RE: BEFORE IT IS TOO LATE

President Goodluck Jonathan has finally replied ex leader, Olusegun Obasanjo on his recent 18-page letter, entitled ‘Before its too late’ to him.

Obasanjo in the missive accused president Jonathan of incompetency and abating corruption.

Jonathan, after a long wait decided to clear the air on the allegation levelled on him by the Otta farmer.

Read the full text of his letter below.

December 20th 2013

His Excellency,
Chief Olusegun Obasanjo, GCFR
Agbe L’Oba House, Quarry Road, Ibara, Abeokuta.

RE: BEFORE IT IS TOO LATE

I wish to formally acknowledge your letter dated December 2, 2013 and other previous correspondence similar to it. You will recall that all the letters were brought to me by hand. Although both of us discussed some of the issues in those letters, I had not, before now, seen the need for any formal reply since, to me, they contained advice from a former President to a serving President. Obviously, you felt differently because in your last letter, you complained about my not acknowledging or replying your previous letters.

It is with the greatest possible reluctance that I now write this reply. I am most uneasy about embarking on this unprecedented and unconventional form of open communication between me and a former leader of our country because I know that there are more acceptable and dignified means of doing so.

But I feel obliged to reply your letter for a number of reasons: one, you formally requested for a reply and not sending you one will be interpreted as ignoring a former President.

Secondly, Nigerians know the role you have played in my political life and given the unfortunate tone of your letter, clearly, the grapes have gone sour. Therefore, my side of the story also needs to be told. The third reason why I must reply you in writing is that your letter is clearly a threat to national security as it may deliberately or inadvertently set the stage for subversion.

The fourth reason for this reply is that you raised very weighty issues, and since the letter has been made public, Nigerians are expressing legitimate concerns. A response from me therefore, becomes very necessary.

The fifth reason is that this letter may appear in biographies and other books which political commentators on Nigeria’s contemporary politics may write. It is only proper for such publications to include my comments on the issues raised in your letter.

Sixthly, you are very unique in terms of the governance of this country. You were a military Head of State for three years and eight months, and an elected President for eight years. That means you have been the Head of Government of Nigeria for about twelve years. This must have, presumably, exposed you to a lot of information. Thus when you make a statement, there is the tendency for people to take it seriously.

The seventh reason is that the timing of your letter coincided with other vicious releases. The Speaker of the House of Representatives spoke of my “body language” encouraging corruption. A letter written to me by the CBN Governor alleging that NNPC, within a period of 19 months did not remit the sum of USD49.8 billion to the federation account, was also deliberately leaked to the public.

The eighth reason is that it appears that your letter was designed to incite Nigerians from other geopolitical zones against me and also calculated to promote ethnic disharmony. Worse still, your letter was designed to instigate members of our Party, the PDP, against me.

The ninth reason is that your letter conveys to me the feeling that landmines have been laid for me. Therefore, Nigerians need to have my response to the issues raised before the mines explode.

The tenth and final reason why my reply is inevitable is that you have written similar letters and made public comments in reference to all former Presidents and Heads of Government starting from Alhaji Shehu Shagari and these have instigated different actions and reactions. The purpose and direction of your letter is distinctly ominous, and before it is too late, my clarifications on the issues need to be placed on record.

Let me now comment on the issues you raised. In commenting I wish to crave your indulgence to compare what is happening now to what took place before. This, I believe, will enable Nigerians see things in better perspective because we must know where we are coming from so as to appreciate where we now are, and to allow us clearly map out where we are going.

You raised concerns about the security situation in the country. I assure you that I am fully aware of the responsibility of government for ensuring the security of the lives and property of citizens. My Administration is working assiduously to overcome current national security challenges, the seeds of which were sown under previous administrations. There have been some setbacks; but certainly there have also been great successes in our efforts to overcome terrorism and insurgency.

Those who continue to down-play our successes in this regard, amongst whom you must now be numbered, appear to have conveniently forgotten the depths to which security in our country had plunged before now.

At a stage, almost the entire North-East of Nigeria was under siege by insurgents. Bombings of churches and public buildings in the North and the federal capital became an almost weekly occurrence. Our entire national security apparatus seemed nonplussed and unable to come to grips with the new threat posed by the berthing of terrorism on our shores.

But my administration has since brought that very unacceptable situation under significant control. We have overhauled our entire national security architecture, improved intelligence gathering, training, funding, logistical support to our armed forces and security agencies, and security collaboration with friendly countries with very visible and positive results.

The scope and impact of terrorist operations have been significantly reduced and efforts are underway to restore full normalcy to the most affected North Eastern region and initiate a post-crisis development agenda, including a special intervention programme to boost the region’s socio-economic progress.

In doing all this, we have kept our doors open for dialogue with the insurgents and their supporters through efforts such as the work of the Presidential Committee on Dialogue and the Peaceful Resolution of the Security Challenges in the North-East. You also know that the Governor of Borno State provided the items you mentioned to me as carrots. Having done all this and more, it is interesting that you still accuse me of not acting on your hardly original recommendation that the carrot and stick option be deployed to solve the Boko Haram problem.

Your suggestion that we are pursuing a “war against violence without understanding the root causes of the violence and applying solutions to deal with all the underlying factors” is definitely misplaced because from the onset of this administration, we have been implementing a multifaceted strategy against militancy, insurgency and terrorism that includes poverty alleviation, economic development, education and social reforms.

Even though basic education is the constitutional responsibility of States, my administration has, as part of its efforts to address ignorance and poor education which have been identified as two of the factors responsible for making some of our youth easily available for use as cannon fodder by insurgents and terrorists, committed huge funds to the provision of modern basic education schools for the Almajiri in several Northern States. The Federal Government under my leadership has also set up nine additional universities in the Northern States and three in the Southern States in keeping with my belief that proper education is the surest way of emancipating and empowering our people.

More uncharitable persons may even see a touch of sanctimoniousness in your new belief in the carrot and stick approach to overcoming militancy and insurgency. You have always referred to how you hit Odi in Bayelsa State to curb militancy in the Niger Delta. If the invasion of Odi by the Army was the stick, I did not see the corresponding carrot. I was the Deputy Governor of Bayelsa State then, and as I have always told you, the invasion of Odi did not solve any militancy problem but, to some extent, escalated it. If it had solved it, late President Yar’Adua would not have had to come up with the amnesty program. And while some elements of the problem may still be there, in general, the situation is reasonably better.

In terms of general insecurity in the country and particularly the crisis in the Niger Delta, 2007 was one of the worst periods in our history. You will recall three incidents that happened in 2007 which seemed to have been orchestrated to achieve sinister objectives. Here in Abuja, a petrol tanker loaded with explosives was to be rammed into the INEC building. But luckily for the country, an electric pole stopped the tanker from hitting the INEC building. It is clear that this incident was meant to exploit the general sense of insecurity in the nation at the time to achieve the aim of stopping the 2007 elections. It is instructive that you, on a number of occasions, alluded to this fact.

When that incident failed, an armed group invaded Yenagoa one evening with the intent to assassinate me. Luckily for me, they could not. They again attacked and bombed my country home on a night when I was expected in the village. Fortunately, as God would have it, I did not make the trip.

I recall that immediately after both incidents, I got calls expressing the concern of Abuja. But Baba, you know that despite the apparent concern of Abuja, no single arrest was ever made. I was then the Governor of Bayelsa State and the PDP Vice-Presidential candidate. The security people ordinarily should have unraveled the assassination attempt on me.

You also raised the issues of kidnapping, piracy and armed robbery. These are issues all Nigerians, including me are very concerned about. While we will continue to do our utmost best to reduce all forms of criminality to the barest minimum in our country, it is just as well to remind you that the first major case of kidnapping for ransom took place around 2006. And the Boko Haram crisis dates back to 2002. Goodluck Jonathan was not the President of the country then. Also, armed robbery started in this country immediately after the civil war and since then, it has been a problem to all succeeding governments. For a former Head of Government, who should know better, to present these problems as if they were creations of the Jonathan Administration is most uncharitable.

Having said that, let me remind you of some of the things we have done to curb violent crime in the country. We have reorganized the Nigerian Police Force and appointed a more dynamic leadership to oversee its affairs. We have also improved its manpower levels as well as funding, training and logistical support.

We have also increased the surveillance capabilities of the Police and provided its air-wing with thrice the number of helicopters it had before the inception of the present administration. The National Civil Defence and Security Corps has been armed to make it a much more effective ally of the police and other security agencies in the war against violent crime. At both domestic and international levels, we are doing everything possible to curb the proliferation of the small arms and light weapons with which armed robberies, kidnappings and piracy are perpetrated. We have also enhanced security at our borders to curb cross-border crimes.

We are aggressively addressing the challenge of crude oil theft in collaboration with the state Governors. In addition, the Federal Government has engaged the British and US governments for their support in the tracking of the proceeds from the purchase of stolen crude. Similarly, a regional Gulf of Guinea security strategy has been initiated to curb crude oil theft and piracy.

Perhaps the most invidious accusation in your letter is the allegation that I have placed over one thousand Nigerians on a political watch list, and that I am training snipers and other militia to assassinate people. Baba, I don’t know where you got that from but you do me grave injustice in not only lending credence to such baseless rumours, but also publicizing it. You mentioned God seventeen times in your letter. Can you as a Christian hold the Bible and say that you truly believe this allegation?

The allegation of training snipers to assassinate political opponents is particularly incomprehensible to me. Since I started my political career as a Deputy Governor, I have never been associated with any form of political violence. I have been a President for over three years now, with a lot of challenges and opposition mainly from the high and mighty. There have certainly been cases of political assassination since the advent of our Fourth Republic, but as you well know, none of them occurred under my leadership.

Regarding the over one thousand people you say are on a political watch list, I urge you to kindly tell Nigerians who they are and what agencies of government are “watching” them. Your allegation that I am using security operatives to harass people is also baseless. Nigerians are waiting for your evidence of proof. That was an accusation made against previous administrations, including yours, but it is certainly not my style and will never be. Again, if you insist on the spurious claim that some of your relatives and friends are being harassed, I urge you to name them and tell Nigerians what agencies of my administration are harassing them.

I also find it difficult to believe that you will accuse me of assisting murderers, or assigning a presidential delegation to welcome a murderer. This is a most unconscionable and untrue allegation. It is incumbent on me to remind you that I am fully conscious of the dictates of my responsibilities to God and our dear nation. It is my hope that devious elements will not take advantage of your baseless allegation to engage in brazen and wanton assassination of high profile politicians as before, hiding under the alibi your “open letter” has provided for them.

Nevertheless, I have directed the security agencies and requested the National Human Rights Commission to carry out a thorough investigation of these criminal allegations and make their findings public.

That corruption is an issue in Nigeria is indisputable. It has been with us for many years. You will recall that your kinsman, the renowned afro-beat maestro, Fela Anikulapo-Kuti famously sang about it during your first stint as Head of State. Sonny Okosun also sang about corruption. And as you may recall, a number of Army Generals were to be retired because of corruption before the Dimka coup. Also, the late General Murtala Mohammed himself wanted to retire some top people in his cabinet on corruption-related issues before he was assassinated. Even in this Fourth Republic, the Siemens and Halliburton scandals are well known.

The seed of corruption in this country was planted a long time ago, but we are doing all that we can to drastically reduce its debilitating effects on national development and
progress. I have been strengthening the institutions established to fight corruption. I will not shield any government official or private individual involved in corruption, but I must follow due process in all that I do. And whenever clear cases of corruption or fraud have been established, my administration has always taken prompt action in keeping with the dictates of extant laws and procedures. You cannot claim to be unaware of the fact that several highly placed persons in our country, including sons of some of our party leaders are currently facing trial for their involvement in the celebrated subsidy scam affair. I can hardly be blamed if the wheels of justice still grind very slowly in our country, but we are doing our best to support and encourage the judiciary to quicken the pace of adjudication in cases of corruption.

Baba, I am amazed that with all the knowledge garnered from your many years at the highest level of governance in our country, you could still believe the spurious allegation contained in a letter written to me by the Governor of the Central Bank of Nigeria (CBN), and surreptitiously obtained by you, alleging that USD49.8 billion, a sum equal to our entire national budget for two years, is “unaccounted for” by the NNPC. Since, as President, you also served for many years as Minister of Petroleum Resources, you very well know the workings of the corporation. It is therefore intriguing that you have made such an assertion. You made a lot of insinuations about oil theft, shady dealings at the NNPC and the NNPC not remitting the full proceeds of oil sales to the of CBN. Now that the main source of the allegations which you rehashed has publicly stated that he was “misconstrued”, perhaps you will find it in your heart to apologize for misleading unwary Nigerians and impugning the integrity of my administration on that score.

Your claim of “Atlantic Oil loading about 130, 000 barrels sold by Shell and managed on behalf of NPDC with no sale proceeds paid into the NPDC account” is also disjointed and baseless because no such arrangement as you described exists between Atlantic Oil and the Nigeria Petroleum Development Company. NPDC currently produces about 138, 000 barrels of oil per day from over 7 producing assets. The Crude Oil Marketing Division (COMD) of the NNPC markets all of this production on behalf of NPDC with proceeds paid into NPDC account.

I am really shocked that with all avenues open to you as a former Head of State for the verification of any information you have received about state affairs, you chose to go public with allegations of “high corruption” without offering a shred of supporting evidence. One of your political “sons” similarly alleged recently that he told me of a minister who received a bribe of $250 Million from an oil company and I did nothing about it. He may have been playing from a shared script, but we have not heard from him again since he was challenged to name the minister involved and provide the evidence to back his claim. I urge you, in the same vein, to furnish me with the names, facts and figures of a single verifiable case of the “high corruption” which you say stinks all around my administration and see whether the corrective action you advocate does not follow promptly. And while you are at it, you may also wish to tell Nigerians the true story of questionable waivers of signature bonuses between 2000 and 2007.

While, by the Grace of God Almighty, I am the first President from a minority group, I am never unmindful of the fact that I was elected leader of the whole of Nigeria and I have always acted in the best interest of all Nigerians. You referred to the divisive actions and inflammatory utterances of some individuals from the South-South and asserted that I have done nothing to call them to order or distance myself from their ethnic chauvinism. Again that is very untrue. I am as committed to the unity of this country as any patriot can be and I have publicly declared on many occasions that no person who threatens other Nigerians or parts of the country is acting on my behalf.

It is very regrettable that in your letter, you seem to place sole responsibility for the ongoing intrigues and tensions in the PDP at my doorstep, and going on from that position, you direct all your appeals for a resolution at me. Baba, let us all be truthful to ourselves, God and posterity. At the heart of all the current troubles in our party and the larger polity is the unbridled jostling and positioning for personal or group advantage ahead of the 2015 general elections. The “bitterness, anger, mistrust, fear and deep suspicion” you wrote about all flow from this singular factor.

It is indeed very unfortunate that the seeming crisis in the party was instigated by a few senior members of the party, including you. But, as leader of the party, I will continue to do my best to unite it so that we can move forward with strength and unity of purpose. The PDP has always recovered from previous crises with renewed vigour and vitality. I am very optimistic that that will be the case again this time. The PDP will overcome any temporary setback, remain a strong party and even grow stronger.

Instigating people to cause problems and disaffection within the party is something that you are certainly familiar with. You will recall that founding fathers of the Party were frustrated out of the Party at a time. Late Chief Sunday Awoniyi was pushed out, Late Chief Solomon Lar left and later came back, Chief Audu Ogbeh and Chief Tom Ikimi also left. Chief Okwesilieze Nwodo left and later came back. In 2005/2006, link-men were sent to take over party structures from PDP Governors in an unveiled attempt to undermine the state governors. In spite of that, the Governors did not leave the Party because nobody instigated and encouraged them to do so.

The charge that I was involved in anti-party activities in governorship elections in Edo, Ondo, Lagos, and Anambra States is also very unfortunate. I relate with all Governors irrespective of political party affiliation but I have not worked against the interest of the PDP. What I have not done is to influence the electoral process to favour our Party. You were definitely never so inclined, since you openly boasted in your letter of how you supported Alhaji Shehu Shagari against Chief Obafemi Awolowo, Chief Nnamdi Azikiwe and others in the 1979 presidential elections while serving as a military Head of State. You and I clearly differ in this regard, because as the President of Nigeria, I believe it is my duty and responsibility to create a level playing field for all parties and all candidates.

Recalling how the PDP lost in states where we were very strong in 2003 and 2007 such as Edo, Ondo, Imo, Bauchi, Anambra, and Borno, longstanding members of our great party with good memory will also consider the charge of anti-party activities you made against me as misdirected and hugely hypocritical. It certainly was not Goodluck Jonathan’s “personal ambition or selfish interest” that caused the PDP to lose the governorship of Ogun State and all its senatorial seats in the last general elections.

You quoted me as saying that I have not told anybody that I will seek another term in office in 2015. You and your ambitious acolytes within the party have clearly decided to act on your conclusion that “only a fool will believe that statement” and embark on a virulent campaign to harass me out of an undeclared candidature for the 2015 presidential elections so as to pave the way for a successor anointed by you.

You will recall that you serially advised me that we should refrain from discussing the 2015 general elections for now so as not to distract elected public officials from urgent task of governance. While you have apparently moved away from that position, I am still of the considered opinion that it would have been best for us to do all that is necessary to refrain from heating up the polity at this time. Accordingly, I have already informed Nigerians that I will only speak on whether or not I will seek a second term when it is time for such declarations. Your claims about discussions I had with you, Governor Gabriel Suswam and others are wrong, but in keeping with my declared stance, I will reserve further comments until the appropriate time.

Your allegation that I asked half a dozen African Presidents to speak to you about my alleged ambition for 2015, is also untrue. I have never requested any African President to discuss with you on my behalf. In our discussion, I mentioned to you that four Presidents told me that they were concerned about the political situation in Nigeria and intended to talk to you about it. So far, only three of them have confirmed to me that they have had any discussion with you. If I made such a request, why would I deny it?

The issue of Buruji Kashamu is one of those lies that should not be associated with a former President. The allegation that I am imposing Kashamu on the South-West is most unfortunate and regrettable. I do not even impose Party officials in my home state of Bayelsa and there is no zone in this country where I have imposed officials. So why would I do so in the South West? Baba, in the light of Buruji’s detailed public response to your “open letter”, it will be charitable for you to render an apology to Nigerians and I.

On the issue of investors being scared to come to Nigeria, economic dormancy, and stagnation, I will just refer you to FDI statistics from 2000 to 2013. Within the last three years, Nigeria has emerged as the preferred destination for investments in Africa, driven by successful government policies to attract foreign investors. For the second year running, the United Nations Conference on Trade and Investments (UNCTAD) has ranked Nigeria as the number one destination for investments in Africa, and as having the fourth highest returns in the world.

Today, Nigeria is holding 18 percent of all foreign investments in Africa and 60 percent of all foreign investments in the ECOWAS Sub-Region. Kindly note also that in the seven years between 2000 and 2007 when you were President, Nigeria attracted a total of $24.9 Billion in FDI. As a result of our efforts which you disparage, the country has seen an FDI inflow of $25.7 Billion in just three years which is more than double the FDI that has gone to the second highest African destination. We have also maintained an annual national economic growth rate of close to seven per cent since the inception of this administration. What then, is the justification for your allegation of scared investors and economic dormancy?

Although it was not emphasized in your letter of December 2, 2013, you also conveyed, in previous correspondence, the impression that you were ignorant of the very notable achievements of my administration in the area of foreign relations. It is on record that under my leadership, Nigeria has played a key role in resolving the conflicts in Niger, Cote d’Ivoire, Mali, Guinea Bissau and others.

The unproductive rivalry that existed between Nigeria and some ECOWAS countries has also been ended under my watch and Nigeria now has better relations with all the ECOWAS countries. At the African Union, we now have a Commissioner at the AU Commission after being without one for so long. We were in the United Nations Security Council for the 2010/2011 Session and we have been voted in again for the 2014/2015 Session. From independence to 2010, we were in the U.N. Security Council only three times but from 2010 to 2015, we will be there two times. This did not happen by chance. My Administration worked hard for it and we continue to maintain the best possible relations with all centres of global political and economic power. I find it hard therefore, to believe your assertions of untoward concern in the international community over the state of governance in Nigeria

With respect to the Brass and Olokola LNG projects, you may have forgotten that though you started these projects, Final Investment Decisions were never reached. For your information, NNPC has not withdrawn from either the Olokola or the Brass LNG projects.

On the Rivers State Water Project, you were misled by your informant. The Federal Government under my watch has never directed or instructed the Africa Development Bank to put on hold any project to be executed in Rivers state or any other State within the Federation. The Rivers Water Project was not originally in the borrowing plan but it was included in April 2013 and appraised in May. Negotiations are ongoing with the AfDB. I have no doubt that you are familiar with the entire process that prefaces the signing of a Subsidiary Loan Agreement as in this instance.

Let me assure you and all Nigerians that I do not engage in negative political actions and will never, as President, oppress the people of a State or deprive them of much needed public services as a result of political disagreement I have noted your comments on the proposed National Conference. Contrary to the insinuation in your letter, the proposed conference is aimed at bringing Nigerians together to resolve contentious national issues in a formal setting. This is a sure way of promoting greater national consensus and unity, and not a recipe for “disunity, confusion and chaos” as you alleged in your letter.

Having twice held the high office of President, Commander-In-Chief of the Armed Forces of the Federal Republic of Nigeria, I trust that you will understand that I cannot possibly find the time to offer a line-by-line response to all the accusations and allegations made in your letter while dealing with other pressing demands of office and more urgent affairs of state.

I have tried, however, to respond to only the most serious of the charges which question my sincerity, personal honour, and commitment to the oath which I have sworn, to always uphold and protect the interests of all Nigerians, and promote their well-being.

In closing, let me state that you have done me grave injustice with your public letter in which you wrongfully accused me of deceit, deception, dishonesty, incompetence, clannishness, divisiveness and insincerity, amongst other ills.

I have not, myself, ever claimed to be all-knowing or infallible, but I have never taken Nigeria or Nigerians for granted as you implied, and I will continue to do my utmost to steer our ship of state towards the brighter future to which we all aspire.

Please accept the assurances of my highest consideration and warm regards.

GOODLUCK EBELE JONATHAN

Culled from Dailypost.com.ng

50-question homework on the state of the Nigerian economy for Ngozi Okonjo-Iweala

The House of Representatives finance committee tasked the minister with 50 questions on the state of the Nigerian economy.

Mrs. Okonjo-Iweala had earlier presented the budget proposals for 2014 to the Senate and the House of Representatives, before meeting the house finance committee.

The minister said she was indisposed and only responded to her invitation out of respect for the legislature.

But when lawmakers offered to excuse her due to her health, but with a condition she responds to 50 questions in writing within two weeks, the minister backtracked choosing instead to answer the questions at the meeting.

Exchanges between the minister and the committee chairman, Abdulmumini Jibrin, quickly escalated with Mrs. Okonjo-Iweala accusing the committee of being disrespectful.

“With all due respect, I will not tell your committee that I’m feeling fine when I’m not. We have had good working relationship with your committee; I thought we’ll be treated with courtesy, but the way you’re starting is a bit disturbing,” the minister said.

Mr. Jibrin said the committee had ruled that she be allowed to go and respond to the questions.

“We don’t want any haphazard answers,” he said.

The minister insisted on being heard, but was asked to leave.

“I’m sorry Honourable Minister. You can only decide what happens in the Finance Ministry and not in the House,” Mr. Jibrin said.

Read the lawmakers’ 50 questions below:

House Committee on Finance

Questions for the HMF/CME on the State of the Economy

1. What should you consider as the major economic achievements of this government in the 2013 fiscal year and why? In your explanation, we will need facts and figures in demonstrating such achievements.

2. You have been credited with many announcements regarding Nigeria’s economy as one of the fastest growing economies in Africa. If the economy is one of the fast growing economies, what is exactly growing the economy? What role does government play in the said economic growth, especially given that as high as 80 percent of the country’s total annual budget spending still goes into recurrent expenditure?

3. Since your arrival as minister of finance in 2011, you have publicly announced the need to reduce the recurrent expenditure so that more money would be made available to capital spending which is critical to growing and diversifying the country’s economy. How far has government succeeded in making these necessary cuts; and where exactly have these cuts been made in this effort to reduce recurrent expenditure? In other words, based on real amount spent on capital expenditure, how much reduction was made in 2011 against 2010, in 2012 against 2011 and in 2013 against 2012?

4. You are known to be celebrating a single-digit GDP growth. But speaking recently at a breakfast dialogue with some members of the organized private sector in Lagos, organized by the Nigerian Economic Summit Group (NESG), you were quoted as saying: “We are growing, but not creating enough jobs. That is a very big challenge…We need to grow faster. I think it needs to grow at least 9 to 10 percent to drive job growth the way we want.” Don’t you agree that a good finance minister managing an economy like ours should be celebrating a GDP growth as high as 20 percent annually? Why is it that our economy cannot grow beyond a single digit? How many jobs are being created as a result of these said growths? In which sectors of the economy are these jobs created? If in private sector, what contributions is government making to further assist these private sector firms?

5. In the presence of Nigeria’s huge infrastructure deficit, why is it that the country’s debt-to-GDP at about 19 percent in 2012 remains one of the lowest in the world when compared to nations already with world-class infrastructure and industrial economies such as America’s 105 percent, Brazil’s 65.49 percent, India’s 67.60 percent, and South Africa’s 40.9 percent?

6. Since facts don’t lie, have you any disagreements with the September 4, 2013 Global Competitiveness Report of the World Economic Forum for 2013-2014, which ranked Nigeria 120th out of 148 countries ranked in the Global Competitiveness Index, including being ranked far behind some African countries such as Mauritius 45th, South Africa 53rd, and Kenya 96th?

7. ”For the first time in Nigeria’s 53rd year history, we have successfully privatized the electric power industry,’’ so said the President at a recent meeting in London with some foreign investors. As minister of finance should you agree that the recent privatization of the country’s power infrastructure is worth celebrating as a major economic achievement in 2013, when in reality there is little or nothing to show as an improvement in the country power supply? Also why our rush to wholesale privatization of the power sector when countries like South Africa, generating as high as 42,000MW still have their power sector mostly in public hands?

8. What was your reaction to the November 12, 2013 statement credited to the World Bank Country Director for Nigeria, Marie-Francoise Marie-Nelly, who said that over 100 million Nigerians are today living in absolute destitution, representing an unheard-of 8.33 percent of the world’s total number of people living in destitution?

9. Nigerians are increasingly perplexed that these days nothing happens without government borrowing. And for most Nigerians, it is frightening how those managing the economy are just dragging us into excessively unproductive debts. More worrisome is the fact that every effort is being made to hide the details of the country’s debt stock from Nigerians. Where are the facts that the country’s current high rate of borrowing is productive, let alone have the ability to be repaid without having to resort to more borrowings?

10. Is prudence in our borrowing simply reduction in borrowing or simply constructive borrowing with government putting necessary measures in place to ensure that domestic debt profile is properly supervised and utilized by curbing corruption?

11. From Debt Management Office (DMO) 2012 Annual Report, the total public debt outstanding between 2008 and 2012 for external stock rose from $3.72bn to $6.53bn, while domestic stock rose from $17.68bn to $41.97bn. The total debt service the same period saw the percentage of external debt service drastically reduced from 11.46 per cent to 5.96 per cent while the percentage of domestic debt servicing grew from 88.54 per cent in 2008 to 94.04 per cent in 2012, drastically increasing the cost of the total debt service since the cost of domestic borrowing is atrociously higher than the cost of external borrowing. How could your debt sustainability analysis rationalize this without seeing some narrow interests being the overriding reason? Could this be the explanation why commercial banks in the country are declaring unheard-of three digit profits and the high Foreign Portfolio Investment and low Foreign Direct Investment?

12.It’s an established fact that the willingness and ability to borrow do not automatically translate into economic growth. If you agree with this fact, how productive are the country’s recent borrowings?

13. Why should our internal debts continue to represent more than two-thirds of Nigeria’s external debt profile, when the cost of servicing domestic debts is ridiculously far more expensive than servicing external debts? Why should government continue to borrow internally when in so doing results in insufficient funds, skyrockets the cost of borrowing and above all, crowds out the real sector from the money market? Shouldn’t the high cost of domestic borrowing override whatever are the assumed benefits? Since both London Interbank Offer Rates (LIBOR) and the US Treasury Bonds rates offer far better interest rates for sovereign borrowings, why have we continued not to take advantage of cheaper interest rates?

14. Your references to the country’s economic growth profile have always been based on Fitch, Standard and Poor’s, and Moody’s ratings. Are you aware that these same rating agencies are being sued in New York (with case # 652410/2013) by two Bear Stearns hedge funds for fraudulently assigning inflated ratings to securities in the run-up to the 2008 financial crisis? If you do, why do you insist on accepting the rating as reliable.

15. How much exactly has been the amount of money lost in government revenue as a result of import duty waivers in 2011, 2012 and 2013? Provide the names and beneficiaries and justification for same. In your opinion as the minister of finance who oversees the economy, what are the implications to the country’s economy? What efforts have you have made to stop this waiver policy, which is distorting the economy? Our non oil income has dropped in 2013. A case where increased tariffs on various items effectively reduced importation to zero in some sectors. However, those items now find their way into Nigeria through our borders. Does it make any sense to increase these tariffs when we have such porous borders? As an example, officially, Togo imported more rice this year than Nigeria.

16. It was reported that the FIRS is to engage foreign consultants for tax collection in 2014. Could the Minister clarify this position and what Nigeria stands to gain? Have the FIRS not been working effectively.

17. Do you really believe that Nigeria needs a ‘Sovereign Wealth Fund’ at this critical juncture of budgetary deficits, and having to be borrowing extensively in an effort to address government revenue gaps? Shouldn’t the presence of Nigerian Sovereign Investment Authority (NSIA) simply mean spreading government’s scarce resources thinly? Why will you insist that no matter what we still need to operate a sovereign wealth fund? Sincerely speaking, how sustainable are the objectives of Nigeria’s Sovereign Wealth Fund, particularly in the long-term?

18. You should agree that a lot of Nigerians are interested in the link between NSIA and the government. Since there is no doubt that Nigerian Sovereign Investment Authority is an agent of government — or is it not? The question is: How should we think about the management structure in so far as major decisions are concerned? Where is the line between NSIA, as a commercially minded entity, and the government, especially given government’s policy of having no business doing business? If, for example, government does not get involved in specific investments, then, who appoints the external managers involved in managing some parts of the NSIA funds?

19. Who determines the investment objective and who establishes the risk parameter for the NSIA’s portfolio? In providing answer to this question, it is also important to understand and explain why NSIA recently hired a Swiss national as its chief portfolio investor? Answering this question is important since it should help us to know who determines the maximum draw-down that the government would be comfortable with in extremely negative market environments.

20. What should be your explanations for awarding MasterCard a multimillion dollar National Identity Smart Cards, when there are indigenous ICT companies that not only have what it takes but would have done it cheaper and create local jobs at the same time?

21. Have you taken into considerations how foreign company could use such information available to it to invade the privacy of Nigerians?

22. What are reasons for SURE-P to give preference to Chevrolet cars for SURE-P taxis, when it is known that not only are such cars very expensive to maintain compared with Asian and European cars, but also are also not fuel efficient and not durable on our roads?

23. Honorable Minister of Finance, you will agree that SURE-P is very important to the people of this country, taking into cognizance that it is the only thing they stand to gain from the increase on petroleum product pump prices almost 2 years ago. Who is in charge of the management of SURE-P and who takes responsibility for its successes and failures?

24. You will agree that inasmuch as the interest rate regime is critical to the real sector borrowing decisions, most principal factor in making borrowing decisions is the business’s expected rate of return on investing borrowed money? The question, without efforts to protect local businesses from their foreign counterparts, the high cost of doing business in Nigeria, puts them at such a disadvantaged position that it makes no economic sense borrowing to invest in their local businesses, why should we expect private sector firms to be investing in the economy?

25. You are quoted as saying, ” Very soon, the US would become a net exporter of oil…So, it would be disingenuous for anyone to say that just because the price of oil has hovered at around $100 per barrel, it cannot crash… Lest we forget, as recently as 2008, oil prices crashed from a peak of $147 per barrel to $35 per barrel ina space of months triggered by the global financial crisis. Is the minority leader saying he has forgotten that?” This forces one to wonder from which source should the US become that net exporter of oil, given that the US daily oil consumption was 18.7 million barrels with (10.6 million of which was imported daily) in 2012? Or, should it be from the shale oil which the International Energy Agency (IEA) demonstrates to be at two million barrels daily? In other words, given the IEA global oil price trajectory, can’t we agree that “There are many constraints on supply keeping pace with demand’’ which means that within this decade, oil prices should always hover around $125 per barrel? Answering this question will help us understand why you insist on benchmarking the oil price for the 2014 appropriation at below $79 per barrel? In answering this question, would you also agree that as the global economy shifts from West to Asia, so will the appetite for global oil consumption shift from the West to Asia?

As crude oil continues to sell at $100-$110, how low will production have to fall for us to record a net loss or at what production level can we break even at a 2013 benchmark of $79.

26. Do you agree that the Excess Crude Account as being operated by government is illegal and unconstitutional, especially given how it has been managed?

27. Can you explain with clarity how the ECA is being operated? Also provide a statement of account of the ECA from 2011 to 2013? Also how much have we made in excess of the benchmark price from January 2013 till date.

28. If there is nothing like Excess Crude Account, would you have been demanding lower oil price benchmark for the budget, especially when the executive arm of government around world is known for demanding more money from lawmakers in order to be able to meet government spending obligations, particularly capital spending. Why is the reverse the case in Nigeria only, notably since 2011?

29. With respect to the Excess crude account and our Sovereign wealth fund again, there have been allegations and counter allegations on its legality. Assuming, for the sake of the committee’s enlightenment, the FGN alone saved its own excess in its ECA/SWF (which is about 52% of the Federation account) and the states and LGs get their funds in full compliance with the constitution, what would be the effect on the economy?

30. Do you believe in the fight against corruption? If you do why has EFCC not been proper funded? Without properly funding the commission, how should it be expected to carry out its duties effectively?

31. Can you confirm with figures if we have met our cumulative revenue projections for 2011, 2012, 2013, and if we have, how and if we have not, why? Also provide backup performance information under the various revenue generating agencies—NNPC (Oil and Gas), DPR, FIRS, Customs, Independent Revenue and other anticipated and unanticipated revenues e.g. privatization and sales of government properties etc.

32. As Minister of Finance, are you familiar and comfortable with all the present business arrangements of the NNPC? Why were these business arrangements excluded from the MTEF which used to be the practice? Provide all the present business arrangements, the parties involved, the share of each party, and justifications for such.

33. Provide details of government stake in NLNG. All categories of revenue under the NLNG and total amount generated so far and evidence of remittances.

34. Why do you always prefer a lower benchmark which leaves government with wider deficits and your attitude of no qualms with domestic borrowings at excessively high interest rates to balance deficit as against our position of increasing benchmark to reduce deficit which consequently reduces domestic borrowing, that frees up funds for the real sector of the economy, thereby bringing down the interest rate, increased private sector investments and creating jobs.

35. What is the total amount expended by certain statutory agencies of government without appropriation for 2011, 2012, and 2013? Also provide aggregate appropriated expenditure for the same period. As the Coordinating Minister of the Economy, do you feel comfortable with allegations that almost equal amount of our yearly aggregate expenditure is being spent without appropriation, yet we are crying that the country is running short of revenue?

36. Between May 7 and 9, 2014, it is expected that Nigeria will be hosting World Economic Forum on Africa. Who will finance this event and why? In concrete terms, what are the expected tangible benefits to the country in return to justify hosting such expensive event that will require lots of money for logistics, accommodations, security, especially given that South Africa that recently hosted the event has nothing to show for it.

37. If you should for any reason say it will attract foreign investors, the question, then becomes, what kind of foreign investors are we talking about here because as we all know, no serious foreign investor needs to attend such a forum in Nigeria in order to recognize that our country should have been one of the world’s favored investment destinations had our perennial infrastructure deficit been addressed head-on?

38. Most of the developing economies like China, India, and Brazil that the world is today celebrating as economic success wouldn’t have become this successful without adopting multi-year development plans. Why after knowing that their successes are as a result of carefully designed multi-year economic planning, we are yet to adopt such a multi-year development model? In other words, why wouldn’t you agree that Nigeria too needs that in order to move faster and more sustainably in its quest for industrialization and economic diversification and job creation for millions of the country’s unemployed young men and women?

39. As the Coordinating Minister of the Economy, can you precisely clarify how much is AMCON’s debt exposure and what will its defaulting mean to the country’s economy?

40. Why are we using the 10 to 15 years moving average to arrive at your 2014 proposed benchmark as against the traditional 5 to 10 years moving average we have always used? Is it because using the 5 -10 year average will not give you the benchmark price you desire?

41. This time last year you informed this committee that our external reserve position was about $48 billion and the balance on our excess crude account was about $9 billion. You also said that the plan was to grow these balances to about $50 billion and $10 billion respectively. However we are hearing that the balances have dropped to $43 billion and $3 billion respectively. And you are saying all is well?

42. Crude oil projections for 2013 were 2.53 million barrels per day while actual figures as supplied by the NNPC/DPR/MTEF have averaged about 2.3 million barrels per day giving a shortfall of about 9%. Could this alone have caused such a drastic reduction in our reserves and savings positions?

43. Is any money missing from our anticipated revenue from the NNPC in particular and oil industry in general. If there is, how much? If not, how come such issues emanate from high offices in the executive arm of Government?

44. Referring to the pre-shipment inspection of exports act of 1996 and the Federal ministry of Finance export guidelines. If any good (oil, gas or non oil) is exported from Nigeria the exporter is compelled to repatriate these proceeds through the domiciliary account of a Nigerian bank. What has been the effectiveness of these laws? Is there full compliance.

45. If there has not been compliance, would it not make it difficult for us to build up our foreign reserves? Could we not say that the main thrust of the CBN letter was that our foreign reserves are not growing even though there has been a consistent high selling price of crude due to the fact that huge funds are not being repatriated at all or are repatriated through the black market?

46. Could we say that the issue is not so much that money is missing (which is yet to be determined) but that proceeds that should have found their way back to the Nigerian economy have grown wings or they fly in through the black market, allowing oil industry players have a field day making spreads of up to N7 per dollar in some cases.

47. What is the Minister’s take on the apparent stagnation of the economy as there seems to be very little job creation and growth in small businesses. Even though the Minister has read out growth figures before it is not telling on the average man on the street.

48. Would the Minister say that the various Government initiatives at job creation have not lived up to expectation as they affect only a very small part of the population?

49. Wouldn’t the Minister think that the private sector should be the main driver of job and wealth creation through natural growth of business and start ups being financed by the banking industry?

50. If so, what does the Minister think it would do for the local banking industry if this same pre-shipment inspection law and your own export guidelines are enforced to the letter. The oil industry in Nigeria is worth about $50 billion per annum. If even $10 billion of this passes through our local banks wouldn’t that give the economy a boost with banks now able to fund longer term and bigger projects?

Culled from Premiumtimes

The Ijaw King

Goodluck Jonathan GCFR

That Goodluck Azikiwe Ebele Jonathan is the President of Nigeria since like forever is not in doubt and that he is the number 1 citizen of Nigeria is still not in doubt and that he is supposed to be the democratically elected President of our dear nation is still not in doubt and that he is making the nation get worried about the increasing rate/level of criminality and corruption is still not in doubt and that he is a staunch PDP member is still yet not in doubt and that he is tagged as “the clueless one” is still not in doubt and that he may be Nigeria’s most hated President is still yet not in doubt and that he is surrounded by cheap thieves and thugs is yet still not in doubt and that he has made it his duty to worry less about the well being of Nigerians and the economy in overall is still yet not in doubt, that is the most corrupt political office holder that has roamed the corridors of power in the history of Nigeria is still not in doubt but that he is a Nigerian as you and I, is seriously in doubt and this is without mincing words true.

From the look of things and the way the country has been steered from decency to immorality and decay, one can be sure to conclude and be seen as concluding rightly that this man is not Nigerian and has no love for the Green White Green Nation.
GEJ no doubt is the Ijaw King and whenever anyone dares to say anything about the president's high handedness and insensitivity to the plight of the Nation, we are reminded that he is Ijaw and that they are the mother of the Nation and nobody can stop him from his quest to run Nigeria aground and then they go on to spin stories of how their brother is "working".

So lets all Hail the Ijaw King because the Ijaw people have constantly made the ills befalling the Nation a no matter and even the so called President of the Ijaw Youth Council went on to say that the achievement of his brother will be difficult to surpass. Makes you wonder right?

The truth may not be far from the fact that President Goodluck Jonathan is only just human as you and I, and was charged with the onerous task of leading Nigeria and giving the people a breath of fresh air. It is however still true that there is no perfect man anywhere in the world and no matter what we do as a people, we will always have people who want or heads, but that doesn't mean we should play the tribal card when the people call out your head for doing the wrong things.
It is profitable to learn from life and that is what everyone thankfully has an opportunity of as we wake up to each new day while others fail to make it.

But in fairness to the office of the President in particular and to Nigerians in general, I am particularly sure I may be saying the truth when I suggest that the President is not a Nigerian. He may as well be campaigned as an Ijaw man but I still want to doubt and will want to follow through with my convictions that he is not a Nigerian. It is a case of a man constantly setting his house on fire because he knows the fireman will put it off.

It is known fact that as Nigerians, the well being and progress of the country should be our utmost priority and when you then get elected to the number one office in the land, you are automatically the custodian of the culture and you are charged with leading by example always bearing in mind that you can only give what you have.

The president has over the last months lived like he is a stranger who's main aim is to Steal, Kill and Destroy the country and then head back to his own country which is being tidied with our resources  for the sole purpose of living in affluence after his "mission" here is done. I will not be surprised if we do eventually hear of a move for an Ijaw Nation and with the way things are going and how "these persons" are talking and behaving like they own the world, anything is short from impossible. 

There is the worry of how he is raising men and women of questionable characters and offering them affluence. These people are in the most important sectors of the economy and the shock of this all is that it is done without recourse to the feelings of the people who are supposed to be a part of the government. Well known Criminals are seen living freely in the corridors of power and going on national TV to boast of what evil they will wreck should we fail to allow this their brother continue his reign of terror and uncertainty.
These persons mostly are of the Ijaw decent and they ave vowed to go any length to preserve the "legacy" of the president and the Ijaw Nation and when you make mention of the failures of this administration under their brother, they tell you he is being victimized because he is Ijaw.

Truth is, GEJ is a victim and he is being victimized because he is an Ijaw man that as presented his "people" before the world as lawless, criminally insane and grossly incompetent, (no disrespect to the Ijaw People that share my view) The happenings in the country is more looting in daylight not minding who's horse is gored and this is done under the watchful eyes of the law while impunity in leadership position thrives and enjoys the protection of the citizenry properly financed with the blood of well meaning Nigerians.

All Hail the Ijaw King and lets hope we live to see a Nigeria free from tyranny and tyrants, free from Corruption and Corrupt individuals, free from Clueless and exceptionally Clueless persons, free from Criminality and Criminally insane persons, free from the hold of tribal sentimentality that promotes criminality, violence and corruption.

God truly bless Nigeria

Is Corruption a Nigerian?

Whenever the word CORRUPTION is mentioned and then discussed, we get over a million ideas of how it thrives in our society, and when I say Society, I mean Nigeria and this begs the question to be asked thus:- Is Corruption a Nigerian?

I think yes mostly and many people will be quick to say yes as it looks like it is a wonder boy born with a silver spoon and hence has the opportunity to access places unattainable by the common man. Corruption wines and dines with the mighty men and women in secret and that was supposed to be the case, but in our country Nigeria, Corruption is suddenly King and even robes itself as a clergy man and officiates from the highest pulpit.

Performance Management – Breeding Thoroughbred Leaders

By. SAEED A
Chairman at RISE.

There is a reason why champion horses win. It’s because they are given undivided attention. Not whipped. Champions shine because they are nurtured. People are no different.

If you were training a filly to become a champion, what approach would you take? Surely you wouldn’t expect to produce a Derby winner without considerable training and nurturing. It is only then that you might reasonably expect your investments in time and money to produce outstanding results.

Without suggesting that an employee has the same characteristics as a horse, is it not fair to think the same logic applies to spotting and grooming talent within a business? One method companies have developed to address this over the years is what is referred to as performance management.

But in essence what does this mean? For many firms it involves a cozy annual appraisal between boss and employee, setting targets in areas where he/she can build on strengths and improve on poor performance.

Over the years I have come to learn that Performance Management is not something that happens at the end of the year, but it’s a day-to-day, continuous process. Here are some key points I picked up along the way:

1.It’s part of your culture - Only when a trainer loves, cares for and continuously nurtures his fillies does he produce a winning champion. Performance management is a culture of transparency and openness that starts at the top. By providing real-time feedback in the case of poor performance you create a culture of openness and transparency. Equally, where an employee simply doesn’t fit within a company’s culture, mindset or performance expectations, it’s fair that he/she should have the chance to identify the issues, rather than be let go out of the blue – with no idea why, and not having had the chance to investigate other employment opportunities in the meantime.

2.Positive Reinforcement – Like highly performing race horses, it is essential for a person’s performance to receive positive re-enforcement. Response to a caring guidance is markedly different from a response to a whip. Continuous negative feedback festers in people and diminishes output.

So why do we not do this with our people? Why is it that so many managers can’t pick up their phones at the end of the working day, during a lunch break or between meetings, to say, “Hey, great job in securing that contract,” or, “There were obviously some problems there today – let’s discuss it.”

3.Real-time Feedback - When I talk about real-time feedback, I do not recommend non-verbal channels such as email or SMS. Imagine a normally proactive employee who one day seems disengaged and aloof during an important client meeting. As his boss, I might construe this as disinterest, and shoot through an indelibly final, knee-jerk written email response – only to later find out that he was preoccupied by a personal situation that happened the same morning.

Alternatively, I could pick up the phone, or talk to him directly and soon dispel any misunderstandings. Verbal still remains the best form of communication, as much as our increasingly-digital universe steers us against it. Its unique advantage is that if you’ve got it wrong, you can take it back much more easily.

4.There is no such thing as negative feedback - I much prefer the term ‘improvement feedback’ – and that rather than being weaknesses, our misgivings are strengths misused. Of course, you need to have a transparent company culture that welcomes critical feedback before real-time verbal performance management can work.

So why do so many managers shy away from doing this? Perhaps to avoid confrontation. They may not consider it important – or feel that the employee will at some point figure things out on their own. Yet in reality, employees are more often than not eager to get things out in the open and hear honest feedback, rather than for their boss to develop his/her pre-conceived ideas without expressing them.

5.Have a party - Celebrate and reward success. As a racehorse trainer or owner, what kind of filly will I end up with if I continuously abuse, whip and yell at her, keep her UN groomed and in miserable living conditions?

Exactly! Now consider that people are more sensitive than horses.

There are countless companies that hold certificate-giving ceremonies, or a small party for an employee’s birthday – but do you need a birthday to prompt you to bring in a cake? How about bringing a cupcake for a different employee each day to say, “Thanks for the good job you did yesterday,” or better still get on the phone to a deserving employee at the end of the working day to show your appreciation for a job well done.

Creating a Derby winning race horse is not easy. It requires day-to-day attention and continuous nurturing and care to even compete among the best, but the rewards when it is done right are substantial. So invest time in your fillies, encourage them, give them continuous feedback, build them and celebrate with them.

Make sure every day is a Derby day.

Who Will Be the World’s First Trillionaire?

One trillion dollars.

That's a "1" followed by 12 zeroes. It sounds like a goal that Austin Powers’ arch nemesis Dr. Evil would shoot for but, according to Swiss financial services firm Credit Suisse, it could eventually become a reality for a select few worldwide. Not anyone you or I know, of course, but we’re on track to see our first trillionaire sometime in the next century.

“Two generations ahead, future extrapolation of current wealth growth rates yields almost a billion millionaires, equivalent to 20% of the total adult population,” the bank wrote in its annual Global Wealth Report, published Wednesday. “If this scenario unfolds, then billionaires will be commonplace, and there is likely to be a few trillionaires too – eleven according to our best estimate.”

Sure, two generations is a pretty long time – about 60 years, according to most sociologists – but it’s not outside the realm of possibility that the world’s first trillionaire has already been born and is already hard at work accumulating their fortune.

Let’s consider some of the likely candidates.

1.- Bill Gates: The Microsoft MSFT) founder recently reclaimed his spot as the world’s richest person with a net worth of about $72 billion. He’s a long shot to get to a trillion, though, due to his age – he’s currently 57 – and the fact that a large portion of his wealth is tied up in Microsoft’s stock, which hasn’t been performing too well in recent years. He’s also extremely charitable, and has stated that his goal is to give away the bulk of his fortune by the time he dies. That won’t help Gates if he wants to become the world’s first trillionaire.

2.- Carlos Slim: Mexican telecom mogul Carlos Slim lost the title of “world’s richest” in September 2013 when the value of his stock portfolio fell by a fraction of a percent, leaving him with a mere $69 billion in net worth. Still, he does make a fair case to be the world’s first trillionaire – his assets are spread across a number of industries, including construction and manufacturing, and he remains one of the primary players in the Mexican economy. But he is 73 years old and would need to boost his fortune more than 14 times over in his remaining years to reach the trillion-dollar mark.

3.- Warren Buffett: Legendary investor Warren Buffett’s $58.5 billion fortune may make him the second-richest person in the U.S., but he has a long way to go to becoming a trillionaire. Like Slim, his holdings are very diverse so he’s generally protected from wild swings in market value at any one company, but at 83, Buffett will likely not live to see anyone reach the $1 trillion threshold. And his portfolio would have to go up by some 1,700% for Buffett to get there personally.

4.- Larry Ellison: The billionaire founder of Oracle (ORCL) likes to throw his $43 billion fortune around, recently hosting the America’s Cup sailing competition in his home city of San Francisco, but the bulk of his wealth is tied up in Oracle stock. He owns about one-quarter of the company, which means his own fortunes will rise and fall alongside the notoriously fickle technology sector.

5.- Jeff Bezos: OK, let’s get real here. At just 49 years old, Amazon.com (AMZN) founder Jeff Bezos has time on his side if he hopes to reach $1 trillion, and he’s well-positioned in a growth industry. But with a current net worth of around $25 billion, will the value of Amazon’s stock really increase 40-fold over the next few decades to get him there? It's a long shot.

6.- His Royal Highness Prince George of Cambridge: He certainly has the age advantage, having been born just this past July, but the son of the UK’s Prince William and Princess Kate (also known as the Duke and Duchess of Cambridge) likely won’t be appearing on any trillionaire lists in his lifetime. That’s because the bulk of the royal family’s wealth is tied up in land holdings and the crown jewels, which technically belong to Britain, not the family. Even Queen Elizabeth II, the richest of the bunch, can only claim $515 million or so in personal holdings.

7.- The House of Saud: Saudi Arabia’s royal family is a different story and, in fact, the 2,000 or so members of the core group already control a fortune estimated at over $1.4 trillion, based on their land holdings (the entire country technically belongs to them) and multi-generational oil wealth. Still, it takes one person, not 2,000, to make a trillionaire, and the price of oil needs to keep rising if any members of the family want to stay in the hunt.

8.- Elon Musk: The PayPal/SpaceX/Tesla founder is our front-runner here at Yahoo Finance due to his amazingly diverse holdings and the fact that, at just 42 years of age, he has plenty of time to create even more wealth. Sure, Musk is only worth about $6 billion as of 2013, but if even one of his world-changing ideas takes off in a major way – electric cars, commercial space travel, ultra-high speed rail – that number will likely increase exponentially.

What do you think? Who did we leave off this list of potential trillionaires? Make your case in the comments below.

culled from Forbes.com

Toyota Unveils Cars Of The Future, With Auto Pilot

Toyota Unveils Cars Of The Future, With Auto Pilot

Toyota on Friday unveiled the next generation of cars featuring an auto pilot system that will swerve to avoid collisions and also keep to the middle of the road, all without drivers touching the wheel.

The Japanese giant autos using the self-driving technology could be available on the market in just a few years' time.

"These advanced driving support technologies prevent human errors, reduce driving stress and help drivers avert accidents, which has a big potential to reduce the number of traffic deaths," Toyota managing director Moritaka Yoshida said at a presentation in Tokyo.

Leading automakers and technology firms, including Toyota, rival Nissan and Internet giant Google, have been working on self-driving and assisted-driving technology for years.

Toyota, the world's biggest automaker, said that while drivers would still need to be alert and take part in the driving process, it essentially lets them put the vehicle on auto-pilot, leaving most of the work to the computer system.

The Automated Highway Driving Assist (AHDA) system lets vehicles communicate wirelessly to avoid running into each other while keeping the car in the middle of the road lane — no matter how many twists and turns lie ahead.

"Cars with these technologies recognise the accelerating or slowing speed of those ahead, which also helps avoid traffic jams," said project manager Mitsuhisa Shida. "They can wirelessly exchange data once every 0.1 seconds."

The company plans to install AHDA in its commercial models over the next few years.

Toyota has already introduced the pre-collision braking assist system in its Lexus luxury sedan and plans to install it in other models by 2015, with the other technologies to follow.

Many cars already have systems that give drivers a panoramic view to keep watch for nearby objects while parking it.

The latest collision-avoidance system has doubled the detection time of oncoming objects to four seconds from a previous two seconds, Toyota added.

The automaker said such advances would be especially helpful for older people. Japan's society is rapidly ageing with over-65s already making up around a quarter of the 128 million-strong population.

Richard Branson's 3 Steps to Brand Loyalty

By Jack Preston

Over the years Virgin has amassed a sizeable customer base, with record labels, airlines, internet service providers and health services all leaning on the strength of the brand. For Richard Branson gaining the trust and respect of those customers has been a long process, with three key principles guiding him through the journey

In a recent entrepreneur.com blog the Virgin Founder shed some light onto how Virgin has managed to build and retain brand loyalty amongst is customers...

If you win people over, the profits will follow.

The first step in building a customer-focused business is to ask yourself: What can we can offer customers that others aren't, or won't, because they are so narrowly focused on profit? If you base your new business on this premise, it will be much easier to find an edge over your competitors.

Unfortunately, this means that you will probably face a lot of opposition and second-guessing from others in the industry when you launch your start-up. Back in the 1980s, when people were wondering whether Virgin Atlantic, would survive, some critics said that few people would fly across the Atlantic on an airline called Virgin. We responded that since we only had one 747 plane, we'd be just fine with only a small number of passengers!

As it turned out, those customers loved our airline and were very loyal, and we were soon competing with the major airlines.

Build on your employees' ideas.

The second step involves encouraging your staff to think like and empathize with customers, and then tell you about any ideas that they may have for innovations to your product or service. Find a way to empower your people to follow up on their ideas.

At the Virgin Group, we put a lot of effort into this: One example that comes to mind is that everyone at Virgin America - the CEO, the pilots, the accountants, everyone - attends an annual training program called Refresh to celebrate their achievements, build team spirit and encourage creativity. We run sessions where teammates brainstorm new ideas.

Many of the best ideas are free - it doesn't cost much to make someone happy.

Increase profits by being nice.

In some American classrooms I recently visited, there were signs posted that read: "Work hard, be nice." That sign should probably be hung in boardrooms too. There is no better way to improve the bottom line than to go the extra mile for your customers

The other day I heard about an entrepreneur who arrived at our terminal in Portland, Ore. He was frantic: He'd been preparing for his new company's launch the night before, and then he woke up 20 minutes before the departure of his flight from Portland to San Francisco. His flight had departed, and there weren't any other flights to San Francisco. He was alone and out of options -have you ever been in a situation like that?

Our team rallied and got him on a flight to Los Angeles with a connection to San Francisco. It would be tight because the connection departed the same time as the flight to Los Angeles arrived, but they were rooting for him. They assigned him a seat at the front of the plane and told him about the quickest route to his connection. A crew member told the pilots about the rush, and they managed to get the plane to Los Angeles seven minutes early.

When the entrepreneur reached his connecting gate on time, the pilot and crew on that flight congratulated him.

He wrote on his blog: "They had gone above and beyond that day. Each and every one of them had a hand in making my experience not only successful, but enjoyable - and the best part, I didn't once feel as if I was inconveniencing any one of them." Such effort and kindness can earn you a customer for life.

Have you got any top tips for creating brand loyalty? Let us know…