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Wednesday, 1 June 2016

Navy Arrests Dogonyaro, Adamu, Others for Vandalism in Niger Delta


The spirited efforts of the Nigerian Navy (NN) to checkmate the activities of illegal crude oil thieves, pipeline vandals and other criminals operating in the Niger Delta has continued to yield positive results. The Service more than before stepped up its operations against all forms of threats in the maritime environment with more combat platforms injected into the security of critical economic assets and safer water ways. 

In view of the above, 3 persons have been arrested by the operatives of the Nigerian Navy in connection with series of maritime crimes. The suspects are Sani a.k.a Dogonyaro, Usman a.k.a smally and Adamu Mani. The suspects are still undergoing investigation and will be handed over to the prosecuting authorities for further action. The arrest of these suspects has proven helpful in the fight against the criminals. 

Similarly, operatives of Forward Operation Base (FOB) Badagry have arrested 5 citizens of Benin Republic in connection with economic crimes. The suspects are Mr Philmen Agboku, Mr Penu Daniel, Mr Sule Soka, Mr Dosu Victor and Mr Sodope Olivie. They were arrested on 26 May 2016 along Tongeji-Port Novo axis at about 0500hrs in a wooden cotonou boat conveying     about 900 jerricans. The jerricans contained product suspected to be stolen Premium Motor Spirit (PMS). However, the suspects are being interrogated in order to get indepth view of the gang and its sponsors. 

Additionally, on 26 May 2016 NN operative continued to deter criminals from operating illegal crude oil refineries and pipeline vandals. The Patrol team deployed from NNS DELTA destroyed a large illegal refinery with storage tanks containing stolen crude oil and illegally refined Automotive Gas Oil (AGO) at Ayakurumo Community in Burutu LGA, in Delta State. Also the patrol team recovered 3 pumping machine and a cotonou boat carrying 80 drums of illegally refined AGO measuring 300 liters each. 

Navy Arrests Dogonyaro, Adamu, Others for Vandalism in Niger Delta


The spirited efforts of the Nigerian Navy (NN) to checkmate the activities of illegal crude oil thieves, pipeline vandals and other criminals operating in the Niger Delta has continued to yield positive results. The Service more than before stepped up its operations against all forms of threats in the maritime environment with more combat platforms injected into the security of critical economic assets and safer water ways. 

In view of the above, 3 persons have been arrested by the operatives of the Nigerian Navy in connection with series of maritime crimes. The suspects are Sani a.k.a Dogonyaro, Usman a.k.a smally and Adamu Mani. The suspects are still undergoing investigation and will be handed over to the prosecuting authorities for further action. The arrest of these suspects has proven helpful in the fight against the criminals. 

Similarly, operatives of Forward Operation Base (FOB) Badagry have arrested 5 citizens of Benin Republic in connection with economic crimes. The suspects are Mr Philmen Agboku, Mr Penu Daniel, Mr Sule Soka, Mr Dosu Victor and Mr Sodope Olivie. They were arrested on 26 May 2016 along Tongeji-Port Novo axis at about 0500hrs in a wooden cotonou boat conveying     about 900 jerricans. The jerricans contained product suspected to be stolen Premium Motor Spirit (PMS). However, the suspects are being interrogated in order to get indepth view of the gang and its sponsors. 

Additionally, on 26 May 2016 NN operative continued to deter criminals from operating illegal crude oil refineries and pipeline vandals. The Patrol team deployed from NNS DELTA destroyed a large illegal refinery with storage tanks containing stolen crude oil and illegally refined Automotive Gas Oil (AGO) at Ayakurumo Community in Burutu LGA, in Delta State. Also the patrol team recovered 3 pumping machine and a cotonou boat carrying 80 drums of illegally refined AGO measuring 300 liters each. 

Over 5000 Participants for 2016 CBN Cashless CardExpo In Lagos




Over 5000 participants across the globe from the local and international payment community, top government agencies have indicated interest [Signed up] for this year’s edition of the biggest Card, e-Payment and Identification Exhibition in Africa, tagged: CBN CASHLESS CARDEXPOAFRICA 2016.


The annual event organized by Intermarc Consulting Limited, seeks to provide opportunity where ecommerce platforms, banks, telco’s, payment companies, government agencies and large retailers learn about, evaluate and purchase the latest smart solutions, payment and banking technologies which will transport their businesses to the zenith.


According to the organisers of the conference, Intermarc Consulting Limited, this year’s conference which is the 16th edition will have special focus on retail payment and e-commerce.

General Manager, Intermarc Consulting, Lilian Ekwedike, said that the 3-day forum aims at aggregating major players along the e-commerce value-chain and presenting cutting edge solutions and services that will drive African economy.

‘It’s designed to connect people with the leading players in the retail payment and ecommerce sector. The conference will focus on new users as well as the service delivery strategies that would deliver the future of retail payments and e-commerce.”

“New trends in e-commerce show that purchase of goods and services can occur with payment made on the point of sale (PoS) at a merchant location through the internet, or by telephone. E-commerce is driving massive economic growth across Africa.” She noted.

Speaking further, Ekwedike noted that “currently, retail payment claimed a larger volume in mobile and web payment in 2014. Investors interested in Africa can look forward to unique openings and possibilities in this segment.”

The event which is slated for 14th to 16th of June holds at the prestigious Eko Hotel and Suites.


Meanwhile, the governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, will lead other analysts, thought leaders and decision makers to interact and postulate the future of e-commerce in Africa with Nigeria as the springboard on the theme: ‘Retail Payment and Ecommerce.

For further information on the conference, you can contact; Lilian – 08091015525(lilian@intermarc-ng.com) or visit: www.cardatmandmobilexpo.com 


EX EMPLOYEES OF BUA GROUP LAMENT NON PAYMENT OF ENTITLEMENTS



Former employees of Nigerian conglomerate, BUA Group, have called on the federal government to
investigate the company over its alleged indulgence in foreign exchange (forex) round tripping and
tax evasion.


The group of disengaged employees of the company also, last week, crippled the Victoria Island
Head office of the company, over alleged unpaid benefits following the sale its subsidiary to Olam
Group.


The protesting former workers of BUA led by one Akasan Sylvester, accused the company of its
Chief Executives, Mr. Abdulsamad Rabiu, of active involvement in illegal diversion of Nigeria’s
scarce foreign exchange.


According to them, “BUA’s actions are tantamount to money laundering and economic sabotage.


The chairman of BUA boldly boasted of how he has been funding various investments and assets
outside Nigeria with foreign exchange from his offshore company. 

It was this claim that made us suspicious and we decided to investigate these so called offshore sources of foreign exchange”. 

“What we found was that over a period of time, BUA collected huge amounts of forex from the CBN through Form M to open LCs to fund the construction of multi-million dollar plants for flour, noodles spaghetti and sugar at various locations like Port Harcourt, Kano, Apapa and Kirikiri. 

They now went on to transfer all these assets to an offshore company, Amber Foods which he formed as a special purpose vehicle for this purpose.


“He however, went ahead to illegally dispose these assets to another offshore company called
Olam, thereby blocking the avenue for the repatriation to Nigeria of the returns of investment on
assets that were funded with forex from Nigeria. 

His action is illegal and tantamount to economic sabotage and money laundering. It will be of interest to get BUA to furnish the CBN with details of Amber, the offshore company, a Panamanian based company especially details of their capital importation certificate for the funds repatriated to Nigeria. 

His illegal syphoning of forex and the resultant capital flight would also have denied our Federal Inland Revenue Service (FIRS) capital gains tax due from the investments. We therefore request that a high powered investigation of BUA in order to expose the unpatriotic acts of sabotage, the ex-employees said.


The aggrieved protesters stormed the BUA office on Adetokunbo Ademola Street, Lagos, before
midday on Wednesday, May 18, 2016, displaying placards with various inscriptions like: “pay us
our 10%; Our redundancy is not negotiable negotiable: Our efforts made BUA Group & Co worth
N35bn: We are not slaves, pay us our 10%”. 

Coordinator of the protest, Akasan Sylvester, explained that their due entitlements had not been paid in full and what was given to them from sales of BUA Group International was pittance compared to what should be paid. Among other things, they demanded payment of redundancy package to all workers of BUA Flour and Pasta to a tune not less than 20percent of the total sales of the company. 

Reacting, the Group Head, Corporate Communications of BUA, Mr. O’tega Ogra, said the action of the former employees was a surprise because the company paid them fully on December 18, 2015 after selling its asset to Olams. He said: “BUA Group International sold its asset on January 11, 2016. 

So we handed over the employees to our buyer (Olam) and paid them off. We kept informing the employees. So the protesters are not even under our employment following the handover; they are now employees of Olam and I don’t know why they are here picketing us” he added

Tuesday, 31 May 2016

DELE GOLD: THE PRECIOUS MUSICIAN DROPS NEW VIDEO- EVERY KNEEL A MUST WATCH



Dele Gold, the talented musician born Dele Agbeyo is unarguably a talent that’s rare to find in the music industry in this part of the world.

The self-acclaimed Miliki Gospel King is from Usi, Ekiti State and he grew up in Faforiji, Osun State in Nigeria.

His initial interest in singing was cultivated from a series of dreams. And with the help and glory of the Almighty God coupled with the mentorship of Chief Commander Ebenezer Obey, the dream came true.

UK's House of Lords Remembers, Honours Bola Amole


In her lifetime, Chief (Mrs.) Bola Amole was known to be a woman of great
influence and a role model to many. Her status as a businesswoman of
international repute was never in doubt. As an agriculturist, she made her
mark and with her company, BIMS African Foods, she became one of the very
first women to import agricultural crops into the United Kingdom and the EU
from Nigeria.

See What Sir Shina Peters' Wife Sammie Posted On His Birthday And Their Wedding Anniversary

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A double celebration it was for Sir Shina Peters who clocked 58 and also celebrated his 21th wedding Anniversary to his wife Sammie Peters yesterday.

A cancer survivor after battling it for two years, Sammie took to her facebook to send a shout out message to her husband while sharing photos from their wedding day.

Monday, 30 May 2016

Democracy Day: Speaker Obasa Urges Nigerians To Be Hopeful, Says Nigeria On Way To Recovery






The Speaker of the Lagos State House of Assembly, Rt. Hon. Mudashiru Obasa, has urged Nigerians to remain hopeful assuring that the country is on the way to recovery from the mladministration of the past.
Speaker Obasa stated this in his Democracy Day message released in Lagos on Sunday, 29th May, 2016, signed by his Chief Press Secretary, Musbau Rasak.
The Lagos Assembly Speaker commended Nigerians for their patience over the past one year noting that they should not lose hope as there are clear signs that the country is on the way to recovery.
"It was obvious that the country has suffered serious maladministration in the 16 year rule of the Peoples Democratic Party (PDP) and in correcting this, there is the need to put in place enduring structures that will assist in reviving the economy.
"The past one year has seen the laying of solid foundation on which the resurrected economy will rest. Without this solid foundation, the economy will be groping in the dark. This is what the All Progressives Congress (APC) government at the centre has been doing and we will soon start to see the benefits and gains," Speaker Obasa said.
He assured Nigerians that the APC administration at both state and national level is committed to putting in place solid structures that will ensure that Nigerians enjoy full dividends of democracy even at their doorsteps.
Speaker Obasa commennded the Lagos Srare Governor, Mr. Akinwunmi Ambode who he said, has built on the solid foundation of his predecessors to put smiles on the face of Lagosians.
"The case of Lagos should be a role model for other states in the federation. The state has been under the rule of the progressives for the past 16 years and the result has been that the state continues to grow in leaps and boumds.
The Akinwunmi Ambode administation has built on the foundations laid by his predecessors and he has achieved tremendous success in just 12 months.
"Lagos is growing, developing and making astronomical progress under Ambode, our Governor deserves commendation," he said.
Speaker Obasa urged Nigerians not to relent in their support, cooperation and prayers for the APC government at both state and national level assuring that, "we've indeed got out of the dark tunnel, the light is here".

Sunday, 29 May 2016

WHY LAGOS IS MAKING STEADY PROGRESS, BY OBA AKIOLU


…As Ambode Vows To Create Jobs With Golden Jubilee Celebration

Oba of Lagos, HRM Oba Rilwan Akiolu 1, on Saturday said the rapid transformation and development of Lagos State is largely due to the visionary, selfless and committed leaders which the State is blessed with, just as he said that the sterling achievements of the State has made it to remain a pride to all.

Oba Akiolu, who spoke at the Inaugural Lecture to herald the Lagos at 50 Celebration held at the Glover Hall, Lagos, said the achievements of the State in all spheres of life did not just occur, but that same happened through the enduring legacies put together by leaders of the State since creation.

Oba Akiolu, while highlighting the history of Lagos, said right from the time of first civilian governor of the State, Pa Lateef Kayode Jakande down to the incumbent Governor Akinwunmi Ambode, the State had been blessed with great leaders who genuinely have the interest of the State at heart and are totally committed to the development and progress of the State.

The monarch also recalled how former President Olusegun Obasanjo denied the State of its federal allocation, and how former Governor Bola Tinubu and his team responded to the challenge by creating unique solution to the financial crisis, which is still working till date.

Also speaking at the lecture, Governor Ambode assured that the one year long activities lined up to celebrate the golden jubilee of the State would be geared towards creating jobs and attracting more investors to the State.

He said the celebration was designed to showcase the culture, arts, language, heritage and legacies of the State.

The Governor, who was represented by his Deputy, Dr. Mrs Idiat Oluranti Adebule, said Lagos has always been one enviable State where both domestic and international investors want to invest, but that his government would build on such to attract more investors into the State.

He said: “This event is a way to showcase Lagos to the world and attract more investors into our dear State. With more investors in the State, more job opportunities would be provided for our people and aside that, the celebration itself would ensure creation of jobs for our teeming youths, artisans and so on.”

While soliciting for the support and corporation of residents, Governor Ambode said government alone cannot achieve everything which is why the people must work with government by paying their taxes and carrying out their civic responsibilities.

PRESIDENT BUHARI'S DEMOCRACY SPEECH.MAY 29,2016.



MY COMPATRIOTS,

IT IS ONE YEAR TODAY SINCE OUR ADMINISTRATION CAME INTO OFFICE. IT HAS BEEN A YEAR OF TRIUMPH, CONSOLIDATION, PAINS AND ACHIEVEMENTS. BY AGE, INSTINCT AND EXPERIENCE, MY PREFERENCE IS TO LOOK FORWARD, TO PREPARE FOR THE CHALLENGES THAT LIE AHEAD AND REDEDICATE THE ADMINISTRATION TO THE TASK OF FIXING NIGERIA. BUT I BELIEVE WE CAN ALSO LEARN FROM THE OBSTACLES WE HAVE OVERCOME AND THE PROGRESS WE MADE THUS FAR, TO HELP STRENGTHEN THE PLANS THAT WE HAVE IN PLACE TO PUT NIGERIA BACK ON THE PATH OF PROGRESS.
WE AFFIRM OUR BELIEF IN DEMOCRACY AS THE FORM OF GOVERNMENT THAT BEST ASSURES THE ACTIVE PARTICIPATION AND ACTUAL BENEFIT OF THE PEOPLE. DESPITE THE MANY YEARS OF HARDSHIP AND DISAPPOINTMENT THE PEOPLE OF THIS NATION HAVE PROVED INHERENTLY GOOD, INDUSTRIOUS TOLERANT, PATIENT AND GENEROUS.   

THE PAST YEARS HAVE WITNESSED HUGE FLOWS OF OIL REVENUES. FROM 2010 AVERAGE OIL PRICES WERE $100 PER BARREL. BUT ECONOMIC AND SECURITY CONDITIONS WERE DETERIORATING. WE CAMPAIGNED AND WON THE ELECTION ON THE PLATFORM OF RESTORING SECURITY, TACKLING CORRUPTION AND RESTRUCTURING THE ECONOMY. ON OUR ARRIVAL, THE OIL PRICE HAD COLLAPSED TO AS LOW AS $30 PER BARREL AND WE FOUND NOTHING HAD BEEN KEPT FOR THE RAINY DAY. OIL PRICES HAVE BEEN DECLINING SINCE 2014 BUT DUE TO THE NEGLECT OF THE PAST, THE COUNTRY WAS NOT EQUIPPED TO HALT THE ECONOMY FROM DECLINING.

THE INFRASTRUCTURE, NOTABLY RAIL, POWER, ROADS WERE IN A DECREPIT STATE. ALL THE FOUR REFINERIES WERE IN A STATE OF DISREPAIR, THE PIPELINES AND DEPOTS NEGLECTED. 

HUGE DEBTS OWED TO CONTRACTORS AND SUPPLIERS HAD ACCUMULATED. TWENTY-SEVEN STATES COULD NOT PAY SALARIES FOR MONTHS. IN THE NORTH-EAST, BOKO HARAM HAD CAPTURED 14 LOCAL GOVERNMENTS, DRIVEN THE LOCAL AUTHORITIES OUT, HOISTED THEIR FLAGS. ELSEWHERE, INSECURITY WAS PALPABLE; CORRUPTION AND IMPUNITY WERE THE ORDER OF THE DAY. IN SHORT, WE INHERITED A STATE NEAR COLLAPSE.

ON THE ECONOMIC FRONT, ALL OIL DEPENDENT COUNTRIES, NIGERIA INCLUDED, HAVE BEEN STRUGGLING SINCE THE DROP IN PRICES. MANY OIL RICH STATES HAVE HAD TO TAKE TOUGH DECISIONS SIMILAR TO WHAT WE ARE DOING. THE WORLD, NIGERIA INCLUDED HAS BEEN DEALING WITH THE EFFECTS OF THREE SIGNIFICANT AND SIMULTANEOUS GLOBAL SHOCKS STARTING IN 2014:
A 70% DROP IN OIL PRICES.
GLOBAL GROWTH SLOWDOWN.
NORMALIZATION OF MONETARY POLICY BY THE UNITED STATES FEDERAL RESERVE. 

OUR PROBLEMS AS A GOVERNMENT ARE LIKE THAT OF A FARMER WHO IN A GOOD SEASON HARVESTS TEN BAGS OF PRODUCE. THE PROCEEDS ENABLE HIM TO GET BY FOR REST OF THE YEAR. HOWEVER, THIS YEAR HE COULD ONLY MANAGE 3 BAGS FROM HIS FARM. HE MUST NOW THINK OF OTHER WAYS TO MAKE ENDS MEET.

FROM DAY ONE, WE PURPOSELY SET OUT TO CORRECT OUR CONDITION, TO CHANGE NIGERIA. WE REINFORCED AND GALVANIZED OUR ARMED FORCES WITH NEW LEADERSHIP AND RESOURCES. WE MARSHALED OUR NEIGHBOURS IN A JOINT TASK FORCE TO TACKLE AND DEFEAT BOKO HARAM. BY THE END OF DECEMBER 2015, ALL BUT POCKETS AND REMNANTS HAD BEEN ROUTED BY OUR GALLANT ARMED FORCES. OUR IMMEDIATE FOCUS IS FOR A GRADUAL AND SAFE RETURN OF INTERNALLY DISPLACED PERSONS IN SAFETY AND DIGNITY AND FOR THE RESUMPTION OF NORMALCY IN THE LIVES OF PEOPLE LIVING IN THESE AREAS.

EFCC WAS GIVEN THE FREEDOM TO PURSUE CORRUPT OFFICIALS AND THE JUDICIARY WAS ALERTED ON WHAT NIGERIANS EXPECT OF THEM IN THE FIGHT AGAINST CORRUPTION. ON THE ECONOMY, IN PARTICULAR FOREIGN EXCHANGE AND FUEL SHORTAGES, OUR PLAN IS TO SAVE FOREIGN EXCHANGE BY FAST TRACKING REPAIR OF THE REFINERIES AND PRODUCING MOST OF OUR FUEL REQUIREMENTS AT HOME. AND BY GROWING MORE FOOD IN NIGERIA, MAINLY RICE, WHEAT AND SUGAR WE WILL SAVE BILLIONS OF DOLLARS IN FOREIGN EXCHANGE AND DRASTICALLY REDUCE OUR FOOD IMPORT BILL. 

WE RESOLVED TO KEEP THE NAIRA STEADY, AS IN THE PAST, DEVALUATION HAD DONE DREADFUL HARM TO THE NIGERIAN ECONOMY. FURTHERMORE, I SUPPORT THE MONETARY AUTHORITY’S DECISION TO ENSURE ALIGNMENT BETWEEN MONETARY POLICY AND FISCAL POLICY. WE SHALL KEEP A CLOSE LOOK ON HOW THE RECENT MEASURES AFFECT THE NAIRA AND THE ECONOMY. BUT WE CANNOT GET AWAY FROM THE FACT THAT A STRONG CURRENCY IS PREDICATED ON A STRONG ECONOMY. AND A STRONG ECONOMY PRE-SUPPOSES AN INDUSTRIAL PRODUCTIVE BASE AND A STEADY EXPORT MARKET. THE MEASURES WE MUST TAKE, MAY LEAD TO HARDSHIPS. THE PROBLEMS NIGERIANS HAVE FACED OVER THE LAST YEAR HAVE BEEN MANY AND VARIED. BUT THE REAL CHALLENGE FOR THIS GOVERNMENT HAS BEEN RECONSTRUCTING THE SPINE OF THE NIGERIAN STATE. THE LAST TWELVE MONTHS HAVE BEEN SPENT COLLABORATING WITH ALL ARMS OF GOVERNMENT TOREVIVE OUR INSTITUTIONS SO THAT THEY ARE MORE EFFICIENT AND FIT FOR PURPOSE: 
THAT MEANS A BUREAUCRACY BETTER ABLE TO DEVELOP AND DELIVER POLICY
THAT MEANS AN INDEPENDENT JUDICIARY, ABOVE SUSPICION AND ABLE TO DEFEND CITIZEN’S RIGHTS AND DISPENSE JUSTICE EQUITABLY.
THAT MEANS A LEGISLATURE THAT ACTUALLY LEGISLATES EFFECTIVELY AND
ABOVE ALL; THAT MEANS POLITICAL PARTIES AND POLITICIANS COMMITTED TO SERVING THE NIGERIAN PEOPLE RATHER THAN THEMSELVES.

THESE ARE THE PILLARS OF THE STATE ON WHICH DEMOCRACY CAN TAKE ROOT AND THRIVE. BUT ONLY IF THEY ARE STRONG AND INCORRUPTIBLE. ACCORDINGLY, WE ARE WORKING VERY HARD TO INTRODUCE SOME VITAL STRUCTURAL REFORMS IN THE WAY WE CONDUCT GOVERNMENT BUSINESS AND LAY A SOLID FOUNDATION ON WHICH WE CAN BUILD ENDURING CHANGE.

AN IMPORTANT FIRST STEP HAS BEEN TO GET OUR HOUSEKEEPING RIGHT. SO WE HAVE REDUCED THE EXTRAVAGANT SPENDING OF THE PAST. WE STARTED BOLDLY WITH THE TREASURY SINGLE ACCOUNT, STOPPING THE LEAKAGES IN PUBLIC EXPENDITURE.

WE THEN IDENTIFIED FORTY-THREE THOUSAND GHOST WORKERS THROUGH THE INTEGRATED PAYROLL AND PERSONAL INFORMATION SYSTEM. THAT REPRESENTS PAY PACKETS TOTALING N4.2 BILLION STOLEN EVERY MONTH.  IN ADDITION, WE WILL SAVE TWENTY-THREE BILLION PER ANNUM FROM OFFICIAL TRAVELLING AND SITTING ALLOWANCES ALONE. 

FURTHERMORE, THE EFFICIENCY UNIT WILL CUT COSTS AND ELIMINATE DUPLICATIONS IN MINISTRIES AND DEPARTMENTS. EVERY LITTLE SAVING HELPS. THE REDUCTION IN THE NUMBER OF MINISTRIES AND WORK ON RESTRUCTURING AND RATIONALIZATION OF THE MDAS IS WELL UNDERWAY. WHEN THIS WORK IS COMPLETE WE WILL HAVE A LEANER, MORE EFFICIENT PUBLIC SERVICE THAT IS FIT FOR THE PURPOSE OF CHANGING NIGERIA FOR THE GOOD AND FOR GOOD.

AS WELL AS MAKING SAVINGS, WE HAVE CHANGED THE WAY PUBLIC MONEY IS SPENT. IN ALL MY YEARS AS A PUBLIC SERVANT, I HAVE NEVER COME ACROSS THE PRACTICE OF PADDING BUDGETS. I AM GLAD TO TELL YOU NOW WE NOT ONLY HAVE A BUDGET, BUT MORE IMPORTANTLY, WE HAVE A BUDGET PROCESS THAT IS MORE TRANSPARENT, MORE INCLUSIVE AND MORE CLOSELY TIED TO OUR DEVELOPMENT PRIORITIES THAN IN THE RECENT PAST. 30% OF THE EXPENDITURE IN THIS BUDGET IS DEVOTED TO CAPITAL ITEMS. FURTHERMORE, WE ARE PROJECTING NON-OIL REVENUES TO SURPASS PROCEEDS FROM OIL. SOME CRITICS HAVE DESCRIBED THE BUDGET EXERCISE AS CLUMSY. PERHAPS. BUT IT WAS AN EXAMPLE OF CONSENSUS BUILDING, WHICH IS INTEGRAL TO DEMOCRATIC GOVERNMENT. IN THE END WE RESOLVED OUR DIFFERENCES.

WE HAVE, THEREFORE, DELIVERED SIGNIFICANT MILESTONES ON SECURITY, CORRUPTION AND THE ECONOMY. IN RESPECT OF THE ECONOMY, I WOULD LIKE TO DIRECTLY ADDRESS YOU ON THE VERY PAINFUL BUT INEVITABLE DECISIONS WE HAD TO MAKE IN THE LAST FEW WEEKS SPECIFICALLY ON THE PUMP PRICE OF FUEL AND THE MORE FLEXIBLE EXCHANGE RATE POLICY ANNOUNCED BY THE CENTRAL BANK. IT IS EVEN MORE PAINFUL FOR ME THAT A MAJOR PRODUCER OF CRUDE OIL WITH FOUR REFINERIES THAT ONCE EXPORTED REFINED PRODUCTS IS TODAY HAVING TO IMPORT ALL OF ITS DOMESTIC NEEDS. THIS IS WHAT CORRUPTION AND MISMANAGEMENT HAS DONE TO US AND THAT IS WHY WE MUST FIGHT THESE ILLS. 

AS PART OF THE FOUNDATION OF THE NEW ECONOMY WE HAVE HAD TO REFORM HOW FUEL PRICES HAD TRADITIONALLY BEEN FIXED. THIS STEP WAS TAKEN ONLY AFTER PROTRACTED CONSIDERATION OF ITS PROS AND CONS. AFTER COMPREHENSIVE INVESTIGATION MY ADVISERS AND I CONCLUDED THAT THE MECHANISM WAS UNSUSTAINABLE. 

WE ARE ALSO ENGAGED IN MAKING RECOVERIES OF STOLEN ASSETS SOME OF WHICH ARE IN DIFFERENT JURISDICTIONS. THE PROCESSES OF RECOVERY CAN BE TEDIOUS AND TIME CONSUMING, BUT TODAY I CAN CONFIRM THAT THUS FAR: SIGNIFICANT AMOUNT OF ASSETS HAVE BEEN RECOVERED. A CONSIDERABLE PORTION OF THESE ARE AT DIFFERENT STAGES OF RECOVERY. FULL DETAILS OF THE STATUS AND CATEGORIES OF THE ASSETS WILL NOW BE PUBLISHED BY THE MINISTRY OF INFORMATION AND UPDATED PERIODICALLY. WHEN FORFEITURE FORMALITIES ARE COMPLETED THESE MONIES WILL BE CREDITED TO THE TREASURY AND BE OPENLY AND TRANSPARENTLY USED IN FUNDING DEVELOPMENTAL PROJECTS AND THE PUBLIC WILL BE INFORMED.

ON THE NIGER DELTA, WE ARE COMMITTED TO IMPLEMENTING THE UNITED NATIONS ENVIRONMENT PROGRAMME REPORT AND ARE ADVANCING CLEAN-UP OPERATIONS. I BELIEVE THE WAY FORWARD IS TO TAKE A SUSTAINABLE APPROACH TO ADDRESS THE ISSUES THAT AFFECT THE DELTA COMMUNITIES. RE-ENGINEERING THE AMNESTY PROGRAMMES IS AN EXAMPLE OF THIS. THE RECENT SPATE OF ATTACKS BY MILITANTS DISRUPTING OIL AND POWER INSTALLATIONS WILL NOT DISTRACT US FROM ENGAGING LEADERS IN THE REGION IN ADDRESSING NIGER DELTA PROBLEMS. IF THE MILITANTS AND VANDALS ARE TESTING OUR RESOLVE, THEY ARE MUCH MISTAKEN. WE SHALL APPREHEND THE PERPETRATORS AND THEIR SPONSORS AND BRING THEM TO JUSTICE. 

THE POLICY MEASURES AND ACTIONS TAKEN SO FAR ARE NOT TO BE SEEN AS SOME EXPERIMENT IN GOVERNANCE. WE ARE FULLY AWARE THAT THOSE VESTED INTERESTS WHO HAVE HELD NIGERIA BACK FOR SO LONG WILL NOT GIVE UP WITHOUT A FIGHT. THEY WILL SOW DIVISIONS, SPONSOR VILE PRESS CRITICISMS AT HOME AND ABROAD, INCITE THE PUBLIC IN AN EFFORT TO CREATE CHAOS RATHER THAN RELINQUISH THE VICE-LIKE GRIP THEY HAVE HELD ON NIGERIA.

THE ECONOMIC MISFORTUNE WE ARE EXPERIENCING IN THE SHAPE OF VERY LOW OIL PRICES HAS PROVIDED US WITH AN OPPORTUNITY TO RESTRUCTURE OUR ECONOMY AND DIVERSIFY. WE ARE IN THE PROCESS OF PROMOTING AGRICULTURE, LIVESTOCKS, EXPLOITING OUR SOLID MINERAL RESOURCES AND EXPANDING OUR INDUSTRIAL AND MANUFACTURING BASE. THAT WAY, WE WILL IMPORT LESS AND MAKE THE SOCIAL INVESTMENTS NECESSARY TO ALLOW US TO PRODUCE A LARGE AND SKILLED WORKFORCE.

CENTRAL BANK OF NIGERIA WILL OFFER MORE FISCAL INCENTIVES FOR BUSINESS THAT PROVE CAPABLE OF MANUFACTURING PRODUCTS THAT ARE INTERNATIONALLY COMPETITIVE. WE REMAIN COMMITTED TO REFORMING THE REGULATORY FRAMEWORK, FOR INVESTORS BY IMPROVING THE EASE OF DOING BUSINESS IN NIGERIA.

MEANWHILE, THE FIRST STEPS ALONG THE PATH OF SELF-SUFFICIENCY IN RICE, WHEAT AND SUGAR – BIG USERS OF OUR SCARCE FOREIGN EXCHANGE – HAVE BEEN TAKEN. THE LABOUR INTENSIVE FARMING ENTERPRISE (LIFE), WILL BOOST THE ECONOMY AND ENSURE INCLUSIVE GROWTH IN LONG NEGLECTED COMMUNITIES. SPECIAL INTERVENTION FUNDS THROUGH THE BANK OF AGRICULTURE WILL PROVIDE TARGETED SUPPORT. CONCERNS REMAIN ABOUT RISING COST OF FOODS SUCH AS MAIZE, RICE, MILLET, BEANS AND GARI. FARMERS TELL ME THAT THEY ARE WORRIED ABOUT THE COST OF FERTILIZERS, PESTICIDES AND THE ABSENCE OF EXTENSION SERVICES. THE FEDERAL AND STATE GOVERNMENTS ARE ON THE SAME PAGE IN TACKLING THESE HURDLES IN OUR EFFORTS AT INCREASED FOOD PRODUCTION AND ULTIMATELY FOOD SECURITY.

I WOULD LIKE TO TAKE THIS OPPORTUNITY TO EXPRESS MY APPRECIATION FOR THE INCREASING ROLE THAT OUR WOMEN ARE PLAYING IN REVITALIZING THE AGRICULTURAL SECTOR. MODERN FARMING IS STILL HARD AND HEAVY WORK AND I SALUTE OUR NIGERIAN WOMEN IN SHARING THIS BURDEN. IN THIS RESPECT I AM VERY PLEASED TO ANNOUNCE THAT THE GOVERNMENT WILL SHORTLY BE LAUNCHING THE NATIONAL WOMEN’S EMPOWERMENT FUND, WHICH I HAVE APPROVED TO PROVIDE N1.6 BILLION IN MICRO-FINANCE LOANS TO WOMEN ACROSS THE NATION TO ASSIST IN REHABILITATING THE ECONOMIES OF RURAL COMMUNITIES, PARTICULARLY THOSE IMPACTED BY THE INSURGENCY AND CONFLICT.

WITH RESPECT TO SOLID MINERALS, THE MINISTER HAS PRODUCED A ROADMAP WHERE WE WILL WORK CLOSELY WITH THE WORLD BANK AND MAJOR INTERNATIONAL INVESTORS TO ENSURE THROUGH BEST PRACTICES AND DUE DILIGENCE THAT WE CHOOSE THE RIGHT PARTNERS. ILLEGAL MINING REMAINS A PROBLEM AND WE HAVE SET UP A SPECIAL SECURITY TEAM TO PROTECT OUR ASSETS. SPECIAL MEASURES WILL BE IN PLACE TO PROTECT MINERS IN THEIR WORK ENVIRONMENT.

FOR TOO LONG, OURS HAS BEEN A SOCIETY THAT NEGLECTS THE POOR AND VICTIMIZES THE WEAK. A SOCIETY THAT PROMOTES PROFIT AND GROWTH OVER DEVELOPMENT AND FREEDOM. A SOCIETY THAT FAILS TO RECOGNIZE THAT, TO QUOTE THE DISTINGUISHED ECONOMIST AMARTYA SEN “ POVERTY IS NOT JUST LACK OF MONEY. IT IS NOT HAVING THE CAPABILITY TO REALIZE ONE’S FULL POTENTIAL AS A HUMAN BEING.”

SO, TODAY, I AM HAPPY TO FORMALLY  LAUNCH, BY FAR THE MOST AMBITIOUS SOCIAL PROTECTION PROGRAMME IN OUR HISTORY. A PROGRAMME THAT BOTH SEEKS TO START THE PROCESS OF LIFTING MANY FROM POVERTY, WHILE AT THE SAME TIME CREATING THE OPPORTUNITY FOR PEOPLE TO FEND FOR THEMSELVES. IN THIS REGARD, FIVE HUNDRED BILLION NAIRA HAS BEEN APPROPRIATED IN THE 2016 BUDGET FOR SOCIAL INTERVENTION PROGRAMMES IN FIVE KEY AREAS. WE ARE COMMITTED TO PROVIDING JOB CREATION OPPORTUNITIES FOR FIVE HUNDRED THOUSAND TEACHERS AND ONE HUNDRED THOUSAND ARTISANS ACROSS THE NATION. 5.5 MILLION CHILDREN ARE TO BE PROVIDED WITH NUTRITIOUS MEALS THROUGH OUR SCHOOL FEEDING PROGRAMME TO IMPROVE LEARNING OUTCOMES, AS WELL AS ENROLMENT AND COMPLETION RATES. THE CONDITIONAL CASH TRANSFER SCHEME WILL PROVIDE FINANCIAL SUPPORT FOR UP TO 1 MILLION VULNERABLE BENEFICIARIES, AND COMPLEMENT THE ENTERPRISE PROGRAMME – WHICH WILL TARGET UP TO 1 MILLION MARKET WOMEN; FOUR HUNDRED AND SIXTY THOUSAND ARTISANS; AND TWO HUNDRED THOUSAND AGRICULTURAL WORKERS, NATIONWIDE. FINALLY, THROUGH THE EDUCATION GRANT SCHEME, WE WILL ENCOURAGE STUDENTS STUDYING SCIENCES, TECHNOLOGY, ENGINEERING AND MATHS, AND LAY A FOUNDATION FOR HUMAN CAPITAL DEVELOPMENT FOR THE NEXT GENERATION

I WOULD LIKE TO PAY A SPECIAL TRIBUTE TO OUR GALLANT MEN AND WOMEN OF THE ARMED FORCES WHO ARE IN HARM’S WAY SO THAT THE REST OF US CAN LIVE AND GO ABOUT OUR BUSINESS IN SAFETY. THEIR WORK IS ALMOST DONE. THE NATION OWES THEM A DEBT OF GRATITUDE.

ABROAD, WE WANT TO ASSURE OUR NEIGHBOURS, FRIENDS AND DEVELOPMENT PARTNERS THAT NIGERIA IS FIRMLY COMMITTED TO DEMOCRATIC PRINCIPLES. WE ARE READY PARTNERS IN COMBATING TERRORISM, CYBER CRIMES, CONTROL OF COMMUNICABLE DISEASES AND PROTECTION OF THE ENVIRONMENT. FOLLOWING ON THE PARIS AGREEMENT, COP 21, WE ARE FULLY COMMITTED TO HALTING AND REVERSING DESERTIFICATION. ELSEWHERE, WE WILL INTENSIFY EFFORTS TO TACKLE EROSION, OCEAN SURGE, FLOODING AND OIL SPILLAGE WHICH I REFERRED TO EARLIER BY IMPLEMENTING THE UNITED NATIONS ENVIRONMENT PROGRAMME (UNEP) REPORT. 

WE ARE GRATEFUL TO THE INTERNATIONAL COMMUNITY NOTABLY FRANCE, THE US, UK AND CHINA FOR THEIR QUICK RESPONSE IN HELPING TO TACKLE THE RECENT EBOLA OUTBREAK IN OUR SUB-REGION. WE ALSO ACKNOWLEDGE THE HUMANITY SHOWN BY THE ITALIAN AND GERMAN GOVERNMENTS IN THE TREATMENT OF BOAT PEOPLE, MANY FLEEING FROM OUR SUB-REGION BECAUSE OF LACK OF ECONOMIC OPPORTUNITY. WE THANK ALL OUR PARTNERS ESPECIALLY SEVERAL COUNTRIES IN THE EU.

WE APPRECIATE THE VALUABLE WORK THAT THE UN AGENCIES, PARTICULARLY UNICEF, ICRC, THE WORLD FOOD PROGRAM HAVE BEEN DOING. WE MUST ALSO APPRECIATE THE WORLD BANK, THE GATES FOUNDATION, THE GLOBAL FUND AND EDUCATE A CHILD OF QATAR ARE FOR THE EXCELLENT WORK IN OUR HEALTH, EDUCATION AND OTHER SECTORS.

FELLOW CITIZENS LET ME END ON A HAPPY NOTE. TO THE DELIGHT OF ALL, TWO OF THE ABDUCTED CHIBOK GIRLS HAVE REGAINED THEIR FREEDOM. DURING THE LAST ONE YEAR, NOT A SINGLE DAY PASSED WITHOUT MY AGONIZING ABOUT THESE GIRLS. OUR EFFORTS HAVE CENTRED AROUND NEGOTIATIONS TO FREE THEM SAFELY FROM THEIR, MINDLESS, CAPTORS. WE ARE STILL PURSUING THAT COURSE. THEIR SAFETY IS OF PARAMOUNT CONCERN TO ME AND I AM SURE TO MOST NIGERIANS. I AM VERY WORRIED ABOUT THE CONDITIONS THOSE STILL CAPTURED MIGHT BE IN. TODAY I RE-AFFIRM OUR COMMITMENT TO RESCUING OUR GIRLS. WE WILL NEVER STOP UNTIL WE BRING THEM HOME SAFELY. AS I SAID BEFORE, NO GIRL SHOULD BE PUT THROUGH THE BRUTALITY OF FORCED MARRIAGE AND EVERY NIGERIAN GIRL HAS THE RIGHT TO AN EDUCATION AND A LIFE CHOICE.

I THANK YOU AND APPEAL TO YOU TO CONTINUE SUPPORTING THE GOVERNMENT’S EFFORTS TO FIX NIGERIA.