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Posted by Jude Aririesike September 26, 2009.

Introduction of Inclusive National Budgeting, Advantageous: Senate President The Senate President, David Mark has charged federal and state legislators to speed up the process for the institution of a legislative framework to introduce inclusive national budgeting in the country. Senator David Mark told a conference of presiding officers of Nigerian legislators that the proposed framework should be drawn up early enough to be accommodated in the 1999 constitution amendment. He said that inclusive budgeting has several advantages from which the country would greatly benefit especially in the face of the global financial crisis. The senate president said the proposed constitution review would also create opportunity for financial autonomy of the legislature to enable them carry out their monitoring functions effectively. Courtesy: Channels Television

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Posted by Jude Aririesike September 14, 2009.

Soludo Resigns as AFC Chairman Former Governor of the Central Bank of Nigeria (CBN), Professor Chukwuma Soludo, has resigned his position as chairman of the board of the African Finance Corporation (AFC), THISDAY has learnt. The AFC, which was set up two years ago to finance infrastructural development on the continent, is expected to name another chairman at its Annual General Meeting in Lagos today. Soludo’s resignation, THISDAY learnt, is because he has vacated office as CBN governor – which gave him a seat on the board – and he is said not to be interested in still serving on the board. The other reason, according to our sources, is because of his recent engagement in politics. The former Chief Economic Adviser and ex-chairman of National Planning Commission has already picked the form of the Peoples Democratic Party (PDP) to run for the governorship ticket of the party in Anambra State . “For those two reasons, he can no longer continue as Chairman of AFC,” a source told THISDAY last night. Courtesy: Thisday

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Posted by Jude Aririesike September 04, 2009.

Ohakim Wades Into ASUU Strike

Governor Ohakim gave this directive when he met with Education Stakeholders over the problems of the state university at the Multi-Purpose Hall, Owerri.

He argued that lecturers at Imo State University had no moral justification to go on strike over a disagreement between the federal governments.

Chief Ohakim noted that strike action is not the only option to deal with industrial crisis adding that the state government has no outstanding issue to iron out with the state branch of ASUU.

He stated that the visitation panel he set up to look into the activities of the school in the past 5 years had unearthed several rots in the Institution ranging from admission racketeering, recruitment of unqualified lecturers and non-academic staff, extortion of students, mismanagement of funds, among others.

He added that the state government has contracted a reputable forensic audit company to look into the accounts of the IMSU since the past 15 years and has concluded plans to sponsor a bill before the State House of Assembly to review the laws setting up IMSU.

Reacting to the governor’s address, a former member of Alvan Ikoku College of Education, Governing Council, Chief Vitalis Ajumbe, stressed that the problem of IMSU started in the last administration through the employment of workers without merit.

He further urged the governor to restrict the duties of the governing council to just formulation of policies than meddling into the management of the university.

Mr. Vitalis Nwulu, a lecturer in the university intimated the governor that the current ASUU strike emanated from the failure of the Federal Government to implement the agreement reached with ASUU in October 2008.

He also made known to all that IMSU branch of ASUU belong to the national body because the lecturers and school share in the benefits of belonging to union, like the Education Trust Fund Intervention.

Mr. Nwulu remarked that the union supports the government in its efforts to reposition the state university.

A student of the university, Stanley Nwaka pointed out that the problems of IMSU in particular and education in general is coused by all - students, lecturers and government.

He advised government to call the university teachers for a special session where they would put up a draft of their agenda on the way to redeem IMSU from the woods.

Bishop Chuka Ekemam of the African Methodist Episcopal Zion Church, counseled the Governor not to use the big stick but to involve the lecturers on positive discussion.

He professed that a peaceful resolution of the crisis would make generations of Imo citizens to remember the governor.

Responding, the governor thanked all for the contributions and suggestions, promising to implement the feasible ones.

He informed the stakeholders that government in the past few months have increased subventions to the state tertiary institutions – IMSU and Polytechnic, Umuagwo – to over 200 per cent.

He hence, urged all to pay their tax to help government serve them better.

Courtesy: Channels Television

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Posted by Jude Aririesike August 25, 2009.

Jimoh Ibrahim’s Global Fleet Pays N3.1bn to Oceanic

Business magnate and Chairman of Global Fleet Group, Barrister Jimoh Ibrahim, yesterday paid N3.1 billion to Oceanic Bank, thereby making good his promise to redeem the indebtedness of his company to the financial institution.

Ibrahim made the payment by a wire transfer even though he argued that his company’s account with Oceanic Bank should be audited for the first time in five years to determine its current status.
He advised others to pay first and complain later, saying that would assist the ongoing banking reform.

Oceanic Bank acknowledged the payment by Global Fleet through a letter dated August 24 and addressed to Ibrahim as the chairman of the company.
The letter which was jointly signed by the bank’s Assistant General Manager, Corporate Banking Group, Robinson Ofomata, and General Manager, Corporate Banking Group, Omotayo Ajani, thanked Ibrahim for his cooperation and banking relationship with the bank.

Oceanic Bank further stated in the letter to Ibrahim and Global Fleet that “the Bank undertakes to refund to you excess charges or debits on the account that is not authorized by you, or interest rate that is not in compliance with our terms of loan as soon as the reconciled account is mutually agreed upon.”

Ibrahim said in a statement yesterday that the loan had been performing and blamed Oceanic Bank for any outstanding in the account on poor banking relationship.
According to the Global Fleet Chairman, Oceanic Bank had in 2007 through a letter dated May 23, 2007 credited Global Fleet account with N1.98 billion being reversal of excess charges and accrued interest on the company’s account.
Ibrahim said: “When a bank by its own admission and confession says they over charged our account with N2 billion, CBN should be on caution as to figure out what exactly the debt profile is and that is why I said that our company’s account with Oceanic Bank should be audited for the first time in five years.”

He said Global Fleet had no reason to stop its relationship with Oceanic Bank and advised the bank to be transparent.
However, the business mogul maintained that the CBN would succeed only if it publishes exactly what everyone owes and avoid computer error that has reduced some people’s debt.

The CBN had last week released the names of debtors to the five troubled banks. The debtors were mostly shareholders and directors who secured loans totaling N747 billion from the banks whose executives were removed for financial mismanagement.
A breakdown of the loans, which were classified as non-performing, indicated that Oceanic Bank Plc had N278.204 billion or 37 per cent in non performing credits; Intercontinental Bank Plc, N210 .903 billion or 28 per cent; Afribank Nigeria Plc, N141.856 billion or 19 per cent; Union Bank of Nigeria Plc, N73.582 billion or 9.8 per cent; and FinBank Plc, N42.445 billion or 5.6 per cent.

Ibrahim and some other persons listed on the list had objected to the values and statuses of the loans credited to their names and companies.

Courtesy: Thisdaynewsonline

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Posted by Jude Aririesike August 18, 2009.

Plateau PDP Sues Ogbulafor Others over Exco's Dissolution

A Plateau state High Court has restrained the leadership of the Peoples Democratic Party from swearing-in seven Party Chieftains as the care taker of the party in the state.

Justice Mohammed Sirajo restrained the PDP leadership after listening to arguments from Mister Lateef Fagbemi, lawyer to the deposed executives of the party in the state.

The National Chairman of the PDP, Prince Vincent Ogbulafor had on August 12, 2009 issued a statement announcing the dissolution of the Professor Shown – led executives and plans to constitute a seven member Caretaker Committee [CTC] to take over affairs of the Party in the State .

Dissatisfied with this Development the state executive committee filed a legal action to challenge their removal from office when their tenure is four years

In the suit their lawyer, Lateef Fagbemi argued that by the constitution of the party and Nigeria’s 1999 Constitution, party leadership at all levels emerged through democratically elected process and not by appointments or impositions.

He told the court that the chairman of the party prince Vincent Ogbulafor and other executives of the party lacked the constitutional authority to cut short the four year tenure clearly defined by the PDP Constitution.

Upon hearing the application of Fagbemi, Justice Mohammed Sirijo restrained the PDP from swearing in the care taker committee pending the determination of the substantive suit.

Courtesy: Channels Television

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Posted by Jude Aririesike 13-8-2009

F.G Backs Out Of Renegotiation with ASUU

The end may not be in sight for the federal government /ASUU feud as the Federal Government has foreclosed further negotiation with the academic staff union of universities, until the union suspends its strike.

This according to the chairman of the Federal Government /ASUU re-negotiation committee, Mister Gamaleil Onosaode , the conclusion of the negotiation is based on the employee-employer level which requires the governing council of the universities to conclude on the grey areas on the negotiation.

Mister Gamaleile says this can only be achieved if the lectures go back to work providing an enabling environment for the negotiation to be finalized.

Lending his voice to the Federal Governments position the Executive Secretary of the National Universities Commission, Professor Julious Okojie, has called on the governing councils of the Federal Universities to recall their staff that are on strike and provide the enabling working environment, and entitlement to those who are willing to work.

Professor Okojie also denied the allegations that the July salaries of the lecturer was not paid according to him the salaries were paid even in the face of the ongoing strike and the no work no pay rule which the federal government had invoked.

The Academic Staff Unions of Universities have been on strike for over two months.

Courtesy: Channels Television.

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