This Week: News
Dangote reinstalled as stock exchange president
Nigerian business mogul Aliko Dangote has been reinstalled as president of the Nigerian Stock Exchange (NSE) after the Court of Appeal in Lagos upheld his appeals against the cases which had led to the nullification of his appointment in 2010. Dangote, elected unanimously in 2009, was stripped of his position in 2010 by the Federal High Court in Lagos following accusations he manipulated oil shares. Last Friday, Justice Helen Ogunwumiju set aside the 2010 ruling delivered by Justice Lambo Akanbi, paving the way for Dangote, Africa's richest man, to retake his position.
48 killed in church bombs and retaliatory attacks follow
Tragedy struck again on Sunday when 48 people were killed in three bomb attacks on churches in Kaduna and Zaria. Retaliatory attacks by Christian mobs against Muslims were also reported and a 24-hour curfew has been imposed to prevent further violence. No groups are yet to claim responsibility for the blasts, but radical Islamist group Boko Haram are thought to be behind the attacks.
One dead as ex-militants clash with suspected cult members at Igbinedion University
Igbinedion University Okada, Edo State, was the scene of chaos over the weekend as ex-militants registered at the university as part of the government's amnesty rehabilitation clashed with suspected cultists. The melee which left two dead and fifteen injured began when a cultist destroyed the property an ex-militant general. Ex-militants then stormed the university with weapons attacking suspected cultists. Normality seems to have been restored and five persons are said to have been arrested.
Shareholders call for Central Bank transparency over recovered assets
A lawsuit calling for the Central Bank of Nigeria to make public its management of the N191 billion ($1.2 billion) worth of assets seized from former Managing Director of Oceanic Bank Cecilia Ibru has been brought to the Federal High Court in Lagos. Cash and assets including 94 landed properties scattered in Nigeria, Dubai and the United States, as well as shares in about 100 firms were recovered from Ibru after she pleaded guilty to counts of fraud and mismanagement in October 2010. The lawsuit was brought to the Lagos court by Boniface Okezie, president of Progressive Shareholders Association of Nigeria, under the provisions of the Freedom of Information Act, 2011.
Lawan suspended by House of Representatives
Farouk Lawan, former chairman of the ad-hoc committee on fuel subsidy, was suspended by the leadership of the House of Representatives, in an emergency session last Friday. Lawan has been accused of accepting a $620,000 bribe from the Chairman of Zenon Oil and Gas Company Femi Otedola to keep Otedola's companies out of the investigation. The lawmaker was not aware that the dollar bills handed to him were serialised and that Otedola had recorded the transaction on request from the State Security Services (SSS). Lawan was arrested but allowed bail after only two days in police custody.
This Week: Politics
The news that Aliko Dangote had been re-elected president of the Nigerian Stock Exchange (NSE) in 2009 left me with mixed emotions. Undoubtedly, he has taken the business world by storm. When a fellow Nigerian forges out such a successful career path, one can only be proud. Indeed, his story could serve as inspiration for many.
But on another level, I found it disconcerting. His earliest source of major wealth came from manipulating the market - his reputation was made as the undisputed leader of many cartels in the country, mainly for cement and rice. The Dangote Cement company now accounts for more than a quarter of the total market capitalisation for the NSE. And his restitution of president of the NSE does not send out the right message. It is common knowledge that the NSE and the Securities Exchange Commission (SEC) are susceptible to corruption and mismanagement. It is established that power ought to be redistributed from the hands of the elites.
Dangote's election was nullified by the Federal High Court in Lagos in March 2010 after being accused of manipulating African Petroleum (AP) shares. He has challenged the decision and had his appeal upheld by Justice Helen Ogunwumiju's Appeal Court last Friday. It may not be a certainty that giving Dangote presidency of the NSE will increase malpractice. However, the fact that Nigeria has placed sub-Saharan Africa's second biggest stock market back into the hands of a man who already controls so much is a cause for concern.
The case of Cecilia Ibru confirms the existence of impunity in Nigeria. The case was followed avidly due to the fact that the Ibru family are the closest thing to business royalty in Nigeria. Not only had a prominent member of the family and CEO of one of Nigeria's biggest banks been hauled before a judge, she had pleaded guilty to fraudulently obtaining assets worth over $1 billion.
While Nigeria is struggling to feed its own people, others were growing obese in terms of land and property. However, as expected, she did not come close to entering a jail cell and the case was magically swept under the carpet after Ibru spent a few weeks in a private hospital under dubious pretences. Cecilia Ibru still maintains a high profile in Lagos. She can be seen at social events but the money and assets she has allegedly forfeited have yet to be fully documented. By going to court to obtain the financial details of the asset forfeiture, the president of the Progressive Shareholders Association of Nigeria, Boniface Okezie, has outshone popular lethargy. How quickly he can overcome tactical and bureaucratic hindrances remains to be seen.
Writers of the week:
'National House of Phantom Probes' by M. A. Akinola asks whether numerous probes set up by the government ever come to a purposeful conclusion, noting that "If probes were to be a sport, I can bet Nigeria will be successive world champion any periodic time the competition is held". Akinola touches on current probes ranging from the Dana Air crash to fuel subsidies whilst bemoaning the constant disappointments faced by the expectant Nigerian masses.
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'The library lives still' by Ikhide Ikheloa explains the heartfelt realities faced by libraries in Nigeria today. Ikheloa takes a trip down memory lane whilst recounting his earliest memories of schooling in Nigeria and the benefits he gained from having unfettered access to literary material. Ikheloa goes on to examine the role of modern technological advances in this insightful piece.
Website of the week:
The Nigerian Students Union United Kingdom (NSUUK) is an umbrella body with the aim of uniting all Nigerian student associations and organisations in the UK. NSUUK provides a forum for Nigerian youths to come together and contribute their skills and ideas towards the development of themselves and Nigeria. Founded in 2010 by their current president, Yemi Soile, NSUUK hopes to stay true to their motto "Leaders of Tomorrow in Action Today" and strive to empower and inspire Nigerian students by providing the support and collective strength to enable them to fulfill their potential and aspirations whether academically, morally or socially.
Lagun Akinloye, a British Nigerian, studied Sociology and Social Policy at the University of Leeds. He is particularly interested in the history and politics of West Africa, specifically Nigeria.Email: lagun.akinloye@thinkafricapress.com. Follow him on twitter:@L_Akinloye
