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EDITORIAL

Nigeria’s Appeal of P& ID $9.6bn Judgment

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Nigerians and the federal government in particular were shell-shocked when the   Commercial Court in London gave a damning ruling on August 16,  that Nigeria was to  pay $9.6 billion  to a Swiss gas company, Process and Industrial Development  (P & ID), over breach of contract for gas installation for Africa’s largest nation.

  

Nigerians expressed outrage over the judgment, which would have depleted the foreign assets of the nation grappling with challenges of insurgency, poverty and other issues related to catering for its huge population of about 200 million.

P&ID, an engineering and project management company, had taken Nigeria to the Arbitration in London over an alleged breach of Gas Supply and Processing Agreement (GSPA) signed by the Ministry of Petroleum Resources in January 2010.

The Company won the liability case in July 2015 and was awarded $6.6 billion in damages. A British Commercial Court had in August affirmed the ruling of the London Arbitration Tribunal.

 Nigeria did not take the judgment whose enforcement would have depleted its foreign assets to low ebb. In the appeal at the same court whose ruling was given on September 26, the court upheld Nigeria ‘s appeal  that the federal government  should be permitted to present arguments against the enforcement of a US$9 billion arbitral award despite having missed a filing deadline – citing the size of the damages and the “major impact” it could have for the country’s citizens and tax payers among other factors.

The indication by the Federal government that it would file a fresh suit against P&ID is a welcome development deserving the full support of citizens.

Minister of Information and Culture, Lai Mohammed,   also said besides the stay of execution and the leave to appeal the judgment obtained by Nigeria on September 26, the federal government’s delegation to the UK succeeded in changing the narratives of the case in favour of Nigeria before the international community.  

“As we have been saying everywhere we go, we have been compiling arguments that will make our case and position to set aside the judgment debt, an easy thing” he stated. He expressed optimism that the entire arbitration decisions and the whopping judgment debt of N9.6 billion against Nigeria over a botched gas contract would be set aside.

Mohammed said with the reprieve granted by the court, Nigeria has the opportunity to take appropriate steps to set aside the entire judgement debt in favour of P&ID.

According to him, the federal government delegation’s meeting with investors and other stakeholders, helped to change the negative narrative that the case might hamper foreign investments into Nigeria.

 “Many of them at the meeting are investing in Nigeria and holding key positions in the society. By the time we came out of the meeting, they had more empathy for our course and even many of them volunteered to serve our course in a very patriotic manner.”

Mohammed further added: “We came here with the sole purpose of not just winning in court but also winning the minds of the international community.”

Speaking in similar vein, Abubakar Malami, Attorney-General and Minister of Justice said: “Stay of execution granted subject to $200m security payment to the court pending the determination of the leave which the court has granted. “The minister expressed delight over the development in the court and sees it as “a positive resolution that constitutes an important step in the government’s effort to defend itself in a fair and just process.”

We wish to commend the federal government legal team for getting a reprieve on the seizure of its assets worth more than $9billion as a result of the latest judgment from the London Court. We hope  that the necessary facts and documents based on shaddy deals by P& ID as claimed by the government and its legal team will be brought to bear to turn to case in favour of Nigeria.

Even though the case is still in court, the matter should serve as a lesson to the nation’s legal authorities. It begs the question why adequate legal steps were not taken ab initio to save the nation of the tension and anxiety generated by the London Court decision.

Against this background, we call on the Federal Ministry of Justice to carry out a comprehensive legal audit of all pending cases against Nigeria in international judicial jurisdictions and to take steps to avoid a repeat of this ugly situation.

For the on-going London legal battles, nothing should be spared to secure a more favourable judgment from the Appeal and even fresh litigations on the matter.

The country is currently contending with numerous soci-economic problems and therefore, cannot afford to lose such a collosal amount at this critical period of the nation’s history.

EDITORIAL

Oloyede: Accolades to Unconventional Public Servant

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Akin to an eagle-eyed combat pilot on a reconnaissance mission – making his flight preparations, loading the right ammunition and aiming at his target without missing, so was Prof. Is’haq Olarewaju Oloyede, when he arrived the headquarters of the Joint Admissions and Matriculation Board (JAMB), upon his appointment in 2016.

In the first few months of his assumption of office, activities pervaded to the lowest ebb at the JAMB headquarters.

Like a fighter pilot on a rescue mission, Oloyede embarked on a discreet but holistic audit of the board. He was simply planning how to navigate his flight in order to hit his target, without missing.

While in the closet planning, there was a shift in the timetable date of the Unified Tertiary Matriculation Examination (UMTE) for that year and tongues went wagging, mostly from staffers of the board that the newly appointed Professor of Islamic Studies and “controversial” former Vice Chancellor, University of Ilorin, was totally confused and clueless about the demands of the office and the direction to take the examination body.

After the audit, Oloyede gathered enough information and momentum. He then released his mission and vision for the examination body, chief of which was to reposition the board technologically to eliminate all forms of examination malpractices and timely release of results to candidates – three days of sitting for the examination.

Those pronouncements were followed with wide ranging reforms, including unraveling of mind blowing malfeasance of corruption involving several workers of the board. For instance, a staff of the board in Benue State was involved in massive fraud of stealing millions of naira from the sale of examination scratch cards which she claimed was swallowed by “a snake” from the office save.

In Nasarawa State, the staff of the board who was also caught in fraudulent financial malfeasance claimed his car was burnt along Abuja-Lafia road with all the examination scratch cards that were meant for sale to prospective candidates in the state.

 In Kogi State, the staff of the board with itchy fingers claimed he had borrowed money to the state civil servants who were being owed several months of salaries. The ugly stories of massive stealing of the board’s funds reverberated in many states including the headquarters where the former helmsman, Prof. Dibu Ojorinde is currently standing trial for allegedly stealing hundreds of millions of naira.

With those monumental financial malfeasances, candidates were hitherto ripped off of their hard earned money as the examination body was shrouded in fraudulent and chaotic scheming. Consequently, floods of complaints poured in from several quarters on pre-registration and post examination irregularities.

But Oloyede’s surgical knife had cleaned the process and restored sanity after one year in office. By the second year, the examination body had saved over N8 billion and remitted same to the Federal Government, a remarkable departure from about N300 million the examination body was hitherto remitting per year to the government.

Thus, in 2018, the Muhammadu Buhari administration had to review downward the cost of registration of the UTME to N4,500 per candidate from the over N7,000 hitherto charged.

Elated by these remarkable achievements, President Bola Tinubu applauded Prof. Oloyede’s innovative ideas and financial prudence at a recent public engagement organised by the Economic and Financial Crimes Commission (EFCC). .

“One person I always respect is Prof Is’haq Oloyede. Over the years, JAMB never made up to $1m for the Federal Government.

“However, when Prof Oloyede assumed office, JAMB made over N50bn for the Federal Government in one year.”

Another landmark achievement is the initiative in providing Persons with Disabilities (PWDs) the opportunity to register for the 2024/2025 UTME at no cost. This will ensure equal educational opportunities for all, irrespective of physical abilities,

Additionally, the board has acquired some basic tools required by PWDs, like braille machines, personal computers with enlarged features, et al, for persons with special needs.

At a time of verbal rhetoric about fighting corruption by most public servants who are short on practical implementation, at a time revenue generating departments and agencies carry out opaque operations with no tangible results, JAMB, under the captainship of Oloyede, unarguably stands as a referral government agency for transparency.

DAILY ASSET, while commending the management and staff of JAMB, for their commitment to hard work, is pleased to extend warm accolades to a nonconformist and unconventional public servant with passion for accountability and service to humanity.

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EDITORIAL

End Kidnapping and Banditry Now!

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The alarm bells are ringing with irritating intensity.  There is no place for safety as non state actors are wreaking havoc here and there through violent kidnappings, banditry, terrorism and other forms of criminality across the country. 

The worsening spread of kidnappings and banditry is raging like a wild  fire, which the media had termed, “an epidemic.

” Many precious human lives and property are being lost on a daily basis.
So far, President Bola Tinubu has yet to get a cure.

Although Tinubu inherited the insecurity from the Buhari administration, no new idea has been put on the table to reverse the ugly situation. 

All we hear week in week out from the seat of power and the National Assembly is a pedestrian and lame talk of “we are on top of the situation” and routine invitation of the security chiefs to “come and brief us” of what they are doing to bring the situation to an end.

What is worrisome to some security analysts is the escalation of violent activities by non state actors after every circle of the general elections and the failure of the succeeding government to deal decisively with the situation. 

Judging from the performance of Tinubu as governor in Lagos State, when he tamed the “area boys,” Nigerians had expected that he would replicate same as President to  tackle non state actors who are daily unleashing violence and harm on helpless citizens by way of senseless killings, kidnappings, banditry, terrorism, et al, to usher in a peaceful Nigeria. .

Moreover, Tinubu assumed office at a time the security agencies had acquired (and have continued to take delivery of) military hard wares to combat worsening insecurity without significant success is rather unfortunate. I

It smacks of a joke when the security agencies flaunt those hard wares meant to fight insecurity in towns to harass innocent citizens in what they describe as the “show of force” when in reality non state actors continue to run riot to inflict pernicious injuries on unfortunate citizens in different parts of the country.

DAILY ASSET is of the view that a more coordinated and holistic approach be adopted to end the epidemic by strengthening these processes: 

First, deployment of robust technology and increased funding. The president should order the National Communications Commission (NCC), and all telecommunications companies to partner security agencies in providing accurate information where calls originate. 

This will enable security operatives to clearly identify the point of originating call for swift response. And where any network provider fails to provide a timely and accurate information to security agencies to track such calls, appropriate sanctions should be immediately applied against it even if it means the revocation of the operating license.

Additionally, drones should be acquired for early warning and monitoring of illegal movement of vehicles and persons, particularly in the forests.

Second, there should be strong and mutual inter agency cooperation on information sharing. The President should direct the Central Bank of Nigeria, all money deposit banks, Bureau de Change operators and National Financial Intelligence Unit (NFIU) to reintroduce the cash light policy.

These agencies should synergize to ensure no huge amount in cash is withdrawn over the counter from any money deposit bank. Similarly, the movement of large funds should be tracked and a red flag raised where such funds are suspected of being moved for the funding of illegal activities.

Third. The autonomy of the Local Government Administration should be restored. The chairmen of local councils – as a tier of government closer to the people – must be empowered to deal with security issues. In particular, Divisional Police Stations in rural areas should be beefed up with adequate personnel and equipment, especially patrol vehicles for rapid responses during emergencies. 

We believe that if the above measures are holistically implemented and followed with a clinical reform of the administration of criminal justice for the speedy trial of suspected kidnappers, bandits and terrorists, those violent criminal actions from non state actors will soon be a thing of the past.

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EDITORIAL

Time to Make Public Office Less Attractive

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Now that the Supreme Court has duly affirmed the election of President Bola Ahmed Tinubu, Nigerians are eager to see the country move forward from its present state of uncertainty.

Democracy is about a social contract between the electorate and politicians, especially those entrusted to hold public offices.

And the failure of the latter to provide security and welfare for the people undermines the essence of the competitive spirit of democracy.

It is becoming a fact in Nigeria, nay Africa that governance is rapidly taking a much wider meaning and no longer restricted to the rule of law where administrative codes are strictly adhered to. Instead, Nigerian politicians place little or no premium on what constitutes governance, let alone good governance.

Since political power is ultimately exercised by politicians, elected into public offices, it is expected they will comply with the laid down principles and governing templates, through which they will gauge the feelings, aspirations and desires of the electorate. Those feelings and desires will ultimately make them formulate policies and programmes viz: participation of citizens, upholding the rule of law, transparency and accountability, responsiveness of the authority, consensus oriented policy, equity and inclusiveness, and strategic vision of the authority, as the case may be.

But it remains to be seen whether the present government has demonstrated enough political will to follow these principles, given its eagerness to borrow and fund consumption and ostentatious lifestyle.

Politicians take advantage of the vulnerability and gullibility of Nigerians, in terms of poverty and ethno-religious sentiments, to buy and bully their way into office without anything to offer outside the propaganda that brought them in. They spend the next four to eight years politicking rather than concentrating on good governance. This is anathema to democratic norms and ethos.

With our debt currently standing at about N80 trillion; about 133 million Nigerians gripped by multidimensional poverty; unemployment rate almost 37% among other negative indices, it is time for the government -at all levels – to hit the ground running by reviewing the social contract between it (government) and the citizenry, majority of whom are trying to eke out a living.

This brings to the fore the need to make Public office less attractive for the corrupt and power mongers among us. The zerosome way we play the game of politics is as a result of the overnight accumulation of wealth and aggregation of power that comes with winning elections. This is why, the goal for most of those contesting for elective office is not service to the people but access to the national cake and personal ego. It is high time Nigeria made governance and government less attractive by strengthening our laws and statutes.

DAILY ASSET is of the view that restructuring our judicial system, empowering the Code of Conduct Bureau and reviewing our legal status in a way and manner that people who once occupy public office and are known to be living far above their cumulative income while in office must be made to account for such wealth. In this case, the onus of proof shall rest on the accused and not the accuser. If this is not done, fraudulent public servants and politicians who occupy public office will continue to exploit the system to their advantage.

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