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Why We Took Some Of Our Policy Decisions —– VP Osinbajo Clears Air

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Osinbajo speak

In an effort to woo investors for the country, the Vice President, Prof. Yemi Osinbajo, SAN, has presented an in-depth analysis of some Government policies to investors at the 7th Annual Pan-Africa 1:1 Investor Conference, which was organized by Renaissance Capital.

The event took place at the Intercontinental Hotel, Victoria Island, on Wednesday, April 11, 2016.

In a statement by Laolu Akande, Senior Special Assistant-Media & Publicity in the Office of the Vice President, Osinbajo started his presentation by setting the stage for why Government was taking some of the policy decisions that were being taken and why the particular policy options.
He also explained why Government thinks such decisions were the best in such circumstances, as well as good for investors.

Analyzing the economic indices, he said GDP had fallen, and that household consumption had increased despite GDP figures. He said manufacturing growth slowed down because of drastic fall in Foreign Exchange Earnings. There is a slow decline in Capital Importation as well as foreign Exchange as a result of decline in Crude Oil prices.

The Vice President, referring to the peculiarity of the Nigerian situation said, in the short run Government will continue to stimulate household consumption, address problem of fuel shortages, food scarcity and inflation as well as Foreign Exchange. Some of the actions around these include the feeding of 5.5million children which will increase the nutritional value of the children and will consequently affect the agricultural value chain and the entire supply chain all the way.

Continuing he said, ”public works program for rural roads that will connect roads to the markets and consumers as well as affordable housing program are also part of the decisions.

He said these will create employment for some people. Talking about Agriculture and food security, he said Government intends to achieve self sufficiency in rice production, wheat and tomatoes, by collaborating with some States like Kebbi State for instance. Also he talked about the implementation of deregulation of fuel. According to him, to increase foreign exchange earnings, the Central Bank will pursue re-evaluation of the Forex.

Assuring the investors, Prof. Osinbajo said Boko Haram has been largely contained and Government will continue to invest in security. ”Government is working hard on controlling public expenditure and the efficiency unit of the Federal Ministry of Finance will play a big role. TSA has helped greatly to give the operators of the public finance system a good view of all Government’s receipts and revenue and has therefore helped in managing public finance,” Osinbajo said.

The Vice President said key intervention in capital projects, is investment in infrastructure. ”For the first time, 30% of the budget will be spent on capital projects and will be mainly on power, works, housing and transportation which includes about four rail projects,” he said.

The number two citizen assured investors that the N6 trillion budget will stimulate the economy. He said foreign exchange challenges will not only be tackled by demand management but also the issue of supply will be tackled as well. He further assured that regulatory and fiscal issues in the PIB will be addressed to encourage investment in the sector.

According the Vice President, there will be a dedicated security force that will engage more of technology in addressing the Niger/Delta issue. He said Government will ensure that the banking system survives.

BIG STORY

Kidnappers Abduct Police DPO, Demand N50m Ransom

Gbemileke Ajayi

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The Divisional Police Officer (DPO) of Mubi North divisional police command in Adamawa state, Ahidjo Mohammed, has been kidnapped by unknown gunmen at around 7 pm, Tuesday.

The officer was said to have been kidnapped at around 7 pm while returning to Mubi from Yola, where his mother has been receiving medical attention.

The kidnappers were said to have made contact with some persons demanding fifty million Naira from the family of the victim for the ransom of the law officer.

Similarly, another resident of Mubi, a trader, Alhaji Mahmudu Mbilla from Mbilla village has also been kidnapped, Monday night and the kidnappers are said to have also been demanding for five million Naira from the family of the kidnapped victim.

Speaking to the PPRO Adamawa state police command, Usman Nguroje confirmed the kidnap and said the Adamawa state police command has policed personnel including the IG anti kidnap squad to rescue the kidnap office.

Nguroje said, “We have set everything in place to ensure that no man in Adamawa is kidnapped.

“The officer was kidnapped at the Mararaba Mubi following a sporadic gunshot and before the police in the area could reach the area, they found the vehicle carrying him abandoned with his identity card left behind.”

On whether the kidnappers have made any financial demands, the PPRO said, “I am not aware of that.”

Some residents of Mubi expressed I’ve got the rising spare of kidnap in the area and told Daily Sun that there is apprehension in the land as a result of the kidnap of a law enforcement officer.

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DSS, Naval Officer, Three Retired Police Officers Arrested Over Lion Found In Indian Residence In Lagos

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Three retired Senior Police, Navy and DSS officers have been arrested alongside a security guard over the illegal possession of a lion in a residential building on 229, Muri Okunola Street, on Victoria Island, Lagos.

The two-year-old lion named ‘Kiara’ believed to be owned by a yet-to-be-identified Indian man was discovered and taken to a zoo in the state.

In an exclusive chat with Channels Television, Chairman of the Lagos State Taskforce on Environment and special offenses, Olayinka Egbeyemi, explained that the three retired officers, who double as Chief Security Officer to the cat owner, said they were aware of the presence of Kiara within the building since it arrived.

Although the Indian owner is yet to present himself to the authorities for questioning, the four arrested have been transferred to the state Criminal Investigation Depart (SCIID) in Yaba for further investigation and possible charges.

Kiara in stable condition

Meanwhile, the lion is in a stable condition after regaining consciousness and has acclimatized to its new environment.

The lion was tranquilized and taken to a zoo on Monday.

In a short video obtained exclusively by Channels Television, Kiara is seen reacting to its strange vicinity, while being served a meal.

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How Yahoo Boy,H-Money, Serving 24-yr Jail Term, Pulled Off $1m Scam From Kirikiri Prison, Attends Parties, Bought Properties

Peter Okunoren

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A convicted internet fraudster, Hope Olusegun Aroke who is serving a 24-year jail term at the Kirikiri Maximum Prison in Lagos is again, the subject of an investigation by the Economic and Financial Crimes Commission for being the alleged mastermind of a mega scam to the tune of over $ 1,000, 000.

He allegedly pulled the heist right from prison using a network of accomplices, some of the targets of fraud and money laundering investigation.

The lid on his latest fraud exploits from the bowels of the Maximum Correctional Centre was blown following intelligence received by the EFCC.

The immediate riddle that confronted the EFCC was how it was possible for the convict to continue to ply his ignoble trade of Internet fraud from prison.

Preliminary investigation revealed that that the convict, against established standard practice, had access to the internet and mobile phone in the Correctional Centre where he is supposed to be serving his jail term.

Even more puzzling was the finding that Aroke got himself admitted to the Nigeria Police Hospital, Falomo, Lagos for an undisclosed ailment. And from the hospital, he would move out to lodge in hotels, meet with his wife and two children and attend other social functions.

The circumstance of his admission into the hospital and those who aided his movement from the hospital to hotels and other social engagements are already being investigated by the EFCC.

For a felon supposedly serving a jail term, the investigation revealed that the Aroke used a fictitious name, Akinwunmi Sorinmade, to open two accounts with two of Nigeria’s leading banks.

He also bought a property at Fountain Spring Estate, Lekki Lagos in 2018 for N22million and a Lexus RX 350 2018 model registered in his wife’s name, Maria Jennifer Aroke.

The convict was also in possession of his wife’s bank account token in prison, which he used to freely transfer funds.

Further investigation revealed that, while his trial was ongoing in 2015, Aroke bought a four-bedroom duplex at Plot 12, Deji Fadoju Street, Megamounds Estate Lekki County Homes, Lekki for N48million.

Aroke was one of two Malaysia-based Nigerian undergraduate fraudsters arrested by the EFCC in the closing weeks of 2012 at the 1004 Housing Estate, Victoria Island, Lagos following a tip-off. The indigene of Okene, Kogi State had claimed to be a student of Computer Science at the Kuala Lumpur Metropolitan University, Malaysia.

But the Commission’s investigation fingered him as the arrowhead of an intricate web of internet fraud scheme that traverses two continents.

When Aroke was arrested, a search conducted by EFCC operatives on his apartment led to the recovery of several items such as laptops, iPad, traveling documents, cheque books, flash drives, internet modem, and three exotic cars – a Mercedes Benz Jeep, One 4Matic Mercedes Benz Car and a Range Rover Sport SUV.

He was eventually convicted by Justice Lateefa Okunnu of a Lagos State High Court on two counts of obtaining money by false pretense, cheque cloning, wire transfer, and forgery.

He was sentenced to twelve years imprisonment on each of the two counts.

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