Saturday 23 July 2016

Naira crashes to all time low of 350/ USD

The sharp and steady depreciation of the Naira at the inter-bank
foreign exchange market in the last one week has forced the Central
Bank of Nigeria, CBN, to intervene yesterday to stem the slide.


The apex bank was said to have offered about USD5.0 million each to
dealers amidst scarcity of foreign currency which had persisted since
last week Friday following the sudden withdrawal of CBN's
interventionist resources.

Dealers said the supply from the apex bank saved the Naira from
crashing to N350/ USD1 yesterday as the rate was already gone beyond
N330 as at mid day before the apex bank's intervention which relieved
the pressure and forced the rate down to less than N310.

But the intervention could not save the Naira from further
depreciation at the parallel market segment where it traded for N380/
USD as against N375 it closed on Thursday, a development which the
dealers said was connected to a perceived pressure on external
reserves and CBN's capacity to continue to be the only supplier in the
market.

The local currency has been on a downward spiral since the CBN
eventually took away the currency price ceiling it had subtly placed
after it officially floated the currency mid last month.

The depreciation in the Naira is also mainly attributed to the lack of
supply from CBN following reports that the apex bank had reduced its
forex allocations to sales in the interbank market due to other
pressing needs for the foreign exchange resources amidst dwindling
dollar revenue from oil sales.

Before now, s upplies other than the CBN had avoided the inter-bank
forex market over complaints that the official rates did not represent
the true value of the Naira against the dollar, hence they find their
way to push their dollars to the parallel market segments.

According to some dealers international oil firms who are major
independent suppliers of forex are now selling part of their hard
currency directly to petrol importers under an arrangement with the
government. They, however, explained that they are still looking at
what will be a comfortable exchange rate for sellers to come back to
the market and that is why the rates kept going up in the past one
week.

Last week CBN governor, Godwin Emefiele, flew to Britain and the
United States to try to lure back investors into Nigeria's financial
market after nearly one year they left due to CBN's exchange rate
control policy.

Vanguard learnt the trip was unsuccessful as the investors told the
CBN team that the market was not yet transparent enough adding that
the external reserves level was also uncomforting for them.

-Vanguard

Friday 22 July 2016

Tears, Outrage In Owerri Over Demolitions

OWERRI, the Imo State capital, has been in the news lately for diverse
reasons bordering on the good and the bad, according to the
perceptions of the people. But of all the recent incidents and events
recorded in the city, the ongoing demolition of structures has
featured more prominently in the news as it continues to draw a lot of
tears and scathing criticisms.

Indeed, it has been outrage and lamentations galore since the state
government commenced the demolition of properties as a prelude to the
planned expansion of some roads in the state capital.


PHOTO: Section of a school structure affected by the demolition
exercise in Owerri


The demolition, which started along the Amakohia/Akwakuma axis, saw
the destruction of several ancestral homes, residential buildings,
business concerns, the desecration of graves, parts of the premises of
Sacred Heart Catholic Church, Akwakuma, Immaculate Conception Catholic
Church, Amakohia and several others.

Within the past week, some bank premises, the state headquarters of
the Peoples Democratic Party and the residential home of the
gubernatorial candidate of the All Progressives Grand Alliance,
Captain Emmanuel Ihenacho have been visited pulled down by bulldozers.
Establishments like the Federal Medical Centre, Owerri and the Alvan
Ikoku Federal College of Education, AIFCE, also suffered same fate
after being marked for demolition.

Irked by the planned destruction of their institution's properties by
the Governor Rochas Okorocha administration Students of AIFCE last
week stormed the streets of Owerri in protest.

Although the students pleaded with Okorocha to drop the idea of
destroying any part of the school premises, their pleas obviously fell
on deaf ears as parts of the institution were later demolished.

The incensed students have, however, vowed to do everything possible
to ensure that the state government does not carry out its threat of
also destroying the pedestrian bridge, perimeter fence, gate and other
parts of the school. Some of the placards carried by the students
read: "Okorocha, spare our pedestrian bridge", "Okorocha cannot
destroy the beauty of our College and security of students",
"Okorocha, leave us alone and continue your demolition exercise
elsewhere", and "Okorocha, please don't provoke us".

Similarly, economic activities were held up for hours in Owerri,
following a massive protest against the proposed plan by Imo State
Government to move artisans from the Orji and Nekede Mechanic Villages
to Avu in Owerri West local council area of the state.

Vanguard Metro reliably gathered that Governor Rochas Okorocha invited
the artisans to a meeting but it was not very clear at press time,
what went wrong before the aggrieved self-employed workers stormed the
streets in a protest march.

Some of the protesters expressed regret that the Governor had made up
his mind to forcibly move them to a virgin land where no amenity is in
existence. "I can tell you that we are not against his (Okorocha's)
government. If he insists that we should move to Avu, he should also
do us the favour of putting some social amenities in place," Mr.
Edward Okoli said.

"Some of us have built houses and other immovable structures in the
Mechanic Villages, which cost us millions of Naira. Today, government
wants to move us to a place that has nothing to support us and our
jobs," he added.

Another artisan, who simply identified himself as Sylvester, said
"there is no access road into the place, no electricity, no potable
water and no buildings".

Court issues restraining order

Apparently alarmed by the threat of imminent destruction of his
personal residence, Captain Ihenacho approached the Federal High
Court, Owerri, presided over by Hon. Justice Ambrose Lewis Allagoa.
After listening to Ihenacho's counsel, the court issued a restraining
order against the Attorney General of the Federation, the Minister of
Works, Power and Housing, the Governor of Imo State, Attorney General
of Imo State,
Commissioner of Works, Imo State, the Commissioner for Lands, Survey
and Urban Planning, Imo State and the Imo State Government.

This order of court was disobeyed.

Capt. Emmanuel Ihenacho reacts "The signboard of Lamonde Guest House,
owned by Rochas Okorocha, is located just one metre from the culvert
on Orlu Road. The gate of Lamonde Guest House is located less than 10
metres from the culvert. Neither the signboard nor the gateways was
destroyed by Okorocha for road expansion.

"The same Okorocha personally came to my residence with armed soldiers
and other security officers on Thursday, July 7, 2016, to supervise
the demolition of my residence, up to 14 metres from the edge of the
culvert, barely three days after a High Court order restraining him
from the demolition".

Some affected victims speak

Similarly, some residents of Amakohia and Akwakuma communities in
Owerri North Local Council Area of the state, have decried the
demolition of their homes and business outfits by government. A victim
of the demolition, Nze Obinna Emereole, told newsmen that he recently
accessed a loan from a micro finance bank, which he used to erect a
building at Amakohia.

While saying that the Owerri Capital Development Authority, OCDA,
approved the building plan before he commenced the construction,
Emereole however wondered why the Governor would personally supervise
the destruction of his house.

"Are we animals? Why must a government and governor we brought on
board, treat us like animals? It is indeed most unfortunate. God is
watching," Emereole lamented.

Governor's Chief Press Secretary responds
Reacting on behalf of his boss, the Chief Press Secretary to the
Governor, Sam Onwuemeodo, had this to say: "Former Minister of
Interior and the governorship candidate of the All Progressives Grand
Alliance, APGA, in the State, Captain Emmanuel Iheanacho, has been
very supportive to the Rescue Mission Government in the State since
2011, and that is why efforts by certain politicians in the State to
incite him against the government has failed.

"It is also against the backdrop of this development that Captain
Iheanacho would see the demolition of the fence of his house that was
very close to the main road, and that is Orlu/Amakohia Road, as an
action sincerely taken in the overall interest of the State and her
people, and not out of malice.

"And seeing the good work going on, on Amakohia/Orlu road, Captain
Iheanacho would not have gone to Court for an Order to stop the good
work; and that is why we had doubted the report on Court Order when we
read it on the pages of newspapers; and that could be the reason that,
uptill now, nobody has seen a copy of the reported Court Order.

"The Governor and indeed the Rescue Mission government will continue
to appreciate the support and understanding of Imo people, including
Captain Iheanacho, whose fences or kiosks have been touched in the
course of the expansion work going on, on some major roads within
Owerri and environs in line with the Governor's determination to make
Owerri a model city.
"The Governor will continue to work for Imo people with sincerity of
purpose until his ambition of building a state of our collective
dreams and aspirations is achieved.

Imo PDP's office is intact

"The state office of the Imo State Chapter of the Peoples Democratic
Party, PDP, on Okigwe Road, Owerri, is intact and has not been touched
or demolished as being falsely claimed by certain elements,
especially in the social media, in the course of the expansion work
going on, on that road.

"But the front fence of the building housing the party's office was
touched because it was built very close to the main road and there was
no way it would not have been affected by the on-going expansion work
on that road.

"It is very unfortunate that few indigenes of the state who have sworn
not to appreciate any good thing being done by the government of
Rochas Okorocha have been working tirelessly to use the expansion
works on some major roads in Owerri and environs to blackmail the
Governor vis-à-vis the government.

"Most people in the state appreciate what the government is doing at
the moment to add a lot of values to Owerri as the state capital and
make it a model city.

"The Governor has continued to appeal to the people of the state,
especially those whose fences, kiosks and other structures have been
touched for understanding. The Governor's ambition is to leave the
state better than he met it and all hands must be on deck to encourage
him in his effort to achieve that lofty goal."

--Vanguard