Senate begins 2 months questionable vacation

The Nation was jolted yesterday when the Senate after a closed door sitting announced that it shall proceed on two months recess starting from today July 10th 2008. Senate Majority Leader Senator Teslim Folarin briefed newsmen that circumstances made it imperative to amend the seasonal calendar and embark on recess, two weeks earlier.

Nigerians believe that this circumstance is the Tuesday 15th Judgment day in Jos of the cross petition against David Mark’s victory at the polls.
Furthermore, Nigerians are worried that the Senate is amending her rules in a closed door meeting to accommodate the ambition of the President of Senate. For a Senate and government that parrots transparency and rule of law, this Gestapo approach is disturbing and unhealthy for maturity of democracy in Nigeria

Political gurus believe that this questionable two months amended recess, is to preserve the Senate President’s seat for David Mark, should the Court of Appeal sitting in Jos uphold the judgment of the Benue State Election Tribunal. The recess will also allow PDP to fine tune soft landing should the seat be vacant as a result of the judgment, which is believed will not be in favour of the Senate President.

The Election tribunal sitting in Makurdi had earlier nullified the election of Senator Mark, on the strength of a petition filed by Alhaji Usman Dan Abubakar popularly called Young Alhaji. The lower tribunal ordered a fresh election in two Local Government Areas (Opoku and Agatu) and upheld that the valid votes counted put Young Alhaji ahead of David Mark.

Both Mark and Young Alhaji appealed the judgment. Mark’s camp believes that they can rake in enough votes in the two LGAs to cancel out Young Alhaji’s lead, while Young Alhaji’s camp wants the Appeal Court to declare him winner, having secured majority of the votes counted.

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Senate Decries Arrest of Fani Kayode

The Senate yesterday denounced the arrest of Chief Femi Fani Kayode, the immediate past aviation minister and his predecessor Prof. Babalola Borishade. The duo were picked up within the premises of the National Assembly, after honouring the invitation of the Senate Committee investigating the deductions from the Aviation Intervention Funds.

At the public hearing, Fani Kayode and Babalola Borishade plaited eachother with accusations of irregular deductions, which formed the bases of their arrest by EFCC.

Senate quarried their arrest, when they were never declared wanted, fearing that if the security agencies are not checked, their Gestapo method will hamper legislative duties, as those invited by the Senate may not honour the invitation. In angry aftermath the Sentae has banned all security agencies from arresting any person within her premises.

 According to Barrister Ashimole Felix, this over zealous attitude by the EFCC will tilt the scale of justice in the favour of Kayode and Borishade as they will attack the flaw in their abduction based on technicalities.

In as much as Nigerians celebrate this arrest, the method is swaying public opinion in their favour. This is against the backdrop that government spin doctors cited lawlessness and abuse of judicial due process as one of the reasons that led to the removal of Nuhu Ribadu as the EFCC boss. If this teething new EFCC boss Mrs. Farida Waziri, is going to operate like this in less than one month after appointment, Nigerians are worried that they will be presumed guilty until they can prove their innocence.

In compliance with the Criminal Procedure Act and Penal Code coupled with the Section 35-36 of the constitution, the EFCC is putting their acts in top gear to arraign Fani Kayode and Borishade within 48 hours. They are expected to appear in Federal High Court tomorrow.

 

 

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Femi Fani Kayode Arrested By EFCC

The immediate past Minister of aviation, Chief Femi Fani Kayode has been arrested by the Economic and Financial Crime Commission (EFCC) over allegations of misappropriation of Aviation Intervention Fund believed to be N19.5 billion Naira.

Also arrested is Fani Kayode’s predecessor Prof. Babalola Aborishade, whom Fani Kayode accused of forgery and spending N8.4billion Naira.

These revelations and consequent arrest by EFCC is coming at the heels of revelations at the on going Senate Committee on Aviation’s public hearing in Abuja. In a limp defence, the past minister of finance, Nenadi Usuman, said that against the 19.5 billion Naira being spread by the media, it was 13billion Naira that was released and 6 billion Naira sourced as loan.  

Chief Kayode was drafted to the aviation ministry by the Obasanjo administration as a reward for his faithful defense of Obasanjo. Fani Kayode was the Special Adviser to president Obasanjo Fani Kayode was arrogant and abused any Nigerian that had a contrary view about how Obasanjo was ruining the country. Even Nigeria’s literary icons and men of wisdom were ridiculed by Fani Kayode. One cannot help but butt in that this arresting, is teaching Fani Kayode that power is ephemeral and one should be kind to those he meets on his way up, as they may remove the ladder.

Since the removal of Nuhu Ribadu as the chairman of EFCC, Obasanjo loyalists are having a rough day. Among these faithfuls, whose feathers have been ruffled are Iyabo Obasanjo-Bello (ex-president Obasanjo’s daughter), Kenny Martins ( Police Equipment Trust Fund)  

 

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Soludo Gets Clean Bill Of Health

The crisis that rocked the Nigeria Financial sector with the allegation that the Central Bank Governor invested $480million in Africa Finance Corporation (AFC) appears to have settled with absolution of Professor Chukwuma Soludo of any blame by a The committee set up by the Federal Government to investigate the investment. The panel was also mandated to ascertain the source of the authority for the withdrawal of the sum of $480 million for the purchase of equity in AFC by the CBN.
After conducting its investigations the panel found nothing incriminating against the CBN Governor.

Despite “this nothing to incriminate Soludo” finding, the panel have sat for over three months trying to doctor their findings as it has been gathered that some people want Soludo to be incriminated at all cost.

Professor Charles Chukwuma Soludo, a first class product of University of Nigeria Nsuka, has been having rough times since the inception of Yar’Adua’s administration. His first rude shock came when the Federal Executive Council over ruled him on the redenomination of Naira. Professor Soludo had wanted N20 (Twenty Naira) to be the highest denomination.

The high point of  Professor Soludo’s wizardry was the merger of all the mushrooming banks in Nigeria into mega 25 banks, whose minimal share capital base is 25 billion. Since after this merger that many critics believed will not work, there has been significant improvement in the banking sector and a good number of customers are happy, forgetting the ghost of failed bank and trapped deposits.

Professor Soludo’s tenure at the Central Bank is guaranteed for 5 years by the constitution and renewable.

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Natural Gas: To flare or not to flare

I am not really enjoying the current debate amongst environmental stakeholders over the flaring of natural gas or otherwise. I have this nauseating feeling that this is uncalled for. It is uncalled for because the government policy on the environment should naturally be binding on all stakeholders. The issue of fixing and unfixing deadlines to gas flaring is risky.

I say so because the issue of stopping or not stopping gas flaring in Nigeria appears to be running on a roller coaster track, with alarming swoops downwards followed by exhilarating zooms upwards, and none of the riders quite sure what is going to happen next.

It is already stale news that Africa possesses abundant natural resources. That the abundance of these natural resources is yet to transit into economic well being to Africans is totally a different discuss. It is a fact that Africa possesses 99% of the world’s chrome resources, 85% of its platinum, 70% of its tantalite, 68% of its cobalt, and 54% of its gold, among other minerals. The continent has significant oil and gas reserves; the extent of which has not been definitely measured. It produces more gem quality diamonds than anywhere else.

The numbers speak for themselves; in 2006, annual FDI rose to a historic high of US$38.8bn, a record growth of 78% from 2004. According to the UN World Investment Report, the serious FDI cash was concentrated in a few industries, notably oil, gas and mining. And six oil- producing countries- Algeria, Chad, Egypt, Equitorial Guinea, Nigeria and Sudan – consumed nearly half of it.

But beyond the economic benefit;  is the sheer inability of many African governments to manage the accruing environmental problems associated with exploration and development of these natural resources. Governments seem to be keener on the revenue coming into its purse than the general well being of the host environment.

In South Africa there are some environmental issues that have not really caught the attention of the government but the academia is now pushing it and this is the release of uranium into the atmosphere as well as the volume of tailings that is created with the mining of uranium.

According to Prof. Judith Kinnaird who is also a geologist and lecturer at the University of Witwatersrand it is a serious concern that much uranium is being lost to the environment, through the burning of coal that contains uranium, which according to her should be raised as an issue in intensifying debate on the reintroduction of nuclear energy.

There are many environmental issues that the government in Nigeria is yet to come to terms with in the oil and gas industry. One major environmental issue that the release or the reckless burning of gas into the atmosphere; another is the release of radioactive isotopes and chemicals in the processes of exploration and drilling. Both as well as many others are still continuing.

Despite the serial complaints by all oil producing communities and the global campaign against global warming;  is the news that the government is granting further extension to gas flaring in Nigeria’s oil rich Niger Delta. Nobody is doing anything at the moment about any palliative for all those whose health, livelihood and well being is being threatened as a result.

The technology of gas capture and storage should at this moment be impressive to the government. I say so because stopping gas flaring through gas capture and/or storage is imperative towards preventing the release into the atmosphere of gas so produced.

Gas from oil exploration is, of course, a key contributor to climate change, and the single biggest industrial source of gas emission is the burning of fossil fuels to exploit oil and produce energy.

The technology of gas capture and storage should be welcomed as a Best Environmental Practical Option. Already in Saskatchawan Canada,  a carbon-capture and storage demo-plant has been built. This was a direct follow-up of the unsettling announcement by the United States Department of Energy of what was officially termed a restructuring of its futureGen Carbon Capture and Storage (CCS) project.

With the support of the Canadian Federal Government, the Saskatchawan Province undertook a C$4billion CCS demonstration project. CCS is directed at preventing the release into the atmosphere of CO2 produced by the industry.

Globally, fossil fuel account for some 33% of all carbon dioxide emissions caused by human activities. And, among fossil fuels, the biggest producer of such emission is coal. A single large power plant can generate 8million tons of carbon dioxide every year.

The idea of CCS, which if successfully adopted, would allow coal-fired power stations to remain in operation- and even for new ones to be built. This, in turn, would keep the coal mining as well as oil exploration industries in business. The alternative would be the phasing out of coal-fueled electricity generation and, with it, the phasing out of coal-mining and oil exploration worldwide.

A coal-fuelled power station with CCS could have 80% to 85% fewer emissions than one without CCS. With CCS, the carbon dioxide would be captured before it could be released into the air, and the sequested.

Sequestration would involve conveying the carbon dioxide, whether in gaseous, liquid, or supercritical form, by pipeline and/or road tanker and/or ship, through storage sites, to a location where it could be securely stored. The catch is that this sequestration has to endure for a very long time, indeed, - at least centuries, if not millennia.

And it must never be able to leak out in large quantities over a short period, for if it were to do so, it could cause large-scale suffocation. In theory- and, currently, in limited practice – the carbon dioxide can be injected into permeable geological formations, surrounded by impermeable rocks, such as deep saline formations, exhausted oil and gas reservoirs, unminable coal seams, and even abandoned coal mines etc.

The Federal Government and the National Assembly committees on Oil and Gas can explore the CCS option as well as many others and implant same into the prevailing policy in order to protect the environment and safeguard public health, livelihoods and general wellbeing.

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OBJ Carpets Hon. Elumelu

Ashimole Felix/Abuja. 

Ex-President Olusegun Obasanjo (OBJ) has replied the May 9^th 2008 Invitation to appear before the Hon. Ndudi Elumelu led Public Hearing on Power Sector.

Vintage OBJ pointed the structural flaws of the invitation but like a misunderstood statesman in an image reclaiming mission, OBJ took to lecturing the committee on Africa culture of respect for age and authority.

According to the text made available to journalists, OBJ denied awarding contracts to unregistered companies, stating that it is not the duty of the president to verify the corporate personality of a company bidding for contract and if such companies presented bank documentations and other Corporate Affairs Commission forms, than there must be a racket involved that need to be exposed and punished.

The former president also said that it will tend to portray inadequate knowledge or ignorance” for the committee to say that there is nothing at power project sites to justify the huge sums of money sunk into the power sector.

Obasanjo said that between 1999 and 2007, his administration spent about $6.5bn including letters of credit in the power sector.

He further urged the committee to hand over to EFCC and /or ICPC any minister or aide that served under his administration found to be corrupt but cautioned that the necessary documents must back up such.

 

 

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