Friday, September 17, 2010
I want to be president
ABUJA—FORMER Chairman of the Economic and Financial Crimes Commission, EFCC, Mallam Nuhu Ribadu, revealed, yesterday, that he would contest the 2011 presidential election to give Nigeria a much needed change from the old order of corruption, insecurity and economic backwardness.
Ribadu who was addressing newsmen in Abuja on his determination to run for the presidential elections said that groups of like minds who wanted a change in the nation were working with him to actualize the dream of a prosperous country that would be the pride of all Nigerians.
The anti-graft czar, however, did not mention the party platform he would use, but assured that he would make it public within a short time, especially given the limited time between now and the election.
He said: “I am still consulting but it is going to be very soon that we are going to make a decision on that because there is no time. Like I said, the responsibility of all of us coming together must be exhausted to see that we have a chance in such a way that we can move in our country a platform that is going to be national.”
Ribadu, however, ruled out the Peoples Democratic Party, PDP, as a platform, as according to him he would reveal many things to Nigerians about PDP.
He said: “There will be a lot of time to talk and so much to talk about. There is so much to talk about PDP, to educate Nigerians about PDP.”
The former EFCC boss said he had a dream of a new Nigeria where infrastructure facilities are efficient and Nigerians, irrespective of ethnic background or faith would be secured and prosper, adding: “I have a dream of a new Nigeria and I have a dream to change Nigeria. I want to see if there is possibility of opening a new chapter for the country and those who are in charge somehow certainly need to give chance for the country to move forward.
“My team is going to be the best that Nigeria offers. Whether you are old or new, it has to be the best of Nigerians and I want to be part of that team that will certainly save our country and give it a new lease of life. I won’t want to categorise it as a generational thing but certainly, you know where I am now. If you want to judge by that I want to see the possibility of capturing the vision of the majority of Nigerians who are disenchanted and I certainly belong to that group.”
Asked if his decision to contest the election against serving President, Goodluck Jonathan; former Heads of State, Generals Muhammadu Buhari and Ibrahim Babangida as well as former Vice President Atiku Abubakar, did not amount to a David and Goliath battle, he simply said: “David enh”.
On whether he was not scared that corrupt people would fight to stop him, Ribadu said: “I have always been fighting in my life. When I was in the police force, I fought armed robbers physically with guns I survived. I fought gangsters, I fought 419 fraudsters; I fought big-time corrupt people I have survived, I am still standing Nuhu Ribadu, I believe I will also survive this.”
Ribadu said he paraded the best qualifications among the contestants and was convinced that he had what it would require to give Nigeria a new lease of life, going by his antecedents, experience and exposure both in Nigeria and at the international level.
He noted: “I have experience in public service. I have put 25 years of my life into the service of the Federal Government of Nigeria in the executive capacity. After that of course I served outside of Nigeria. I worked and acquired international experience. I had the opportunity to set up an agency.
I ran it for five years, I was in the economic team (of the Obasanjo government); I was a federal prosecutor and remain there longer than any other person. I was a police officer, a community worker. Tell me which president of this country who had that experience before coming into office?”
Ribadu said he would make security, power and education his priority, explaining that they hold the key that would unlock the potentials of the Nigerian economy, adding:
“I want to re-make Nigeria. It will be a fresh chance for us to re-make ourselves. I want to make a nation out of our country. Immediately I will insist that we have security. No time to waste on that. I want to see that immediately we solve our power problem.
Ribadu who was addressing newsmen in Abuja on his determination to run for the presidential elections said that groups of like minds who wanted a change in the nation were working with him to actualize the dream of a prosperous country that would be the pride of all Nigerians.
The anti-graft czar, however, did not mention the party platform he would use, but assured that he would make it public within a short time, especially given the limited time between now and the election.
He said: “I am still consulting but it is going to be very soon that we are going to make a decision on that because there is no time. Like I said, the responsibility of all of us coming together must be exhausted to see that we have a chance in such a way that we can move in our country a platform that is going to be national.”
Ribadu, however, ruled out the Peoples Democratic Party, PDP, as a platform, as according to him he would reveal many things to Nigerians about PDP.
He said: “There will be a lot of time to talk and so much to talk about. There is so much to talk about PDP, to educate Nigerians about PDP.”
The former EFCC boss said he had a dream of a new Nigeria where infrastructure facilities are efficient and Nigerians, irrespective of ethnic background or faith would be secured and prosper, adding: “I have a dream of a new Nigeria and I have a dream to change Nigeria. I want to see if there is possibility of opening a new chapter for the country and those who are in charge somehow certainly need to give chance for the country to move forward.
“My team is going to be the best that Nigeria offers. Whether you are old or new, it has to be the best of Nigerians and I want to be part of that team that will certainly save our country and give it a new lease of life. I won’t want to categorise it as a generational thing but certainly, you know where I am now. If you want to judge by that I want to see the possibility of capturing the vision of the majority of Nigerians who are disenchanted and I certainly belong to that group.”
Asked if his decision to contest the election against serving President, Goodluck Jonathan; former Heads of State, Generals Muhammadu Buhari and Ibrahim Babangida as well as former Vice President Atiku Abubakar, did not amount to a David and Goliath battle, he simply said: “David enh”.
On whether he was not scared that corrupt people would fight to stop him, Ribadu said: “I have always been fighting in my life. When I was in the police force, I fought armed robbers physically with guns I survived. I fought gangsters, I fought 419 fraudsters; I fought big-time corrupt people I have survived, I am still standing Nuhu Ribadu, I believe I will also survive this.”
Ribadu said he paraded the best qualifications among the contestants and was convinced that he had what it would require to give Nigeria a new lease of life, going by his antecedents, experience and exposure both in Nigeria and at the international level.
He noted: “I have experience in public service. I have put 25 years of my life into the service of the Federal Government of Nigeria in the executive capacity. After that of course I served outside of Nigeria. I worked and acquired international experience. I had the opportunity to set up an agency.
I ran it for five years, I was in the economic team (of the Obasanjo government); I was a federal prosecutor and remain there longer than any other person. I was a police officer, a community worker. Tell me which president of this country who had that experience before coming into office?”
Ribadu said he would make security, power and education his priority, explaining that they hold the key that would unlock the potentials of the Nigerian economy, adding:
“I want to re-make Nigeria. It will be a fresh chance for us to re-make ourselves. I want to make a nation out of our country. Immediately I will insist that we have security. No time to waste on that. I want to see that immediately we solve our power problem.
SMART INVESTMENT
Investors tend to be highly enthusiastic about establishing self-managed super funds but much less enthusiastic about closing them down. This view is strongly supported by the statistics.
ATO figures show that in the seven years to June 30, 2010, more than 209,000 SMSFs were established yet only 31,000 were wound-up.
The percentage of funds being closed is really miniscule considering that just 1071 funds were wound-up in the 12 months to June – and there are 432,675 funds in existence, according to APRA’s latest quarterly superannuation report.
Smart Investing likes to keep a watch on fund closures because the possibility of closing a fund – perhaps after the most active member dies or when a fund is no longer financially feasible – is a crucial consideration for trustees. Read Smart Investing on June 30 regarding this issue.
Of course, steps can be taken – perhaps with the guidance of a financial planner – to try to resuscitate an underperforming SMSF. But understandably, closure may be the best course in some circumstances.
Interestingly, the ATO this month released an updated version of its publication Winding-up a self-managed super fund. It makes valuable reading for trustees who are considering closing their funds.
Even if your fund is using a professional adviser or specialist SMSF administration firm to manage its closure, this straightforward publication should provide trustees with a useful overview of things they should be thinking about.
In short, trustees have to correctly deal with member benefits and to ensure that the fund is closed in accordance with superannuation law.
* Written by Robin Bowerman, Head of Retail at Vanguard Investments Australia.
To receive this column by email each week, register with Smart Investing™.
ATO figures show that in the seven years to June 30, 2010, more than 209,000 SMSFs were established yet only 31,000 were wound-up.
The percentage of funds being closed is really miniscule considering that just 1071 funds were wound-up in the 12 months to June – and there are 432,675 funds in existence, according to APRA’s latest quarterly superannuation report.
Smart Investing likes to keep a watch on fund closures because the possibility of closing a fund – perhaps after the most active member dies or when a fund is no longer financially feasible – is a crucial consideration for trustees. Read Smart Investing on June 30 regarding this issue.
Of course, steps can be taken – perhaps with the guidance of a financial planner – to try to resuscitate an underperforming SMSF. But understandably, closure may be the best course in some circumstances.
Interestingly, the ATO this month released an updated version of its publication Winding-up a self-managed super fund. It makes valuable reading for trustees who are considering closing their funds.
Even if your fund is using a professional adviser or specialist SMSF administration firm to manage its closure, this straightforward publication should provide trustees with a useful overview of things they should be thinking about.
In short, trustees have to correctly deal with member benefits and to ensure that the fund is closed in accordance with superannuation law.
* Written by Robin Bowerman, Head of Retail at Vanguard Investments Australia.
To receive this column by email each week, register with Smart Investing™.
The new frontier
The trend for older workers to postpone their retirement for a few years or just to keep on working indefinitely without firm plans to retire at a particular age has no doubt created a new frontier for super funds.
Super funds that had once directed their line-up of investments and services at a largely younger workforce are having to revamp their thinking for a somewhat older membership – depending upon the makeup of a particular fund’s membership.
While some large funds clearly have an ageing membership others have a membership that is spread widely across the age spectrum.
The cover story in the September issue of Superfunds magazine – headed Future of the Workplace – provides a fascinating insight into what super funds should be considering in regard to their older members.
Superfunds is published by the Association of Superannuation Funds of Australia (ASFA).
Points put forward by specialists interviewed for the feature by veteran journalist Michael Laurence include the need for funds to check whether asset allocations for their default portfolios are appropriate for older members with increasing life-spans and often insufficient super savings.
Some of the other points discussed in the article are the need for funds, according to those quoted, to provide suitable education for members regarding their life/work mix and about easing their way into retirement – perhaps using a transition-to-retirement pension.
Dr David Knox, senior partner for retirement, risk and finance with the Mercer group, is quoted about the role super funds should have in the development of longevity investment products as their members age – leaving the workforce at older ages and living until greater ages.
And Richard Weatherhead, a director and head of insurance for Rice Warner Actuaries, speaks of the need for funds to ensure that their default insurance is suitable for older workers who are tending to take on debts later in their working lives.
The inadequacy of super savings of many older members – particularly considering they didn’t have the benefit of Superannuation Guarantee contributions for much of their working lives – is a reality that, of course, faces funds and their members.
And this is likely to be increasingly at the forefront of super fund thinking as more members decide to stay with the same fund in both the accumulation and retirement phases.
This is certainly a new frontier for super funds.
* Written by Robin Bowerman, Head of Retail at Vanguard Investments Australia.
To receive this column by email each week, register with Smart Investing™.
Super funds that had once directed their line-up of investments and services at a largely younger workforce are having to revamp their thinking for a somewhat older membership – depending upon the makeup of a particular fund’s membership.
While some large funds clearly have an ageing membership others have a membership that is spread widely across the age spectrum.
The cover story in the September issue of Superfunds magazine – headed Future of the Workplace – provides a fascinating insight into what super funds should be considering in regard to their older members.
Superfunds is published by the Association of Superannuation Funds of Australia (ASFA).
Points put forward by specialists interviewed for the feature by veteran journalist Michael Laurence include the need for funds to check whether asset allocations for their default portfolios are appropriate for older members with increasing life-spans and often insufficient super savings.
Some of the other points discussed in the article are the need for funds, according to those quoted, to provide suitable education for members regarding their life/work mix and about easing their way into retirement – perhaps using a transition-to-retirement pension.
Dr David Knox, senior partner for retirement, risk and finance with the Mercer group, is quoted about the role super funds should have in the development of longevity investment products as their members age – leaving the workforce at older ages and living until greater ages.
And Richard Weatherhead, a director and head of insurance for Rice Warner Actuaries, speaks of the need for funds to ensure that their default insurance is suitable for older workers who are tending to take on debts later in their working lives.
The inadequacy of super savings of many older members – particularly considering they didn’t have the benefit of Superannuation Guarantee contributions for much of their working lives – is a reality that, of course, faces funds and their members.
And this is likely to be increasingly at the forefront of super fund thinking as more members decide to stay with the same fund in both the accumulation and retirement phases.
This is certainly a new frontier for super funds.
* Written by Robin Bowerman, Head of Retail at Vanguard Investments Australia.
To receive this column by email each week, register with Smart Investing™.
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