Business

MORE DRAMA AS FASHOLA REPLIES ‘ AMBODE, TINUBU’, “When you wrestle with a pig, the pig gets happy and you get dirty”

Published

9 years ago

August 14, 2015

The alleged battle between Babatunde Fashola and Ashiwaju Ahmed Tinubu through Gov.Ambode has taken a new twist as the SAN has tactically responded to the numerous allegations fired at him from Alausa.

In a statement released and signed by BRF himself he said those spoinsoring the attacks against him are like pigs who will only dent his own record if he should respond to them.

“When you wrestle with a pig, the pig gets happy and you get dirty

This statement of profound wisdom informed my silence in the wake of manipulated and unsubstantiated allegations of wrongdoing recently being levelled against me. They started a few weeks to the end of my tenure, and have continued till date. They range from allegations of extra marital paternity of children, to mundane and phantom conspiracy in the National Assembly, a debt profile for Lagos State and lately a website upgrade contract of N78 million, which is being distorted.

In so far as the allegations of paternity are concerned, they are wicked and false. I have no biological children other than my two children. Of course, I adopted three children who became orphaned as a result of the tragic DANA Airplane crash of 2012 and the adoption followed due process.

Those who do not care whether they hurt innocent children or invade the privacy of other citizens in their mindless rage against me will have their rewards served upon them in the fullness of time. As far as my alleged involvement in the National Assembly elections are concerned, they remain only the products of the imagination of those who made the allegations.

I was out of the country at the material time and returned only in the early hours of that morning to Abuja, and from there proceeded to Lagos. As far as debts of Lagos State are concerned, the fact is that Lagos had always had debts. Her population is growing and for a long time she has run deficit budgets to cater to the needs of that growing population.

All the debts contracted in my time were approved by the Parliament in the annual budgets, some have been paid back and the financial status was healthy and stable when I left. The outlook for the state and her rating by Fitch was long-term foreign and local currency IDRs at ‘BB-‘, short-term IDR at ‘B’ and national long-term rating at ‘AA+(nga)’.

When we all pause to reflect and think ,we will realise that there are a sizable number of companies who are running business, who have no responsibility for Security, Public Health, Public Education and other responsibilities of Government, who borrow more than Lagos State Government, whether collectively or individually. As far as the website contract is concerned, yes there was a contract. It went through procurement and was approved by the Government agency authorised to do so.

One of the services was an “upgrade” quoted for N12.5 million but awarded for N12 million. There were other services that were new; like a handover countdown clock, mobile Apps for Google, for IOS and ipad, for Microsoft, and for Research in Motion (Blackberry), which the existing website did not have, as well as the annual maintenance cost for managing the website.

It was for all these services that the contract was issued for N78 million, which the Lagos State procurement agency gave a No Objection based on the advice of the Ministry of Science and Technology, who are the Government adviser on ICT matters. In publishing this Contract award which was the Government tradition under my watch, the procurement agency’s website summarised it as “upgrade” only without detailing the other services and this has been distorted by the agents of hate as their suspected “smoking gun”.

For those who are familiar with mobile Applications, they will know that users either pay for them online or download them for free. What is usual is that applications for service are usually provided to users free, but somebody bears the cost. Since these applications were to be made available to the public for free access and to assist Government communication, we decided to pay for them. The entire documents are with the Lagos State Government and are available for those who seek the truth.

For the record, since 2008, long before the Freedom of Information Act was ever passed, we had put out all our contracts on the State website because I believe people deserve to know. It is regrettable that a “summary” of the contract has been deliberately distorted to misinform the public. This particular website came into being as a result of the decision I made to make my telephone number public for the several thousands of people seeking to reach me daily.

The website that is now under attack helped me to do my job and to respond to citizens, and the contract was issued to run till my last day of office. It stands logic upside down for to “fraudulently” award a contract and then have it published on a website. To date, there have been 27.666 million hits on this website, with 1,844 videos, 34,381 photographs, 2,531 Press Releases and 595 Speeches, among other items of public communication.

I have chosen to make this personal response because as the head of government at the time of the transaction, the buck as they say stops on my desk and also because of the many calls, text messages and mails coming from many people seeking clarification and to prevent fiction from being mistaken for truth. I expect that there may be more distorted allegations without evidence, for reasons that remain in the realm of speculation, because, I have been informed reliably that large amounts of money are being paid to some of these agents to bear false witness.

I cannot conclude without responding to the crusade of CACOL and their ilk, seeking my prosecution on allegations that have no proof and writing “pre-emptive” letters to the Presidency. In case they are unaware, I am not looking for a job. I expect them to know that allegations of wrong doing are not resolved without evidence, neither are they resolved in press conferences.

I have served my state, and by extension, my country for Twelve and half years and I did so with my heart. I am taking the rest that I believe I have earned. For those who still wish to remain in the mud, they should look in the mirror. For those who wish to throw mud at me, they should look at their own hands. As for me, I have moved on. My job is done.

Business

ATMs empty as banks ration withdrawals

Published

1 day ago

November 14, 2024

Sahara Weekly

ATMs empty as banks ration withdrawals

The Automated Teller Machines of Deposit Money Banks have consistently remained empty in recent months as banks grapple with a sustained low cash supply.

It was also gathered on Wednesday that some DMBs, particularly in the Federal Capital Territory, have begun another round of cash rationing, restricting maximum over-the-counter withdrawals to a daily limit between N5,000 and N20,000.

While banks struggle to get cash, Point-of-Sales operators have been fulfilling the cash needs of customers.

Speaking at the Facts Behind the Rights Issue Presentation of FBN Holdings at the Nigerian Exchange Limited recently, the Executive Director/Chief Financial Officer of First Bank, Patrick Iyamabo, said that the matter was an industry-wide one and not peculiar to a specific bank.

He said, “It is an industry problem. Most customers after exhausting the options available in other banks, tend to settle at FirstBank to address their cash needs. The challenge differs by location but we know it is a challenge that the regulator is looking into to address. But as we speak of physical cash, we must appreciate that the direction of the industry is to go digital.

“A lot of our customers do most of their transactions digitally, and you heard the GMD speak to this, very often people don’t want to transact in cash. In terms of this new order, your bank, FirstBank is very well positioned so if you look at the statistics and I’m speaking to independent statistics, just pick up your NIBSS report, the bank with the most stable platform meaning availability to always transact digitally is FirstBank. So, all our customers have the benefits of having their cash in First Bank and having access to this cash anytime anywhere and as necessary. It’s a huge advantage.”

Speaking anonymously with The PUNCH, a banker at a tier-1 bank put the blame on the Central Bank of Nigeria.

As a result, many people have turned to Point-of-Sale operators, who have become the primary channel for cash withdrawals, albeit often at higher transaction fees.

Major commercial banks visited by one of our correspondents on Wednesday claimed not to have sufficient cash allocation hence the ration withdrawals to serve more customers.

The banks visited include Guaranty Trust Bank, Zenith Bank along Airport Road, and EcoBank at Jabi in Abuja.

A bank customer at EcoBank, who spoke without mentioning her name, said she was only allowed to withdraw N5,000 from N20,000 previously allowed.

“I was just informed that I can only withdraw N5,000 from my account. Can you imagine? The amount will can’t even take me home.”

Our correspondent received the same answer when he attempted to obtain cash.

At GTBank and Zenith Bank along the airport road, customers were permitted a maximum withdrawal of N20,000 from N100,000 previously disbursed as a daily limit.

A customer, Mr Faith, who visited the bank expressed shock about the new limit. He said the banks didn’t give any cogent reason for reducing the withdrawal limit.

“I just visited these banks, and I was informed that I can only withdraw N20,000 from N100,000, which was the previous limit. They didn’t even give any reason for reducing, now I have to start looking for cash elsewhere. This country is just so annoying,” He vented.

Cash scarcity became a recurring and widespread issue across Nigeria after the Central Bank of Nigeria introduced a controversial policy in January 2023, which significantly reduced the daily and weekly cash withdrawal limits to N100,000 daily, N500,000 weekly for individuals, and N5m for business entities.

This decision, aimed at encouraging a cashless economy, led to long queues at ATMs, increased difficulty in accessing physical cash, and a general disruption of daily financial transactions for millions of Nigerians.

The policy’s impact was felt particularly by those in rural areas and lower-income groups, who rely heavily on cash for their day-to-day needs, exacerbating economic hardships across the country.

Last week, data from the CBN showed that currency in circulation climbed 56.1 per cent year-on-year to reach N4.31tn, up from N2.76tn in September 2023, reflecting an increase of N1.55tn.

This is just as currency outside banks surged by 66.2 per cent in September 2024, reaching N4.02tn compared to N2.42tn in September 2023, a notable rise of N1.60tn in just one year.

This indicates that the volume of currency retained outside the banking sector outpaced the total released for circulation within the past year.

Compared to August 2024, currency in circulation rose by 4.0 per cent month-on-month, adding N166.2bn from the previous figure of N4.14tn.

The CIC is the amount of cash–in the form of paper notes or coins–within a country that is physically used to conduct transactions between consumers and businesses. It represents the money that has been issued by the country’s monetary authority, minus cash that has been removed from the system.

Earlier in September, the CBN announced plans to sanction banks that fail to dispense cash through their automated teller machines, as part of efforts to improve cash availability in circulation.

The CBN also revealed plans to release an additional N1.4tn into circulation over the next three months to ease cash flow within the banking system.

This strategy aims to ensure that ATMs and bank branches have sufficient cash, addressing ongoing challenges faced by customers over cash shortages.

Efforts to get a reaction from the apex bank on the new situation proved abortive as the acting Director, Corporate Communications, Sidi Ali Hakama, did not respond to enquiries sent to her phone number.

Business

NNPCL Makes New Leadership Appointments

Published

1 day ago

November 14, 2024

Sahara Weekly

NNPCL Makes New Leadership Appointments

The Board of Directors of Nigerian National Petroleum Company Limited (NNPCL) has just made fresh leadership appointments.

A communication by Olufemi Soneye, Chief Corporate Communications Officer of the nation’s oil company, announcing the development reads…

The Board of Directors of NNPC Limited is pleased to announce a series of strategic leadership appointments. These changes
reflect our continued dedication to enhancing corporate governance, improving operational efficiency, and ensuring long-term success in Nigeria’s energy sector.

The following key appointments have been made:
1. Mr. Adedapo A. Segun has been appointed as the Chief Financial Officer (CFO). Mr. Segun previously served as the Executive Vice President, Downstream, where he made significant contributions to the company’s downstream operations.
2. Mr. Isiyaku Abdullahi has been named Executive Vice President (EVP), Downstream.
3. Mr. Udobong Ntia has been appointed Executive Vice President (EVP), Upstream.

These appointments align with NNPC Limited’s commitment to building a unified and competent leadership team to drive operational excellence and support the organization’s strategic objectives.

The Board and Management also extend their deepest appreciation to Mr. Umar Ajiya and Mrs. Oritsemeyiwa A. Eyesan for their outstanding dedication and service to NNPC Limited.

NNPC Limited remains committed to achieving operational excellence, enhancing global competitiveness, and ensuring financial sustainability, while prioritizing the interests of the Nigerian public in the petroleum industry.

Olufemi Soneye
Chief Corporate Communications Officer
NNPC Limited
November 13, 2024S

Business

Oil Cabals crippled Govt Refineries, now working against Dangote Refinery – Pastor Adeboye

Published

2 days ago

November 13, 2024

Sahara Weekly

How Prophet Kingsley Predicted The Rumble In Pastor Adeboye Led RCCG

Oil Cabals crippled Govt Refineries, now working against Dangote Refinery – Pastor Adeboye

The General Overseer of the Redeemed Christian Church of God (RCCG), Pastor Enoch Adeboye, has urged Nigerians to pray for divine intervention in the face of efforts by unscrupulous oil marketers to thwart the operations of the Dangote Petroleum Refinery, following the previous sabotage of Nigeria’s four state-owned refineries.

The respected clergyman made the call for nationwide prayers during the November 2024 Abuja Special Holy Ghost Service themed ‘Total Restoration’, which held in the capital city. While Adeboye did not explicitly name the Dangote Petroleum Refinery, his remarks echoed the ongoing attempts by oil marketers to prevent the refinery from functioning as it was designed to.

The Dangote Refinery based in Ibeju-Lekki, Lagos is the only facility currently refining petrol in Nigeria, and Adeboye’s comments reflected the dispute between the refinery and oil marketers, who seek to continue importing fuel for personal gain.

Pastor Adeboye reminded the congregation that it was God who raised Aliko Dangote to establish a refinery after years of failed attempts to revive Nigeria’s four public refineries, which had consumed billions of Naira with little result. He questioned the persistence of fuel imports despite Nigeria’s status as a major crude oil producer.

“Are we under a curse?” he asked. “We have four refineries, we poured all kinds of money into them, none of them is working. But God raised someone to build a refinery that works. He is not my relative, he is not from my village. He is not even a Christian, but he is a Nigerian who says, ‘Why should my people suffer when I have the means to build a refinery that can work?’ Now he is refining petrol, and some people want to stop him from selling it, so they can keep importing.”

Adeboye also pointed out the damage caused by the fuel subsidy, describing it as a significant drain on Nigeria’s resources, contributing to the country’s mounting debts and corruption. He stressed that when President Bola Ahmed Tinubu announced the end of the subsidy in 2023, Nigerians largely welcomed the decision, but oil marketers, who benefitted from the subsidy regime, were furious.

These marketers, the renowned pastor claimed, have formed alliances with some International Oil Companies (IOCs) and other powerful interests to obstruct the Dangote Petroleum Refinery. This includes restricting access to crude oil, forcing Dangote to import crude from countries like the United States, among others.

He called for prayer for the total restoration of the country, noting that the Nigerian people are suffering the consequences, as the prices of essential goods have soared, pushing many items beyond the reach of ordinary citizens. “The masses are the ones suffering because these marketers, who are bent on keeping imports alive, already have more money than they can ever spend,” he said.

Despite the Dangote Petroleum Refinery’s capacity to meet Nigeria’s entire demand for petroleum products – and even to export surplus fuel – oil marketers continue to pressurise the government to allow ongoing petrol imports. This has placed additional strain on the Naira, which has continued to depreciate.

Recently, the Crude Oil Refineries Owners Association of Nigeria (CORAN) urged the government to protect local refineries from unfair competition posed by importers and international petroleum traders, in line with provisions in the Petroleum Industry Act (PIA).