The Current Economy Cannot Support Naira - ICSAN President

Mr Taiwo Owokalade, President of the Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN), has stated that the country's current economic scenario cannot maintain the Naira. "Few days ago, the Central Bank of Nigeria, CBN, Governor cried out loud saying that the government needed to do something serious to protect the oil industry seeing that the quantum of theft going on there is huge and they are losing lots of foreign exchange," Owokalade said at the Institute's first presidential press conference in Lagos. As a result, they are unable to fund. So claiming they don't want to finance isn't because they don't have the ability; it's because there is little or nothing to utilize in keeping the naira stable versus the dollar.

According to reports, IG Baba invited the impacted police officers to his office at Force Headquarters Abuja for an interrogation about the claims in the petition, but it was unclear if they had reported by press time. Attempts to speak with the Anambra State Police Command, where the petition was said to have been referred for investigation by the IGP's office, were futile, but sources said that an investigation team had been dispatched from the IG's office to conduct discreet investigations into the activities of SCID officials as it relates to the handling of Elochukwu's case, among numerous other petitions.

"The fact is that the economy is unable to support the naira at this time." As we move forward, that plane will continue to drag and push itself. I wish that it would not reach N1000 per dollar in my age."
Owokalade stated that, according to popular belief, the surge in oil prices should have resulted in an oil boom for Nigeria, but this has not been the case. "There are two key things that are harming us," he said of the causes behind low income creation from the oil industry. The first is the issue of stealing. Second, even when we generate, we do not refine." He highlighted the importance of a strong-willed administration in getting Nigeria back on its feet.

"We need a strong-willed administration that is willing to confront these challenges, as well as some of the individuals who will return Nigeria to normalcy," -  he said.