Editorial
CBN: Leave Pension Fund Alone
The Governor of the Central Bank of Nigeria (CBN), Mallam Sanusi Lamido Sanusi in his bid to attract cheaper lendable funds to the critical sectors of the nation’s economy, recently made a case for the unloading of the N2 trillion Pension fund for infrastructural development.
Such a move Sanusi said, would tremendously improve sectors like power, refineries, securities, transportation and by extension, employment and productive output, arguing that loans obtained from commercial banks at the 25 percent lending rate cannot successfully fund the growing of critical sectors including power and roads.
The CBN governor, who spoke against the backdrop of revelation by Mr. Munira Shonibare, managing director of 1.0 furniture, one of the beneficiaries of the intervention fund, that the injection of N500 million at 7 per cent interest rate, brought about a ten-fold growth in output, argued that if as little as N500 million could make such an impact in a relatively small firm, the unloading of N2 trillion would go a long way in revamping the economy.
However, we disagree. The pension fund is dedicated to the sustenance of the nation’s elder statesmen and women who served their fatherland with their energy in their various duty posts and retired.
The pension fund should not be exposed to the vagaries and buffeting of the nation’s harsh investment climate nor the whims and caprices of the average Nigerian businessman.
We object to the idea of making the N2 trillion pension fund available as cheap investment funds because past experiences have shown that most Nigerian businessmen are great borrowers from financial institutions and greater loans defaulters.
We are, therefore, convinced that exposing the pension fund to Nigerian businessmen and investors would endanger the fund and its targeted beneficiaries as well as compromise its objectives.
Furthermore, we note that the CBN governor’s call for the unloading of the pension fund was based on the fluke success of just one beneficiary of the N500 million intervention fund which we believe, may not capture the average performance of all beneficiaries of the loan.
While we appreciate the efforts of the CBN in developing the economy through various monetary policies including the recent intervention fund, we believe that it is imperative that performance of the policies should be monitored and assessed over a period of time to arrive at sound and credible conclusions.
The performance of one beneficiary of the intervention fund cannot therefore constitute the template upon which an infringement on a massive pension fund can be predicated.
What the pension fund requires is greater protection and security. We, therefore, demand that the N2 trillion be put in a fixed deposit account which would yield interest.
The concern of Sanusi for the resuscitation of the critical sectors to drive economic growth is understandable but it is also a well known fact that corruption, not lack of funds and sound policies is the bane of the nation’s development.
The power, road infrastructure, railways and refineries among other sectors had benefited from massive Federal Government financial allocations, which rather than turn them around, had further crippled them due to embezzlement, misappropriation and other forms of corruption and incompetent leadership.
While the role of cheap funds in driving the growth of the critical sectors may remain valid, the need for ethical re-orientation, exemplary leadership and untainted patriotism remain compelling in the efforts towards the socio-economic development of the nation.
We urge the Federal Government to protect the pension fund in the interest of our aging population and enjoin states and firms withholding pension deductions to release them forthwith to the pension fund.
The plight of retirees and pensioners across the states of the federation has remained, at best worrisome, in spite of the N2 trillion pension fund.
The Federal Government must, therefore, make the pension fund responsive to the plight of the nation’s pensioners and not divert it to any investment by whatsoever name called.
Editorial
For Credible Rivers LG Polls
All looks set for the conduct of the Rivers State local government election scheduled to take place tomorrow in the 23 local government areas of the state. A total of 18 political parties will vie for various council positions in the polls to be conducted on Saturday. The Rivers State Independent Electoral Commission (RSIEC) had initially listed 19 political parties for the election, but the Peoples Democratic Party (PDP) discontinued the contest. Chief Emeka Beke’s faction of the All Progressives Congress (APC) has said that it will participate in the ballot.
Ahead of tomorrow’s council election, various lawsuits have resulted in conflicting rulings about how the election should be conducted. A recent judgment by a Federal High Court in Abuja has prohibited the Independent National Electoral Commission (INEC) from providing the voters register to RSIEC and instructed the police to withdraw security for the ballot. Similarly, the court has barred RSIEC from getting the voters register from INEC. However, in a counter ruling, a High Court in Port Harcourt has mandated that the state electoral commission continues with the election, requiring INEC to hand over the voters register and ordering police protection for the event.
As voters in the state prepare to head to the polls tomorrow, the conflicting rulings and legal battles have cast a shadow of uncertainty over the election process. With INEC and RSIEC at odds over claims regarding the issuance of the voters register by the former and security arrangements for the ballot, there is a need for clarity and resolution to ensure a free and fair election. The conflicting court rulings have added further complications to an already challenging situation, raising concerns about the integrity of the electoral process. As all stakeholders navigate these legal challenges, the focus remains on upholding the democratic principles and ensuring that voters are able to cast their ballots without interference.
Intense preparations have characterised Saturday’s polls. The election is expected to be conducted in line with the provisions of the Rivers State electoral laws. Speaking at a meeting with stakeholders, the RSIEC chairman, Justice Adolphus Enebeli (Rtd), hinted that the commission had complied with relevant sections of the law in all its preparations for the task. He implored political parties and politicians to ignore acts that could jeopardise the electoral process.
While we wholeheartedly endorse the move to ensure that democratic practice, norms and values always prevail at the local government level, we are truly elated by the level of earnestness and commitment exhibited so far by the Justice Enebeli-led commission to conduct credible, free and fair election in the 23 local government councils. Indeed, RSIEC can execute credible elections if it resists pressures from different quarters.
Despite the Federal High Court order, the state electoral commission’s parley with security agencies, especially with the police, and other stakeholders is, to say the least, heart-warming and reassuring. We expect this cooperation and partnership to continue even after the election. Going by Enebeli’s antecedents, we strongly believe that the commission will not fail to provide a level playing ground for political parties and politicians to test their popularity in a free, fair and tension-free contest.
The state electoral body must, therefore, strive to adopt an open-door policy where complaints would be entertained on their merit during and after the election. As anticipated, we hope the commission embarked on massive voter education and training of electoral and ad hoc staff that would man the 23 local government areas. It is advised that adequate preparations should be made for the security of sensitive and non-sensitive electoral materials, particularly given the tensed atmosphere in the state.
RSIEC is reminded that the success or otherwise of any election depends largely on the authenticity of the updated voter’s register which the commission has reportedly obtained ahead of the election from the Independent National Electoral Commission (INEC). The news that as many as 18 political parties in the state will participate in the council polls is cheering. The parties are urged to support and cooperate with the commission in ensuring a smooth and credible election.
It is expedient that Governor Siminalayi Fubara releases all the funds appropriated for the conduct of the local government election to the commission and ensure that he does not interfere in the workings of the RSIEC, or even influence the outcome one way or the other. Members of the commission should work harder to uphold the law without fear or favour; let or hindrance.
Incidents of missing ballot or result sheets, late arrival of materials and other logistics will only serve to discourage the electorate who already entertain a deep mistrust for the electoral process in the country. The lack of confidence in the system is largely responsible for the attitude of most Nigerians refraining from playing an active role of either voting for candidates of their choice or vying for political office. RSIEC must guard against those lapses.
Politicians, on their part, must understand that irrespective of their party affiliations, the common goal is the provision of good governance for the people. An election should never be a ‘‘do or die affair’’ and no aspirant is worth spilling blood for. Political positions are a call to service, not personal enterprises motivated by profits or bloody sports for which violent and fatal competitions are means. Experience has shown that arms provided for political thugs during elections, end up being tools for robberies and kidnappings after the election.
The idea of security agents acting the script of political actors should no longer amount to something in our polity. The nation currently faces perhaps its worst security challenges, and the police as well as other security agencies need the trust of Rivers people to enable them to carry out their duties effectively throughout the polls.
Law enforcement agents must protect both voters and election materials because it is their constitutional role to do so. The recent #Endbadgovernance protest, along with the violence that ensued, is a manifestation of the dissatisfaction of Nigerians with police operations. These security agencies must learn to commit themselves to their constitutional obligation and oath in the sustenance of democracy, rather than to any government official.
We must realise that ultimate power rests with the people, and the best way to exercise this power is through the electoral process. Hence, Rivers people must own the electoral operation, first by acquiring their permanent voters’ card, turn out en masse tomorrow to vote for candidates of their choice, and guarantee that their votes count. They have to elect responsible and responsive persons whose utmost interest will be the security and welfare of the people.
Editorial
Ajaero’s Unending Persecutions
The intricate relationship between governance, law enforcement, and civil society is often marked by both collaboration and tension. Recent events in Nigeria have put this relationship into sharp focus as the President of the Nigeria Labour Congress (NLC), Joe Ajaero, was summoned by the Nigerian police. This elicited a wave of reactions from various quarters, highlighting concerns surrounding democracy, civil rights, and the role of law enforcement in a democratic society.
The allegations against Ajaero, which include criminal conspiracy, terrorism financing, treasonable felony, subversion, and cybercrime, have raised questions about the intent behind these actions and the implications for the labour movement in Nigeria. Each of these accusations carries weight and consequences. The charge of treasonable felony, for instance, can lead to severe legal repercussions in Nigeria, a country that has experienced its fair share of political instability and conflicts.
Meanwhile, accusations of funding terrorism are particularly damaging, not only to an individual’s reputation but also to their ability to mobilise support. The seriousness of the avowals raises concerns about whether they are based on credible evidence or if they are merely a political manoeuvre designed to stifle dissent and weaken the NLC.
In response to the police summons, the NLC has vehemently defended Ajaero, labelling the allegations as baseless. The Congress contends that this action is a calculated attempt to intimidate and harass both Ajaero and the NLC. They argue that the police’s actions are emblematic of a broader trend of victimisation of organisations and individuals that speak out against governmental policies, particularly those relating to labour rights and social justice.
Earlier, on August 8, 2024, the Nigerian police had stormed Labour House, headquarters of the NLC. The police claimed they were looking for an international terrorist who used the NLC building as his office. Nigerians were shocked when the police issued the NLC President an invitation to answer to charges of criminal conspiracy, terrorism financing, treasonable felony, subversion and cyber crime.
Recently, the Department of State Services (DSS) apprehended the prominent labour leader as he was en route to participate in a conference taking place in the United Kingdom. At this conference, he was scheduled to present a paper. The unexpected arrest sparked widespread reactions and pressure from concerned Nigerians, who expressed their support for the labour leader and condemned the actions of the DSS. In response, the agency interrogated Ajaero and released him.
From every indication, the government may not cease its actions with just Ajaero; there is a possibility that they will target additional leaders within the labour movement who possess independent viewpoints. This could result in the arrest of other prominent figures who challenge the status quo. Furthermore, it is plausible that the umbrella unions, which represent a collective of workers and their interests, could face prohibition from operating. In such a scenario, the authorities might appoint their agents to oversee the management of these unions’ secretariats.
These strategies are reminiscent of tactics that were meticulously refined during periods of military rule, a time characterised by oppression and the silencing of dissent, which Nigerians actively resisted in their pursuit of democratic governance. The fight against such authoritarian practices is not just a memory; it serves as a reminder of the need to safeguard the democratic principles and freedoms that Nigerians have struggled to obtain.
While we call upon Ajaero and his legal representatives to actively engage with the relevant security authorities to facilitate a transparent investigation process, we implore Nigerians to advocate for fairness and justice by urging the law enforcement agencies to substantiate their claims against him with concrete evidence. The principle of innocent until proven guilty must be upheld, and any suspicions of politically-driven bias or victimisation are vehemently opposed.
In a democratic society, adherence to the rule of law and respect for fundamental human rights must be unwavering. Resorting to coercive tactics typically employed by the military has no place in a civil and just system. Therefore, we stand firm against any form of undue pressure or harassment aimed at individuals based on their political affiliations or beliefs. We must unite in safeguarding the integrity of our democratic institutions and ensuring that due process is followed in all legal proceedings.
Given that both the DSS and the conventional police have the authority to carry out legal arrests, it is necessary that such power be wielded with impartiality. It is of utmost importance that Ajaero, as well as any other individual, is accorded respect and courtesy in any engagement with the legal system. Citizens are equally expected to fulfil their responsibilities by facilitating and supporting thorough investigations.
Adhering to the law is mandatory, not discretionary. Let Ajaero inform the police or the DSS about what he knows. It is important for the police to comply with the rules too. If they fail, Ajaero’s lawyers will not fail to claim his rights under the law. Democracy depends on checks and balances that represent the heart of due process.
Editorial
Making Rivers Investment Destination
Determined to make a difference in governance, the Rivers State Governor, Sir Siminalayi Fubara, has signed an Executive Order aimed at the establishment of an investment agency. This initiative is poised to coordinate the growing number of enquiries and business interests expressed by local and foreign investors who now consider the state a destination of first choice. The Governor has endorsed Executive Order No. 002 of 2024 establishing the Rivers State Investment Promotion Agency (RIPA), presented by the Attorney General and Commissioner for Justice, Dagogo Israel Iboroma, SAN.
The Governor explained that what he had just done was to give force to one of the recommendations in the report submitted to him by the committee that handled the organisation of the Rivers State Economic and Investment Summit in May. He said it was undisputed that the summit served as a veritable platform to open up the state for economic advancement, adding that the Investment Promotion Agency would be a one-stop-shop to handle all related activities seamlessly in the state.
Fubara said: “This will enable investors, when they come in; they won’t need to run around, and maybe, fall into wrong hands or associations that will want to rip them off their investment stakes. With this, they will have an agency that they could go to, liaise with and the agency will have the required answers to whatever it is that they will need to address concerns before it.”
It is common knowledge that Rivers State is rich in natural resources and has a thriving economy primarily driven by oil and gas. However, beyond these industries, there is an abundance of other untapped opportunities in agriculture, tourism, and technology. Yet, despite its wealth of resources, the state has faced numerous challenges such as infrastructural deficits, poor governance in the past, and an economy heavily reliant on oil. As a result, diversifying the economy has become obligatory.
This development is a significant step towards making Rivers State a premier investment destination, with the Agency expected to play a critical role in attracting and retaining businesses, creating jobs, and driving economic growth. Fubara’s action points to the fact that beyond organising the summit, his administration can live up to fulfilling its promise of making Rivers State great again, economically. Any wonder the Governor stated he was not going to end with the signing of the Executive Order alone but would drive it to a conclusive end to achieve the desired fulfilment that Rivers people expected.
The recent inauguration of RIPA’s board marks a watershed moment in the state’s economic trajectory. Fubara’s decision to set up the Agency reflects his administration’s commitment to reversing the economic decline that has plagued the state for years. By appointing a new board, the government aims to inject fresh ideas and perspectives into the establishment, promoting a culture of transparency, efficiency, and accountability.
Entrepreneurial drive is strong in our state, leading to the daily rise of small-scale enterprises and new entrepreneurs. In today’s world, aspiring business owners frequently face challenges like insufficient funding, limited access to information about available resources, bureaucratic obstacles, and a lack of supportive government policies. The current administration should acknowledge these challenges and be dedicated to stimulating a favourable investment climate.
While the Governor’s vision and the Agency’s efforts are critical, achieving sustainable economic transformation will require collective engagement from all stakeholders. The active participation of the community, local businesses, and civil society is essential for the realisation of these goals. Community involvement is pivotal in ensuring that the needs and aspirations of the populace are integrated into the economic policies and initiatives. Creating avenues for public participation not only empowers citizens but also nurtures a shared sense of responsibility towards the development of the state.
The role of the media cannot be understated in this collective effort. The media serves as a watchdog and an informer, ensuring that the government remains accountable and that citizens are aware of opportunities and challenges in the economic landscape. As with any ambitious vision, several challenges may block the path to economic transformation in the state. These challenges must be acknowledged and addressed to ensure that progress is sustainable. The government, alongside the Agency, must proactively identify the barriers and develop strategic solutions.
Corruption remains a vital hurdle in many sectors in Nigeria, and Rivers State is no exception. To combat this, the government must demonstrate unwavering commitment to transparency and accountability, ensuring that funds allocated for development are utilised effectively. Also, the state must prioritise infrastructure development, which is foundational to economic growth. By investing in modern infrastructure, the government can lay the groundwork for enhanced productivity and attract local and foreign investors, nourishing an environment conducive to economic development.
Fostering partnerships with international organisations and development agencies can provide valuable resources and expertise. Such partnerships can facilitate technology transfer, capacity building, and investment opportunities that enrich the local economy. Furthermore, the message of economic transformation must be communicated to all residents of the state. Building awareness and consensus around the vision for the state will galvanise support and encourage collective participation in the transformation endeavour.
Undeniably, Fubara’s leadership and vision have given Rivers people hope for a better economic future and his initiative has put the state on the path to realising its full potential. Its commitment to creating an investment-friendly environment is necessary to attract investors and stimulate economic growth. RIPA’s mandate to return Rivers State to its rightful place as an economically viable entity is a challenge that requires collective effort and support.
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