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Nigeria’s take-home pay cannot take anyone home at this time, says Prof Ishaq Oloyede

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Prof Ishaq Oloyede, Registrar, Joint Admissions and Matriculation Board (JAMB)
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OPENING REMARKS MADE BY
IS-HAQ OLANREWAJU OLOYEDE, CON, FNAL
(PROFESSOR OF ISLAMICS)
CHAIRMAN AT THE 7TH ANNUAL CONFERENCE OF THE
GUILD OF CORPORATE ONLINE PUBLISHERS (GOCOP) HELD AT ABUJA CONTINENTAL HOTEL ON THURSDAY OCTOBER 5, 2023

PROTOCOLS

It is my pleasure to be in your midst today. I thank you for your invitation to me to be the Chairman of the 7th Annual Conference of your highly respected organisation.

Our country is at an historic moment, having just witnessed a change of government at the federal level and in most states of the federation. The successful conduct of the 2023 general elections and peaceful handover of reins of power from one government and administration to another signify progress on our democratic journey. This is commendable.

Further to this phenomenon, it is a right time to set agenda for the new governments at the national and sub-national levels. Thus, the choice of your theme for this conference “Nigeria: Roadmap for Socio-economic Recovery and Sustainability” is apt and relevant.

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The Nigerian state is undergoing tremendous pressure under an excruciating socio-economic environment. The country’s Gross Domestic Product (GDP) though positive, has been growing at a declining rate over time. GDP growth was 5.01% during Q2, 2021 compared with a growth of 2.51% during Q2, 2023. Similarly, inflation rate worsened, as it increased from 19.64% in July 2022 to 24% by July 2023. Much more worrisome is the value of the Naira. It has now depreciated to above N700/$1.00 in the official market and above N1,000/$1.00 at the parallel market. These economic phenomenal have further put pressure on the well-being of Nigerians.

There must therefore be a frontal attack on the enablers of poverty. Insecurity, kidnapping and a host of other vices and crises have conspired to rob the country of realising its potentials in productivity and economic growth and development and have contributed significantly to the rising level of poverty. The issues confronting us as a nation have resulted in loss of earning assets, decline in the capacity to earn and curtail of purchasing power. It is therefore clear that the new administration and newly elected and appointed persons at various levels have their jobs cut out for them. There must be a new direction towards our nation’s economic recovery and to launch us on a path of sustainable growth and development.

Consequently, in planning a roadmap for economic recovery and sustainable development, we need to address some issues that have confronted us as a nation which have contributed to negative and slow growth, overtime. Some of these factors have contributed in not small measures to high level of corruption and low productivity in the public sector. For us as a nation to attain social justice, significant economic recovery and sustainable economic growth, there are some fundamental issues that must be addressed. Interestingly, the new government at the federal level has started with some bold actions and decisions, aiming at addressing the unfortunate circumstances we have found ourselves.

Unfortunately, under the new government, some fundamental decisions and actions that have been taken have further exacerbated and plummeted our path deeper to increased poverty. The removal of fuel subsidy and the attempt to harmonise the foreign exchange rates have further fueled inflation and general increase in price level, with attendant negative impact on disposable income and standard of living. We understand that some of these decisions are long overdue because the whole fuel subsidy and foreign exchange market regimes were not sustainable and were laced with leakages, rent seeking and massive corruption. It is hoped that in the medium term, the new policies will help in turning around the economy and put us on the path of sustainable growth and prosperity.
But we need to do much more overhauling.

Wages and the compensation structure in the public service deserves a total review and overhaul. Unless we are pretenders, we all know that some things do not just add up in the compensation of public servants and most of the public office holders. For example, the minimum wage, as a take-home pay, cannot take anyone home at this time in our economic history. Considering the ever-increasing price level and the national currency devaluation, both of which have led to a spiral inflationary level, wages at all levels have become inadequate to meet the provision of basic needs of life for so many.

Even at the highest level for top public servants and political office holders, the compensation structure is such that we all know that it is difficult for top level public officers and political appointees to rely on their pay to sustain their living conditions and the requirements or dictates of their offices.

Due to low salaries and emoluments, some misguided public servants at all levels are encouraged to look for sources within government to meet the elevated financial demands expected of their offices and status. The effect of this is the sacrifice of transparency and accountability in the administration of most government offices and agencies. In fact, the situation is so bad that salaries and allowances of Ministers and heads of some agencies are lower than the salaries of middle level officers in a typical private enterprise. Curiously, there is also a wide gap in the compensation and salaries of some government departments and agencies compared with some others. The juicy agencies and government departments have become a hub and attraction for appointments of connected individuals and families of connected individuals.

In another dimension, there is a wide gap in the compensation structure between the public and private sectors in Nigeria. While private sector executives are well remunerated in line with their output and dictates of their offices, the same thing cannot be said for public officers. In fact, salaries of most chief executives of the publicly quoted companies and some government agencies in Nigeria are higher than the emolument of the President of the Federal Republic of Nigeria. Similarly, salaries of some Ministers are lower than those of the chief executives of some agencies and institutions under their supervision.

These phenomenal encourage corruption and lack of accountability. It gives room for malpractices, financial impropriety, and malfeasance. When officers and executives are not well paid and they are entrusted with huge resources of the state, some may resort to helping themselves.

There is a lot to do to rejuvenate the economy. One way is to pay a commensurate remuneration for a commensurate work. With good, adequate and competitive compensation structure in the public sector, the system can attract good hands. I believe that paying the right wages in the public sector is one way to improve productivity of workers.

I am aware that sometime in the past, the Bureau for Public Sector Reforms toyed with an idea of adopting exchange programme at the directorate level between the public and the private sectors. The thinking was to help infuse new ideas into the implementation and running of government departments and agencies. It was proposed that government should make its compensation structure attractive to experienced private sector operatives to encourage them to key into the scheme.

When commensurable remunerations are paid, productivity can be enhanced, and key performance indicators (KPIs) can be set to ensure service delivery. In addition, code of conduct and standard operating procedures can be put in place to address the leakages that fuel corruption, ineptitude, and inefficiency. When workers are well remunerated, it helps to call them to account and work for their pay.

Furthermore, I propose the strengthening of governance in public corporations, publicly listed companies and non-governmental organisations (NGOs). I believe that the leadership of these entities require greater scrutiny that would ensure that the interest of their stakeholders are served. I am aware that there is a strong code of corporate governance for licensed financial institutions, publicly listed enterprises and entities of public interest. The code of corporate governance, released into circulation by the Financial Reporting Council of Nigeria (FRCN) in 2018 together with the adoption of the International Financial Reporting Standard (IFRS) have assisted in curbing the incidence of corruption in the affected entities, and it is helping to create value and wealth for the stakeholders especially innocent members of the public who subscribe to the shares of these entities in the marketplace.

I recommend that the code of corporate governance be extended to all major actors in the Nigerian economy. In specific, government should come out, without further delay with code of corporate governance and make it mandatory for public sector institutions, non-governmental organisations (NGOs) and small and medium enterprises that represent over 97% of businesses operating in Nigeria. When this is done, I believe there would be improvement in governance of government, non-governmental and private entities in Nigeria which would help to unlock their values for prosperity of Nigerians and sustainable development of the country.

It is important that our economists should not shut their eyes to the many alternatives to the template of Bretton Woods’s institutions. Not few persons believe that some austerity measures and curtailment of our high taste for foreign products are absolutely necessary in view of the current realities.

Ladies and gentlemen, to realise our potentials as a nation and achieve huge socio-economic recovery and sustainability, we all have our part to play. But we cannot be doing the same thing over and over again and expect a different result. We need to change the way things are done. And we need to be bold.

We are all here courtesy of GOCOP, an eminent media professional association. So it is necessary for me to remind all of us about the place of the media in development. A country with an effective and strong media stands a better chance of attaining sustainable development. So as we scramble to remake our country, government must take deliberate steps to partner the Nigerian media with a view to making them more credible and sustainable. If we are to attain the socio-economic and political progress we badly need, we cannot treat the media as adversaries and as entities whose health or ill-health shouldn’t concern us. The presence of the Presidency of Nigeria at this occasion convinces me that we are on the right path towards effective government-media partnership. On the other hand, the media should not deliberately undermine national security.

I have just touched on three areas of our economic life that I feel strongly that we should address to achieve our dream of an economic renaissance and prosperity for all. There are many other areas that the keynote speaker and panelists at this event would touch.

Thank you for your attention.

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₦1.08tn budget for Cooperative College Enugu is another move to defraud Nigerians — Atiku

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Former VP, Atiku Abubakar
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Former Vice President Atiku Abubakar has described the 2026 Appropriation Act as compromised, following revelations that the Federal Cooperative College, Oji River, Enugu State, was allocated ₦1.08 trillion to execute 2,791 capital projects across the 36 states and the Federal Capital Territory FCT.

In a statement issued by his Senior Special Assistant on Public Communication, Phrank Shaibu, the African Democratic Congress ADC presidential candidate commended Tracka for an independent analysis he said exposed one of the most troubling cases of budget distortion under the Tinubu administration.

Atiku said the disclosure undercuts the Presidency’s insistence that painful reforms, higher taxes and heavy borrowing reflect prudent economic management.

“Nothing exposes the hollowness of that claim more than a budget that turns a federal cooperative college into one of Nigeria’s largest project-implementing agencies,” he said.

He argued that the allocation defies logic, public finance principles and the institution’s statutory mandate, questioning how a college established to promote cooperative education became responsible for roads, drainage systems, solar streetlights, markets, football pitches, dialysis centres, ambulances, water schemes, recycling plants, empowerment programmes and thousands of other projects nationwide.

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“Who decided that a cooperative college should become one of Nigeria’s biggest ministries by stealth? Under what law was it transformed into the implementing agency for 2,791 projects? Who nominated these projects, who approved them, who will supervise them, and who will be held accountable?” he asked.

The former Vice President said the revelations undermine the administration’s claim of fiscal discipline, accusing the government of running what he called a medieval financial system.
“In a constitutional democracy, however, the treasury belongs to the Nigerian people, not to the President or his cronies,” he said.

He contended that a government demanding sacrifice from citizens while channeling such a large sum through an institution without the capacity to execute it cannot claim to be managing resources prudently.

“A government that plans to spend ₦1.08 trillion through a cooperative college cannot claim to be fighting waste or promoting fiscal discipline. It looks less like governance and more like a blueprint to defraud Nigerians”, he declared.

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No tension in Nkanu Land, Says Jim Nwobodo; Clears the air on Enugu Estate land dispute

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Elder statesman Jim Nwobodo
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Former governor Jim Nwobodo has dismissed reports of tension in Nkanu land, clarifying issues surrounding the Enugu estate land dispute and urging the public not to be misled by false narratives.

Nwobodo, a former Governor of old Anambra State and Senator that represented Enugu East at the National Assembly between 1999 and 2003, laughed off a report claiming the presence of “uneasy calm” in his Nkanu community  over a land dispute.

The elder statesman and one of the two surviving governors of the 1979-83 set of governors, dismissed the report with a wave of the hand. He described it as part of the orchestrated campaign to smear his name by one Basil Ogbuanu, who is battling a criminal case in court.

Nwobodo, an octogenarian, was reacting to a story published in ThisDay newspapers on Sunday, August 2, 2026, describing how “tension has enveloped Nkanu land in Enugu State as prominent indigenes of the area are sharply divided over the demolition of buildings belonging to a Lagos-based businessman and investor, Dr. Basil Ogbuanu, inside an Estate at the Independent Layout, Enugu.” Nwobodo, who celebrated his 86th birthday in May this year, wondered in which part of Nkanu land such tension existed.

His words: “Anybody talking of tension or uneasy calm in Nkanu, is talking nonsense. That person is a big liar. Nkanu is not somewhere in a cave or some undiscovered place in the earth planet. It is existing as a prominent community in Enugu State. Where is the tension that nobody else has heard of except the one man running from pillar to post in a futile attempt to save himself from the criminal case for which he is now being prosecuted by the police?

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“There is absolutely no tension anywhere in Nkanu land. Nobody from Nkanu has ever intervened or spoken to me about Ogbuanu. I challenge Ogbuanu to mention the name of anybody from Nkanu or elsewhere who has spoken to me about the Ogbuanu. That is because of his troublesome character and disrespect for law and order. This barefaced lie about Nkanu land has shown the character of the so-called Pastor.”

The elder statesman, who maintained that Ogbuanu’s problem was self-inflicted, acknowledged that the issue with him started when he (Ogbuanu), began to unravel after purchasing a piece of land from a choice estate located at Independence Layout in the capital city, by going completely against the terms and agreement.

Explaining some of the details of the transaction and the development that followed, the former governor, who expressed regret over the matter, narrated how Ogbuanu, not only secretly went into the estate, before the paperworks were completed by the Enugu State Government, but also attempted to totally deface the ambience.

He said in a statement issued on Tuesday: “This was supposed to be a small estate with specific plan model of the prototype buildings. It was supposed to be a quiet ambience with few high-class residents. From the outset, I told him that the estate was not ready for physical structures yet and that nobody should start building until everything is ready. But this man used tricks on me to sign his papers on the ground that he needed it as evidence to his bank, who lent him money to purchase the land.

“This man did not only secretly move into the land, but guess what he was building – hostels – student hostels – in an environment that was supposed to be exclusive. This was after we had told him from the beginning that the land title required recertification in order to get a Certificate Of Occupancy because in 1975/76 when the land was gotten, the title then was a building lease. It was in1978 that the Land Use Act introduced the issuance of Certificate Of Occupancy.

“Secondly, because an estate has one global Certificate Of Occupancy, the subdivided plots will be issued with subleases, and that can only be done when the Certificate Of Occupancy that is being processed is finally issued. Thirdly, the format and contents of deed of subleases for an estate is quite different from that of a stand-alone plot, and we had reached out to the Ministry of lands and the Ministry of Housing for a format for estates.

“Fourthly, we had arranged for an architectural and layout designs for the estate that would be submitted for approval to the ministry of lands and the Enugu Capital Territory Development Authority (ECTDA), before any plot would be developed.”

Continuing, the former governor said: “As an elder statesman, I have always insisted on following the due process and getting all the required approvals from the relevant ministries before embarking on any construction. But Ogbuanu had a different plan which manifested with his lawlessness and disregard for authorities. We explained all these to Ogbuanu and to others who bought plots of land in the estate. We also made it clear that we would refund the full purchase price to any buyer who would rather not wait for these processes to be completed.

“Few days after our agreement to wait for the C Of O to be processed, Ogbuanu brought a power of Attorney and Deed which was prepared in the old company name, a company that had sold its interest and its title to the land to a different entity. He was told the futility and implication of having a document in the name of an entity that no longer have title to the land. He was reminded of our agreement to either wait for the recertification process with the ministry of lands to be completed or get his money back.

“Basil Ogbuanu told me and my wife that he borrowed money from a Nigerian bank and that the bank had asked him to bring evidence of what he spent the money on. My wife told him that she does not believe that a bank would lend him money without evidence of his net-worth and evidence of what he wants to spend the money on.”

Nwobodo said that Ogbuanu later called on the phone and said he cried all night “because the banks were chasing him and he had ran to me and my wife as parents to please help by giving him evidence for the banks to set him free.”

According to Senator Nwobodo, “When a pastor cried all night, then something serious must be happening. In my usual magnanimity, we agreed to sign his documents, but warned him to return them for the authentic and legal title documents.

“As soon as Basil Ogbuanu got those documents, he disappeared and his next move was to start building illegal structures in the form of hostels and a church – building mass houses in the form of commercial properties in a high brow, low density location. This was without any form of approvals from, the Estate, Ministry of Lands and Enugu Capital Territory Development Authority. We started receiving calls from other people who purchased plots in the Estate, complaining that Basil Ogbuanu was defacing the estate, and they all threatened to abandon their plots and leave the estate.

“They said they were scared of living with a miscreant in the same enclosed compound, especially in a small Estate. We got worried and reported to appropriate authorities, and unknown to us the Capital Territory Authority had, in the course of their usual checks, seen the illegality committed by Ogbuanu and marked it. Based on the barrage of complaints, the Capital Territory Authority visited the Estate again and marked “Remove” on the illegal structures, and that was when the structures were almost at a foundation stage. Ogbuanu ignored the several warnings from the authorities, and continued with his construction of illegal building, in defiance of all government warnings.

“That is the simple story.”

“Concluding, the elder statesman said: “Did Ogbuanu tell the world that I have been telling him from the beginning to come and take back his money, the full payment and that he has been running away? How come out of all the people that bought land in the estate he is the only one complaining? These are the questions Nigerians should ask him, particularly the media houses he has been running to in his desperate bid to smear my name.

“Whoever knows Basil Ogbuanu should tell him that I’m prepared to give him back his money, even if it is in public. Let him come and collect his money. I regret listening to those who persuaded me to have anything to do with him, because I was warned. But even at that, no amount of blackmail can make him build in that estate, and no amount of campaign of calumny will save him from his self-inflicted criminal ordeal.”

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Police arrest four officers in Imo over viral video of suspect forced into vehicle boot

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The Imo state police command says it has arrested four officers captured in a viral video seemingly manhandling and shoving a young man into the boot of a vehicle.

The incident occurred on Sunday, along Human Race Road in Nekede, Imo state.

In a statement, Henry Okoye, spokesperson of the command, said Audu Bosso, commissioner of police in the state, ordered an immediate investigation to establish the circumstances surrounding the incident.

“Preliminary findings revealed that the four personnel captured in the viral video comprised two police officers attached to the Nekede Divisional Headquarters and two Supernumerary Police Officers,” the statement reads.

“They were conducting an operation at a suspected drug trafficking location along Human Race Road, Nekede, during which two suspects were arrested.

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“Substances suspected to be Cannabis Sativa were recovered from one suspect, who admitted to selling illicit drugs in the area.”

Okoye said the command condemned the officers’ conduct despite the outcome of the operation.

“Notwithstanding the outcome of the operation, the Imo State Police Command unequivocally condemns the unprofessional conduct of the personnel as captured in the viral video,” the statement added.

“The manner in which one of the suspects was arrested and forced into the boot of a vehicle is unacceptable, inhumane, and completely not in conformity with the Standard Operating Procedures, Code of Conduct, and professional ethics of the Nigeria Police Force.”

The police spokesperson said the case has been transferred to the State Criminal Investigation Department (SCID) for a detailed and impartial investigation.

He added that disciplinary procedures had commenced against the officers involved and that the outcome of the investigation would be made public upon completion.

Okoye said the commissioner of police reassured residents of the command’s commitment to combating crime “while ensuring that all policing operations are conducted professionally, lawfully, and with due respect for the rights and dignity of every individual”.

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