Unity bank sacks 215 workers

Unity Bank Plc allegedly sacked 215 of its employees yesterday due to their inability to cope with the new ideas and strategy of the company. According to a source close to the bank, about 200 new hires were said to have been recruited by the bank to promote the transformation initiative hat was initiated by the management within the past year.

The source also told Vanguard that about 100 other staff members were said to have been promoted recently.
The source also said:
"Some members of staff numbering about 215 have been allowed to go in an exercise that will enable the Bank realign its operation to pursue its long term growth strategy. However the affected staff were said to have exercised the option to resign while Management has approved severance package in line with the bank’s policy".
Vanguard

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Recession: Presidency Moves Cuts Number Of Presidential Jets By Emmanuel Aziken

Apparently heeding the mood of the nation in recession, the presidency has commenced moves to offload a number of aircraft in the Presidential air fleet.

In that direction, Saturday Vanguard learnt yesterday that a technical committee constituted by the office of the National Security Adviser, ONSA had been constituted to make recommendations on a suitable number of aircraft to be retained in the PAF.

he technical committee is to come up with a recommendation of a suitable size for the fleet which in time past had drawn criticisms from Nigerians for being unwieldy compared to the Nigerian economy and state of development. Presently, the fleet is composed of nine fixed wing aircraft and a number of helicopters. N5,190,381,386.00 was appropriated for the fleet in the 2015 budget.

Presidential spokesman, Mallam Garba Shehu also revealed the plans to offload the presidential jets on twitter yesterday when he debunked criticism that President Muhammadu Buhari’s admonitions to Nigerians in his new ethics campaign was self serving. A Nigerian, J. J. Omojuwa responding to admonitions from Mr. Femi Adeshina, Special Adviser to the President on Media and Publicity to heed Buhari’s message to propel change from the inside had tweeted back thus: Change begins with selling the presidential jets. ONLY a genuinely rich country should think of having up to 3.

We have about 10 jets. Mallam Shehu, the Senior Special Assistant, SSA to the President on Media and Publicity immediately engaged him, saying that: There is a govt committee already in place, working to reduce the number of aircraft in the presidential fleet.

Shehu also followed the tweet within minutes with another tweet: Some aircraft will be boarded, some others returned to the Air Force for operations.

The Change is here. The move to streamline the Presidential Air Fleet would undoubtedly lessen criticisms against the All Progressives Congress, APC administration which had been recently flayed for seemingly backtracking on some of the promises of cutting waste in the affairs of governmenta.

A source told Saturday Vanguard that once the report of the technical committee is ready it would be submitted to the president for appropriate action. One of the expected recommendations is that the range of aircraft type in the fleet be narrowed down to cut down the cost of maintaining different brands of aircraft often in different parts of the world.

The fleet presently consists of a Boeing Business Jet, Gulfstream aircraft, Falcon, Hawker Series and Augusta brands of aircraft.

Vanguard

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UPDATE | INEC Postpones Edo Election

Following "security report", the Independent National Electoral Commission (INEC), has postpone the Edo State governorship election by two weeks.

The election had earlier been scheduled for Saturday September 10, 2016. Inside sources confirmed that the election may now hold in two weeks.

It was earlier gathered that the election will now hold on Wednesday 28th September, 2016. But why the choice of Wednesday (working day) and not a Saturday as usual?

According to Leadership investigations, the police pulled out it’s personnel while the National Youth Service Corp (NYSC) refused to deployed Corps members for the Saturday exercise.

The source said that it appears impossible for INEC to deploy staff and material.

He said, “There is no security to escort them simply because they are unavailable. The security agencies are going to formally communicate their security advise to us in a short while. 

“We shall meet to take a decision. At the moment it is no longer feasible to deploy and conduct the elections. NYSC has advised us that many parents have called to withdraw their children from election duty. Since they form the bulk of election duty personnel, their withdrawal is a major challenge.”

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INEC Says Edo Gguber Election Must GO ON

The Independence National Electoral Commission (INEC) will not cancel the Edo state governorship election scheduled to hold on September 10, 2016. The Nigeria Civil Society Situation Room has condemned the call for the postponement of the election by the Nigeria Police Force and the Department of State Security.   The group, including over 70 civil society organisations, ‎while briefing journalists in Benin on Thursday, described the advice as a “gratuitous” and unconstitutional interference in the independence of INEC as contained in Section 160(2) 160(2) the 1999 Constitution (as amended). Read below the statement from the Nigeria Civil Society Situation Room: “The Nigeria Civil Society Situation Room (Situation Room) comprising more than seventy Civil Society Organisations, is in Benin-City to observe the Edo Governorship Election. “Situation Room expresses disappointment at reports that the Nigeria Police and Directorate of State Security (DSS) have advised INEC to postpone the Edo Governorship election scheduled for Saturday, 10th September 2016. “Situation Room considers this advice as a gratuitous and unconstitutional interference in the independence of INEC. The advice is in clear violation of S.160 (2) of the 1999 Constitution (as amended), which forbids any person or authority from giving directives or seeking to control INEC – it being an independent body. “It is surprising that the police and DSS who are part of the Inter Agency Consultative Committee on Elections Security (ICCES) together with INEC, did not formally brief INEC before issuing this contentious statement, to enable all key stakeholders review whatever security challenges the security services may claim to have arisen. “The “advice” by these security agencies has undermined public confidence in the conduct of the Edo state governorship poll. INEC now faces a more challenging task of assuring all parties that a revised poll can be properly organized within a constitutionally stipulated time frame. “We call on the police, DSS, and all security agencies to take note of their role and limitations within elections and the inter-agency co-ordination arrangements that have been developed over several years. “All elections must demonstrate the highest possible commitment from security services to support INEC in completing its constitutional role of organising credible elections that can inspire continued public confidence. Situation Room expresses its disappointment at the inability of security agencies to take charge and provide security to citizens and to INEC to enable it conduct free and fair elections. Share on Facebook Share on Twitter “The present situation appears contrived and threatens to truncate the democratic process in Nigeria. “Additionally, the huge material resources committed to the preparations for the elections by INEC, CSOS and other stakeholders, appears to have been flushed down the drain by the action of the Police and the DSS. “Situation Room believes that INEC has the constitutional powers to proceed with its plans to conduct the Edo State Governorship elections as scheduled and calls on President Muhammadu BUHARI to call the Police and security services to order, as well as to give their support to INEC to deliver on its mandate of conducting free and fair Governorship elections in Edo State as scheduled. “Situation room implores INEC to be guided by the provisions of the Electoral Act in relation to postponement, which states that all reasons must be cogent and verifiable. Finally, Situation Room calls on the people of Edo State to remain calm and vigilant and be ready to protect their constitutional rights to vote! “The Situation Room is made up of Civil Society Organisations (CSOs) working in support of credible and transparent elections in Nigeria and includes such groups as Policy and Legal Advocacy Centre (PLAC), CLEEN Foundation, Action Aid Nigeria, Centre for Democracy and Development (CDD), Enough is Enough Nigeria, WANGONET, Partners for Electoral Reform, JDPC and Youth Initiative for Advocacy, Growth & Advancement (YIAGA). Others are Development Dynamics, Human Rights Monitor, Election Monitor, Reclaim Naija, Institute for Human Rights and Humanitarian Law, CITAD, CISLAC and several other CSOs numbering more than seventy.” Earlier the source in the Independent National Electoral Commission (INEC) has told Sahara Reporters that the governorship election scheduled for September 10 in Edo state would be postponed. According to the source, the main reason for postponement is the security advice that was given by the Nigerian Police and the Department of State Security. Four national INEC commissioners and the Chairman, Prof Mahmood Yakubu have not been able to get further information from the Inspector General of the Police and the Director General of the DSS as they have denied to give further information on the security threats that led to their advice. READ ALSO: President Buhari arrives in Edo for APC mega rally (Photo) The main electoral body is seriously considering demobilizing its staff and resources deployed for the poll. Nigerian police have stopped providing police personnel to assist INEC officials in distributing sensitive election materials since the security advice was given yesterday, the source said. The Department of State Services and Nigeria Police Force have on September 7, Wednesday, advised the INEC to shift the governorship election, quoiting security concerns as the reason for the request. The Peoples Democratic Party reacting to the calls for postponement of the electoral exercise has accused the APC of plotting to move the election due to fear of losing the poll.

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Fashola, Power and Realistic Expectations | Punch

Though appropriate, the word “novel” arguably understates the import of President Muhammadu Buhari’s decision to saddle Babatunde Fashola with three highly demanding portfolios in his cabinet, namely Power, Works and Housing. I am making this observation after reading the interesting piece by Uche Aneke entitled, “Power sector: Great Expectations from Fashola,” published in The Guardian of December 9, 2015, in which Aneke – the General Manager, Public Affairs, of the Nigerian Electricity Management Services Agency- makes reference to the “novel way in which portfolios were assigned” by President Buhari, as shown by the three portfolios assigned to Fashola.

Beyond its novelty, President Buhari’s decision can be compared to hitching three harnesses to one horse, whereas the normal thing is to attach just one harness to one horse. The expectation is that it would have to be a wonder horse – with supernatural strength – to be able to perform efficiently while drawing the three harnesses simultaneously. And some may wonder why link three harnesses to one horse in a country where there is a surplus of horses to which the other two harnesses could have been tied, creating more employment for horses.

So, the critics of the decision may portray it as liable to cause inherent inefficiency across the three portfolios which, incidentally, has not been the case with the power sector. And I speak for the power sector out of close familiarity, having been engaged in the sector in various capacities for over 30 years, and considering its state before Fashola’s appointment as the Minister of Power, Works and Housing.

But then, supporters of the decision may justify it by citing the saying that the reward for success is more work, and base the justification on what Aneke called “the miracle of Lagos transformation” – a reference to Fashola’s impressive record as a former governor of Lagos State, arguably the most populous, complex, advanced and infrastructurally developed state in the country.

They would argue that if Fashola could transform Lagos State into what it was at the end of his two terms as governor, then transforming the power sector should be a lesser task to him. Also, that running Lagos State should be more challenging than running three federal ministries.

And so that President Buhari did not err in assigning three ministries to him considering his record of achievement, even though the critics of the decision may still counter it with the African saying that you should not heap rocks on the head of a child because you believe he is strong.

For me, the enthusiasm of this defence stems from a lack of understanding that managing the Nigerian power sector alone is more demanding than managing Lagos State. And it shouldn’t take a long exposition to explain why even to a layman. For instance, the geographical area covered by the power sector, and which come under the supervision of a minister, encompasses the whole 36 states, including Lagos, whereas the geographical area covered by Lagos State is just itself.

And with the way the power system is networked – especially the transmission network – a problem at one location, say the National Control Centre at Osogbo, can have nationwide impact like system failure which would throw the entire country into blackout, and may require the minister’s intervention on something like a national scale to be resolved. But problems in Lagos State are more likely to be confined within its borders than have such nationwide impact.

The same for generation: even when a problem originates from a remote location or a single or few states like the recent vandalism of power and gas infrastructure, the impact of a drastic decline in power generation sends shocks through the grid and nationwide, with the attendant distress to the citizenry.

In this sense, Lagos State is a microcosm of the power sector. And a minister of power in trying to solve problems in the power sector usually deals with a national headache compared to the far less severe state headaches that state governors have to contend with, including Lagos State.

In effect, if Fashola succeeds as the Minister of Power, Works and Housing which I believe he will, if given the necessary support, it should be considered a far greater achievement than his success as governor of Lagos State. And if he does this while successfully managing the two additional ministries, then it would qualify to be considered a phenomenal achievement.

However, considering the enormity of the issues in the power sector, he would need to set realistic goals while Nigerians must equally have realistic expectations in order for his success in the sector to be recognisable. These issues spread beyond the entire gamut of its generation, transmission of distribution subsectors to include such rather ancillary issues like inadequate metering, poor compliance of generation and distribution companies with the terms of the agreements they signed with the Nigerian government as part of the privatisation programme under the power sector reform, etc.

In his said piece, Aneke makes a rather exhaustive list of such issues and recommends them for the minister’s attention. While this is understandable, judging by the equally understandable impatience of the average Nigerian to have steady and reliable power supply, it exposes the minister to the risk of trying to tackle too many problems at once and ending up not solving any decisively.

So, it would be a better and more strategic approach for the minister to concentrate on a few major issues and solving them so irreversibly that the impact would be felt across the entire value chain of the Nigerian Electricity Supply Industry and especially by Nigerian electricity customers.

In doing this, however, some fundamentals would have to be recognised for purposes of prioritising. For instance, that all other developments in the sector revolve around the availability of generated power. Unless you generate power, you would have no such commodity to transmit, distribute, meter or sale.

And I believe Fashola’s success as minister would be most recognisable if he gives priority attention to growing the country’s power generation commensurately with its transmission and distribution capacities so as to increase and stabilise the quantum of power available to Nigerians. Even if he achieves this only by ensuring the delivery of all the 4,775 megawatts expected from the NIPP plants which will increase the country’s power generation currently around 4,000 megawatts to above 8,000 megawatts, it will be an historic achievement.

The expectation that he can solve all the problems is unrealistic. But I believe he can make considerable and lasting impact by focusing on a few of the major problems, and leave room for others to focus on other problems after he may have done his best and completed his tenure as minister.

Oke, a former employee of defunct National Electric Power Authority and a public affairs analyst, wrote in from Abuja via ikeogu.oke@gmail.com; Tel: +234-803-453-1501

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I Didn’t Hand Over a Collapsed Nation To Buhari – Dr. Goodluck Jonathan

Former President, Goodluck Jonathan has replied his critics who accused him of handing over a nation at the verge of collapse to his successor, President Muhammadu Buhari.

Jonathan recounted the achievements of his government to include, handing over a country that produced the richest man in Africa.

Jonathan said, “I took over a Nigeria that was the second largest economy in Africa with a GDP of $270.5 billion in 2009, I handed over a Nigeria that had grown to become the largest economy in Africa and the 24th largest economy in the World with a GDP of $574 billion.

“I inherited a Nigeria in which the trains were not working, and handed over a Nigeria in which citizens can safely travel by trains again. I also inherited a country where illiteracy rate particularly in the Northern part was alarming. I handed over a country where every state in the North and indeed all the states had a Federal University. I inherited a country where there was total infrastructural decay in all the unity schools and colleges of education. But I handed over a country with massive infrastructural improvement in almost higher institutions. I inherited a country where agricultural inputs and production were almost zero. But I handed over a country where a bag of rice was sold for N6,500 to N7000. My regime since the establishment of ecological fund office did more irrigation dams in the North and other parts of the country than other subsequent administrations put together. I inherited epileptic fuel supplies resulting to endless queues at the filling stations. I maintained despite enormous challenges of fuel subsidies and handed over a relatively stable fuel regime.

I inherited a Nigeria that was a net importer of cement, and handed over a Nigeria that is a net exporter of cement.

In 2009 the richest Nigerian was the 5th richest man in Africa, but I handed over a Nigeria that produced the richest man in Africa.

The former President further stated ” I inherited a country where people were almost losing hope on the credibility of its electoral process but I noticed that democracy will continue to grow in the African continent if leaders value the process of elections more than the product of the process. I handed over electoral process that engendered fairness in its conduct and conclusiveness “.

He said, “Even in the 2015 general elections in my country, Nigeria, there was potential for major crisis if I was not a President duly elected by the will of the people.

“The campaigns leading to the elections almost polarized the country into Christian vs Muslims and North vs South divide.

Most World leaders were worried that our elections will result into major crisis.
Some pundits even from here in the United States said that those elections would spell the end of Nigeria and that we would cease to exist as a nation because of the polls.

That is where the leadership question comes into play.

As a leader that was duly elected by the people, I considered the people’s interest first.

How do I manage my people to avoid killings and destruction of properties?

With the interest of the people propelling all the decisions I took, we were able to sail through.

Indeed, we sailed through because I refused to interfere with the independence of the Independent National Electoral Commission, INEC, having appointed a man I had never met in my life to run it. We sailed through because I maintained and still believe that my personal ambition, interest is not worth the blood of any single Nigerian.

My philosophy was simple. For elections to be credible, I as a leader, must value the process more than the product of the process. And the citizens must have confidence in the electoral body.

Pls circulate it for them to know. The deceit is getting too much

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No Fuel Price Increase For Now, Assures Ibe Kachikwu

The Minister of State for Petroleum, Dr Ibe Kachikwu has refuted media reports of possible increase in the prices of petroleum products in the country.

Supported by and the GMD of Nigerian National Petroleum Corporation (NNPC), Alhaji Maikanti Baru, after a closed-door with President Muhammadu Buhari in Abuja, Kachikwu described the reports as untrue.

Pressed on the issue by correspondents, he asked, "have you seen any memo to that effect?"

On his part, Baru also assured that the NNPC has no plan to increase the pump price of petroleum products, stressing that “there is nothing like that.’’

The GMD, however, directed state house correspondents to go to the Petroleum Product Pricing and Regulatory Agency (PPPRA‎) for further clarification on the issue.

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Our Businesses Are Dying Due to Government Policies – Says Arik Air Chairman

Joseph Arumemi-Ikhide, chairman of Arik Air, one of Nigeria’s surviving airline, says the policies of the Central Bank of Nigeria (CBN) do not favour local airlines.

Arumemi-Ikhide also said Nigerian airlines “are just offering national service”, stating that the fares are the lowest in the world.

“Government policies, or central bank policies do not favour us. For example,
the CBN said that 60 percent of foreign inflows should be for manufacturers,” he said in an interview on Channels Television.

“They’ve forgotten that the engine of any economy is air travel. Nothing is provided for us, we have to scramble like every other person.

“The same thing in the tax (system); the FIRS has a different rate for company tax, and airlines are seen as services, so by the time you finish, you pay almost 40 percent.

“So, its only air travel that we pay VAT, road transportation and others don't pay VAT. So the stakes are against airline operators in Nigeria, from government.”

He said the government need to encourage airline operators with the right policies, adding that the landscape is really tough on airlines.

“We have to source our forex, and spare parts, all of us, all the commercial airlines. It’s really tough, and our fares re the lowest in the world.

“Let me say something, naira is now about 350 to the dollar, and if you look at Lagos to Abuja, it’s less than 35,000, that is less $100.

“There is nowhere you can get it. I consider that all my colleagues and I (are) doing national service.

“You don’t even get fuel; fuel prices are shooting off the roof. Before the flexible exchange rate was introduced, we were buying fuel for about N110 per litre.

“Now it’s N215 per litre and you can’t even get it. The situation in the country is not favourable to the airlines at all.”

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Federal Government Declares Eid-el-Kabir Holidays

Nigerians have been asked to observe a two-day break to mark the annual Eid-el-Kabir igerians have been asked to observe a two-day break to mark the annual Eid-el-Kabir celebration in the country. According to Vanguard, the federal government has subsequently declared Monday and Tuesday, 12 and 13 September as public holidays. This was made known by Lt. Gen Abdulrahman Dambazau (rtd), Nigeria’s minister of Interior, who made this declaration for the federal government via a statement signed on his behalf by Muhammadu Maccido, the ministry’s acting permanent secretary.
Dambazau noted that Muslims and Nigerians should join hands to support President Muhammadu Buhari as he tries to diversify the economy and accelerate the economic recovery, adding that the federal government is not unaware of the challenges facing the populace.
He explained further that the agriculture sector “Youth Empowerment Scheme” in Information and Communication Technology (ICT) is being worked on by the federal government. The “Change Begins with Me” re-orientation programme among other social intervention programmes are also being worked on by the federal government. Meanwhile, Ishaq Akintola, director of Muslim Rights Concern (MURIC) has called on the federal government to give fair treatments to Muslims and Christians. In an interview with The Punch, Akintola who is a professor of Islamic Eschatology said Nigeria does not recognise any religion and is a secular state. He said Muslims have not been treated fairly in Nigeria due to colonial influence and cited that Friday was a work day while Sunday was a work-free day.

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The Naira is Now This Year’s Poorest-Performing Currency in Africa

Sometimes the worst is not bad enough. Or such is the case for Nigeria’s currency, which nosedived by 30% when the central bank first removed its peg to the dollar on June 20th. The naira is now this year’s poorest-performing currency in Africa

Internationally, Nigeria's Naira is only better than the currencies of Venezuela and tiny Suriname. 

Yet were the Naira truly free, it would be weaker still.
In fact, the naira’s free float seems to have lasted exactly a day. Since its sharp drop on the first day of its devaluation, the currency has more or less flatlined at about 282 per dollar. This is rather odd given the pent-up demand for dollars after the central bank governor, Godwin Emefiele, restricted the supply in a bid to defend the currency at its old peg of 199 to the dollar. 

Many analysts expected it to plummet as low as 350 (inter-bank) when businesses hoovered up a backlog exceeding $4billion.

Bankers say this stability came about after the central bank sold dollars and traders were bullied by it to keep to an unofficial peg. “If you want to sell or buy higher than the managed peg, life will be made difficult,” says the former CEO of a bank.

So why did the central bank ignore its own policy on allowing a float? 

According to The Economist, the most plausible explanation is that Emefiele has been kowtowing to President Muhammadu Buhari, who fears a weak currency. 

But these sorts of flip-flops hardly reassure foreign investors, whose dollars Nigeria desperately needs to fill a gaping trade deficit. Nor do they encourage Nigerian exporters to repatriate foreign exchange, since they still expect a further fall in the value of the local currency.

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Nigeria Has Been Badly Governed, But Now There is Hope — VP Osinbajo

*Says economy already producing good results in agric & solid minerals
*Pipelines vandalism responsible for loss of 1m bpd in oil production for 6 months
There is no country in the world that can face the kind of stealing that has taken place in Nigeria without having to deal with the consequences, including the current state of the economy.

Vice President Yemi Osinbajo, SAN, made this assertion on Tuesday while receiving a delegation of the Northern States Pentecostal Bishops Forum in his office at the Presidential Villa, assuring however that even though times are hard today, “there is great hope that this country will prosper.”

According to him, "this country has been badly governed. We are dealing for instance with the embezzlement of funds to the tune of $15B in one sector alone."

Continuing, Prof. Osinbajo observed that there are those who are asking ‘why talking about the past’ and he posed a response: “We have to, that is why we are here.”

“We have not turned attention to the oil and gas sector, where the former CBN Governor alleged that $20B was stolen. We must condemn and stand up against this level of corruption. It is the single most important reason of the current state of the country. We can’t ignore it.”

The Vice President then called on Christian and religious leaders generally in the country to condemn corruption "openly". He added that “we can’t say because they are Christians or Muslims we wont condemn those involved in corruption.”

Responding to the views of the leader of the delegation, Archbishop John Praise Daniel that members of the forum have been actively involved in the fight against corruption in Nigeria, the VP said indeed the “country has been systematically destroyed.”

He explained: “Our currency depreciated because we don't have the reserves to back it. At the height of the oil boom, there were no savings.”

In addition to the massive fall in oil prices, the VP stated that the vandalization of pipelines has led to a worsening of the situation with the country loosing about 1m barrels of oil per day for up to 6 months now. The vandalism has equally cut power supply short since gas pipelines were also destroyed.

“That is the background for the sort of situation we find ourselves,” Prof Osinbajo asserted while expressing renewed hope that “God surely has a plan for this country. We (as a government) are open, honest, transparent and we shall use the resources of this country very well.”

He pointed out that the recent GDP figures released last week indicated clearly there is growth in agric and solid minerals. According to him "agric and solid minerals have witnessed improvements."

The social investment programmes according to the Vice President are on course, reassuring the nation “that very soon the 500,000 jobs scheme will take off,” alongside other schemes.

Earlier Archbishop Daniel expressed the support of the forum for the diversification of the Nigerian economy by the Buhari presidency, while calling for access to lower interest rates. The forum also asked the federal government to checkmate the violent herdsmen, create ranches in the states and promote religious harmony.

Responding the Vice President noted that President Buhari has given clear instructions to the security agencies to deal with anyone regardless of status who carries arms and also deal with anyone that causes and perpetrates violence of any kind.

“The President has said twice in the past fortnight that anyone who commits atrocities must be arrested and tried and he has demonstrated that resolve,” Prof Osinbajo said.

He however added that generally the country’s criminal justice system is rather slow in delivering justice, adding that there is need for justice sector reforms.

His words: “The justice system is very slow, not just in some cases, but generally extremely slow. For example it takes for ever before a murder trial gets to court.”

Laolu Akande
Senior Special Assistant-Media & Publicity
In the Office of the Vice President

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