Politics: Wike, tell the world how INEC wants to rig the rerun elections – APC

Wike, tell the world how INEC wants to rig the rerun elections – APC

The All Progressives Congress, APC, has expressed surprise to hear Gov. Nyesom Wike of Rivers State make another wild accusation to the effect that he had uncovered plans by the Independent National Electoral Commission [INEC] to rig the forthcoming rerun election in favour of the opposition.

“We were not surprised because such tales coming from the governor fit perfectly well into his usual past time of trading on unfounded accusations just to prepare the ground for launching electoral mischief” the APC said in a statement signed by its State Publicity Secretary, Senibo Chris Finebone today in Port Harcourt.

Continuing, the party said, “If indeed the governor is serious about his discovery and he was referring to the APC when he made reference to the opposition then we challenge him to make public his findings. The APC believes that it is mere smokescreen by the governor to divert attention from his readiness to deploy from his unholy book of electoral mischief and the APC is ready for him.”

The APC called on the INEC not to be distracted by such diversionary antics, but ensure that every aspect of the forthcoming rerun elections in Rivers State is transparent and credible to prove Gov. Wike wrong.

On the statement by Gov. Nyesom Wike claiming that he intimidated Gov. Adams Oshiomhole with his presence in Edo State before the last botched election, the APC said, “we believe without doubt that Gov. Wike exported militants and hoodlums to Edo State to rig election and cause mayhem there. A local saying has it that a man that has the penchant for bad sleep takes the habit to anywhere he goes.”

“It is sad that Gov. Wike is steadily imposing and reinforcing on Rivers State the notorious brand image of a state that thrives and possibly exports violence and everything negative. The APC believes that that image does not represent who true Rivers people are; indeed, the governor is on his own. Rivers people will recover their state from today’s vandals and the world will see the true image of Rivers people as bequeathed by the founding fathers of our dear state” the statement further stressed

On the widely reported amendment of some laws to enable the governor appoint local government caretaker committees perpetually, the statement noted that what the Rivers State House of Assembly has been goaded into doing is a naked rape of democracy reminiscent of the dark ages and, in any case, “we are politically back to the dark ages.”

“Those embarking on this political journey will ultimately find out that they will be held to account for their actions someday” the statement finally declared.

Aviation: Nigeria’s biggest airline, Arik Air resumes full flight operations

Nigeria’s biggest airline, Arik Air resumes full flight operations

Nigeria’s biggest airline company, Arik Air said it will resume full operations on Wednesday after thousands of passengers were left stranded in airports across the country on Tuesday following suspension of flight operations over what the company described as glitches with renewal of its insurance papers.

“We have resolved the issues relating to the insurance. Our flights have resumed but our full operations will start tomorrow. Two flights are already leaving to Port Harcourt and Abuja this evening. We sincerely apologise to our clients,” Adebanji Ola, its spokesman said in a statement on Tuesday evening.

Group CEO, Dr. Michael Arumemi-Ikhide, also apologised to its passengers and said the airline was fully committed to normal operations and minimise any unfortunate inconvenience to them.

“Where flights have been cancelled, the airline will notify passengers through SMS and in such cases, passengers will be accommodated on first available alternative flight as soon as normal flight operations resume,” Arumeni said.

The statement read:

Arik Air, West and Central Africa’s largest airline, is pleased to announce that scheduled flights will resume from 11 am today, Wednesday September 14, 2016.

Members of the public and our esteemed customers are advised to discountenance the disparaging allegations, unsubstantiated and uninformed claims about the airline’s inability to meet its financial obligations to aviation fuel marketers and a purported withdrawal of insurance services to Arik Air by its insurers.

While the current scarcity of aviation fuel (JET A1) has impacted on the operations of airlines in the country, Arik Air is in good standing with its fuel suppliers and has been meeting its obligations to them and to our insurers. With the regularization of the required documents relating to the renewal of the insurance, Arik Air will be resuming its normal flying schedule from 1100 hours on Wednesday, September 14, 2016.

Arik Air regrets the unfortunate inconvenience caused to its customers and reassures our customers of expedient rebooking of any affected flights.

Business: Understanding the CBN’s flexible exchange rate

Understanding the CBN’s flexible exchange rate

Written by the Editorial Board of The Guardian Newspaper

Although it was touted by the Central Bank of Nigeria as the product of wide consultation and careful preparation, the formally styled Flexible Exchange Rate Interbank Market (FERIM) dashed public expectation from the word go. Inflationary pressure with its accompaniments has further worsened in the wake of the very sharp depreciation of the naira. Notwithstanding knowledge that parallel lines do not meet, FERIM like its predecessors plays up the so-called parallel market exchange rate as the reference rate to be matched or merged. But matter-of-factly, elements desperate enough to patronise the parallel forex market should be left to their choice whereas the monetary authority has the duty to ensure a stable and realistic exchange rate to facilitate optimal economic activity.

However, such a FERIM outcome has been thwarted and will continue to be frustrated by several corrupt vested interests that are at work. Firstly, the CBN trespassingly acts as a firsthand or primary forex seller and wrongly collects commission from deposit money banks (DMBs) which Federation Account beneficiaries should actually pay to the DMBs. In that reversed role, the apex bank surrenders the country’s external reserves to middleman-trader DMBs that “shall be required to resell a minimum of 70% of any uptake from CBN in the interbank market on the day of purchase.” By implication, as apparent compensation for the commission stolen by CBN, DMBs have been given free rein to overstate forex volume needed (which induces a more depressed naira value than otherwise) in order to acquire the extra 30% volume for later resale. And to make a killing, DMBs proceed to set a price that further depreciates the national currency. On the contrary, a central bank’s intervention role in a forex market should only occur as a last resort for the purpose of buying up at a lower or the market-determined rate surplus forex to boost the external reserves or to sell at a premium part of the external reserves to reimburse forex shortfall.

Secondly, by adopting “no predetermined spread on forex spot and forex forward” sales on the FERIM, the CBN signifies indifference to imposition by DMBs of extortionate charges on forex end-users. Little wonder forex sales are the main source of bank earnings at the expense of competitive domestic production. However, under best practice, banks as intermediators are to the forex market what stockbrokerage firms are to the stock market. Therefore, DMBs should earn a predetermined commission on forex transactions as indeed was the case in the 1970s.

Thirdly, bureaux de change (BDCs) are meant to buy forex from small holders and tourists for resale to banks and small end-users. But in July the CBN resurrected the ruinous flow of forex in the opposite direction by directing DMBs to sell forex cash accruing from inward money remittances to BDCs. At $50,000 per BDC per week, $7.2 billion scarce forex would drain to the 2,786 BDCs (January 2016) for sale for specific transactions of Business/Personal Travel Allowance, Overseas School and Medical Fees. Such BDC customers must present Bank Verification Numbers as bank account operators. Like DMBs, the BDCs disregard the rules and charge their customers as they please. So, except for the purpose of releasing forex in the banking system to the well-connected rentier BDC owners for unconscionable corrupt enrichment through reckless parallel market rates, DMBs are best placed and equipped to handle the stated forex transactions. Therefore, as in focused economies, BDCs should be restricted to their normal role.

Fourthly, while the financial sector and its players feather their nests as sketched above, envious yet-to-be-gorged members of the organised private sector (OPS) that are being seared by the FERIM rates have demanded concessionary exchange and interest rates in addition to their long-stated request for preferential allocation of forex. As camaraderie, the CBN directed DMBs to devote 60% of forex at their disposal to imports of “plant, machinery and raw material.” There is no action yet regarding the burden of high interest rate. However, it is not clear if manufacturers will purchase the 60% forex at whatever is the going FERIM rate or at concessionary rate that could emerge from the 60% forex/demand situation. In any case, will the anticipated manufactures enjoy effective demand while the populace chokes under FERIM and parallel market exchange rates? Clearly, the option of granting sector-by-sector forex allocations and exchange rates in not viable.

Fifthly, the willfully unaddressed root cause of the unrealistic FERIM rate involves the entrenched dual currency system by way of dollarisation in the banking sector. It is imperative to put an end to the injurious dollarisation by the FG and the OPS as follows: one, the NNPC dollar deposits in DMBs exemplify FG culpability in dollarisation of the banking sector. FG naira and foreign currency revenue should always be transferred to the Treasury Single Account domiciled in the CBN within the shortest possible time. Recently, the apex bank temporarily barred eight banks from the forex market pending the remittances to the TSA of $1.8 billion outstanding NNPC deposits. (Why, while the ban lasted, were interested customers of those banks through no fault of theirs, vicariously denied the opportunity to bid for and access forex for their legitimate business pursuit)? The plan to remit the outstanding funds in dollars that was struck between the CBN and the banks unnecessarily protracts dollarization by the FG. Since the outstanding $1.8 billion belongs to Federation Account beneficiaries that are currently paid naira amounts and because “the banks have the naira equivalent of the outstanding amount”, the debtor banks should immediately remit the naira equivalent to the TSA. Case closed!

Additionally, the CBN should take the all-important step to excise the cancerous tumour of dollarisation of the banking sector. Not being forex seller of the first instance, the apex bank should begin to disburse FA dollar allocations in a secure form for the beneficiaries to sell as and when required via the DMBs as indicated earlier. This very step will end the excess liquidity-spewing substituted CBN deficit financing of withheld FA forex allocations with its attendant economic problems. Going forward, CBN should hand over the so-called CBN external reserves to the FG, the rightful and constitutional owner.

Two, banking sector dollarisation by the OPS takes the form of operating permanent domiciliary dollar accounts (DDAs). Holders of a part of the country’s forex inflows termed collectively as national export earnings amounting to $20 billion or so being kept in DDAs commanded N3.9 trillion at the exchange rate of N197/$1 on the eve of the takeoff of the FERIM. For instance, by August 18, 2016 at the FERIM rate of N324.50/$1 and without exporting additional goods and services, the DDA holders had claim to the unearned wealth of N6.5 trillion just as they were sheltered from the impoverishment that FERIM had inflicted on the populace. The OPS along with its think tank of Nigerian Economic Summit Group will completely agree that Nigeria runs only one economy with a single banking sector and so the OPS cannot eat its cake and have it.

The redeeming solution? The FG and OPS should abide by our naira legal tender jurisdiction explicitly proclaimed under the CBN Act 2007, which supersedes the Foreign Exchange Act 1995. Thereupon hinges the cast-iron rule preventing public and private sector foreign currency inflows irrespective of their source from being left in the hands of DMBs long enough to be “dollarisedly given out for loans and other investment purposes.” Meanwhile, to repair and regularise the system, as this newspaper has untiringly canvassed, forex funds in the DDAs should be immediately converted to naira amounts, for the sake of equity, at the pre-FERIM exchange rate and the forex transferred to augment the FG-owned external reserves earlier indicated. That offers the guarantee of dollar liquidity.

And lest the CBN begins to quake and equivocate over liquidity in the banking system arising from the above recommendations, any resultant excess liquidity can and should be tackled with appropriate level of cash reserve and liquidity ratios and direct mop-up at nominal interest rate of not more than 0.01 per cent.

And literally in a jiffy, given a tranquil political order, the country will experience a stable and realistic naira exchange rate; a conducive production environment will prevail; and there will be across-the-board mid-single digit interest bank credit for investors with DMBs deriving the bulk of their earnings from loans extended to the private sector thenceforward. In fine, existing laws confer the wherewithal to fix the current economic mess on the president. Buhari should implement the laws, pure and simple.

Patience Jonathan tells EFCC: Lift restriction on my accounts, the $15m is for medical bills

Patience Jonathan tells EFCC: Lift restriction on my accounts, the $15m is for medical bills

Dame Patience Jonathan, the wife of former President Goodluck Jonathan, said she was using her $15m, which was frozen in four companies’ accounts, to settle medical bills while she was out of the country.

She, therefore, urged the Economic and Financial Crimes Commission and Skye Bank to lift the restriction on the accounts.

Patience said this in a letter with reference number GA/Abibo/00226/2016, written by her lawyers, Granville Abibo (SAN) and Co, which was addressed to the Acting Chairman of the EFCC, Mr. Ibrahim Magu.

The PUNCH had reported that the four accounts belonged to the following companies: Pluto Property and Investment Company Limited, Seagate Property Development and Investment Company Limited, Trans Ocean Property and Investment Company Limited and Globus Integrated Service Limited.

A houseboy, a driver and other domestic workers of a former Special Adviser on Domestic Affairs to Jonathan, Waripamowei Dudafa, were named as directors, but Patience’s $15m was lodged in the accounts and she was given a platinum card and exclusive access to the accounts.

The letter read in part, “It is noteworthy to emphasise that the said accounts, which were in US dollar denomination, were card-based accounts and our client is the sole signatory to these accounts.

“However, our client has been operating the said accounts using the cards for her medical bill payments and purchases for her private purposes without any let or hindrance.

“Our client was therefore surprised when the said cards stop functioning on July 7, 2016, or thereabout. Our client immediately, thereupon, contacted Skye Bank Plc through our solicitors.

‘‘It was only then that the bank officials informed our client that the said accounts were placed on a ‘No Debit Order’ following investigations and instruction from your commission and this is without notice to our client by either the bank or the commission.

“It is in the light of the foregoing that we urge you to use your good offices to vacate the ‘No Debit/Freezing Order’ placed on the said accounts.”

Patience, who described herself as a law-abiding citizen, said despite all the explanations she offered to the Lagos Zonal Office of the EFCC, the detectives in charge refused to heed her request.

She, therefore, urged Magu to intervene immediately.

She added, “Despite the foregoing, our client, who is a law-abiding citizen, has watched with surprise how efforts are being made surreptitiously to indirectly harass or harangue her and short-change her of her personal funds in breach of her fundamental human rights.

“We urge you sir, to kindly intervene to stop the untoward and wrongful actions of your officials to embarrass, inconvenience and short-change our client.”

However, a detective in the EFCC said, “We got a relevant court order to freeze those accounts and we have evidence which we will present in court on Friday.

“We did not know that the accounts belonged to Patience Jonathan at the time we froze them. The accounts do not bear her name neither do they carry her BVN (Bank Verification Number). So, how can she accuse us of harassment?

“She has a separate account in Skye Bank with the title ‘Patience Jonathan’, which has a balance of $5m. If she claims she needs money for medical treatment, then the $5m should be alright.”

In a thanksgiving service held at the State House chapel in Abuja on February 18, 2013, Patience had said she underwent seven surgical operations within one month in Germany, adding that the doctors had given up hope on her survival.

She had stated, “I remember when Chief Obasanjo was the President of the country, I was close to his late wife, Stella. We worshiped together in this chapel. It was a painful moment for me that time when she (Stella) died and her corpse was brought here.

“That was how my corpse would have been brought here.

‘‘It was not an easy experience for me. I actually died, I passed out for more than a week. My intestine and tummy were opened.

“I am not Lazarus but my experience was similar to his. My doctors said all hope was lost.’’

FG not persecuting Jonathan, Patience –Mohammed

Meanwhile, the Minister of Information and Culture, Alhaji Lai Mohammed, has said the Federal Government, under President Muhammadu Buhari, is not persecuting Jonathan and his wife, Patience.

Speaking in an interview with journalists in Oro, Kwara State, on Tuesday, Mohammed said it would be wrong to submit that the Federal Government was probing Jonathan or Patience.

He said, “If you look at the history of Mrs. Patience Jonathan’s issue, I think she was the one that came out to claim that the money found in the accounts of one of the aides to the former President, her husband, belonged to her.

“It was not the EFCC that claimed so. She claimed that the money that the guy was being prosecuted for belonged to her. It was only then they later found an extra $5m in another account.

“It is not as if anybody has gone out to probe Mrs. Jonathan directly or indirectly. Rather Mrs. Jonathan was the one that said ‘that money for which you are accusing Mr. X actually belongs to me. So, you cannot start talking of prosecution or persecution.”

The minister said the Federal Government was concerned about the current national economic recession and had initiated measures to address it.

He stated that the current campaign of the Federal Government, ‘‘Change begins with me,’’ was not only for the people but also for the leaders.

Mohammed also said it was incorrect to accuse Buhari’s government of being partisan, selective and vindictive in its anti-corruption war.

He said Buhari would also not spare any APC member accused or guilty of corruption.

He said, “People have always said that no APC politician had been investigated. The question is ‘those who are those being prosecuted today, for what reasons are they being prosecuted?

“It is wrong to say that the government is only investigating and prosecuting PDP members. We have not even started investigating the oil and gas industry. It is not about going out to investigate PDP. No!

‘‘We lost about 15,000 people. Nobody can, in honesty, accuse the FG of being one sided.’’

Patience must explain her source of wealth, says CACOL

Also, a civil society organisation, Coalition Against Corrupt Leaders, has said Patience must explain how she came about the funds with which she reportedly built a N10bn hotel in Yenagoa, Bayelsa State.

The hotel, which is known as Aridolf Resort Wellness and Spa, Yenagoa, was inaugurated by Patience in April 2015, barely a month before the end of her husband’s tenure.

But CACOL, which recalled in a statement on Tuesday that Patience was only a Permanent Secretary in Bayelsa State at a time, said the ex-President’s wife must be made to explain the source of her wealth.

The statement by the group’s acting Media Officer, Abiodun Rabiu, quoted the Executive Chairman of CACOL, Debo Adeniran, as saying the EFCC needed no further petition to invite Patience for questioning.

CACOL asked, “How did she (Patience) get the money and even the ones stacked in her accounts? That is what we, Nigerians, want to know. As far as we can understand, she was just a civil servant. So, as a civil servant, how did she manage to acquire such a luxurious property that is worth that amount, because she would have earned less than 10 per cent of the amount even if she had been a Director or Permanent Secretary in the Bayelsa State Civil Service all of the entire years she has spent on earth?”

TEACHING: Handling Sexual Perversion (2) By Pastor Faith Oyedepo

Handling Sexual Perversion (2)
by Pastor Faith Oyedepo.

Hello Reader,
You are welcome to another wonderful time in God’s presence. This teaching was posted yesterday by looking at fornication and pre-marital sex as sexual perversion. It was stated clear that perversion is a derogatory term for deviation from the original meaning or doctrine, that is, turning aside from what is to be normal. I equally said that, sexual perversion is an abnormal sex; that is, doing it contrary to God’s original purpose of it. In that teaching, I said fornication means any unlawful sexual intercourse between two unmarried man and unmarried woman while pre-marital sex means sex before marriage. This week, I shall be exploring on another crucial sexual perversion of ‘Adultery’
What is Adultery’
Adultery is one of the sexual perversions that is eating so deeply in the world today. And what is adultery’ It is simply any sexual intercourse by a married person other than his lawful spouse. Adulterer is a man or woman who goes into sexual relationship as a married man or woman, but does it outside of wedlock.
This is a grievous sin in the sight of God. If any party in marriage is involved in it, it brings a curse upon the home. The Word of God does not give room for extra-marital affairs, no matter the situation at home. Men or women who indulge in it are doing so at their own hurt. They sin against God and against their own flesh. If you think your wife or husband is not good enough for you and you have seen somebody better outside, I tell you, it is the devil that wants to destroy you. The Word of God lists the various work of the flesh; “Now the works of the flesh are manifest, which are these; Adultery, fornication, uncleanness, lasciviousness, Idolatry, witchcraft, hatred, variance, emulations, wrath, strife, seditions, heresies, Envyings, murders, drunkenness, revellings, and such like: of the which I tell you before, as I have also told you in time past, that they which do such things shall not inherit the kingdom of God (Galatians 5:19-21).
 See Also: Handling Sexual Perversion (1)
If you pay good attention to all that are happening in the world today, you will find all kind of atrocities listed out in the above scripture. You will also discover that self and its works are the first primary thing that God says it will characterized the last days. That is to tell you that truly and we are really in the last days. , “This know also, that in the last days perilous times shall come. For men shall be lovers of their own selves, covetous, boasters, proud, blasphemers, disobedient to parents, unthankful, unholy” (2Timothy 3:1-2). Self-finding expression in their lives. In their finances, it is self. Everything about them, it is self. We are in the last days.
Men and women don’t keep messing your life around by going into unholy sexual relationship. Don’t pretend that no body knows. God’s Word tells us that the eyes of the Lord are in every place. “The eyes of the Lord are in every place, beholding the evil and the good” (Proverbs 15:3).
Incase you are reading this article today, and you are in that act, you go to stop it, if you don’t stop it, the judgment of God will catch up with you. The Word of God says, Marriage is honourable in all, and the bed undefiled: but whoremongers and adulterers God will judge” (Hebrews 13:4). The word whore in that sentence simply means harlot. These days, you see married men following small girls of the age of their daughters, something is wrong upstairs, he has mental problem. They are not even ashamed, they will say, they just want to keep them company, what kind of evil company are you looking for’ Evil want to destroy your life.
You will also find a married woman running after another married man, you know some of them these days, they even follow young boys of the age of their own son, just to be able to have that sexual relationship and cool themselves down they say. It is so pathetic that it is becoming common after the old women have taken young boys to bed, they now pay the young boys for the job well done. It is a shame! I don’t care the category that you belong to, but today, you must make a u-turn.
When the Bible says God will judge, you better take it serious. Whether you are doing it professionally or at the secondary level, you got to stop it. Marriage is honourable if only the bed is undefiled. If you must enjoy honour in marriage, you must keep your marriage bed pure. If you defile your marriage bed, you are simply taking away the honour in your marriage.
The book of proverbs tells us that any man that goes into a harlot is going into a pit that has no bottom. Her ways are depart to the bottomless pit and that is why you must retrain your steps today. (Proverbs 5:15-21). God’s Word also says in Proverbs 6:33 that any man who goes into another man’s wife lack understanding. You do to the destruction of your own soul. You will incur a wound by it. Even if the wound is healed, the scan remains there, not only that dishonour is what you will get. But today, there is restoration in the name of Jesus Christ.
You want to be born again so that your sins will be forgiven’ You can say this prayer of faith and you shall be born again! Lord Jesus Christ, I come to You today. I am a sinner. I cannot help myself. Forgive my sins and cleanse me with Your blood. Deliver me from sin and satan to serve the living God. I believe You died for me and on the third day, You rose that I might be justified. I accept You as my Lord and Saviour. Make me a child of God today. Thank You for accepting me into your kingdom.