Poor Governance Should Stop

 By Terry  Adeniji

The government at all levels in the country is collapsing, the non-state actors have hijacked the reign of government from the people in power, especially the regulatory bodies in charge of our critical sectors, and the poor citizens are made to bear the brunt of their non-performance.

In the area of security, the Department of State Services, the police, and other security agents are helpless as the terrorists and bandits continue to terrorise people, killing, maiming and collecting ransom in millions of naira paid in cash and yet, the same huge money finds its way back to the bank and all these security agents can’t track it. Something is clearly wrong with our system, and yet nobody is resigning.

Is Buhari Interested In Electoral Reforms?

 By Ray Ekpu

President Muhammadu Buhari fought for the presidential diadem with the tenacity of a war horse. He went into the field three times, campaigning in various parts of the country to become the president of Nigeria. Three times he failed but didn’t stop there. He took his fate into the hands of the courts as a true warrior. On all three occasions he had his grouses against the electoral system. Then the fourth time he got lucky.

*Buhari
The APC was sewn together from three or four disparate groups to form a formidable platform on which Buhari ran and won. Then, as President, he contested for the second term and won. In all, Buhari tested his popularity five times before the voters. He lost three times and won twice. Contesting for the presidency five times translates to a lot of experience on the electoral processes, the good, the bad and the ugly. No one in Nigeria has that level of election experience at that high level. 

Getting Paid For Blunders

By Paul Onomuakpokpo  

At the height of the recession in 2008, those on the sidelines of the corporate world were scandalised by the blithe ease with which chief executive officers (CEOS) of companies, especially those in the United States were giving themselves hefty compensation. This came in the form of robust salaries, bonuses, stock option, severance pay and  other  benefits. Even those CEOs whose remorseless mismanagement of their companies triggered financial catastrophes that led to the collapse of their institutions and the loss of jobs by thousands of workers gave themselves robust reward packages. Of course, nobody would have protested if the compensation the CEOs were giving themselves were a reward for making their companies to meet their organisational goals, even surpass them and bring prosperity to their shareholders and workers.

Even in Nigeria, in the midst of the crisis, some CEOs, especially those of banks were busy buying private jets and fancy vehicles for themselves and acquiring properties all over the world. But after the Central Bank of Nigeria (CBN) took over some of these banks, there were several allegations of how these CEOs who were living big were actually deploying their organisations’ finances including those of shareholders and depositors to cater to their lavish lifestyles. While some of these CEOs were deprived of their banks, others managed to return to those institutions in higher capacities as chairmen. But before the crisis eased, some shareholders of these banks who sold their houses and used all their life savings to invest in them had taken their own lives.

Recent developments at MTN, a telecommunications giant, evoke the sad memories of the global recession. The MTN forced its CEO in South Africa and his counterpart in Nigeria to resign when they bungled a directive by the Nigerian Communications Commission (NCC) to register the telephone numbers of its subscribers in Nigeria. Outraged, the Nigerian government through the NCC asked the company to pay a N1.4 trillion fine. The matter has dragged on, and despite the MTN’s hiring of a U.S. attorney to negotiate with the Nigerian government, no truce has been brokered. The crisis has inflicted a heavy toll: the prices of the company’s shares have crashed on the South African stock exchange, jobs have been lost and some subscribers of the company have switched patronage. It was amid these developments that the news broke this week that MTN has paid the two former CEOs a severance package worth N560 million.

All these developments tend to reinforce the notion that in the world of business there is neither justice nor morality. Or else why should the CEOs who created problems for the company be the ones to be rewarded while the other stakeholders in the company, including  employees and shareholders are made to either suffer job loss or a cut in salary if at all they are still employed while  investors have the value of their shares whittled down? In justifying the payment of CEOs after taking their organisations through paths that are paved with calamitous consequences, there is often the argument that they are experts who take risks on behalf of their companies. But such an argument is invalidated in so far as whatever risk the CEOs may have taken that does not redound to the bottom line of their companies should elicit censure and not seeming approbation. Indeed, it is not because the CEOs are right that they succeed in paying themselves heavy compensation after making their companies to suffer huge losses. It is rather that through a certain canny dispensation of favour to those who could have challenged them, they rather get their support.