The Naira on Friday weakened further as it sold at N224 against the dollar at the Bureau de Change (BDC).
NAN reports that the Naira also exchanged against the dollar at N220 at the black market.
But, the currency traded N199 to a dollar at the Central Bank of Nigeria (CBN).
The currency, however, gained N2 against the pound at the BDC, selling at N330, from N332 it sold on Monday.
At the black market, however, the Naira remained stable, maintaining N335 to the pound, which it attained on Feb. 23. It sold at N307.59 to a pound at the CBN.
Against the Euro at the black market, Naira sold at N255 as against N235 it was sold on Monday.
At the BDC, it exchanged at N245 against the Euro, increasing from the N235 it was sold on Monday, while at the CBN, it sold at N226.7.
The APC Candidate has been on a tour of the UK, chaperoned by his political campaign advisers Dr. Kayode Fayemi and Mr. Chibuike Amaechi. Two things are rather immediately clear from Buhari’s UK tours: one, the APC presidential candidate has been forced to sup on bitter gravy over lingering animosities with Britain following the Umaru Dikko affair. This trip it seems is in part, made on bended knees. Is this Buhari’s attempt to bury the ghost of the past and any other hatchets with Great Britain?
Was his meetings with Tony Blair and others in the UK’s political establishment a way of opening long sealed channels? Buhari had also used his hastily arranged talk at London’s Chatham House, to briefly outline the still sketchy architecture of his foreign policy.
The message is, Nigeria will maintain its status quo, looking Westwards for patronage; will not upset any apple carts with good old Britain, and where any may have been upset, particularly with growing trade with China, now seen as a threat because of China’s increasing importance as Nigeria’s biggest business partner in certain international circles, the Buhari presidency will normalize and redirect it, and possibly guarantee and secure Britain’s old and longstanding political and commercial interests in Nigeria.
The long-awaited report of the forensic audit on the Nigerian National Petroleum Corporation (NNPC) which the Federal Government hired PricewaterhouseCoopers (PwC) to conduct has finally been released. As with almost everything in these political times, the forensic audit was elevated into a campaign issue when some politicians began to raise questions about why it was taking so long for the report to be released, insinuating that it may have been swept under the carpet by an administration they believe has a proclivity for supporting corruption. The release of the report has defused all such impressions imagined or real.
The idea of a forensic audit of NNPC was the brainchild of the Coordinating Minister of the Economy and Minister of Finance, Dr Ngozi Okonjo-Iweala, who suggested during the Senate probe of the allegation of non-remittance of $49.8bn oil revenue into the Federation Account levied by the former Governor of the Central Bank of Nigeria (CBN), Mallam Sanusi Lamido Sanusi, against NNPC. Dr Okonjo-Iweala had submitted before the Senate Committee on Finance that considering the level of interest and controversy that the allegation generated, it was good to have a forensic audit carried out on NNPC’s books to get to the bottom of the issue once and for all.
Excellent article! Bottom line message is clear: Nigerians must seize the destiny of Nigeria from the hands of its oppressive and corrupt ruling elites and install intelligent, competent and patriotic anti-corruption crusaders. India, China, UAE and Qatar used to be Nigeria’s contemporaries. They were at one point worse off than Nigeria. But look at how they have leaped forward today.
They got to where they are today not by looting the billions of dollars of national wealth, but by installing national leaders who deployed their national wealth and resources towards research and development, national planning and myriad far sighted nation building programs. India especially surprised me. About 35 years ago, India was poorer, further backward and less developed than Nigeria.
The legendary sociologist scholar, Max Weber defined a successful state as ‘one that could be said to succeed if it maintains a monopoly on the legitimate use of physical force’. Another intellectual giant, Robert Bates defined a failed state as the ‘implosion of the state where the state transforms into an instrument of predation.’ The characteristics of a failed state include the failure of some of the basic conditions and responsibilities of a Sovereign government. It also includes the loss of control of its territory, the inability to provide public services to the people. The emergence of warlords and rise of terrorism, absence of the rule of law, the emergence of strong men rather than strong institutions and respect for democracy are also the attributes of a failed state.
On March 6, 1957, Ghana formerly known as the Gold Coast became the first nation in West Africa to become independent from Great Britain. Some of the words of Osagyefo Kwame Nkrumah during his inaugural speech was apt ‘Political Independence is nothing without economic liberty.” A failure of many of the African nationalists who rattled the colonial masters in their bid to wrestle power from them was their cluelessness when it came to standing independently economically. They blindly heeded the saying of Nkrumah when he opined ‘Seek ye first the political kingdom and every other thing shall be added unto you.’ Nkrumah’s economic policies brought nothing but pain to the Ghanaians. The failed attempt to industrialize set the nation aback. The outlawing of trade unions and random imprisonment of political opponents through the preventive detention act and his endorsement of a life presidency for himself and the allowing of only the Convention Peoples Party as the sole party of the country made him a dictator and a failure as a leader
One drawback critics of General Muhammadu Buhari, the Nigerian version of Abraham Lincoln have pointed out is his lack of international appeal. He pales in significance when compared with former President Olusegun Obasanjo. The latter has his global acceptance soar to the high Heavens after handing over power to former President Shehu Shagari in 1979. He then went up to establish the African Leadership Forum which was a local clone of the American Brookings Institute. His books were best sellers albeit controversial and fire stoking. So popular was the Otta based chicken farmer that he contested the United Nations Secretary-Generalship in 1986 narrowly losing to Egyptian veteran diplomat, Boutros Boutros Ghali.
Gmb as he is fondly addressed did not write any book, is not known to be popular on the local and international soap box and rarely courts the western media since leaving office in 1985 after a palace coup or his freedom from detention after a three year house arrest in 1988. This criticism was not one to be taken for granted as it will be a great challenge to lead the most populous black nation on earth without any iota of global clout.
From PETRUS OBI, THE SUN
In his interview recently the Secretary General of the Igbo apex body Ohanaeze Ndigbo Dr. Joe Nwaorgu dismissed insinuations of a division in the Igbo body, describing the caretaker committee led by Chief Ralph Obioha as pretenders and members of a drinking club who are disillusioned.
H e also said Ohanaeze endorsed Jonathan because he is the only one of the two major presidential candidates who will implement the National Confab report. “We made input in that report and a lot of Nigerians agreed harmoniously, by consensus on the way forward for Nigeria. And between Jonathan and Buhari, Jonathan is the one likely to implement that report.”
In this interview Mr. Osita Okechukwu, the South East spokesperson of the APC joins issues with Nwaorgu insisting that Ohanaeze endorsement of Jonathan was on selfish grounds and a gross deceit of Igbo people and cannot be justified.
A few years back, it was a common practice among members of the Peoples Democratic Party (PDP) to describe their political party as the largest in Africa. None of us outside the party bothered to authenticate the claim. Perhaps some people just believed it. But it was indisputable that the party was Nigeria’s biggest judging by the overwhelming number of elected political office holders produced by the party from the level of a local council to the presidency. Indeed, the PDP won the Presidential elections of 1999, 2003, 2007 and 2011.
At a point, some of the party chieftains boasted that their party would rule Nigeria for a minimum of 50 years. However, whether the strength of the party is still the same today as it used to be is a different ball game following several defections from the party as well as half-hearted aggrieved members.
As Nigerians, we have a terrible penchant for denigrating national political leadership. For as long as I know, we have not had one leader since Independence that we have collectively spoken well of while in office. More than any other nation I’ve been to, Nigerians may be the world’s leading ‘bellyachers.’
Consequently, our perception of ourselves and our leaders has rubbed off on our neighbors and the international community. No wonder Nigerians have been treated as pariahs for decades.
I’ve been engaged today on fb with a group of Nigerians, whose political biases get in the way of condemning General Muhammadu Buhari’s supporters in Northern Nigeria who are currently engaged in pre-election intimidation and violence. Their logic is, well, President Jonathan created the climate for the political backlash. Really?
The plan by the Federal Government to make a first degree the minimum teaching qualification in Nigeria is a worthwhile aspiration that should help improve the quality of teaching in the country. Education Minister, Ibrahim Shekarau, who revealed the plan during a visit by the Ambassador of Finland to Nigeria, Pirjo Suomela-Chowdhurry, said the Federal Government would also explore all measures to restore the respect, dignity and status of teachers in the country. He spoke in response to the envoy’s disclosure that the minimum teaching qualification in Finland is a master’s degree because teaching in the country is a highly competitive profession that is sought after by too many qualified people.