News

Vested Interest Killing Nigeria -Sanusi

Published

11 years ago

January 15, 2014

Trading on the floor of the Nigeria Stock Exchange (NSE).

Central Bank of Nigeria (CBN) Governor, Malam Sanusi Lamido Sanusi, says the huge vested interest of economic and political officeholders has been the major barrier to Nigeria realising its huge economic potential.
Speaking on the topic “Overcoming the fear of vested interest” on an occasion organised by a group of youth under the aegis of TEDx in Abuja, Sanusi said that, in 1960, Nigeria was the preferred investment destination with per capita income higher than that of countries like Japan and South Korea.
However, over 53 years later, he said, Nigeria which has always had potential is still not able to realise that potential when countries like China, Indonesia, Japan, Korea, Vietnam and Brazil have since turned the potential that they had into reality.
“In four years or so that I have been in Abuja, I have come to understand that we need to overcome the power of vested interest. And I will talk with you a little bit about my own experiences at the Central Bank and use that as a basis or template for what I think we need to do if we must change this country,” Sanusi said.
Since the discovery of oil, the Nigerian state has been exploited to serve the vested interest of the rich minority at the expense of the poor majority, he noted.
The CBN governor highlighted some instances where vested interest took precedence over public interest in the country in the banking sector, petroleum subsidy scandals, among others, and urged the youth to use these as examples of what they can do if they want to confront these vested interests and deal with them and protect the poor people of this country.
“The fundamental character of the Nigerian state is that, for decades, since we found oil it has existed not to serve the people but as a site for rent extraction to serve a tiny minority in the country’s political power. And it doesn’t matter where this group comes from – whether it is north or south or Muslim or Christian or military or civilian. The state has always been a site for rent seeking with the exception of a few years when we have had development. And this is at the heart of the problems of the country,” he stated.
He spoke on the Nigerian paradox: “A country that specialises in exporting what it does not produce and importing what it produces; one of the world’s largest producers of crude oil that does not refine petroleum products but imports refined petroleum products; the world’s largest producer of cassava that does not produce starch or ethanol. Large tomato belt yet the world’s largest importer of tomato paste. A country that from my childhood I have heard had the potential of being a world power but every day we talk about potential. Today, we still talk about the potential of Nigeria and yet China, Indonesia, Japan, Korea, Vietnam, Brazil, all of these countries have turned the potential that they had into reality. What is the one thing that we need to do to break this barrier that faces us?”
On his experience: “Shortly after I came in and when we conducted investigations, I discovered that the Nigerian banking system was infested with the same corruption of the entire system in the country: that a number of bank chief executives had taken their banks and fleeced them of depositors’ money to buy property all over the world. And just like people do in ministries, in government agencies, or whenever they have the opportunity in oil companies, the banks were themselves a site for rent seeking.
“There was one chief executive officer that took away from her bank over N200 billion, and where was this money taken? Purchase of properties.
We recovered from one CEO 200 pieces of real estate in Dubai, real estate in Johannesburg, in the United States of America, apart from shares in over 100 companies and all of that was purchased with depositors’ money.
“For another CEO we got a judgment against that CEO for N142 billion stolen from the bank taken to buy shares and manipulate the shares of his own institution, and also transferred outside to purchase properties.
“Now, the first CEO we were able to convict, we recovered these assets and got a six months’ sentence and sorted it out. The second CEO, we finished our case established in Nigeria that we have a case in Nigeria, in the UK; two weeks before the closing statements were made the judge was miraculously promoted to the Federal Court of Appeal after three years of trial — at the very end of trial — because someone, a very popular religious leader with hundreds of thousands of supporters, carried him to the political authorities and the system that was supposed to protect depositors and handle criminals was used and manipulated to promote a judge so that he would not convict a thief. Now, this is an example of the kinds of things that happen in the country that prevent it from realising its full potential.
“Now, to my experience with the banking reforms, I observed the following: After the discovery of the things that happened in the banks, the most important thing was to take a critical decision that would pit us against powerful political and economic forces. We were dealing with chief executives that, in 2009, had become invincible. They were in the seat of power; they had economic power and had bought political protection. They were into political parties, they had financed elections of officers and they believed that nobody could touch them. And every time I said it was time to take action people said to me, ‘You can’t touch those people; you will be sacked’. Or, ‘You can’t touch these people; they will kill you’. And I said, you know what, we are going to take them on.
“And we took a decision to remove them, and, you know what, we removed them and nothing happened. We were going to prosecute them, put them in jail, and we put one of them in jail. We were going to recover these assets because the way the Central Bank operated in the past was such that these guys took all the money and the Central Bank said the banks have failed. The banks that we saved had N4.4 trillion in deposits. They had 8 to 10 million customers. But the government and the system had always betted on the side of the rich people. These 8 million customers — the old woman in Gboko or Yenagoa or Maiduguri who has struggled to save money for 40 to 50 years — and you wake up one day to say that the bank has failed and the money is gone. The man with his pension money in the bank, his children’s school fees, the medical bills, and you wake one day to say the bank has failed.
“When people say a bank failed, it is like seeing a man whose throat was slit and you say the man died; he didn’t die, he was killed. And those that murdered the banks have always walked free – they become senators and governors, they become captains of industry, they sit on the boards of banks and continue to be relevant in the system. Against millions of Nigerians who don’t have a voice.
“Nobody knows the number of people who have died as a result of failed banks. Because they were sick and could not pay the hospital bills, because their money was locked up in banks that had failed. Nobody knows the number of children whose parents could well afford to pay their school fees but they dropped out of schools because banks were mismanaged. Use these as examples of what you can do if you want to confront these vested interests and deal with them and protect the poor people of this country. But the banking industry is one sector in Nigeria; what is happening in other sectors?
“Take the oil industry: in 2009 this country paid N291 billion subsidy for petroleum products. By 2011, this number had jumped to N2.7 trillion. Did we start consuming 10 times the level of petrol? Did we have 10 times the number of cars? Did the population of Nigeria multiply 10 times? I do not believe these numbers. I screamed against these numbers and other people screamed and there have been investigations, and it was discovered that a lot of that money never went into fuel subsidy that was consumed by Nigerians. But people in this country had produced pieces of paper and gone to PPPRA and they stamped those papers claiming that they brought in petroleum products and actually paid them subsidy. And those pieces of paper said I brought 40,000 metric tonnes of petroleum product on so and so ship, and we discovered that that ship was nowhere near the shores of this country on the dates indicated.”

News

Work on Eleme Road delaying fuel distribution from PH Refinery – PETROAN

Published

16 hours ago

January 10, 2025

The Tide

The Petroleum Retail Outlets Owners Association of Nigeria (PETROAN) has expressed concern over the slow pace of work by Reynolds Construction Company (RCC) on the Eleme East-West Road project, Port Harcourt axis.

The National President of PETROAN, Dr Billy Harry, in a statement yesterday, said that the delay was happening in spite of the N33 billion said to have been released by the Federal Ministry of Works, for the project.

Harry decried the challenges the deplorable road posed, saying that it was sabotaging President Bola Tinubu’s efforts to ensure the smooth distribution of petroleum products from the renovated Port Harcourt Refinery.

“Thousands of petroleum trucks will be using the road to convey products from the renovated Port Harcourt refinery, so, further delay is detrimental.

“The Eleme East-West Road is a critical route for the transportation of petroleum products, and its safety is paramount.

“The road’s deplorable condition poses a significant risk to trucks carrying petroleum products, which could lead to catastrophic accidents and environmental disasters.

“PETROAN is calling on the President to evaluate the ongoing contract by RCC in line with the contract timeline.

“This move will consolidate his renewed hope agenda by ensuring the timely completion of the Eleme East-West Road project.”

Harry said that about 60 retail outlets were negatively impacted by the road construction, and requested adequate compensation for owners of the fuel stations.

He recalled that the Minister of Works, David Umahi, in a press conference, had also complained about the slow approach of RCC, leading to the issuance of a seven-day ultimatum by the Minister.

“Furthermore, PETROAN is calling on the Minister of Works, David Umahi, to fast-track the contract evaluation process and take decisive action to address the slow pace of work by RCC.

News

Old Students’ Association Marks Anniversary

Published

17 hours ago

January 10, 2025

The Tide

The Rivers Secondary Schools Old Boys and Girls 1983 Set Association marked its one year anniversary in Port Harcourt on 22nd December 2024.

The association is a body of old boys and girls of 1983 graduating set of secondary schools in Rivers State, Nigeria conceptualised to provide opportunities for reconnection and reminiscing over old times, networking, creating avenues for personal and professional growth, fostering friendships and celebrating milestones.

The one year anniversary gathering which took place at Galaxy PHD Event Centre, in GRA Phase 2, Port Harcourt, brought together different professionals and was heralded with classic photo shoot session, free speeches and talks on how to move the association to greater heights. It was rounded off with a dinner.

Speaking at the event, the Chairman of the Board of Trustees of the association, Chief Hope Kuku, congratulated members for the one year anniversary.

He encouraged members to reach out to more classmates in order to grow the association as the advantages are enormous in terms of business growth and social interactions.

He said he was already looking forward to a steady growth of the Association to mark the 10th anniversary.

Also speaking, the President of the association, Barrister Tubokumba Harry, described the last one year of the association as “exciting and really fulfilling” promising to “get more of our set mates on board”.

He stated that the coming together as classmates of the same set would inculcate a bond built on shared experiences which can enhance communication skills, promote teamwork and collaboration with lasting memories that members would cherish in the future.

In her own remarks, the Secretary General of the association, Dr (Mrs) Ibinabo Ogolo said one year down the memory lane of the association has been wonderful as members have not only shared experiences but made significant strides towards achieving the aim and objectives of the association.

“We successfully organised programmes like celebrating the Day of the African Child with students of Government Technical College, Trans Amadi, Port Harcourt.

Also, a Road Walk and Health Awareness campaign through Port Harcourt streets to create awareness and sensitize the people of Rivers State on the health importance of walking.

The association also organised a “Hang-Out” session for members on 1st October, 2024 to foster relationships and networking and also joined other groups to relieve stress and depression at the Enjoyment Mega Sit Out at Port Harcourt Club in Port Harcourt.

These activities brought our members and community together”. She said.

On his part, the Chairman of the anniversary planning committee, Mr Tammy Owunaka noted that the association in just one year had grown to enviable height providing a platform for former classmates to reconnect, network and give back to the society.

Furthermore, he stated that the association created opportunities for professional mentorship, developments, and collaboration, thereby helping members to advance in their aspects of endeavour and personal lives.

He said that through the association, members have demonstrated that power of collective action and social responsibility can propel an organisation and commended the sense of belonging and camaraderie among members.

Also speaking, the legal adviser of the association, Barrister Ngozi Ajayi noted that though the association is only one year old, it was already walking on a purposeful path and urged members to remain committed to and focused to make the association one of the best in the state.

In his remarks, Barrister Sylvester Adaka, who is a former Chairman of Nigeria Bar Association, Port Harcourt Branch and a memeber of the association stated that so far the association is on the right path but will progress better with more classmates on board.

He commended the classic photo shoot session as a great way to portray the individual personalities of members, adding that he was looking forward to more events.

News

Nothing’ll Stop Governance In Rivers, Fubara Assures …Says We Won’t Allow Anyone Take State For A Ride

Published

1 day ago

January 10, 2025

The Tide

Rivers State Governor, Sir Siminalayi Fubara, has assured that his administration will not leave any stone unturned to checkmate and frustrate anyone or group of persons attempting to stop government from delivering good governance to the good people of the State.

He also assured that with the strong support of the pillars and frontiers of the political class and leaders, particularly those who built the foundational structures of Rivers politics, his administration will not allow any detractor or shenanigan take the State and its people for a ride going forward.

Governor Fubara gave the assurance while addressing Rivers people at a 2025 New Year State Banquet in Government House, Port Harcourt.

He expressed confidence that with the strong organic support of former governors, Dr Peter Odili and Sir Celestine Omehia; former Deputy Speaker, House of Representatives, Sir Austin Opara; former deputy governors, Sir Gabriel Toby and Engr Tele Ikuru; Senators John Azuta-Mbata, Lee Maeba, Andrew Uchendu, Adawari Michael Pepple; former national chairman of PDP, Prince Uche Secondus; former transport minister, Dr Abiye Sekibo; Amb Orji Ngofa; and other former and current elected political office holders and leaders at all levels, with proven integrity and accomplishments, no detractor would stand on the way of the State Government in achieving the giant strides it has set for itself.

The Governor said this year, “We will ensure we protect the integrity of this state, at all cost. We won’t allow anybody take this state for a ride. It doesn’t matter the approach I will use. It’s not going to be a fight. We will follow the issues as we did with the case when they (detractors) started begging. Nothing will stop us from not achieving the purpose of governance in this State.”

With strong confidence and faith in God and the people, the Governor said, “We are not bothered about what they (opposition) will come with. God will always have a way to save us from them. They are going to come, but we are not worried. We are equal to the task. I honestly thank our leaders, from Dr. Peter Odili, Sir Celestine Omehia, Sen John Azuta Mbata, Sir Austin Opara, Prince Uche Secondus, Dr. Abiye Sekibo; to others, for the organic support you are giving to our government.

“A lot of persons would not understand what is really happening. This is not to say we did not have people that were with us and following us and fighting. But one of the troubles they (detractors) have where they are today is that they do not have any (strong) face (in Rivers politics) with them. The beginning and the end of politics in this State is Sir Peter Odili. And if he is sitting with us (here), and with these other persons, who do they have with them?

“This Dr. Odili is the right face and right image of our State. These are the frontiers of Rivers State politics. Men and women that have distinguished themselves are sitting with us (here). People who have contributed in several ways to make Rivers State what it is, not rented people they bring for dinner”, he added.

He recalled that the events of 2024, were a mix bag of daunting challenges, but quickly added that the year ended with his administration scoring more gains than losses, “2024 was not an easy year, but it was great for us in the end. About this time last year, we were not in a very pleasant mood, for fear of what might happen, because of the boasting of those who believe they control life”.

But while boldly projecting the 2025 outlook, the Governor said, “We will continue to put our trust in God as 2024 had been a wonderful year. We had our losses, and our gains. But the most important thing is that our gains surpassed the losses. We can boldly say 2024 was a good year for Rivers State. And year 2025, with your support, we are going to build on the gains of last year.”

He restated his administration’s determination to sustain the Rivers First policy, saying, “We will continue to protect the lives of our people and provide the required services in our State. We are not going to lower our guards. Rather, we will raise our bar because, what is speaking for us today is the achievements we are making in the face of obvious distractions.

“Therefore, raising the bar will be our own way of telling the world that no matter what is happening here, we mean well for the state and know what we are doing. It is not going to be easy. I know. God, at times, keeps evil people to live long to continue their evil, not because He does not know what to do but activities of evil people also keep the righteous people awake,” he stressed.

Governor Fubara commended everyone in the State for their organic support, and solicited for more support in 2025, emphasising, “We are not going to do it alone, because we have not made these gains alone. Whatever win we scored today, it is not myself alone, but the government and the support received from every one of you. I cannot pay you back for doing what is right for your State. It is our State, and at the end of the day, we are building a better future for those to take over after us. That is my own dream for the State.”

The Governor noted that it is not about power and what is done today, but sustaining a system that will be self-preserving, on which everyone can stand and be proud of the State, explaining, “I strongly believe that because of our desire to build, not our (private) supermarkets, or our hotels, but to build a (resilient) State, there is no way we will not succeed, because our interest is not for self, but the collective interest of our people.”

He assured that 2025 is going to be a year of all-round achievements, declaring that by February, 2025, his administration will embark on projects’ commissioning in other sectors, emphasising, “This time around, not roads. Our Fire Service, you can see what we are doing there. For over nine years, there was no functional Fire Service, but today, I can proudly tell you that we have bought all the vehicles, and we are remodelling the offices”.

The Governor added, “Education is the only instrument that can help our youths to avoid criminality and crime. Our State is behind in education, as our primary schools are shadows of themselves. You can see the provisions we made in our budget, and we are making sure education is given the required attention in this State.

“We have done much on health but we are going to spend more because you have to be alive to work. We are doing what we know is right, and doing those things that you can stand anywhere after our administration to defend us that our decisions were right. Nothing will stop us from achieving the purpose of governance in this State”, he vowed.

In his welcome remarks, the Secretary to the State Government, Dr. Tammy Danagogo, noted that the outgone year had been a wonderful one, and commended Governor Siminalayi Fubara, for being focused as an emancipator of the State, saying no matter the antics of the enemies, their acts to distract the government will continue to fail.

While proposing the toast for the New Year, member representing Andoni-Opobo/Nkoro Federal Constituency in the National Assembly, Hon Awaji-Inombek Abiante, said that Governor Fubara’s leadership qualities are a testament to the success of the administration, and prayed for the peace, unity and prosperity of the State, urging the “prodigals” to return home to join in the rebuilding of the Treasure Base of the Nation for future generations.

Highlight of the event was the cutting the New Year Cake by the Governor, who was joined by his Deputy, Prof Ngozi Odu; Speaker, Rivers State House of Assembly, Rt Hon Victor Oko-Jumbo; former governors Peter Odili and Celestine Omehia; Hon Austin Opara; Prince Uche Secondus; retired Justice Mary Odili (JSC); Chief Judge of the State, Justice Chibuzor Simeon Amadi; President, Customary Court of Appeal, Wilfred Ihemnacho Obuzor; Senators John Azuta Mbata, Lee Maeba, Andrew Uchendu, Adawari Pepple; Amb Orji Ngofa; and others.