Everything you can expect Apple to announce on Monday

Every year, Apple holds a big press event at its conference for developers and tells the world about its future plans for the iPhone, iPad, and Mac.

Now, there's a new addition to that lineup: the Apple Watch.

Apple doesn't usually talk about its plans or future products until it's ready to unveil them to the world. But the company wants us to know that big improvements for the Apple Watch are coming.

"Third-party apps will get much better," Jeff Williams, Apple's senior vice president of operations, said at a conference last month. 

This is one of many announcements Apple is expected to make on Monday that will tell us about the company's direction for the year.

Here's a rundown of what else we might see:

Apple's answer to Spotify

Apple

This is among the biggest announcements we are expecting to see.

For months, reports have suggested Apple will debut its own streaming-music service that sounds a lot like Spotify. It will probably cost $10 per month, according to The Wall Street Journal, and Apple has been said to be in talks with various artists and record labels to beef up the music selection. The service, which is said to be called Apple Music according toBloomberg, will be powered by Beats Music, which Apple acquired last year. There will also be an Android version of the app, which is a first for the company.

It's an important move for Apple if it wants to reestablish the dominance it asserted over the music industry when it introduced the iTunes Music Store in 2003. Now streaming is becoming more prominent than downloads, and Apple needs to catch up.

Analysts don't expect the music service to add too much to Apple's revenue though — hardware is Apple's biggest moneymaker.  If Apple's streaming service attracted as many subscribers as Spotify (15 million), it would only add less than 1% to revenue in 2016, assuming Apple charges a $10 monthly subscription fee to each subscriber, the analysts at Piper Jaffray report. 

The next big update for iPhones and iPads

Business Insider

Apple will also show us the new features we'll see on iPhones and iPads with its next software update, iOS 9. It probably won't be a big aesthetic change like the last update, iOS 8. Instead, Apple is said to be focusing on stability and security. In particular, Apple is reportedly making an effort to ensure older iPhones and iPads will be able to run the software smoothly, unlike previous versions of the software that usually ran slowly on gadgets from years past. 

Apple is said to be making big improvements to Siri, too. The new Siri will look more like the version that appears on the Apple Watch, and it'll be able to communicate with other Apple apps such as Passbook, Calendar, and Spotlight search, as 9to5Mac's Mark Gurman writes. It sounds like a much-needed answer to Google Now. 

There's talk of Apple Maps getting some enhancements too, including public-transit directions. 

Apple will also add a new split-screen interface for the iPad, according to the report, which means you'd be able to run one app alongside another. It's a feature that other tablets, such as those made by Samsung, have had for a while. And, most importantly, it would add some new functionality for the iPad, especially when it comes to productivity and multitasking. This is especially important because iPad sales have been in a slump.

What's new for the Mac

Apple will probably give us a preview of what its next update for the Mac will be like as well. Similar to iOS, we probably won't see too many flashy new features. Instead, Apple will likely focus on two things: Stability and performance, and making it even easier for your Mac to communicate with all of your other Apple devices. 

The new Mac operating system is supposedly codenamed Gala, although it's unclear whether or not that will be its official name. The last couple versions have been named after landmarks in California, and Apple has trademarked several of those, including OS X Mojave, Sequoia, Sonoma, and Ventura.

Better apps for the Apple Watch

Apple

As mentioned above, it sounds like Apple is putting a big focus on improving apps for the Apple Watch. Specifically, the company is expected to announce that developers will be able to incorporate the watch's native code into their apps. This means that apps will be able to take advantage of the sensors inside the watch instead of just relaying information from your phone. So an app like Shazam, for example, would be able to access the microphone to listen for music. 

Read more about what developers want to see from the Apple Watch here>>

More about Apple's plan to make the iPhone as a remote control for your home

AppleApple's HomeKit app will be used to pair your connected devices to your iOS device.

We'll probably hear more about HomeKit too — the platform for smart-home-connected products Apple announced last year. The first products that are compatible with HomeKit just went on sale this month, so we're likely to hear more about them.

In particular, Apple is likely to talk about the new Home app we'll probably see in iOS 9. This is the app that actually lets you control all of your HomeKit-certified products. From the app, you'll probably be able to easily pair them, group them together by room so you can control multiple devices at once, and more. Currently, you have to download separate apps for each accessory. 

No big Apple TV news

Apple

For months, reports have suggested that Apple is readying its own streaming TV service that would offer access various types of video content, including local channels, for between $30 and $40 per month. Initially, the rumor mill said Apple would unveil this service at WWDC, but Apple could delay the launch because it still has to finalize licensing deals. 

It sounds like there won't be a new Apple TV either — Apple was expected to announce a new version of its set-top box, but The New York Times recently reported that those plans have been postponed. 

However, some analysts think Apple will unveil a new set top box at the event, in addition to an improved remote control for the box and an app store dedicated solely to Apple TV. This could potentially include games that are tailored to larger screens like those on televisions. 

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NUPENG’s patriotic position on fuel subsidy

Have you heard? The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) has thrown its weight behind the removal of subsidy on petroleum products, saying such funds should be channelled to the rehabilitation of refineries and infrastructural development in the country. The union’s president, Comrade Igwe Achese, said the action was the only way to end the perennial fuel crisis in the country.

Interestingly, the Nigeria Labour Congress last May 1 during the Workers’ Day celebration warned against any move by the Federal Government to remove fuel subsidy, saying such action was capable of plunging the country into “unnecessary crisis.” Given that NUPENG is a strategic members of the NLC, its rejection of fuel subsidy should be seen as an ideological suicide on the issue.

Ideologically, labour has always been pro subsidy, since such economic intervention by government creates humane conditions that make life interesting for the workers, the creators of the wealth of a nation. The NUPENG’s position is a repudiation of that traditional position. I have asked some radical leftist friends what they made of NUPENG’s stance. The consensus is that such repudiation is an ideological somersault.

Personally, I see the stance of NUPENG as arising from a proper articulation of the political economy of oil subsidy in Nigeria borne by prevailing socio-economic and political reality. I have been a disciple of pro subsidy. The reason is more ideological than economic. I have always found it socially non-permissible and indeed indefensible that a section of the society should be denied access to certain public goods like education and healthcare. Education because it liberates the mind from ignorance and superstition; and also because it is the most effective weapon against social inequality.

And healthcare because lack of it shortens life and impedes productivity of the mind and body. I added petroleum products to my list because I have always found it offensive that a product so freely given to the country by Nature should be priced out of the reach of all Nigerians. The socialization of access to petroleum products in caring and concerned countries like Venezuela under Hugo Chavez, Libya under Muammer Gaddafi and Saudi Arabia under her successive kings, is a model worthy of emulation.

I must admit that the implementation of subsidy regime in Nigeria is rudimentary, fraudulent and self serving. In the public sector education, the Nigerian state has been overburdened by the weight of subsidy implementation. There is one form of subsidy or another in public sector education, the greatest burden being in the tertiary subsector. For confirmation, compare the bills payable in private schools, (primary, secondary and university) to those of public schools. The attempt to sustain government’s fidelity to the equalization of access to education even why economically disadvantageous is why the palpable decline in the quality of education in the country has set in.

Subsidy in the public health sector is generally kept low. You get a feel of its existence when you compare the bills payable in public health institutions to private ones. Such comparison will have to be extended to services on offer in the two sectors to make meaning! Since 2008 a community-based Social Health Insurance Programme of the National Health Insurance Scheme (NHIS) for all registered pregnant women and children under five years of age has been on; some states in the country equally subsidize treatment for some select classes of people, particularly children and the aged.

However, the big subsidy issue in Nigeria and the most contentious is the fuel subsidy. Its awesome size, philosophical underpinning and management template have combined to create an eerie atmosphere of esotericism around it.

The first puzzle in the fuel subsidy bogey in Nigeria is the determination of its weight. If it is taken that subsidy is an amount of money given directly to firms by the government to encourage production and consumption of goods and services, the first task is to determine the economic cost of such a product and what percentage the government will pay to the producer to enable him/ her sell to the final consumers at cheaper and affordable prices. In Nigeria’s voodoo economics of subsidy, the weight of subsidy is politically determined, which is why we are still looking for the realistic economic cost of a litre of PMS. In the absence of this, the mandarins in the Nigerian National Petroleum Corporation (NNPC), Petroleum Products Pricing Regulatory Agency (PPPRA) and Federal Ministry of Finance, have been having a field day, more often than not working for the oil marketers to rip off the nation.

Between 2006, when the Petroleum Support Fund (PSF) Scheme kicked off and the end of 2014, Nigeria spent about N11 trillion on subsidy payments. In this year’s budget prepared by the former administration of Dr. Goodluck Jonathan, N460 billion was appropriated as subsidy for Premium Motor Spirit (PMS) and N160 billion as subsidy for kerosene. This adds up to about N11.6 trillion as subsidy since 2006. The social opportunity cost of this is enormous.

Yet, another form of oil subsidy exists: It arises from the enthronement of a regime of uniform prices of petroleum products across the length and breadth of Nigeria since 1973. This compounds the mystifying subsidy bogey in the country.

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Keeping pace: foreign investors still interested in Nigeria

The Boko Haram insurgency and a change of government haven’t swayed investors’ interest in Nigeria

Q: What has been the impact of the recent elections on Nigeria’s business community? Has the new government proposed any legislative change that could have a positive impact for the legal and business market in the country?

Chike Obianwu

Chike Obianwu, partner, Templars: Without a doubt, the recent elections have had a salutary effect all around the business community. The outlook has been generally positive since the elections, in spite of the current challenges that face the economy largely as a result of the drop in the global price of crude oil, which is the major source of public revenue in Nigeria.

Part of the reason for the general sense of optimism is the direness of some of the predictions that preceded the elections. A lot of pundits feared the elections would be bloody or possibly inconclusive, and that whatever the outcome of the voting, it would be roundly and violently rejected by one or other of the two major candidates. Fortunately, none of this materialised.

The incumbent president lost to his challenger, a first in the history of Nigeria and – again a first – conceded defeat. So the reaction overall has been positive. Also, the business community has been generally positive about the president-elect’s proclaimed agenda to curb corruption, tackle insecurity and insurgency, and fix the economy.

Oludare Senbore, partner, Aluko & Oyebode: The new administration is less than seven days old and the new National Assembly is yet to be sworn in, thus there is limited insight as to the legislative programme of the new administration.

However, there are strong expectations based on the manifesto of the APC (the new ruling parties), as well as statements made by the president Muhammad Buhari that one major legislative development in the next administration is going to be the reform and privatisation of the National Oil Company and the privatisation of the Transmission Company of Nigeria.

Q: Do you think the recent rise in terrorism in Nigeria is putting clients off investing in the country?

Obianwu: I would not say there has been a rise in terrorism of late. Not at all. On the contrary, the outgoing government has been more muscular, ferocious and successful in combating the Boko Haram insurgency in the three-month period since February 2015 than it has been in the preceding five years. Hundreds of girls and women that had been abducted by these insurgents have been freed by the military in the past month or two.

So, strictly speaking, the discerning investor looking at recent developments in this area should be more confident in Nigeria, not less. Also, the insurgency is essentially limited to the north-eastern region of Nigeria, an area that has not historically been a natural FDI [foreign direct investent] destination. So this subject is a lot more nuanced than what you might see on cable or satellite TV.

That said, I would be the first to tell you that during the height of the insurgency, the atrocities and the accompanying bad press certainly cast a shadow on the attractiveness of Nigeria as an investment destination among certain investors. In one particular example, a client of mine, who was a first-time investor in sub-Saharan Africa, was just about to close a huge investment that we had worked very hard on for several months. 

But on the eve of its final investment committee meeting to clear the investment, the abduction of the Chibok girls was announced, and the investment committee shot down the deal.

Senbore: The insurrection in Nigeria has largely been limited to the northern parts of Nigeria, which historically have not been a significant recipient of FDI in Nigeria. Thus the reduction of FDI in Nigeria has not been caused solely by the rise in terrorist activities.

The major inhibitors to FDI in Nigeria have been political instability arising from the pending elections, the significant depletion of Nigeria’s foreign reserves, the fall in oil prices and the instability of the Nigerian currency.

Expectations are that with the successful transition to a new administration – along with expectations that other economic factors such as leakages in the foreign currency earnings of the country and clear direction regarding the government’s policies, will be properly harnessed – FDI in Nigeria will improve.

Q: What sort of changes do you think there need to be in the legal market to continue its development?

Obianwu: We need to see changes at two levels. Change among legal services providers and change in the environment within which those services are provided.

At the service provider level, the market requires improvement in legal and business skills and in how law students and young lawyers are trained. We need to see a lot more emphasis on responsiveness, efficiency, business savvy and value addition. The right pricing is also a major concern.

At the environmental level, a lot is required in terms of basic reform. I am not a litigator, but I would say that the courts are probably the first place to start any meaningful programme of environmental change. 

We need to fix the courts and restore the faith of the public and the business community in the courts’ capacity to resolve disputes speedily and fairly. 

So you have to modernise the rules and procedures of the courts, introduce modern technology, disincentivise deliberate delays on the part of litigants and their lawyers, and strengthen the enforcement of court decisions.

Our public needs to have confidence in the sanctity of contracts. Our governments must perform contracts that they enter into, and when they don’t, they should be willing to submit to normal commercial rules. 

We also need to develop and grow local and regional arbitration centres as well as discourage the tendency for arbitral proceedings and arbitral awards to end up in courts, effectively defeating the idea of arbitrations being private.

These sorts of changes will go a long way in increasing confidence in our legal services market.

Senbore: The Nigerian legal market needs to harness technology to improve legal practice and deliver efficient legal service and better service delivery to clients. There is also a need to develop proper continued legal education to ensure that legal practitioners continue to keep up to date on developments, new skills and knowledge of the law.

Q: How is your firm addressing the continued internationalisation of the legal market in Nigeria and the way you work with foreign firms?

Obianwu: We continue to maintain close relationships with the leading London and US firms. We have non-exclusive best-friend relationships here and there, and close personal contacts with leading individuals, but no tie-ups. 

Obviously, we constantly strive to grow our capacity to deliver, because the story of internationalisation does not need to be a one-way street.

M&A trends

We have been placed in the driver’s seat on some of the work that we have done with a few of the larger international firms – so there is scope for more of that to come. 

We are very adaptable and fairly well positioned to respond to any developments in this area at the appropriate time and pace.

Senbore: We see our ourselves as an international law firm practising in Nigeria rather than a local law firm. 

We invest significantly in improving our standards of legal practice, legal technology, development of legal skills and improvement of education of both legal and non-legal resources within the firm so 

as to enable us to maintain our standards and reputation as a first-tier law firm delivering exceptional service to clients.

We have good working relationships with all the major law firms that have an interest in Nigeria and we see the opportunities to work with all such law firms as a mutually beneficial relationship.

The view from London

Nigeria is a reasonably popular destination for foreign investment, with many seeing immense potential in the country’s growing consumer sectors. 

Linklaters London corporate head Stuart Bedford, who has acted on a number of private equity transactions in Nigeria, says he has seen no sign of foreign investors being put off either by the recent elections or the Boko Haram insurgency in the north. 

Instead, Bedford says regulatory uncertainty – such as over oil and gas regulation – is a more common reason for “deals coming to a grinding halt”. 

He describes recent transactions in a number of sectors, including insurance, energy and consumer packaging. Although Bedford says the jurisdiction retains complexities for foreign investors, he adds that if you make sure the fundamentals are right transactions can run fairly smoothly. 

“If you get the right management team in the right sector, you’ll be okay,” Bedford adds. 

This is aided by a better understanding of the needs of foreign clients by local lawyers, who are now used to the common issues arising in investments in their country – such as the foreign ownership rules for energy companies. 

While Bedford warns that “there are still people who don’t do well there”, he believes Nigeria remains a good stepping-stone for investors making their first forays into the African continent, with the country’s growth potential still enormous. 

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Nigeria lacks faithful, honest people –Osinbajo

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…Ambode promises to touch lives through selfless service

Vice President Yemi Osinbajo yesterday said the nation was in dire need of men and women of impeccable characters, noting that Nigeria lacks men and women who are faithful, diligent and honest.

The vice president, who was received along with Lagos State Governor, Mr. Akinwunmi Ambode, at the 7th edition of the Redeemed Christian Church of God, RCCG, Apapa Family’s Excel Programme, held at Tafawa Balewa Square, TBS, Lagos, yesterday, noted that Nigeria was abundantly blessed with human and natural resources, but the people need to work more on their strength of character.

Professor Osinbajo in his address on the occasion backed up his assertion with anecdotes on how diligence and faithfulness could lift a man, restating that Nigeria needs faithful men and women that could be trusted to do the right things; people who are honest and diligent.

“There are many people who are bright and intelligent, but what we lack are faithful men and women – men and women who can be trusted to do the right things, who can be honest, diligent and can do what needs to be done.”

“If you are a security man, if you are a driver, you need faithfulness in the little things you are doing. It is that faithfulness and loyalty to what you are doing that will set you out. That is the change our nation needs and we would not only be harbingers of that change but be that change,” Osinbajo said.

However, Governor Ambode in his address, promised to touch lives through selfless service; even as he restated his commitment to ensuring that no one was left behind as his administration strives to better the lot of residents in the state in the next four years.

He said no one, irrespective of colour, race, status, ability or disability, would be left behind as the state marches progressively towards its collective destiny.

Stressing that his victory at the April 11 election was the handiwork of God and the support of the people, the governor said he was committed to using his mandate to change the lives of Lagosians.

He said: “I am eternally grateful to God for what He has done and still does in my life. It is now my responsibility to use this position to show His goodness by touching as many lives as possible through a selfless purpose-driven service.”

While thanking the RCCG Apapa Family for its intervention and support to about 500 schools in Lagos, he said the projects would in no small measure boost confidence in the state’s educational system.

The governor also assured that the state government would ensure that projects initiated by the church in the schools would be sustained.

In his sermon, General Overseer of the RCCG, Pastor Enoch Adeboye, urged political office holders to use their positions to change the story of Nigeria, just as he assured that Nigeria would continue to march forward with the present crop of leaders.

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Gambari to Buhari: fix Nigeria’s broken social contract

Nigeria’s former Permanent Representative to the United Nations (UN) Prof. Ibrahim Gambari has urged President Muhammadu Buhari to fix the broken social contract between the rulers and the ruled in the country.

Prof. Gambari, who is the Chancellor of the Kwara State University (KWASU), spoke at the weekend in Malete, Moro Local Government area of the state at the institution’s third convocation ceremony.

The former envoy described emergence of the new government as an opportunity to deepen the nation’s democracy.

He said there was need for the administration to ensure that the change mantra that accompanied its election campaign does not remain a mere slogan.

Prof. Gambari said: “Nigeria now has a new opportunity to deepen its democracy and deliver its dividends such as quality social services, including education and health, prosperity and security of life and property. Undoubtedly, the new President is faced with very high expectations, but these are accompanied by enormous goodwill within and outside Nigeria.

“One thing is clear however. Change must not remain a slogan. The governments that have been elected on that platform must prepare themselves to deliver on campaign promises.

“In this regard, the current socio-economic challenges such as high poverty level, huge youth unemployment, persistent power-blackout despite huge amounts of money invested, the challenge of insecurity, especially the scourge of Boko Haram, and the perennial disconnect between the citizen and the government that has inevitably led to high levels of distrust of the leaders by the rest of the citizens must be tackled headlong.

“Indeed, the broken ‘socio-contract’ between the rulers and the ruled must be fixed.  The government should as a matter of priority open and strengthen communications between government and citizens.  Trust building between the government and the citizens would make the people feel carried along in the business of governance.”

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Soludo: sustainable change won’t occurr without a new constitution

Former Central Bank of Nigeria (CBN) Governor Prof Charles Chukwuma Soludo  at the weekend spoke on the economy and sundry issues of national importance including the President Muhammadu Buhari-led administration. In an interview culled from Premium Times, the ex-CBN chief foresees hope and opportunities for the new government.

•I’m not available for public service now, says ex-CBN chief

YOU promised not to keep quiet again and to ask more questions about the running of the economy after elections but you seem to have been very quiet since the elections. Can you now raise the questions?

Great to see you too! And I hope this will be a short interview please. Two quick points: The elections have come and gone but that was the easier part. The hard part now begins.  Like most Nigerians, I am happy that Nigeria made history with the election. On your question, No; there was no need to raise further questions for the outgone administration.  President Goodluck Jonathan raised the bar and set a new tone in his statesmanlike acceptance of defeat. That was noble.  Last month, the government admitted that they were borrowing since January to pay salaries. What more do you want me to say? The two articles I wrote in January and February remain living documents and raised some of the salient questions, some of which may be bold markers for the new government. Our focus should be on the future and the new government.

 How is your relationship with Dr.NgoziOkonjo-Iweala now?

Why do you ask? Of course, she is and will always be my dear elder sister and Madam; someone I deeply respect. We may not always agree, especially on public policy. The public spat was unfortunate. She felt she had an obligation to defend her government but she did so in a manner that I also felt an obligation to respond in equal measure. But all that is now history. There is nothing personal. Now without the encumbrances of government and its pressures, I look forward to our returning to the good old days in our personal relationship.

 The economy is really bad; falling oil prices, dwindling revenue, debt, inflation, unemployment, collapsed naira, etc. Where does President Muhammadu Buhari start from?

I don’t envy President Buhari and his team. His government will preside over the transition to a post-oil economy, and it won’t be a tea party. If Buhari works eight hours a day, he has less than 7,500 hours left to bring about change in his first term in office or less than 9,700 if he works 12 hours a day, with three substantive annual budgets to go before the next elections. The clock is ticking already. But the Rescue, Stabilise and Transform (RST) Plan requires a 24 x 7 operation. There must be something in the President’s natal chart that keeps bringing him to govern us just when things are in shambles. But I see hope; I see opportunities. The president and his team have a historic opportunity to create a new Nigeria without oil; a Nigeria powered by competition and compassion. Fortuitously, Nigeria’s centenary was last year (2014). This year marks the beginning of the next 100 years.  President Buhari and the new crop of elected officers at all levels must lay the foundation for the next Nigeria; a re-engineered Nigeria with the structures and incentives to move from cake-sharing, or consumption, to cake-baking, or production. Old thinking and ways of doing things won’t work.  But an attempt to drive change from Abuja will fail. It will be akin to trying to clap with one hand. A coordinated national (not federal) response is required.

On your specific question as to where President Buhari should begin, let me say that I don’t want to join the new industry in town which is ‘agenda setting’. Everyone is grabbing the microphone to ‘set agenda’. That’s ok. I am aware that the transition committee is working hard on an agenda, and I believe that the committee is made up of eminent Nigerians. For me, let us wait for them to unveil their action plan and we would have something to comment upon or contribute to. I am aware that the African Heritage Institution (Afriheritage) is planning a session focused on the agenda after it is announced. So, I won’t join this fashion parade of the day. Not yet.

 Let me be more specific. With the terrible condition of the economy, and the high expectations of Nigerians on the new government, what practical steps should Buhari take to create jobs speedily?

I told you I do not want to discuss specifics now. For sure, job creation should be the focus of the new post-oil economy. Nigeria certainly needs a job manifesto, with a target of eight – twelve million jobs over the next four years. This is easier said than done. We are diversifying the economy by-passing the manufacturing/industrial sector to the tertiary sector (services). Creating value-adding jobs in such an economy with one of the highest rates of urbanisation in the world will task our creativity to the limit. The agenda will require a kind of coordination between the federal and state governments in a manner never seen before. Luckily the All Progressives Congress (APC) states are in majority and I hope their party will rein them in.  I have read some newspaper reports that solid mineral and agriculture sectors will be the new kids on the block to mint the jobs. That won’t happen! At least not in the manner it is being romanticised about.  They would have very limited impacts on job creation over the next four years, and over the long-run agricultural transformation will actually reduce jobs. The prospects of the solid mineral sector will depend on the policy framework and even legislation, the dynamics of commodity prices especially given the apparent end of the commodity super cycle, and the nature of forward and backward integration with the rest of the industrial structure.  Anyway, let us wait for government’s agenda before we can comment, please.

 In your previous answer you alluded to changing the structures of Nigeria.  What should President Buhari do with the report of the recent national conference?

 It is up to him to decide what to do with the report.  A fundamental point however is that you can’t create the new Nigeria, a post-oil competitive economy without fundamentally altering the existing constitution. The current constitution and the political-governance structures created by it are designed to share and consume the oil rent. A system designed for consumption cannot become efficient for production. Ours is a dysfunctional unitary-federalism, with a queer fiscal federalism and it won’t go too far. The federating units were created by the central government; it also created the local governments. Every month, both the governors and their local government chairmen are supposed to beseech Abuja to collect their allocations, each supposedly with powers to do whatever they like with the allocations. As oil stumbles, the fiscal viability of these creations is coming into question. Suddenly, states and local government areas designed to collect and spend oil money will be required to produce and create wealth to survive. We will see how the old order will give rise to the new without some creative destruction. The problem with the structure is that those who benefit most from it are required to dismantle it— the incentives are incompatible. We need to study the UAE (United Arab Emirates) model of competitive federalism – that created the incentives for Dubai and other prosperous non-oil regions to emerge. I have written a lot on this subject, and we can talk about this the whole day.  The point is that the APC cannot deliver sustainable change to Nigeria if it does not go to the roots, and effect systemic change. Tinkering at the margins will amount to papering over a cracked wall.

 That reminds me of the ongoing debate about local government autonomy and joint account with the states. Shouldn’t the local governments be autonomous?

 Autonomy from who?  I know that it makes for our emotional satisfaction to “deal with the state governors” and let the local government areas have ‘autonomy’- but only in the sense of getting their “allocation” directly and unhindered by state governments but with no incentive – sanctions regime that ties such grants to certain productivity and fiscal viability criteria. The mistaken belief is that such autonomy will ensure that resources get to the ‘grassroots’. It is a funny argument which proceeds from the old model of ‘sharing the cake’. We must decide whether we want a federal or a unitary system; not both at the same time. Are the states the federating units or both states and local governments? Funny enough, the same constitution gives the state Assemblies the power to create local governments and maintain oversight over them.  At the same time, the constitution lists the local government areas created by the military as the ones to collect “allocations” from the Federation Account.  I want to see examples of federal systems in the world where the local governments directly receive statutory allocations from the federal government and with statutory powers to spend as they wish without performance-based criteria attached to such receipts. The mind-set is rooted in the past, but the problems are unfolding in the future.When it comes to incentives and sanctions regime for creating prosperity and accountability, our current constitution is a funny document. It is even worse for effective macroeconomic management.

 The contest is on for zoning and sharing of political offices, and there are fears of marginalisation by people from the Southeast and Southsouth because of their poor support for President Buhari and the APC during the elections. How should Buhari assuage the fears of these zones?

 You have raised many issues at the same time.  First, given the peculiar manner the election was done in the two zones, it is difficult to know exactly how the people voted.  There is no question that a majority of people in the two zones preferred Jonathan but we know what happened during the presidential/ National Assembly election.  Prof. Attahiru Jega and INEC did a great job but we still have a very long way to go. Second, the Constitution of Nigeria creates an absurdity in the name of federal character whereby a minister must come from every state. So, states in the Southeast and Southsouth must have ministers in the federal cabinet.  Third, and more substantively, I believe that the clamour for offices is simply a power game by the elite, which has only a symbolic or emotional significance to the masses. Yes, for some reasons, people like to see someone that shares their interests or attributes in government—it has a ‘feel good’ factor. But if occupation of such office has any personal benefits, it is largely to the occupant of the office and his friends and family.

Our recent history has shown that it hardly matters where the occupant of a particular position comes from. I am not sure how the welfare of Ota/Ogun people changed because Obasanjo was President of Nigeria, or how the man in the street of Katsina or Otuoke/Bayelsa prospered more than others simply because their sons became President.  The Southeast voted massively for ‘one of their own’ in 2011 as president,  and also had Secretary to the Government of the Federation, Deputy Senate President, Deputy Speaker, Minister of Finance and Coordinating Minister for the Economy and a coterie of other appointments. Yet, the zone had the least capital expenditure in the five-year presidency, and there is hardly any motorable federal highway in the Southeast. For me, this bickering for sharing of positions is an elite game for their personal rather than national considerations.  What the ordinary Nigerians want are institutionalised processes to guarantee their security and prosperity. They want services and don’t care who gives it to them.  Our federal cabinet is nothing but a miniature United Nations (UN) whereby each minister represents his or her state but no one represents Nigeria. At this critical crisis moment, perhaps what Nigeria needs is something akin to selecting the best 11 for our national football team: no one cares which state or zone they come from; everyone wants Nigeria to come home with the cup.

  Talking about positions in the government, there are rumours in town, especially on social media and even in some newspapers that you are being tipped to serve in the cabinet of the current government.  Are you likely to serve in the government or am I speaking with the prospective finance minister as speculated?

 Nigerians and their rumours! I am glad you said they are rumours and such rumours are normal. For sure, I wish the new government success and for the sake of Nigeria, everyone must contribute to assist President Buhari succeed. I will contribute in whatever way I can. However, everyone can’t sit in government in order to serve. Some will be there on full-time basis, others can contribute from outside.  For me personally, and at this point in time, I am not disposed or available for full-time public service now; perhaps in the future, it could happen, but not now. For now, my hands are full with several other experiments I am involved with (especially abroad) in the private sector, charity, think-tanks, and the international community. I am part of a major initiative in Africa’s mining and solid minerals sector, and this takes me through several African countries, etc. I am having great fun exploring totally new vistas of opportunity that are central to Africa’s great leap in the 21st century. I read that President Buhari will give priority to solid minerals. We can provide free advisory services and perhaps assist to mobilise investment in the sector or in any other areas if our advice is needed. In effect, there are several ways we can assist the government to succeed but not necessarily to take up full-time appointment. No, not now!

So, who and who would you recommendto be part of the best 11 in the cabinet?

There are many eminent Nigerians who are not only bold, critical thinkers but also with high execution capacity that the president can choose from. I wish him and his team good luck.

 Do you agree with the suggestion of the current CBN governor, Godwin Emefiele, that Nigeria should sell off its oil stakes and retain say, 25 per cent  only?

I won’t comment on it in detail until I read the study. From what is reported in the newspapers so far, I will surely have many questions and I have hinted the governor on this.

Some CBN staff are currently being tried for alleged fraud regarding circulation of old notes, and the Economic and Financial Crimes (EFCC) says this has been on for years – apparently more people may have been involved. Were you able to deal with that kind of fraud when you were in charge?

First and foremost, I can’t imagine how such a fraud could be executed successfully given the architecture of controls and security at the CBN. Such would require the collusion of tens of persons from different departments and agencies, including law enforcement agencies and commercial banks. It is very unlikely to happen without someone blowing the whistle or leakage of information. I am particularly happy therefore that it was the CBN that discovered the fraud and reported to the law enforcement agencies. This is the important point.

Years after leaving the CBN, give us your assessment of the bank under your successors.

  I still reserve my comments for now.  When I was in office, I made it a policy never to comment on my predecessors, and after I left office, I also insisted on a self-imposed five-year gag order not to comment on my successor. Several times, I was under immense pressure to break it but I thank God that I kept to it. The five-year ban is now over, but it is not yet time to comment.

The National Bureau of Statistics recently came up with a revised methodology for calculating unemployment, with the claim that unemployment now stands at about six per cent. Are you as concerned as many Nigerians who believe that claim is baseless?

 Integrity of our national statistics is a very serious issue. I don’t comment on statistics without serious scrutiny.  Having not had a chance to thoroughly examine the reviewed methodology, I will not comment on its veracity or appropriateness. It is one thing to have a new methodology, it is yet another to have a comprehensive, credible labour market survey. I will need information on these two parts to make informed judgment. Already, the NBS/past government have created the baseline data for the performance evaluation of the Buhari administration in the areas of poverty and unemployment. According to them, unemployment is about six per cent and poverty is about 32 per cent.  If true, then the Buhari government  is challenged to beat these numbers. The government must support NBS to be independent and do its job without interference

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