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Tuesday, 19 April 2016

Pistorius sentence hearing set for June

A South African court will convene in June to determine disgraced Paralympic athlete Oscar Pistorius’s sentence for murdering his girlfriend Reeva Steenkamp, a judge said in Pretoria on Monday.

Pistorius’s lawyers last month failed in their final legal bid to reverse a Supreme Court of Appeal judgement that upgraded his conviction from culpable homicide, the equivalent of manslaughter, to murder.

As the name implies, currency swap is an arrangement between two friendly countries to trade in their own local currencies, paying for import and export trade at pre-determined rates of exchange without the use of a third currency like the United States dollar. Since the financial crisis of 2008, central banks around the world have entered into bilateral currency swap agreements with one another. These agreements allow a central bank in one country to exchange currency, usually its domestic currency, for a certain amount of foreign currency. The recipient central bank can then lend this foreign currency to its domestic banks.

Several depressing accounts of the massive looting of Nigeria’s resources by the ruling elite since independence tell a heartbreaking story of a country in an urgent need of economic, political and moral rebirth. The greed of the ruling class, who unrepentantly have stolen the country blind, paints a picture of a prodigal nation now at a crossroads. This systemic corruption is the genesis of indebtedness, poverty and underdevelopment in the country today.

While the revelations of the systemic heist are contained in local and international documents, one of such reports will suffice for this discourse.

Some major political and judicial events happened in South Africa recently that strengthened the faith of their citizens in critical institutions of government which Nigeria should learn from.

First, against all attempts by President Jacob Zuma to influence the outcome of a corruption case against him, the country’s Supreme Court ruled that he had contravened the constitution by failing to refund some of the money spent on “security upgrades” at his personal home in Nkandla, KwaZulu-Natal. The project, which was said to have cost the country’s taxpayers $24 million, included a chicken run, cattle enclosure, an amphitheatre and a swimming pool.

The change agenda of President Muhammadu Buhari has received positive reviews so far from the United States of America. Many American businesses appear ready to take a chance again on Nigeria. But some are beginning to develop cold feet so soon because many tales on Nigeria are still very emblematic of the inept shadow of the immediate past regime.

Perhaps many factors contribute to the bad image, but none has been more annoying than the case of the Nigerian Immigration Service (NIS). For example, the process of obtaining an ordinary Nigerian visa or passport defies common sense. The primary headache is Innovate 1 Services, a maladroit company contracted during the past regime by the NIS to process passport/visa applications. Quite frankly, it is not an overstatement to quip that the old NEPA was by far more efficient. At least Nigerians could easily relate to the voices at the then NEPA. Put differently, besides the prevailing challenges at the Innovate 1 Services, the contractor also has the audacity to outsource the few jobs from a critical component of Nigerian national security to our Indian friends whose relentless brawl with the English language makes a typical Nigerian sound like an Englishman. Yet, millions of our highly qualified citizens roam the streets home and abroad in search of any kind of job.

The last few months have been particularly trying for Nigerians, no light, no fuel and for a good many no water, stretching our patience like never before. A cursory review of the power sector for example shows that electricity generation in Nigeria dates as far back as the end of the 19th century, when the first power generating facility was installed in Lagos in 1898. Electricity generation at this time was on a regional basis but there were some Federal Government owned facilities operated by the Public Works Department, Native Authorities and the Municipal Authorities.

To integrate the generation of electricity, the government passed the Electricity Corporation of Nigeria (ECN) ordinance No. 15 of 1950. This ordinance placed all the electricity departments and units under the control of one body, the ECN. During its existence the country generated about 165.2 megawatts of power, increasing transmission lines and by 1964, adding new power plants in Kano, Lagos and also close to the Oji and Afam Rivers. Comprehensive western and eastern grids grid were created, as was in 1962, the Niger (River) Dam Authority, which was created and charged with the provision of hydro power. The Kainji Dam project followed shortly afterwards.

“Stealing, stealing, stealing, o stealing,

Stealing in the name of the Lord,

My father’s house of worship has become a den of thieves,

Stealing in the name of the Lord …” — Max Romeo, reggae artiste

There is an ongoing rascality in the hallowed Senate of the Federal Republic. It is nothing but brazen institutional subversion, criminal breach of trust and monumental breach of faith.

It is akin to what doomed Luficer from the brightest son of the morning, the most beautiful of the archangels and beloved of God Almighty, to Satan, the eternally damned prince of darkness.

IN the last five years or more,Nigeria’s debt profile has been rising instead of shrinking.But government is telling us little or nothing about the far reaching implications on our economy and what it entails for our future. This much is however clear: Unchecked debt burden can have negative profound consequences, not just for the present but for the future.It could hamper change which is the mantra that brought President Muhammadu Buhari to power.

Currently,about 25 percent of the Federal Government annual budget is earmarked for debt servicing.The budget deficit now stands at N2.2 trillion. And, from 2013-2015, N2.08trn was reportedly spent for debt services. With all this happening at these hard times of economic recession, portends uncertainties for Nigerians who are already experiencing difficulty times.

No fewer than 12 offshore companies have been linked to the Group Chief Executive of Oando PLC, Mr. Wale Tinubu, who is also a nephew of the National Leader of the All Progressives Congress, Bola Tinubu.

The companies include Sigma Technology Inc; Techventure Inc; Anglesey Management SA; Caine Trading Corp; Keligh Engineering Corp; Hud Trading Corps; Meridian Procurement International Services Ltd.; Lynx Shipping Ltd; Equinox Shipping Ltd; Everglade Oil Inc; Framlingham Ltd. and Triton Trading Ltd.

The Majority Leader in the House of Representatives, Hon. Femi Gbajabiamila, has described the action of Governor Ayo Fayose of Ekiti State for cautioning China against granting a $2 billion loan to Nigeria, as attempted economic sabotage and subversion.

Gbajabiamila, in a letter dated April 18, 2016 addressed to President Xi Jingping of China, urged a complete disregard of the letter written by Fayose, whose duties, he noted, do not extend to foreign affairs or economic diplomacy.

The Economic and Financial Crimes Commission (EFCC) yesterday arraigned a former Nigeria Maritime Administration and Safety Agency’s (NIMASA’s) Director-General Dr Patrick Akpobolokemi for alleged N22.7 billion fraud.

He was charged with a former Niger Delta militant leader, Government Ekpemupolo (aka Tompolo) at the Federal High Court in Lagos.

Tompolo was absent yesterday. He was also absent when his co-accused were earlier arraigned on alleged N34 billion fraud in a separate charge.

Panel: you must appear on Thurs

I won’t come, says Judge

‘My trial won’t disturb Senate’

Senators may have set the stage for a major confrontation between them and the Code of Conduct Tribunal (CCT) over Senate President Bukola Saraki’s trial for alleged falsification of assets.

The Senate Committee on Ethics, Privileges and Public Petitions yesterday summoned CCT Chairman Justice Danladi Umar over allegations of corruption against him.

At least 413 people are now known to have died in the earthquake that struck Ecuador, the country’s government says.

The 7.8-magnitude quake struck Ecuador’s Pacific coast on Saturday, and the search for survivors continues.

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Tuesday, 19 April 2016

Pistorius sentence hearing set for June

Nigeria-China currency swap deal at a glance By Saheed Ahmad Rufai

Nigeria: A prodigal nation at a crossroads By Bayo Olupohunda

LESSONS FROM SOUTH AFRICA ……… Thisday

The Nightmare of Obtaining a Nigerian Passport or Visa In the USA, By SKC Ogbonnia

Power Supply: Natural Gas, Natural Solution By May Agbamuche-Mbu

Senatorial rascality By Olakunle Abimbola

What does Nigeria’s rising debt tell you? By Dan Onwukwe

#PanamaPapers: 12 firms linked to Wale Tinubu ……. Punch

Gbajabiamila Writes Chinese President, Accuses Ekiti Gov of Economic Sabotage ………. Thisday

Tompolo absent as EFCC arraigns ex-NIMASA DG, others ……… Nation

Saraki’s trial: Senators summon tribunal Judge …… Nation

Ecuador earthquake: At least 413 people confirmed dead ……. BBC