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PDP Blasts Osinbajo For Allegedly Falsifying Facts On Nigeria’s Debt Profile

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The Peoples Democratic Party (PDP) has called on Vice-President Yemi Osinbajo to refrain from bandying figures that he cannot substantiate, as regards the nation’s debt profile, which it said escalated to a frightening proportion under the President Buhari administration.

The main opposition party also said that it amounts to a huge disservice to the country if a person of such high office of the vice-president would allow himself to be used to distort figures to deceive Nigerians.

Osinbajo had last Saturday at the 9th Public Lecture of Sigma Club at the International Conference Centre, University of Ibadan, said that the Buhari-led administration inherited a debt of $63 billion and has only borrowed $10 billion since it took office in 2015.

He had said: “In 2010, our debt was $35 billion, $41 billion in 2011, $48 billion in 2012, $64 billion in 2013, $67.7 billion in 2014, $63.8 billion in 2015, $57.8 billion in 2016, $70 billion in 2017 and $73 billion in 2018.

“The nation’s debt as at today was $73 bilłion, an increment of $10 billion from the $63 billion inherited in 2015.”

He said the nation’s oil earnings was $119.8 billion between 1990 and 1998, $481 billion from 1999 to 2009 and $381 billion from 2010 to 2014, while the present administration has only earned $112 billion from June 2015.

“The earnings from oil from 2010 to 2014 were the highest recorded in the history of the country. This is a period when the price of oil per barrel sold from $100 to $114,” he said.

But the National Publicity Secretary of the PDP, Mr. Kola Ologbondiyan, while addressing a press conference Wednesday in Abuja, said that in a desperate attempt to divert attention from the failures of the Buhari administration, Osinbajo falsified financial templates to argue that this government has no blame in the accumulation of debts under its watch.

He stated: “The PDP also wishes to bring to the attention of Nigerians the deliberate distortion of facts by Vice-President Yemi Osinbajo regarding the nation’s debt profile, which escalated to a frightening proportion under the Buhari administration.

“It is an incontrovertible fact that the Buhari administration has accumulated more debts than any other administration in the history of our nation.

“Our dear vice-president forgot that Nigerians are aware that between 2016 to 2017 under President Buhari, our annual borrowing was about N3.7 trillion as against the N1.04 trillion annual borrowing perimeter between 2008 to 2015. Between 1999 and 2007, the annual borrowing perimeter was as low as N96 billion.

“To deceive the public and divert attention to the alarming borrowing spree of the Buhari administration, the APC-led federal government converted domestic debt borrowed in naira under its watch to the US dollar so that the very high exchange rate will make the domestic debt look smaller in dollars.

“This is a deceptive picture because the domestic debt was accumulated in naira and not in dollar.”

Ologbondiyan pointed out that the domestic debts of states were not part of the database until 2013, and therefore, a sincere comparison of debts over the years should have focused on total external debt and federal government’s domestic debt.

According to him, “In view of the above, if Vice President Osinbajo, a professor of law, was not being economical with the truth, the appropriate comparison should be to have the domestic debt in naira and convert the external debt to naira to get national debt for each of the years, which shows that the Buhari administration has accumulated more debts than any other administration.”

“We, therefore, charge the vice-president to refrain from bandying figures that he cannot substantiate, in an attempt to score cheap political points. Nigerians have moved beyond the lies, deception, propaganda, and beguilement of the APC. It amounts to a huge disservice to our nation if a person of such high office of the vice-president will allow himself to be used to distort figures to deceive Nigerians,” he said.

Ologbondiyan added that the party would not allow itself to be dragged down into the marshes of propaganda, smear campaign, lies and deceit of the fading, discredited and rejected APC.

Ologbondiyan said that the party will proffer direction to reduce the cost of governance and release funds for development purposes; cut harsh tariff and tax regimes, eradicate corruption and engender enabling environment for business to thrive in a manner that will strengthen the naira and restore investor confidence in the country’s economy.

NEWS

Money Laundering: Ex-Skye Bank Chairman, Tunde Ayeni Arraigned; Gets N50m Bail

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A Federal High Court in Abuja on Monday admitted Tunde Ayeni, a former Chairman of the defunct Skye Bank Plc, now Polaris Bank, and a former Managing Director of the bank, Timothy Oguntayo, to bail in the sum of N50 million each.

The Economic and Financial Crimes Commission charged Ayeni and Oguntayo with money laundering, involving N4.75 billion and $5 million.

The trial Judge, Justice Nnamdi Dimgba, who admitted Ayeni and Oguntayo to bail, also ordered them to produce two sureties each in like sum.

Justice Dimgba ordered that if the two failed to perfect their bail conditions within 36 hours, they would be remanded in Kuje Prison.

He also ordered that if surety was a civil servant, he or she must be on GL 15 and if a private citizen, the person must own landed property in Abuja or Lagos.

Dimgba ruled that the sureties must deposit their international passports with the registry of the court.

He later adjourned the matter until February 13 and 14, 2019 for the commencement of trial.

Earlier, following the not guilty plea, the prosecuting counsel, Abba Mohammed, prayed the court for a date to commence trial.

Mohammed also urged the court to remand the defendants in prison custody pending commencement of trial.

Dele Adesina (SAN), counsel to Ayeni, and Tola Oshodi (SAN), counsel to Oguntayo, however told the court that there were pending bail applications filed on behalf of their clients which had already been served on the prosecution.

The EFCC alleged that the offence took place between 2014 and 2015.

They both pleaded not guilty to the eight-count charge preferred against them by the anti-graft agency.

In the charge, the EFCC said: “You, Mr Tunde Ayeni whilst being the Chairman Board of Directors of Skye Bank Plc and Timothy Oguntayo whilst being the Managing Director and Chief Executive of Skye Bank between 2014 and 2015 conspired at different times to do on illegal act.”

The agency said Ayeni received the delivery of the sums of money totalling N4.75 billion and $5 million belonging to Skye Bank Plc contrary to the provisions of Section 1(a) of Money Laundering (Prohibition) Act 2011 (as Amended) read together with section 18(a) of Money Laundering (Prohibition) Act 2011 (as Amended) and punishable under Section 16(2) (b) of the Money Laundering (Prohibition) Act 2011 (as Amended).

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LIFESTYLE

Reasons Why You Should Attend The ‘Style By Zenith’ Fair 2018 !!!

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Fellas, you don’t wanna miss this Life Time Opportunity!!!

Attending this Prestigious Event will help you improve your Lifestyle and give you all you need to be that man/woman that you want the world to see…

Ever wanted to SLAY with your choice of LIFESTYLE???
This is the Event to be….

Are you a Purveyor and you seek to sell your Lifestyle Products to a Large number of People and make more sales, which in turn results to more money??
This is the Event to be….

Are you still contemplating on Attending??? 🤔😊

Consider The Following Attractions:

° You get access to a wide variety of Lifestyle Products & Services along with Quality Discounts for People that make Payments using Zenith Bank Cards, Scan to Pay or *966# on POS.

° Networking with High Minds & Different People from all walks of life.

° Have Explicit Fun as you wish, as 2018 comes to a Close.

° Performances by Nigerian Artistes.

° Runway Model Display.

° Play Area for Children with Age Appropriate Entertainment & and Lots More….

Excited?? 
We’re too…

We STYLE …. You SLAY!!!

It’s Happening Live on the 29th & 30th of December 2018 @ Prince Alaba Oniru Road, After Four Points by Sheraton, Oniru Estate.

Time 9am Prompt!!!

Style By Zenith Fair 2018

Live your Best Life….

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NEWS

NASCON Launches New Dangote Classic Seasoning Cubes

Gbemileke Ajayi

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Management of the NASCON Allied Industries Plc, a subsidiary of the Dangote Industries Limited has pledged its commitment towards a healthy living by the people by producing products that meet the physical and mental needs of the people.

Executive Director, Commercial NASCON Allied Plc, Fatima Aliko Dangote gave this pledge in Kano during the unveiling of new Classic Seasoning Cube in addition to its array of food seasonings already in the market.

The new product which the NASCON boss described as a product of thorough and painstaking research into the preference of the people in the seasoning sub sector of the food industry came in the wake of a similar launch recently, of new Curry Powder and Stew Mix from the stable of NASCON.

Fatima Aliko Dangote said she had no doubt in her mind that the new product would be an instant hit given its unique taste, flavor and aroma noting that the new classic seasoning cubes and stew mix were created with a special blend of herbs and spices to give meals that unique taste and great aroma.

She described the new classic seasoning as a new innovation birthed after years of consumer led research and development, and urged distributors, marketers, eateries and consumers to immediately key into it.

Lacing her remarks with the Hausa local dialet, while explaining the strengths of the product, she described the seasoning as Karshen Magana meaning the real deal and that it is second to none in the market throughout the country.

According to her, the management of NASCON decided to go into the research for the new product bearing in mind that wellbeing is reduced by poor diet yet it is expensive to be unhealthy.

Good nutrition, she stated maintained immune system and delays the effect of aging because it reduces the risk of chronic disease while poor diet reduces physical and mental health. She therefore urged women to try the new seasoning cubes, stew mix and curry powder, as they would ensure meal moments are great moments.

Fatima Aliko Dangote assured that the products would be launched in other parts of the country very soon, adding that despite the high innovative quality, they are affordable and available with various promotional items to be given out to the distributors and consumers.

In his remark, the Group Managing Director of NASCON Allied Plc Mr. Paul Farrer assured that the new product is a high margin product that would help ensure distributors and customers remain profitable, describing the new product as premium but affordable to the consumers.

The Company used the occasion to introduce its Brand Ambassador to the customers, in the person of renowned Kannywood multi-talented actress Hadiza Gabon, who described the Dangote Seasoning cubes as a seasoning with great flavor, and good taste while recommending it to all women in Nigeria.

Speaking to media men in an interview at the event, NASCON key distributor, Alhaji Hamisu Rabiu of Hamis Investment in Kano described NASCON products as fast moving and of good quality. He urged other distributors and retailers across the country to immediately key into the new classic cube, Dangote stew mix and Dangote curry powder.

At the launch Wednesday about 300 distributors, wholesalers and retailers were excited and most express optimism that it will up the market of NASCON.

Head of Marketing of NASCON Allied Industries Plc, Mr. Olusegun Ajala expressed optimism that the “innovative brand will up the company’s market share exponentially because of its unique taste and aroma.

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