Saturday, 31 January 2015

Nigerian army relocates over 200 female soldiers from Maiduguri in anticipation of Boko Haram attack

Nigerian army relocates over 200 female soldiers from Maiduguri in anticipation of Boko Haram attack

According to a report by Sahara Reporters, the Nigerian military authorities are moving female soldiers based in various army formations in Maiduguri and other parts of Borno State to Abuja as the army anticipates a massive attack on Maiduguri, the Borno State capital, by Boko Haram.
The sources said there was heightened apprehension about an impending attack, hence the decision to reassign female soldiers to Nigeria’s capital. The military action also stemmed from the death of five female soldiers and the abduction of another four by Boko Haram militants when they attacked a military base in Baga a few weeks ago.
Following recent intelligence indicating that Boko Haram militants were strategizing on a fierce offensive to capture Maiduguri before the February 14 elections, the army moved more than 70 female soldiers last week.
One of our sources revealed that 146 more female soldiers had been moved to Maiduguri airport, where they are awaiting airlift to Abuja. The source said that all the female soldiers were supposed to have left by 10 a.m. on Thursday, but added that the military did not have a large enough aircraft to take their entire luggage.
The security sources also told SaharaReporters that Maimalari Barracks, home to the 7th Division of the Nigerian Army, is the only military base left standing in Borno State. Maimalari was described as the only military formation capable of withstanding a major attack from Boko Haram militants. One source said that Nigerian military intelligence had received information that Islamist militants were regrouping in areas around Maiduguri in preparation for a major offensive against the city. 
The Islamist fighters’ attempt to take over the state capital last week was foiled, with Nigerian troops and civilian vigilante members collaborating to kill more than 100 terrorists. However, the militants successfully overran Monguno Barrack, killing and injuring many soldiers.

Nigerian army relocates over 200 female soldiers from Maiduguri in anticipation of Boko Haram attack

According to a report by Sahara Reporters, the Nigerian military authorities are moving female soldiers based in various army formations in Maiduguri and other parts of Borno State to Abuja as the army anticipates a massive attack on Maiduguri, the Borno State capital, by Boko Haram.
The sources said there was heightened apprehension about an impending attack, hence the decision to reassign female soldiers to Nigeria’s capital. The military action also stemmed from the death of five female soldiers and the abduction of another four by Boko Haram militants when they attacked a military base in Baga a few weeks ago.
Following recent intelligence indicating that Boko Haram militants were strategizing on a fierce offensive to capture Maiduguri before the February 14 elections, the army moved more than 70 female soldiers last week.
One of our sources revealed that 146 more female soldiers had been moved to Maiduguri airport, where they are awaiting airlift to Abuja. The source said that all the female soldiers were supposed to have left by 10 a.m. on Thursday, but added that the military did not have a large enough aircraft to take their entire luggage.
The security sources also told SaharaReporters that Maimalari Barracks, home to the 7th Division of the Nigerian Army, is the only military base left standing in Borno State. Maimalari was described as the only military formation capable of withstanding a major attack from Boko Haram militants. One source said that Nigerian military intelligence had received information that Islamist militants were regrouping in areas around Maiduguri in preparation for a major offensive against the city. 
The Islamist fighters’ attempt to take over the state capital last week was foiled, with Nigerian troops and civilian vigilante members collaborating to kill more than 100 terrorists. However, the militants successfully overran Monguno Barrack, killing and injuring many soldiers.

Nigerian army relocates over 200 female soldiers from Maiduguri in anticipation of Boko Haram attack

According to a report by Sahara Reporters, the Nigerian military authorities are moving female soldiers based in various army formations in Maiduguri and other parts of Borno State to Abuja as the army anticipates a massive attack on Maiduguri, the Borno State capital, by Boko Haram.
The sources said there was heightened apprehension about an impending attack, hence the decision to reassign female soldiers to Nigeria’s capital. The military action also stemmed from the death of five female soldiers and the abduction of another four by Boko Haram militants when they attacked a military base in Baga a few weeks ago.
Following recent intelligence indicating that Boko Haram militants were strategizing on a fierce offensive to capture Maiduguri before the February 14 elections, the army moved more than 70 female soldiers last week.
One of our sources revealed that 146 more female soldiers had been moved to Maiduguri airport, where they are awaiting airlift to Abuja. The source said that all the female soldiers were supposed to have left by 10 a.m. on Thursday, but added that the military did not have a large enough aircraft to take their entire luggage.
The security sources also told SaharaReporters that Maimalari Barracks, home to the 7th Division of the Nigerian Army, is the only military base left standing in Borno State. Maimalari was described as the only military formation capable of withstanding a major attack from Boko Haram militants. One source said that Nigerian military intelligence had received information that Islamist militants were regrouping in areas around Maiduguri in preparation for a major offensive against the city. 
The Islamist fighters’ attempt to take over the state capital last week was foiled, with Nigerian troops and civilian vigilante members collaborating to kill more than 100 terrorists. However, the militants successfully overran Monguno Barrack, killing and injuring many soldiers.

See what Osun governor did on his way to APC campaign today

Lol. See what Osun governor did on his way to APC campaign today

That’s Osun state gov Rauf Aregbesola, on his way to the APC campaign this afternoon, throwing cash and recharge cards to his supporters. He actually sat on top of a moving bus...www.notimgist.blogspot.com 5:59 PM

Friday, 30 January 2015

If Jonathan loses, Nigeria will break - Tompolo insists

If Jonathan loses, Nigeria will break - Tompolo insists

Former leader of the Movement for the Emancipation of the Niger Delta (MEND) Government Ekpemupolo (aka Tompolo) has restated the resolve of the Niger Delta warlords to make Nigeria ungovernable if President Jonathan fails to return as president in next month's general election.

In a statement released by his Media Adviser, Mr Paul Bebenimibo, in Warri yesterday January 29th, Tompolo attacked Gen Theophilus Danjuma for calling for his arrest alongside Asari Dokubo and other Niger delta warlords. He said the treaty that merged the Northern and Southern protectorate of Nigeria expired last year and everyone should be grateful to President Jonathan for keeping Nigeria together. Part of his statement after the cut...but meanwhile, the presidency has condemned this war threat from Tompolo and others..



"Gen. Danjuma and his cohorts should know that I remain resolute on my position in Yenagoa, Bayelsa State, that President Goodluck Jonathan must win this election for Nigeria to continue to stay together. Gen. Danjuma should be reminded that the devilish treaty that brought the Southern and Northern Protectorates together in 1914 expired last year. Danjuma and his likes, such as Gen. Buhari, Gen. Obasanjo and Mr. Bola Tinubu, should be grateful to President Jonathan who has been keeping this country together. If not for President Jonathan, Nigeria would not have been any more.  Danjuma and his cohorts should be reminded of the saying that ‘those who live in glass house should not throw stones’. The call by Gen. T.Y Danjuma (rtd) to arrest me and other agitators for a better living for the people of the Niger Delta region is an indication that he is behind terrorism in the North eastern part of the country as well as the stoning of President Jonathan’s convoy in Kastina and Bauchi states, because he has never condemned those acts, even though Boko Haram attacked churches and mosques in his home town. Is Gen. Danjuma not aware of the peaceful atmosphere when Gen. Buhari visited Delta, Rivers and Bayelsa (home state of the President) states for campaign?  Why is it that President Jonathan’s convoy was attacked in Kastina and Bauchi states without any provocation? Who is Gen. Danjuma if not for the oil wealth he is enjoying from the Niger Delta? He should be rather arrested for being behind terrorism in the North. Where was Danjuma when Mallam Ciroma Adamu threatened to make Nigeria ungovernable, if President Jonathan defeated the All Progressive Congress Presidential candidate, Gen. Muhammedu Buhari?  Where was this so called statesman when the APC campaign Director General (DG), Mr. Rotimi Ameachi threatened to form a parallel government if President Jonathan wins the 2015 elections?  Where was this hypocrite when Dr. Junaid Muhammed, Muhammedu Buhari and Atiku Abubakar all said in separate interviews that the nation will boil if Jonathan won the election in 2011? Is it the interest of Nigeria Gen. Danjuma is protecting or his oil bloc in the Niger Delta?  Is it the interest of Nigeria Danjuma is protecting or his 50 million dollars donation to Gen. Buhari for his campaign? Let Gen. Danjuma and his cohorts know that they will not see any Ijaw man, the Igbos and others to fight on their side if the war that they are planning broke up,”.

In a related development, the Ijaw Youths Council (IYC), also released a statement signed by its spokesman, Eric Omare yesterday January 29th where they faulted the call by Gen Danjuma to arrest the Niger Delta ex-militants.

"We are surprised that General Danjuma swiftly called for the arrest of Tompolo, Asari and other Niger-Deltans, whereas he has neither condemned nor called for the arrest of those who have been consistently attacking the convoy of President Jonathan in the northern part of the country. General Danjuma’s call is not deserving of an elder statesman who is supposed to be unbiased rather than his obvious bias against the Niger-Delta people. Only yesterday, in Gombe State a supporter of President Jonathan who was pasting his posters was attacked and seriously brutalised. Why has General Danjuma not condemned this dastardly act if he is really an elder statement? There was no time at the meeting the Governor of Bayelsa State, Hon. Seriake Dickson, with youth leaders and ex-Niger Delta freedom fighters where it was resolved that Niger Delta people would destabilise Nigeria, if President Jonathan fails the February 14, 2015 presidential election. This did not form part of the resolutions of the meeting, which were read out by Hon. Kingsley Kuku for Governor Dickson to transmit to Mr. President. The meeting was called by the Governor of Bayelsa State, to solicit support for President Jonathan from Niger-Delta youths and ex-freedom fighters. However, the meeting frowned at and  its dissatisfaction with the persistent attack on the campaign convoy of President Jonathan in some northern states when General Buhari, his main opponent, was protected and campaigned freely in the south during his campaign tour. Hence, the meeting condemned in the strongest terms the attack on President Jonathan and resolved that nobody can intimidate President Jonathan out of the presidential race. At the meeting, all the youth leaders and ex-Niger Delta freedom fighters resolved to put their grievances aside and agree to work for the re-election of President Jonathan. Therefore, the report on ex-militants threatening to destabilise Nigeria in the event of President Jonathan losing the 2015 election is not part of the resolution of the meeting. The meeting could not have discussed that as we are confident that President Jonathan would win the February 14, 2015 presidential election. We, therefore, call on Nigerians and the security agencies to disregard the call for arrest of Tompolo, Asari and others, which is based on a misleading report. The accusation levelled against President Jonathan by the APC is also unfounded,” the statement said.

You will love D’banj more after seeing this as he reveals the rest of ”The Truth”

You will love D’banj more after seeing this as he reveals the rest of ”The Truth”


If you think you have heard it all, then be prepared for more explosive revelations!

Earlier this week, Music star, D’banj opened up on why he quit the Mo’Hits Records and how fellow artiste, DR Sid further fueled the split – well he has said more.

Here are highlights of the 2nd part of the interview he had with Olisa Adibua:

1. D’Banj said that Don Jazzy told him that whenever he hears his (D’Banj’s) voice on the radio he always changes the station, That statement, D’banj said, was very hurtful. It hurt him so bad that he left his house and sought refuge in a hotel and then moved on to South Africa.

2. He never expected Oliver Twist to be such a huge hit and was in South Africa when it blew up in London and he had to rush over there. He believes the song’s sudden success was God’s way of taking him away from all the drama back home in Nigeria.

3. The deal with Kanye West was not completed at this stage however Kanye was so impressed with the song that he agreed to make an appearance in the video. As Kanye is an ‘action man’ as D’Banj calls him, they shot the video straight away while still in London.

4. D’Banj knows that everyone wants him and Don Jazzy to work together again and thinks there is a possible of that happening, if the price is right. He bumped into Don Jazzy in America and they discussed the possibility of a reunion, a business reunion. Don Jazzy told him that it would have to be for the right money for that to ever happen.

5. ‘A friend in need is a burglar in the future’ was D’banj response to Olisa’s question on if the duo would get back to being friends – read into that what you may!

6. In response to questions about his public support of President Goodluck Jonathan in 2011, D’Banj vehemently refuted suggestions that he had been paid for the interview. He stated that he had himself requested the interview and that he felt that it was the right thing for him to do as a man and citizen of Nigeria. He admitted that he got paid, but for his work as a musician.  He felt that the backlash he got at that time was unfortunate as he was put through ‘heat, fire and hell’. He wouldn’t be tied down to answering whether he would do the same again this time round as he is ‘unavailable’ right now and travels a lot.

7. The conversation between D’Banj and Olisa became very heated when Olisa started questioning D’Banj on the state of his career since Oliver Twist and it seemed that a ‘raw nerve’ had been touched.

8. He strongly denied allegations that he did not write Top of the World and said it was a big hit which he really loves and questioned Olisa on who determines what makes a big hit anyway and if his show is The Lie not The Truth.

9. D’Banj insisted that he had had great success since leaving Mo’Hits. He won awards, traveled the world, had the highest downloaded song in 2013 and reached the point where he wanted to expand and do something new. He made clear that that just because he hasn’t been spending all his time in Nigeria doesn’t mean that he has not been successful.

10. Denied that his new song ‘Feeling the Nigga’ was written for Akon and that he made a cameo appearance in it. Said that Akon is in the remix and that they are both his songs. D’Banj became very irate at Olisa’s insinuations and threatened to walk out of the interview if he didn’t admit that the song was his.

11. Olisa asked what happened with D’Banj’s Koko mobile phone and why it hasn’t been seen in the market but he refused to go into this topic in any depth. He said that the phone sold out and hinted at a deal with Apple which he cannot talk much about due to contractual limitations.
He also has a deal with Beat’s by Dre and the headphones will be released soon (hopefully by Easter) in Africa.

12. Olisa asked D’Banj about the various rumours, allegations and court actions against him claiming that he has unpaid debts amongst other things. D’Banj said that he has been advised by lawyers to not speak about this in detail but made it very clear that he doesn’t owe anybody any money. 
Financially, the past two years have been some of his best years, despite Olisa trying to allege that he has not been successful during this time.

13. He dismissed the people that have left him and no longer want to work with him and said that the people that left were not meant to be there in the first place. 
He revealed that he had recently had a friend/business associate arrested because he found out that one of his investments was mismanaged to the cost of around $2m. The person had gone behind his back and committed fraud but said the police is now dealing with the matter. He advised young people who are going into business to be very careful with documents and make sure that all papers are always properly signed.

14. He refused to answer any questions about women or his personal relationships as it has gotten him in too much trouble in the past and also refused to give a clear-cut answer as to whether he had a relationship with Genevieve.

Super Eagles footballer, Sunday Emmanuel, shows off his family

Super Eagles footballer, Sunday Emmanuel, shows off his family

Nigerian Footballer Sunday Chukuamaka Emmanuel, 22, who plays for SV Grödig in Austria as a striker showed off his family on his instagram page. Another pic of his wife and daughter after the cut...



Pics: Gen. Buhari at Governor Fashola's Lagos residence today

Pics: Gen. Buhari at Governor Fashola's Lagos residence today

Buhari is currently in Lagos at governor Fashola's residence. They are campaigning in Lagos today I think. See more photos after the cut...


Fashola and Fayemi's wives amongst others getting ready to head out..

Dear men, please come and explain this. How do you guys reason?

Dear men, please come and explain this. How do you guys reason?

So according to reports, Johnny Depp, 51, is getting ready to marry his girlfriend, Amber Heard, 28, next weekend on his private Bahamian Island. According to Page Six, the wedding will hold over the weekend of February 7-8 and about 50 guests have been invited to the wedding.

Johnny began officially dating Amber Heard in 2012, a few weeks after he announced his separation from French actress and singer Vanessa Paradis, the mother of his two children.

Johnny was with Vanessa for 14 years and they had two children together but he never gave her a ring. During an interview in 2009, Vanessa said she'd never been married, that it was something she was looking forward to one day...hopefully with the father of her children. Johnny later did an interview saying he'd been married once and now understands you don't need a paper to define your relationship with someone you love, so it wasn't something he was eager to do again.

So two years after dating Amber, he's now ready to try marriage for a second time, but not with a woman who was with him for 14 years. Men biko, oya explain how you people reason...:-)

Buhari finds Amaechi trying to wear his APC sunglasses hilarious

Buhari finds Amaechi trying to wear his APC sunglasses hilarious

Cute! Amaechi in his sunglasses after the cut...


Prof. Pat Utomi writes on the controversial Charles Soludo article

Prof. Pat Utomi writes on the controversial Charles Soludo article

Professor of political economy and former presidential candidate Pat Utomi shared this on his Facebook this morning. Read and tell us what you think... 
The firestorm generated by Chukwuma Soludo’s well reasoned commentary on the place of issues in the 2015 electioneering campaign has somehow become the core of the campaign. What a way to come from outside and define agenda.
Of course I do not agree with all the points marshaled by the erstwhile CBN Governor and Patito’s Gang member, but not to commend his citizen duty of engagement or indicate as reprehensible the resort to ad hominen bashing of the former Economic Adviser instead of providing Facts to counter the views he had raised. 
That is issues based campaign. I will myself raise logic to support and dispute some of the points in the Soludo intervention.

I do agree with Soludo that issues matter. I also think that those who turn to divisive emotion-laden typecasting of others rather than issues pertaining to the well being of the Nigerian people do a grave disservice not only to democracy but to the long term common Good of all.

The Soludo thrust of criticism sounds like an attack on the statist perspective that intervention can generate jobs and economic growth. Even as one who likes to see government out of the way, I find the approach worrying because beyond the Keynesian logic that brought the ultimate capitalist state, the US, out of the Great Depression with initiatives like the Tennessee Valley Authority in Infrastructure, there is more recent example of post 2008 global financial crisis and the stimulus packages of the Obama Administration, and now Europe turning to Quantitative Easing, not to knock the wall street / Main street tag team approach to ensuring prosperity. Soludo’s solutions sometimes sounded like Deepak Lal on the poverty of Development Economics. I think that if we see current oil price slum as an opportunity rather than a threat then we have to see a role for government in the way Lee Kuan Yew used state intervention when Singapore was prostrate in 1965, as Nigeria is today.

This leads to another point I am not in agreement with Soludo on. He talks about cost of programmes and the fact that low oil prices mean you cannot finance a big idea. In 1965 Singapore’s main revenues came from rent for the British Naval Base and the British had decided to shut all bases east of Eden. The decision of leaders of the United Malay, National Organisational (UMNO) to eject Singapore from the Federation that was thought to be the only hope left. Singapore, out of pocket, and all dressed up with nowhere to go. Then they rolled up their sleeves, got creative, transmitted the right values and found leadership that inspired and had integrity. Today the small country probably has the largest concentration of billionaires per capital on earth.

Here in Nigeria, shortly after self government, in the 1950’s, Nnamdi Azikiwe as Premier of Eastern Region was anxious to match the free education policy of Chief Obafemi Awolowo. Palm Produce did not fetch as much as Cocoa in the Market. The civil servants led by the new Permanent Secretary in Finance, Chief Jerome Udoji thought it could not be done because of limitations of money. Zik insisted and accused Udoji, in Parliament, of trying to sabotage his government. After 40 percent of the Eastern Nigeria budget of 1957 had gone to education and was still inadequate, the Ugoji team suggested the introduction of fees for Primary 1 and Primary 5. But leadership kicked in. A philosophy called “Ibu anyi danda” raised a formula that created a partnership between government, the communities and missionaries that enabled the East leapfrog the gap in education between the East and West.
In both cases the difference was leadership. At the centre in Abuja for some reason that may be from exposure, or whatever, does not inspire as Lee Kuan Yew, Nnamdi Azikiwe and Michael Okpara did. Money is not everything in making dreams come through.

Among the many lessons we will learn, if we begin to operationalize the cash transfers initiative of APC, a concept that helped Inatio Da Silva pull Brazil out of ‘potential’ into a global economic powerhouse, is that we may not need as much cash as Soludo projects and that corruption and goal displacement is so high in a bloated public service that the savings will more than be adequate. Besides from Kayode Fayemi and Rauf Aregbesola we learn that with such programmes in Ekiti and Osun that the numbers projected are often exaggerated. Given our abuse of census we are likely to find much fewer people in those brackets. Check with the Bill Gates Foundation on satellite imagery studies of target population groups.
Having stated my major point of disagreement, it is useful to reflect on some other points raised by Soludo.
His broadside on austerity measures pronouncement and the road to austerity is a true, fair and proper read. No question that we walked with our eyes open into a repeat of 1982. In many of my speeches and my 2006 book WHY NATIONS Are Poor, I recall how the Iranian revolution pushed oil prices into the stratosphere of USD 40 a barrel. We went reckless with champagne and even importing sand and big men bought Rolls Royces. We managed to borrow ourselves into a dept trap. On this round we moved up private jets and buying up Dubai.
When this current boom started with India Rising and China producing I recall on several occasions calling for fiscal responsibility compact in which flows into the distributable pool, the FAC account, not go above $40 a barrel, with additional revenues up to $70 a barrel price going to a stabilization fund. This fund would be available were prices to drop below $40 to be used to ensure a constant budget funding up $40 in lean times. Beyond $70 it should flow into a future fund. I have been singing this song for several years but the technocrats say the politicians insist on sharing the whole money and say of talk about saving for a rainy day that it is pointless planning for the rain when it was already pouring torrents. My retort was what is so wrong in resigning to make a point and force public conversation to educate the people because these politicians may be greedy but they surely do not hate their children. They have only acted in ignorance. I point them to young Mahathir Mohammed in Malaysia who disagreed with the position of the then Prime Minister and spoke up. He was dropped from the government where he was a junior minister, and expelled from The United Malay National Organization (UMNO) the dominant party at that time. Out of government he wrote a book: The Malay Dilemma. That triggered soul searching that finished with the resignation of the Prime Minister. He was brought back into the Party. Not long after Dr Mahathir Ibn Mohammed became Prime Minister and the history of Malaysia changed for good.
What does it take to lead such change- Genius? No. I draw from the Ronald Reagan experience in the US. President Reagan was not a genius. Some think he probably already had Alzheimer disease when he entered the White house. But his values were clear as was his vision. He found the right people and an America, in retreat, was revitalized, opening the way for teen and twenty American young stars to create a new industry with the .com revolution. Ironically, I have said elsewhere that the Buhari movement somehow reminds me of the coming of Ronald Reagan.

Let me close with a caveat. My response is a citizen response. My prism on this is not partisan. But I am a card carrying member of the APC. The emergence of the APC is a culmination of my life’s quest as an institutionalist to see the dynamic of two balanced political parties. I was sure that without competition between parties that are equals progress would continue to elude Nigeria So I longed for and worked for the scenario we have today. But I see in the torrent of abuse on Chukwumah Soludo for speaking truth to power and worry this thing we have worked hard for, not in any pursuit of any self interest, but for the advance of the common good, could be threatened by those who fail to understand the very idea of the public squares and the triumph of the ideas rather than emotional outbursts that result in tension and violence.

I have read unprintable things on line and in so many e-groups, some more offensive than Charlie Hebdo cartoons from both sides. This is poison we must curb. It is a double blow when those who follow this track are well educated. So let us leave this business of certificates and uncompleted PHDs and hateful portrayals of opponents in caricature from the cross to throw backs of earlier life of candidates that seem like Hitler’s Goebbels at work let’s examine vision of society of challenges and the record of incumbents. Lets ask people, regarding incumbents, is your life better today than it was four years ago and to the challengers how can you make these same lives much better four years from now. To win elections from intimidation, a shower of insults and trying to diminish opponents rather than engage their minds can only produce pyrrhic victory. 

The worst such “victory” would be to win an election and lose a nation through bitterness that makes it difficult to get people to work together to advance the shared good of the people. For people like me the public sphere is about the pursuit of the elevated immortality. This comes when you do what is right and if providence beckons, as it did for Mahathir Mohammed, lee Kuan Yew and Ronald Reagan then you live a name that time cannot find an eraser to rub off. Those who negate the opportunity for progress to blossom and the triumph of the human spirit to bring progress deserved die a thousand times while they still inhale and exhale no matter the title they get for their place is in infamy.

PU

Seun Kuti wants a debate with Gen. Buhari

Seun Kuti wants a debate with Gen. Buhari

Wednesday, 28 January 2015

Check out the crowd that came out for GEJ's campaign rally in Akure

Check out the crowd that came out for GEJ's campaign rally in Akure

Massive crowd came out today in Akure, Ondo state for President Jonathan's campaign rally. More pics after the cut...






Soludo's self serving article on Economic management is deficit in facts, logic & honor - Okonjo-Iweala

Soludo's self serving article on Economic management is deficit in facts, logic & honor - Okonjo-Iweala

Coordinating Minister for the Economy and Minister of Finance Ngozi Okonjo-Iweala has responded to former CBN governor Charles Soludo's article titled Buhari Vs Jonathan: Beyond the election, where he criticized the presidential economic team (read here). NOI's response below...
1. For anyone who has not read Professor Charles Soludo’s article on January 25 2015, I would encourage them to do so. It is littered with abusive and unbecoming language. It shows how an embittered loser in the Nigerian political space can get so derailed that they commit intellectual harakiri by deliberately misquoting economic facts and maliciously turning statistics on their head to justify a hatchet job. We hope all the intellectuals in the international circles in which Professor Soludo has told us he flies around in will read what a Professor of Economics has chosen to do with his intellect.
2. In this one article Soludo has shamelessly pandered to so many past leaders that Nigerians are asking one more time – what position is Soludo gunning for now? He claims in his article that he has had his own share of public service, yet he has failed twice in his attempts to be Governor of Anambra State and Vice Presidential candidate of various parties. There is definitely an issue of character with Prof. Charles Soludo and his desperate search for power and relevance in Nigeria. Nigerians should therefore beware of so-called intellectuals without character and wisdom because this combination is fatal.

3. But let us turn to the main subject of Soludo’s discourse. So much of what is written is outright nonsense and self-seeking aggrandizement that need not be dignified with a response. It is totally remarkable that Professor Charles Chukwuma Soludo, the man who presided over the worst mismanagement of Nigeria’s banking sector as Governor of the Central Bank of Nigeria between May 2004 and May 2009, can write about the mismanagement of the economy.

4.  Nigerians must be reminded of his antecedents as CBN Governor, and even prior to that, as the Chief Economic Adviser to the President. The consolidation of the banking sector was a good policy idea of the Obasanjo Administration but Soludo went on to thoroughly mismanage its implementation leading to the worst financial crisis in Nigeria’s history. So what did Soludo do?

5.  After consolidation, the regulatory functions of the Soludo-led CBN were very poorly exercised. As Governor, he failed to adequately supervise and regulate the now larger banks – an anomaly in Financial Sector Supervision. In fact as every Nigerian knows, in his time there was very little separation between the regulators and the regulated which is a violation of a key requirement of Central Banking success. This led to infractions in corporate governance in many banks as loans and other credit instruments running to hundreds of billions of naira were extended to clients without following due process, and several of these loans could not be paid back. This massive accumulation of bad debts or non-performing loans as they are called in the banking sector meant that our banks were ill-positioned to deal with the global financial crisis when it hit.

6.  In fact, the banking sector was brought to its knees and required a massive bailout by Nigerian tax payers. This bailout was done by his successor (now Emir of Kano) who cleaned up all the bad debts and transferred them to the newly-established AMCON, from where they are managed today. So let it be noted for the record books that Soludo’s single-handed mismanagement of the banking sector led to an incredible accumulation of liabilities that will cost tax payers about N5.67 trillion (being the total face value of AMCON-issued bonds) to clean up. Let it be noted also that this amount, which is more than the entire Federal Government 2015 Budget, constitutes the bulk of Nigeria’s “contingent liabilities” mentioned in Soludo’s article. It is only in Nigeria where someone who perpetrated such a colossal economic atrocity would have the temerity to make assertions on public debt and the management of the economy.
7.     Let us now look at some of the points he makes. Luckily, Soludo has told us that he has been busy travelling internationally, hobnobbing with his global partners. It is obvious from this article that from the rarefied heights at which he is flying he is completely out of touch with what is happening with the management of this economy. Take his comments on the mismanagement of the economy and the imposition of the austerity measures. The present fall in oil prices, a global phenomenon over which Nigeria has no control, has given every charlatan the opportunity to attack the economy, and by extension the managers of the economy

8. It is true that the economy grew well during the second-term of former President Obasanjo as a result of the reforms supported by the President and implemented by the Economic Management Team. Please note that the Finance Minister under whose leadership that good performance took place, including massive unprecedented debt relief, is still Finance Minister today. But thorough examination of the facts on performance under the Jonathan Administration will also reveal that at a time when global economic performance was mediocre, with GDP growth averaging about 3 percent per annum, Nigeria’s GDP growth – averaging about 6 percent per annum – is indeed remarkable. Even more interesting is the fact that the oil sector did not drive this economic performance but the non-oil sector (Agriculture, Manufacturing, Telecommunications, the Creative Economy, and so on), which shows that the current Administration’s diversification objective under the Transformation Agenda is working. Transformation equals diversification

9.  This current government managed to control inflation, which he Soludo, was not able to do during his time at the helm of monetary policy in Nigeria. When he left the Central Bank in 2009, inflation – which hurts the poor and vulnerable in the society the most – was above 13 percent per annum.  Now, inflation is at single-digit, at 8 percent per annum. What about exchange rates? Well this administration again managed to stabilize the naira exchange rates, such that between May 2011 and the end of 2014, official exchange rates against the dollar rarely moved out of the N153 to N156 band. It is only with the recent dramatic fall in oil prices and the consequent impact on our foreign reserves that the exchange rate has become quite volatile. The drop in oil price has been heavy and rapid impacting all oil producing nations significantly. Nigeria is no exception and appropriate fiscal and monetary policy measures are being put in place to manage this situation.

10.  In fact, history will recall that careless remarks by Prof. Soludo (then Chief Economic Adviser to the President) hypothesizing a possible naira devaluation, condemned the naira to a free fall towards the end of 2003. Ray Echebiri, in his 2004 article in the Financial Standard, wrote that not even the assurances given by the then CBN Governor, Mr. Joseph Sanusi or President Obasanjo that any plans to devalue the naira existed only in the head of Professor Soludo could halt the fall of the naira from N128 to the dollar in the official market to about N140 between September and December 2003.

11. It is true that our foreign reserve accumulation is less than what it should be but the reason for this has been fully given, not as excuses but simply as fact: lower oil production and crude oil theft along with the refusal to save in the Excess Crude Account (ECA) are the reasons. Contrary to what Soludo said, oil production under President Obasanjo was higher than current levels. Quantities produced averaged 2.4 million bdp, 2.22 million bpd, and 2.21 million bpd in 2005, 2006, and 2007 respectively but has declined now to between 1.95 and 2.21 million bdp due to vandalism of the pipelines and the resulting “shut-ins” to fix the problem. It is true that had production been at the previous levels and had there been willingness to save we would have had more money in the ECA and also in the reserves. But the overriding setback to savings is that the State Governors felt it was their constitutional right to share the money. Please recall that even as we speak the States have taken the Federal Government to the Supreme Court on this issue

12. Soludo’s claim that 71 percent of Nigerians live below the poverty line is misleading and disingenuous. He uses 2011 statistics on poverty by the NBS to support his argument while ignoring more recent figures. But as stated in the Nigeria Economic Report 2014 by the World Bank, poverty rate in Nigeria has dropped from 35.2 percent of population in 2010/2011 to 33.1 percent in 2012/2013. By the way, the reason why our poverty numbers have been so wrong is that the National Bureau of Statistics (NBS), under Soludo’s supervision as CEA and Vice-Chair of the National Planning Commission, departed from the international standard method of poverty measurement. Is he now ignoring the right economic statistics to wilfully manipulate information?

13.   No doubt we have a problem with unemployment in this country and we must deal with it. Indeed this Administration is dealing with it and stands proud of what it has accomplished so far and is pushing hard to accomplish much more. As a first step, the Administration, through the office of the Chief Economic Adviser to the President and the NBS, worked hard to determine how many jobs we need to create in a year. What you don’t measure you cannot make progress on. Why didn’t Soludo do this when he was CEA?

14.   We need to create about 1.8 million jobs a year in this country to cater for the new entrants into the labour market, but we also need to deal with the backlog of the unemployed and the underemployed, e.g. those selling on the streets. Dealing with this global challenge of unemployment is not an easy task for any country, as can be seen from the experiences of developed countries particularly in the euro area. But the Jonathan Administration is making good progress, creating an average of about 1.4 million jobs per year by driving quality growth in key sectors like Agriculture, where the bulk of new jobs are being created, Housing, Manufacturing, Financial Services, and the Creative Industries like Nollywood.

15.  In addition we have special programs to promote job creation among the youth and these include:

16.                         On the issue of debt, Nigerians deserve to know the truth and we have said it before. The truth is that the government borrowed in 2010 to pay an unprecedented 53.7 percent wage increase to all categories of federal employees as demanded by labour unions.  The total wage bill rose from N857 billion in 2009 to about N1.4 trillion in 2010, and as a result, domestic borrowing increased from N200 billion in 2007 to about N1.1 trillion in 2010 to meet the wage payments. Where was Soludo at the time? Why did he not react to the borrowing then? Was it because he wanted to pander to labour in preparation for his political career?

17.   It is noteworthy that since 2011, the Administration of President Goodluck Ebele Jonathan has been prudent with the issue of debt and borrowing. The Economic Management Team not only looks at debt to GDP ratio, where Nigeria has one of the lowest numbers in the world at 12.51 percent but it looks at debt service to revenues. That is why in spite of the rebasing and a larger GDP, the administration has taken a prudent approach to borrowing. The prudent approach helped to drive down domestic borrowing from N1.1 trillion in 2010 to N642 billion in 2014. In fact for the first time in our nation’s borrowing history we even managed to retire N75 billion of domestic bonds outright in 2013.

18. Despite the present tough situation, we do not plan to go on a borrowing spree but to keep borrowing modest at a level sufficient to help us weather the present situation. We have already ramped up efforts to generate more non-oil revenues for the government while cutting costs of governance. Therefore, Soludo’s claim that this Administration is reckless with debt does not hold true.

19.  Since Soludo seems so ignorant to what has been achieved by the Jonathan Administration, let us present just a few examples of them here again. This information is easily verified.

·        We are improving infrastructure across the country. For example, 22 airport terminals are being refurbished, and five new international airport terminals under construction in Lagos, Port Harcourt, Kano, Abuja, and Enugu. Soludo’s kinsmen in the South East now have an international airport in Enugu, and for the first time in Nigeria’s history can fly direct from Enugu to anywhere in world for which they are very grateful to this Administration. But with Soludo being up in the air with his international travels, he has not touched ground in the Southeast to observe this development for himself.
·        Various road and bridge projects have either been completed or are under construction. Those completed include the Enugu – Abaliki road in Enugu/Ebonyi States, the Oturkpo – Oweto road in Benue State, the Benin – Ore – Shagamu highway, and the Abuja – Abaji – Lokoja dualization, and the Kano – Maiduguri dualization. The Lagos – Ibadan expressway and the Second Niger Bridge are under construction.

·         Rail from Lagos to Kano is now functional, as is parts of the rail link between Port Harcourt and Maiduguri. All these have brought transport costs down. We recognise that more needs to be done in the power sector, but bold steps (like the privatisation of the GENCOs and DISCOs) have been taken, and our gas infrastructure is being developed to power electricity generation
·        In Agriculture, over 6 million farmers now have access to inputs like fertilizers and seeds through an e-wallet system, which is more than the 403,222 that had access in 2011. Rice paddy production took off for the first time in our history, adding about 7 million MT to rice supply. An additional 1.3 million MT of Cassava has also been produced and as a result, the rate of food price increase has slowed considerably, according to the NBS.
·        In Housing, we have put in place a new wholesale mortgage provider – the Nigerian Mortgage Refinance Corporation (NMRC) – to provide affordable mortgages to ordinary Nigerians, starting with those in the low-middle income bracket. This sector will help the economy grow as we tap it as an economic driver for the first time. Mortgage applications from 66,000 people are currently being processed and 23,000 have already received mortgage offers
·        Our Manufacturing sector is reviving with new automobile plants by Nissan, Toyota, etc. This is in addition to the backward integration policy in key sectors like petrochemical, sugar, textiles, agro processing and cement, which Nigeria is now producing 39,000 MT and exporting to the region.

·        The Creative sector is now a factor in our GDP, with Nollywood alone accounting for 1.4 percent, creating over 200,000 direct jobs and nearly 1 million indirect jobs. This is the first Administration to recognise its importance and support its further development with a grant program.
·        A new bank – the Development Bank of Nigeria – will soon be operational and this bank will help bridge the access to finance gap, which is a major constraint for the private sector especially SMEs. The bank will provide long-term (5 – 10 years) financing at affordable rates for the first time in our nation’s history.
20.   This is the path that the government has been on before this fall in oil prices. The response to the economic shock has been spelled out to the Nigerian public over and over again, and the Administration intends to focus on managing this crisis appropriately. This year will be difficult. To say anything less to Nigerians will be untruthful. It would have been better if there had been a bigger cushion of the Excess Crude Account to manage this situation but despite this the nation can rise to the challenge. More importantly, President Goodluck Ebele Jonathan and the Economic Management Team are seeing this as an opportunity to diversify the revenue sources of an already diversifying economy. In fact let me at this juncture use this opportunity to comment on Soludo’s appalling statement that rebasing brings no policy value. Rebasing has enabled us to better grasp the new diversified nature of our economy. This provides the basis for our present drive to support different sectors with appropriate policy instruments to enhance their development. Rebasing has also enabled the Administration to create the platform from which to drive our work on increasing non-oil revenues. These are areas of critical policy value.
21.  Soludo mentioned the issue of the Economic Partnership Agreement with the EU, noting that this Administration has not been vocal or clear on its direction with this agreement. On the contrary, the Administration, particularly the Ministry of Industry, Trade, and Investment, has been clear on this issue but since Soludo has been in the air he probably has not been aware of this. Just recently, the Minister of Industry, Trade and Investment reiterated again to the corporate sector that Nigeria has not signed and does not propose to sign the EPA in its present form.
22. The point is that this government has been pursuing the right economic policies, and its efforts have been acknowledged nationally and internationally. Let me say that there are objective ways to measure performance. There are international institutions globally accepted to do this. They have acknowledged this Administration’s good economic management up to the recent crisis and even now.   

23.  We cannot go by someone’s subjective view, driven by bitterness and bile. We need to look to the truth and to professionalism. This is where Professor Soludo totally fails. For the other gratuitous, political, and personal attacks, we are sure that those mentioned will respond appropriately. It is a sad day for Nigeria and the economics profession that someone like Soludo, a former CBN governor should write such an article. If Soludo wants to regain respect, he should return to the path of professionalism. He certainly needs something to improve his image from that of someone whose sojourn into National Economic Management ended in disaster for the banking sector, his sojourn in politics, ended in overwhelming rejection by the electorate, and more recently, his sojourn abroad, has put him out of touch with the reality of the Nigerian economy.


Paul C Nwabuikwu
Special Adviser to the Coordinating Minister for the Economy and Minister of Finance