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She shared the graphic photos below with the caption: Look at what Buhari condition put this two guys into, to the extend of stealing motorcycle inside church compound in 5:30 mass at Sacred heart ukunu Eziora ozubulu.I was there.'
Tuesday 27 September 2016
Checkout What Catholic Priest orders members to do this to this suspected thieves (graphic photos)
She shared the graphic photos below with the caption: Look at what Buhari condition put this two guys into, to the extend of stealing motorcycle inside church compound in 5:30 mass at Sacred heart ukunu Eziora ozubulu.I was there.'
"The Fact Is I Went Stealing And I Got Caught I'm Sorry Boi." Small Doctor Pen Warm Birthday Message To His Son
The love of a parent often times knows no boundaries. Small Doctor, an upcoming Lagos based musician is celebrating his son who yesterday turned 7. The proud father penned this really heartwarming message, reminding the boy of the hard days and how he once had to steal to fend for the boy.
Read below. Its very touching
Hapi Birthday SON @iam_littledoctor ... Abdul-Sodeeq Temitope Oluwa Alao. Little Can The WORLD Know About You.
Thank You For Making Me Strive More.
GOD Bless You For Making Me Find Myself.
This Boi At The Age Of Seven (7) Do Sleep Home Alone Back Then While I Engaged In A Whole Night Job For Close To Eleven (11) Months. Myself, Dis Boi And My Pet Slept In Buses Around Agege For A Very Long Period, We Kept Our Cloths In Condemned Fridge's. I Remember When They Stole My Bikes In The Studio, Which Was Our Only Source Of Income, It Got To An Extent I Couldn't Afford Your Feeding Talkless Of Paying Your School Fees.
During Those Times You Stay Indoor During School Hours For People Not To Keep Asking Why You Are Not In School, You Also Pretend You Have Eaten All The Food Meant For The World Whereas You Have Not Tasted Anything, Just Because You Won't Want Anybody Notice There Was Something Wrong.
Thank GOD For That One Word You Said To Me The Day You Woke Up At Midnight Just To See Me Crying (i will neva forget).
Star Boi I Wanna Confess Today Your Birthday And I Also Plead For Forgiveness For One Day I Lied To You. It Was The Day I Came Home At Night With Bruises And Wounds With My Cloths Torn, You Asked Me What Happened But I Lied To You That I Fell From Bike. Son It Wasn't True."
The Fact Is I Went Stealing And I Got Caught". I'm Sorry Boi. Once Again I Say Happy Birthday Son. I'm Sorry Star Boi....
PLEASE MAKE ME PROUD SON.. Go Into The WORLD And PROSPER...
GOD BLESS YOU... iyanu MASHELE SOONEST ✍✅. @iam_littledoctor
Floyd Mayweather sends a powerdul message to followers
The Retired Boxer shared some motivational Message on Instagram
Breaking News"Novelty Match"Technology Distribution Ltd VS Acsataon
Don't miss the Novelty Football Match - TD Stars vs our Ali Street partners scheduled for the Onikan Stadium on Saturday October 1st from 9am.
With a few days to this cracker, the excitement is approaching fever-pitch with news of the announcement of the starting line-up of Ali Street Partners that will take the field to do battle on the day. Also TD Stars have intensified preparations for this epoch-making event with a series of friendly matches geared towards keeping the team in shape for the game…
At stake is the Technology Cup which will be handed out to the victorious team at the end of the match. In addition, there will be cash reward for the winners while the Most Valuable Player (MVP) will also get a special prize.
Loads of other side attractions have been put in place to make this event an unforgettable one for all in attendance. At half time, there will be a special race for OEMs who are expected to compete for the first three podium places. Partners of Technology Distributions Limited will also participate in a similar race meant to determine the Usain Bolts among us. Ever seen a football juggled with various parts of the body for over 15 minutes without hitting the ground? Also on hand at the venue will be a supremely gifted ball juggler who will thrill you with his amazing and jaw-dropping skills with a football!
It promises to be an exciting time at the Onikan Stadium on Saturday October 1st.
Please remember to come along with your friends and family to share in the fun…
Gate Fee: Free For All
See How A Witness Got $4million From Jonathan’s Aide
It was during the trial of the former Senior Special Assistant of Domestic Affairs to the ex-President on a 23-count charge of concealment, retention of proceeds of crime, and failure to furnish information, before Justice Mohammed Idris.
A Bureau de Change operator Murtala Abubakar said he received about N1.6billion
from Mr. Dudafa through five companies – Pluto Properties and Investment Limited, Avalon Global Property, Rotato Interlink Services, Seagate Property and Ebiwise Services Limited – between 2013 and 2015.
Dudafa is standing trails with Joseph Iwejuo.
The witness said he had known Mr. Dudafa since his days as Commissioner for Local Government in Bayelsa State
“He (Mr. Dudafa) usually sent two of his employees – Festus and Jahman – with dollars in order to change same and deposit the naira equivalent into specific accounts he provided via text messages,” said Mr. Abubakar.
The witness said he received those text messages from Mr. Dudafa on his Samsung mobile phone. The mobile phone and an Ownership Attestation Form were admitted and marked as Exhibits E and E1 respectively.
When asked whether all the instructions on how to disburse the money were received via text messages, Mr. Murtala replied in the affirmative; but added that in the last transaction, Mr. Dudafa invited him to the Presidential Villa and handed to him $4 million cash.
The witness was confronted with exhibits A – B3 in which he identified all the transactions that transpired between himself and Mr. Dudafa from 2013 to 2015 both from his companies’ accounts and his personal account.
Photos: Robbers Killed In Shootout With Police In Warri
No fewer than four armed robbery suspects were Monday afternoon, gunned down during a shootout with operatives of the Nigerian Police, Warri Area Command. The incident, it was gathered, occurred at the busy Okere roundabout in the heart of Warri, in Warri South Local Government Area of the state.
An eyewitness, who spoke to Nigerian Tribune at the scene of the gun fuel, said the whole area smacked of a war zone while the shoot-out lasted as commuters and shop owners scampered for safety.
Area Commander, Warri Area Command, ACP Mohammed Muazu, who confirmed the incident, said some arms and ammunition were recovered from the daredevil hoodlums.
22-year old boy sentenced to 30 months in jail for stealing slippers in Kano
A 22-year-old man has been sentenced to 30 months in prison by a Kano Senior Magistrates’ Court sitting in Rijiyar Zaki, on Monday, September 26, for stealing slippers.
The presiding Senior Magistrate, Aminu Fagge, sentenced the accused, Rabiu Sani after he pleaded guilty to a one-count charge of theft.
Sani who is a resident of Aisami Quarters in Kano was sentenced without an option of fine.
According to the prosecutor, Yusuf Sale, one Surajo Umar of Kurna Quarters, Kano, reported the case at the Nasarawa Police Division, Kano, on September 16.
Sale revealed that the convict went to the business place of the complainant at Gidan Gashash Singer Market in Kano, on the same day.
Sani reportedly “used a razor blade and tore the sack where the complainant Umar, kept his goods and stole one roll of bathroom slippers containing 35 pairs valued N6, 000."
The court heard that the convict was charged with theft at a Chief Magistrates Court and sentenced to three months imprisonment or a fine of N10, 000 on February 5, 2016 and that Sani was again sentenced to six months imprisonment or a fine of N20, 000 at the same court on April 7, for the same crime.
Sale stressed that this arraignment makes the fourth time Sani has been brought before the court this year, noting that the offence contravened Section 285 of the Penal Code.
Herdsmen Kills 3, Burn Down Houses In Kaduna Villages
Herdsmen have again allegedly killed three in Dogon Daji village and torched part of Antang Village all around Godogodo in Jema’a Local Government Area of Kaduna State.
The Godogodo axis has been under intense siege since July by alleged herdsmen. Affected villages said, the alleged Fulani are pushing them out using violence claiming that most of the affected villages have been designated as Cattle Grazing Reserves by the government.
Meanwhile, the acting Local Government Chairman of Jema’a LGA, Mr. Humble Katuka said that only two were killed in Dogon Daji and two houses burnt in Antang.
According to him, “Report reaching me said that two people were killed in Dogon Daji, and then they burnt two houses in Atang. They diverted the attention of the Police and soldiers stationed in Godogodo and sneaked to these areas to cause havoc. But, security have been beefed up and I shall personally go there later to inspect what has happened,” he said.
A source from Dogon Daji village said, “This morning, a group of herdsmen attacked our village (Dogon Daji). They killed three people and injured about six people. I am not sure, because we had to move out women and children. Then the armed herdsmen moved to Antang and burnt part of the village and injured some people,” he said.
Rihanna Shows Off Figure During Night Out In Paris
Rihanna certainly wasn't afraid to showcase the more audacious side of her wardrobe on Monday night, as she enjoyed an evening out in Paris.
Teaming a tiny Bardot bralet with a slashed high-waisted skirt, the 28-year-old flashed a serious amount of skin as she headed out into the French capital.
Vandalisation Of Pipelines As Made Nigeria Lose 3000mw Of Electricity - Fashola
The Minister of Power, Works and Housing, Babatunde Raji Fashola, has attributed a colossal loss of 3000 megawatts in the last six months (between April and September) to consistent vandalisation and sabotage of the country’s pipelines and assets.
Fashola who gave this disclosure at the Wilson Centre, Washington DC, USA on the sidelines of the just concluded United Nation’s meeting, said, “over 3000 megawatt of power had been lost over the last six months due to consistent vandalism and sabotage of oil and gas pipelines and assets.”
He added that “the generating cap acity of the hydro plants was enhanced as their turbines, abandoned and not maintained for over three decades, received due attention pointing out that the increase in rainfall would not have meant much if the turbines were not repaired.”
According to him, “In the last one year, we have done a lot of repairs and maintenance work so that every year, of course, there is increased circle of rainfall and water levels, but if you have three turbines and only one is working, you can only depend on one. So where we had one working, we now have two, where we had two, we now have three.
”The hydros are giving us almost 400MW of power and that is a lot of power given our situation. And we have added about 1MW of Solar and there is more on the way.”
I won't trade words with Tinubu; I respect him – APC Chairman
The National Chairman of the APC, Chief John Odigie-Oyegun has said he would not be drawn into war of words with the National Leaders of the party, Asiwaju Bola Tinubu, over allegations leveled against him over the Ondo governorship primary until after the governorship election in Edo.
Tinubu had took a swipe at Oyegun over the outcome of the Ondo governorship primary of the APC, declaring that the chairman must step down for rejecting the report of the Appeal Panel set up by the party to review the outcome of the primary in the state and instead submitted the name of Mr. Rotimi Akeredolu (SAN) as governorship candidate of the party to INEC.
Reacting to the development, Oyegun said:
Tinubu had took a swipe at Oyegun over the outcome of the Ondo governorship primary of the APC, declaring that the chairman must step down for rejecting the report of the Appeal Panel set up by the party to review the outcome of the primary in the state and instead submitted the name of Mr. Rotimi Akeredolu (SAN) as governorship candidate of the party to INEC.
Reacting to the development, Oyegun said:
“Asiwaju is a well respected leader of the APC and as such, I cannot be heard speaking evil against him,” saying he had to consult with other leaders of the party before making any definite statement because “you know we have a crucial election here in Edo which is my priority right now”.
According to Oyegun, “I don’t want to lose focus and I know Asiwaju also wants us to win because we all worked hard for this. So may be after the election if there is need, I will speak if there is no need, I will relax.
“But all I can say now is that most of the things said in the papers about me are not true. I have always believed in internal democracy, that the credibility of primary must be taken seriously.”
He added: “I believe that if the primaries of parties are not credible, it may derail any democracy, so I don’t play with these things at all. Everybody knows me and I don’t joke with my credibility and I have tried to maintain it.
“Like I said, Asiwaju is our leader and we all hold him in high esteem, so I will never join issues with him. But may be after the Edo elections, after we must have emerged victorious, we may speak on some of the issues raised. So there is no problem at all."
According to Oyegun, “I don’t want to lose focus and I know Asiwaju also wants us to win because we all worked hard for this. So may be after the election if there is need, I will speak if there is no need, I will relax.
“But all I can say now is that most of the things said in the papers about me are not true. I have always believed in internal democracy, that the credibility of primary must be taken seriously.”
He added: “I believe that if the primaries of parties are not credible, it may derail any democracy, so I don’t play with these things at all. Everybody knows me and I don’t joke with my credibility and I have tried to maintain it.
“Like I said, Asiwaju is our leader and we all hold him in high esteem, so I will never join issues with him. But may be after the Edo elections, after we must have emerged victorious, we may speak on some of the issues raised. So there is no problem at all."
OPC Abducts Pastor Openly During Service, Tortures Him
A pastor with Christ Apostolic Church, Onigbogbo Atan Ota, Ogun State, Pastor Olusegun Omoniyi is critically ill after he was abducted and tortured by members of the Oodua People’s Congress.
It was learnt that 45yrs old Pastor Omoniyi had gone into hiding after he was rescued by policemen from the Sango Area Command.
He said he feared for his life as the OPC members had threatened to recapture and kill him.
The OPC members, The Punch reports, were acting on the instruction of some relatives of Omoniyi’s late wife, Omolade, who vowed to "deal with him" over the sickness and death of the woman.
It was gathered that Pastor Omoniyi and his wife married in 1999 and had a set of twins in 2000. But the twins were said to have died shortly after they were born.
It was learnt that since the death of the children, the couple had not been able to have any child, which resulted in pressures from Omolade’s family.
Early 2015, the wife was reported to have left the cleric despite entreaties from church leaders and relatives of the husband.
5 months after separating from the husband, the 42-year-old wife was attacked by a strange illness.
Pastor Omoniyi said, “She had told me that her family members didn’t want her to continue living with me, but I begged her to stay.
“However, sometime in 2015, I went for a church meeting when some of her family members came. They took away her property. Attempts at getting her family members to reconcile us were abortive as they said she had made her choice.
“However, in July 2015, I was told she was sick. On the instruction of the church leadership, I went with some other elders to give her money. But her brother did not allow us to see her, saying I should go alone to see her. We refused.
“On February 6, 2016, while I was leading a church programme around 10am, four men entered the church. Two of them were OPC members and the others – Adebayo and Stephen – were my wife’s relatives. While I was on the altar, the two OPC members said they had come to take me away.
“I told them that I would not follow them since I did not know where they were taking me to. They beat me up and one of them showed me a gun and said if I didn’t cooperate, he would kill me.”
Pastor Omoniyi said he was thrown into a car belonging to his wife’s eldest brother, adding that he was blindfolded throughout the journey.
He explained that he later found himself in Ijoko, the camp of the OPC, saying the men tortured him before taking him inside a clinic where his wife had been admitted.
“In one of the rooms, I saw my wife on the bed. Her legs were swollen and there was blood all over the place. I asked her why she left the house and what I did wrong.
“While talking to her, my in-laws started beating me. I have never suffered such torture. I told my wife right there that God would judge our matter,” he added.
He said he sneaked into the clinic’s toilet where he made a call to a church leader informing him of his location, adding that the latter informed the police who stormed the area and rescued him.
It was learnt that Omolade died the following day.
The church leadership was said to have sent a delegation to condole with the family, and the pastor also accompanied the men.
It was learnt that the deceased’s family allegedly attacked the group, insisting that Pastor Omoniyi must take his wife’s corpse with him.
“To appease them, I told them to find where they would bury her and I would bear part of the cost, but they refused.
“As I was leaving, they blocked the road and said they would burn the two vehicles we took there. The OPC members, who had earlier abducted me, came and dragged me to where the corpse was.
“After beating me again, they put me on the corpse and said I must die with her. They put me in a car with the corpse. I couldn’t recognise anybody until I saw some policemen who rescued me the second time,” he said.
Omoniyi said he was taken to a private hospital, adding that the location was not disclosed to protect his life.
He alleged that a top police officer was also backing his in-laws, saying he had gone into hiding for security reasons.
He lamented that his wife’s family had taken away his landed property, and his life was in danger.
The matter had already got to the CAC supreme council and the church had not been able to resolve the case as the late wife Omolade’s eldest brother was a top pastor in the church.
A petition has been sent to the Inspector-General of Police, Assistant Inspector-General of Police, Zone 2, Ogun State Commissioner of Police, Area Commander, Sango-Ota, Officer-in-charge, Special Anti-Robbery Squad, Abeokuta, among others.
The petitions called for the arrest of Omoniyi’s in-laws and the OPC members for the abduction and torture of the pastor. No action has been taken on the petition as at the time of reporting.
A top leader with CAC, who did not want to be identified, said the case had become very worrisome, appealing to Nigerians and the authorities to do something fast to save Pastor Omoniyi.
Read Kemi Olunloyo's brithday message to Linda Ikeji
Read after the cut...
#hnnbirthday Happy 42nd birthday @officiallindaikeji (PART ONE)
Controversial journalist, Kemi Olunloyo, has taken out time to write Linda Ikeji a caustic birthday message.Party's over and everything is back to normal in the Linda Ikeji media office....or is it? Last week I tweeted things that obsessed Linda Ikeji fans needed to know about me and her warning them to stop comparing me to a blogger as I'm a Journalist. We are NOT in the same league. Most of her fans are illiterates anyway, female college prostitutes and in the 18-25yo age range. They think I'm jealous of her each time I expose her. Well this is MY BIRTHDAY MESSAGE to her.
Dear Linda, I saw your interview in Today's Woman and your birthday Twitter video. Darling you are not 36 yo and there is no reason to fool your fans. Age is nothing but a number. People who meet me think I am 35 when I'm actually 52. I look hat young. Your life is now catching up with you. There is KARMA now filtering in. Linda what does it feel like telling a magazine you never got over Dan Foster? How does it feel to be engaged to someone you love and 3 weeks to the wedding it's cancelled, wasting Aso Ebi, Cow money and even the venue deposit all gone. This is what you did to my niece Adeola Olunloyo.
Some people heard of this already in 2006 (Global Excellence and City People), 2013 on my Panadol headache audio which I attached below and also March 2016 in my Pulse TV interview exposing many celebrities including you.
Why do I stress so much on this sad incident? I am constantly watching how your life is going when two people are in love and a "model" ruins their wedding 3 weeks to the day and elderly family members keep asking you what or who a "model" is? You wrecked so many relationships in your lifetime. Uche Pedro (who forgave you) at Bella Naija vs D'Banj, Deola Olunloyo vs Dan Foster wedding in 2006 and more.
Journalist and Professional Blogger Stella Dimoko Korkus told me every single relationship you wrecked and you know them, but nothing hurts more than ruining my niece's wedding.
So now you are telling the world that you have blogged so much that you forgot your biological clock is ticking. You are now desperate for "regular sex" like you are some hoe. That can be easily achieved on Allen Avenue.
So now you are telling the world that you have blogged so much that you forgot your biological clock is ticking. You are now desperate for "regular sex" like you are some hoe. That can be easily achieved on Allen Avenue or as a "Madam" in your Banana mansion. You want a man and a bunch of kids. Karma is now biting you. I'm enjoying my two successful adult children, loving motherhood and single and happy. I don't need a husband, a husband need ME! Take my advice, at 42 yo, I don't know how you are going to start a family instantly.
You may find a gold digger who wants to spend your money like the Maje Ayida and TeeBillz types. Just ask Toke Makinwa and Tiwa Savage who are now single lovely ladies. My advice to you young lady is not to rush shit and accept your mistakes. Deola Olunloyo has moved on, Dan Foster has a lovely family and you are alone, single and desperate telling your friends to introduce you to single guys. I was shocked reading this. Your fans kept silent about your desperation. They are illiterates anyway.
No guy is single in Nigeria these days Linda. You are gonna be the second, third wife or the mistress. Kneel down and ask God for forgiveness, Give Jennifer Aniston a call for advice and listen to my 2013 audio attached. Money can buy a Banana, Pear or Strawberry Island mansion but CANNOT buy a husband and kids. Good luck Linda, you have no blogger awards yet like Uche Pedro, Omojuwa and Ben Kiruthi. Hope u get that MAMA2016 award and a Happy 42nd birthday!
Kemi Omololu-Olunloyo
20-year-old man Defile A 4 year old in Lagos blames the devil (photo)
A 20-year-old man, who lures children into his room with kids cartoon television shows on cable network, and then rape them, has been arrested by police in Egbeda area of Lagos State. Upon interrogation, he blamed the devil for his act.
The suspect, Bassey Johnson, who hails from Akwa Ibom State, met his waterloo when one of his victims, a four-year-old girl, complained of pains in her private parts to her mother. During interrogation, the toddler mentioned Johnson’s name, consequent upon which her parents invited the police.
When interrogated, Johnson, who just concluded his apprenticeship in welding, said:
“This is the devil’s handwork. I am indeed very sorry for my action. I did not know that the offence is this grave.
When I came back from an outing on Saturday, I tuned my television set to a cartoon station. Immediately, the children in the compound heard the sound, they rushed inside to watch. I took my clothes, which I had washed the previous day, to the line and when I came back, I sat on the bed and carried one of the children on my lap. That is how I do it.
After some time, as my conscience started pricking me, I dropped her. The children later went out when there was power cut. But the child’s mother later called me and asked what I did to her daughter. I opened up but maintained that I did not penetrate.”Vanguard gathered that clinical check on the girl revealed that her hymen was broken, indicating that there was penetration. The suspect, according to his parents, had been transferred from Egbeda Division to the State Criminal Investigation and Intelligence Department, SCIID, Yaba.
Nigerian man proposes to his girlfriend with a car (Photos)
Traditional Rites To Be Performed On Pastor who invaded shrine
The Ogun State Police Command says it will prosecute a Pentecostal pastor, Wale Fagbere, who allegedly invaded a traditional shrine in the Ketu area of Ayetoro.
The Police Public Relations Officer in the state, Mr. Abimbola Oyeyemi, told the News Agency of Nigeria in Abeokuta on Monday that the cleric would be charged with malicious damage and conduct likely to cause a breach of the public peace.
“What he did was wrong and so he must be charged to court. If it was the other way round too, they would also be charged to court.
“Everyone has a right to worship whatever deity one chooses to worship without fear,” he said.
Oyeyemi, however, added that he could not tell in which court the accused would be arraigned as of press time.
NAN had reported that Fagbere on Saturday attempted to pull down a traditional shrine in Ketu, in the Yewa North Local Government Area of the state.
But he was reported to have gone numb upon entering the shrine, attracting a crowd to the scene.
He, however, regained consciousness after the traditional ruler of the town, Oba Abdulaziz Adelakun, intervened and directed that some traditional rites be performed on him.
Woman Brutalizes Her Maid In Lagos, Cuts Her With Saw
Why visit your fellow human being with such wickedness, because she's your maid? The operatives of the Lagos State Police Command have arrested a woman who allegedly abused her housemaid by inflicted a severe injury on her wrist with a saw.
The incident was said to have happened on Sunday in the Meiran Alagbado area of Lagos state after neighbours heard the shout of the girl in the woman’s apartment.
On getting to the apartment to ascertain cause of the shout, neighbours managed to force open the woman’s door and found the underage maid bleeding profusely while still doing domestic chores.
A neighbour who witnessed the saga said the girl told them that her madam was in the habit of using crude items on her anytime she is beating her.
She said: “While the girl was trying to escape, the woman used the saw to inflict that injury on her.Not bothered with the blood flowing from the girl, the woman still forced the maid to wash clothes with the same hand.”
Concerned neighbours had no choice but to report the barbaric act to the Meiran Police Station. The madam has been arrested and detained, case under investigation.
Read Charles Soludo's take on moves to sell Nigeria's Assets
||The argument that sale of asset is the only way to reflate the economy out of recession is troubling, and suffers what economists might call policy myopia or time inconsistency problem… if we auction away some valued national assets for the short term goal of reflating the economy out of recession, what will happen during future cycles of recessions and economic crisis?I have just read the wide media coverage regarding the recommendations of the National Economic Council (NEC), as well as the Senate, on the ways to reboot the economy out of the current recession. Times such as this require all brains at work and all hands on deck. Consequently, I commend both institutions for their patriotic duty in advising the President. Surely, the proposals are still mere advice or recommendations, and not approval as wrongly reported by some media. Only the president can approve any of those recommendations to become policy (both the NEC and Senate are advisory bodies on matters of national economic policy.)
Without doubt, several of the proposals deserve serious consideration. In particular, the Senate suggestion for active coordination between monetary and fiscal authorities is urgent. Furthermore, the suggestion to urgently review legislations that impede the economy and enact new ones is commendable. The National Assembly and the Presidency should declare an emergency on these legislations and ensure that they deliver on them over the next 100 days for the sake of Nigeria. I expected this to have been done within the first 100 days of this administration.
I am not in the habit of joining issues, except when I consider the matter critical. Specifically, I am troubled by the proposal to sell some valuable national assets in order to “build reserves and provide funds for immediate spending” and thus ensure that this recession will be the “shortest” ever. Some people had bandied the same suggestion in the past but I largely dismissed it as a joke. But when the Senate and NEC joined the convenient but flawed call for asset sale, I have a citizen duty to join others in letting our voice be heard.
I am not in the habit of joining issues, except when I consider the matter critical. Specifically, I am troubled by the proposal to sell some valuable national assets in order to “build reserves and provide funds for immediate spending” and thus ensure that this recession will be the “shortest” ever. Some people had bandied the same suggestion in the past but I largely dismissed it as a joke. But when the Senate and NEC joined the convenient but flawed call for asset sale, I have a citizen duty to join others in letting our voice be heard.
Part of the legacy of the oil resource curse on matters of public finance is a mindset that resorts to a easy, albeit lazy approach to ‘quick fixes’ – with a gaze on the short term, even when the issues are structurally long-term. So, I understand the mental framework that drives such a proposal, especially given the pressures to show immediate results.
But for the record, it is our considered view that the proposal is based on a false foundation. Our thesis is that in extreme, exceptional circumstances, the sale of certain assets could be a last resort option but that Nigeria is currently not near that threshold and the institutional framework for its effective use is also not in place. Furthermore, we argue that any sale of assets now amounts to chasing pennies when by acts of omission or commission, we are losing pounds. Such a hasty auction of national assets can only benefit a privileged few with cash and access while jeopardising Nigeria’s long term economic interests. It will be a historic mistake for the reasons stated below.
Let me start by noting that the objective of the policy is mistakenly identified in terms of getting the economy out of recession. Recession is short-term. With good rains and bumper agricultural harvest, GDP growth can easily recover with tepid positive growth and bingo, we are out of recession! A GDP growth rate of even 0.01 percent next quarter will mean that we are out of the recession. What does this actually mean for the average Nigerian? Really very little! The fundamental issue to focus the attention of policymakers is that the economy has dramatically compressed by more than 50 percent in US dollar terms. The GDP compressed in dollar terms from about $575 billion (as at the time this government took over) to about $252 billion currently—depending on the exchange rate used (currently estimated to be about third largest economy in Africa after South Africa and Egypt; with per capita income closer to $1,300 from over $3,000 in 2014.)
But for the record, it is our considered view that the proposal is based on a false foundation. Our thesis is that in extreme, exceptional circumstances, the sale of certain assets could be a last resort option but that Nigeria is currently not near that threshold and the institutional framework for its effective use is also not in place. Furthermore, we argue that any sale of assets now amounts to chasing pennies when by acts of omission or commission, we are losing pounds. Such a hasty auction of national assets can only benefit a privileged few with cash and access while jeopardising Nigeria’s long term economic interests. It will be a historic mistake for the reasons stated below.
Let me start by noting that the objective of the policy is mistakenly identified in terms of getting the economy out of recession. Recession is short-term. With good rains and bumper agricultural harvest, GDP growth can easily recover with tepid positive growth and bingo, we are out of recession! A GDP growth rate of even 0.01 percent next quarter will mean that we are out of the recession. What does this actually mean for the average Nigerian? Really very little! The fundamental issue to focus the attention of policymakers is that the economy has dramatically compressed by more than 50 percent in US dollar terms. The GDP compressed in dollar terms from about $575 billion (as at the time this government took over) to about $252 billion currently—depending on the exchange rate used (currently estimated to be about third largest economy in Africa after South Africa and Egypt; with per capita income closer to $1,300 from over $3,000 in 2014.)
With the current policy regime, it will be a miracle if the current government can, after eight years in office by 2023, succeed in returning Nigerian economy just to the size of GDP (in US dollars) it met it in 2015. To be fair, the wheels of the economy were already falling off by the time this government took over plus other complications of the oil sector and I sympathise with them. But it is also fair to note that some of its policy choices have made matters worse. Now that the government is showing seriousness in tackling the crisis, focusing on the short-term next quarter GDP growth misses the key point and has the danger of understating the serious work required.
Second, there is little basis for the figures being bandied (only God knows how they did the valuation and by whom to get $10-15billion expected from the asset sales), and there is no basis for the expectation that shoring up reserves by this amount will magically restore investor confidence and stop speculation on the naira. What they seem to suggest is that there is a sense of “optimal level of reserves for confidence” such that once investors see $35 billion or $40 billion as reserves, they will stop speculation. This is a strange argument. Private economic actors are much smarter. There is more to investor confidence than temporary boosts in the stock of reserves when everyone knows that the underlying political environment, as well as the policy regime and its credibility make the flow of reserves unsustainable.
Second, there is little basis for the figures being bandied (only God knows how they did the valuation and by whom to get $10-15billion expected from the asset sales), and there is no basis for the expectation that shoring up reserves by this amount will magically restore investor confidence and stop speculation on the naira. What they seem to suggest is that there is a sense of “optimal level of reserves for confidence” such that once investors see $35 billion or $40 billion as reserves, they will stop speculation. This is a strange argument. Private economic actors are much smarter. There is more to investor confidence than temporary boosts in the stock of reserves when everyone knows that the underlying political environment, as well as the policy regime and its credibility make the flow of reserves unsustainable.
The IMF calculates reserve adequacy in terms of the amount to finance at least three months of imports, especially for countries with flexible exchange rates (which we claim to have), and of course also enough to cover short term forex liabilities for countries with open capital accounts. Nigeria currently has much more reserves to cover even six months of imports (size of imports also depends on exchange rate). So, what is the problem?
Furthermore, if building reserves or budget revenue is the objective, it seems to me that we are chasing pennies through asset sale while losing pounds. How much are we losing each day in oil production/sales through the disruptions in the Niger Delta?… Can someone explain why the cost per barrel of oil production in Nigeria is several times the cost in Ghana, Equatorial Guinea, Saudi Arabia, Iran, etc and how many billions of dollars are being “lost”?
No amount of reserves can stop currency speculation in a poor policy environment. There is much more to confidence than the absolute or relative size of reserves. Look around our West African neighbours that are doing far better in economic terms and check out the size of their reserves (even as percentage of GDP). Until 2004, Nigeria never had more than $10 billion in reserves, and we have survived oil prices below $10 without selling Nigeria. The British pounds has been down for months against major currencies since the Brexit vote in June, while China (with trillions of dollars in reserves) experienced major stock market and currency attacks recently and the Yuan had to be devalued. Before the 2008/2009 crisis, Russia had robust reserves but it lost tens of billions struggling to defend the local currency and eventually yielded to the market.
We spent one year trying to reinvent the wheel of macro management and exchange rate regime at a time of adverse terms of trade shocks with twin deficits. Finally, we have admitted that we had used the Nigerian economy and Nigerians as guinea pigs in the futile experimentation with a tried but failed policy—and the dead bodies are littered everywhere with a recession, escalating unemployment and factory closures, rising inflation and poverty. Now we have started to make some progress with so-called ‘flexible exchange rate’ but still combined with a black list of 41 items ineligible for forex, as well as other crude controls, and the consequent huge parallel market premia that is one of the highest in the world. Parallel market exchange rate has now become a very important leading indicator in the economy.
Furthermore, if building reserves or budget revenue is the objective, it seems to me that we are chasing pennies through asset sale while losing pounds. How much are we losing each day in oil production/sales through the disruptions in the Niger Delta?… Can someone explain why the cost per barrel of oil production in Nigeria is several times the cost in Ghana, Equatorial Guinea, Saudi Arabia, Iran, etc and how many billions of dollars are being “lost”?
No amount of reserves can stop currency speculation in a poor policy environment. There is much more to confidence than the absolute or relative size of reserves. Look around our West African neighbours that are doing far better in economic terms and check out the size of their reserves (even as percentage of GDP). Until 2004, Nigeria never had more than $10 billion in reserves, and we have survived oil prices below $10 without selling Nigeria. The British pounds has been down for months against major currencies since the Brexit vote in June, while China (with trillions of dollars in reserves) experienced major stock market and currency attacks recently and the Yuan had to be devalued. Before the 2008/2009 crisis, Russia had robust reserves but it lost tens of billions struggling to defend the local currency and eventually yielded to the market.
We spent one year trying to reinvent the wheel of macro management and exchange rate regime at a time of adverse terms of trade shocks with twin deficits. Finally, we have admitted that we had used the Nigerian economy and Nigerians as guinea pigs in the futile experimentation with a tried but failed policy—and the dead bodies are littered everywhere with a recession, escalating unemployment and factory closures, rising inflation and poverty. Now we have started to make some progress with so-called ‘flexible exchange rate’ but still combined with a black list of 41 items ineligible for forex, as well as other crude controls, and the consequent huge parallel market premia that is one of the highest in the world. Parallel market exchange rate has now become a very important leading indicator in the economy.
There is a saying that “confidence grows at the speed that a coconut tree grows but falls at the speed a coconut falls”. Investor confidence is not like a tap you can turn on and off. Restoring policy credibility by swiftly correcting the persisting errors and demonstrating commitment to sound macro management rather than the “trial and error” mode will be the first important step forward. If we sell asset and lodge into the reserves under the current policy framework, I am willing to take a bet that in a few months’ time, it will be frittered away and we will be in even a bigger mess as economic agents know that we have nothing else to resort to.
Furthermore, if building reserves or budget revenue is the objective, it seems to me that we are chasing pennies through asset sale while losing pounds. How much are we losing each day in oil production/sales through the disruptions in the Niger Delta? We need to broker a deal urgently on this matter. Can someone explain why the cost per barrel of oil production in Nigeria is several times the cost in Ghana, Equatorial Guinea, Saudi Arabia, Iran, etc and how many billions of dollars are being “lost”? What does it cost to fund the security vessels to protect oil companies vis-à-vis equipping the Navy to do its job, and how many billions of dollars can be saved from that over time?
Furthermore, if building reserves or budget revenue is the objective, it seems to me that we are chasing pennies through asset sale while losing pounds. How much are we losing each day in oil production/sales through the disruptions in the Niger Delta? We need to broker a deal urgently on this matter. Can someone explain why the cost per barrel of oil production in Nigeria is several times the cost in Ghana, Equatorial Guinea, Saudi Arabia, Iran, etc and how many billions of dollars are being “lost”? What does it cost to fund the security vessels to protect oil companies vis-à-vis equipping the Navy to do its job, and how many billions of dollars can be saved from that over time?
How many hundreds of millions or billions of dollars are being lost through inappropriate pricing and auctioning of the telecommunications spectrum assets? How much is being lost by way of portfolio/FDI inflows and export revenue due to the incoherent, inconsistent and distorting export and exchange rate policies? Indeed, the amount of capital flight out of Nigeria is estimated to be far in excess of the expected revenue from asset sales.
We know that government non-oil revenue has averaged three percent of GDP over the years (because we relied upon the easy oil rents for revenue and abandoned tax collection) while many African countries without oil average 18-25 percent of GDP in tax revenue. Such countries also have a larger informal sector than Nigeria. Several of them are doing close to double digit GDP growth. How did Dr. M.I. Okpara, Ahmadu Bello and Obafemi Awolowo, as well as Dennis Osadebey and Samuel Akintola in the regional governments or even the federal government of Nigeria then fund their budgets without oil?
It is good news that the Federal Inland Revenue Service (FIRS) has announced its intention to make 700,000 companies pay tax for the first time. That is a good effort, but the bulk of the money is in the informal sector (and we must learn how other African countries do it.) The list is long, but our point is a simple one: sale of asset is the easy short-term option to earn peanuts while ignoring the hard work to earn the sustainable revenue required to move the economy forward.
In addition, government is yet to demonstrate seriousness in tackling the conundrum in our public finance. Over the past few years, especially 2009-2014 (part of the years of high oil prices), total recurrent expenditure exceeded total government revenue, meaning that not a penny of the oil boom was used for infrastructure/capital expenditure and we even borrowed to fund consumption (literally every penny of capital/infrastructure spending was borrowed). The trend has not changed under the current government. Funds are fungible, and reasonable people are right to fear that indirectly the proceeds from asset sale will end up funding current consumption.
I have argued that Nigeria should adopt the Norwegian model whereby we invest 100 percent of the proceeds from oil, privatisation, and other sale of asset into a sovereign wealth fund. Each generation can only spend the returns from the fund as revenue. This way, we can guarantee that generations unborn will also enjoy the gift of nature to the country and truly force us, out of necessity, to diversify the economy.
The argument that sale of asset is the only way to reflate the economy out of recession is troubling, and suffers what economists might call policy myopia or time inconsistency problem. First, imagine if previous governments had used asset sales as a strategy to ‘reflate the economy’ during previous periods of economic recession or crisis. Alternatively, if we auction away some valued national assets for the short term goal of reflating the economy out of recession, what will happen during future cycles of recessions and economic crisis? The global economic system is inherently and cyclically crisis-prone. Prudently managed economies are preparing for the next cycles of global crisis, and the IMF has already warned of persisting vulnerabilities. What shall we sell then?
Besides, a hasty auction of the assets will short-change Nigeria. Privatisation of national asset is not an ideological matter for me. It is plain pragmatism. Reasonable people can have a good debate about the composition of public asset for sale at any time. Although government is yet to be definitive about the asset being proposed for sale, it is reasonable to object to any scheme that will hurriedly sell performing public asset that guarantee future flows of revenue and forex to future generations, such as the NLNG, AFC shares, JVs in oil and gas sector, etc. Even for non-performing assets, when privatisation is forced and assets auctioned on an emergency basis to meet short-term needs, the danger signs are there for all to see.
In addition, government is yet to demonstrate seriousness in tackling the conundrum in our public finance. Over the past few years, especially 2009-2014 (part of the years of high oil prices), total recurrent expenditure exceeded total government revenue, meaning that not a penny of the oil boom was used for infrastructure/capital expenditure and we even borrowed to fund consumption (literally every penny of capital/infrastructure spending was borrowed). The trend has not changed under the current government. Funds are fungible, and reasonable people are right to fear that indirectly the proceeds from asset sale will end up funding current consumption.
I have argued that Nigeria should adopt the Norwegian model whereby we invest 100 percent of the proceeds from oil, privatisation, and other sale of asset into a sovereign wealth fund. Each generation can only spend the returns from the fund as revenue. This way, we can guarantee that generations unborn will also enjoy the gift of nature to the country and truly force us, out of necessity, to diversify the economy.
The argument that sale of asset is the only way to reflate the economy out of recession is troubling, and suffers what economists might call policy myopia or time inconsistency problem. First, imagine if previous governments had used asset sales as a strategy to ‘reflate the economy’ during previous periods of economic recession or crisis. Alternatively, if we auction away some valued national assets for the short term goal of reflating the economy out of recession, what will happen during future cycles of recessions and economic crisis? The global economic system is inherently and cyclically crisis-prone. Prudently managed economies are preparing for the next cycles of global crisis, and the IMF has already warned of persisting vulnerabilities. What shall we sell then?
Besides, a hasty auction of the assets will short-change Nigeria. Privatisation of national asset is not an ideological matter for me. It is plain pragmatism. Reasonable people can have a good debate about the composition of public asset for sale at any time. Although government is yet to be definitive about the asset being proposed for sale, it is reasonable to object to any scheme that will hurriedly sell performing public asset that guarantee future flows of revenue and forex to future generations, such as the NLNG, AFC shares, JVs in oil and gas sector, etc. Even for non-performing assets, when privatisation is forced and assets auctioned on an emergency basis to meet short-term needs, the danger signs are there for all to see.
Nigeria will never get value for money under the circumstance. We all know what happens when someone urgently needs to sell his or her property to meet an emergency. What happens to the valuation/pricing? If we price them properly and wish to go through proper due process, the deal might take several years to conclude, thereby defeating the advertised purpose of immediate spending. On the other hand, if we insist on forced sale because we need cash urgently, we can as well imagine how the valuation will be done and how buyers will bid for them.
In all, the proposal is largely self-serving and convenient. For some privileged private sector operators with cash and access, the temporary rump up of reserves as well as temporary strengthening of the naira will enable them to take whatever forex they can get (at the official rate) knowing that it is just a temporary elixir. They can then roundtrip same a few weeks after and rake in billions. Furthermore, the attempt to sell valuable national asset under duress guarantees these same interests to cherry-pick the asset on the cheap. For our Senators and government, it is very convenient in the sense that it provides easy money to continue with the expenditure trends. So, for both government and its private sector collaborators in this scheme, it is a win-win. The only losers are Nigerians and the economy. In this apparent short-termism or myopia, no one seems to care about tomorrow.
This brings me to the issue of inter-generational equity. I read an argument that a private company would normally sell its asset when it is in distress. Well, there is a world of difference between managing a firm/company (a micro operation with profit maximisation as objective and which can easily go through bankruptcy/liquidation) and managing a national economy with multiple and often conflicting objectives, including social and inter-generational equity. Oil and gas, solid minerals and other depleting national assets belong to present and future generations of Nigerians in perpetuity. In less than 40 years, oil may be history in Nigeria.
In all, the proposal is largely self-serving and convenient. For some privileged private sector operators with cash and access, the temporary rump up of reserves as well as temporary strengthening of the naira will enable them to take whatever forex they can get (at the official rate) knowing that it is just a temporary elixir. They can then roundtrip same a few weeks after and rake in billions. Furthermore, the attempt to sell valuable national asset under duress guarantees these same interests to cherry-pick the asset on the cheap. For our Senators and government, it is very convenient in the sense that it provides easy money to continue with the expenditure trends. So, for both government and its private sector collaborators in this scheme, it is a win-win. The only losers are Nigerians and the economy. In this apparent short-termism or myopia, no one seems to care about tomorrow.
This brings me to the issue of inter-generational equity. I read an argument that a private company would normally sell its asset when it is in distress. Well, there is a world of difference between managing a firm/company (a micro operation with profit maximisation as objective and which can easily go through bankruptcy/liquidation) and managing a national economy with multiple and often conflicting objectives, including social and inter-generational equity. Oil and gas, solid minerals and other depleting national assets belong to present and future generations of Nigerians in perpetuity. In less than 40 years, oil may be history in Nigeria.
But the current generation has basically been consuming what belongs to them and their great grand-children. In various policy proposals (which obviously did not see light of the day because again, they were not convenient), I have argued that Nigeria should adopt the Norwegian model whereby we invest 100 percent of the proceeds from oil, privatisation, and other sale of asset into a sovereign wealth fund. Each generation can only spend the returns from the fund as revenue.
This way, we can guarantee that generations unborn will also enjoy the gift of nature to the country and truly force us, out of necessity, to diversify the economy. For the Senate to glibly suggest sale of national asset without first providing a robust legislation on how to invest the proceeds to protect future generations is very disappointing. We have sold many national asset in the past (under privatisation programme) and does anyone remember what we did with the proceeds?
At some point, this country must start learning and not repeat the same mistake year in year out.
Chukwuma Charles Soludo (CFR)
Chukwuma Charles Soludo (CFR)
a former Central Bank of Nigeria governor
is with the African Heritage Institution.
This single mum went to see her son, but says she got beaten of her life from ex-husband
Too many drama between women and the men they used to be married to because of kids. Why not maturely sit and talk your issues out, agree how to be spending time with your kid(s) individually, that is if you two can't live together anymore, for whatever reason. No need to fight, at all.
The ex-wife is crying out. Read what she wrote below:
"I got the beatings of my life today in front of my son, just because I visited my son. I can’t keep quiet anymore because my life I at stake, I’m posting this here because I don’t know what will happen to me next.
My ex husband told me he will kill and bury me and nothing will happen to him. I can’t tell my mum about this trait because of her health."
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