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Thursday, 21 June 2018

Opinion I On Did We Get To This Point?

HOW DID WE GET TO THIS POINT?
       
The last time I checked, Imolites could apparently be described as ‘enemies’ of Imo, the Eastern Heartland. They were seen as those who do not wish the state well.
       
The above assertion was informed by the outcome of what transpired two weeks ago, precisely on Friday, 8th June 2018. It’s not anymore news that at the night of the aforementioned date, a natural disaster befell the state owing to the unusual wind that blew therein.
        
As a result of that natural phenomenon, several completed buildings – including private and public owned ones – were severely ravaged. In particular, the roofing segment of the affected structures was outrightly detached from the block segment, thereby throwing the various roofing materials to the floor.
        
In some quarters, the main erected structures were equally damaged alongside the roof. But it was deeply painful that most government owned buildings were among those that were seriously affected. Or would I say; most of the structures affected belong to the state government.
        
Ironically, rather than being in sober mood as was rationally expected, thousands of Imolites were seen in their numbers jubilating as well as popping Champagne over the ordeal that visited the state. In some areas, I overheard from the misled citizens that the Governor, Rochas Okorocha had gotten what he deserved.
         
When I caught the sight of the uncalled celebration, I could not help but continued to wonder how exactly we got to this point. I had since then been making frantic effort to fathom what actually led to this scenario. The thoughtful mood I found myself resulted in insomnia, which till now is yet to depart from my system.
        
Doesn’t it sound ridiculous and crazy that a certain state was faced with crisis and instead of being touched by the ugly and unspeakable incident, the citizens were spotted throwing party over the occurrence? Isn’t it untold that my fellow citizens were gloating over a bad omen that arrived at the Eastern Heartland?
         
It’s even more saddening when realized that the jubilation was to witch-hunt the sitting governor, or to hurt his feelings. I wonder why they could think that the incident in question affected only the governor, forgetting that government is a continuum. I wonder why it didn’t occur to them that if the next governor of the state inherits bad properties, its consequence would be to the detriment of the state’s resources. Rescue Mission will surely go someday and another one will come.
        
It was really disheartening that the gloat over the ill was occasioned by the hatred some of the citizens bear for the sitting governor. State owned structures were damaged and we were acting as if the ravaged properties are Okorocha’s. We acted as if the buildings in question belong to the Okorocha dynasty. For crying out loud, we were on the contrary supposed to be deeply sad concerning the anomaly considering that it was an injury to all, and not to one as wrongly perceived.
        
Those structures were erected with the aid of the tax payers’ money, hence the need to see them as our collective belongings rather than personal possessions. We must note that the funds that could have been channeled into other meaningful projects would be used in repairing the damaged structures.
        
Come to think of it; even if the affected properties belong to Governor Okorocha, did the incident call for celebration in any way? Even if we are enemies to the number one citizen, were we meant to give thanksgiving over his downfall? We really need to be guided over how we parade our pattern of politicking to avoid attracting the wrath of God.
        
Those who know me too well can attest to the fact that I’m not one of Okorocha’s fans and had never been, neither am I in any of his camps, but the gospel truth is that we seriously need to be rational and logical while reacting to events.
        
It’s totally preposterous and evil to rejoice over the downfall of anyone irrespective of our relationship with him/her let alone the sitting governor of our dearly beloved state. It’s indeed high time we stopped mixing politics with governance just to achieve our cheap political goals.
        
Another controversy trailing the incident was that inferior building materials were used during the construction of those affected structures. As a tech expert, I’m not unaware that wind effect is meant to be considered before designing any proposed building, hence the need for the government not to see such a criticism as ill-advised or destructive but constructive. In view of this, I implore the government to comprehend that public buildings are in question, thus their construction ought not to be equated with those meant for private usage.
        
The funny part of the criticism was that so many other private owned structures were ravaged in the process but it was reported as if only government properties were affected by the wind. That was a very wrong and unbalanced analysis. However, the bone of contention is that people presently no longer pay attention to the kind of materials to be purchased in the course of erecting any structure, be it private or public. It’s not news that contractors carryout any project according to how they are funded.
         
In accordance with the appraised facts, I urge the Rescue Mission to use this opportunity to ensure that every building erected, or to be built, by the government can stand the test of time as I enjoin it not to be deterred by the natural disaster. The private owners or prospective landlords ought to equally follow suit. In the same vein, as we address the properties that were variously affected, let’s ensure that only the needed materials are engaged.
        
So, as we immensely thank God that the disaster didn’t occur during school or office hours, I want to let my fellow Imolites realize that it’s time they desisted from involving themselves in uncalled thoughts or actions. Think about it!

Fred Doc Nwaozor
National Coordinator, Right Thinkers Movement
__________________________________
frednwaozor@gmail.com
Twitter: @mediambassador            

Wednesday, 13 June 2018

Nyame's Sentence And Nigeria's Judiciary

NYAME’S SENTENCE AND NIGERIA’S JUDICIARY
       On Wednesday, 30th May 2018, a Federal High Court sitting in Abuja categorically sentenced an erstwhile executive governor of Taraba State, Mr. Jolly Nyame to fourteen years imprisonment owing to fraud.
       It would be recalled that the convicted politician was fiercely charged to court with 41 counts of misconduct by the Economic and Financial Crimes Commission (EFCC). But he was eventually found guilty of 27 counts.
       It’s noteworthy that he was sentenced with no option of fine for diverting N1.64 billion while he served as governor between 1999 and 2007. It suffices to say that the charges were placed against his person the moment he bowed out of office.
       The Judge, Adebukola Banjoko sentenced the defendant to four different terms in prison, having found him guilty beyond doubts, of receiving gratification, obtaining public funds without due consideration as well as criminal breach of trust.
       The various sentences include a term of prison for two, five, seven and fourteen years, respectively. According to the judicial custodian, the terms are expected to run simultaneously, meaning he would serve only 14 years in jail unless the conviction is upturned by a court of higher jurisdiction.
       This is arguably a welcome development and a milestone in the history of the Nigeria’s anti-graft war, hence the need for concerned Nigerians to reignite their seeming lost or dying hopes as regards the anticipated outcome of numerous other ongoing criminal prosecutions in the country, even though the convicted person still has the right to appeal the verdict.
        Taking into cognizance the concluding part of the above paragraph, it’s indeed pertinent to enjoin the higher judicial custodians, including the Court of Appeal and the Supreme Court, to endeavour not to sweep justice under the carpet if the conviction is consequently brought to their jurisdictions.
       Aside the need to do the needful, they must acknowledge that the prosecution of the case in question conspicuously lingered for eleven years before the verdict was served, thus ought not to uphold such anomaly that has ostensibly become a norm in the country’s judiciary.
        It’s not anymore news that the reason the teeming citizenry have become pessimistic and weary about the acclaimed corruption fight is not unconnected with the prolonged duration of virtually every prosecution being carried out by any supposed court of competent jurisdiction. The unabated existence of the aforementioned menace is unequivocally a harbinger of collapse of our judiciary if apt corrective measure isn’t taken in earnest.
        However, I’m strongly of the view that some clauses were missing, or perhaps silent, in the verdict served to Mr. Nyame by the Abuja High Court. For the conviction to be whole, it would have been accurate for the court to order the outright confiscation of the ill-gotten properties of the former governor. Similarly, he would have been directed to return the squandered or misappropriated funds.
        Since he was sentenced with “no option of fine” as was pronounced by the judge, he wouldn’t have been exempted from refunding the stolen monies or a reasonable percentage of it. It would equally be apt to confiscate the possessions supposedly acquired by the embezzled public funds. These are the clauses that were omitted or silent in the verdict.
        Nevertheless, we mustn’t forget in haste that the judgement couldn’t have come at a better time than now the people are almost giving up on the government in the aspect of war against sharp practices. This implies that there’s need to, at least, put up a sigh of relief at this juncture.
        But, as we celebrate, we shouldn’t overlook the fact that the leadership of the Nigeria’s judiciary ought to be reminded in strong terms that a lot has really gone wrongly in the sector, hence the compelling need to swiftly make amends toward averting the foreseen avoidable decay.
        The conditions of squalor we have abruptly found ourselves could be well eradicated if the various judicial officers begin to comprehend that they aren’t aides of any political office holder but independent officials.
       These gentlemen of the bar and bench must not wait until they are reminded that the country’s extant laws are in their custody before they could start concentrating only on the needful. They shouldn’t wait till their memories are refreshed with the fact that they are expected to strictly interpret the law irrespective of whose ox is gored before they would stop misplacing priorities with frivolities.
        Inter alia, acknowledging that some of these judicial custodians often resort to collection of gratification from indicted individuals or corporate bodies, it’s needless to state that their respective remunerations are meant to be taken seriously by the governments at all levels. As a result of the poor working conditions usually faced by them in different quarters, they end up falling prey to the predators.
        As this rotten tooth is exposed, we must note that several other hidden teeth are fast decaying thus need to equally be expunged from the dental hub before they cause untold damage to the overall system. Think about it!

Comrade Fred Nwaozor
National Coordinator, Right Thinkers Movement
__________________________________
frednwaozor@gmail.com
Twitter: @mediambassador            
     

Sunday, 10 June 2018

Opinion I On Nigeria-China Swap Deal

ON NIGERIA-CHINA SWAP DEAL
        
     Two years ago, Nigeria and China under the watch of President Muhammadu Buhari, graciously entered into a 2.5 billion dollar worth currency swap deal.
        It’s noteworthy that a currency swap deal allows two institutions to easily exchange payments in one local currency for equivalent amounts in order to facilitate bilateral settlements and provide liquidity support to financial markets.
        It would be recalled that some time in 2014, the then Deputy Governor of the Central Bank of Nigeria (CBN), Mr. Kingsley Moghalu disclosed that the apex bank was looking into increasing the percentage of the Chinese Yuan (Renminbi) foreign reserves in its possession from two to seven per cent. He further clarified that about 85% of the Nigeria’s foreign reserves was in the US dollar and it needed to have more in Yuan as China was taking a more important place in global trade.
        In a bid to throw more light, Mr. Moghalu said “it is clear to us that the future of international economics and trade will shift in large part to business with and by China. Ultimately, the Renminbi is likely to become a global convertible currency”. It is gathered that since 2014, the world market has recognized the Renminbi (RMB) as a likely global reserve currency, a replacement for the dollar, thereby making some African countries like Ghana, South Africa and Zimbabwe to inculcate the currency in their respective foreign reserves.
        Recently, precisely few weeks back, the Godwin Emefelie-led CBN and the Yi Gang-led People’s Bank of China (PBC) commenced the execution of the $2.5bn currency swap deal. The bilateral pact will allow both sides to swap a total of 15 billion RMB ($2.5bn) for 720 billion naira, or vice-versa, in the next three years.
        The business relation, whose duration can be extended by mutual consent, makes Nigeria to become about the fourth country on the African continent to have such deal with China, following the aforementioned three African nations.
       It’s worthy of note that the transaction is primarily aimed at providing adequate local currency liquidity for Nigeria and Chinese industrialists and other businesses towards reducing their hurdles in the search for a third currency such as the US dollar, Euro or Pounds sterling, as the case might be.
       The CBN’s Acting Director on Corporate Communications, Mr. Isaac Okorafor explained that, henceforth, the Chinese businesses would get naira liquidity and the Nigerian businesses would, in reciprocation, acquire RMB liquidity under the agreement. According to him, the deal would improve the speed, convenience and volume of transactions between both countries; it would equally assist them in their foreign exchange reserves management, enhance financial stability and promote broader economic cooperation among them.
        Mr. Okorafor further highlighted that the bilateral pact “will make it easier for Nigerian small and medium enterprises and cottage industries to import raw materials, spare-parts and machines. To facilitate their imports, they can get RMB facility from Nigerian banks without being exposed to the difficulties of seeking other scarce foreign currencies”.
        It’s imperative to acknowledge that an economic deal of this kind is usually accompanied with numerous merits. The swap pact as it stands has the potential of boosting the Nigeria’s foreign reserve, thus assuring the stability of the country’s foreign exchange market.
       Similarly, the deal is liable to elevate the outlook of the country’s currency, naira in the international sphere. It will in the process hold the naira in high repute in the global market, because the currency will be made available in the Chinese apex bank and other financial institutions domiciled therein. Hence, it will make the businessmen resident in China, not just Chinese nationals, to assess the naira with ease while transacting with their Nigerian counterparts.      
       We, however, needn’t sweep the likely demerits of the deal under the carpet. The bilateral policy might in the long run instigate us to demand more from China. This foreseen negative effect, which will consequently intensify importation, ought to be a factor of great worry to any concerned Nigerian considering what the implications would entail.
       Just like my candid analysis on the recent move by the United Kingdom (UK). It’s not anymore news that recently the UK’s Export Finance Agency disclosed its intent to add naira to its list of pre-approved currencies, allowing it to provide financing for transactions with Nigerian businesses dominated in the local currency. The policy was summarily targeted to accept naira as a legal tender in the British market.
        Policies of such, though have the tendency of boosting the naira in the international sphere can pose more harm as the journey progresses. It is obvious that Nigeria has little, or perhaps nothing, to offer to China as regards exportation. On the other hand, acknowledging that China is presently one of the leading global economies in the area of technology, it isn’t sceptical that the Asian country has absolutely a lot to offer to Nigeria while discussing importation.
       The above assertion is the reason we shouldn’t jubilate in haste regarding the bilateral relation. Although the CBN has assured Nigerians that the 2015 ban on 41 commodities in regard to foreign exchange remains sacrosanct hence the swap deal wouldn’t make Nigeria emerge a dumping ground for the Chinese products, it’s pertinent to notify the apex bank that if apt measure isn’t taken, the assurance will hold no water in the nearest future.
       We aren’t unaware that the parallel market otherwise known as black market, which is apparently harboured in the Nigeria’s foreign exchange market, is on a daily basis gaining momentum in the country. In view of this, the importers domiciled in the country can still have their way via the assistance of the unscrupulous currency speculators.
        Since it’s not equally false that our various borders are still porous, it’s an indication that if the RMB is eventually assessed by the importers through any available channel within their reach, the goods and services from the Chinese markets can easily be smuggled into the country.
        As we celebrate this milestone, it’s crucial to enjoin the Buhari-led government to concentrate more on diversifying the country’s economy as we were earlier promised to enable China have more to request from Nigeria, so that, the bilateral deal wouldn’t lead to an imbalanced transactions cum benefits. Think about it!  

Comrade Fred Nwaozor
- Policy analyst & Rights activist -
National Coordinator, Right Thinkers Movement
______________________________
frednwaozor@gmail.com
+2348028608056
Follow me: @mediambassador
                      

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