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Way Out Of Nigeria’s $9billion Judgement Debt-Mike Ozekhome, SAN

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By Mike Ozekhome

Recently,a British court ordered the seizure of Nigeria’s foreign assets to satisfy a judgement debt.This sum is surely over N3.2 trillion naira.This is an order,which,if carried out,will simply cripple Nigeria,whose entire 2019 budget for the whole country which was signed into law only in June is N8.92 trillion only.

The current foreign reserve of Nigeria is about a mere $47.62 billion,with China having the highest foreign reserves in the world,to the tune of $3.6 trillion.This is distantly followed by Japan $1.323); Switzerland ($804.323 billion);Saudi Arabia ($487.259 billion),Taiwan,Russia,India ($430.572 billion);Hong Kong,South Korea,Brazil,Singapore,Thailand,Mexico,UK ($164.209 billion).

The United States of America comes a very distant 18th in the world,with $125.725 billion in foreign reserves.The best option thus open to the federal government to halt the looming disaster of attaching her foreign assets to the tune of $9 billion is to immediately appeal the judgement and ask the court for stay of execution.

To allow execution of the judgement will plunge Nigeria’s already battered, pilfered and mismanaged economy into irreversible doldrums and recession of unimaginable proportions.

No one should take Lai Mohammed serious when he boastfully asserted that Nigeria will not surrender any of her foreign assets.

Really? Did I hear him say “surrender”.Lai easily and shockingly forgets that UK is not Nigeria where court judgement orders are treated with disdain, levity, derision and violated with utmost impunity.

The judgement creditors will not seek Nigeria’s permission to go after her foreign assets.They will not politely ask Nigeria to “surrender” her assets.No.They will simply use the available, tested and trusted legal option of garnishee proceedings, attach and fiefe all available and known Nigerian bank accounts, assets, monies ,properties, etc, wherever they find them in the UK and in any part of the world.

It is not a matter given to puerile lachrymal effusion, chest beating, adventurous swash buckling and grandstanding.It a matter of cold law and facts.Let the federal government hire experienced legal hands in the UK immediately to stem this impending disaster that will eclipse all of us,without exception.

CHIEF MIKE OZEKHOME,SAN,OFR,FCIARB,Ph.D.

 

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Bribery, Corruption: APC Suspends National Chairman, Ganduje

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The All Progressives Congress ward in Ganduje, Dawakin Tofa Local Government Area, has suspended the party’s National Chairman, Dr. Abdullahi Ganduje.

The party ward legal adviser, Halliru Gwanzo, announced the suspension while addressing newsmen in Kano State on Monday.

Gwanzo cited allegations of bribery against Ganduje levelled by the Kano State Government as the reason for the suspension.

“We decided to suspend Dr. Abdullahi Ganduje from the party due to the seriousness of the allegations against him,” Gwanzo said.

Meanwhile, efforts to contact the Chief Press Secretary to the APC National Chairman, Mr Edwin Olufo, failed as his mobile phone was unreachable.

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Akpabio Commits to Collaboration with Tinubu, Governor Umo Eno

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The President of the Senate, Godswill Akpabio, has stated his commitment to working closely with Nigeria’s President, Asiwaju Bola Ahmed Tinubu, and Governor Umo Eno to ensure the delivery of democratic benefits to the people of Akwa Ibom State.

Akpabio stated this in his country home, Ukana, Essien Udim Local Government Area of Akwa Ibom, while briefing his constituents on the journey so far as their representative in the red chamber.

He assured the people of Akwa Ibom North West Senatorial District of his commitment to their welfare in appreciation of their total support for him, President Bola Tinubu and the ruling All Progressives Congress (APC) in last year’s election.

The Highpoint of the constituency briefing was the distribution of over 10,000 bags of rice and other essentials for his constituents from the wards, to the local governments.

A statement by his Special Assistant on Media, Jackson Udom, quoted Akpabio as saying, “I am here once again, to thank you for standing by me, our President and the party, before, during and even after last year’s elections. I have come to say thank you and also bring Renewed Hope to you all.

“As the President is doing his own, the Senate President is also doing his bit and being complemented by the state governor, Akwa Ibom would be the better for it. We have finished elections and politics, we are now into governance. The governor of the state must touch you, because he is the governor of all the people in the state irrespective of political affiliation.

” As I am touching you now from the political angle, I will also touch the state without any political party affiliation. Most of the projects we are putting in place would be used by people resident in the state. Relax, things are getting better.”

The former Governor of the state, assured his constituents that his current position as the Senate President would be used for the development of the state in collaboration with the President and the Akwa Ibom State Governor.

Hear him: This Senate President is not the one that would be fighting the state government. I will collaborate with , I will collaborate with , to make the state better for us all. We cannot be out of government for a long time. You have to go to a government that carries you along”

Akpabio promised to work for his constituents and Nigeria with all his strength, noting that, “as the President of the Senate, I am for the Southern region and the entire country. I may not come here regularly to tell you what I have been doing for you, but you will be feeling the impact on way or the other. Our unemployed youths would be gainfully employed. I will construct a mini stadium in all the local governments in the district, for our youths to develop their sporting potentials. ”

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Akwa Ibom Government Invests N112 Billion in Road Infrastructure Projects

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…DAKKADA OIL PALM FACTORY COMMENCES MILLING SOON

“Since May 2023, Akwa Ibom State Government Invests N112 Billion in Road Infrastructure”

Commissioner for Works and Fire Service, Prof. Eno Ibanga disclosed this when he presented a breakdown at the State Executive Council meeting in Uyo.

He revealed that 39 new road projects have been undertaken with N78.77 billion released to fund them, while old projects have been funded to the tune of over N30 Billion, with an additional N12 Billion recently released by the Governor.

Details of the Exco meeting were made public by the Commissioner for Information, Ini Ememobong.

The Executive Council also approved the increment of pension for pensioners who retired before 2012, effective April 2024.

Following the ongoing harvesting of fruits, milling will soon commence at the Dakkada Global Oil Palms.

The Managing Director of the Akwa Ibom Investment Corporation, Pastor Imoabasi Jacob announced this during his presentation at the State Executive Council meeting presided over by Governor Umo Eno.

Two projects executed through the Direct Labour Agency have been completed with 19 other ones ongoing.

The Director of Operations of the Agency, presented a status update on the projects under their supervision, also disclosed that 31 of the 100 initial ARISE Compassionate Homes will be completed and presented soon.

The Council was also briefed on the progress at Ibom LED, where 800 people have been trained and N400m has been approved to fund the grant of N500,000 to each of the participants, which will soon be done.

The Governor charged all the Executive Council members to ensure that all the projects and programmes under their supervision are people-centric from ideation to execution. He advised that project monitoring should be ramped up to ensure quick completion.

Major Highlights of the meeting are as follows:

√Status update on Food sufficiency received; proposal on increased cocoa, rice production & Ibom Model Farm submitted by HC for Agriculture & Rural Development

√Presentation of proposal by MD, AKICORP on Ibom Towers, FalconNext, Landmark Beach Resort.

√Dakkada Global Oil Palms Ltd ready to commence milling of ongoing harvested fruits

√Confirmation of N400m disbursed at N500,000 each to 800 IBOM-LED trainees in two batches

√Briefing by HC Works & Fire Service on N112 billion disbursed by the Governor for road infrastructure since May 2023, with 39 new road projects receiving N78.77 billion & N30 Billion for old projects, with additional release of N12 Billion

√Presentation by HC Culture & Tourism on tourism blueprint for proposed development of Tourism hubs at Ikot Abasi, Itu, and Oron

√ Two projects ready, 19 ongoing through Direct Labour Agency on 1 Project per Local Government Area; 31 ARISE Compassionate Homes nearly completed

√Approval for increment of pension for pensioners who retired before 2012, effective April 2024.

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