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Letters to the Editor

August, 2007
NigerianNews Letter to the Editor

August 30, 2007

Dear Frisky:

RE: Even if Soludo was wrong the President should listen and perhaps more carefully!

I was very glad to devour with much excitement your piece on the above subject matter. I’m happy to know that people like you still exist on this our planet. It worries me to see that in this our nation Nigeria, people will shift focus from the issues at stake to play politics with words and on subject matter to which they lack knowledge of and never wishes to learn or get well educated on it. People like Reuben Abati who claim to have PhDs instead of maintaining pure silence on subject matter they know nothing about will go at any length to misinform the general public because of some selfish gains of cheap popularity, political appointment or whatever which they hope to achieve in the end. For God’s sake, the CBN Governor never claimed to be a lawyer. That he misinterpreted the CBN ACT 2007 was that enough ground for the almighty Reuben Abati to call for his resignation. Where was Reuben when the AG of the federation who himself is a lawyer and the Chief law officer of the federation not only misinterpreted the EFCC ACT but misled the president of the Federal republic in doing so, the heavens did not fall neither did Reuben call for his resignation. I’m greatly disappointed in people like him who never sees anything good in people that have a heart for the good of this nation. Such people are not angels, they are bound to make mistakes
including him, Abati and upon correction they should be encouraged. The AG said, the CBN Governor did not obtain approval in writing but does that negate the benefits of the policy? I think the government should have corrected him and then proceed to look at the issues – how will it benefit the country, short and long term benefits, how does it fit the present regime’s programmes? Are there countries that have done or implemented such programme? What were the gains, losses or regrets of these countries? Is there any lateral learning from these gains or losses or nations so we don’t repeat their mistakes?

Moreover, if you could recall, these was the same thing that nearly or happened to 25 Billion bank consolidation by CBN but now everybody is enjoying the benefits but should we continue like this, Frisky? I do not know if you believe in GOD but if not, I implore you in the name of whatever you believe in to get this article of yours on the above subject matter published in one of the widely read Nigerian national dailies so the president (who read newspapers himself) could get to read it and perhaps might have a change of heart and our dear country and her people will be better of. I believe that if it remains on this website alone, these self-serving advisers may not let him see or hear about this most priced article of yours.

Keep it up!

God Bless the President!!
God bless Nigeria!!!

Regards,
Win

August 25, 2007

Dear Editor:

DOLLARISATION OF THE NAIRA: MATTERS ARISING

My article on the above subject was written to generate a meaningful discussion on the Central Bank’s new policy on the Naira re-denomination. Since my article, various authors have come out either in support of the policy, or have numerous questions as to its implementation and workability. Notable clerics, academicians, some banks, and other stakeholders have come to embrace the policy, while the Manufacturers’ Association of Nigeria has criticized the policy. Understandably, the MAN membership stands to loose a lot more since its members will be competing with the “scarce” foreign exchange along with the “elites” who will be scheming to get their “ill-gotten” wealth in the form of the almighty Dollar out of the country. Co-incidentally, the leadership of organized labor dragged their feet for a while but later saw the danger in this policy by coming out against it. Better late than never.

In a report attributed to Enitar Ugwu of the Guardian Newspapers Limited of August 22, 2007, titled: “How new Naira policy will work, by CBN”, the author outlined how the CBN has come up with what he called frequently asked questions (FAQ) about the policy. Unfortunately, the questions that I have raised so far, along with those raised by others in their respective articles were not addressed.

Re-denomination will be suicidal for the Naira. The whole notion of operating parallel currencies while the conversion is going on could only complicate matters. Prior governments’ policies to remedy the Naira have failed. Remember the structural adjustment programme recommended by the World Bank? Policies upon policies have failed, because they were not thought through properly, and were not implemented openly. Take for example the case of the “Nomadic Education” programme in which billions of Naira were sunk. The programme was meant to educate the children of our “Nomadic” population, through the building of pre-fabricated buildings to be used as schools while the cattle herders are on the move. What became of it? The programme had to be scrapped due to lack of poor planning and implementation after so many billions have been spent on it.

The CBN in its “wisdom” wants to embark on an enlightenment campaign to educate the millions of the “uneducated” market men and women on how it is going to implement a “parallel” currency system. Shouldn’t we at first try to educate these groups on how to “read and write” before embarking on a mass confusion of this group? It may very well be that we eliminate everyone who can’t read or write, add or subtract, unable to use a calculator, does not understand the concept of decimals, or have no dealings with the banking system, because there is no form of public awareness put forward by the CBN that is capable of educating the everyday, hardworking market women and men who are not used to “education”. This effort calls for operating a parallel system of measure and currency usage that will lead to mass confusion, chaos, and destabilization of our local market system.

The CBN is not in the business of public education, or should I say, public propaganda. What is deeply hidden in the plan is that the CBN will ultimately hire a third party or parties to do this after awarding billions or should I say millions of Dollars/Nairas to contractors of their choice. It can afford to award these contracts to the “usual elites” because it will have a large portion of the “undollarized and undecimalised” currencies in its hands. Does every one see the plan here?

All in all, Nigerians should learn to read between the lines, and ask pertinent questions about any policy or policies thrown at them by the few “elites”. It is not unusual in our society for the few “elites” to have a “prominent” person float “unreasonable” ideas on their behalf. I believe the learned professor is a victim and was mislead, or goaded into this policy without fully understanding the potential danger it will place us all. The examples of Ghana and Germany that is being touted as countries that succeeded in redenomination may very well be true. But, do the Nigerian political “elites” have the discipline, honesty, and integrity to tow the same lines these countries took? We know our history quite well, for every policy that is made in Nigeria, the only beneficiaries are those who are at the table at the time a policy is being made. So, who is going to be watching them when the policy is implemented?

In discussions with fellow colleagues and other interested Nigerians in the Diaspora, many are of the view that should this policy be implemented, it would be a bonanza for any Nigerian residing in the Diaspora to sell their houses and other landed properties in Nigeria now that the exchange rate is still at N125.00 to $1.00 USD, and wait until “d-day” (August 1, 2008), and exchange it at N1.25 to $1.00 USD (assuming the Naira doesn’t depreciate further by then), and take their money out in Dollars. And, if that is not capital flight, I wonder what any one would call it. Further more, there will be no interest for any one in the Diaspora to remit home the billions of hard currencies that we do. There is absolute no incentive to do so, but then again, it is a matter of personal preference.

How many times did our immediate Past President, Chief Olusegun Obasanjo, drop a bombshell on Nigerians regarding arbitrary price increases, only for him to rescind his decision after warranted pressure from organized labor and civil society? President Yar’Adua must not make the mistakes of Obasanjo. If he must govern Nigeria right, he must first listen to the voice of reason, and the voice of the people. Professor Soludo’s proposed policy is flawed from the word go. Market forces determine the value of one’s currency. Although government can intervene sometimes to shore up the value of a currency to save it from collapse, I believe the Naira is not at that point yet. Today’s Nigerian economy does not suggest or support an intervention by government.

I am inclined to think that the leadership of the CBN did not carefully think through this policy before announcing it. However, if they genuinely believe that this proposed policy is the best that they can come up with under Nigeria’s present precarious economic and unstable political situation, then, here are a few reasons for the CBN leadership to resign.

First, for succeeding in creating “mega” poverty while at the same time creating a few “billionaires” thru his mega bank consolidation program. Second, for wasting billions of money to print new currencies and coins, only to propose thrashing them after just a few months. Three, for being out of touch with Nigeria’s real economic situation. Four, for failure to do anything to stabilize the Naira against other major currencies, until now when he proposed to “bury” it.

For a long time, the “ailing” Naira has hovered around an exchange rate of N125.00 to $1.00 USD. Government made no positive policies that would have enabled the Naira to find its normal place in the currency market. The best way to cure an ailing person is to administer some kind of medication, and not to kill it. That’s what this new policy is going to do to the Naira – kill it. The best way out of the exchange rate quagmire is to allow the Naira to finds its own level. This can only happen when government decides to implement policies that will bring development and prosperity to our country, encourage foreign investments, allow for transparency in all its dealings, and decide to tackle CORRUPTION, which is the bane of our economic problems. Above all, efforts should be made to tackle the monster, RUNAWAY INFLATION, which some learned people think is not an issue because they have their own market, and therefore are oblivious to the predicament of the average Nigerian.

Let me conclude by saying that: for all the reasons adduced above, PROFESSOR SOLUDO MUST GO! AND NOW IS THE TIME.

President Yar’Adua, the ball is in your court. As for all those interested in this dialogue, please let the debate continue.

Once again, this is my perspective. WHAT’S YOURS!

Dr. Joseph A. Owumi, Sr., DBA
Boston, Massachusetts, USA
Office of the Financial Vice President and University Treasurer
Boston College
(617) 552-3363 (voice)
(617) 552-0757 (fax)
owumij@bc.edu

August 20, 2007

Dear Editor,

RE: DOLLARISATION OF THE NAIRA -By Joseph A Owumi

I wish to make a brief comment on the above subject. As a Nigerian citizen in resident in Europe, I am a regular visitor to your website which I find very useful for catching up on current news/events about/in Nigeria. Even faster than BBC and CNN.

I must commend you for the vision and focus. There have been very many insightful comments on the socio-political and economic events and trends back home.

Normally I would just read these commentaries and take what truth there is in them- for the news value.
However after reading the article by one Joseph Owumi, I felt really embarrassed and driven to comment on this write-up.

It is clear that the writer has no idea of International economics, finance or fiscal policy management.
This is clearly exhibited by his failure to provide any empirical facts or even slightly circumstantial proof to support his argument

The article smacks of complete ignorance, lack of evidence, poverty of insight and even literary vandalism.
This is one of the problems we face as a nation - the poverty of standards and the trend whereby every Nigerian arrogantly bestows on himself/herself the toga of an expert on all matters. We all know too much!
Reminds me of the saying that Half education is a dangerous thing.

We should learn to focus on our specialization. Recognize and Respect intellect. We MUST cultivate global standards in all areas of human endeavour.

We MUST establish a collective set of decent values respected by a critical mass of truly enlightened Nigerians.
Then we shall start to march towards a SANE society.

There is only ever one truth.. Everything else is an opinion.

Mr Owumi is entitled to his own opinion, but I am of the opinion that the editors ought to acknowledge that this site is read by 'Intelligent' Nigerian people all over the world. Such a shallow comment must not be allowed to make the headlines here.

Of course that is unless you are so short of quality articles and writers with balanced and intellectually stimulating opinions.

Once more I encourage you for the vision and excellent efforts.

Regards

B C Ofoma

August 17, 2007

Dear Editor,

Complaint On Osun State University Programe

We are writing on behalf some of our members who applied for the admission of uniosun, and we want to give the following complaints.

To start with the number of form sold out to the applicants. We know that the MAXIMUM number of students which a starting school should admit ,would not be more than 25,000 candidate, therefore the form to be sold out should not be more than 75000.But the case was not like that ,the form was sold for more than 150,000 candidates. We are pleading to EFCC to investigate the actual number of form sold out.

However, on the issue of the question given to the student ,on 9th of August 2007.screening day the English Language aspect of the question was not correct like they said "give the word that best complete the underlined word", while there is no underlined word given for more than 18 question .please check out for that Error.

Lastly ,is on the issue of RESULT CHECKING ,most result of the candidates were been replace by by others candidates which are unknown to them and the course which they choose are been substitute.

In conclusion, we are appealing to the Editor of Nigerian news ,to help us publish this complaint at the earliest convenient time and give us reply as soon as possible.

Thank you.

August 15, 2007

Dear Editor,

Listen

I am writing to advise the Imo State Governor to give ears to the people with regards to his choice of commissioners. It will be a big disgrace if things are not done well in his young man regime. We want him to succeed but he should be his own man. I know, there are many stakeholders but he is the one to be held responsible if things are not right.

Mbakwe did his bit crying openly to help the Imo State, we want this young man (Ohakim) to do the same. If he distant himself from those who don't have any good to give the Imo people, he will be in the history book as the we have ever had in Imo. I pray, he does it well

Thanks
Charles Anuforo Onuoha

August 13, 2007

Good day sir,

MY FEAR OVER YAR'ADUA'S GNU

Please permit me a place in your widely read newspaper to express my view on the above subject matter.

The call for a government of national unity (GNU) by President Umaru Musa Yar'Adua might have been done with utmost nationalism but how good is that call for Nigeria's nascent democracy?

I believe that the oppositions have a vital role (Check and balances) to play in the sustenance of democracy in a country like Nigeria but in a situation whereby they are being wooed by the ruling party then the country is tending towards a one party state, then how best is this for Nigeria?

If antecedents are anything to go by, some members of the opposition parties that have subscribed to the GNU might end up loosing their members at the national assembly to the ruling party since some of them were originally members of the PDP who found solace in the opposition parties when they were unable to emerge as the flag bearer of the party at the last polls. There is every possibility that some of them having realized their ambition of being elected into the national assembly may find their way back to PDP. It could be recalled that the Alliance for democracy (AD) failed to maintain their dominance in the South-West at the 2003 polls among many other things by adopting Obasanjoʼs candidature-a mistake they will ever live to regret.

The involvement of the ANPP in the GNU has further weakened the opposition. It should be expected that the ANPP would be sympathetic with the cause of the PDP leaving the business of the opposition (Check and Balances) to other parties (AC, PPA, and AP). who failed to subscribe to the GNU.

Whatever the motive of Mr. President is over the GNU, the interest of Nigeria and Nigerians should be paramount and so, the various political parties should look before they leap and should not sell their birthright for a pot of porridge so that they will not live to regret every bit of their actions.

OLOWOYEYE 'KAYODE OMOTAYO,

COMPUTER SCIENCE DEPARTMENT,

FEDERAL UNIVERSITY OF TECHNOLOGY,

AKURE, ONDO STATE.

August 07, 2007

Dear Editor,

THE SAD PASSING ON OF COMMON SENSE

Today we mourn the passing of a beloved old friend, Common Sense, who has been with us for many years. No one knows for sure how old he was since his birth records were long ago lost in bureaucratic red tape.

He will be remembered as having cultivated such valuable lessons as knowing when to come in out of the rain, why the early bird gets the worm, life isn't always fair, and maybe it was my fault.

Common Sense lived by simple, sound financial policies (don't spend more than you earn) and reliable parenting strategies (adults, not children, are in charge). His health began to deteriorate rapidly when well intentioned but overbearing regulations were set in place.

Reports of a six-year-old boy charged with sexual harassment for kissing a classmate; teens suspended from school for using mouthwash after lunch; and a teacher fired for reprimanding an unruly student, only worsened his condition.

Common Sense lost ground when parents attacked teachers for doing the job they themselves failed to do in disciplining their unruly children. It declined even further when schools were required to get parental consent to administer anadol, sun lotion or a band aide to a student; but could not inform the parents when a student became pregnant and wanted to have an abortion.

Common Sense lost the will to live as the Ten Commandments became contraband; churches became businesses; and criminals received better treatment than their victims.

Common Sense took a beating when you couldn't defend yourself from a burglar in your own home and the burglar can sue you for assault.

Common Sense finally gave up the will to live after a woman failed to realise that a steaming cup of coffee was hot. She spilled a little in her lap and was promptly awarded a huge settlement.

Common Sense was preceded in death by his parents, Truth and Trust; his wife, Discretion; his daughter, Responsibility; and his son, Reason. He is survived by three stepbrothers; I Know My Rights, Someone Else is to Blame, and I'm A Victim.

Not many attended his funeral because so few realised he was gone. If you still remember him, pass this on. If not join the majority and do nothing.

Emmanuel Ijeoma

August 04, 2007

Good day sir,

HOLD UP-A GREAT ENEMY OF PRODUCTIVITY

Please permit me to air my opinion via your medium on the above subject matter.

I think it’s high time the menace of artificial hold up in Lagos roads is addressed. Lagos roads are known for very heavy traffic jam at any point in time be it during the day or at night.

Different reasons are responsible for this. These include the activities of miscreants and street urchins who exploit motorists. The contributions of traffic police and other agencies meant to control a free flow of traffic could not be left out as they also contribute to the terrible hold up due to indiscriminate stoppage of vechicle.The state of the roads in the city also contribute its own to this but even on the highways where there are minimal pot holes, we still find motorists sweating profusely all in the name of finding a way out of the hold up. The funniest part of this event is that at the end of the day, having wasted hours, one will get to the source of the hold up only to see a minor obstruction from a “danfo driver” or policemen trying to perfume the “usual act”.

The impact of this menace could be physically seen on both the citizens while the economy is not left out. For instance, consider a man who is expected to be at work on or before 7am considering the fact that he cannot spend less than two hours of serious combat with hold up before getting to his office will have to wake up as early as 4am and by the he finishes the day’s job by say 8pm then he is faced with another round of endless drive home. He might end up getting home as late as 11pm depending the distance of his office to his house and the following day, he is up by 4am.Expectedly, one can predict the effect this will have on such a man as well as the economy since the level of the productivity of such a man will be greatly affected simply because he has few hours to rest and relax his brain. I believe in order to increase the productivity of all and sundry, the issue of artificial hold up should be adequately tackled on time.

OLOWOYEYE 'KAYODE OMOTAYO,

COMPUTER SCIENCE DEPARTMENT,

FEDERAL UNIVERSITY OF TECHNOLOGY,

AKURE, ONDO STATE.

August 03, 2007

Good day sir,