Analysts offer roadmap for screening ministerial nominees

Analysts yesterday challenged the Senate to consider  Nigeria’s current economic and social  predicament while screening ministerial nomonees, and pick people with mission-specific knowledge and track records to direct the affairs of the nation in various portfolios.

The analysts are also challenging the Senate to consider the solution matrix for the current outlook of weaker oil price, resulting in dwindling revenue, prospects for investments in the economy and foreign exchange policy, among others.

They further observe that  government needs to pay particular attention to the quality of leadership presented for the finance ministry .

“Investors will pay careful attention to the Finance Minister appointee in particular.  Given the challenges that Nigeria faces with weaker oil prices, they will be paying careful attention to any track record, their history of public service, as well as looking for clues on their likely policy stance,” said Razia Khan, managing director, chief economist, Africa, Global Research, London said last night.

Also, they advise that attention be given to the finance ministry and how the prospective minister would be able to strengthen the fiscal policy for growth and generate employment for the youth, based on their track records, history of public service, as well as their stance on policy issues before confirmation.

“Do they favour market determination of the FX rate?  How do they strike the balance between the need to preserve fiscal strength versus the need to boost the economy.  How much growth will they sacrifice to keep the FX rate steady – or will they be motivated by the need to create as many employment opportunities as possible?” Razia asked.

Consequently, Kemi Adeosun, a former investment banker and London-trained accountant, will likely be the new finance minister, according to analysts including Bismarck Rewane, chief executive officer of the Financial Derivatives Co.

Adeosun, who was finance commissioner of Ogun state for the past four years, is the most likely candidate to fill the role from a list of cabinet nominees Buhari sent to lawmakers, said Bismark Rewane and Manji Cheto, vice president of risk adviser Teneo Intelligence.

“Adeosun has a strong background,” Rewane said to Bloomberg by phone on Tuesday from Lagos. “She has a lot of energy and is high on integrity. She’s pro-reform and is a realist.”

Friday Ameh, an energy analyst, challenged the law makers to go beyond party affiliations and political animosity and be objective in their legislative functions.

“Nigeria is in dire need of proven men and women of integrity to bring the desired change, and I think Mr. President has played his role, though we were not given the privilege of input in the selection. The onus is on the Senators to actually show the world the stuff these people are made of and how prepared they are to serve their father land,” Ameh said.

Uju Ogubunka, former registrar, Chartered Institute of Bankers of Nigeria CIBN) said, “The president has the right to assign portfolios. We should not be anxious”, .   

An investment analyst based in Lagos said the financial market has not yet reacted to the ministerial list because of the four-month delay in bringing out the list, as well as the fact that most of the nominees are old people in the game.

However, he said Babatunde Fashola would be good for the ministry of works while Kemi Adeosun would suit the portfolio of finance minister.

BusinessDay findings show that Adeosun, who has been finance commissioner since 2011, had been managing director, Quo Vandis Partnership, Managing director, Chapel Hill Denham Management and senior manager, Global Risk Management solutions.

Meanwhile, there have been diverse other reactions to the unveiling of the ministerial nomonees list.

Wale Abe, Executive Secretary, Financial Markets Dealers Association said it was no longer interesting to know the names that actually made the ministerial, especially after the long wait.

What is key for Abe is for the Buhari-led administration to quickly unveil an economic agenda that would transform the economy. He stressed that the incoming cabinet must share the agenda of government. 

“These are all people that we know. This is an APC government, so it is expected. What I want to see, like most investors is an agenda to transform the economy. Whoever can do that is welcome because it is difficult to trust people.

“For me, it is vision so whoever that can deliver that, provided they can scale through Senate screening and not compromise the issue of transparency and accountability is important, not necessarily who is on the list.

Gabriel Ochi, a public affairs commentator, described Buhari’s nominees list as “compensation list” of those that ensured his victory at the polls, saying Nigerians long wait was not worth it.

Tunde Salman, the team leader of Good Governance Team, said, “These people are technocrats in their own rights, when you look at Kayode Fayemi for example, he is a PHD holder and a civil society person before he ventured into politics.

“Babatunde Fashola who is the former governor of Lagos State is a senior advocate and a seasoned  technocrat in his own right and we have seen what they have brought into governance as governors of their respective states.

“Look at Danbazau, former chief of Army Staff, he’s a professional military personnel, the term technocrat means you must be well grounded in a profession, so you can’t deny or say these people, despite being party members are not technocrats. Salman said.

Meanwhile, Nigeria’s major opposition party, the Peoples Democratic Party (PDP) said the ministerial nominees raise doubts about the sincerity of the Muhammadu Buhari-led administration in its anti-corruption crusade and that there is nothing special about the list.

The party argued that “by a mere look at the list, one can tell that there is nothing to be excited about, especially considering the length of time it took the President to come up with it”.

PDP National Publicity Secretary, Olisa Metuh in a statement on Tuesday, said “looking at the list, it is hard to put a finger on why it should take any serious-minded and focused government, six months after its election to assemble such a regular team.”

John Omachonu, Hope Ashike-Moses, Josephin Okojie, KEHINDE AKINTOLA, OWEDE AGBAJILEKE, KEHINDE ABDULSALAM & HARRISON EDEH