On Monday January 02 2011 Nigeria’s President Goodluck Ebele Jonathan constituted two committees — the subsidy investment board and a committee to dialogue with aggrieved stakeholders, a day after the removal of the fuel subsidy contrary to popular opinion.

It is unfortunate that the President Goodluck Jonathan led Administration had to remove the fuel subsidy and decides to constitute committees; one of which is to help oversee money accruing from the subsidy removal and the other to dialogue with aggrieved stakeholders.

Even if President Jonathan will do that, is it Septuagenarians like Dr. Christopher Kolade and Justice Alfa Belgore who are fit to head these Committees? What energies do they have to sit and deliberate on issues?, what energies do they have to oversee and ensure the effective and timely implementation of projects to be funded with the savings accruing to the Federal Government from subsidy removal?.

Worthy to note without prejudice that Justice Belgore is on the Board of the Asset Management Corporation of Nigeria (AMCON) as the Chairman, today nobody has so far assessed his performance. AMCON  has been described by Shareholders of the Nigerian Capital Market as the biggest fraud in Nigeria which is under the chairmanship of Justice Belgore and now another appointment to a man close to 80 years of age, is it not too much for his health? Are there no young professionals with experience like Justice Belgore and Dr. Kolade who have integrity that can be appointed to the so called President Jonathan’s committee’s job on subsidy investment and dialogue with aggrieved stakeholders?

Mind you these men will be paid handsomely with tax payers funds to sit on these Committees.

Before this time, there were reports that Dr. Kolade has had health issues collapsing a couple of times’ even when he was Nigeria’s High Commissioner to the United Kingdom.

Even when Justice Belgore was nominated to be Chairman of AMCON, Financial Market stakeholders expressed mixed reactions over such a nomination.

While some applauded his nomination being a credible individual, others are of the view that he is too old in the system and should give the younger generation a chance to prove themselves.

The Financial Market Stakeholders were of the view that the appointment of Justice Belgore was the usual re-cycling of old hands by Government.

Without prejudice some people say age is a thing of the mind; but it is natural, President Jonathan should have allowed these respected men rest and enjoy their old age; rather he should have taken the option of going to them for fatherly advice as senior citizens.

Suffice to say that at 79 and 75 years of age, both Dr. Kolade and Justice Belgore respectively have paid their dues and should be allowed to rest. Younger men should be appointed to handle such sensitive Committees; more especially at this time of our national life, these are important tasks, younger men or women are required for the job; considering the responsibilities of the Board which include

1. (a)Determine in liaison with the Ministry of Finance and Ministry of Petroleum Resources, the subsidy savings estimates for each preceding month and ensure that such funds are transferred to the Funds’ Special Account with the Central Bank of Nigeria
2. (b)Approve the annual work plans and cash budgets of the various Project Implementation Units (PIUs) within the Ministries, Departments and Agencies (MDAs) and ensure orderly disbursement of funds by the PIUs in order to certify and execute projects;
3. (c)Monitor and evaluate execution of the funded projects, including periodic Poverty and Social Impact Analyses (PSIA)
4. (d)Update the President regularly on the programme;
5. (e)Periodically brief the Executive Council of the Federation on the progress of the programme;
6. (f)Appoint consulting firms with international reputation to provide technical assistance to the Board in financial and project management;
7. (g)Appoint external auditors for the fund;
8. (h)Do such other things as are necessary or incidental to the objective of the Fund or as may be assigned by the Federal Government.

Peter OBIORA

peterobiora@investadvocate.com