Buhari, like an old wine, will get better –Presidency

The Presidency on Wednesday explained that like a good wine, President Muhammadu Buhari who will clock 73 in December, gets better with age.

The Special Adviser to the President on Media and Publicity, Mr. Femi Adesina, stated this in a statement in Abuja.

He was reacting to a statement credited to Buhari during an audience he granted Nigerians resident in South Africa that his age would limit his performance as the President of the country.

Buhari had told the gathering that, “I wish I became Head of State when I was a governor. Now at 72, there is a limit to what I can do.”

Although he admitted that the President made the statement, Adesina said it was not an admission that Buhari was too old to cope with the demands of his office.

He said the President currently in the saddle “is like an old wine that has got tastier.”

The presidential spokesman said although at 72, Buhari could not be called a youth, “but he has in quantum the wisdom, patience, temperance and forbearance that age brings.”

He said he had brought all these virtues to the Presidency to make a difference in national life.

The statement read in part, “The President, who had served as a military governor of the then North-Eastern State at 33 years old, declared, ‘I wish I became Head of State when I was a governor. Now at 72, there is a limit to what I can do.’

“The above comments have been reported by some newspapers to mean that the President was saying he was too old to cope with the demands of his office. Far from it.

“As the saying goes, ‘old wines are tasty’ and the President Buhari we have today is a man, like old wine, that has got tastier.

“At 72, yes, he can’t be called a youth, but he has in quantum the wisdom, the patience, temperance and forbearance that age brings. And all these virtues he has brought to the Presidency, to make a difference in our national life.

“The President assured the Nigerian community in South Africa that his administration would make a positive impact on the country. And that he would do.

“Insecurity as symbolised by insurgency will be brought to an end, corruption will be fought to a standstill, employment will be created for the teeming army of unemployed youths, the economy will be revived, and the quality of life of Nigerians will take an upward swing again.

“These will not come by a sudden flight, but they will happen in the life of this administration.”

Adesina added that at 72, the Buhari has not changed.

He said President Buhari remained “the simple, honest, incorruptible patriot he has always been.”

He added that because Nigerians earnestly desired change, that was why they voted for him overwhelmingly at the general elections in March.

He said all the virtues and values of the Buhari persona would be deployed into governance in the weeks and months ahead.

Adesina recalled that the Nigerians in South Africa were enthralled as Buhari spoke with them on Monday.

He said leaving the venue was an effort, as they swarmed round the President, who shook hands with as many of them as he could.

Report blames AGF, others for $3.2bn judgments against FG

A report submitted to the Nigeria Governors’ Forum has blamed the former Attorney-General of the Federation and Minister of Justice, Mr. Mohammed Adoke, and other key government agencies for two court judgments which awarded about $3.2bn against the Federal Government in 2013.

The two judgments by Justice Adeniyi Ademola of a Federal High Court in Abuja awarded $3,188,079,505.96 against the Federal Government to be paid to the plaintiffs in the suit – Association of Local Governments of Nigeria, some firms and two lawyers.

The report, which is an outcome of an investigation commissioned by the Nigeria Governors’ Forum in 2014, expressed concern about the action and inaction of the offices of the AGF, the Minister of Finance and the Accountant General of the Federation, who were defendants in the cases.

It noted that the then Attorney General of the Federation, Adoke; Minister of Finance, and Accountant General of the Federation, allegedly neglected to defend both suits.

The report also referred to Justice Ademola’s comment about the attitude of the then AGF and others in conducting the cases numbered FHC/ABJ/CS/129/2013 and FHC/ABJ/CS/130/2013.

Justice Ademola noted, in one of the judgments, that the 3rd and 4th defendants (Minister of Finance and Accountant General) “did not file any process in opposition to the plaintiffs’ case,” while the 1st and 2nd defendants (FGN and AGF) filed a counter-affidavit.

The judge further noted that “apart from dumping the counter-affidavit with a written address on the court, the 1st and 2nd defendants did not participate any further in the court’s proceedings in this matter.”

Other plaintiffs who are all the beneficiaries of the judgments are, Linas International Limited, Phil-Tech Nigeria Limited, Riok Nigeria Limited, XI Nigeria Limited, Snecou Group of Companies Limited, Wells Procurement Services Limited, Systematic Engineering Limited, Prince Orji Nwafor -Orizu and Bello Busayo.

One of the suits, FHC/ABJ/CS/130,2013, was filed in 2013 by ALGON and Linas challenging the alleged Federal Government’s unilateral withdrawal of funds from the Federation Account to fund the London Club debt buyback of 1992 and London Club debt exit payment of 2006.

Defendants in the suit are the Federal Government of Nigeria, the Attorney General of the Federation, the Minister of Finance and Accountant General of the Federation.

Linas, however, filed a separate suit, FHC/ABJ/CS/129/2013, against the Attorney General of the Federation, the Minister of Finance and Accountant General of the Federation, ALGON and 180 local governments (who were part of the plaintiffs in the initial case).

After judgments were delivered in the two cases, Justice Ademola had issued four garnishee orders between February and April this year against the Central Bank of Nigeria.

According to the report submitted to the NGF by an Abuja-based security expert and Chief Executive Officer of a private security firm, Panic Alert Security System, George Uboh, who conducted the investigation on behalf of the NGF, the ongoing garnishee proceedings if completed stand to deprive the country huge sums of money.

The report stated that failure of the various government offices and agencies to defend the cases had raised questions about the actual motive behind the suits.

When contacted, Adoke, who was the AGF throughout the period the suits were filed and judgment delivered, said it was mischievous of the investigator to blame the Ministry of Justice without hearing its side of the story.

He said his office was deprived of the relevant documents and facts by the Federal Ministry of Finance to defend the case.

He added that the Finance ministry also declined his request to appeal against the judgments.

He said in a text message response to our correspondent’s inquiry, “It was a claim for the deduction of local funds by the Federal Government during the era of President Olusegun Obasanjo.

“Efforts to defend the suits proved abortive as those in the know of what happened could not give documents and facts to defend the matter.

“So, it is put rightly mischievous to try to blame the Ministry of Justice for the judgment.

“When the judgment was given, we requested from the Ministry of Finance and the Office of the Accountant-General and the Ministry of Finance if they were appealing or interested in appealing and they said no.

“It is rather unfortunate that the so-called expert would come to a negative conclusion without the benefit of verifying the position of the Ministry of Justice.

“For further details, you may wish to refer to the Solicitor-General of the Federation who as at now is the officer in charge of the ministry.”

SARAKI AND OTHER REBELLIOUS DEFECTORS IN THE APC.

By Kazeem Sulaiman.

“Those who bring home ants infested fire woods, should not be surprised when the lizards come visiting”- Chinua Achebe

Inarguably, the merger of the Action Congress of Nigeria (ACN), Congress of Progressive Change (CPC), All National Progressives People (ANPP) a faction of the All Progressives Grand Alliance (APGA) led by Gov. Owelle Rochas marked the dawn of a new era in our national polity, as we started the race to a two political party system as practiced in countries with healthy and advancing democracy. It is no doubt that the product of the merger would have find it a nearly impossible a task to unseat the much rebellious party from their 16years of misrule in the 2015 Polls, without the influence of those defectors who waged their influence and resources at their respective regions behind the party, all for their personal aggrandizement and towards building an indefatigable posture of themselves in the party that welcomed them, but would have eventually do by 2019.

However, we must acknowledge the fact that there were clear indications that the rebellious defectors who disregarded the hierarchy of their former, walked out on the then sitting president, pulled along their multitude of followers and the governors of their respective States, bred caucuses in their former political party and eventually left the party in comatose to form what was referred to as nPDP, and finally arrived at joining the All Progressives Congress (APC) at a time that seemed like they were almost losing out the fight against the then Alhaji Bamanga Tukur leadership of the Peoples Democratic Party and could neither afford going into political oblivion nor returning to what we can regard to as their vomit, all for their self driven ambitions, but the then leadership of the APC was quick to welcome Sen. Bukola Saraki along with them in grand style, with the hope of coping with the aftermaths of welcoming a politician who have always been known as rebels all through his political career.

Obviously, welcoming an individual who betrayed the trust of his biological farther and left his father’s political party with his father’s treasury for the PDP in Kwara State, having failed to secure his father’s consent to run for the position of the State Governor on the platform of the ANPP is nothing but detrimental to the sanity of the All Progressives Congress (APC). To highlight a few, Senator Bukola Saraki did not only defeat his father’s political party at the polls by sponsoring numerous blackmails against his own father and the ANPP but brought so much discord to his family, relinquished his father’s affluence in the political spheres of Kwara State and eventually got his father hospitalized which later took his father’s life. Sen. Bukola Saraki as Kwara State governor is believed to have brought development to the State by constructing a better road network and maintaining peace in the state of Harmony, but some group of people in the State has a contrary submission and believes that Sen. Bukola rode on deceitful leadership as little or nothing was achieved by his administration that was marred by gross financial mishandling and still standing trials with the EFCC in a competent court of law.

How Sen. Bukola Saraki who is believed to have been clearly indicted by available convincing evidences that speaks volume of his abuse of office which has made him due for arrest by the EFCC, could have been allowed to contested for the office of the Senator in his Senatorial district and still garner influence among his people in the State remains a mystery yet to be unraveled, but Nigerians are optimistic that the wrath of the law will catch up with him and other past and present leaders who have looted the funds that is meant for the welfare of their people someday.

One will wonder why Asiwaju Bola Ahmed Tinubu was never in support of Sen. Bukola presiding over the Nigerian 8th Senate, and why it is contained in the criteria for Senators aspiring to lead the Senate that interested aspirants must not be standing any corruption case with any of our anti-graft agencies amongst, which was the main reason why Sen. Bukola Saraki decided to defy the set criteria of his party because he is standing numerous count charges that has to do with abuse of office and financial mishandling, while in office as Kwara State Governor. Perhaps, it is clear that there are undertones that is closely attached to safeguarding himself and past corrupt leaders who wanted him as Senate President at all cost, even if it will cost our beloved nation her dear future,  

Today, not only have Senator Bukola and other rebellious defectors successfully created a discord within the ranks and files of the APC in fulfillment of their ambitions but will continue to pose greater threat to the future of the APC, except Sen. Bukola and others of his likes are identified, put under surveillance and dismembered, if found guilty of further anti-party activities.

Kazeem Sulaiman

sulaimanadeshina@yahoo.com

@KazeemDiary

Impeachment: PDP senators battle-ready to protect Ekweremadu —Nwaoboshi

By Austin Ogwuda

A member of Peoples Democratic Party, PDP, in the National Assembly, Senator Peter Nwaoboshi, yesterday, vowed that his party was battle- ready to resist any attempt to unseat the Deputy Senate President, Senator Ike Ekweremadu, since he was duly and constitutionally elected.

Nwaoboshi, representing Delta North in the Senate, who spoke with our reporter in a telephone interview, condemned the comment made by the former governor of Kano State, Senator Rabiu Musa Kwankwaso, to the effect that Ekweremadu’s seat be declared vacant and returned to the ruling All Progressives Party, APC, that for the 16 years PDP ruled the country, at no time did the opposition get the benefit of having such a position.

Nwaoboshi, also a former chairman of Delta State chapter of PDP, told Vanguard: “It is an insult for Kwankwaso to make such annoying statement because he became a governor of Kano on the platform of PDP. He (Kwankwaso) is an ingrate, who enjoyed a lot of patronage including that of NDDC under the PDP platform.

“He should leave Saraki, Ekweremadu alone; in short it was his (Kwankwaso) ambition to become the President of the country that made him to leave PDP for APC and failed woefully to achieve that ambition.

“Now that he is eyeing to become president in 2019, he is ranting. He was in the hall on our inauguration even though he did not vote.

“If he is aggrieved, including those APC senators, they should know the proper thing to do. They should initiate impeachment proceeding and not on the pages of newspapers. Let me tell you we, the PDP senators, are waiting for them. They don’t have the number, they don’t have the capacity to impeach.

“It is quite unfortunate that he is speaking like that. I can recall that I was one of those that went to Kano to conduct the State executive election that brought him there.

He betrayed PDP because he wanted to be President and has no right to castigate PDP over the Ekweramdu’s seat,” he added

Strong men have destroyed instititutions in Nigeria —BUHARI

By Ben Agande

Abuja—President Muhammadu Buhari regretted yesterday that those he regarded as ‘strong men’  have destroyed institutions in Nigeria but promised that his administration would do its best to ensure that institutions bequeathed to the country by the British colonial leaders were restored.

The President who spoke in Johannesburg, South Africa while meeting with the Nigerian community there after the  African Union meeting also said in spite of what  he described as ‘crazy people’ who are trying to ensure the breakup of the country for selfish reasons, Nigeria will remain an indivisible country.

His words: “We have a system in Nigeria. No matter what you say about the British colonialists, they built institutions for us, unfortunately we have destroyed those institutions.

Obama’s first trip to Africa

Buhari

“When US President, Barack Obama came to Africa which was his first trip, he went to Ghana, but he refused to come to Nigeria. And he said Africa, or developing countries should have strong institutions instead of strong leaders. If he had come to Nigeria, he would have known that it was strong Nigerians that destroyed the strong institutions. And paradoxically, maybe another strong Nigerian will come and revive the institutions and make them strong again.”

President Buhari stated that though he would have wished to be president at a much younger age, he would still do his best to ensure that the country moves forward.

Speaking on why he joined politics, President Buhari said he wanted to meet the expectations of the teeming masses of the people who had continued to troop to him to request for one favour or the other.

He said: “I was afraid Nigeria might be like Somalia. The Somalis are the same people, they are all Muslims but because the elite are self-centered, they have succeeded in making Somalia a war-torn country for the last 20 years.

“For that reason I said Nigerians are much more vulnerable, we have so many nationalities no matter how you look at it, Hausa-Fulanis, Kanuris, Ishekiris, Yorubas, Igbos. We are actually people of different cultures but since 1914, we have merged inspite of religion and culture, married across, produced children and only crazy people can think of balkanising Nigeria. But we are not short of crazy people and that is the frightening part of it.

Joining partisan politics

“In April 2002 when I decided to join Nigeria’s partisan politics, I invited a few people to my ward in Daura, where I told them that I myself and those who knew me in the military would not have believed that I will join Nigerian partisan politics. But there I found myself in it.

Two fundamental reasons were responsible for my entry into politics. After being a governor of now six states – Yobe, Borno, Bauchi, Adamawa, Taraba, and Gombe,  I was Petroleum Minister under Obasanjo for three and half years, then Head of State, then chairman of PTF. And the most irritating thing was that of all these positions I have held before, people didn’t remember, they only remember my days at PTF because I bought bedsheets and put in hospitals and some x-ray machines and some buses for the schools. They remember me more as chairman of PTF than as a former Head of State, than a governor or a minister of petroleum, in spite of the fact that it was during my time that I signed the contract for Warri refinery, and Kaduna refinery. More than 3,500 pipes were laid  with more than 20 depots, we got the tankers off the road, we saved lives, we saved fuel, we save the road itself. But from 1999 till date PDP has messed it up. That is why Nigerians decided to vote me.

My election

“My election is a proof that Nigerians know what they want once they make up their minds. You can give them the money, some refused to take it, some took it and said it is our money and they did exactly what they wanted to do.

“So why did I join partisan politics in spite of that? When I went home people knew that I have no money and I thought they will leave me alone, but they didn’t, they were coming to me asking me to do this and do that. And  I found that the only way I could do it is by joining partisan politics. And maybe if I speak even if I’m not a member at any level, people will listen to me.

“But then I joined the opposition, I joined APP (All Peoples Party). I didn’t want any political office at first, if I wanted I would have joined PDP then and maybe I would have got to where I am much earlier. But then I wanted to go with the opposition.

“The second reason I had that finally convinced me to join partisan politics, was what happened to Soviet Union.

“You know the Soviet Union was an empire in the 20th century that collapsed without a shot being fired. Everybody went home, there was confusion. Now there are 18 countries out of the old Soviet Union.  They were more advanced than the western countries in science because they wanted to go to space specifically in 1957, and they had  more nuclear war heads and systems than NATO.

“And that was when I decided and I believed that the best form of governance is multi-party democracy with a big caveat, election must be free and fair. And that was why I was in trouble.

I moved from APP to ANPP to CPC, eventually to APC.

“I contested in 2003, spent 30 months in the courts and ended up in Supreme Court. I contested in 2007, spent about 20 months in the courts, ended up in Supreme Court. I contested in 2011 and spent about eight months in the courts, all ending up in Supreme Court. Why was I doing it? I know the reason. I believed in it!

“In all those cases from High Court to Supreme Court, we sent people to the field, they found out why the elections were not fair, they came to the court and gave evidence but in the end, they will say oh well! There were some flaws in the elections but PDP has won. At last the PDP has lost!

“I have gone to this extent to tell you that when you make up your mind about anything positive, don’t be discouraged! Keep on trying!

“How I wish I became head of state when I was a governor, just a few years as a youngman, now at 72, there is a limit  to what I can do. I was in the war front for 30 months during our civil war, I lost a lot of loyal people to me, I lost a relative,  a lot of Nigerians died too. So nobody should come now and tell us rubbish! We are going to remain one country. God has given us another opportunity to reorganise this country. Those who work hard, the society will pay them back” he said.

While enjoining Nigerians in South Africa to be good ambassadors of Nigeria, he promised that he will discuss with President Zuma to return Nigeria’s money that was seized from South Africa during the Jonathan administration.

“I’m told there are 83 Nigerians in prison, I don’t know what they have done but I spoke to the President of South Africa this afternoon. He wants to come to Nigeria. There are issues he knows we will like to talk about, I hope our ambassador will send a comprehensive report about the court cases, and about those who lost properties during the disturbances. And at that time I will attempt to ask him about our $9.7 million which was not correctly transfered.

World leaders ready to assist Nigeria

President Buhari also said he has spoken with world leaders and they are ready to assist Nigeria tackle the insurgency problems in the country.

“I met Obama, President of France, Chancellor of Germany, Prime Minister of Japan and  members of the G7, they invited me and I went. They are all anxious to help Nigeria to tackle insecurity especially in the north east

“We are getting our facts together, our logistics requirements and so on. For the north east, the Lake Chad Basin Commission – Nigeria, Chad, Niger, Cameroon and Benin, have tried to come in. We have developed headquarters in Njamena, a Nigerian General is heading it, we have dedicated a number of troops ourselves and the location where they will be and by the end of July they will be in place and then we will make sure that since Niigeria was a battle ground we eliminate Boko Haram” he said.

Fulfill campaign promises, diaspora Nigerians tell new administration

A large number of diaspora Nigerians have called on the new Nigerian government to put to practice the much campaigned love for Nigeria as well as ensure it diversifies the country’s economy. This they insisted should be done by making concerted efforts towards charting a pathway through which Nigeria’s reliance on a mono-product for financing development could be relieved, stressing that developing other possible sources of revenue for the country would bring a huge relief

.

Also, many who appear dissatisfied with the much reported cases of maltreatment of Nigerians in various countries of abode abroad, suggested that the new administration should act quickly by putting in basic infrastructures that would discourage a sizeable number of Nigerian youths from migrating to foreign countries.

Buhari

A source who refused to have his name in print, told Vanguard Consular Advisory that Nigeria’s demography spans across continents and many have migrated out of the country due to lack of economic opportunity, unemployment and fear of increasing insecurity in the country.

He said that Nigerians are highly educated and responsible more than any other immigrant group across the globe, but unfortunately, migration has made it possible to brain drain a huge number of them in countries they have migrated to.

“This new era needs to introduce added value to the Nigerian economy and should go against the background of states depending more on the federal allocation for sustenance. We need to experience from this new era henceforth, responsive, responsible and accountable governance in order to have the rebirth we voted for. Therefore, Nigerians have to refuse the continuous mediocrity of leadership and followership. We need a country where corrupt and irresponsible government officials would not rob us off our rights as bona-fide citizens,

“It is within this narrative that I urge both diaspora and resident fellow countrymen to endeavour in efforts to discouraging any level and form of trampling on human rights, while encouraging many diaspora Nigerians to enthrone in the country what they live abroad for, in order to achieve a better and peaceful Nigeria”, source added.

Also speaking to VCA, a senior member of Association of Diaspora Nigerians, Chuks Madueke, who said that the Buhari-led government is expected to remain focused on change and other developmental issues that will bring progression in the country, expressed the importance of forming partnerships and support groups that will assist the new administration to reach the totality of Nigerians.

He said that Nigerians need additional new and deeper layers of positive transformation to the country narrative.

This he said is achievable by extending outreaches through faith based groups, Non-governmental Organisations (NGO’s) professional bodies and youth groups, until a reasonable level of change is achieved.

“Importantly, Nigerians need to define the shape of what is to come by the much enthusiasm and commitment displayed.

It is worthy of note that many Nigerians who migrated to other countries in search of greener pastures would never have left the shore of the country if past governments had maintained their mandates.

“We genuinely care for the emergence of a new Nigeria, because many of us do not wish to die and be buried in foreign lands, making it impossible for our children to identify and associate with their roots,” Madueke concluded.

In view of the foregoing therefore, the new administration is faced with the challenge of doing things differently, towards realizing a progressive Nigeria.

In other words, both diaspora and resident Nigerians are looking forward to experiencing policies and priorities that will bring about huge positive change in telling Nigeria’s story.

Some people weren’t comfortable with Tinubu’s ever growing influence – Boroffice

By Henry Umoru

ABUJA- FOLLOWING criticisms that have continued to trail the politics which played out prior to the emergence of President of the Senate, Senator Bukola Saraki and the Speaker, House of Representatives, Honourable Yakubu Dogara, Senator Robert Boroffice said yesterday that National leader of the All Progressives Congress, APC, Asiwaju Bola Tinubu never imposed Senator Ahmed Lawan and Honourable Femi Gbajabiamila on the party.

Speaking with Journalists yesterday in Abuja, Senator Boroffice who represents Ondo North Senatorial District explained that the former Lagos State governor had wanted Senator George Akume and Gbajabiamila as the party’s choice for the position of Senate President and Speaker of the House of Representatives respectively and not Lawan as the concensus candidateof the party for the Senate leadership position.

Senator Boroffice who noted that Tinubu’s position was that both Akume and Gbajabiamila being minority leaders in the Seventh Senate and House of Representatives should automatically assume the leadership of both the red and green chambers as Senate President and Speaker respectively.

He said, “Asiwaju Tinubu had already made up his mind to, in line with the normal, global parliamentary practice, support Akume and Gbajabiamila but the story changed along the line, when there were indications that the party leadership was favourably disposed to Lawan.

“Tinubu did not before then, had any close political interactions with Lawan. It was a senator, who is very close to the presidency that actually took Lawan to Asiwaju in Lagos, in company with another prominent party leader.

“Tinubu categorically told the two gentlemen in the presence of Lawan that his choice was Akume and pledged to consult with other party leaders before he would give his final answer to their request to support Lawan.

“I was in the known of all the process that led to the emergence of Lawan and Gbajabiamila as concensus candidates. Tinubu played the role because of his loyalty to the party. I was among the four people that he sent to beg Akume since he had already promised to support him.

“The campaign of calumny against Asiwaju was a grand conspiracy to tarnish Tinubu’s image because some people were no longer comfortable with his ever growing influence and goodwill within the party, which he earned over the years as a result of his generosity and selfless service”

According to Boroffice, the initial campaign of the anti – Tinubu lawmakers in the family of the APC was that Lawan’s emergence, being too independent minded person, coupled with his alleged closeness to the former Senate President, David Mark, would be a thorn in the flesh of President Muhammadu Buhari’s administration, adding, “It was when their wicked campaign against Lawan because of Asiwaju’s support for him failed, that they connived with the Peoples Democratic Party to rebel against the party’s concensus candidates of Lawan and Gbajabiamila.”

It would be recalled that there have been general outcry among some federal lawmakers on the roles played by Tinubu, towards the inauguration of the Fifth National Assembly when the election into the office of the Senate President; his deputy; Speaker of the House of Representatives and his deputy, were conducted.

Prior to the election at the National Assembly, there were however a section of APC lawmakers who were loyalists of Senator Bukola Saraki, and Hon. Yakubu Dogara that believed that Lawan and Gbajabiamila were single-handedly picked by Senator Bola Tinubu for alleged personal interests.

‘Why Jonathan deserves Nobel Peace Prize’

BENIN CITY—MR Jude Imagwe, a former Special Assistant to  President Jonathan Goodluck Jonathan on Youths, said yesterday that his former boss deserves the Nobel Peace Prize for accepting defeat in the last presidential elections.

According to Imagwe, “If not for his calm attitude and his not being crazy for power, Nigeria would have been burning today. The people must not forget the sacrifice made by this man to save Nigeria.”

He lampooned the forrmer Governor of Bayelsa State, Timipre Sylva, who recently said that conceding defeat by the former President should not be seen as an achievement, therefore, suggested that the former President should not be given a hero’s status.

Imagwe, who spoke to newsmen in Benin City, shortly after a thanksgiving service   for a successful tenure, at the Saint John Vianney Catholic Church, stressed that Jonathan’s singular act disappointed doomsday prophets, who had predicted that the country would be plunged into bloodshed after the 2015 general elections.

Twitter CEO Costolo bows out

Dick Costolo is stepping down as Chief Executive Officer of Twitter effective July 1st, and will be replaced by Jack Dorsey as Interim CEO.
Image by: Francois G. Durand

Twitter chief executive Dick Costolo is surrendering his post, handing the reins back to co-founder Jack Dorsey as the popular service struggles to boost its ranks of users.

Costolo will step down on July 1, and Dorsey will take back the Twitter chief job in an interim capacity, the company announced Thursday.

Dorsey previously held the job for about a year and a half, leaving the post in 2008. Costolo came on board in 2010.

"The future belongs to Twitter thanks in large part to Dick Costolo's dedication and vision," Dorsey said.

Dorsey said he will stay at the Twitter helm while the board finds someone to replace Costolo long-term.

Costolo will remain on the Twitter board of directors, and Dorsey will continue to be chief of mobile-centered financial transactions company Square that he co-founded in 2009.

The shake-up comes amid rumours that Costolo was under tremendous pressure from investors to prove his worth by ramping ranks of Twitter users and revenues brought in by the globally popular one-to-many messaging service.

"Unfortunately this news isn't surprising," Forrester analyst Nate Elliott said.

"The bottom line is that Twitter isn't very good right now at serving either its users or its marketers."

Costolo guided the San Francisco-based firm through its initial public offering, but growth has been disappointing and the company has yet to show a profit.

Twitter shares jumped more than three percent to $37.16 in after-market trading that followed release of word Costolo is out as chief.

Welcome back, @jack !! https://t.co/3papmyUKg0

— dick costolo (@dickc) June 11, 2015

Dorsey said during a conference call that he will split his time between Twitter and Square, relying on management teams he knows and trusts.

He expressed faith in the strategy Costolo has in place at Twitter and products in the company's pipeline.

"I don't foresee any changes in strategy or direction," Dorsey said.

"The opportunity is absolutely massive. The intention is to certainly bring it to everyone around the world."

The plan to do that includes making Twitter easy and rewarding for users, according to Dorsey.

"If we build a product people love and value, advertisers and users will follow," Dorsey said.

Costolo said he began discussing departure with the board late last year and opted to step down now because remaining during a search for a successor would have been too distracting to the company.

Criteria had yet to be established regarding what Twitter is looking for in a new chief.

"We are looking for someone who really uses and loves the product in every single way," Dorsey said.

Thank you for everything @dickc! You're a selfless leader who's built an amazing team and company #proud https://t.co/52z4TIYIUh

— Jack (@jack) June 11, 2015

Replacing Costolo might not be the solution Twitter needs, according to Silicon Valley analyst Rob Enderle of Enderle Group.

Twitter's trouble isn't a lack of skill and hard work by those in the company; it is that the short-form, real-time nature of the service does not lend itself to advertising crucial to revenue in an age when people want free online services, the analyst reasoned.

"You could liken it to being in an off-road race and your problem is your car doesn't work off-road," Enderle said.

"It's not about the driver or the team; the whole thing is about the car."

It could help if Twitter's next chief is outstandingly creative when it comes to finding ways of making money with ads while not tainting the experience users cherish.

"This one is going to be tough," Enderle said of finding a leader with the skills Twitter needs at the helm.

Industry tracker eMarketer estimated that the number of people using Twitter monthly will grow 14.1 percent this year, compared to a growth rate of 30 percent two years ago.

By 2019, Twitter user growth will slow to about six percent worldwide, eMarketer forecast.

The company said the number of active monthly users rose above 300 million, but that figure grew at a pace too sluggish for many investors, and below rivals in social networking.

Twitter's share of the $145 billion spent on digital advertising around the world this year is slightly less than one percent, up from just shy of a half-percent last year, eMarketer reported.

In comparison, Facebook increased its share of the worldwide digital ad market to 7.9 percent this year from 5.8 percent in 2013, according to the industry tracker, which said Google led the market with a 31.4 percent stake.

In its latest earnings report, in April, Twitter said it had a net loss in the quarter of $162.4 million.

Because Costolo is resigning, there is no severance package involved, according to Twitter.