The Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, has consistently justified his deviation from the statutory monetary policy and financial system stability as he grapples with the challenges of reviving an economy on the throes of recession. One area that has continued to generate anxiety is the level of interest rate which presently still hovers around 16 per cent. Key players in the economy, especially in the real sector, have continued to demand for a reduction in the rate at which they borrow. On the surface, it may seem advisable. As a policy option, if adopted, it may have short term benefits but with long term implications that will not augur well for the economy. That actually is the argument of the CBN Governor who said that the apex bank will be failing in one of its key mandates if it cuts interest rates at this...
Recently, the Directorate of State Services (DSS) came out, publicly, to label the Police and other the anti-graft agencies, without discrimination, as impostors. For effect, it warned the public that not all operators in black uniforms belong to the Service. Let us assume that not all in black uniforms are of the DSS, does that make them impostors? They will qualify to be described as such if they claim that they are of the Service when they are not. Black colour is not preserved exclusively for the DSS. It must be noted that the Police started using the black colour for their uniforms even before the DSS was carved out of it, first as National Security Organisation (NSO). Even among children of same parents, there are often petty squabbles easily dismissed as sibling rivalry. Psychologists insist that if not well managed it could lead to serious consequences. Extending such rivalry to the...

As Oniha Repositions DMO

The nation’s total debt profile as at December 31, 2016, was $57.39 billion (N17.36 trillion). A breakdown of the debt component indicate that the external debt stock stood at $11.41billion (N3.48 trillion), while on the domestic side the nation’s debt stood at $45.98 billion dollars (N13.88 trillion). This debt profile is made up of debts of the Federal Government, the 36 States of the federation and the Federal Capital Territory. This debt situation is, expectedly, generating controversy in government circles as the debate on whether to borrow or not to borrow lingers. The Finance Minister, Mrs Kemi Adeosun had, in the midst of it all, argued that diversification of revenue base would ensure that the nation did not continue to rely on debt to fund her budget spending over the long term. She insisted that Nigeria has got to get her budget bigger and to do that she could not solely depend...

Killings By Badoo Cult

When the deadly activities of Badoo cult group became public, we said in an editorial with the above caption that they were dancing the drumbeats of someone powerful, First, a handkerchief soaked in the blood of their victims sold for as much as N100,000. Now a landlord has reportedly confessed that he collected N5 million to point out a particular family that became victims of the attack. Badoo is a group of blood- thirsty scoundrels. We decided to rerun that editorial A ritual cult group that goes by the name Badoo, has been terrorising residents of Ikorodu area of Lagos State and has killed at least 26 people and injured 14 in the last 12 months. The deaths, according to reports, were carried out between June 5, 2016 and June 27, 2017. The modus operandi of the gang is to smash the heads of their victims with rocks or grinding stones while...
When the news broke that a royal father from one of the communities in Lagos State, the Baale of Shangisha, a district in Magodo, Chief Yusuf Ogundare, had been kidnapped, many thought that the kidnappers, already on rampage, had gone haywire. Others saw it as another proof of failure on the part of the Police to effectively protect Nigerians. If the custodians of the people’s culture and tradition are now targets of those criminals, then the crisis is beginning to defy resolution. Six days after the purported kidnap along the road leading to the Centre for Management Development, CMD, in Ikosi-Isheri Local Council Development Area of the state, it became clear that it was all a scam, that Ogundare was out to cause mischief and he almost succeeded. When he was apprehended by the police, he confessed that it was part of an effort to implicate the Oba of Magodo...
It is simply amazing the level of graft that was visited on Nigeria’s oil sector under the supposed watchful eyes of former Petroleum Minister, Diezani Alison-Madueke. The revelations in a civil lawsuit, brought by the United States of America Department of Justice (DOJ’s), Kleptocracy Asset Recovery Initiative, can only be described as mind boggling. In that lawsuit, that US agency is seeking to recover $144 million in assets, including a $50 million luxury condo apartment in New York and the $80 million yacht. The yacht, Galactica Star, a 65-meter luxury yacht, owned by Kolawole Aluko which he acquired for $80million is proof that something evil went on under the administration of President Goodluck Jonathan. This money that was splashed on one luxury item was from an oil deal Nigerians were made to belief will alleviate the hardship they experienced then as a result of the inadequacies of local supply...

Amnesty Taken Too Far

A bill that seeks to take treasury looters out of the reach of the law has passed its first reading in the Senate. By the provisions of the bill, Nigerians and residents, who have any money or assets outside the system or have acquired such money or assets illegally (looted or any variant of the cliché) are to come forward, within a set time frame, to declare same, pay tax/surcharge and compulsorily invest the funds in any sector of the Nigerian economy; and be granted full amnesty from inquiry or prosecution. The draft law that is about to enter the second reading covers all assets whether held in Nigeria or outside the country. Tagged Economic Amnesty, Section 4 of it provides for a 30 percent tax and additional surcharge of 25 percent of such tax. It goes on to stipulate that the proposed tax will be remitted to the federation account...
Today is World Population Day, a day set aside by the Governing Council of the United Nations Development Programme (UNDP) since 1989, to be observed by the international community. The theme for this year is “Family Planning: Empowering People, Developing Nations.” The day is significant considering that no fewer than 214 million women in developing countries including Nigeria, who want to avoid pregnancy do not use safe and effective family planning methods, for reasons ranging from lack of access to information or services to lack of support from their partners or communities. Population from time has grown and will continue to grow as long as humans exist and continue to procreate. However, population growth must be planned and controlled to ensure a good standard of living for the population. Statistics indicate that Nigeria’s estimated population, as at 2017, is 192 million with a growth rate of 3.2 per cent. This implies...
There is a saying among the Igbo of South East Nigeria that no matter the effectiveness of the treatment given to a madman, it will not stop him from whispering. The same can be said of all these Boko Haram insurgents the military tell us have purged themselves of their radicalism and disavowed all links to that terrorist group. If they have, indeed, completely repented of their sins and have now turned a new leaf, then we have cause to celebrate. But we have our doubts and that is why we urge the military to trade softly on the issue. When Boko Haram reared its ugly head, it started by running down western education which is what the term literally means. The vicious nature of the attack on schools and school children shocked the sensitivity of most Nigerians including Muslims. It was also believed that the terrorists were able to...

Badoo Cult Killings

A ritual cult group that goes by the name Badoo, has been terrorising residents of Ikorodu area of Lagos State and has killed at least 26 people and injured 14 in the last 12 months. The deaths, according to reports, were carried out between June 5, 2016 and June 27, 2017. The modus operandi of the gang is to smash the heads of their victims with rocks or grinding stones while in some instances, they inflict bodily injury on victims with machetes and rape their female victims. They would usually target houses in secluded areas where the cries of their victims would not be heard and then strike in the dead of night when their victims are fast asleep. The cult group has wiped out entire families in some of their operations. In one of their operations, a pregnant woman was killed, while an 8-year-old girl was abducted from a...