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Government Sabotage: President Buhari, APC Are Their Own Saboteurs

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In an interview with Qatari Aljazeera during his not-so-fruitful trip to Qatar, President Muhammadu Buhari made claim of saboteurs within his government. While reading the interview report, I made attempt to reconcile the claims of the President and facts on ground to establish who really was sabotaging Buhari but I could only find two saboteurs; the first is Buhari, the second is his party and praise-singers.

How Buhari Sabotaged His Own Government:
If we are honest with ourselves, we’ll admit that President Buhari is one lucky President that didn’t inherit problems from his predecessors. For instance, he was lucky enough to inherit a power sector that has already been reformed by Jonathan’s administration and already yielding fruit. He was lucky enough to inherit a Nigeria that wasn’t plagued by ethnic clashes. He was lucky enough to inherit Nigeria’s refineries that was already undergoing infrastructural reform. He was so lucky to inherit a Nigeria that was tagged the number one growing investment haven in Africa. He inherited Youth Empowerment Schemes like YouWIN, and inherited a roadmap that has the potential to lead to permanent restructure of Nigeria, the 2014 Confab Report(which is entirely another story). All that was needed of Buhari was to consolidate on what he met on ground, and take us from where we were(as at May 2015) to where we dream to be. Not forgeting that he is the only President in Nigeria to have the luxury of governing without the distraction of election litigation.

Unfortunately, President Buhari blew away all that. Take the power sector for instance, he assumed that the improved power that came into being when he was sworn-in was due to his body language and ‘fear’ of his person by staffs and management of the various GENSCOs and DISCOs. Instead of crediting the development to reforms of the sector, and improve on the reform President Buhari deliberately refused to bring on board his own power plan nor develop the plan he inherit from his predecessor, he would rather allow the system to flow by itself in “auto-piloting mode”. Six months into his administration, Buhari merged the power sector with two unrelated sectors (works and housing) and brought in Raji Fashola, a lawyer and politician that has no clue about the sector to head the new ministry. The outcome of his mis-steps is the power failure that is being experienced in all part of the country, including Aso Rock. Perhaps, the huge budget on diesel for Aso rock was because President Buhari was prepared for his own power failure.

Buhari failed woefully to put up economic blueprint to transform Nigeria from being the fastest growing investment hub in Africa to a permanent investment haven. Instead he banked on his body language and Lai’s propaganda to do the job, as a result, we not only lost investors coming in but we lost those already in. His failure to put up economic team in his first months in office that would define our fiscal direction led to loss of investors’ confidence.

…Sabotaging Nigeria’s Religious And Social Peace
About a week ago President Buhari confirmed Nigeria’s membership in Saudi-led Islamic Coalition Against Terrorism. Justifying the membership, Buhari said “We are part of it because we have got terrorists in Nigeria that everybody knows which claims that they are Islamic”.Isn’t it an invitation of chaos to associate Nigeria with a particular religion and even make it appear like an Islamic State? Should Buhari insult the Christian community by saying that “Why can’t those Christians that complain go and fight terrorism in Nigeria or fight the militants in the South.” Does he mean that only muslims fight militants in the South South and Boko Haram terrorists in the North East? Is the President’s statement not enough to create religious tension and threaten the relative peace that we enjoy?

…Sabotaging His Own Stand On Secession
The same President Buhari that vowed that “Biafran agitators are joking with the security and Nigeria won’t tolerate Biafra” in his Aljazeera interview, is the same man that pledged Nigeria’s support for secessionist Sahrawi Arab Democratic Republic (SADR) aka Western Sahara(from Morocco) in line with several resolutions of the African Union (AU) on the right of the Sahrawi people to self- determination and independence. He is the same man that pledged “total support” for Palestinian Statehood with Jerusalem as capital. Doesn’t that reeks hypocrisy? Is the AU charter on self determination restricted to only Western Sahara or does it specifically exclude non-Muslim agitators like Biafra? Would Buhari had supported the Biafran agitation if they were predominantly muslims like the Palestinians and Western Saharans? Is Buhari’s action a panacea of peace or chaos?

Marginalising The Southern Minorities in NNPC Appointment
The recent appointment in the NNPC was a clear display of marginalisation of southern minorities whose lands and waters the oil lies and whose environment is polluted. His action is clearly an invitation to rebellion from people from the region. Who will Buhari blame if such rebellion arise?

…His Inaction On Fulani Herdsmen/Terrorists
Fulani herdsmen have graduated from being social and environmental nuisance to full blown terrorists. Killing scores in the most gruesome manner in Agatu(Benue state), Mile 12(Lagos state), and Abia state, yet the government of Buhari has refused to permanently address the issue. It is even shameful that IGP Solomon Arase would tell us to our faces that the Agatu casualty is “overrated”. Is the President inviting ethnic conflict or a civil war before he will act?

Who/What Has Buhari And APC Not Blamed?
Since May 29, 2015, this administration of change(as claimed) has turned into an administration of blame. They blamed Jonathan for all that happened during his government and also blame him for all that is happening now that he has left power. They blamed innocent civil servants for their(government) own failure to put up a sane budget proposal. They blamed the Supreme Court Justices for their own failure to present better argument in the governorship election cases PDP candidates won. They blamed poor oil price for their failure to come up with and implement sound monetary and fiscal policies for the economy. They didn’t just stop there, they blamed God for the collapse of the economy. They blamed oil price for their own failure to meet their campaign promise. Now they are blaming saboteurs. Who are the saboteurs if not Buhari and his army of praise-singers?

Who will they blame next? Like I told some people on Palmchat network, I just hope they don’t shift their blame to the unborn generation.

May God Bless Us All and Bless Nigeria.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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European Union to Donate €102.5m to Nigeria, Other African Countries

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An international organisation, European Union (EU) has disclosed that Nigeria and some other African countries will benefit from its €102.5m humanitarian aid.

The EU consists of 27 European countries with a common interest on issues pertaining to common economic, social and security.

Investors King reports that other countries marked to take part in the humanitarian aid of the European Union aside Nigeria are Chad, Niger and Cameroon amongst others.

The international organisation disclosed its decision during the third high-level conference on the Lake Chad Region held in Niamey on Monday and Tuesday.

According to the EU, the conference was organised to enhance regional, cross-border agreements and interactions to tackle the issues bedeviling the region.

It earmarked the assistance for the developing countries in order to provide food needs for its citizens especially those affected by conflicts or war.

This will in turn reduce the ravaging undernutrition problem in children under the age of five in the chosen African nations.

The Lake Chad region mapped out comprises the far west of Chad, northeast of Nigeria, Niger and Cameroon. It is popular for violent attacks, killings, displacement and other vices which have demoralised the region and retarded its development.

The European Union’s aid to underdeveloped countries will serve as its intervention for the social well-being of the nations hit by conflicts to reduce its awful impacts.

Investors King understands that the relationship between EU and Nigeria has been cordial through discussion platforms to address democracy, political issues, good governance, migration and security issues. Also, social-economic matters like trade, healthcare, water, sanitation, food security, climate change amongst others are jointly worked upon  as need arises.

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Failed Gas Deal: Trial Begins in UK Firm’s Suit Against Nigeria Over Unpaid $11 Billion

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President Muhammadu Buhari - Investors King

Trial into the protracted lawsuit between a British Virgin Islands-registered firm, Process & Industrial Development Ltd. (P&ID) and the Federal Republic of Nigeria over the failure of the latter to pay the firm the whooping sum of $11 billion will commence this week before a United Kingdom High Court.

Investors King gathered that the case emanated from a failed gas deal between the firm and the Nigerian government that dated 2010.

Available facts revealed that Nigeria had in 2010 entered into an agreement with the firm to provide free processed gas for P&ID within a period of 20 years in exchange for an oil refinery facility that P&ID would build for the country.

The firm is said to have bided for the gas supply in order to generate electricity with it and also sell it’s remaining to interested buyers.

P&ID had claimed it failed to build the planned refinery because the Nigerian government failed to tap its natural gas and deliver to it as allegedly agreed during their contract signing.

Explaining why the country defaulted in honouring the agreement, the incumbent Nigeria’s government had accused the P&ID of bribing previous administration officials to secure the gas contract and colluded with former government lawyers and officials to put up what it described as a “sham defense” when the matter became a subject of litigation.

Checks by Investors King revealed that the deal was made during the administration of former President Goodluck Jonathan of the Peoples Democratic Party (PDP) in 2010.

Its implementation was said to have got delayed till 2015 when Jonathan lost reelection to incumbent President Muhammadu Buhari of the All Progressives Congress (APC).

Following the change of power, the deal was stalled as the incumbent administration alleged that the deal came about through bribes to former government officials, and that the award should be revoked.

Buhari’s administration had directed the law enforcement agencies to investigate allegations of bribery surrounding the 2010 gas contract and insisted that bank records indicated that four government officials or their family members received bribes from P&ID before the contract was signed, and that one of them has admitted to overlooking “obvious deficiencies” in the company’s proposal.

Nigeria’s anti-graft agency has also charged the lawyer that represented the state during the arbitration for allegedly bribing public officials involved in the proceedings.

Not pleased with Nigerian government’s allegations, P&ID initiated arbitration in 2012 and claimed that attempts to resolve the issue privately had failed.

Meanwhile, in 2017, a closed-door arbitration court in the UK ordered Nigeria to pay $6.6 billion to the firm to compensate for lost profits over the failed facility project. The $6.6 billion awarded against Nigeria is said to have grown to over $11 billion with interest.

Ever since, P&ID, had been pressuring Nigeria to make the payment. In 2019, the stakes rose again when a UK judge issued an order enforcing the award.

P&ID had denied all allegations and described the Nigerian government’s claims of fraud as an attempt to dodge liability.

Meanwhile, as the case resumes this week in London, Nigerian government is expected to present its case and convince the court to quash the arbitration ruling.

UK high court judge, Ross Cranston had said in a 2020 ruling that there was a strong case to be made that for it to be convinced that the gas processing contract was procured by bribes paid to insiders as part of a larger scheme to defraud the country.

It was reported that Nigeria’s economy would suffer a deeper crisis if the country loses in London as P&ID has said it wold demand legal approval to confiscate Nigeria’s overseas assets, thus making it more expensive for Nigeria to raise money in international capital markets.

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NPower Moves to Settle Batch C2 Stipend Arrears

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The NPower management of the National Social Investment Management System (NASIMS) has indicated that the payment of the three months backlog of Batch C Stream 2 stipend is underway.

Investors King had reported earlier that the Federal Ministry of Humanitarian Affairs, Disaster Management and Social Development announced the disbursement of outstanding stipends for all the 7500 independent monitors under the National Social Intervention Programme (NSIP).

Meanwhile, the federal government commenced the payment of cash grants of N20,000 to aid vulnerable groups in the society on Tuesday, 17th of January 2023, which was inaugurated in Anambra state.

The inauguration event was presided over by the Minister of Humanitarian Affairs, Disaster Management and Social Development, Sadiya Umar Faroug, who was represented by a deputy director in the Ministry, Mr. Charles Anaelo.

The N20,000 cash grants social investment programme is as well of the Ministry of Humanitarian Affairs, Disaster Management and Social Development and National Social Intervention Programme (NSIP) where NPower belongs.

This is a strong indication that after all the NPower portal issues have been rectified for the Batch C2 beneficiaries, their three months backlog will be cleared by the federal government.

Investors King recalls that the NPower management had enjoined the Batch C Stream 2 beneficiaries who were having issues with their accounts to lay their complaints through the right channel.

The beneficiaries were told that the NPower officials would place a call through to them, urging them to cooperate with them and follow the instructions given.  

They were asked to remain calm and always check their payroll tab on the Npower portal for their payment updates.

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