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Nigerians berate BudgIT’s Onigbinde for accepting a government job

After the news broke earlier today that Oluseun Onigbinde has been appointed as a Technical Adviser in Nigeria’s Ministry of Budget and National Planning, some Nigerians quickly took to Twitter to drag him for “being hypocritical”.

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Oluwaseun Onigbinde

After the news broke earlier today that Oluseun Onigbinde has been appointed as a Technical Adviser in Nigeria’s Ministry of Budget and National Planning, some Nigerians quickly took to Twitter to drag him for “being hypocritical”. Onigbinde is a Nigerian entrepreneur and data analyst who became famous for founding BudgIT and critiquing the government’s fiscal policies.  

It is not surprising that this development came as a surprise to many Nigerians. After all, bearing in mind Mr Onigbinde’s track record, nobody would have expected that he would one day wish to work for the government; at least not the current administration that is led by President Muhammadu Buhari. But he did get the job. And while many Nigerians have congratulated him, others are not clapping for him.  

Mixed Reactions: One of those that have reacted to Onigbinde’s appointed is Dr Joe Abah. He said he is pleased that Onigbinde got the appointment, even as he also used the occasion to caution young Nigerians against being too critical of the government.

One David Okon also expressed his belief that Onigbinde is most qualified to offer technical advice to the Ministery of Budget, bearing in mind his experience and constant preachment on the need for fiscal accountability. 

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Many Nigerians are, however, displeased over the appointment. As a matter of fact, some people have even called for the appointment to be terminated, citing Onigbinde’s antecedent as Buhari’s critic. As a matter of fact, somebody referred to him a saboteur 

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While some people have argued that the backlash is not necessaryothers have continued to dig up some of the man’s old tweets which defined his career as a vocal critic of President Muhammadu Buhari. 

It should be recalled that the late Nigerian social critic, Pius Adesanmionce tweeted that he would give up on Nigeria if Onigbinde ever accepts a government appointment. Now that it has happened, some people are wondering what Adesanmi would have done if he were to still be alive. 

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Now, for the benefit of those who do not know the difference, Oluwaseyi Dansaki explained that this is not a political appointment. Instead, it is a “technical appointment”.  

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[READ: Buhari reveals why Nigeria has not signed AU’s trade agreement]

In the meantime, Olusegun Onigbinde (whose Twitter followers have mysteriously reduced by the thousands since the announcement), broke his silence following the backclash. Here is what he said; 

Emmanuel is a professional writer and business journalist, with interests covering Banking & Finance, Mergers and Acquisitions, Corporate Profiles, Brand Communication, Fintech, and MSMEs.He initially joined Nairametrics as an all-round Business Analyst, but later began focusing on and covering the financial services sector. He has also held various leadership roles, including Senior Editor, QAQC Lead, and Deputy Managing Editor.Emmanuel holds an M.Sc in International Relations from the University of Ibadan, graduating with Distinction. He also graduated with a Second Class Honours (Upper Division) from the Department of Philosophy & Logic, University of Ibadan.If you have a scoop for him, you may contact him via his email- [email protected] You may also contact him through various social media platforms, preferably LinkedIn and Twitter.

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Business News

FG’s plans on economic growth depend entirely on business climate – Osinbajo

Osinbajo has stated that every plan of the government relating to economic growth depends greatly on the business climate in Nigeria.

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The Vice President of Nigeria, Yemi Osinbajo, has told heads of agencies that every plan of the government relating to economic growth, and improving job creation & opportunities, depends on the climate of doing business in Nigeria.

This was revealed by the media aide to the Vice President, Laolu Akande, in a social media statement on Wednesday, after the VP spoke at a PEBEC meeting where a survey presentation exposed pitfalls in some regulatory agencies which affected a conducive business environment in the country.

The Vice President said the business climate “determines whether they will invest their resources, expand their businesses, and it just determines practically everything.”

Osinbajo directed that all heads of MDAs of Nigerian regulatory bodies be presented with the outcome of the survey to get their feedback and seriously deal with the situation promptly because there must be accountability.

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What you should know: Nairametrics reported last week that Prof. Osinbajo, during an MSME stakeholders’ meeting, disclosed that the Federal Government, in partnership with the private sector, would continue to provide interventions to boost the growth of small businesses across the country.

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Business

Malabu Oil Scandal: Prosecutors demand JPMorgan documents

U.S bank, JPMorgan has been ordered by a court to present documents of a transaction regarding the $1.3 billion Malabu oil field sale.

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Oil, DPR, FG announces commencement of bids for marginal oilfields despite court injunction

Prosecutors at the Milan Court holding a trial for the $1.3 billion Malabu oil field sale have demanded that U.S bank JPMorgan present documents of a transaction as part of the corruption case regarding the sale of the oilfield.

This was revealed in a report by Reuters, as the court case over the sale of the oil field continues. Prosecutors claim that nearly $1.1 billion was stolen by Nigerian politicians and middlemen, with former oil minister, Dan Etete, keeping half.

Prosecutors demanded that the Milan court accept emails sent by UK authorities, coming from a separate case launched by the Nigerian government against the bank for its role in the controversial deal.

The emails include a transaction between Nigerian Attorney General Mohammed Adoke Bello and JPMorgan using the address of a company owned by another Nigerian named Aliyu Abubakar. Prosecutors allege that he paid $500 million in cash as part of a bribe.

Both men have also been charged for corruption relating to the deal, with both pleading not guilty.

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The second email includes two JPMorgan executives expressing views on whether to transfer $1.1 billion to accounts related to Nigerian banks. The Milan prosecutors said the emails were valid, stating that a Swiss and Lebanese bank had also expressed doubts over the transaction.

The Milan court said it would make a decision over the emails on the 3rd of February. The verdict of the court case is expected to be announced in March 2020.

What you should know 

  • Nairametrics reported that Dan Etete, former Nigerian Minister of Petroleum, said that the $1.3 billion sales of Malabu oil field to Shell and Eni in 2021 was legally perfect, with zero traces of corruption in the deal.
  • Royal Dutch Shell announced that it would write down its investment in the controversial Malabu OPL 245 offshore field in Nigeria.
  • Malcolm Brinded, an ex-Upstream Chief of Shell Petroleum, told international prosecutors that the sum of $1.3 billion paid by Shell and Eni in 2011 to acquire OPL 245 offshore field was lawful, and he had no reason to think it was illegal.
  • A lawsuit filed by the Nigerian government against US bank JPMorgan Chase, claiming over $1.7 billion for its role in a disputed 2011 Malabu oil deal, will proceed to trial. The six-week trial in London is expected to commence on the first available date after November 1 2021, meaning that proceedings may not begin until 2022.

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Companies

Multiverse forecasts N39.5 million profit in Q1 2021

The management of Multiverse Plc has projected a revenue of N76 million and a profit of N39.5 million in Q1 2021.

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Multiverse Mining and Exploration Plc has projected that in the first quarter of 2021, the mining and exploration company will generate N76 million in revenue, and post a profit of N39.5 million.

These projections were made by the company in a recent earnings forecast issued by the Management, and signed by the Corporate Secretaries of the company.

Key highlights of the earnings forecast for Q1 2021

  • Total revenue is projected at N76 million.
  • Turnover from agency sale is projected at N1 million.
  • Agency cost is s projected at N850 thousand.
  • Total expenses are projected at N7.8 million.
  • Operating Profit is projected at N67.3 million.
  • EBIT (Earnings Before Interest and Taxation) is projected at N67.3 million.
  • Interest Expense is projected at N27.8 million.
  • Profit after tax is projected at N39.5 million.

Key assumptions made to support the earnings forecast and projection of the company

The earnings forecast was made on the ground that there won’t be any significant change in the economic policies of the Federal Government, while the monetary policies of the CBN would not be altered significantly.

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The company also maintained that there would not be any industrial unrest that would affect its production and sales volume, while the profit of the company would not be pressured by rising costs of inputs, as prices of materials used in production shall be stable in the period under review.

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