…As Moghalu says Sustainable development will remain elusive, without Economic philosophy ***

The unending war against the Oil and Gas logistics giant, Intels grew stiffer on Wednesday, as the Nigeria Immigrations Service (NIS), revoked the residence permits of some of the company’s expatriates, alongside five other Nigerian companies.

A cross section of Industry watchers opined that while President Buhari might not be aware, it might be the handiwork of loyal civil servants strategizing to mortally weaken the 2019 Presidential ambition of Alhaji Abubakar Atiku.

A statement issued by the NIS Public Relations Officer, Sunday James in Abuja in respect of the revocation, endorsed by NIS Comptroller General, Muhammad Babandede maintained that the decision was reached after confirming the withdrawal of the operational licenses of the affected companies by the Oil and Gas Free Zones Authority.

The NIS Boss subsequently gave the 30th of November 2017 as deadline for the affected staff to quit the country, or face forceful deportation.

“The Comptroller General of Immigration Service, Muhammad Babandede, MFR hereby revokes the Residence Permits of the Expatriate staff of the underlisted companies, in the exercise of the powers vested on him in section 39 subsection 1 of Immigration Act 2015 and section 5, subsection 5 of the Immigration Regulations 2017 after withdrawal of the operational licenses of the under mentioned companies by the Oil and Gas Free Zones Authority.

“The affected companies are: INTELS Nig. Ltd., PRODECO International Ltd, West Africa Machinery Services Ltd., Net Global System International Ltd., MGM Logistics Solutions Ltd., ORIEAN Investment Ltd.”

“Consequently, the CGI has directed that the expatriate staff of the affected companies above leave Nigeria not later than 30th November, 2017, failure of which they might be recommended to the Honourable Minister of Interior for deportation”.

Trouble began for Intel last month, when the Nigerian Ports Authority cancelled the Vessels Monitoring and pilotage contract between NPA and Intels, alleging that Intels was unwilling to comply with Federal Government’s directive on the implementation of the Treasury Single Account.

In the meantime, Former Deputy Governor of the Central Bank of Nigeria (CBN),  Prof. Kingsley Moghalu on Wednesday cautioned that the nation’s quest for sustainable economic development may remain elusive, until its leaders fashion out a long-term economic philosophy for the country.

Moghalu indicated this in Lagos while delivering the Fifth Goddy Jidenma Foundation Public Lecture, on the theme:   “The Challenges of Economic Growth in Nigeria’’.

“To build a sustainable economic future, Nigeria must now address the aching need for a clear economic vision situated in a philosophical framework from which economic policy should be derived.

“The wealth of nations always has philosophical foundations. It is these fundamental understandings and how we understand and apply them that makes the difference between growth and stagnation.

“The vision thing matters because it sets out a national ambition to transform the economic structure and the lives of citizens against the canvass of both the medium and long-term and a clear destination,’’ Moghalu said.

He insisted that Nigeria failed to achieve high-quality economic growth because the country’s economy is managed mostly on an ad-hoc, and reactive basis.

“It is a survival economy in which most governments that held political power have had no real economic vision or a strategy to execute such a vision successfully’’, he posited, stressing that a national economic vision, anchored in a discernible economic philosophy, would make policies derived from it more robust, by imbuing such policies with internal consistency.

The professor urged the Federal Government to overhaul its economic management team by establishing a full time council of economic advisers, headed by a chairman that would serve as chief economic adviser.

He said that the chairman should be vested with the responsibility of researching and monitoring the economy 24 hours daily and advising the president on actions to take to enhance economic growth.

“This council, composed of 5 or 6 members, should be Nigeria’s economic team.

Ministers holding economic portfolios should not be members of this team.

“The council members should be experts in fiscal policy (in particular, taxation reform), industrial policy, trade policy, energy economics, economic history, economic philosophy and political economy,’’ Moghalu said.

The Goddy Jidenma Foundation is a non-profit organization established in memory of Arc Godwin Jidenma, who died on May 24, 2006 in Lagos.

Until his death he was a former Commissioner of Commerce and Industry in Anambra State.

The Foundation was set up in 2007 to advance and promote his ideals and passions which largely revolved around the celebration of the human essence.