finance Minister, Dr. Ngozi Okonjo-Iweala yesterday said it was better to allow those managing Nigeria’s economy to do the best they could, noting that there could be solutions to the present economic decline in the country. She also noted that she would not be available to serve the present administration if overtures were made to her by President Muhammadu Buhari, noting that Nigeria boasts of competent people, who would offer their services when called upon. Okonjo-Iweala, who said this while participating in an Aljazeera programme: The Stream, regretted that the economic gains recorded in Africa started eroding a few years ago, noting that solving macroeconomic question was key to fixing the continent’s economic challenges. She specifically said that having a firm control over the rate of inflation in addition to ensuring a stable exchange rate should be prioritised by African governments. She said: ‘’ One of the things you learn as you get wiser is to talk less as you grow older. I have spent my time contributing to the country. It will be better to live those managing the economy to do what they know how to do. There can be solutions. Minister of Finance and Coordinating Minister of the Economy, Dr. Ngozi Okonjo-Iweala Ex Minister of Finance and Coordinating Minister of the Economy, Dr. Ngozi Okonjo-Iweala “I am not a typical politician. I went in as a technocrat. I think on the continent we have seen a period when the economy was doing well, in the last two years we have been experiencing challenges. We need to focus on the basics which are macro-economics. You must get the fundamentals like having a stable exchange rate and having inflation under control. “I served my country for seven years and it was a great honour. The second time was very tough but it is still an honour. I am not the only person who is a repository of knowledge. There are other people who can equally try their hands in running the economy. “I will advise young people not to wait for employment. They should create jobs to employ six people or more. During my time in government, we had a programme called You Win designed to support young entrepreneurs. The whole idea was to have a business plan competition. “The idea was that they should create jobs. And each, created 9-10 jobs. The World Bank did an evaluation of it and found it good. I do believe that the government should come in. We started a peer to peer mentoring. Now, one of the things I want to say is that creating employment is not only about struggles, it is about managing success.” Also, counseling people on accounting, bookkeeping and not falling apart is very important.” Responding to a question on how the anti-corruption war was fought during her time in government, she said: “It was a very tough fight, I must thank my team, you don’t do it alone, I had the support of an economic team in the Ministry of Finance. It was tough because at the end of the day you need to have some principles.” On her roles as a Finance Minister, Okonjo-Iweala said: ‘’The average life span of a Finance Minister is two year in a country. No one likes a Finance Minister because it is the business of saying no. It is very difficult and challenging. It was interesting for me. I wish I had seen myself as wielding power. All I saw was the job because I was seeing myself working for the country.”

Read more at: http://www.vanguardngr.com/2016/09/will-not-serve-buharis-govt-okonjo-iweala/

I warned Nigerians not to elect Buhari because he lacked capacity mentally, morally and intellectually to superintend over any civilised society - Fayose

“How can you postpone an election less than 48 hours to the scheduled date? What manner of security concern could prevent an election in just one State when elections were held in Northeast States that are confronted by Boko Haram insurgents?
The Ekiti State Governor, Ayodele Fayose, has described the postponement of the Edo State governorship election by the Independent National Electoral Commission (INEC) as a very bad signal and the “beginning of the end for democracy in Nigeria”.
Mr. Fayose said “it is obvious that the All Progressives Congress (APC) feared that it can’t win the election and is ready to employ whatever crude means to subvert the wish of the people”.
The governor said President Muhammadu Buhari was responsible for the plot.
“I warned Nigerians not to elect Buhari because he lacked capacity mentally, morally and intellectually to superintend over any civilised society, now we are all seeing the results. Our economy is in recession and democracy is also in recession!” Mr. Fayose said, according to statement by his aide, Lere Olayinka.
“Apart from the security agencies that they instructed not to provide security for the election, Central Bank of Nigeria (CBN) was under instruction since yesterday (Wednesday) not to release electoral materials to INEC.
“It was just a game by the APC-led federal government to frustrate the people of Edo State from kick-starting the journey of changing the APC one-chance change in Nigeria, but they should realise that the power of the people will always be greater than the power of those in power.
The election was postponed on Thursday by INEC after the police and the State Security Service, SSS, said they could not guarantee security.

HOPE OF A VILLAGE

When the entire Obogo community decided that Egbu should represent them in the exam, they were sure that he was the one to bring the laurel to the community. Egbu had warned all and sundry that he preferred that he was not addressed by his full name ‘’Egbugharia’’. Egbu’s followership was so towering that his name became the semblance of ‘’new order’’. His appearance was so magical that people swore that he never killed an ant when he walked. Great was his glory and endless was his praises. Ever and ever the keys to the new order he held in his mind.  Faithful and true he entered the hall; alas! Beyond his consternation, the exam was tougher than he had envisaged.

Each of the four questions was compulsory.  The entire community had gathered waiting for the result. The exam was so unique that the examiner announces the result after solution to each of the questions. Four hours was the time earmarked for the exam. He had only answered one and half of the questions and conclusions were drawn.  The trumpeter had announced just the result of the first question. The entire Obogo community appeared to have moved from their usual confidence and expectant mood. The agony of getting what they dreadfully yearned for had engulfed their reasoning.

Egbu’s posture in the hall didn’t help matters. His examiner and his brother who had wanted to represent Obogo must have been responsible for this tough exam. They must have failed to assist him with the necessary materials that would have helped him succeed. One sit to another was his movement in the hall. Hand of clock was ticking. Tick! Tac! was the sound.. Thought of his promises to his people had enveloped his thoughts. The trust of his people, the sacrifice and the euphoria that greeted his appointment was abruptly fizzling out. Oh!, Egbu screamed in the  hall. Should I really have nominated to represent Obogo community?

They believed in me, they gave their all for me to be here. Yes, this is open book exam. Should I use one of my life lines?

Do I call people to send me answers?

What would my people say?

Won’t they think that they shouldn’t have sent me in the first place? No, I will stay in this hall till the end of this exam. Maybe, the answers will develop in my head.

Obogo community had grown impatient. Egbu’s restlessness in the hall meant he had no answers. The entire community had been thrown into mourning. Those that supported his appointment were weeping silently while those that opposed him wailed openly. The result was going to affect both the big and the mighty.

Two and half hours were still a long time to go. Egbu could still make an ‘’A’’ in this exam was the echo of his Obogo supporters. They had argued that if he failed, that he would not be nominated again. His Obogo ‘’Opposers’’ believed they had seen enough. The disgrace out of the impending failure was visible. The rejection Obogo would face among the comity of villages must have been responsible for their impatience. Thehunger the exam was going to bring to the village drove them to despondency. They want Egbugharia to ‘’Gbugharia’’ for better. They want to remain alive to see the results of this exam. They want to be free from their neighbours who would side line them. Their cry was so rambunctious and vociferous that even the great ‘’Zeus’’ himself covered his ear. Come home oh! My son, come home became the anthem of Obogo community.

1