Features

Currency Swap: Nation In Search For Banknotes (1)

Published

2 months ago

March 29, 2023

The restoration of the legal tender status of old N1,000, N500 and N200 Banknotes till December 31, 2023 following the judgment of the Supreme Court, triggered jubilation. Many Nigerians had thought that the decision of the apex court will end or at least cushion the scarcity of Banknotes as more notes were expected to be in circulation. But the jubilation was short-lived as two weeks after the judgment, people are still looking for both the old and Redesigned Banknotes like the traditional needle in a haystack.Recall that on Friday, February 17, 2023 the agitation against the currency swap policy of the Central Bank of Nigeria assumed an alarming dimension in parts of Port Harcourt, the Rivers State capital especially the Ikoku Mile 3 area and the old Port Harcourt township, spanning Lagos Street to Churchill Street. The protest which was initially peaceful suddenly turned violent with some banks and Automated Teller Machine facilities installed at affected banks were destroyed, when some suspected hoodlums infiltrated and hijacked the protests. It took the intervention of joint military and police operatives to quell the incident which would have degenerated to a major catastrophe. The grouse was an accumulated disenchantment over bank customers’ inability to access their money in Deposit Money Banks either across the counter withdrawal or other financial outlets like the Points of Sale and the Automated Teller Machines.
The situation was compounded by the rejection of the old N1000, N500, and N200 Banknotes by traders and petrol stations which the Central Bank said their legal tender status expired on February 10, without availing customers the right to access the Redesigned Banknotes. Recall that on October 26, 2022, the Central Bank of Nigeria initiated a new financial policy. The policy covers the redesigning of some denominations of the Naira notes. They are the N1,000, N500 and N200. The Redesigned Naira notes was launched on Wednesday November 23, 2022 by the President of the Federal Republic of Nigeria, General Muhammadu Buhari (Rtd). According to the Director of Banking Supervision of Central Bank of Nigeria, Haruna B. Mustafa, in line with the cashless policy of the Central Bank of Nigeria, all Deposit Money Banks and other financial institutions were directed that: Minimum Cash withdrawal over the counter by individuals and corporate organisations per week shall be N100,000 and N500,000 respectively. Withdrawal above these limits shall attract a processing fee of five and ten percent respectively; Third party cheque above N50,000 shall not be eligible for payment over the counter; the maximum cash withdrawal per week via the Automated Teller Machine (ATM), shall be N100,000, subject to a maximum of N20,000 cash withdrawal per day; Only denominations of N200 and below shall be loaded into the Automated Teller Machines: and the maximum cash withdrawal at Point of Sale (PoS) terminal shall be N20,000 daily.
Consequently, Nigerians were given January 31 deadline to deposit those denominations of the Nigerian currency before they cease to become legal tender. However, currency swap deadline of January 31 has been extended by 10 days to expire on February 10 following the difficulties associated with getting the Redesigned Naira notes.Today, it is not saying a new thing that Nigerians are not finding it easy to access money deposited into banks for safe keep. Banks are crowded by customers. Though pro-currency swap groups claim that the crowd scenario was sponsored, stage managed and the architecture of some politicians to discredit the policy. The crux of the matter was that the Redesigned Naira notes were not available at Points of Sale and Automated Teller Machines (ATMs). This compounded the situation and heightened the pains of Nigerians in a country with a depressed economy. In desperation to get the Redesigned notes, some person paid N1,000 for every N10,000. A man also bartered his old N20,000 notes for N13,000 of the new currency thus losing N7,000 to enable him meet basic family necessities.While some bank customers were struggling to get the new notes at Automated Teller Machine points, some made brisk business cashing on the scarcity of the new Naira notes. You can trust the unscrupulous Nigerians who are poised to exploit every abnormal situation to amasse wealth and gains.
My worry was how could some person had had access to the New Currency to exchange for the old ones at a prohibitive and Shylock’s rate while genuine customers wallow in pain to get the new notes which most Automated Teller Machines were not dispensing. Customers went to bank and they could not be paid. They were told to make transfers or use the Automated Teller Machines that were not dispensing cash. On Friday, February 17, 2023 parts of Port Harcourt, Rivers State capital, aggrieved youths protested the non acceptance of the old N1,000 and N500 Banknotes following the expiration of the Central Bank of Nigeria’s deadline. It took the timely intervention of the Rivers State Police Command to stem the degeneration of the protest to a major catastrophe. To soothe frayed nerves over the hardship faced by Nigerians, President Muhammadu Buhari on Thursday February 16, in a nation wide broadcast appealed for understanding as the Central Bank commits to implement the new financial policy while apologising for the inconveniences the alleged sabotage of the process had caused Nigerians.President Buhari harped on the merit of the currency swap policy on the economic, security and political stability of the country. He said the policy was designed to mop up about N2.7 trillion in circulation outside the Banking system and stated that the the non regulation of the whooping amount, distorts the financial policy and efficient management of inflation.
According to the President, some reasons underpinning the monetary policy decision are, need to restore the statutory capacity of the Central Bank to keep a firm control over money circulation. “The huge volumes of bank notes outside the Banking system has proven to be practically unavailable for economic activities and thus retard the attainment of potential economic growth”, President Buhari said, he recalled that at the inception of his administration in 2015, “currency in circulation was only N1.4 trillion. The proportion of currency outside banks grew from 78 percent in 2015 to 85 percent in 2022. As of October, 2022 currency in circulation has risen to N3.23 trillion out of which only N500 billion was within the Banking system’. The financial swap, according to the President will deepen the continuing support for security agencies to successfully fight against crime and criminality, including ransom-taking.He claimed that the money swap policy has attained a significant level of achievement, with N2.1 trillion of the Banknotes outside the Banking system recovered. The policy will lower the inflation trend consequent upon the reduction of money supply, stemming of illegal economic activities, and corrupt practices as well as conscious effort to inject sanity into the electoral system by discouraging vote-buying and monetisation of the Elections, are some reasons the President advanced in support of the policy.
The Monetary policy is not without challenges. To ameliorate the plight of the people in accessing Banknotes, President Buhari said the old N200 Banknotes will be released and continue to be in circulation as legal tender for 60 days from February 10, 2023 to April 10, 2023.with the new N200, N500 and N1000 notes. The Special Adviser’ to the President on Media, Mallam Shehu Garba had said, “Following series of enquiries, we wish to state that it is not true that the federal government or the CBN has taken a pre-emptive action on the legality of currency as a legal tender in view of the pendency of the case before the Supreme Court. “The position of the government and the CBN will be made known upon the determination of the suit coming up Wednesday.”Unfortunately, the Central Bank refused to wait for determination of the suit brought against it by some State governors before the Supreme Court. The governor of Rivers State Chief Nyesom Wike, views the action of the Central Bank as contemptuous.The Supreme Court had in a ruling on February 8 suspended the CBN’s February 10 deadline to stop the use of old currency notes. The bank had ordered citizens to swap out old N1, 000, N500, and N200 banknotes for a redesigned currency by the deadline. But the apex court, ruling in an ex parte application by three states – Zamfara, Kogi and Kaduna – stopped the CBN from banning the old notes pending the hearing and determination of the case. It fixed February 15 for hearing.
Governor of CBN, Mr. Godwin Emefiele, said the apex bank had noticed that some politicians were buying the new N200, N500 and N1, 000 for political purposes. A coalition of 472 civil society organisations (CSOs) at a press conference in Abuja said that 10 state governors were mopping up the new naira notes in circulation in order to discredit the policy. Addressing the diplomatic community in Abuja, the CBN governor craved the support and understanding of the foreign missions and Nigerians, in general, towards the implementation of the cashless policy and in achieving the overall objectives of the naira redesign programme. “The CBN has also noticed that some politicians are buying the new notes and storing them for political purposes,” he said. Emefiele said the principal aim of the currency redesign initiative was to make monetary policy decisions more effective, adding that inflation has been trending downwards while the exchange rate has recorded some stability since the implementation of the policy. He said the apex bank remained committed to ensuring a seamless, inclusive, and equitable implementation of the exercise for the overall benefit and growth of Nigerians, the financial system, and the economy as a whole. He also said the programme sought to increase financial inclusion in the country by reducing the number of the unbanked population. Emefiele noted that there had been five reversals in the bank’s attempt to go cashless and promote financial inclusion since 2014, when he was first appointed CBN governor. He explained that the reversals were born out of the need to deepen the country’s payment infrastructure, adding that the payment system in Nigeria is now among the best six in the world.
Emefiele said the naira redesign policy was expected to curb inflation in the market, as less cash holding reduces currency outside banks and retards money circulation. He said the accompanying decline in money supply would slow the pace of inflation, adding, “We have started to see inflation trending downwards following general price stability in almost all genre of market, including for goods and financial products.” Emefiele also said the effective implementation of the policy could scrap four percentage points off the current level of inflation, which stood at 21.34 per cent, as it steadily slowed inflation rate to about 18 per cent by mid-2023. He said, “This is quite achievable, as data from our market sources indicate that the prices of grains and key staples, around Suleja and Lambata markets, for instance, have generally been on the downward trend since the beginning of the policy”.
He also said the policy had brought some stability to the exchange rate regime, and explained that prior to the announcement of the policy, the huge cash haul outside the banking system had exerted significant pressures on the exchange rate at all windows, but more so at the parallel market as it engendered asset substitution by speculators, and rent-seekers. Emefiele said: “While the policy was initially estimated to lead to more speculations due to panic moves, as most people try to understand the policy action, it is expected to reduce speculation in the medium- to long-run”.
To be continued in our next edition.

By: Igbiki Benibo

Features

Drug Abuse: Matters Arising

Published

2 weeks ago

May 17, 2023

The Tide

According to the Black’s Law Dictionary (Ninth Edition), in its page 572, Drug Abuse is said to mean. “The detrimental state produced by the repeated consumption of a narcotic or other potentially dangerous drug, other than as prescribed by a doctor to treat an illness or other medical condition”. Google also described drug abuse as “The use of illegal drugs or the use of prescription or over-the-counter drugs for purposes other than those for which they are meant to be used, or in excessive amounts”.
Drug abuse as it was learnt, may lead to social, physical, emotional, job-related problem. Today, the menace of drug abuse is so obvious in the society such that, it has caused a lot of havoc in both leave families and the entire society.This bring to mind the rate at which crime is committed nowadays among young people. They do many things with ease including crime commission and execution. Then it was unheard of that one was beheaded after being killed.
But now, young people especially the cultists and crime predators among them, blame and scold any of their pals who succeeded in ‘falling’ a perceived enemy without beheading same. To show his worth and to get the class approval he needed, he must kill and dismember the enemy just to spike him even at death.
Drug has been written about in many languages and by many people over the centuries. Many of these works are very useful in treatment for addiction, but few have the same impact as the Holy Bible. According to the scriptures in Ist Peter chaper five verse eight it generally condemned intoxication, which can read to also mean drug abuse. It read thus: “Be alert and of sober mind. Your enemy the devil propels like a roaring lion looking for some to devour”. It was also gathered that substance abuse or alcohol addiction dulls the mind. It makes it a fertile soil for destructive behaviour which leads to various level of crime participation and commission.
Some addicts may start from petty stealing just to afford money for drug. That is why the Holy Bible pointed out in Ephesians chapter five in the 18th verse stated: “Do not get drunk on wine, which leads to debauchery. Instead, be filled with the spirit”. Also the Quran in its chapter two in verses 219 said thus: “They ask you about wine and gambling. Say, “In them is great sin and yet, some benefit for people. But their sin is greater than their benefit”. And they ask you what they should spend. Say, “The excess beyond needs”.
No meaningful human environment has ever welcomed the idea of drug abuse. In some climes, abusers are often treated as lepers wherein even their family members and friends distance them. They treated some in that way so that they can retrace their steps and do the needful. I was shocked to the marrow when I was told the items or substance that could be abused and lead to serious intoxication. Many have failed in this aspect and have permanently injured their brain. Some abuse even the human feases in the name of getting high.
Today, in our society there are many promising youths who have ran mad or suffering other sorts of brain disease due to drug abuse. Some started as a result of one night stand with friends. From there, they became addicts.These are the ones that are very gruesome in action. They maim, kill and leave their victims in horrible state. They are no more humans in that their sense of responsibility has left them given that the brain has been lost to drug abuse.
In no distance time, families and the society at large, may not boast of producing quality people and good brain thinkers. In a chat with a primary school teacher in one of our rural areas in the state, I was moved to tears when he told me that five male siblings of same parents are now psychiatric patience due to drug abuse.
Now, if that be the case, in the next decade more families in that community may suffer same fate. Another family known to me, share same fate wherein two hefty male adults are now visitor to the psychiatric hospital due to substance abuse. If the government do not act fast in this direction, the fate of the future generation will be in serious jeopardy.
The most shocking aspect of the development is that females are not spared in the ugly trend. While growing up, ladies were hardly sipping beer in the open. They were tutored to see such life style as masculine. They maintained a high level of decorum and were given protection and respect by their male counterparts who saw them as the ‘weaker vessels’, as the scriptures made us to belief. But presently, there is great contest between the male and female folks as to who should be adjudged to be the highest abusers of drug or substances. Many young ladies now roam the streets as a result of drug abuse. Night clubs operators are, to my mind, the major sponsors of this venture, because some of them as reliably gathered, provide the ladies with free drugs and other substances.
Reason for the free drug provision by the club owners for the ladies is to enable them be on fire. When on fire, it was gathered that it will take the ‘help’ , of a male partner who is also on ‘fire’, to quench hers. This, according to sources, bring about business boom in the club. Some of the ladies in the night clubs have testified to the fact that one can live such lives without abusing drugs or other substances. Now if such revelation is anything to go by, why won’t drug abusers abound in the society? People must come together and fight against drug abuse. The government and other relevant agencies are concerned more about what will be of immediate benefit to them before they will then consider its pros and cons.
This ugly situation which is gradually becoming the talk-of-the-day is a respecter of no man. Some time last month, it was rumoured that a son of a prominent Nigerian was spotted at the road side dipping slices of bread in a stagnant water and eating same. When probed into, it was discovered that he was not only a substance abuse, but an addict of the highest order. The Drug Law operatives have made it clear that they are always ready to partner any group or individual willing to undergo rehabilitation free of charge. At a security submit at Rumuibekwe in Obio/Akpor Local Government Area of Rivers State, some time ago, a representative of the Nigeria Drug Law Enforcement Agency, told the guests how a woman’s head was pounded with a pestle to pieces by a drug addict who was undergoing rehabilitation in their facility in Port Harcourt.
According to him, the addict who was said to be from a rich family was withdrawn by her mother the same night she was killed on the ground that the facility was not befitting for her son. The Drug Law representative revealed that the addict was fast responding to treatment before the forceful withdrawal by his mother.
Now the nucleus of this write up is for the Police authority to consider partnership with the NDLEA and fight drug abuse rather than beaming their search light on the OSPAC. The OSPAC, like every other human outfit, has its bad eggs. The bad eggs are not free from drug abuse, they could be fished out and made to undergo rehabilitation. The Police rather than give the OSPAC an un-undeserving attention, should partner with the Drug Agency and flush the system. This will seriously check radicalism and the unwanton behaviour among OSPAC operatives.
From the above narrative and some definitions provided so far, it can then be accepted generally that crime commission is the result of drug abuse and other substances. If the listed agencies come together and fight against drug abuse, the excesses of the OSPAC will not only be nibbed in the bud, but the entire society will know peace, reason being that the fountain of crime has been attacked and addressed.History may not be kind to the callers of OSPAC’s neck going by the good they have done. Let us not throw away the baby with the bathwater.

By: King Onunwor

Features

Understanding The Imperatives Of NDDC, PPP Summit

Published

4 weeks ago

May 1, 2023

The Tide

As an interventionist agency, the Niger Delta Development Commission (NDDC), with the mandate to drive the process of developing Nigeria’s oil-rich region was established by the NDDC Act of 2000. Of course, the mandate of the agency was unambiguous; it is to facilitate the rapid, even and sustainable development of the Niger Delta into a region that is economically prosperous, socially stable, ecologically regenerative and politically peaceful.
It is no longer news that the Niger Delta produces nearly 75per cent of the nation’s export earnings, but the news is that 43per cent of the region’s population still lives below poverty line. This paradox is due primarily to ecologically unfriendly exploitation of oil and gas resources that expropriate the region’s indigenous people and their right to these resources. Hence, the Niger Delta Development Commission is determined to change this narrative and bring back prosperity to its land and people.
There is no gainsaying the fact that the story of the oil rich region has changed for the better since the coming on board of Dr. Samuel Ogbuku as Managing-Director of the commission.
Since he took over the helm of affairs at the commission, he has been able to articulate the demands of the people of the area, embarked on practical initiatives to complete the gargantuan projects which he met and conceived and carrying out the execution of several other projects for the benefit of the people, and by so doing, calmed the restiveness which abinitio signposted the region.
At the Public Private Partnership (PPP) Summit which was held at the Eko Hotel, Lagos State on Tuesday, April 25, 2023, Ogbuku made it clear that since its inception, the NDDC has tried to faithfully deliver on its mandate to fast-track the development of the Niger Delta region as envisioned in its enabling Act.
Speaking on the theme of the Summit: “Rewind to Rebirth” and re-igniting the importance of stakeholders in the agency’s engagements, Ogbuku disclosed that as part of the efforts to renew and reposition the NDDC, the Governing Board has stepped up collaboration with various stakeholders.
“We have started engagement with the key stakeholders, such as the oil companies, who contribute three per cent of their operational budget to the Commission; the state governments, traditional rulers, Civil Society Groups, youth organisations and contractors.”
He disclosed that the NDDC has met with members of the Oil Producers Trade Section (OPTS), of the Lagos Chamber of Commerce and Industry, who are no doubt critical stakeholders of the Commission.
“This group, which embodies the International Oil Companies (IOCs), stand out for us because we need their cooperation to get full and prompt remittances of their contributions as prescribed by law,” the MD stated.
He maintained that it is was important to engage stakeholders in projects conceptualisation and execution, adding that the oil producers work in the communities and sometimes have first-hand information of the needs of the local people.
“We want them to engage with us in project selection. Also, we need the oil producers to sometimes avail us with their technical expertise in project management and monitoring. In other words, we are embarking on this journey of developing the Niger Delta with the full participation of all stakeholders.”
He was categorical when he said that the NDDC cannot shoulder the enormous responsibilities of developing the Niger Delta region alone, adding that all hands must be on the deck, especially to provide the necessary funds for the tasks.
Speaking further, he disclosed the agency’s collaboration plans with the stakeholders saying, “In working with stakeholders, we have resolved to make our 2024 budget an all-inclusive one that accommodates the interests of all key players in the Niger Delta region. To achieve this, we have charged our Budget Committee to give stakeholders the opportunity to tell the NDDC the kind of projects they want in their areas, so that they can be included in our budget.”Of course, it was against this background that the current Board and Management of the agency, in its bid to do things differently, so as to effectively drive sustainable development in the region, decided to adopt the Public Private Partnership (PPP) model to provide alternative source of funding for key development projects and programmes.
Ogbuku said “In January, 2023, we constituted a Management Committee on Public Private Partnership to drive our vision of fast-tracking the development of the Niger Delta region. The committee is expected to review all the commission’s existing partnerships as well as explore new partnerships that will result in enduring regional projects.
“Our approach to partnership is to engage specific sectors in their areas of strength. For instance, the private sector is better equipped with expertise, resources, and technology to drive economic growth and development. By partnering with this sector, we can successfully leverage these resources to implement our programmes and projects.
“Another stakeholder we cannot do without is the government at all levels. The government is critical in promoting sustainable development. By partnering with government agencies and departments, participating in government-led initiatives, and advocating for policies that promote sustainable development, we can access government resources, policies, and programmes that support our development objectives. We are keen on more collaboration with state and local governments to implement programmes and projects that address their communities’ specific needs,” he added.
Ogbuku also said that Civil Society Organisations (CSOs), and Community-Based Organisations (CBOs), are essential partners to be courted.
“These organisations understand the needs and aspirations of people in the Niger Delta region. By collaborating on specific programmes and projects, drawing from their knowledge and resources, and involving them in planning and implementation, we can ensure that our programmes and projects align with the needs and aspirations of people in the region.”
Ogbuku, a man with the Midas touch, fully appreciates the significance of institutional collaboration as a way for promoting sustainable development in the region.
“We need the assistance of foreign institutions such as multilateral agencies, foreign government agencies, donor agencies and multinational corporations, to promote sustainable development in the Niger Delta region. Multilateral agencies such as the World Bank, African Development Bank (AfDB), United Nations Development Programme (UNDP), and International Monetary Fund (IMF) can provide technical support, funding, and policy advice to the NDDC. These agencies have wide experiences promoting sustainable development in developing countries and can give us valuable insights and direction.”
Other foreign government agencies he was looking at include the United States Agency for International Development (USAID), the Department for International Development (DFID) in the UK, and the German Agency for International Cooperation (GIZ), which he disclosed, could equally partner with NDDC to promote sustainable development in the region.
“These agencies can provide funding, technical assistance, and policy guides, as well as collaborate with us on specific programmes and projects. Multinational corporations such as Shell, Chevron, ExxonMobil, and Total, have a significant presence in the Niger Delta region. We expect them to collaborate more with us in executing legacy projects. They have what it takes to provide funding, technical assistance, and expertise in environmental management, community development and corporate social responsibility.
“Our ‘Rewind to Rebirth’ initiative, which is the theme of this summit, is a strategic vision designed to recalibrate our engagement with the Niger Delta and the Commission’s overall intervention implementation plan. Embedded in this initiative include exploring more avenues for funding, for better technical expertise, for higher yielding varieties of crops, as well as opportunities for collaboration and investment in the Niger Delta region. This initiative aligns with the NDDC mandate, as well as the Sustainable Development Goals 17, which focuses on partnerships. This is the stirring story of our partnership with the SPDC Joint Venture on the celebrated Ogbia-Nembe Road, in Bayelsa State.
“As we share ideas on how to ‘Rewind to Rebirth’ for the sustainable development of the Niger Delta region, we are looking forward to partnering with both local and foreign investors, captains of industries, and the corporate world in building a better future for the region. With a region as blessed with immense natural and mineral riches, with boundless youthful energy and optimism, and the remarkable possibilities of our shared dreams here, the future of the Niger Delta looks bright, indeed.”
As a realist, he did not forget to mention some of the challenges confronting the NDDC development roadmap which he said included inadequate funding for the commission, emanating from inconsistent statutory contributions from the Federal Government and failure of some oil and gas companies operating within the region to remit their contributions in line with the NDDC Act; Failure of ownership of the Masterplan by the sub-nationals and other key stakeholders; Frequent changes in the leadership of the commission and consistent delays in the passage of the commission’s budget by the National Assembly, among others.
He assured: “Today, we have introduced a lot of innovations that have helped in boosting the morale of our staff. We have also restructured the administrative system of NDDC by going back to the 13 Directorates recognised in the NDDC Act. It was necessary to reorganise the administration to enhance better service delivery. We are showing in our operations, through our example and conduct, how diligence, due process and transparency are key ingredients to building confidence and trust among all partners and stakeholders. We are committed to not just being transparent, but we want to be seen to be transparent.”
According to the Managing Director, since the rejuvenation of the agency, there has been lots of achievements by the orgainsation leading to the commissioning of several completed projects. Recently, we commissioned three roads in Bayelsa State to mark the beginning of many other project inaugurations across the nine Niger Delta states. In the coming weeks, some of our major projects will be commissioned. Among such is the the 132/33KVA sub-station constructed by the commission in Okitipupa, which will provide electricity for over 2,000 communities spread across five local government areas in Ondo State.
“Another key project that and ready for inauguration is the Ogbia-Nembe Road, which was jointly funded by the Shell Petroleum Development Company (SPDC), and the NDDC. That partnership delivered the 25.735-kilometre road, running through the most challenging terrains imaginable in the region. The project has seven bridges, 53 culverts and traverses 9.15 kilometres of swampy terrain. Apart from showcasing our mega projects, we have also developed a new concept of working with the Niger Delta Chamber of Commerce in the training of youths and young entrepreneurs in the Niger Delta region.
“For optimization of the youth programme, the NDDC Youth Volunteer programme was changed to a Youth Internship Programme where youths will be attached to organisations for one year to learn different skills.
“To facilitate this new scheme, we are developing a database that will capture unemployed youths and entrepreneurs in the region. Indeed, we have young entrepreneurs in the region that we want to showcase to the world.
Stakeholders and political leaders used opportunity offered by the summit to shower encomiums on the minister of Niger Delta Affairs, Umana Okon Umana and the Managing-Director of the commission, Ogbuku, for engendering public confidence in the agency through their commitment to good governance.
The chairman of the Senate Committee on Appropriations, Sen. Matthew Urhoghide; Senator-elect and former chairman of the All Progressives Congress (APC), Adams Oshiomhole; former Managing Director of the NDDC, Mr Timi Alaibe and former Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Mr. Dakuku Peterside, were among those, who acknowledged the transformation of the commission under Umana and Ogbuku leadership.
The participants and stakeholders commended President Muhammadu Buhari for returning sanity and order in the running of the NDDC and noted the salutary impact of the president’s action on peace and stability in the Niger Delta.
The former Governor of Edo State, Oshiomhole wondered why anyone would run a government agency for three years with a handpicked Sole Administrator where there was no provision for such aberration in the enabling law that set up the agency, noting that such anomaly could never inspire public confidence in the NDDC. All the key speakers at the summit commended the Minister and the Management of the NDDC for the positive trend at the commission.
Earlier, while declaring the summit open on behalf of the Vice-President, Umana said his decision to reset and reposition the NDDC has made the commission attractive to development partners in the private sector “because it is now run on the template of international best practices in public governance.”
He emphasised that high on the template of good governance which he brought to the NNDC was ensuring there was a clear distinction between supervision and interference.
“I have made sure there is no ministerial interference in the management of the NDDC,” Umana said.
He said that the proof of the rising positive perception of the NDDC is evident in the enthusiastic response of private sector players to the invitation to dialogue on the way forward for the development of the Niger Delta.
“The event we are witnessing today ties back to my Action Plan to reset and reposition the NDDC, following my appointment as Minister,” Umana said, adding “I have faithfully implemented the Action Plan for which the Commission was inaugurated.
“We also set in motion an era of accountability and transparency by publishing in national newspapers, a list of 2,506 completed projects executed by the Commission under the Buhari administration from 2015 to 2022. The feedback to this level of commitment to openness in public governance has been tremendous.
“And today, we are witnessing an enthusiastic response by stakeholders and development partners to the invitation to dialogue on the development of the Niger Delta because there is trust in public institutions that are run according to law and due process. Public-Private Partnership would not be realistic in a government institution that is burdened with trust deficit”.
In his goodwill message at the summit, former NDDC Managing Director, Chief Timi Alaibe, expressed delight at the PPP initiative of the new leadership of the Commission.
He said: “This is the first time in 15 years that I am attending an NDDC function. This is because the new board is charting a new course that is impressive. Far back, after the implementation of the Master Plan, we decided on an implementation plan which involved all key stakeholders. We decided that the Master Plan cannot be funded by the government alone. We needed the private sector; that is why I support holding the summit in Lagos, Nigeria’s financial capital. The concept of rewinding and rebirth is sweet to the ears.”
In another goodwill message, the former Managing Director of NIMASA, Dr. Dakuku Peterside, applauded the NDDC Board and Management for striving to leave legacies in the region.
According to him, “the founding fathers of the NDDC intended that the NDDC should be a catalyst for development. The PPP arrangement is a new way of engendering positive outcomes. There must be a fusion between the private sector and the public sector. It is important to bring in the resources and expertise of the private sector.”
Meanwhile, more accolades have come the way of the commission with the signing of a memorandum of understanding with the United States Consulate and a United States-based firm, Atlanta Global Resources Inc., AGRI, to build a railway network that will connect the nine states of the Niger Delta region.
The ceremony, which was part of the one-day Public Private Partnership Summit organized by the Commission in Lagos on Tuesday, will provide locomotives, construct railway lines and operate same in the oil producing states of Rivers, Ondo, Edo, Delta, Bayelsa, Akwa Ibom, Cross River, Imo and Abia.
The highpoint of the summit was the signing of an MOU by the Managing Director/CEO of the NDDC, Dr. Samuel Ogbuku, on behalf of the Commission; Mr. Chamberlain Eke, on behalf of the United States Consulate, and Mr. Tony Akpele, on behalf of AGRI, for the construction of a railline across the NDDC mandate states.
Work on the feasibility stages of the project, perhaps the biggest in the history of the commission, is expected to start immediately.
During the signing of the MoU, Ogbuku disclosed that the NDDC was determined to re-navigate the process of its intervention in the Niger Delta so that it can achieve its mandate “of facilitating the rapid, even and sustainable development of the Niger Delta into a region that is economically prosperous, socially stable, ecologically regenerative and politically peaceful.”
He stated that the MOU represented a big harvest for the NDDC from the PPP Summit.
Other dignitaries that graced the occasion included the Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB), Engr. Simbi Wabote, who also delivered a paper titled “Innovative Funding and Sustainable Development for the Niger Delta”. Wabote, prior to his appointment, was an Executive Director of the Shell Petroleum Development Company (SPDC) Nigeria Limited, and the General Manager, Business and Government Relations of Shell Group in Nigeria.
Others who delivered keynote addresses included Kayode Kyalidson. He was the man who advised the federal and state governments on a donor-funded transport initiative between 2009 and 2016. Prior to that, he was Team Lead for Transport sector reform at the BPE, where he was responsible for developing and implementing PPP concession strategy; Nimi Wilson-Jack. Mr Wilson-Jack is a sound legal practitioner of more than 39 years experience and a former Secretary-General of the Nigerian Bar Association (NBA). He is also a former Director of the Rivers State Bureau for Public Procurement. He formerly served as Special Assistant to the former Minister of Aviation.
Janita Ferentinos is a certified PPP Consultant and trainer with over 20 years’ experience. She is passionate about teamwork and the creation of effective partnerships and the stakeholder engagement, especially for the benefit of the underserved in the health, education and agricultural sectors; and Oliver Everett, a former CEO of Common Wealth Enterprise and Investment Council and Chair of Commonwealth Business Forum, Kigali 2020 Taskforce.
He has vast international experience working with multi-state organisations, including government, private and wider public sector operations; and Abubakar Suleiman, popularly called Abu.
He a Nigerian Banking and Economics professional and the current Managing Director/Chief Executive Officer of Sterling Bank, a leading Commercial Bank in Nigeria were among other crème de la crème in the society and industry gurus.