Business

Your Statement is Half-Truth, Govt Tells Ned Nwoko Due to $418m Paris Club Refund

Published

2 years ago

August 23, 2022

The Nigeria Governors Forum (NGF) has described as half-truth a claim by the lead consultant in the recovery of over-deductions from Paris Club and London Club debts buyback funds, Ned Nwoko, that his firm was owed $68 million and not $418 million, as alleged by the governors. Nwoko stated this in response to controversy that trailed his company’s demand for fees from the states and local governments in the country in Abuja on Saturday.
The lead consultant at Linas International had frowned on recent comments by the chairman of NGF, and governor of Ekiti State, Dr. Kayode Fayemi, regarding the Paris Club refund.
Minister of Justice and Attorney General of the Federation, Abubakar Malami, had featured in the weekly briefings coordinated by the Presidential Media Team, on August 11, where he spoke extensively on issues surrounding the refund. Malami stated that there was no basis for agitation by the NGF concerning deductions from the Paris Club refund paid to the consultants they hired.
Malami also described the governors’ action as akin to crying over spilled milk.
However, the governors, after their deliberations last Wednesday, accused the minister of orchestrating deductions from their funds to settle consultancy fees.
In their reaction yesterday to the outcome of a press conference by Nwoko, Director, Media and Public Affairs, at the NGF secretariat, Abdulrazaque Bello-Barkindo, said the governors were not surprised by the attempts by Nwoko to white-wash lies and make them look as truth.
Bello-Barkindo said, “Not surprisingly, the desperate, spurious and futile advocacy mounted and coordinated by the Attorney General of the Federation (AGF) on behalf of the so-called Paris Club Consultants to justify the plundering of the humongous sum of $418.9 million from the public treasury of the states and local governments continued on Saturday 20th August 2022, when Ned Nwoko, in a press statement, attempted to blur and obfuscate the real facts and legal issues in controversy by dishing out blatant lies and half-truths.”
According to the governors, “The facts are and will always remain: whether the claims of the consultants are lawful and justified under our constitution and whether any judgement, which is a subject of a pending appeal, can be enforced or executed as the consultants now attempt to do?
“If both questions are answered in the negative, it does not matter if the contracts leading to the claims were entered into by any public official, past or present. No person or persons can agree to blatantly circumvent our constitution and get away with it. Neither is the period when judgements were obtained of consequence in this case.
“Undoubtedly, the salient facts on the fraud associated with the Paris Club refunds can never be changed by a thousand press statements by the AGF or any of the consultants. As the judgements of the appellate courts, particularly, that of the Supreme Court, have begun to expose the creepiness and unlawful nature of the consultants claims; it is not surprising that they are now afflicted by dizzy spells, seriously discomforted and are now driven by desperation to ensure that the plundering and fleecing of the state is quickly completed before the determination of the pending proceedings in the appellate and other courts in order to foist a situation of frustration and helplessness on the states.”
The statement added, “This is obvious as the consultants are not in a position to restore the funds to the states if they lose on appeal, as it is becoming apparent. It is, therefore, needless joining issues with Ned Nwoko or, indeed, any of the consultants. However, it is imperative to debunk patent lies dished out in order to disabuse the minds of the undiscerning public.”
The governors also argued, “While Nwoko strenuously tried to single out and justify his own bogus claim of $68 million saying the total amount, which all the consultants working in concert, collectively seek and claim from the states and local governments, albeit unlawfully is $418,953,690.59.”
The governors gave a breakdown of the $418 million as follows: Ned Munir Nwoko ($68,658,192.83); Dr. Ted Isighohi Edwards ($159,000,000); Panic Alert Security Systems Limited ($47,831,920); Riok Nigeria Limited ($142,028,941.95); Prince Orji Orizu ($1,219,440.45), Barrister Olaitan Bello ($215,195.36)
Additionally, the governors stated that it was instructive to note that all the claims by the consultants were rooted in suit No FHC/ABJ/CS/130/13 between: Linas International Ltd & 35 ORS and Federal Government of Nigeria & 3 ORS in which Nwoko instituted and was awarded a bogus 20 per cent of the sum of $3,188,078,505.96 from the states and local governments Paris Club refunds.
The governors said the judgement had been challenged on appeal by the states and NGF in Suit No CA/ABJ/PRE/ROEA/CV/327M1/2022: Attorney General Of Abia State & 35 Ors Vs Linas International Ltd & 239 Ors.
The governors said the comment by Nwoko “was therefore to separate his own claim of $68 million as if it is not related to the claims of other consultants is being clever by half. All the consultants claim to have rendered the same or similar service of helping the states and local governments to recover over-deducted Paris Club refunds by the federal government.
“Their cases, therefore, rise or fall together. A poison of the part is a poison of the whole. What is unlawful remains unlawful. Its origin is immaterial and the part or role played by all parties separately or collectively at all times is unlawful and cannot be remedied.
“As it is common with all unholy alliances, it does appear that the romance between the consultants and their determination to fight together under the AGF’s tacit coordination to pull out of the states the sum of $418,953,690.59 may have suffered a crack.
“This must have led Nwoko to address the press alone and single out his unmerited claim of $68 million as justifiable. This is also coming just on the heel of a similar press briefing by the AGF, a few days ago during which he stoutly defended all the consultants and berated the states for opposing or delaying the prompt payment of the sum claimed.”
They pointed out that what Nwoko did not tell members of the public was that, “If all the local governments engaged him directly as claimed and if he acted for the states through his lawyers and the NGF requested that he extends the services to all the states as also claimed, what different service did Ted Iseghohi-Edwards, his collaborator and conspirator (indicted by the EFCC) render for which he is being paid the whooping sum of $159,000,000 also from the Paris Club refund?
“In his desperation to justify his claim, Ned Nwoko peddled untruths that his team was a member of the federal government committee constituted to reconcile figures under the Paris Club refunds to the states and local governments. That is patently false.
“The report of that committee dated May, 2007 shows that only the FMF, OAGF, CBN, DMO and RMFC (secretariat) were members. Private persons, who were not privy could not have been included in a committee that was meant to examine purely public financial records. It was this committee that did all the work now claimed by Ned Nwoko and the other consultants.
“While it is possible that the unlawful scheme hatched by the consultants to feast on public funds may have over the years been executed with the cooperation of enemies of the state without anyone raising an eye brow, the bubble has now burst and the time to account has come. It is an irony that
“Ned Nwoko and other consultants, who flaunt judgements of courts as justification for payment are now uncomfortable and jittery, when the same judgements are tested on appeal. Let him reserve all his vituperations against the NGF chairman and canvass them on appeal as the law may permit him.
“No professional advocacy or media campaign to hoodwink the public can change the law. We are not unmindful of the ridiculous claim by one of consultants that it was his media campaign that swayed a Federal High Court Judgment in favour of the NGF.
“Interestingly, the public which is the greatest victim in the mismanagement of scare public resources, has since been well-informed and is on red alert to avert and stop what is apparently an attempt by some ravenous rent seekers masquerading as consultants to further exacerbate the economic woes of citizens under the prevailing dire economic situation.
“The use of libellous language on the person of the Chairman of NGF, who has refused to be compromised and has firmly stood his ground on the unconstitutional and unlawful nature of the consultants’ claims, is not helpful to their case either.
“The NGF is an apolitical organisation that operates under defined principles targeted at good governance. Its role in the whole of this Paris Club refund debacle to consultants is to ensure that Nigeria citizens are not unlawfully deprived of resources meant for their development. NGF will not, therefore, waste its valuable time to defend unsubstantiated allegations against individuals or persons who are in a position to defend themselves.
“If Ned Nwoko is sure of his facts, he is at liberty to approach the necessary authorities to bring to justice any person or persons and all conspirators (including himself) who were allegedly involved in misappropriating public resources for campaign financing.
“The NGF hereby states unequivocally that it has not at any time been involved in or been in receipt of $100 million or any other funds from Ned Nwoko to finance elections in any state.

“Perhaps, confirming our fears and that of the public that the AGF has abdicated his role as public defender and trustee and become the strongest advocate to the consultants is now evident in Ned Nwoko’s press statement wherein he praised the role played by the AGF describing it as inevitable.

“Ned cannot say that the consultants have no official platform to canvass their case, when the AGF has in spite of public protestation, provided the strongest and most virulent platform to campaign for the expeditious payment of the sums claimed.

“The AGF has addressed and issued over half a dozen press statements justifying why the consultants should be immediately paid. Not even Ned’s solicitors could have done any better.”

The governors said they remained focused and determined to diligently pursue all appeals on the judgements on the Paris Club refunds.

“We urge Ned Nwoko and the other consultants to end the media war and direct all energies towards defending the appeals,” the governors stated.

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Businesses count losses amid power outage in Bauchi, Gombe, and Jigawa

Published

3 weeks ago

October 28, 2024

Matthew Eloyi

Business owners in Bauchi, Gombe and Jigawa are recording losses due to week-long blackout ocassioned by vandalism of the power transmission line in parts of northern Nigeria.

The sudden disruption in electricity supply in the past days, also affected essential services such as water, sanitation, street lighting and healthcare delivery as most hospitals have been operating without light.

Some of the affected businesses including shop keepers, millers and artisans, who spoke while reacting to a survey by the News Agency of Nigeria (NAN), described the situation as “pathetic”.

The survey examined the perennial collapse of national grid and the need for alternative power supply in the country.

Rice millers in Gombe had decried the impact of the erratic power supply on their businesses.

A Miller, Musa Arab, at Nassarawo Industrial Layout in Gombe, said the trend was crippling their operations as they relied on electricity supply from the grid to process paddy.

He said the mills were not operational power outage as they could not afford exorbitant pump prices of petrol or diesel to run their machines.

This, he said, reduced the volume of rice supply to the market and posed serious challenge to food security.

“We must invest in power because it is the biggest determining factor for industries to thrive.

“I have over 20 workers in my mill, and we have 100 mini rice mills here, so you can imagine those who have no jobs for the past 10 days.

“Government must go tough on those responsible for the perennial grid collapse because some persons may be benefitting from it,” he said.

Also, Yusuf Ibrahim said the situation might trigger the already fragile inflation, as prices of local varieties would shot up ocassioned by the diminish supply.

He said that some had jerked up their charges to cover the expenses on diesel thereby affecting rice prices.

A check by NAN at the Gombe Main market showed that a 100 kilogramme of rice was sold for between N120,000 and N160,000, as against N110,000 and N150,000, before the blackout.

Mr Usman Sani, a rice dealer, attributed the hike in price to low supply of the produce to the market in spite of the number harvest recorded this cropping season.

He said the prices had decreased slightly at the onset of the harvest, however, it showed sprawling increase due to power outage.

“The price of rice is already dropping as a result of harvest but the trend reverse since the blackout in the past days “ he said.

Ugochukwu Daniel, a bartender in Bauchi, decried the epileptic power supply in the country, adding that lack of durable energy supply would retard Nigeria’s quest to attain social and economic greatness.

Daniel said that she spent much on fuel to run power generator for refrigrator and lightening the beer parlour, to enable her to keep the business running.

He said that businesses could only thrive in an enabling environment with stable electricity supply, to enhance wealth creation and reduce poverty among Nigerians.

“My trade is about chill drinks and it survives on electricity to operate otherwise you will out of bussiness.

“Without electricity there is nothing you can do, and not only business but about everything. We depend on it,” he said.

Similarly, Samuel Adamu, said the persistent power outage had forced him to patronised charcoal for ironing clothes in spite of its high cost and cumbersome processes.

He said that most cleaners in the area had resorted to fabricated iron charcoal in spite of hike in its prices which suddenly jumped from N5,000 to N15,000.

Adamu said the situation also encouraged division of labour in laundry to cut cost and make some gains.

“Presently, I do wash the cloth, and engage someone for ironing. The charge is N300 per set as against N150”.

While advocated development of renewable energies to enhance power supply in the country, Adamu urged security agencies to entensify efforts towards electrical installations in the country.

In the same vein; Mr Muhammad Adamu, Chairman, Jigawa State House Assembly Commitee on Power and Energy, said the Jigawa Electricity Law 2024, made sound provisions to improve power generation and distribution in the state.

This, he said, was an offshoot of the devaluation brought about by the 5th alteration of the constitution, where removed power from the executive legislative list and to the concurrent list.

“It empowered the state houses of assembly to enact laws on power.

“The committee has also carefully pursued the bill and reviewed its structure and the promise it holds for the state power sector, infrastructure and the overall economy of the state.

“The new law will pave way for the establishment of Jigawa Electricity Commission, to regulate the state’s electricity market,” he said.

According to Adamu, the law will protect residents and investors in the energy sector through ensuring prepaid meter installation and possibility of recouping investor’s funds as well as address vandalism.

“The law will lead to provision of reliable, affordable and sustainable power, essential for development of all sectors of the economy, particularly in rural areas,” Adamu said.

“Vandalism will be over because we pay Kano Electricity Distribution Company (KEDCO) money for powered supplies, but whenever there is problem of damages or broken down transformers, it is either the communities or individuals that pay for the repairs”.

Business

Mercedes urges delay of EU tariffs on Chinese electric vehicles

Published

1 month ago

October 21, 2024

Matthew Eloyi

Mercedes urges delay of EU tariffs on Chinese electric vehicles

The head of German luxury carmaker Mercedes-Benz, has called for the European Union to de-escalate the dispute with China over tariffs on electric cars.

“We need more free trade instead of new trade barriers.

“That is why it is important to find a solution that suits both the EU and China,” chief executive Ola Källenius told the Monday edition of Bild newspaper.

“The negotiations for this take time. In order not to jeopardise them, the EU should postpone the enforcement of the planned tariffs,’’ he said.

At the start of the month, a majority of EU countries paved the way for additional tariffs of up to 35.3 per cent on battery-powered electric vehicles imported from China.

Germany, however, voted against the measure amid concerns over retaliatory actions which could hurt the country’s giant car industry.

The European Commission had pressed for extra tariffs after an investigation accused Beijing of subsidising domestic electric car manufacturers, and thus distorting the market in the EU.

But whether the import tariffs would actually come into force at the beginning of November is still up to the commission.

The plans can still be dismissed if Brussels reaches a solution with China at the negotiating table.

Business

ACCI moves to promote business connections, balance work-life

Published

1 month ago

October 16, 2024

Matthew Eloyi

ACCI moves to promote business connections, balance work-life

The Abuja Chamber of Commerce and Industry (ACCI), is taking innovative steps to enhance professional relationships and promote a healthy work-life balance.

The President of ACCI, Dr Emeka Obegolu, said this in a statement on Tuesday in Abuja.

Obegolu said ACCI was committed to creating environments where professionals could connect beyond the confines of traditional boardrooms.

He said the upcoming “Business Meets Golf’’ Tournament epitomises this vision.

“Scheduled for Oct. 18 to Oct 19 at the IBB Golf Club, the tournament will gather industry leaders, top executives, and key decision-makers for a unique networking experience.

“This two-day event aims not only to strengthen business ties but also to foster partnerships that can drive economic growth.

“The ACCI’s initiative reistates the importance of maintaining a balance between professional achievement and personal well-being.

“By encouraging corporate cultures that prioritise relaxation and self-care, the Chamber acknowledges that such balance is vital for productivity and overall success,” he said.

According to Obegolu, the event will feature a range of activities designed to facilitate both business engagement and relaxation.

“Highlights include a Business-to-Business (B2B) cocktail on the first day, followed by the golf tournament and additional networking opportunities on the second day.

“The tournament will culminate in an awards ceremony recognising outstanding golfers among the participants.

“‘Business Meets Golf’ exemplifies our dedication to fostering innovative networking opportunities.

“We aim to create spaces for meaningful discussions that can lead to impactful collaborations,” Obegolu said.

The ACCI boss said in addition to promoting business connectivity, the council aimed to restate the importance of relaxation and a balanced lifestyle.

Obegolu said through events like this, the Chamber continued to play a pivotal role in supporting trade and industry in Nigeria while driving sustainable growth within the private sector.

He said to raise awareness about this landmark event, ACCI was partnering with the News Agency of Nigeria (NAN) and Media Trust Limited, to ensure broad visibility and engagement from leading brands.