STAMP DUTIES: Policy will stunt financial institutions patronage — Expert

As the Federal Government continues to put measures in place to prevent Nigeria’s economy from sliding into a recession in 2016, the system faces numerous challenges with a telling effect on the citizens. The Central Bank of Nigeria (CBN) has directed all commercial banks to charge customers N50 on deposits from N1,000 and above, as part of Nigeria’s stamp duties law on financial transactions.  The Nigerian Electricity Regulatory Commission (NERC) wants to increase electricity tariff by next month. The CBN said no more sale of dollars to Bureau De Change (BDC) due to scarcity of forex. The naira is depreciating beyond the control of the apex bank, despite monetary policies formulated to shore up the  currency. A financial expert and the National President, Constance Shareholders Association of Nigeria, Mr. Shehu Mikail, speaks on issues in the economy and how government can prevent Nigeria’s economy from going bankrupt.

The CBN has directed banks to charge N50 for deposits of N1.000 and above, in  line with the Nigeria’s stamp duties law on financial transactions. What is your take on this?
I do not like this type of policy because it will discourage people from keeping money in the banks. At present, Nigeria is largely un-banked, especially the rural areas. So, this type of policy will worsen the situation, in particular for traders doing business in the rural areas. It will have negative effect on the cashless monetary policy that is already in place. It is also another way of imposing extra tax on the poor masses. The CBN should jettison this method of taxation and come up with a monetary policy that will strengthen the naira to grow the economy, instead of putting another tax burden on the people.

NERC wants to increase electricity tariff by next month. How does this affect low income earners in the country?
NERC must not increase power tariff without giving consumers pre-paid meters. Currently, about 80 percent Nigerians do not have pr-paid meters. Aside from that, what is the justification for increase in power tariff? Is it that power supply has improved better that before, and for that reason they want to increase the tariff? These are things NERC should make clear to us before talking about increase in tariff. Is NERC trying to make us pay more for what we are not consuming? Is this another way of taxing the people? If at all, NERC wants to increase power tariff, the amount must not be more than N4 per unit, because now we are paying over N2 per unit.

What is the economic implication of the purported  missing  budget 2016?
In the history of Nigeria, this is the first time we heard that a budget was missing. This is not  good for our economy, because investors will look at us as people who are not serious. If government altered the budget after it was presented to the Senate, it means they do not have a good economic team. Before the budget came out, they ought to have mapped out a good economic plan on how to  implement it, in order to rejuvenate the economy.  A budget is very important, because that is what investors look at in making decision on whether to put their money in any economy or not. So, for us to hear that the budget was missing, is ridiculous.

The International Monetary Fund (IMF), advised government to restructure the tax system to curtail excessive borrowing from external source. Do you share such opinion?
Borrowing is a way of accumulating more debts for our economy, and at the same time, we spend so much to service debts. For instance, about N1.47trillion is allocated for debts servicing in the purported missing appropriation bill for 2016. But if we have good reasons to borrow to develop our infrastructure, I think we can borrow. The implication is that, continuous borrowing will make our currency to depreciate the more.

The exchange rate now is about N309 per dollar, which is the first time in the last 43years that the naira depreciated so low.
What is the way out?
Government should come up with a good economic blue print on how to restructure the economy. The immediate past minister of agriculture during the administration of President Goodluck Jonathan, did a lot to develop the sector. Let President Muhammadu Buhari look at some of his policies and see how he can build on them.  We need to revamp agriculture and the manufacturing sectors, so that we can start producing goods for domestic consumption and export.  Continuous depreciation of the naira shows that the economy generally is in serious stress. If nothing is done to strengthen the system, our economy will slide into a recession. Look at the capital market, since the second quarter of last year till 2016, the market has been experiencing huge investments outflow.

The CBN said no more forex for Bureau de Change from its official window.   Do you think the forex policy of the apex bank will strengthen  the naira?
The CBN is trying to manage the financial system, but the implication of restricting BDC from getting forex can give way to black market situation, because importers will look for other means of getting forex. At the end, the masses will suffer the outcome, because  prices of goods and services will increase due to high cost of foreign exchange. As such, there will be inflation in the system.

What can be done to reposition the economy at this point?
As I said earlier, let us come up with a good economic blue print on how to resuscitate the economy to prevent the economy from going bankrupt. Let us look inward to revamp the industrial sector for businesses to thrive and create wealth. The living condition of the people should be improved upon. Let President Buhari get experienced economic team to work with him. He is doing well on tackling insecurity, but he is not doing enough to revamp the economy 

Non-remittance of revenue: Reps threaten to arrest EFCC boss

The House of Representatives Ad-hoc Committee, investigating alleged fraudulent practices in the collection and management of non-oil revenue remittances by MDAs, has threatened to issue a  warrant of arrest on the Chairman of the Economic and Financial Crimes Commission, EFCC, Ibrahim Magu, if he fails to appear before the Committee, on Tuesday, to account for the revenue collected and remitted to the Federation  Account. The Committee had, on Thursday, walked out representatives of the National Drug Law Enforcement Agency, NDLEA, and National Agency for Food and Drug Administration Control, NAFDAC, because their Directors-General were absent at  a  meeting in the National Assembly.
Expressing his dissatisfaction  with the absence of the DGs of the two agencies, the Chairman of the Ad-Hoc Committee, Rep Chike John Okafor, said  some government agencies treat the National Assembly with disrespect especially in honouring invitations during the course of oversight functions.
Okafor said that if the EFCC Chairman fails to appear on Tuesday to give account of the money the commission collected on behalf of the Federal Government and how much had been remitted to the coffers of government, the Committee would have no other option than to issue a warrant of arrest on him.
He condemned the absence of the DGs of NDLEA and NAFDAC, who sent representatives, as they were said to be having a meeting in the office of the National Security Adviser, NSA, wondering if the NSA by law was more important than the National Assembly.

APC Chieftain Tells EFCC To Declare Tompolo Wanted

Prince Arerebo Bodi, a chieftain of the ruling All Progressives Congress (APC) in Bayelsa state, has advised Government Ekpemupolo, also known as Tompolo, to surrender himself to the Economic Financial Crimes Commission (EFCC) for questioning.

Government Ekpemupolo, also known as Tompolo

Bodi a member of APC Elders Forum in Bayelsa, over the weekend, said that Tompolo was deceiving himself by blaming former Bayelsa state governor, Timipre Sylva and other chieftains of the party for his ordeal, Daily Post reports.

He said: “All what Tompolo has been saying about Timipre Sylva and leadership of the APC in Bayelsa state is fraud,” he said. For Tompolo to accuse Sylva and APC leaders in the state of orchestrating pipeline vandalism in Delta is false.”

The APC chieftain added that if Tompolo refuses to submit himself the commission should declare him wanted.

In another development, the Ijaw Youth Council (IYC) has warned President Muhammadu Buhari and the federal government against witch-hunting Tompolo, who has been charged with theft and money laundering.
According to the group, the prosecution of Tompolo, which is a part of Buhari’s anti-corruption war, is singling out their ethnic group.

Nigeria’s Judiciary is under threat – Ekweremadu

Nigeria’s Judiciary is under threat – Ekweremadu

Nigeria’s Judiciary is under threat – Nigeria’s Deputy President of the Senate

Nigeria’s Deputy President of the Senate, Senator Ike Ekweremadu, has said that no democracy could survive without strict adherence to the rule of law.

 

He made this known yesterday in Abuja at a dinner organized by the International Law Institute, ILI, Washington DC, for the alumni of the Institute in Nigeria.

According to Ekweremadu, who himself is an alumnus of the institute, there cannot be any meaningful development without the rule of law.

 

While commending the Institute for impacting the nation’s democracy positively, Ekweremadu declared: “If the judiciary is the last hope of the common man, democracy becomes gravely imperiled, if the power of the judiciary to enforce compliance with the rule of law is subjected to legal, extra-legal, and sociological limitations and non-compliance with judicial orders becomes a norm. This, we must always watch closely, because the flipside of rule of law is anarchy.”

 

He added: “Our tasks as an emerging democracy and beneficiary of the ideals and knowledge espoused by the ILI, therefore, are to continue to build a society where government agencies as well as individuals and private entities must be subjected to and accountable under the law. We must ensure that the process by which laws are enacted, administered, and enforced is accessible, fair, and efficient. And we must ensure that justice is delivered according to established laws, competently, ethically, and independently”.

 

Ekweremadu assured that the National Assembly would continue to partner with the Institute towards capacity building of its members and parliamentary staff.

 

He also called on other arms of government as well as individuals and corporate agencies to key into the capacity building efforts of the 60-year Institute.

 

Earlier in her address, the Executive Director of ILI, Kim Phan, expressed happiness with the growth of democracy in Nigeria and the opportunity the ILI has had to be part of the success story.

 

She pledged that the Institute was ever committed to democracy and development in Nigeria.

Falana Wants Military, Public Officials Be Investigated By ICC

Femi Falana, a Nigerian lawyer and human rights activist, has requested the International Criminal Court (ICC) to investigate crimes committed against Nigerian people by former and serving military, public officials and private persons liable improper use of $8 billion allocated to purchase equipment for the army to fight insurgency.

In a petition dated January 19, 2016 and sent to the Prosecutor of the ICC, Fatou Bensouda, Mr. Falana wrote: “We are a firm of civil rights lawyers based in Lagos, Nigeria. We are the defence counsel for

the majority of the members of the Armed Forces of the Republic of Nigeria who were charged with mutiny, cowardly behaviour and sundry offences before the courts-martial instituted by the former military authorities. As we shall demonstrate anon, the only “offence” proved against our clients in the military courts was that they had the temerity to demand for weapons to fight the well equipped troops of the Boko Haram sect.”

Soldiers were sacrificed to cover up the criminal negligence of the military authorities

The petition reads in part: “On account of the deliberate refusal of the former military authorities to equip and motivate the members of the armed forces involved in combat operations the insurgents have killed about 25,000 soldiers and civilians including children and displaced over 2,000,000 people. Having compromised the security of the people of Nigeria by collaborating with the terrorists the former military authorities deliberately encouraged the brutal killing of innocent people including ill-equipped officers and soldiers.”

“During a visit to Borno state in 2014, former President Jonathan revealed to some selected leaders of the community that it was when Alhaji Modu Ali Sheriff caused the extra judicial killing of the leader of the Boko Haram sect, Mohammed Yusuf that the group declared war on the Nigerian people. Even though President Jonathan knew that Alhaji Sheriff was a major sponsor of the terrorist group the government did not charge him to court under the Terrorism Act applicable in Nigeria.”
“In order to divert the attention of the Nigerian people and the international community from the afore mentioned crimes against humanity, scores of soldiers were put on trial before courts-martial for demanding for equipment to fight the well-armed members of the Boko Haram sect. The military courts convicted the soldiers and sentenced them to various terms of imprisonment while 70 were sentenced to death. Over 3,000 others were dismissed from the Nigerian Army in similar circumstances.”
“Having investigated and confirmed that the said soldiers were sacrificed to cover up the criminal negligence of the former military authorities the current Army leadership has ordered the recall and reinstatement of the 3,000 dismissed soldiers and commuted the death sentence of 66 out of 70 convicts on death row to 10 years’ imprisonment.”

Arms fund diversion — crime against humanity

“The inquiry conducted by the Presidential Panel on arms procurement has established that the bulk of the sum of $2.1 billion and N643 billion ($4 billion) earmarked for the purchase of military hardware to fight terrorism was criminally diverted by the former government through the office of the National Security Adviser, Col. Sambo Dasuki (rtd). It has also been confirmed that the said Col. Dasuki colluded with some serving and retired military officers and civilians to divert the sum of $2 billion and N29 billion set aside for the procurement of fighter jets and other equipment for the Nigeria Air Force.”

“As if that was not enough, the sum of $322 million and £5.5 million from the Abacha loot which was illegally transferred to Col. Dasuki by a former Finance Minister, Dr. Ngozi Okonjo-Iweala for prosecuting the war on terror has also been criminally diverted. Part of the stolen fund was used to fund the campaign for the re-election of President Goodluck Jonathan in the 2015 general elections.”

Pakistani Shia student beheaded by his friends for wearing jacket of Imam Ali name

A Pakistani shia was beheaded by three of his takfiri friends for wearing a jacket with words ‘Ya Ali Madad’(as). According to information, Muzammil Abbas was killed in Bhal Syeda.

Muzammil was missing since three days and his beheaded body was found today. His family and neighbors protested at Kohat road, Attock till the FIR was registered under the terrorism act after which it was ended.

Muzammil’s neighbors told that a school named Anwar e Sahaba o Ahl e Bait, located in Fatah Jang, is involved in the incident. The school is famous for spreading extremist ideology, they told.

Accoridng to Police, Muzammil was a student of 10th grade and was killed by three of his friends due to an argument that took place in school over wearing a jacket with the name of Imam Ali (as).

After killing Muzammil, his friends buried the body in a deserted area. One of killers’ father whereas brother of the second is associated with the takfiri school and the father of third person is the prayer leader (Paish Imam) at the same school. The information was revealed by a person arrested by the police from the school.

This incident shows that the extremist ideology has penetrated even inside Pakistan educational institutions where friends are killing each other. Use of force is now strongly needed to deal with these terrorists.

Funeral prayer of Muzammil Abbas was offered in Attock.

Zaria Massacre: Army deliberately targets reproductive organs of IMN's women; They shouted 'there will never be Shia in Nigeria'

 
What shocked the Journalist was when he met some sisters of the Islamic Movement of Nigeria (IMN) who were shot by the Nigerian Army in their most private parts and again stabbed in their breasts with rifle bayonets. The Journalist who is a Christian from Southern ‪Nigeria‬ broke down and wept.

 AhlulBayt News Agency - I went to Zaria to be interviewed by a Journalist from a major daily Nigerian Newspaper about the Zaria massacre. Before I arrived the Journalist was taken to the Ahmadu Bello University Teaching Hospital, Zaria, where some injured victims of the brutal Zaria massacre by the Nigerian Army are recuperating.

What shocked the Journalist was when he met some sisters of the Islamic Movement of Nigeria (IMN) who were shot by the Nigerian Army in their most private parts and again stabbed in their breasts with rifle bayonets. The Journalist who is a Christian from Southern ‪Nigeria‬ broke down and wept.

One important thing to note here is that the Nigerian Army deliberately targeted the reproductive organs of the sisters of IMN that they shot. The sisters reported that the soldiers were screaming that "there will never be Shia in Nigeria" while shooting their most private parts and stabbing their breasts with rifle bayonets. This is clear genocide, they targeted their reproductive organs so that they will not bring Shias to the world.

Such brutal war crimes are what the war criminal Nigerian Army Chief Buratai claimed that "they stick to the rules of engagement". To the mindset of this most evil man, shooting defenseless Nigerian women in their most private parts and stabbing them with rifle bayonets are "the rules of engagement".

The crimes committed by Nigerian Army in the Zaria massacre are endless, we are documenting all the stories of the survivors to be translated to all the major languages of the world. The world must hear the Truth and what actually happened in the Zaria massacre.

Imagine the Nigerian Army shouting anti - Shia slogan while killing defenseless Nigerian in the most inhuman manner. To the brainless idiots who executed the brutal Zaria massacre, killing 1000+ Shia Muslims in Nigeria will end Shia Islam in Nigeria.

Among the question the Journalist asked me was that he interviewed some people and they claimed we are "brainwashing" people to become Shia Muslims. I answered him that nobody us forced to become Shia, it is a choice made willingly and IMN does not discreminate among the Islamic schools of thoughts. And if it is about brainwashing, more than 70% of all the Mosques & Islamic schools in Northern Nigeria are controlled by Wahhabis. And Nigerian Wahhabis have satellite TV station that does nothing but broadcast anti - Shia programs. In their mosques the only thing they do is promoting Shia hate & hate of Christians. Why can't the Wahhabis brainwash people with all these resources in their disposal?

Finally to the Nigerian authorities who burnt the dead bodies of the victims of the brutal Zaria massacre, there are tonnes of other evidences that you can not destroy. There are hundreds of survivors who witness the heinous crimes and atrocities committed by the Nigerian Army, there are medical doctors and hospital personnels who received some of the deaths and treated the injured. Those who executed that monstrous inhumanity will be brought to justice one day.


By Harun Elbinawi