Ambrose Alli University Sex-For-Grades Update: Dr. Otubu Fired; Judith Okosun Suspended For Six Semesters

 

Dr. Peter Otubu and Judith Okosun

Judith Okosun, the 400-level Mechanical Engineering student at the centre of the July 2010 sex-for-grades scandal at the Ambrose Alli University in Ekpoma, Edo State, has been suspended for six semesters.

In a report, THE NEWS said that Engr. Peter Otubu, the lecturer whose demand of sexual favours in exchange for good grades led to the crisis, was fired by the University, this was confirmed by the university authorities today. 

In July 2010, Saharareporters broke the story of the scandal.  Governor Adams Oshiomhole, who is the Visitor of the institution, immediately demanded an investigation and report. 

The university, which Ms. Okosun’s lawyer claimed to have been informed of the incident from the beginning, although its spokesman denied it, set up two committees.  The student was found guilty of “breaching her matriculation oath”.

Also, the university offers no guarantee that another randy lecturer will not be waiting with a new grading “system”, or to exact vengeance.

Dr. Otubu’s case was instructive according to the university vice chancellor who rendered an account of his past to the NEWS magazine, as stated here: “Professor Sam Uniamikogbo, the university’s Vice-Chancellor, explained why Judith was also sanctioned. “The student was aware of the university’s rules and regulations and once any student violates any of the rules, that student will be disciplined,’’ he told TheNEWS.  The rules, said the Vice-Chancellor, forbid students from taking laws into their own hands, as Judith seemed to have done. Uniamikogbo is, however, still shocked by the conduct of Otubu. Prior to the scandal, the V-C said, Otubu was considered chaste; having helped the university authorities bust a lecturer who habitually demanded sex from married undergraduates. ‘‘It was Otubu that we put on the case. The married woman was told to play along. Otubu helped us to arrest the lecturer at the hotel to which he had invited the woman. I could never have imagined that a man we thought was clean and a veritable role model would be involved in this kind of scandal,” Uniamikogbo said ruefully...

The university terminated Dr. Otubu’s appointment on October 26 2010.

A source at the university told SaharaReporters that Judith has gone to court to challenge her wrongful rustication from the university.

Producer buys Dagrin's wrecked car

Producer of the Dagrin's Biopic, Ope Banwo, has bought the car in which the late singer had the ill-fated accident that led to his death.

Speaking on why he decided to buy the car, Banwo said, "once you decide to do a biopic, there are some things you have to do to create as much realism of the real story as possible. There are some things you should not compromise as a producer if you really believe in doing your best for your audience."

Photos:Late dagrin,Smashed Car,Ope Banwo & Trybson 

The Nissan Maxima, with customised plate DAGRIN 03, which was already sold to scrap dealers in Owode Oniran, was bought for N400,000. When asked what he would do with the scrap metal after the production of the movie, Banwo said, "I am not sure right now. I may probably donate the car to the museum, since the Dagrin accident has become a national event."

In the movie, Trybson Dudukoko plays the late Dagrin while Doris Simeon, Rachael Oniga, Pa Kasumu, all play his love interest and parents respectively.

FELA! the Broadway musical about the life and music of Nigerian performer and political activist, Fela Anikulapo-Kuti, is scheduled to be performed at Eko Hotel, Lagos, from April 20th to 25th.

Organisers said, "The aim of FELA! in Lagos is to unite and connect Africans in spirit and unity, to serve as a catalyst for cultural revival in Nigeria, and to celebrate Fela Kuti, for the contribution he has made to Nigeria and the world."Photo:

FELA! depicts the story A scene from Fela @ Olivier, National Theatre. Directed by Bill T. Jones.(Opening 16-11-10): Photo: ©TRISTRAM KENTON 11/10

of legendary Nigerian musician, Fela Kuti, whose soulful Afro beat rhythms ignited the spirit of empowerment and cultural awareness in a generation.

The musical will star Sierra Leonean-American actor, Sahr Ngaujah, who plays Fela Kuti and music will be provided by the Antibalas, a Brooklyn-based afrobeat band that is modeled after Fela Kuti's Africa 70 band..

The FELA! in Lagos is being produced by Broken Shackles - a Nigerian production company, in conjunction with Lagos State government.

"With series of media partners and sponsorships, FELA! in Lagos will be the most talked about show in Nigeria for years to come. We have created sponsorship, branding and advertising opportunities for those who wish to be a part of this historic theatrical event," a spokeswoman for Broken Shackles said.

FELA! on Broadway was conceived by American artistic director, Bill T. Jones, book writer, Jim Lewis, and Stephen Hendel, a businessman from New York. Its producers include the entertainment legends, Shawn "Jay-Z" Carter, and Will & Jada Pinkett Smith.

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***Producer buys Dagrin's wrecked car

Producer of the Dagrin's Biopic, Ope Banwo, has bought the car in which the late singer had the ill-fated accident that led to his death.

Speaking on why he decided to buy the car, Banwo said, "once you decide to do a biopic, there are some things you have to do to create as much realism of the real story as possible. There are some things you should not compromise as a producer if you really believe in doing your best for your audience."

The Nissan Maxima, with customised plate DAGRIN 03, which was already sold to scrap dealers in Owode Oniran, was bought for N400,000. When asked what he would do with the scrap metal after the production of the movie, Banwo said, "I am not sure right now. I may probably donate the car to the museum, since the Dagrin accident has become a national event."

In the movie, Trybson Dudukoko plays the late Dagrin while Doris Simeon, Rachael Oniga, Pa Kasumu, all play his love interest and parents respectively.

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***Harrysong sets a release date

Questionmark Entertainment's frontline act, Harrysong, will release his debut album on April 1.

According to Kaycee Oguejiofor, the imprint's general manager, the album, which has been pushed back on many occasions since 2008, will be released on the first day of April 2011.

"Yes, Harrysong's debut album will be released on April 1, 2011," Oguejiofor said.

The album, which is titled ‘Testify', will feature label mates, D'Supremes and Ego, on the album's lead single, ‘Hold Yuh' (a remake of Gyptian's ‘Hold Yuh') and Tuface Idibia.

Harrysong, real name Tare Okiri, came into public consciousness in 2008 with the release of ‘Yekelem'. He has worked with P-Square, Omotola Jalade, D'Supremes, and many others in capacities which included songwriting, vocal coaching, and music production.

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***Star Quest to host first Regional Auditions

The first regional auditions for the 2011 edition of Star Quest kicks off on March 10 and will run up to March 12 at the Reiz Continental Hotel, Abuja.

Unlike its previous editions, which required an on-line registration, interested participants are only required to go the designated audition venue, register, and perform in front of the judging panel.

According to the corporate affairs adviser of Nigerian Breweries Plc, Yusuf Ageni, "The company is pleased to welcome young Nigerians who are residing in Abuja and its environs to Reiz Continental Hotel for Star Quest 2011 regional auditions. Star lager beer is offering this unique platform to music enthusiasts for them to explode into stardom.

"We invite them to take advantage of this unique opportunity to exhibit their musical talents. One or more members of Nigeria's next Star Quest winners may just emerge from this zone."

Sponsored by Star lager beer, Star Quest began in 2002 where its maiden winners was the duo of Kc Presh.

We followed the rumors, the leaks, the speculation and the comings and goings of various peers and future competitors, but Apple's finally gone and revealed the updated iPad. Who presented the event? None other than CEO Steve Jobs himself.

The iPad 2 is powered by an Apple A5 chip, a dual-core CPU that somehow consumes the same amount of power as the iPad 1's A4 unit, but delivers "up to 2X" the speed. This also leads to faster graphics, which Jobs quoted as being "nine times" better than the iPad 1. The A5 is the "first dual-core tablet to ship in volume."

iPad 2 is just 8.8mm deep, compared to the iPhone 4's 9.3mm and original iPad's chunky 13.4mm, and it's also just 1.3 pounds--much less than the original's 1.5 mass, and thus way more handler-friendly. It's coming in both white and black (that's the glass front bezel, not the aluminum back) and will will launch March 11th in the U.S. and it'll be available in 26 nations from March 25th.

The twin cameras on front and back support PhotoBooth and Apple's videocalling protocol FaceTime, the front unit is a VGA-res webcam, and the rear unit has 720p video recording powers. To go with the new video features, iMovie is now on the iPad, bringing simple touch-based editing and production skills directly to the tablet itself--it's a $4.99 App Store app, available universally (so can we expect it on iPhones too?). An iOS GarageBand app is also en-route for the same price. The device will run iOS 4.3, which includes a much faster mobile Safari browser, iTunes Home Sharing for easy media streaming at home, better AirPlay features and the return of the screen orientation lock switch. This iOS refresh also brings the Wi-Fi hotspot skills that were revealed on the Verizon iPhone to the iPad.

Pricing may have been the first iPad's secret killer feature, so Apple's not messing with the recipe: The Wi-Fi only 16GB iPad 2 will launch at the same $499 as the original, and the most expensive 3G-enabled 64GB version will still cost $829.

In terms of accessories, the iPad 2 supports a new HDMI cable that hooks directly to the 30-pin iPod connector (and also supports charging via USB) which mirror's the display onto an HDTV at up to 1020p full-HD resolution. The idea is to boost presentation skills of teachers and business folk, and the system even recognizes if you rotate the iPad. A new flush-fitting case has also been created, in multiple colors and coming with a neat magnetic latch that automatically conforms to the iPad's shape.

Revealing the iPad, Jobs began by noting that Apple's competitors teased Apple for using the word "magical" and that the price wasn't reasonable--he wondered what those same competitors are saying now. Jobs then gave us an update on iPad sales figures: 15 million in 2010, in just nine months--"More than every Tablet PC ever sold," and earning Apple $9.5 billion in 2010 alone (there was even a little dig at Samsung's Galaxy Tab sales figures). There are also over 65,000 iPad-specific apps, while the competition launches with "at most" a hundred apps.

Jobs began his iPad presentation noting that users have downloaded over 100 million ebooks from the iBookstore in well under a year's availability, and that combined with the App Store and iTunes stores, Apple has just achieved over 200 million accounts in the stores, what jobs thinks is the most accounts with credit cards of any online service...

That's a lot of statistics to back up that the iPad, and its ecosystem, has been an astonishing success.

More News:

San Francisco, March 3 (IANS) Apple CEO Steve Jobs returned from his medical leave to to unveil the next-generation iPad. The new iPad is thinner than an iPhone 4, boasts faster processing speeds, and sports two cameras for Apple's FaceTime feature.

'While others have been scrambling to copy the first generation iPad, we're launching iPad 2, which moves the bar far ahead of the competition and will likely cause them to go back to the drawing boards yet again,' Jobs said at a launch event here Wednesday.

A surprised a audience gave him a standing ovation and tech bloggers immediately and breathlessly tweeted out the news.

The iPad 2 also comes in both black and white versions, and will be available in the US from March 11. Prices start at $499 for a WiFi-only model. There are a total of nine different iPad 2 models, with Verizon and AT&T having their own distinct 3G versions.

Apple has also taken strides in making the iPad 2 more than just a device for consuming media, as its predecessor was. With the announcement of tablet versions of its Garageband and iMovie apps, it is hoping the new iPad will be used as a content-creation device.

In addition, Apple has also designed its own case for the iPad 2, called Smart Cover. The case (below) uses a magnetic hinge, folds into a stand for typing, and will wake or put to sleep the tablet when opened or closed, respectively.

Along with the iPad 2, Jobs also announced an update to iOS. Version 4.3 includes a faster Safari, enhancements to AirPlay and the Personal Hotspot feature. The latter will allow users to share their iPhone 4 cellular data connection over WiFi with up to five devices.

But the appearance of Jobs made a bigger splash than the unveiling of the new Apple iPad.

Jobs was diagnosed with pancreatic cancer in 2003. He had a liver transplant in 2009. On January 17, he took his second leave from the company in the past two years.

Speculation about Jobs' health had increased in recent weeks, with tabloids weighing in with unsubstantiated reports.

Some of those rumours were tempered when Jobs was photographed in February attending a private dinner with President Barack Obama and other Silicon Valley elite.

Who would have thought that one single Tweet could cause such a riot?

But then we’re talking Kanye West here – global god of the cool block.

So it happened that just after midnight yesterday, at exactly 1.47, the man with over 2.5 million followers, but only 1397 Tweets since he started Tweeting in July 2010 ‘released’ one Tweet that concerned Nigeria, and all Twitter broke loose.

From @kanyewest: Yo @iamdbanj and @donjazzymohits get back to NY asap there is still work to be done.

Don Jazzy – a Twitter-holic if there was one but who hasn’t Tweeted in 13 days – was quick with his response. @DONJAZZYMOHITS: @kanyewest yes boss. See u soon.

And D’banj – who Tweets, er, about once every other three months – followed suit.  @iamdbanj: @kanyewest oooossssheee no worries boss. Coming soon.

Wow.

All so calmly, like this was just another Tweet all in a day’s job – no big deal. All so cool. All so… Don Jazzy.

Apparently, coming on the heels of the Snoop Dogg – Uncle Snoop, he was called in the video – collabo that is still shaking the African entertainment hemisphere, Don Jazzy and D’banj are set for a collaboration with the Hip-Hop living legend, Kanye West (already christened Uncle Kanyinsolaoluwa by @eaboyeji).

Said a source very close to the Mo-Hits management over a quick phone interview, who asked for anonymity as, according to him, Don Jazzy is trying to do this hush-hush, “Something big is popping. Watch this space – Don Jazzy is not playing games this year. But that Tweet was not a mistake o – Kanye is not a small boy. I no fit talk pass that one o.”

If, as the source said, this was a Marketing gimmick – and the fact that both music stars were awake just at the right time to respond to the post-midnight Tweet goes to confirm that it most certainly was – then it absolutely worked.

Nigerians – those still awake, of course – immediately began to Ping and to Tweet and to wake up their compatriots to the, er, good news. Facebook and Twitter went wild, as people Re-Tweeted and Re-Posted the message frantically.

‘Mo-Hits’ and ‘WhenKanyeTweetedatandDbanjandDonja’ almost immediately began to Trend in Lagos, and Nigerian Timelines could hardly miss at least a Tweet on the subject.

The excitement was palpable. Darey Art-Alade, who launched his new album yesterday, could not help sharing in the excitement: “Make una do quick!”, he tweeted.

His colleague, Sound Sultan, added his voice: “we gonna do it from home big sign for a lotta ppl,” he said.

Popular columnist, Tolu Ogunlesi, who shared at least 10 excited Tweets on the matter, chipped in with his trademark tongue-in-cheek: “GEJ may have “brought” FB to #NG, buh Mohits moved Kanye’s ‘Endowed’ fingers to tweet naija. They should get national awards.”

For good measure, he also threw this in: “Breaking: FG declares public holiday to celebrate @kanyewest tweet”!

@kennybayeroju had something to add: “and later south africa will start claiming that they are relevant in africa/ abegggggg abeggg its all about nigeria.”

And, on her part, @SomaKudi,  found the moment so historic that she had a word for those who dared to sleep at this rarefied moment! “People who are sleeping at this moment have lost out big time. Reminds me of the unprepared bridesmaids in the Bible #Deep,” she Tweeted.

Indeed as recent developments involving MI (who Trended globally following release of MI2), Omawumi (for whom Nigerians on Twitter went gaga when she released her latest single “If you ask me”) and other artistes have shown, Twitter is changing the way the game is played – both as a conversation driver and a Trend-setter (puns intended).

At this moment, it has underlined a reality many of us already knew – the guys at Mo-Hits are certainly at the top of their game.

Glory Edozien, Features Editor of BellaNaija.com capped its significance quite succintly: “Moral of the story: see a man diligent in his ways, he will not stand before mere men! What ever u do, do it well…put ur backbone into it!”

As another Nigerian, @Lowla360, remarked following the Tweet that changed the music game: ‘Twitter its bout time our boys got their accounts verified yo!!! Bawo lo shey check e??”

And let the people say ‘Amen’.

You are a man of your words and your star is bright.  I wish u well."  With these words, Oba of Lagos, Oba Rilwan Akiolu  expressed best wishes to President Goodluck Ebele Jonathan, as he flagged off the Lagos presidential campaign rally today

OBA of Benin, Omo'N oba Erediauwa, yesterday debunked media reports at the weekend that he has banished the Minister of State for Works, Chris Ogiemwonyi, from entering his palace until the Federal Government rehabilitated the Benin-Ore Road.
 photo: Rehabilitated minister

The palace described the reports as "misleading and untrue."
It was reported in some national dailies last Saturday that the monarch was angry with the minister when he and some leaders of the Peoples Democratic Party (PDP) visited his palace where he said he would no longer welcome the minister into his palace until the road is fixed.
But in a statement yesterday signed by the Secretary to the Palace of the Oba of Benin, Oronsanye Guobadia, and made available to newsmen in Benin, the monarch said "it is generally not the tradition of the Oba's Palace to respond to every false and inaccurate news item, but we are constrained to do so, this time, because of the undeserved embarrassment and denigrating innuendos, our beloved and highly esteemed Minister of State for Works, Chris Ogiemwonyi, faced, arising from the mischievous and distasteful news reports of the Minister's visit to the  Palace on Friday February 25, 2011.
"In the said publications, it was variously reported that the Minister has been 'banished' from the Oba's Palace over the Benin-Ore Road. We view this report as a calculated attempt to provoke a controversy between a high achieving and deeply respected Benin leader and the Oba's Palace.
"At no time did the Omo N'Oba threaten to banish the Minister over the Benin-Ore road project, during the visit or issue any ultimatum to the Minister or contractors handling the road project.
"We view reports of such ultimatum and banishment as a serious and ill- motivated effort to portray the Oba's Palace in bad light. With the kindest consideration, the Oba's palace is pleased with the sterling performance of the minister since his assumption of office, despite the administrative budgetary constrains associated with the federal ministries. The Omo N'Oba expressed deep surprise on why Benin-Ore Road project is being delayed, while work has commenced on the Benin-Abraka Road, " he stated.

Other News:

FG to involve private sector in Benin-Ore-Lagos road project

The son of one of West Africa's longest-ruling dictators has commissioned the building of a luxury superyacht for himself worth $380 million -- almost three times more than his country spends annually on health and education for its impoverished people, an anti-corruption group said today.

Teodorin Obiang, the 41-year-old son of Equatorial Guinea's dictator, is the agriculture minister in his father's government but spends much of his time in California, with a $35 million mansion in Malibu, a fleet of luxury cars and a private jet. His government salary is $6,799 a month -- making him certainly comfortable by U.S. standards but extremely wealthy compared with others in his home country. But even on that salary, it would still take him 4,600 years to pay for the luxury yacht he's ordered.

Dmitry Lovetsky, AP

The Pelorus, a luxury yacht owned by Russian billionaire Roman Abramovich, is shown on the Neva River in St. Petersburg. The world's second most expensive boat, it would be surpassed by a $380 million yacht that Teodorin Obiang, son of Equatorial Guinea's dictator, has commissioned.

The son of Equatorial Guinea's dictator of 30 years commissioned plans to build a superyacht costing $380 million, nearly three times what the country spends on health and education each year, a corruption watchdog said Monday. The statement from Global Witness said that German company Kusch Yachts has been asked to build the yacht, housing a cinema, restaurant, bar and swimming pool, though construction has not yet started.

"Nonetheless, we hope this person's example also serves to silence many mouths who continuously speak of lack of freedom and respect for human rights in Equatorial Guinea since, as is more than evident, this person has acted at all times with absolute freedom," it said in a statement on its website.

Teodoro Nguema Obiang Mangue (born c.1971, nicknamed Teodorín) is the son of Teodoro Obiang Nguema Mbasogo, the president of Equatorial Guinea, by his first wife, Constancia Okomo. According to opposition figures, Teodoro is the favourite to succeed his father, who is rumored to be suffering from prostate cancer. He is much feared and reviled but exercises power through his domination of Equatoguinean media, being the owner of the only private radio station, Radio Asonga and the director of state owned TV Asonga.
Teodoro, officially the agriculture and forestry minister in his father's government, lives much of the time in Paris, London, Rio de Janeiro, and Malibu. He drew criticism from the international media for spending close to R10,000,000 over a weekend in South Africa on champagne, property renovations, a black 2004 Bentley Arnage, a cream 2005 Bentley Continental R from MG Rover Cape Town and a 2005 Lamborghini Murcielago,[1] although the properties may soon be forcibly auctioned due to his failure to pay a South African businessman.[2] American law enforcement officials believe that most or perhaps all of his wealth comes from corruption connected to oil and gas reserves in Equatorial Guinea.[3]
Obiangs' foreign concerns include two houses in South Africa, worth a combined R50,000,000 , a $31,000,000 compound in Malibu, California, a 5,000 square feet (460 m2) home in the affluent 16th arrondissement of Paris, and the hip hop music record label TNO Entertainment. He also owns (as of 2008) one of the 30 models of the Bugatti Veyron 16.4 sports car [4] (estimated at 1 100 000 euros) and a Maserati MC 12 at 700 000 euros.[4]

A 12-year-old schoolboy (name withheld), who was kidnapped two weeks ago, has aided the police to arrest his kidnappers.

The Police in Lagos have arrested two brothers over the kidnap of the boy in Ojokoro area of Lagos two weeks ago.

The suspects, Seun Akinyosoye, 19, and Akin Akiyosoye, 22, allegedly kidnapped the boy while on his way home from school.

The Junior Secondary School 2 pupil, reportedly took shelter in a shop around Centre Road, during a downpour on February 14.

PUNCH METRO gathered that the suspects also took shelter in the same shop and engaged the boy in a discussion.
During the discussion, the boy revealed that his father is a banker with one of the new generation banks and also gave out his mobile phone number to the suspects. The suspects thereafter, took him to their apartment around Jerry Street, Ojokoro, from where they made a call to his father and demanded N4m ransom.

His father was said to have pleaded with the suspects to accept N55,000 and the suspects instructed him to pay the money into an account. Three days after the ransom was paid, the suspects eventually released the schoolboy.



But unknown to the suspects, the boy played a fast one on them by picking Akin’s passport photograph while in the brothers’ apartment. 



“He saw the passport at the apartment where he was held hostage. After his release, he gave the passport to his father and identified Akin as one of his kidnappers,”the Lagos State Police Public Relations Officer, Mr. Samuel Jinadu, said on Monday.



The photograph was taken to policemen at Owutu Police Station and Akin was invited for questioning.



Jinadu said, “Akin had previously been arrested for street fighting. So, he did not think anything was amiss when his IPO called him to make an appearance at the police station.



“During investigation, he mentioned his brother, Seun, who was subsequently arrested. They confessed to have withdrawn the N55,000 with ATM card from the Ikorodu branch of the bank it was paid into.” 



He therefore warned others who had such a sinister motive that there was no hiding place for criminals in the state, adding that the state Commissioner of Police, Mr. Yakubu Alkali, had put necessary machinery in place to check crimes.

Comment:

In my view The police need kids like this in the 9gerian force ! 

At a church service on Sunday at the Fountain of Life Church, Ilupeju, Lagos, father of 10-month-old Enioluwa Odegbaike recounted how the family got him back from the kidnappers.

According to him, they had done everything asked by the kidnappers, yet the kidnappers refused to return the boy. He said that the kidnappers had contacted him severally on the phone promising to release the baby but would again call to postpone until he received a text message on February 26, around 6pm ordering him to get to Benin Republic before 7pm. On arriving at the designated point in Benin Republic, Mr Odegbaike said the kidnappers told him he got there too late and was subsequently diverted to another location. He was told to get to the new location via a commercial motorcycle by 2am in the morning.

He said that a woman also arrived at the same location on a motorcycle with Eniloluwa strapped behind her. She was guarded by around 10 men, none of who covered their faces. As Enilouwa was being handed over to Mr Odegbaike, one of kidnappers said to him, “I took care of your boy because you were nice to my staff.” Mr Odegbaike did not state categorically if a ransom was paid, but added that he did “everything they were asked to get Enioluwa back.”

History

On February 13, Enioluwa Odegbaike went missing from their Magodo home while in the custody of a nanny they hired two weeks before. The baby was believed to have been abducted by the nanny, whose name was given as Victoria. Meanwhile, police spokesperson, Samuel Jinadu, said information concerning the kidnap would soon be released to the public. “The public should not hesitate to give information to the police about criminals living within their immediate milieu so that the police will be able to work for them very well,” he said.

“The International Monetary Fund (IMF) said on Thursday that the naira was overvalued and that more exchange rate flexibility would be needed to prevent the Central Bank of Nigeria from running down the foreign currency reserves to fix the rate. The Fund said in Washington DC, USA that the CBN might need to increase benchmark interest rates further and weaken its currency to curb inflation, following the increase in public spending”.

The above is an excerpt from a news report titled “Naira is Overvalued, IMF Tells CBN” on page 19 of the Punch Newspaper of Friday, 18/2/2011. My reaction to above report was a spontaneous exclamation that “we are done for!”, as it was clear that rising and increasing consumer prices and higher interest rates consequent upon adoption of IMF’s recommendation will further deepen poverty in Nigeria!There is no doubt about the considerable influence of IMF support and supervision agencies on the operations of our economy, particularly our monetary framework and policies! Indeed, the Fund showed the extent of its commitment to pressing adoption of its prescriptions, when the emoluments of one of its officials, on secondment as our Finance Minister were underwritten in dollars in the recent past.

The result of that enterprise, of course, was our gleeful separation from about $20bn of our reserves, in what was affectionately termed as ‘debt forgiveness’! Meanwhile, rising unemployment, unbridled inflation and reduced industrial capacity with lending rates above 20% prevailed against the realistic expectation of Nigerians, for the goodwill of having our economy managed by IMF technocrats! We were obviously oblivious to the age-old reference to loyalty of the piper to his benefactor when we accepted the ‘imposition’!Nigerians will recall that the main cause of our economic downturn and increasing abject poverty of the masses can be traced to IMF-sponsored Structural Adjustment Program (SAP), to which then President Babangida acceded.

The major thrust of SAP was the devaluation of the naira. IMF held that naira was grossly overvalued, in spite of bourgeoning industrial landscape, increasing job opportunities, and wages and salaries commanding significant purchasing power. The resultant grossly devalued naira quickly induced brain drain, as experienced lecturers, professors, doctors, nurses, engineers and scientists fled to greener pastures, where, in spite of the regret of social dislocation, they were assured of incomes that could maintain their dignity and self-worth. Soon after the exodus, the quality of education at all levels dropped remarkably; today, we are still nowhere near recovery. Rapid naira devaluation sounded the death knell for otherwise prospering commercial and industrial conurbations in the country, as production costs skyrocketed, and cash flow challenges could not be favourably resolved with lending rates above 20%!The unanticipated spiraling cost of critical imports of parts and equipment also dealt injurious blows on the state of social infrastructure as hospitals, power stations, steel complexes and diverse consumer industries were destabilized.

The net product became a ghostly industrial landscape, and hundreds of thousands of Nigerians lost their jobs. The continuous, officially sanctioned naira devaluation to its present rate of N152=$1 has finally reduced incomes of over 50% of Nigerians to below United Nation’s poverty benchmark of $2 per day; a grim reality, which has led thousands of young desperate Nigerians to traverse inhospitable deserts and stormy seas in search of a better life. Some critics have likened the migration to the slave trade era, but the difference this time is that, the slaves willingly find their ways to the ‘camps’ either by hook or crook! The above gives a fair picture of the socially destructive impact of SAP with naira devaluation as its arrowhead. My concern, therefore, at the present IMF call for further naira devaluation, is the sad recognition of the prospect of aggravated poverty, which will inevitably be its product in the light of our historical antecedent.

However, some observers may consider such perspective as alarmist and note that the IMF recommendation is without binding force! Even if there is no overt imposition, the reality is that, IMF has generally had its way in ‘third world’ countries, and our national experiences confirm same. Other analysts may conclude that the IMF report is actually notice of a ‘done deal’ and sooner than later, naira will be devalued by more than 10%; in other words, naira may exchange for dollar at over N175=$1! Curiously, one of the reasons for IMF’s recommendation for naira devaluation was to halt capital flight or forestall ‘one-way bets in foreign exchange market’ according to IMF parlance! But regrettably, this overt recommendation for a devalued naira will only spur the already buoyant market for dollar and consequently precipitate the Fund’s prediction of capital flight, which may then make naira devaluation subsequently inevitable! This may appear to some as a case of working to the answer, but unfortunately, such circuitous exchange rate masterminding will work against our economic recovery and do much damage to the demand base of our economy as all income values, particularly those of the poor, whittle under the plague of rising prices! A lower valued naira will make it very difficult if not impossible to remove fuel subsidy and instead earn revenue from a fuel sales tax as in other countries, like the US and UK with crude oil endowments. In place of revenue from a sales tax, we will continue to pay more than the current value of over N500bn as fuel subsidies every year.

Yes, the bloated quantum naira sums consequent on devaluation will, no doubt, nominally increase monthly revenue allocations to the three tiers of government, but these bigger naira allocations will command less purchasing value and still present insurmountable challenges for best practice monetary policy management as CBN’s albatross of ever-present scourge of ‘too much cash or excess liquidity’ will become exacerbated and require increasing public borrowings to remove such excess cash from the market to dampen inflationary spiral. The adoption of such a liquidity control strategy accounts for a large chunk of over N500bn currently paid as interest and service charges for moneys borrowed by CBN in its failed efforts to bring about single digit inflationary rate over the years! To be fair, IMF also recognizes the inflationary threat caused by what it describes as the “…pro-cyclical fiscal stance and an accommodative monetary policy” of the government and thus quickly recommended an antidote of ‘monetary tightening’ policies; in lay man’s language, this means that current lending rates of 20 – 22% should be induced to rise way above these already investment prohibitive rates, so as to halt the prospect of further inflation! The reality, of course, is that much higher cost of funds coupled with higher industrial replacement costs as a result of naira devaluation will certainly restrain any progress to industrial consolidation or expansion and worsen an already depressed labour market!It should become obvious from the above that there is no window of victory in any sector of Nigeria’s economic and social endeavour that IMF’s recommendations for a lower valued naira and higher cost of borrowing can possibly deliver! It is curious that in spite of its intimidating credentials as the custodian of best Central Banking practices, the IMF fails to see the huge disconnect in the structure of our money market, where, in spite of a CBN benchmark rate of about 6%, deposits attract less than 4% concurrently with lending rates of over 20%! I am baffled that the Fund’s experts do not see anything wrong in the present monetary framework where CBN pays huge naira allocations into the bank accounts of the three tiers of government one day only to return within a few days to borrow much of these moneys back at an average cost of about 10%.Meanwhile, the IMF recognizes that such high interest charges for sovereign debts are inappropriate and yet it makes no recommendations to remedy this anomaly, which saps hundreds of billions of naira every year from government revenue with adverse impact on the amount available for infrastructural enhancement! This is a very high cost to pay for the joy of removing presumed ‘excess cash’ from the system for warehousing in CBN vaults and accounting records in failed attempts to subdue the rage of inflation!The paradox, of course, is that this liquidity mop up and monetary tightening occurs side by side with CBN’s acknowledgement that banks are cash-strapped and have to be pampered with ample cash injections to heal their wounds, before they can perform their role as the strong backbone of a resilient and prosperous economy. We have doggedly and faithfully followed this cycle in spite of glaring evidence of its failure to jumpstart the economy and the obvious deepening poverty over the years.

Whether or not the IMF can be excused for not recognising these glaring contradictions in the operation of Nigeria’s monetary policy is another matter, but the Fund’s comment in the Bloomberg report under reference that “Nigeria has weathered the global economic recession and its own domestic banking crisis reasonably well” may suggest either mischief or innocent ignorance of the Nigerian economy.Objective analysts will insist that Nigeria’s economy has remained in the doldrums since the mid 1980s, during which period, unemployment has continued to soar unabated, such that unemployment rates always significantly exceeded the rate in those countries, which were victims and villains of the global recession! The same can be said for the rate of inflation and the level of interest rates!

If truth must be told, global recession was not the primary causative factor for the economic wilderness which Nigeria finds itself!We have ceaselessly argued in this column that the real poison in the matrix of fiscal and monetary policy management in Nigeria is CBN’s substitution of bloated naira sums for dollar component of monthly distributable revenue! It is inexplicable that IMF does not recognize this pungent reality, and the Fund’s recommendation for an even “greater exchange rate flexibility to forestall the depletion of our foreign reserves” is even more perplexing! How much more liberal can you get after the unforced error of CBN’s monthly allocations of billions of otherwise scarce dollar reserves directly to Bureau de Change for onward sales to looters of the treasury, sponsors of capital flight and smugglers of contraband goods? It is baffling that the IMF fails to see anything wrong in this practice, or indeed, to identify such dollar allocations as a major contributor to depletion of our foreign reserves.

Questions can be raised on whether or not IMF’s unsolicited advices are truly altruistic or are discrete and convoluted strategies to separate us from our wealth with the same inconsequential rewards of a poorly negotiated partnership agreement similar to the slave trade era. SAVE THE NAIRA, SAVE NIGERIANS!By Les Leba