Monday 28 October 2013

Carelessness: Teenager arraigned for killing woman

A 19-year-old boy, Ahmed Jimoh, has been arraigned before a Yaba Magistrate’s Court for allegedly killing a woman named Grace Ilekure with a commercial tricycle popularly called Keke Napep.
The incident reportedly occurred along Commercial Avenue in Sabo-Yaba area of Lagos. Jimoh was said to have crushed Ilekure, while driving his tricycle “recklessly and dangerously” on the highway.
The deceased was said to have sustained serious injuries and was rushed to a hospital in the area. She however died some days after the incident.
It was learnt that the family of the deceased decided to take up the matter with Jimoh, leading to his arrest for the offence.
He was arraigned on two counts of manslaughter.
The charges read in part, “That you, Ahmed Jimoh, on or about the 26th day of March, 2013 while driving along Commercial Avenue, Sabo-Yaba in the Yaba Magisterial District and being the rider of a tricycle with Registration No AGL847QA rode the same tricycle on the highway recklessly and dangerously, thereby causing the death of one Grace James Ilekure.”
The offences were said to have contravened Sections 19(1) and 20 of the Road Traffic Law of Lagos State, 2012.
The defence counsel pleaded that he be granted bail in liberal terms and promised that the defendant would always be in court.
The magistrate, Mrs. M.A Ladipo, granted the defendant bail in the sum of N250, 000 with two sureties each in like sum.
The matter was adjourned till November 11 2013.

My husband shouldn’t have been in Oct 3 crash


Felix Fatoye 

Olaide, the wife of Felix Fatoye, a flight technician with the Associated Airlines has said that her husband was not meant to be on the aeroplane which crashed on October 3 2013.
Felix died last Wednesday at the burns unit of Gbagada General hospital, Lagos after sustaining injuries among several other persons, when the plane conveying the corpse of former Ondo State governor, Olusegun Agagu, crashed in Lagos, a few minutes after take-off.
He was reportedly rushed to the burns unit of the hospital, where doctors battled to save his life until he died of infections caused by the severe burns he had sustained.
The distraught wife of the deceased, who is pregnant, told PUNCH Metro while fighting back tears, that Felix’s infections had continued to spread despite the doctors’ efforts.
She said the airline had promised to take him abroad for treatment before his demise.
Olaide said, “He died on Wednesday night. We had been struggling to keep him alive but his infections continued to spread. The doctors used different antibiotics to treat him at different times. Three weeks after the crash, the airline promised to fly him abroad for treatment but unfortunately, he died.”
Felix, a graduate of the Ibadan Polytechnic, also has a one-year-old child with Olaide.
Our correspondent, who visited the deceased’s Facebook page, observed that his last words on the social network on May 13, 2013, were, “God I thank you, for your grace that is sufficient in life and my family. Glory be to your name Halleluyah. Good morning my well-wishers.”  30-year-old Felix was said to have been employed by the Associated Airlines, in 2007.
Olaide said, “My husband’s name was not on the flight manifest because he was not meant to be on the flight originally.
“Felix was called the night before the air crash by the company that he would needed on the plane the following day.”

See How woman kidnapped self to dupe husband

Nancy (R) and Chikwe
 
Marcus Chukwu, an indigene of Agbogugu in Awgu Local Government Area of Enugu State was resting in his house when he received a distress call from his wife, Mrs. Nancy Chukwu that she had been kidnapped.
His wife told him on phone that her kidnappers were demanding N200, 000 to set her free.
The distress call from Nancy sent shock waves all through Chukwu’s body and left him in a state of confusion.
He could not believe what he heard but thought it was all a joke.
Though Chukwu has been hearing about kidnapping, which has become a thriving business in many parts of the country, he did not know that his wife, Nancy, would be a victim one day.
Chukwu however managed to put himself together and alerted some relatives who advised that he should report the matter to the police rather than pay ransom to the kidnappers.
He thus, reported the matter to the police and they swung into action, using available clues.
The police investigation led to the arrest of a commercial motorcyclist operator (Okada) in Awgu who was identified as Chikwe Tochukwu, a native of Amakwe Okemiri in Aboh Mbaise, Imo State.
The Okada rider confessed during interrogation that he stage-managed the kidnap with Mrs. Chukwu, the purported victim, in a bid to swindle her husband, Marcus of N200, 000.
Based on the statement made by Chikwe, the police arrested Mrs. Nancy for stage managing her own kidnap in a bid to swindle her husband.
In a statement confirming the incident, the Enugu State Police Command spokesman, Ebere Amaraizu, narrated that the woman’s husband, Chukwu received a telephone call from his wife, claiming that she had been kidnapped by gunmen.
Amaraizu confirmed that the woman told her unsuspecting husband that her abductors were demanding a ransom of N200, 000 to free her.
According to the police spokesman, Chukwu however reported the matter to the police, which prompted the Anti-kidnapping unit of the command to swing into action.
According to him, following police investigation, the police arrested an Okada rider in Awgu who was identified as Chikwe Tochukwu, a native of Amakwe Okemiri in Aboh Mbaise, Imo State.
Amaraizu said the suspect confessed that he stage managed the kidnap with Mrs. Chukwu in a bid to rip off her husband and was lured into talking to the man that he was holding the wife hostage and that a ransom of N200, 000 should be paid for her release.
He further confessed that he was the Okada rider that normally conveyed Nancy home anytime she went to the market and that he provided an account number belonging to his friend, Chikwado for receiving the ransom.
Chikwe’s statement reads: “I am an okada rider that usually convey Nancy home anytime she is back from market. I was lured into talking to the husband of Nancy with a tone that I am a kidnapper already holding Nancy under captivity and that N200, 000 is to be paid as a ransom to the account number provided, which belonged to my friend Chikwado.
Mrs. Chukwu corroborated the statement made by the Okada rider, saying she never knew what prompted her to commit such a crime.
She also corroborated the fact that Tochukwu was a commercial motorcyclist at Agbogugu that used to carry her and that she asked her to call her husband while they were together and to demand the said amount of money from the husband under the guise that she had been kidnapped.
“I never knew what came over me, prompting such behavior. I plead for forgiveness” Nancy said.
Amaraizu disclosed that the police have commenced full scale investigations into the alleged incident.
This is the second incident of stage managed kidnap in Enugu within the past two months.
Earlier, one Samuel Ani, a casket dealer at Gariki had earlier kidnapped himself in Enugu to extort money from his brothers. He was arrested by the police.
Kidnapping, a new trend crime has been ravaging the entire South-Eastern states for some years now.
Although the crime gained prominence in the country in the South-South region where militants abducted both expatriate and indigenous oil workers for ransom, it however shifted to the South-East when the Federal Government granted amnesty to repentant Niger Delta militants.
Notable among those who have fallen victim to kidnappers in the South-East include Nollywood actors, Pete Edochie and Nkem Owo, actress and aide to Governor Rochas Okorocha of Imo State, Nkiru Sylvanus, and Dr Anayo Edemobi, the younger brother of former Information Minister, Prof. Dora Akunyili.
Others are billionaire businessman, Dr Ifeanyi Okoye, the Managing Director of Juhel Pharmaceuticals limited whose mother was also a victim, former Vice Chancellor of Nnamdi Azikiwe University (NAU), Prof. Ilochi Okafor and Vice Chancellor of Enugu State University of Science and Technology, Prof. Cyprain Onyeji.
Even foreign nationals are not free from kidnappers in the South-East. Sometime last year, Joe Machimbarena, a Spanish doctor working with Niger Foundation Hospital Enugu was kidnapped. He was later freed when the kidnappers sealed a deal with the Spanish Embassy in Nigeria.
Except for few of the victims who were successfully freed by security operatives, many of the victims parted with staggering sums of money, often running into millions of naira to buy their freedom

very sadly FG yet to release N100b to varsities –ASUU


Clement Chup

Chairman of the Academic Staff Union of Universities (ASUU), University of Abuja chapter, Clement Chup, has alleged that the Federal Government was yet to remit the N100 billion it promised universities in the country for development of infrastructure.
This claim is contrary to the position of the Federal Government which, in September “disbursed” the N100 billion to the various universities’ governing councils in an elaborate event in Abuja presided over by Secretary to Government of the Federation Pius Anyim.
The disbursement which came in a letter assigning various amounts to the universities for infrastructural development took place shortly after ASUU walked out on government.
But Chup claimed in an interview in Abuja on Sunday that government was systematically evading the implementation of the 2009 pact, insisting the agreement remains binding on government.
He vowed that the union would not be intimidated to call off its four-month-old strike because of what he described as cheap propaganda by government.
“To buttress their of insincerity, government would claim and they have been telling the general public that they released N100 billion two months ago; up till now that we are talking one kobo has not been released to any university.
“Rather, what government is trying to do is to run away from the agreement and we cannot accept that because the agreement is binding.
“So when they say we would as from next year make budgetary provision for so and so amount, the question we should be asking ourselves is what was spelt out in the agreement.
“Government must be honourable and responsible and implement the 2009 agreement,” he stated.
Reacting to the allegation by government that ASUU’s strike has been unduly politicised, Chup said: “A thief always thinks that every other person is a thief, because they believe politics is all about falsehood; they think others are reasoning like them.
“The question they should be answering is whether ASUU has any basis for going on this strike?
“Let anyone of them come out and say no. Does the agreement exist and did the Federal Government sign the agreement and the answer is yes.
“They have the machinery for propaganda at their disposal, they can disseminate whatever false information they want and they think everybody is like them, we are for goodness sake a union of intellectuals, we do not just come out to say anything or do anything, we subject it to scrutiny,” the ASUU chieftain added.
Similarly, University of Ibadan (UI) chapter of ASUU has condemned Senate President, David Mark, over his comment on the 2009 agreement.
Mark had been quoted as condemning the team raised by the government to negotiate with ASUU on its behalf, saying: “For those who negotiated on behalf of the Federal Government with ASUU in October 2009, the facts made available to us today by the Chairman of the Senate Committee on Education, Uche Chukwumerije, showed that they are people who do not know their right from their left.
“In the process, they put the Federal Government into the problem it is facing today, because when the agreements were read out, I thought they were mere proposals, only for Chukwumerije to confirm that they signed the largely un-implementable agreements characterised by payment of all manner of allowances.”
But at its congress at the weekend, the union’s chairman, Olusegun Ajiboye, flayed Mark over the comment, describing it as a derision of the personality of an elder statesman, Gamaliel Onosode, who led the government team to the negotiation table in 2009 with ASUU.
In the resolution after the congress, the union asked the Senate President to tender an unreserved apology to Onosode, saying “the elder statesman, an alumnus of the University College Ibadan, who has served as the Chairman of Governing Councils of UI and UNILAG, a great successful businessman who has served the country in various intervention capacities, deserves respect as a man of proven integrity and impeccable character.”
In a related development, the Trade Union Congress of Nigeria (TUC) has kicked against how the Federal Government spent N4.8 billion in 2011 for the education of children of Nigerian diplomats abroad.
The Congress also vowed that it will continue to resist “attempts by government to sell the 104 Federal Unity Schools.”
Speaking at a national summit/dialogue on education, good governance and national unity organised by the Unity Schools Old Students Association (USOSA) in Abuja at the weekend, President of TUC, Bobboi Bala Kaigama, called on Nigerians to prevail on government to give priority to the nation’s education sector.

Thursday 3 October 2013

Celibacy: What if every Catholic priest marries?



When the news broke that the Vatican has agreed to “discuss” the issue of celibacy among priests of the Catholic Church, ‘enemies’ of the Church literally went into the orgy of celebration, thinking that their prayer has finally been answered.
But what if all Catholic – Roman, Eastern etc – priests are allowed to marry, enjoy sex and keep a family?
Those who are angling for the ‘liberalisation’ of sexual intercourse – to extend to Roman Catholic priests – argue that doing so will reduce the incidence of illicit sex among priests.
For the uninitiated, not all Catholic priests are celibates. The Coptic Catholic priests do marry. This means that celibacy is only exclusive to some sections of the Catholic Church.
At ordination, Catholic priests take oaths of obedience, poverty and celibacy.
Recently, the Pope’s new number two said that the practice of celibacy by priests in the Roman Catholic Church is open for discussion.
Archbishop Pietro Parolin said in response to an interview question with Venezuelan newspaper, El Universal, that “celibacy is not an institution; but look, it is also true that you can discuss (it) because as you say, this is not a dogma, a dogma of the Church”.
Parolin also noted that though the Church is not a democratic institution, it must “reflect the democratic spirit of the times and adopt a collegial way of governing”.
According to the National Catholic Reporter, Parolin’s comments “are raising eyebrows today, with some wondering if they herald looming changes in Catholic teaching and practice”.
It’s not clear exactly when celibacy became mandatory for priests, the Huffington Post explains, but “the first written mandate for chastity dates back to 304 C.E., when Canon 33 of the Council of Elvira stated that all ‘bishops, presbyters, and deacons and all other clerics’ should ‘abstain completely from their wives and not to have children.’ A definitive ruling was handed down at the Second Lateran Council of 1139, which ruled that priests were forbidden to marry.”
“In truth,” the National Catholic Reporter writes, “Parolin’s comments represent what might be termed the standard moderate Catholic line – priestly celibacy is a discipline, not a dogma, and can therefore be revised, but it nonetheless has value, and the Church is not a democracy, but it can and should be more collegial.”
In a 2012 interview, Pope Francis – then Cardinal Jorge Bergoglio – said celibacy “is a matter of discipline, not of faith; it can change.” Pope Francis went on to say “I am in favour of maintaining celibacy, with all its pros and cons, because we have 10 centuries of good experiences rather than failures.”
What is celibacy?
According the best answer in Yahoo! Answers, celibacy means someone who abstains from sex; it doesn’t really matter if the person has had sex before.
For Wikipedia, the online encyclopaedia, “Celibacy (from Latin, cælibatus) is a state of being unmarried and sexually abstinent, usually in association with the role of a religious official or devotee. In its narrow sense, the term is applied only to those for whom the unmarried state is the result of a sacred vow, act of renunciation, or religious conviction. Celibacy has existed in one form or another throughout history and in virtually all the major religions of the world. Celibacy is distinct from the lack of interest in sex, which may be due to a number of reasons, such as asexuality.”
Celibacy within marriage
Some people even believe in celibacy within marriage, where one can marry for the purpose of spiritual companionship, mutual spiritual encouragement, restricting oneself to a relationship within married life only for freedom from karma as well as for the procreation and raising of God-conscious children, not for the purpose of having sex like pigeons and pigs. That is celibacy within marriage.
For those who hold the belief, husband and wife should encourage and support each other in preserving the vital energy for procreating and raising God-conscious children with spiritual values, and more importantly for using it in the service of God together for improving the afterlife, not just wasting it away by excessively lusty indulgence.
Pros of celibacy
Though the only disadvantage of celibacy is that some priests – who probably were not ‘called’ in the first instance or are demonic agents sent to destroy the Church – break their vows when the temptation seems so much, there are so many advantages of ‘keeping’ oneself.
Some people believe that Apostle Paul was once married, but was not married when he wrote the letter to the Corinthians. Let’s face it: Paul wrote the letter when he was, may be, in his 30s or 40s – the same age bracket most priests found themselves. So if Paul could abstain at that age, that means it is possible to abstain.
There is the belief in some quarters that the loss of semen is the unhealthiest act we can ever commit just for some momentary pleasure. Even the most health-conscious people don’t know that all their health-maintaining efforts lose much value due to their regular loss of semen. In Ayurveda, conserving semen is the most vital aid to increase the efficacy of the Ayurvedic herbs and medicines.
Loss of focus, enthusiasm and determination, paralysis or numbness of nerves, irritation, easy anger, suppressed vocal abilities etc. may occur due to the loss of semen.
You can lose your semen for some momentary pleasure and feel dull and dreary for many days.
Celibacy helps fasting: Fasting is a very vital spiritual exercise that cuts across religions. Though it is believed that through fasting, one can obtain rare spiritual levels, many people – yours truly inclusive – see the exercise an uphill task. Remember, the 40 days of fasting Jesus Christ embarked upon filled him with extraordinary power to make mincemeat of the devil, in the wilderness.
It has been discovered that hunger decreases due to celibacy nourishment. Common experience of loss of semen is an increased feeling of hunger thereafter. Preserving the vital energy makes one stronger and the feeling of hunger decreases. After a particular time period of let’s say two weeks of preservation, the need for food supply decreases and one can be satisfied with eating only two times per day. Otherwise one has to eat at least three times a day and a kind of slight feeling of hunger is practically felt throughout the whole day. Thus a great amount of food is required in order to reproduce the semen after ejaculation.
The energy lost by the loss of the vital energy cannot be fully replenished even by eating good food for many days because it takes a lot of time for the body to process and convert the food through all the above seven stages. That is why the hunger increases.
Advanced souls conquer over-eating by conquering the urge to lose their semen.
Is celibacy the problem?
But the Vatican has denied that its celibacy requirement for priests was the cause of the clerical sex abuse scandal convulsing the Church in Europe.
Suggestions that the celibacy rule was in part responsible for the “deviant behaviour” of sexually-abusive priests have swirled in recent days, with opinion pieces in German newspapers blaming it for fuelling abuse and even Italian commentators questioning the rule.
Much of the furore was spurred by comments from one of the Pope’s closest advisers, Vienna archbishop, Christoph Cardinal Schoenborn, who called for an honest examination of issues like celibacy and priestly education to root out the origins of sex abuse.
“Part of it is the question of celibacy, as well as the subject of character development. And part of it is a large portion of honesty in the Church but also in society,” he wrote in the online edition of his diocesan newsletter.
His office quickly stressed that Schoenborn wasn’t calling into question priestly celibacy, which Pope Benedict XVI reaffirmed as an “expression of the gift of oneself to God and others”.
But Schoenborn had in the past shown himself receptive to arguments that a celibate priesthood is increasingly problematic for the Church, primarily because it limits the number of men who seek ordination.
Schoenborn personally presented the Vatican with a lay initiative signed by prominent Austrian Catholics calling for the celibacy rule to be abolished and for married men to be allowed to become priests.
In the days following Schoenborn’s editorial, several prominent prelates in Germany and at the Vatican shot down any suggestion that the celibacy rule had anything to do with the scandal, a point echoed by the Vatican newspaper, L’Osservatore Romano.
A report endorsed in 2004 by the U.S. Catholic bishops’ conference, however, argued that an understanding of the problem of clerical sex abuse isn’t possible without reference to both celibacy and homosexuality, since the vast majority of U.S. abuse cases were of a homosexual nature.
While stressing neither celibacy nor homosexuality causes abuse, the report said: “The church did an inadequate job both of screening out those individuals who were destined to fail in meeting the demands of the priesthood, and of forming others to meet those demands, including the rigours of a celibate life.”
Though there are reports that some Catholic priests are advancing the cause for the abolition of celibacy, some Lagos Catholic priests who were approached on the issue did not see how the abolition of celibacy will help the Church. For them, the solution to sexual abuse by pervert priests is self-discipline.
A Theology scholar and Dominican, a religious congregation, Rev. Fr. Christopher Nnamani (O.P.), told Innocuous Scribbles that allowing every priest to marry will not solve any problem of sex abuse.
According to him, priests like him who hear confessions would confirm that even married men engage in sexual abuse and infidelity.
Fr. Nnamani confirmed that there are already married priests in the Church, wondering why the fuss this time around.
He added that even if priests are to be allowed to marry, it will be only for diocesan priests, not the religious.
Sex is not the ultimate end of marriage. If it is, there would not have been infidelity in marriage. So asking the priests to marry may not even quench their konji.
If celibacy is the cause of sexual abuse, why do we still have sexual abuse among Pentecostal pastors and married priests of other churches?
Have we considered the problems associated with marriage? A couple that wedded in July, after four weeks, approached the officiating priest to return their wedding rings, because they were not “compatible”.
Rev. Fr. Vin-Mario Chinedu Udoye of the Sons of Mary, another religious congregation, also said allowing priests to have sex is not a solution to the problem.
“If you allow a priest to marry, you would have succeeded in adding more burden – that of how to satisfy his family – to that of priesthood, which, in itself, is heavy,” he said.
He added that even if the “discussion” will change the status quo, it may come with some not-too-pleasant clauses, to discourage those who are not called, and those that would see the priesthood as a last resort for survival.
“Even if priests are to be allowed to marry, they may be asked to bear their family burdens; they may not live in mission house and may be required to work in order not to over-burden the Church. But if there is no clause, some people who are not called to the priesthood may abuse it.”
Another problem, according to him, is that if a priest has domestic appendages, he will find it difficult making sacrifices and taking some spiritual risks, which a celibate priest will easily do.
In summary, Fr. “Edu Jesu”, as he is fondly called, sees the development as an attack on the priesthood by enemies of the Church. “Their target is the Church; so they have started with the priesthood.”

FINALLY A RAY OF HOPE AT THE END OF THE TUNNEL



http://spaceinimages.esa.int/var/esa/storage/images/esa_multimedia/images/2010/01/car_on_assembly_line/10175102-2-eng-GB/Car_on_assembly_line_node_full_image.jpg
With Nigeria having spent N550 billion ($3.4b) importing cars last year, the Federal Executive Council (FEC), on Wednesday, approved an Automotive Industrial Policy Development Plan to further encourage local manufacture of vehicles.
Announcing this to journalists at the end of the FEC meeting in Abuja, Information Minister, Labaran Maku, and Minister of Trade and Investments, Olusegun Aganga, said the success of the policy will also mean a gradual phase out of fairly used (tokunboh) cars imported into Nigeria, and employment for 700,000 Nigerians.
Aganga revealed that Nigeria spent $4.2 billion in 2010 importing cars, indicating that car import consumes the second biggest share of the country’s foreign reserves after machinery.
He explained that the policy was drawn over the last nine months and had the input of the National Automotive Council and foreign car manufacturing giants like Toyota and Nissan that are expected to soon start announcing their specific investments in Nigeria.
According to the minister, the pitfalls of similar policies in the past, like non-implementation of policies, lack of infrastructure, and inappropriate tariff regime, were considered and adequately addressed in the new one, with even the Federal Road Safety Corps (FRSC) and local vehicle assembly plants/manufacturers involved.
He disclosed that of all the most populous countries in the world, only Nigeria and Bangladesh do not have a successful automotive policy.
Aganga outlined the highpoints of the new policy to include the establishment of three automotive clusters in Lagos/Ogun; Kaduna/Kano; and Anambra/Enugu states to share resources and reduce cost of investments, as well as the development and revival of the petrochemical and metal/steel sectors and the tyre manufacturing industry to support the automotive sector.
Also, the Industrial Training Fund (ITF) is working with car-maker, Cena of Brazil, to open automotive training centres in Nigeria while two Nigerian universities have agreed to commence degree programmes in auto-mechanical engineering, all in a bid to provide adequate local manpower for the industry.

ANOTHER SEX SLAVERY MERCHANT NABBED



http://cdn-wac.emirates247.com/polopoly_fs/1.278534.1281698856!/image/1287075307.jpg


For allegedly luring a woman into sex slavery in Libya, a trader, Iyabo Adefioye, was on Wednesday charged before a Somolu Magistrate Court in Lagos.
Adefioye, 43, who resides at 14, Umoru St., Olosa in Mushin area of Lagos, is being tried for conspiracy and human trafficking.
The News Agency of Nigeria (NAN) reports that a Vienna Declaration and Programme of Action had called for international efforts to eradicate sexual slavery as a human rights issue.
Sexual slavery is the bondage of unwilling people for sexual exploitation.
According to the prosecution, the accused sold a hairdresser, Risi Adegbite, 30, into sex slavery in Libya under the guise of assisting her to seek “greener pastures.”
ASP Akinlabi Adegoke told the court that the accused with others still at large committed the offence sometime in August.
He said the accused, who was a regular caller at the complainant’s saloon at Fadeyi Bustop, had promised to secure employment for her in Libya.
“When the complainant arrived in Libya on September 2, she realised that she had been defrauded and sold into sex slavery.
“She promptly contacted her family to tell them of her predicament.
“The accused, however, claimed ignorance of the development,” the prosecutor said.
Adegoke noted that the offences contravened Sections 274 and 409 of the Criminal Law of Lagos State, 2011.
Adefioye, however, entered a plea of not guilty.
In her ruling, the Magistrate, Mrs Bola Osunsanmi, admitted the accused to a bail of N200,000 in addition to two sureties in like sum.
The accused, if found guilty, may be sentenced to 14 years imprisonment.
The case has been adjourned to October 16 for further hearing.

Very Sad - Nigerian politicians stacking dollars for 2015 polls –Sanusi


 

Governor of the Central Bank of Nigeria (CBN), Lamido Sanusi.


Governor of the Central Bank of Nigeria (CBN), Lamido Sanusi, on Wednesday provided further insight into Tuesday’s ban on currency importation into Nigeria without prior approval, blaming the covetous demand for United States dollars on politicians who are preparing for the 2015 general elections.
The CBN, Sanusi told a news agency, that he had noticed a surge in demand for dollars at the forex bureaus in July, which showed that something was amiss after several months of spending huge resources to defend the naira and ensure its stability.
This has also dealt a heavy blow on the nation’s foreign reserves currently at an eight-month low, he added.
Last weekend also, the apex bank revoked the operating licences of 20 bureaus-de-change as part of measures to curb foreign exchange abuses in the sub-sector.
It then issued new guidelines to ensure closer monitoring of transactions in the market.
Investigations, Sanusi further said, showed tens of billions of naira were traded for dollars in cash, much more than importers needed to buy goods or investors to repatriate funds, and there was no trace of where the money came from or where it was going.
“Obviously, this was some form of money laundering to cover all the trails. And with interest rates as high as they are, the only people who can take that much naira and buy dollars are people who are not borrowing their money.”
The prime suspects, he said, are politicians jockeying for position ahead of what looks likely to be bitterly divisive 2015 polls.
Sanusi blamed the “dollarisation of the economy by political elite” for continued weakness of the naira.
This, he lamented, was despite the CBN’s moves to prop it up with dollar sales that have depleted its reserves to an eight-month low.
The naira closed at N161.55 to the U.S. dollar on Wednesday, which according to Bloomberg report on Monday, fell 1.1 per cent, representing the biggest fall since January 2012.
Daily Independent reported on September 2 that the nation’s foreign reserves pool declined by $2 billion or 4.09 per cent between April when it closed at $48.853 billion, and $46.85 billion on August 29, citing CBN data.
Between that time and September 27, Nigeria’s reserves dropped by a further $1.377 billion or 2.93 per cent, closing at $45.476 billion on Monday, September 30, a level it last closed eight months ago on January 23.
Some economists disputed this explanation of the currency’s troubles, but it highlights the economic risks of Nigeria’s costly and often violent pre-election politics.
Nigeria’s growth rate of more than 6.5 per cent and its huge consumer market remain big attraction for foreign investors, but they worry about stability and the country’s tendency to squander its windfall as Africa’s biggest oil producer.
Worse still for the already overheated polity, Reuters continued, is the feud between President Goodluck Jonathan and rivals in the ruling Peoples Democratic Party (PDP) over his intention to seek another term, which is distracting from vital economic reforms.
A bill to reform the oil industry, which feeds 80 per cent of government revenue, is stuck in the National Assembly and unlikely to pass before the elections.
While Northerners feel that another spell in office for Jonathan would break an unwritten rule that the Presidency should rotate between North and South every two terms, there are those who are disappointed with his record on tackling security challenges like the Boko Haram insurgency in the North.
“The crisis in the PDP is very deep, and I don’t see them resolving these issues … It is such an open and destructive fight,” said Jibrin Ibrahim, Director of the Centre for Democracy and Development, an Abuja-based think-tank.
“The Northern political class feels it needs to get back into power, and the President will do all he can to stay in.
“The more contentious the election, the more funds will be utilised to fight it, both at federal and state levels,” said Kayode Akindele, partner at Lagos-based advisory 46-Parallels.
Thanks largely to the feud, unofficial campaigning has begun almost two years early, so politicians will need to sustain spending on patronage for longer.
Such spending can come from politicians’ private interests, but there are other ways, including state money for projects that benefit constituents, and government contracts for allies.
The report quoted Bismarck Rewane, Chief Executive of Lagos-based Financial Derivatives, as saying “the need of politicians to spend money now will be a big drag on the economy. If it comes from the treasury, the fiscal deficit will widen, you’ll get more inflation, the naira will weaken.”
There is also widespread concern that some politicians profit from criminal gangs that make money from kidnapping, extortion or the theft of oil from the Niger Delta.
Nigeria’s oil savings account had almost $9 billion in December. By March it had fallen to $5.8 billion, after several withdrawals, including two distributions of $1 billion to Governors for constituency projects. It has not recovered