Features
2014: Nigeria’s Financial Sector In Retrospect
In spite of turbulence
occasioned by the liquidity tightening of the Central Bank of Nigeria (CBN) in the finance sector within the first quarter of 2014, the year remains one that witnessed many activities in monetary and fiscal policies of government.
The financial sector began the year with the controversial removal of Malam Sanusi Lamido as the governor of the Central Bank of Nigeria (CBN) in February.
Lamido, now the Emir of Kano, was replaced by a former Managing Director of Zenith Bank, Mr Godwin Emefiele.
Emefiele assumed office in June, with a pledge to stabilise the naira and keep interest rates as low as he met it, at least, till after the February 2015 general elections.
However, the new CBN helmsman failed to keep the pledge due largely to falling crude oil prices, which invariably reduced government’s revenue earnings.
The effect is that the CBN has increased the interest rate and followed up with the devaluation of the currency, a decision taken at a meeting of the Monetary Policy Committee meeting in November.
The currency was devalued by 8.38 per cent, raising the official exchange rate of the Naira from N155 to N168 to the dollar, a N13 loss.
According to government, these are part of measures aimed at strengthening the nation’s economy.
The CBN also increased the Monetary Policy Rate (MPR) from 12 per cent to 13 per cent, and the Cash Reserve Ratio (CRR) on private sector deposits from 15 per cent to 20 per cent.
The MPR is the rate at which banks borrow from the apex bank to cover their immediate cash shortfalls, while the CRR is a monetary policy tool used to either call up excess liquidity or release funds needed for growth of the economy— as situation demands.
The pronouncement of the CBN attracted mixed reactions from financial experts, some of who believe that the upward review of the CRR could force banks to reduce their ideal funds, while an increase in MPR automatically increases lending and interest rates.
A former Director, Research Department, CBN, Mr Titus Okurounmu, says the ripple effect of the devaluation will eventually be felt in all sectors of the economy.
Okurounmu notes that Nigeria as a net importer of consumable products, as opposed to net exporter, would be adversely affected.
He says most of the consumables and non-consumables are imported.
“Therefore, as the naira continues to fall, prices of goods will continue to go up, leading to inflation,’’ he says.
According to him, it is possible that the devaluation will eventually curtail the much sort after foreign direct investment in the country.
Okurounmu adds: “the situation may drive investors to reconsider investing in Nigeria because the devaluation may not generate good returns on investment’’.
In his reaction, the Head, African Markets at FBN Capital, Mr Olubunmi Ashaolu says the development has made sales in the bi-weekly sales of foreign exchange at the CBN’s Retail Dutch auction System (RDAS) to decline.
Ashaolu admitted that sales went down by 700 million dollar, from 2.99 billion in October, to 2.29 billion dollar in November.
Also, Mr Sewa Wusu, Head, Research and Investment Advisory at Sterling Capital, says the effect of the CBN pronouncement was to curtail excess liquidity by increasing the CRR deposits with the apex bank.
Wusu notes that the development makes it expensive for banks to borrow from the CBN’s standing facility window as the measure may force them to focus more on the interbank market.
He adds that the situation could automatically increase lending rates of banks and consequently discourage investment.
The slump in crude oil price, from a peak of 106 dollars a barrel, to below 65 dollars, and still sliding, has also compelled the continued downward slide in the country’s foreign reserve, which shed an accumulated 17.5 per cent within the year.
According to the latest figures made available by the CBN, the external reserves, which stood at 43.5billion dollar at the beginning of 2014, dropped to 35.88 billion dollar as at December 9.
Before then, the country was in the limelight after it re-based its Gross Domestic Products (GDP) on April 6, from about 270 billion dollars to 510 billion dollar for 2013.
The increase of about 90 per cent was attributed to the new sectors in the economy, such as telecommunications, movie-making and the retail trades- which were previously not captured or underreported within the financial year.
As a result of the re-basing, the country has become the largest economy in Africa and 26th largest in the world.
According to the Statistician-General, Dr Yemi Kale, this confirms that the country’s economy has grown in total value.
A Financial and Management Consultant, Mr Eghes Eyieyien, commends the exercise, saying it provided useful data for further planning and development of the economy, Eyieyien, the Chief Executive Officer (CEO), Pharez Ltd., says the exercise has revealed the critical sectors that government should pay closer attention to.
The CBN in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS) on February 14 launched a scheme called Bank Verification Number (BVN).
The scheme, which took effect from November 3, is a follow-up to the advancement on the nation’s payment system to stem fraud and identity theft, in order to protect customer transactions and enhance confidence in the banking system.
The Managing Director of NIBSS, Mr Ade Shonubi says a phased rollout approach was adopted, beginning with Lagos, for efficient processing.
Shonubi says biometric data capturing machines had already been deployed to not less than 1,000 bank branches in Lagos, and that to date, over 16,000 BVNs had been issued.
Mr Wale Abe, Executive Secretary of the Financial Market Dealers Association says the increase was as a result of commercial banks scramble for more funds to meet their obligations.
Abe notes that the recent CBN monetary policy pronouncement and the fall of oil price at the international market had started ‘taking their toll’ on banking activities.
“Banks are at interbank market to position, to have enough liquidity, following the effect of the CBN monetary pronouncements on the MPR and CRR.
“As soon as there is equilibrium in the market, it will adjust itself because there is the tendency that the situation will reverse after the general elections,” Abe says.
The Managing Director, Financial Derivatives Company Ltd., Mr Bismack Rewane also notes that the country would overcome the current challenge, the falling oil prices, adding that in most cases, Nigeria performs better under pressure.
In June, the CBN increased the minimum paid up capital for Bureau de Change operators from N10million to N35million.
It also imposed other rules that include banning of operators from owning more than one bureau de change.
There is no doubt that monetary and fiscal policy framework of 2014 have made the economic direction in 2015 a bit unpredictable.
However, some experts are hopeful that a successful conclusion of the 2015 general elections could usher in a calm atmosphere that the economy will need to bounce back.
Ashafa isof the News Agency of Nigeria
Olawunmi Ashafa
Features
Contributory Pension Scheme: Time For Review
For decades, Nigeria grappled with a pension crisis that left countless retirees in financial insecurity and despair. The unfunded pension system led to delayed payments and inadequate retirement funds, especially for public sector employees. In response, the federal government, under the leadership of former President Olusegun Obasanjo, enacted the Pension Reform Act of 2004, introducing a contributory pension scheme (CPS) designed to overhaul the system and secure a dignified retirement for Nigerian workers.
According to the Pension Reform Act, 2004, Contributory Pension Scheme (CPS) is an arrangement where both the employer and the employee contribute portions of an employee’s monthly emolument towards the payment of the employee’s pension at retirement. The CPS covers employees in the public service of the Federation, Federal Capital Territory, States, Local Governments and private sector organisations with three or more employees.
Only Judicial Officers, members of the Armed Forces, the Intelligence and Secret Services of the Federation; retirees under any pension scheme existing before 30 June 2004; and employees who had three or less years to retire as at June 30, 2004 were exempted from the scheme.
The objectives of the CPS according to Section 2 of the Pension Reform Act, 2004, are to ensure that every retiree of the Nigerian Public Service receives his/her retirement entitlements as and when due; assist an improvident person to save against old age; and ensure a uniform set of rules and regulations on issues relating to the administration and payment of pension to retirees.
According to Section 85 of the Pension Reform Act, 2014, which effectively repealed the 2004 Act, “All contributions made under this Act shall be invested by the Pension Fund Administrators with objectives of safety and maintenance of fair returns on amount invested”.
Analysts and some retirees have questioned the usefulness of this section of the Act when the retirees are kept in the dark about the investments made with their contributions and hardly reap the dividend of the investment. A group of retirees known as Contributory Pensions Retirees Forum, recently described the CPS as a “modern day slavery; an instrument of economic annihilation of workers to death in abject poverty after retirement.”
According to them, the CPS denies retirees of a lump sum of their money after retirement and dispenses a paltry monthly pension to retirees across the board. They narrated the case of a retiree who served the Federal Government from July 15, 1981 and retired on July 15, 2016 on salary grade Level 14, having worked for a mandatory period of 35 years and attained the maximum age of 60 years.
For all the years he put in, the total balance standing to his credit was N6,745,823.34. Out of this, he was paid 25 per cent which amounted to N1,686,455.84 while the balance of 75 per cent was retained by Pension Fund Administrator (PFA) for investment in the capital market and other large institutions. The retiree has been receiving a paltry sum of N26,703.15 monthly since 2016 till date despite the huge profits declared every year from the investment.
“Unfortunately, the sad part of this is that every day prices of goods and services are on the increase. While workers and retirees under the old scheme – Defined Benefit Scheme had their salaries and pension increased across all levels, we in the CPS are abandoned to our fate. We do not get increase”, lamented a retiree.
A public affairs analyst, Bonny Harrison, described such treatment of the retirees, who spend their active years serving the country as unfair and inconsiderate, noting that such attitude will discourage the people still in service from putting in their best. “They may be lured into bribery and corruption, knowing that the country will not cater for them when they retire”, he opined.
Section 7, Sub Section 1, Paragraph (a) of the Pension Reform Act, 2014 provides that unlike the former Defined Benefit Scheme, the CPS is to be jointly funded by both the employer and the employee. Each worker has an individual Retirement Savings Account (RSA) with a Pension Fund Administrator (PFA).
It also made provision for state governments to migrate to the CPS and stipulates that employees contribute eight per cent of their monthly earnings, and employers add 10 per cent, totalling 18 per cent of the employee’s monthly income. The funds are managed under the oversight of the National Pension Commission (PenCom), with the aim of ensuring transparency and accountability.
Two decades down the road, getting the state governments to key into the scheme has been a Herculean task. Reports show that only about five out of the 36 states in the country have fully complied with the CPS Act. Some have not even enacted their CPS laws while some enacted the law without contributing anything to their workers’ RSA. PenCom and Pension fund operators have reportedly made frantic efforts to have them key into the scheme since 2014 but that yielded little or no results.
A recently retired civil servant in Rivers State narrated that the past governments in the states did not key in fully into the scheme. While the eight per cent of the employees’ salary was deducted, the government failed to contribute its own 10 per cent, thereby making retirees from the state ineligible to benefit from the CPS scheme.
The retiree was however glad that the total amount he contributed over the years was paid to him without any deduction and that the State government has put keying into the CPS on hold. He advised that the state government should not be part of the CPS as it is confusing and not favourable to government workers. “Contributory Pensions Scheme cannot work in our states where the governors run the states like their personal businesses. A governor today may decide to contribute and another governor tomorrow may choose not to. What happens to the retirees in such a situation? He queried.
Low compliance in the informal sector has also been noted as one of the challenges of the scheme. The informal sector, which represents over 80 per cent of Nigeria’s workforce, often lacks the structure or financial stability to commit to monthly contributions. Many informal workers are unaware of the benefits of joining the scheme, highlighting a gap in outreach and education.
Analysts have also observed that fluctuations, especially inflation, often erode the value of retirement savings. Although PFAs invest in various assets, ensuring inflation-adjusted returns remains challenging, impacting retirees’ purchasing power, they said.
They therefore, canvassed for a halt of the CPS or reforms and initiatives to make it effective and worth the while. These include:
Expansion of CPS outreach programmes and incentives, such as flexible contribution options to increase informal sector enrollment; improved awareness and education which will drive greater participation among self-employed and informal workers; increasing transparency in fund management and imposing stricter penalties for misconduct so as to improve public confidence; introducing innovative investment options like green bonds and infrastructure development projects to help pension funds achieve better returns.
Others are: a more aggressive investment strategy that offers inflation-protected returns, benefiting retirees in the long term by PenCom in order to mitigate inflation’s effects, and PenCom offering financial education to pensioners so as to help them manage their funds effectively. PenCom should offer financial planning resources, ensuring that retirees fully understand the structure and benefits of the CPS.
Analysts have also argued that for CPS to succeed and live up to its objective of being a cornerstone of economic stability and prosperity, embodying the hope of dignified and secured retirement for all, PenCom must wake up to her duty of ensuring that the retirees are not short-changed by the pension administrators and that non-complaint employers (that fail to make deductions) as stipulated in PRA 2014 are duly punished.
Calista Ezeaku
Features
Good Governance: Gov Fubara’s Eyes On The Ball Amid Distractions
The administration of Rivers State Governor, Sir Siminalayi Fubara, commenced on May 29, 2023, after the symbolic swearing-in ceremonies at the Yakubu Gowon Stadium, Elekahia, Port Harcourt. From that day, Governor Fubara hit the ground running to provide Rivers people strong, focused, purposeful and responsible leadership, prioritising the well-being of the State and its people with a renewed push for economic growth, people-centred infrastructure projects and social services.
The Governor promised pragmatic steps to improve the ease of doing business and sustain a congenial fiscal policy to attract local and foreign direct investments to stimulate greater economic activities, partner with private sector to revive or establish viable industries to create jobs and wealth while encouraging commercial agriculture to achieve food sufficiency, security and improved living standards for residents of the State. He promised to invest in capital infrastructure projects, provide electricity supply and social housing to those in need, partner private sector to develop integrated multimodal public transportation system to advance mass mobility and access to socio-economic opportunities across the State, prioritise healthcare, education, and empower youth with relevant skills and opportunities to become economically active, productive and prosperous.
The Governor also promised to initiate policies to improve earning capacity and incomes of workers; ensure regular payment of wages, pensions, and gratuities; intensify training and promotion of civil servants; support and motivate security agencies to maintain law and order and keep communities, roads, neighbourhoods and waterways protected, safe and secure for businesses, residents, and visitors; while remaining bold and ambitious in decision-making, and resolute in defending, protecting and promoting the collective interest of Rivers State.
Indeed, Governor Fubara has shown capacity through meticulous leadership by diligently fulfilling his promises to Rivers people in all spheres of governance. For instance, in May, 2024, Rivers State Government held Economic and Investment Summit, the first of its kind in Nigeria. The summit subsequently birthed the signing of Executive Order No. 002 of 2024 empowering the establishment of Rivers State Investment Promotion Agency to give impetus to an Investment Agency that will coordinate the barrage of enquiries and business interests expressed by investors who now consider the State a destination of first choice.
Following the signing of the Executive Order, Governor Fubara established Rivers State Investment Promotion Agency to serve as one-stop-shop to handle all-related activities seamlessly for the prosperity and good governance of the State. It is not in doubt that the gains of the Economic and Investment Summit have started yielding results, given the array of investment inflows to the State of recent. Notable among them are the signing of Memorandum of Understanding (MoUs) between the Rivers State Government, INTEC and OMENE Group of Companies as well as Senendib Capital Limited. The MoU with INTEC and OMENE Group of Companies is for the development of a $300million Waste-to-Wealth project, 200megawatts power plant, smart e-mobility, 20 tons of carbon capture and storage, and other innovations with a view to converting waste to wealth, generate electricity, boost employment opportunities as well as increase the State’s revenue base.
That of Senendib Capital Limited is for the protection and preservation of mangrove forest and ecosystems within the State, and the establishment of a Blue Carbon Credit Partnership, which will aid in tree planting, biochar production with a view to bringing about transformative shift in environmental and socio-economic gains aimed at increasing the State’s Internally Generated Revenue (IGR), leveraging the State’s potentials in the Blue Economy. Indeed, there are other private sector investments in such area as agriculture, tourism, culture and arts, among others. Take the ongoing work on Songhai Integrated Farms; Port Harcourt Tourist Beach; and the move to revive Rex Lawson Cultural Centre, as some of those big initiatives.
However, in spite of these laudable achievements, enemies of the State have continued to spin negative media propaganda with the intent of demarketing the State and pitching Governor Fubara against President Bola Tinubu. Only recently, the social media space was awash with malicious reports that Governor Fubara has shut down the Nigerian National Petroleum Company (NNPC) and other oil companies’ operations in apparent retaliation for a Federal High Court judgment in respect of statutory allocations from the Federation Accounts to the State. This deliberate propaganda was published by an online platform: jeestauglahity.net, titled, “Breaking News: Rivers State Governor Sim Fubara Shuts Down NNPC and All Oil Companies in Rivers State, Declares No Allocation for Rivers State, No Oil for Nigeria”. What a hack job!
As if that was not enough, another social media report reared its ugly head, that Governor Fubara has imposed curfew on the State, as a result of the purported death of at least eight Nigerian soldiers in an imaginary gun battle between military personnel allegedly sponsored by former Governor Nyesom Wike, and the ‘forces’ of Governor Fubara, who were protecting Government House from Wike’s invaders. This time, the fake news was concocted by an online platform: https://africachinapresscentre.org, titled, “Heavy shooting, deaths reported as armed men attempt to seize power in Rivers”, authored by one Ikenna Emewu, and also credited to a mainstream newspaper “Daily Trust”. Another hack job, and deliberate attempt to distract, cause panic and chaos.
It is crystal clear that the negative media narratives are from the enemies of the State, who have been working as part of the propaganda machine of detractors of the Governor to paint the State Government in bad light, cause anarchy and destabilise the State. No doubt, these enemies of the State have been recruiting agents to use the media as tool to manipulate public opinion and perception, while also fabricating lies to create the impression that the Governor is at war with the Federal Government, and indeed, President Bola Tinubu, at a time the Governor has been working assiduously in synergy with security agencies to crush illegal oil bunkering, artisanal refining of crude oil and the scourge of pipeline vandalism, in order to help improve oil production for the nation to meet its crude sales obligations as well as continue to maintain the peace in the State.
But despite the negative media spinning and distractions from several litigations, Governor Fubara has continued to demonstrate leadership by remaining focused with his eyes on the ball, delivering good governance in line with his promises to Rivers people.
Governor Fubara has been playing the game in line with the axioms of Tony Robbins: ‘’the more focused you are, the more successful you will be’’. He has surrendered his faith to God, focusing on delivering democratic dividends to Rivers people. Because his eyes have been focused on the ball, the Governor had completed the 10.9km Aleto-Eteo-Ebubu Road; 15.24km Emohua-Tema Junction (Kalabari) Road; 21.5km Egbeda internal roads; 23km Omoku-Egbema dualised road; 27.5km Andoni section of Unity Road; 8.168km Emoh/Iyak/Ighom/Elok and Emoh/Egbolom roads; over 3km Chokocho-Igbodo road; despite the distractions. Conservatively, more than 121.308km roads have been completed and handed over to communities for public use without noise making.
And he is doing more! Only recently, during routine inspection of projects dotted across the State, the Governor gave construction giant, Julius Berger Nigeria PLC, a marching order to complete the 9.7km Ogbakiri Town road which will connect about six communities in Emohua Local Government Area within the stipulated timeframe of eight months. The project is valued at about N15billion. Already, 30 per cent mobilization fee has been paid. Also, the 33.5km Elele-Umudioga-Egbeda-Ubimini-Ikiri-Omoku dual carriage road with a river crossing bridge linking Ikwerre-Emohua-Ogba/Egbema/Ndoni Local Government Areas is also progressing.
Two major signature projects: the 50.15km Port Harcourt Daul Carriage Ring Road that traverses six local government areas, namely Port Harcourt City, Obio/Akpor, Ikwerre, Etche, Eleme, and Okrika, is ongoing at six sections of the road; and the 12.5km Trans-Kalabari Road project, is also ongoing. Both projects had been evaded by previous administrations because of their complex and difficult terrains and huge costs. Work is now progressing on both.
Other legacy projects include the over 3km Opobo Ring Road; 12km Okehi-Eberi-Omuma road; 5km Okania-Ogbogoro road; 14.6km Eberi-Umuakali-Omodu Road linking Rivers and Abia states; 13.3km Bori internal roads; and 17.5km Egbeda/Omerelu Road. These have been completed. The Kalaibiama section of the 5.2km Kalaibiama/Epellema Road with spurs has been completed while work is ongoing on the Epellema section with bridge.
Also, the 16.5km Rumuokurusi-Igbo-Etche Road; 25.4km Ahoada/Omoku Dual Carriageway (Phase 2); 15.2km Uyakama/ Obodhi/Ozochi Road; 13.52km Ngo Atlantic-Oyorokoto Road with spurs; and 6.5km Woji-Aleto-Alesa-Refinery link road with 200 meters bridge and many other road infrastructure projects are advancing, even with the distractions. Indeed, the people have high hopes because the contractors have promised to deliver on schedule. More than 257.64km roads are under construction, and almost all are funded from state revenue (IGR and FAAC allocations) without borrowing.
In his bid to decongest the City of Port Harcourt and extend municipal activities to other parts of the State, Governor Fubara, had in August, flagged off the construction of the New Port City in Eleme, Eleme Local Government Area. The New Port City, which is akin to a mega smart port city, is a joint venture between the Rivers State Government and Rainbow Heritage Group Limited geared towards realigning the State with modern developmental realities. This is in addition to the 20,000 housing units project for low-income earners, being executed by the Rivers State Government and Pricewise Home Nigeria Limited/TAF Africa Global at Mbodo, Aluu in Ikwerre Local Government Area. The project is progressing smoothly and aims at meeting the Governor’s aspiration to provide affordable homes for low-income earners under the social housing policy of the Government.
Governor Fubara is also keeping to his avowed promise to civil servants in the State. In October, he graciously approved the sum of N85,000.00 as Minimum Wage to workers under the State Government employ, and promised that implementation will take effect November, 2024. As civil servants were receiving alert for their November salaries, the new minimum wage was boldly implemented, and the whole State has been in a jubilation mood since then. In fact, the Governor was the first in the nation to pay the new minimum wage to workers, and the impact has been monumental on the lives of Rivers people.
This is as the promotion of civil servants for 2023/2024 is ongoing after the initial promotion that saw Rivers civil servants being promoted to their current grade levels after over 10 years of stagnation. Pensioners are also not left out in the scheme of things as the Governor had increased the N1billion monthly allocation to offset the backlog of pension and gratuity to retired civil servants to N2billion. The move is to clear the backlog as well as ensure effective implementation of payment of gratuities and pensions to retired civil servants. How else do you describe good governance?
Also recently, Governor Fubara donated 100 vehicles to the Rivers State Command of Nigeria Police Force, with the aim of tackling insecurity and boosting response time to emergencies. Sister agencies such as Nigerian Security and Civil Defence Corps (NSCDC), among others, including military and para-military formations have also received support from the Government. This is in fulfilment of the Governor’s promise to support and motivate security agencies to deliver on their mandate to the people of the State.
Of course, Governor Fubara is keeping to his oath never to renege on his promise to deliver only the best projects to Rivers people and provide standard social services, while utilising scarce resources judiciously for the betterment and overall interest of the people. This is because, since assumption of office, he has, through meticulous and frugal management of State resources, embarked on impactful projects aimed at fulfilling his social contract with Rivers people without the usual pomp and pageantry, and noise making as some publicity-conscious public officials do. Even the BudgIT 2024 Fiscal Performance Ranking put Rivers tops among 35 other states in transparency and accountability, a testament to the Governor’s prudence and diligent application of scarce resources in delivering good governance to Rivers people.
Amid the noise and political distractions, Governor Fubara has truly had his eyes on the ball. He has been focused. He has been committed to the Rivers First project. He believes and is working to achieve a brighter future for Rivers State.
Nelson Chukwudi
Chukwudi is the Chief Press Secretary to the Rivers State Governor, and writes from Port Harcourt.
Features
Will Drug Trafficking Ever End ?
From the fore going, the fight against drug trafficking should be treated as an international challenge with open collaboration, if the world leadership must win the fight!.
The circumstances or should I say the improvement on drug related activities are modifying and updating on daily basis. A close friend of mine in the United States of America who recently visited Jamaica, came with a lot of complicated information about drug trafficking and transaction. Being a qualified Nurse in US and on a visit to the Reggae Country (Jamaica), she said she was put aback when a man approached her and introduced himself as a Pharmacist. According to her, she immediately picked interest due to her professional background. To her, a business partner is birthed. But she was shocked to the narrows on learning that drug dealers or traffickers and subriquited Pharmacist in that Country. From her account, they ( The Jamaican Pharmacists), are the first set to people to meet and greet you at the Airport. No government or authority challenges them in the open due to the sophisticated nature of their transportation
Come to think of it, who would want to attack a Pharmacist on duty? Nigerians are not left out in the improvement on drug deal. A chat with a confident in the National Drug Law Enforcement Agency ( NDLEA) Rivers State Command, so revealed. The Officer draw my attention to the movement of Dispatch Riders. He said part of the reasons they ride with almost speed equivalent of the thunder lightning, is to meet up with the appointment of delivering hard drug consignment to a client of theirs. According to him, those guys popularly referred to as Yahoo Boys are the ones who now payroll dispatch riders so that they can deliver their consignment ( hard drugs) on schedule no matter the sort of traffic or weather condition. The fear of loosing rich clients and that of the unknown treatment that may come of the Boys, as the officer puts it, drives the Riders crazy thus the reason to speed even at the expense of their lives.
The account of a prominent Party Promoter, Wayne Anthony, as obtained online recently, also pointed out that ‘No Legislation Will Stop Clubbers From Doing Drugs’ Party promoter, Wayne Anthony, arrived in Ibiza, a Spanish Island in 1988, at the same time as dance music and the party drug ecstasy. Despite hallucinating badly enough to make him give up the lifestyle forever, he says laws will never stop clubbers taking drugs. “I don’t think you can control these things,” said former party promoter Wayne Anthony. He arrived in Ibiza in 1988 and began setting up club nights and raves in some of the island’s most iconic venues. In the years that followed, the sleepy Spanish island turned into a raver’s haven of clubbing and hedonism, with party drugs like ecstasy commonly found. “What Ibiza represented was this beautiful, hot island which was visually stunning and we knew you could party there quite legally,” said Wayne. “You didn’t have to look over your shoulder. You could just be as free as you possibly could be.”
That freedom came with a price. Along with the lavish clubs, all-day-benders and hot Spanish sun came drug cartels and crime. The city transformed into one the world’s most vibrant party capitals, “fuelled by a dangerous and lucrative drugs trade which drew as many criminals to its shores as it did party animals”. Wayne, one of the contributors to the documentary, spoke to Sky News ahead of its release.”I’m not going to sit here and say the cartels aren’t there. They are all there and they’ve been there from the ’90s,” said Wayne. But he said most people tried to ignore the organised crime going on around them. According to Wayne, clubbers usually took the approach of: “‘Give me 10 E’s . Behind the scenes of the filming of Ibiza Narcos with Wayne Anthony. Behind the scenes of the filming of Ibiza Narcos with Wayne Anthony. Hallucinating giant spiders Although he described the Balearic island as the “motherland”, it was eventually a bad experience with drugs that convinced Wayne it was time to leave Ibiza.
He’d been partying for days when he realised he’d taken too many drugs. A friend told him to drink cough medicine, dangerous advice that he now says could have killed him. “I saw the worst hallucination I’ve ever seen in all of my life. I ended up locking myself in the villa with all the shutters down. When he sobered up, he realised he had “come to the end” of his party life on the island. “I never looked back. I never took another drug. I got away from the club world.” ‘I don’t think you’re going to be able to stop it’ Despite his life-changing experience, he doesn’t think criminalising drugs is a good idea – or particularly effective. “If you’re old enough to vote for who’s going to be a world leader, if you’re old enough to put your name down on debt for 25 years, I feel like you should be old enough to govern what you put inside your own body, you know?” said Wayne.
Back to Nigeria, some illicit drugs worth over N30billion seized at Onne Port in Rivers State.
This blood chilling development forced the Federal Government to declare a state of emergency at the Onne Port, following what authorities described as repeated incidents of importation of dangerous cargo, including arms and ammunition through the said port. To this effect, the government said it was immediately implementing emergency protocols at Onne Port for the next three months by conducting thorough examinations of all suspected containers in the premises.
The Comptroller-General of Customs, Bashir Adeniyi, in charge of the port via a press conference, said it henceforth, unveiled the seizures of illicit goods by the Nigeria Customs Service, Area 2 Command, Onne in Eleme Local Government Area of Rivers State. In defence for his action, Adeniyi said the recurring incidents posed a threat to national security, adding that the health of citizens at the Onne Port is increasingly being used as a destination for dangerous and illicit cargo, describing it as a disturbing trend.
The customs boss stated, “Earlier today, I joined numerous stakeholders to take a significant step towards the cause of trade facilitation through the inauguration of upgraded facilities provided by the West Africa Container Terminal, Onne. “As I express delight that trade facilitation is getting traction in Onne Port, I cannot help but call your attention to a grave concern. This has to do with the repeated incidents of national security breaches unfolding in Onne Port. I appreciate your presence, as we all have a shared responsibility in safeguarding our national security. As we are all aware, the policy thrust of Mr President supports the re-energising of our business environment to drive faster import clearance and grow our capacity for exports, Our emphasis has been to promote initiatives that speak to Trade facilitation and economic development. “It is a matter of regret that criminal elements in the international supply chain are exploiting our pro-trade stance to commit atrocities bordering on national security breaches”.
“The attempts to test our will through the importation of dangerous cargo through this port has necessitated the declaration of a state of emergency in Onne Port, coming on the heels of a seizure of a huge cache of arms a couple of months ago. It is disheartening that perpetrators have not backed down on their illegal acts. Recent intelligence and seizures have revealed a disturbing trend; Onne Port is increasingly being used as a destination for dangerous and illicit cargo. The scale and nature of these illegal importations pose a significant threat to our national security and the health of our citizens. Today, we are here to showcase yet another series of significant seizures made by the diligent officers of the Area 2 Command. On display are twelve containers of illicit goods intercepted through a combination of intelligence gathering, inter-agency collaboration, and meticulous physical examination. Seizures on Display include: Three (3) x 40-feet containers: Containing 562,600 bottles of 100ml cough syrup with codeine and 3,150 pieces of chilly cutters, with a Paid Duty Value (DPV) of N4,716,573,846.
“Others are, three x 40-feet containers containing 380,000 bottles of 100ml cough syrup with codeine, 24,480,000 tablets of Royal Tramadol Hydrochloride, 5,350,000 tablets of Tapentadol and Carisoprodol, and other items, with a DPV of N17,432,506,000 were seized”.
According to the report, more seized items were, “Five (5) x 40-feet containers; Containing 892,400 bottles of 100ml cough syrup with codeine, 1,300,000 tablets of 50mg Really Extra Diclofenac, 7,250,000 tablets of 5mg Trodol Benzhexol, and other items, with a DPV of N8, 128,568,295,90. This very action of the Nigeria Customs Service, further complicated the hope of how soon the fight against drug trafficking could be brought to a halt owing to its high profile nature.
Another hair-raising report of the illicit drug deal has it that when NDLEA bursted a Snake-Guarded Shrine Used For Storing Illicit Drugs sometime ago in Edo State. This very news report was published in The Tide Newspaper on June 24, 2024. According to the report, NDLEA said its operatives uncovered a shrine, guarded by a snake, being used for storing illicit drugs, during an operation in Edo State. The Agency in a statement by its spokesperson, Femi Babafemi, added that its operatives discovered a specially constructed large hole in a wall, hidden behind wallpapers and fetish objects used for drug storage. It further noted that methamphetamine, Loud, Colorado and Arizona, all strong strains of cannabis with a total weight of 8.743kg among others, were recovered from the shrine.
To be cont’d
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