Connect with us

News and Report

A Practical And Necessary U-Turn

Published

on

It ‘s often said that a sign of a good leader is an innate ability to recognise when something is not working, and the courage to correct it immediately – even if it means him or her administering a complete u-turn. Such is the magnitude of the Buhari administration’s about-face during the past six weeks or so.

First of all we witnessed the truly pragmatic and wise decision to put an end to fuel subsidy – a total anathema to the administration’s commendable commitment to help and provide for those at the bottom of the financial ladder. It was an act of true courage – allowing common sense to prevail over deep rooted ideologies. The simple fact of the matter is the government / nation cannot afford the subsidy bill; leading to the proverbial question – ‘where’s the money going to come from??’

Then a few days ago the CBN Governor informed us the FX market is to be liberalised – thereby allowing the markets to determine the value of the naira. On hearing the news, aside from wanting to leap for joy, I promised myself I would write an article of thanks and congratulations to the present administration.

Okay so rather than taking immediate and decisive action at the start of the year when it was blatantly obvious the economy was heading in a bleaker than bleak direction, the government nonetheless decided to lead us on a merry dance (oops! Did I say ‘merry’? Pardon me I meant ‘galling’) through the long and utterly grim valley of the shadow of economic death. But as they say, ‘better late than never!’

The above two monumental decisions speak volumes of the tenacity and humility of President Buhari and his Vice President, Professor Yemi Osinbajo. Indeed the more I watch and listen to the Vice President the more I believe he’s a man that sincerely and diligently listens to people’s views and advice – be they pro or against.

To further buttress my point about pragmatic management / leadership, allow me to recall a Chelsea match I watched several years ago. Before proceeding I should point out that as a passionate Arsenal fan, saying complimentary things about Chelsea’s then manager Jose Mourinho is not only painful but sends the most devastating chills down my spine. So after taking a very deep breath I’ll say this as quickly as possible.

The Chelsea team of those days were known for their affinity to ensure goals were not conceded. Playing anything resembling creative or attacking football was more or less an after-thought. But despite this painfully sterile approach to the game they had an uncanny knack of scoring timely goals – usually either very early on in the game or with just seconds remaining. Such was the effectiveness of their steely defence they usually only needed one goal to win games.

During the first twenty minutes of a game against Sam Allardyce’s Bolton Wanderers (I think it was Bolton but can’t be completely sure) it was fairly obvious that Mourinho had got his tactics a little off. Not only was the Bolton team running riot down both flanks but the Chelsea team looked even more staid than usual when going forward. So what did Mourinho do? He made a double substitution in the first twenty minutes of the first half – The First Half!!! Ten minutes later Chelsea were three nil up. I had never really liked Mourinho up to that point. Actually I still don’t like him. But it was from that very moment that I started to have the utmost respect for his abilities as a superb tactician and manager; and as a result till this day I always listen to everything he has to say.

Why?

Because his actions that day sent two very clear messages.

1. A very public and fearless admission that he had fluffed his tactics

2. He had the courage, and humility I might add, to correct his mistakes immediately

The above two points are key attributes of good leadership. A good leader should never be too arrogant or proud to admit when he or she has made a mistake. Neither should he or she be too afraid to make the necessary changes.

So once again I doff my hat to both the President and Vice President. During the past six weeks they’ve shown that the government manning the oars of this potentially great nation is one that listens.

Now the FX market is liberalised we’ll see a greater inflow of foreign investments during the next few months – leading to more availability of dollars to pay for the necessary imports. Yes we want and will become a self sustained nation that imports very little, but that time is a long long way away – at least ten to fifteen years. Our agriculture, mineral, manufacturing, alternative energy, and education sectors need to develop and grow first. It will take immense planning, focus, sustained commitment, and perseverance, but we will get there. Until then we must be practical and accept that we need to import certain goods and services in order to sustain ourselves.

The other major present concern is the high level of unemployment. But in time this too will reduce. Industries, sectors / companies will start employing again once they have more confidence in the direction the economy and nation at large is going. Yes, the economic indicators may not look too encouraging, and yes they are important pointers of the nation’s health, but they too will improve as confidence grows.

Continue Reading
Advertisement

News and Report

House Of Representatives Issues Warrant Of Arrest On Central Bank Governor, Cardoso, Accountant-General, 17 Others

Published

on

By

The House of Representatives’ Committee on Public Petitions has asked for a warrant of arrest to be issued on the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, the Accountant-General of the Federation (AGF), Oluwatoyin Madein, and 17 others over refusal to appear before it to answer questions on their operations.

It was gathered that the issuance of the arrest warrant was sequel to the adoption of a motion moved by Fred Agbedi, representing Ekeremo/Sagbama Federal Constituency of Bayelsa State on the platform of the Peoples Democratic Party (PDP) at the committee’s hearing on Tuesday.

Agbedi, while moving the motion, said that the arrest warrant had become imperative following the attitude of the invitees, adding that the parliament worked with time and the CEOs had been invited four times but failed to respond to the invitations.

Agbedi said that the CBN Governor, the AGF and the rest of the invitees should be brought to appear before the committee by the Inspector General of Police through a warrant of arrest after due diligence by the House Speaker, Rep Tajudeen Abbas.

The Chairman of the Committee, Micheal Irom (APC-Cross River), in his ruling said that the Inspector-General of Police should ensure the invitees were brought before the committee on December 14.
It was gathered that the petitioner, Fidelis Uzowanem, had earlier said that the petition was anchored on the Nigeria Extractive Industries Transparency Initiative (NEITI) 2021 report.

Irom said, “We took up the challenge to examine the report and discovered that what NEITI put together as a report is only consolidation of fraud that has been going on in the oil and gas industry.

“It dates back to 2016 because we have been following and we put up a petition to this committee to examine what has happened.

“The 2024 budget of 27.5 trillion that has been proposed can be confidently funded from the recoverable amount that we identified in the NEITI report.

“It is basically a concealment of illegal transactions that took place in NNPCL; they have been in a sink with some oil companies where some companies that did not produce crude were paid cash core, an amount paid for crude oil production.”

 

Continue Reading

News and Report

FCTA uncovers illegal oil refining warehouse in Abuja

Published

on

By

In continuation of the city cleaning exercise, Authorities of the Federal Capital Territory Administration (FCTA) with operatives of security personnel have uncovered an illegal oil refining warehouse in Mabushi, opposite Mobile filling station on Ahmadu Bello way in Abuja.

 

The Director, Department of Development Control, FCTA, Mukhtar Galadima after the operation on Thursday, said the illegal refining site was discovered during the continuation of the city cleaning exercise.

 

According to him, about three to four plot of lands designated for commercial purposes have been converted to an area where oil and diesel are being adulterated and circulated to other parts of the city.

 

Galadima explained that the city sanitation task force will look into the provision of the law and make necessary recommendations to the FCT Administration for further actions on the plots used for the activity.

 

He said there was no arrest but the items used in carrying out the illegal refining have been impounded.

 

Galadima said, “During the continuation of our city sanitation exercise in Mabushi opposite Mobile filling station on Ahmadu way, we discovered an illegal refining site where oil and diesel are being adulterated, we have done the needful by moving the items to Nigerian Security and Civil Defence Corps.

 

“From what we have seen so far, about three or four pilot of lands designated for commercial purposes have been converted to unapproved activities, which we believe the owners are fully aware, there will be consequences.

 

“We are going to look at the provision of the law and make necessary recommendations to the FCT Administration”

 

He said the administration will continue to go tough on activities being carried out without government approval,  especially revocation of the titles.

 

Collaborating, Head, operations FCT Directorate of Road Traffic Service (DRTS), Deborah Osho said the city management team during the exercise also discovered that most of the areas in the Nation’s capital have been converted to illegal car mart and motor parks.

 

She disclosed that fifteen vehicles have so far been impounded since the operation commenced about two days.

Continue Reading

News and Report

Central Bank To Freeze Accounts Without BVN, NIN From April 2024

Published

on

By

The Central Bank of Nigeria (CBN) said on Friday that it will freeze accounts without a Bank Verification Number (BVN) or National Identification Number (NIN) from April 2024.

This is according to a Friday circular by the apex bank which said a BVN or NIN verification will be “conducted shortly”.

It also said all BVN or NIN attached to accounts/wallets must be electronically revalidated by January 31, 2024, according to the circular by the CBN Director of Payments System Management Department Chibuzo Efobi, and the Director of Financial Policy and Regulation Department Haruna Mustapha.

More details later….

 

Continue Reading

Trending