SaharaReporters has learned that a group of heavily armed kidnappers yesterday abducted Margaret Emefiele, the wife of Nigeria’s Central Bank Governor, Godwin Emefiele. A source close to Mr. Emefi…
…COULD THIS BE A FICTION, OR A TRUE STORY, OR JUST A FUNNY MOVIE SCRIPT?http://saharareporters.com/2016/09/30/wife-nigeria’s-central-bank-governor-emefiele-kidnapped
SaharaReporters has learned that a group of heavily armed kidnappers yesterday abducted Margaret Emefiele, the wife of Nigeria’s Central Bank Governor, Godwin Emefiele. A source close to Mr. Emefiele told our correspondent that Mrs. Emefiele was kidnapped along the Benin-Agbor Road. Our source disclosed that the kidnappers have made contact with their victim’s husband, adding that they were demanding a huge sum in ransom. Mrs. Emefiele’s kidnap represents one of the most high-profile kidnap cases in 2016.
Source: http://saharareporters.com/2016/09/30/wife-nigeria’s-central-bank-governor-emefiele-kidnapped
Wife of Nigeria’s Central Bank Governor, Emefiele, Kidnapped
SaharaReporters has learned that a group of heavily armed kidnappers yesterday abducted Margaret Emefiele, the wife of Nigeria’s Central Bank Governor, Godwin Emefiele. A source close to Mr. Emefiele told our correspondent that Mrs. Emefiele was kidnapped along the Benin-Agbor Road. Our source disclosed that the kidnappers have made contact with their victim’s husband, adding that they were demanding a huge sum in ransom. Mrs. Emefiele’s kidnap represents one of the most high-profile kidnap cases in 2016.
BY SAHARAREPORTERS, NEW YORKSEP 30, 2016
SaharaReporters has learned that a group of heavily armed kidnappers yesterday abducted Margaret Emefiele, the wife of Nigeria’s Central Bank Governor, Godwin Emefiele.
A source close to Mr. Emefiele told our correspondent that Mrs. Emefiele was kidnapped along the Benin-Agbor Road. Our source disclosed that the kidnappers have made contact with their victim’s husband, adding that they were demanding a huge sum in ransom.
Mrs. Emefiele’s kidnap represents one of the most high-profile kidnap cases in 2016.
Our effort to reach the CBN governor were unsuccessful.
CBN Governor Godwin Emefiele
Edo Governorship Election 2016: Live Updates…
Edo Governorship Election 2016: Live Updates
As Mr Adams Oshiomhole rounds up his tenure as Governor of Edo State, residents trooped out in their numbers to decide who takes over the baton of leadership in the state for another four years.
The governorship election is took place in 18 local government areas of Edo State in South-south Nigeria.
Nineteen candidates contested in the election.
1:29pm: Akoko LGA: APC – 24, 545, PDP 13, 027, Total Valid Votes – 37, 946, Rejected Votes – 1,684, Total Votes Cast – 39, 630.
1:15pm: Ikpoba-Okha: ACP- 175, ACPN – 401 APC – 33, 469, APGA – 148, CPP – 52, ID – 9, KOWA – 15, LP – 54, NPPP – 17, NCP – 63, NNPP – 19, PDC – 181, PDP – 26,096, PPA – 102, PPN – 19, SDP – 12, UPP – 169, YDP – 16. Total Valid Votes – 61, 055, Rejected Votes – 3, 826, Total Votes Cast – 64, 881.
12:55pm: Etsako West: AA – 5, ACP – 76, ACPN – 257, APC – 29,199, APGA – 50, CPP – 10, ID – 8, KOWA – 3, LP – 5, NPPP – 5, NCP – 15, NNPP – 4, PDC – 54, PDP – 10, 843, PPA – 33, PPN – 6, SDP – 11, UPP – 7, YDP – 20. Total Vites Cast – 40,611, Rejected Votes – 2127, Total Votes Cast – 42, 728
12:39pm: Etsako East: AA – 2, ACP – 30, ACPN – 80, APC – 18,078, APGA – 30, CPP – 7, ID – 4, KOWA – 2, LP – 2, NPPP – 2, NCP – 7, NNPP – 3, PDP – 12, 552, PPA – 23, PPN – 0, SDP – 1, UPP – 5, YDP – 4. Total Valid Votes – 30,858, Rejected Votes – 1, 056, Total Votes Cast – 31,914.
12:24pm: Esan North Central: AA – 2, ACD – 36, ACPN – 99, APC – 9,781, APGA – 28, CPP – 7, ID – 5, KOWA – 2, LP – 3, NPPP – 1, NCP -2, NNPP – 2, PDC – 37, PDP – 10, 180, PPA – 35, PPN – 2, SDP – 1, UPP – 1, YDP 7. Total Valid Votes – 20,211, Rejected Votes – 1153, Total Vores Cast – 21,364.
12:24pm: Etsako Cenral: AA – 1, ACD – 24, ACPN – 60, APC – 10,373, APGA – 15, CPP – 3, ID – 1, KOWA – 1, LP – 0, NPPP – 2, NCP – 2, NNPP – 2, PDC – 27, PDP – 8,827, PPA 14, PPN – 1, SDP – 2, UPP – 1, YDP – 2. Total Valid Votes -19538, Rejected Votes 549, Total Votes Cast 19,907.
12:29pm: Owan East LGA: AA – 7, ACD – 73, ACPN – , APC 21,233, APGA – 35, CPP – 6, ID – 4, KOWA – 1, LP – 6, NPPP – 7, NCP – 12, NNPP – 7, PDC – 52, PDP – 12,889, PPA – 35, PPN – 2, SDP 5, UPP – 0, YDP 12. Total Valid Votes 34,599, Rejected Votes 1,523, Total Votes cast – 36,122.
12:15pm: Ovia North LGA: APC – 17, 561, PDP – 13, 141. Total Valid Votes – 31, 415, Rejected Votes – 1,545, Total Votes Cast – 32,960.
12:10pm: INEC resumes announcement of results.
10:59am: INEC officials call for a break till 12 noon before continuation of result announcement.
10:55am: Esan West LGA: AA – 4, ACD – 65, ACPN – 172, APC – 13,114, APGA – 36, CPP – 13, ID – 12, KOWA – 1, LP – 5, NPPP – 27, NCP – 13, NNPP – 6, PDC – 79, PDP – 16,311, PPA – 49, PPN – 2, SDP – 2, UPP – 33, YDP – 19. Total Valid Votes – 29,963, Rejected Votes – 1,563, Total Votes Cast – 31, 526.
10:43am: Orhionmwon LGA: AA – 7, ACD – 85, ACPN – 149, APC – 15,262, APGA – 37, CPP – 13, ID – 4, KOWA – 10, LP – 8, NPPP – 5, NCP – 14, NNPP – 9, PDC – 58, PDP – 16, 446, PPA – 68, PPN – 5, SDP – 8, UPP – 21, YDP – 7. Total Valid Votes – 32,213, Rejected Votes – 1,788, Total Votes Cast – 34,001.
10:30am: There is a back and forth over results of Oredo LGA by officials of political parties and officials of the Independent National Electoral Commission (INEC).
10:12am: Oredo LGA: AA – 16, ACD – 156, ACPN – 420, APC – 37, 612, APGA – 162, CPP – 23, ID – 6, KOWA – 8, LP – 45 , NPPP- 9, NCP – 42, NNPP – 9, PDC – 226, PDP – 30,492, PPA – 101, PPN – 15, SDP – 5, UPP – 33, YDP 21. Total Valid Votes – 69,401, Rejected Votes – 4,311, Total Votes Cast – 73,712.
10:07am: Esan South East LGA: AA – 1, ACD – 27, ACPN – 84, APC – 9,554, APGA – 17, CPP – 9, ID – 4, KOWA – 3, LP – 5, NPPP – 1, NCP – 8, NNPP – 3, PDC – 38, PDP – 11, 466, PPA – 18, PPN – 4, SDP – 3, UPP – 1, YDP – 4,. Total valid Votes – 21,250, Rejected Votes – 806, Total Votes Cast – 22,056.
9:53am: Uhunwomnde: AA- 5, ACD – 69, ACPN – 105, APC – 10,911, APGA – 2020, CPP , ID- 6, KOWA -3 LP – 4, NPPP – 8, NCP – 20, NNPP – 6, PDC – 36, PDP – 8667, PPA – 30, PPN – 5, SDP – 3, UPP – 47, YPP – 14. Total Valid Votes – 19971, Rejected Votes – 1,759, Total Votes Cast – 21, 730.
9:37am: Igueben LGA: AA – 1, ACD – 31, ACPN – 45, APC – 7,802, APGA – 6, CPP – 0, ID – 0, KOWA – 0, LP – 0, NPPP – 0, NCP – 0, NNPP – 0, PDC – 26, PDP – 7,560, PPA – 24, PPN -5, SDP – 0, UPP – 3, YDP – 3. Total Valid Votes -15506, Rejected Voted – 580, Total Votes Cast – 16086.
9:30am: Esan North East LGA: AA – 06, ACD – 5, ACPN – 109, APC – 9, 130, APGA – 38, CPP – 9, ID – 03, KOWA – 0, LP – 2, NPPP – 4, NCP – 16, NNPP – 5, PDC – 85, PDP – 16, 220, PPA – 46, PPM – 2, SDP – 3, UPP – 7, YDP – 12. Total Valid Votes – 25,747, Rejected Votes – 1,197, Total Votes Cast – 26,944.
9:20am: Egor LGA: AA – 18, ACD – 164, ACPN – 351, APC – 26,177, APGA 112, NPPP – 10, NCP – 23, NNPP – 15, PDC- 122, PDP – 19514, PPA- 93, PPM – 8, SDP – 5, UPP – 57, YDP – 14. Total Votes Cast – 46,728, Rejected Votes – 2,811.
9:15am: Owan West LGA : AA – 0, APC 12, 862, APGA – 21, CPP – 3, ID – 04, KOWA- 1, LP – 2, NPPP – 5, NCP – 6, NNPP – 5, PDC – 40, PDP – 10, 132, PPA – 37, PPM – 9, SDP – 4, UPP – 1, YDP – 10. Total Valid Votes 23, 290, Rejected Votes – 1002, Total Votes Cast – 24, 292.
9:00am: INEC begins announcement of results.
7:40am: INEC Commissioner on Voter Education, Mr Solomon Soyebi says the Commission is awaiting results from eight Local Government Areas before collation commences “in an hour”. He, however, didn’t mention which local government areas these are.
1:59am: Delay of results announcement triggers agitations at INEC Headquarters. Young men and women throng the place. Police won’t allow them access into the premises.
12:30am: Thursday, September 29, 2016: More vehicles moving into INEC Headquarters blaring siren. It appears they have some results, Seun Okinbaloye said.
10:00pm: INEC National Commissioner, Solomon Soyebi, says no result is at the INEC Headquarters yet. Reporters still waiting.
“From tracking we know that some results are ready,” he said, but could not give the number of local council where results are ready.
“So far so good. This is one of the most beautiful elections we have conducted in recent times. It was very peaceful. There was large voters’ turnout. The good people of Edo State conducted themselves very properly,” the INEC official stated.
He confirmed that there were pockets of ballot snatching, but said it was minimal compared to expectations.
9:10pm: INEC officials at the Headquarters monitoring activities of field officials compiling results at different local government areas.
8:00pm: Reporters waiting for results to begin to come in at the INEC Headquarters. Channels Television’s correspondent Seun Okinbaloye said no local government has returned items to the INEC office.
6:00pm: The Peoples Democratic Party claims Oshiomhole, INEC plan to rig the governorship election at the electoral body’s collation centres.
The opposition party said that the delay by the Independent National Electoral Commission (INEC) to begin ward results announcement was a sign of the plan.
5:45pm: INEC tells Nigerians to disregard results on Social Media. Only INEC can do so, the electoral body warned.
INEC issued the warning on its Twitter handle.
#EdoDecides
Results on Social Media should be disregarded as only INEC or its designated officials can do so. pic.twitter.com/lKSREGubV0— INEC Nigeria (@inecnigeria) September 28, 2016
5:05pm: Heavy security presence at INEC Headquarters, as the electoral body awaits the arrival of materials from local government wards.
4:50pm: At INEC Headquarters, stage is set for results announcement, but national officials are awaiting the results from the local governments.
4:45pm: Results compilation ongoing at the ward and then at the local government levels.
4:05pm: The candidate of the All Progressive Grand Alliance (APGA), Osaro Onaiwu, calls for total cancellation of poll. He alleges financial inducement and intimidation of Party loyalists.
2:46pm: Counting of votes begins in some polling units.
11:05am: Voting is ongoing at the polling centre in Agbado Primary School in Benin City.
INEC National Commissioner, Mrs Amina Zakari, says process has gone based on expectation.
She says that security agents are doing their work and the people of Edo State are doing what is expected of them.
10:40am: The poll got off to a smooth start in some polling centres at Esan West Local Government Area with good turnouts of electorates.
While voting takes place in an orderly manner, polling officers at the central primary school in Esan West say the entire process has been going on smoothly with little or no incidents with the card readers.
09:40am: At another polling point, election is going on peacefully.
The turnout of voters is massive with the presence of heavily-armed security operatives at the premises of the election venue.
08:45am: Ballot boxes are getting filled up. People with disabilities are also at the polling units to vote the candidate of their choice.
The election has been peaceful so far and voters hope that the process continues that way.
08:19am: Channels Television reports that voting has commenced in the state.
07:45am: Channels Television correspondent reports from Benin City, the Edo State capital.
Officials of the Independent National Electoral Commission (INEC), security operatives and voters arrived the polling centre as early as 07:00am.
Edo Governorship Election: INEC Announces Results Of 17 Local Government Areas • Channels Television
The Independent National Electoral Commission (INEC) has announced governorship election results in 17 out of 18 local government areas of Edo State. Returning Officers from the local governments took turns to announce the results. The ruling All Progressives Congress (APC) has so far won in 12 local governments while the opposition Peoples Democratic Party (PDP) … Continue reading Edo Governorship Election: INEC Announces Results Of 17 Local Government Areas
Source: Edo Governorship Election: INEC Announces Results Of 17 Local Government Areas • Channels Television
Press Release: FG plans intervention fund for mining …as Minister unfolds plans for states
Press Release
FG plans intervention fund for mining …as Minister unfolds plans for states
The Federal Government would soon make available an intervention fund to be accessed by serious-minded operators in the mining sector.
The Minister of Mines and Steel Development, Dr Kayode Fayemi, disclosed this, while addressing participants at the opening of the National Council on Finance and Economic Development (NACOFED) in Abeokuta, Ogun State on Tuesday. He said the intervention fund would be sourced from the National Resource Fund.
The National Resource Fund is 1.6 per cent of the Federation Account, set aside for Agriculture, Solid minerals and water resources.
According to Dr Fayemi, President Mohammadu Buhari had already given approval to the ministry of Mines and Steel Development to access part of the fund.
The Minister whose paper at the conference “The Non-oil Sector as a sustainable alternative in enhancing revenue generation”, attracted many questions from the participating state commissioners of finance, said funding had remained a major challenge in the sector.
Dr Fayemi was however optimistic that access to the mining intervention fund coupled with funding to be provided by Nigerian banks would help lift the sector.
The Minister lamented that the past administration had denied the sector the opportunity to access the Natural Resource Fund, which according to him were used for some other fraudulent causes other than the purpose for which it was set up.
Speaking further, Dr Fayemi also announced that state governments are now beneficiaries of the 13 percent derivation from mining revenue.
“This is a significant shift, that signposts our commitment to facilitating a win-win situation for all stakeholders”, the Minister said.
In deepening the ministry’s partnership with the state government, the Minister said arrangements have been concluded to establish a Council of Mining and Mineral Resources, which would be a quarterly forum involving the minister, commissioners responsible for mining and natural resources at the states as well as other relevant government officials.
“The forum would be an avenue to discuss pertinent issues on the mining sector, which is of concern to the federal and state governments. It will also allow us to track progress on agreed areas of collaboration”, Fayemi said.
The Minister also unfolded the ministry’s plan to set up zonal offices of the Mining Cadastral Office, so that its operations get closer to the states.
“Finally, we will equally work with states to find commercial means for them to co-invest alongside private companies to bring mining assets to market faster and more profitably.”
The minister assured state government that the right regulative frameworks were being put in place to ensure that investors comply with global best practices in resource extraction by integrating all relevant protocols on environmental conversation in the conduct of mining and all related business.
“This is why ecological justice is one of the major planks of our approach to the repositioning of the solid minerals sector.” The minister added.
Olayinka Oyebode
Special Assistant (Media) to the Minister
Minister of State’s Speech at the China Mining Conference
September 26, 2016 Minister of State’s Speech at the China Mining Conference Protocols, Salutations and Introduction Distinguished ladies and gentlemen, I bring you greetings from the Federa…
Source: Minister of State’s Speech at the China Mining Conference
Minister Woos Foreign Investors at Mining Conference in China
Minister Woos Foreign Investors at Mining Conference in China
The Minister of State for Mines and Steel Development, Honourable Abubakar Bawa Bwari has called on foreign investors to key into the Nigerian renewed effort in the repositioning of its mining sector by investing in the mining and beneficiation of the abundant mineral resources in the country.
The Minister made the call in his presentation at the Mining Ministers’ Forum held in Tianjin, China from September 22-25, 2016.
He said the Nigerian government has approved a new Road Map for the mining sector which offers competitive and investor friendly incentives, which compares favourably with the best in the world. The Road Map is a radical plan to unlock the Country’s mining potentials and grow the sector over the next two decades, with short, medium and long term targets.
He added that Nigeria presents a huge opportunity for local and international investors to participate in the consolidation and expansion of its mining industry.
He called on global mining leaders to support Nigeria by encouraging their technical teams and specialised service providers to assist the country to fast track the repositioning process.
Honourable Bwari stated that ecological justice is one of the major planks of the approach to the repositioning of the Nigerian mining sector and the government will ensure operators comply with global best practices in resource extraction by integrating all relevant protocols on environmental conservation in the conduct of mining and all related businesses.
In his paper titled “Global Mining Development Trends and Strategies for the Global Market Place”, Bwari noted that the global mining industry has suffered a number of challenges in the past three years which ranges from sharp slump in commodity prices, job losses and mine closures. To survive, companies have to adapt by cutting costs, introducing more innovations, automating certain operations and striving to be more efficient by being more productive with less operating expenses.
He said “the season presents an opportunity to reset our mining sectors to become more efficient, safer, more profitable and ultimately more aligned with human development goals” and encouraged participants to be more creative about what additional support to be provided as regulators and policy makers.
The Minister enjoined his colleagues to deliberate on the role of the state in mining. What should be the new role of the state in protecting the mining industry?
The Mining Minister Forum was a major highlight of the week-long China Mining Conference, which is an annual mining event in China.
The Minister who led the Nigerian delegation in a bilateral talk with the Chinese government officials during the conference said both countries are set to improve on the partnership for mutual benefits.
Rhoda Ishaku Iliya
For: Deputy Director Press
Minister of State’s Speech at the China Mining Conference
Minister of State’s Speech at the China Mining Conference
Protocols, Salutations and Introduction
Distinguished ladies and gentlemen, I bring you greetings from the Federal Republic of Nigeria. I must start by thanking the organisers of this conference – the Ministry of Land & Resources, People’s Republic of China; the Tianjin Municipal People’s Government; and the China Mining Association; for the invitation graciously extended to the Government of Nigeria, to participate in this event, which is renowned as one of the largest global gatherings focused on minerals exploration and trading. This conference has become a leading platform for the exchange of ideas, and for deliberations on the crucial challenges faced by policy makers, operators, investors and other stakeholders in the industry, and we are pleased to be a part of it.
I also wish to salute the chairman of this session, Hon. Wang Min, Vice Minister of Land and Resources, Peoples Republic of China, and my distinguished fellow panellists on this session: Hon. Matt Canavan, Minister for Resources and Northern Australia, Australia; Hon. Guillermo Shinno, Deputy Minister of Energy and Mines, Peru; and Hon. Mosebenzi Joseph Zwane, Minister of Mineral Resources, Republic of South Africa.
Our participation in this conference is coming at a time of renewed momentum in the relationship between the Federal Republic of Nigeria and the People’s Republic of China. Our two countries have developed strong and enduring bilateral relationships over the last 45 years. In 2014, Sino-Nigerian trade relations reached a record volume of 18 billion USD, which is the highest in history, and in 2015, despite the economic downturn, the trade volume still reached 15 billion USD and accounted for 42 per cent of the volume of trade between China and the entire West African sub-region. Nigeria is still China’s leading export destination and largest trade partner in Africa, with more individuals and corporations taking advantage of improved relations to extend the frontiers of their businesses. As President Muhammadu Buhari of Nigeria has consistently said during his state visits to China, Nigeria is strengthening our policy, regulatory, and institutional frameworks and regimes, to create a very optimal investment climate for Chinese and other investors in the minerals sector. Our new Road Map offers very competitive and investor friendly incentives, which I am proud to say compares favourably with the best in the world.
Global Mining Development Trends and Strategies for the Global Market Place
The global mining industry in recent years has been characterised by a number of definitive megatrends that have changed the industry globally; and forced stakeholders in the sector to make necessary adjustments in the way the industry is regulated, the way mining operations are conducted, and the way investments into the industry are made. One of the major trends impacting on the industry is the slump in the prices of commodities which has been sustained to a very large extent over recent years.
Global Downturn in Commodity Prices; the Portents and the Opportunities
The global commodities market has suffered a number of severe challenges in the past 3 years. From sharp price declines to job losses, to mine closures; the impact has reverberated across the world. And we know it has not ended. What we are experiencing does not appear like a normal business cycle disruption. This could be the beginning of transformational reordering of the mining sector globally. To survive, companies have had to adapt by cutting costs, introducing more innovations, automating certain operations, and generally striving to be more efficient by being more productive with less operating expenses. Countries also have to do more to create the attractive context for their mining sectors to thrive. Changing fiscal terms will be a necessity but insufficient. We have to be more creative about what additional support we can provide as regulators and policy makers. This season presents an opportunity to reset our mining sectors to become more efficient, safer, more profitable, and ultimately, more aligned with our human development goals – this is exactly what Nigeria is doing.
Nigeria, Repositioning for Market Advantage
Governments across mining jurisdictions in the world are responding with different strategies to the challenge of the slump in commodities’ prices, especially resource rich countries that depend on income from commodities to sustain their economies. For us at the Nigerian Ministry of Mines and Steel Development, we have a mandate to urgently reposition our mining sector to contribute to the Nigerian Government’s priority agenda of diversifying our economy, by scaling-up its capacities to create jobs, increase revenue, and catalyse domestic growth and the industrialization of our country. This is however coming at a time of severe contraction in the global commodities market, posing a challenge to attracting foreign and domestic investors to the sector in the short term.
We have however recently launched a Roadmap for the Growth of the Nigerian Mining Sector – a radical plan to unlock our country’s mining potential and grow the sector over the next two decades, with short, medium and long term targets. While we wait out the rebound of prices in the global commodities market, the overarching objective of the roadmap in the short to medium term is looking inwards, with a beneficiation strategy that would see us encouraging value-addition to our minerals locally – particularly industrial minerals – largely to meet domestic demand. This is a strategy that has worked for us in the past with the beneficiation of limestone. Annual domestic demand for limestone is about 18 million tons, yet, though Nigeria has had known endowments in limestone and gypsum for decades, this did not result in self-sufficiency in cement production until we encouraged local beneficiation to meet local demand.
Today, with eight cement companies operating in Nigeria, and an aggressive import substitution strategy via consistent policies that have encouraged the local manufacturing of cement, cement manufacturers in our jurisdiction have moved Nigeria from being a net-importer of cement to a net-exporter in less than a decade. Almost $10 bn was saved in foreign exchange over the last ten years, with $2bn from savings in 2014 alone. The Dangote Group, Nigeria’s largest cement producer, is projected to earn over $600m in 2016 from cement exports. The cement industry today has created jobs for thousands of Nigerians, and continues to contribute to the economic prosperity of several host communities.
This is an exciting time for investors to join us on this journey, as we are working with all stakeholders in the industry to encourage the replication of the limestone success story in the beneficiation of our abundant reserves of other industrial minerals, towards powering the industrialization of our country, and creating shared prosperity for investors and all other stakeholders. Take the opportunities in the steel sub-sector for example, we project a steady increase in domestic demand for steel in Nigeria in the coming decade, driven by increased industrialization efforts that will ignite a surge in spending on building construction, power, automotive construction, agriculture, road and bridge construction, military technology and infrastructure development, refinery investments, and other heavy duty machinery.
According to a recent report by the National Integrated Infrastructure Master Plan, Nigeria’s current “core infrastructure” stock (roads, rail, ports, airports, power, water, ICT) gap based on international benchmarks is estimated to be USD80 billion. To fund the infrastructure needs of its growing economy over the next 30 years, Nigeria would need to spend about USD 3 trillion. This projected investment would allow Nigeria close its current infrastructure gap and sustain an ideal infrastructure stock level of 70% of GDP as it builds and maintains infrastructure assets across all its seven key sectors. Iron Ore and Steel would account for the bulk of the material inputs needed to industrialise Nigeria.
May I reiterate that there is a veritable hunger for steel and iron ore domestically and across the sub-region, which presents a huge opportunity for local and international investors to participate in the consolidation and expansion of Africa’s largest economy. We eagerly await your partnership in this endeavour. Our optimism is also informed by the fact that current local producers are meeting less than 25 percent of demand. Despite the country’s relatively robust iron ore reserves, only 18 of the 30 steel rolling mills are actually operational, producing 2.8 million metric tons per annum. These figures represent a gross under-utilization of our iron ore resources, and are vastly inadequate to sustain our industrialisation ambitions. In addition, there is the opportunity for import substitution as the $3.3 billion of much needed foreign exchange currently being spent on steel imports annually could be judiciously deployed to other strategic national priorities.
Balancing Sustainability Concerns, Mining and Development
Another key issue being debated globally at this time is how stakeholders will work together to balance the global mining sector’s obligations to a number of Sustainable Development Goals (SDGs), such as our climate change commitments, and the urgent need to address poverty and inequality in our country. President Buhari has recently ratified the Paris Climate accords during this year’s United Nations’ General Assembly in New York. This development places significant pressure on Nigeria’s emerging mining and power sector. Nigeria has a significant power generation deficit, with less than 5,000MW serving the household and industrial needs of over 175 million people. Building 30,000MW of coal fired power plants can help close that gap. Utilising our coal assets also requires that we expand coal mining, issue new licenses and revive old mines. That will also mean that we can use mining led job growth to help create jobs in rural mining communities and end extreme poverty. Nigeria is however also strongly committed to environmental sustainability!
In the US for example, EPA regulations on the coal industry have been implicated in the bankruptcy of so many coal miners. We certainly do not want to have such an experience in Nigeria. We will therefore welcome insight from other countries on ways to manage this challenge.
Even as we have our eyes set on accelerated industrialisation; ecological justice is one of the major planks of our approach to the repositioning of the Nigerian mining sector. We will ensure operators comply with global best practices in resource extraction by integrating all relevant protocols on environmental conservation in the conduct of mining and all related businesses. This approach is informed by our belief that the environment itself is a resource and has to be safeguarded even as we unearth its endowments. Our goal is to facilitate a better deal for the local communities where these minerals are located, ensuring genuine communal buy-in and benefit. Transparency is also a key consideration in how the mining industry is now being run. President Muhammadu Buhari recently joined other world leaders to commit to Open Governance and Transparency principles – transparency in the extractives industry is crucial to that commitment. We are fostering a culture of openness which will, in turn, elicit the trust of all stakeholders. This is the cornerstone of the recently launched Road Map which I mentioned earlier.
The Evolving Role of the State
Another major issue which we must deliberate on is the role of the state in Mining. From the tragedy at Marikana in South Africa to the Vale/BHP dam collapse in Brazil, and the mine collapses in China, Peru, to name a few, it is pertinent to ask, what should be the new role of the state in protecting the mining industry? Should we as regulators start revising the rules to protect the environment, workers and mines? And if we do so, do we risk going too far as the US might have, or not do enough and risk losing public trust? Nigeria believes that if we all share best practices and leverage each other’s wisdom as Nigeria is beginning to do with South Africa, Australia and other countries, we can build a more prosperous future in the industry that balances safety, jobs, stewardship, and smart regulation.
Preparing for a Disruptive Future
Finally, we must learn from the oil industry whose cost structure has forever being changed by the introduction of a new drilling technology. We have to ask ourselves, can what is happening to the oil industry happen in mining? Today, we are anticipating a slow recovery from what was a spectacular crash in mining markets. The wreckage is all around us. Can this downturn get worse? If we observe key technology innovation trends around the world, the key question we have to ask is what impact will shifting to a more digital, renewable fuel world have on us? For example, will the rise of Tesla and electric cars be good for mining? How about the expansion in the use of drones and robots at home and in the work place? These technologies could drive demand for specialty metals and ores, benefitting markets with these endowments. While we may not know the answers to these questions, we believe that if key mining states collaborate to share process innovation, market insights and set clear regulatory frameworks to handle such disruptive technologies, we will jointly prosper while keeping mining competitive.
Building Partnerships
Outside of South Africa, African mining markets still have a great deal of development to unlock. Whether it is intensifying the levels of ore processing, or expanding transport infrastructure to cater to mining, or training the next generation of mining engineers, African countries still require significant capital inflows. Therefore, we are seeking the continued partnership and perspectives of key global mining leaders to support us as we reshape the market. When your mining companies come to you and ask, should we go to Nigeria or Guinea or Liberia or Tanzania, we want the answer to be yes. We also want you to reach out to us so we can offer the best possible assistance to ease the path for investment inflows. We will also reach out to you to ask that you encourage your technical teams and specialized services providers who can bring disruptive innovations into mining to help us fast track our learning process. For example, if we can have a cheaper, more accurate way of conducting geological surveys, we would most certainly welcome it.
Conclusion
I wish to restate that despite all the challenges facing the mining industry presently, Nigeria is cautiously optimistic about the future of mining. Perhaps starting at the position we are in, we can afford a measure of optimism. We are looking forward to continuously engage closely with our peers and key mining stakeholders across the globe to ensure that our optimism is backed by real action. We are here to learn from your experiences as well. We will continue to strive to ensure that Nigeria remains your destination of choice in the mining industry. Finally I wish to emphasize that growth and prosperity in the industry must be inclusive and translate into significant improvements in the socio-economic conditions of our respective citizenry. That is what will ensure that a more positive future emerges for all in mining and related sectors.
Thank you for your attention.
Hon. Abubakar Bawa-Bwari
Minister of State for Mines & Steel Development
Federal Republic of Nigeria
Tianjin, China | Saturday, September 24, 2016
THE DEBATE: HILARY CLINTON v DONALD TRUMP
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Phillip Borgia
Phillip Borgia She held herself so well in this debate and unlike Trump she actually answered the questions and didn’t run around in circles #Hillary2016
Like · Reply · 1,147 · 33 mins
80 Replies · 2 mins
Simmy Taub
Simmy Taub I was repeatedly assured by those who hear things, that near-death, Parkinson’s-suffering Hillary would keel over in a ball of sweat and blood within half an hour of the start, but the debate is now over and if anything, she’s presented herself to be f…See More
Like · Reply · 757 · 33 mins
69 Replies · 3 mins
Cathy Cimo Dushkoff
Cathy Cimo Dushkoff thank YOU Hilary!!!!! so glad this is over, and can’t wait till NOVEMBER is OVER and we NEVER have to see DONALD TRUMP AGAIN!!!!!
Like · Reply · 267 · 30 mins
30 Replies · 3 mins
Gene T Candelario
Gene T Candelario Game, Set and Match, Hillary won this Debate, Trump got called out by the Moderator numerous times for lying about the Stop and Frisk, ISIS and many other things.
Like · Reply · 190 · 32 mins
14 Replies · 8 mins
Vera Bornacelli
Vera Bornacelli I’m a 67 year old grandma.I need to excuse my language. She just finished kicking his fucking ass.#votedemocrat #goHillary.
Like · Reply · 171 · 26 mins
29 Replies · 4 mins
Bruce Brown
Bruce Brown I’m not a fan of either but I seriously respect her assuring our allies our mutual defense treaties will be honored, words matter.
Like · Reply · 174 · 30 mins
7 Replies · 3 mins
Jessie Colt
Jessie Colt What exactly the hell was with Trump sniffing like a coke addict and drinking so much water that Oxford is now under restrictions?
Like · Reply · 159 · 31 mins
28 Replies · 4 mins
Jim D. Knight
Jim D. Knight SHE WAS AWESOME!!!! If you didn’t love her before this, you sure should now!!!! dumpster showed his true, putrified colors and Hillary showed her maturity, excellent communications skills, awesome experience, and tolerance!!!!!! ELECTION WON, CLINTON/KAINE 2016
Like · Reply · 144 · 30 mins
7 Replies · 9 mins
Gail Dembowski
Gail Dembowski Trump doesn’t even know what he is talking about. I watched the debate and he didn’t answer any of the questions he was to busy cutting down Hillary!!! This guy is a big joke!!! Vote Hillary!!! Or you will be SORRY!!!!!!
Like · Reply · 89 · 27 mins
6 Replies · 7 mins
Anita Ellison
Anita Ellison Donny couldn’t even stand up straight – he was leaning the whole time and holding himself up with his arms on his little desk. Sweat pouring off his face, guzzling water and probably sorry about that coke he did right before coming out since he sniffed continuously – yeah, he seemed REALLY healthy, doncha’ think?
Like · Reply · 74 · 29 mins
1 Reply
Pat Mitchell
Pat Mitchell Loved it! She was impressive. He never gave an straight answers, actually none. Just broken thoughts. Can anyone imagine trying to negotiate anything with those unfinished thoughts?
Like · Reply · 40 · 28 mins
1 Reply
Al Oan
Al Oan Kris Matthews says Hillary clear winner. Hillary spoke facts, clear policies–trade and foreign security. Hillary completely derailed Trump’s tboughts if he had any!
Like · Reply · 47 · 29 mins
Lynn Dillihay
Lynn Dillihay Trump: “I have property there…”, “I do a lot of business there..”, “I know a lot of those people” – my question….WHERE WAS THE BEEF? Clinton: Policy, Facts, Direct Answers and yes, STAMINA!
Like · Reply · 30 · 25 mins
4 Replies · 3 mins
Maureen Clark
Maureen Clark His sniffles and interruptions made it apparent someone who is running for President needs rehab. Only in America. It is all so clear now. Thank you sound check person.
Like · Reply · 27 · 28 mins
1 Reply
Patty Hisoire
Patty Hisoire No kidding, there is not one Secretary of State who you can say has no stamina! Red or Blue. These people are always on plane,sleeping in a foreign country, back on the plane to another country. That’s the definition of STAMINA.
Like · Reply · 22 · 26 mins
1 Reply
Beverly Hocker
Beverly Hocker I was under the impression this debate was to be about our country and the issues we face. Seemed as usual the little guy made it all about his success which that is even in question. But remember he doesn’t brag!
Like · Reply · 20 · 25 mins
2 Replies · 4 mins
Patricia Richter
Patricia Richter America, have just finished watching the complete debate, and as a non-American may I be permitted to say if that gigantic ego becomes President, the whole world will be in trouble
Like · Reply · 15 · 24 mins
2 Replies · 11 mins
Liz Rodriguez
Liz Rodriguez Is it just me or did everyone else shout at their tv’s for Lester to shut Trump up and answer a damn question….
Like · Reply · 31 · 29 mins
11 Replies · 4 mins
Helen Klinger
Helen Klinger Trump went into a rambling fit almost through the whole debate and Hillary was just letting him talk and sound as crazy as we know he is…..😂😂😂😂😂😂😂😂😂😂😂😂
Like · Reply · 14 · 23 mins
3 Replies · 3 mins
Sandra DelaPaz
Sandra DelaPaz She did awesome, I’m so proud to be supporting her. Lester could have done a little better in shutting up Trump. But at least we saw that he really doesn’t understand what it means to be POTUS.
Like · Reply · 15 · 28 mins
Dylan P Wallace
Dylan P Wallace You mean sitting there not being able to recall anything for 11 hours. Oh, and by “Peace Deals” you mean accepting donations right?
Just checking
Like · Reply · 19 · 30 mins
7 Replies · 11 mins
Ruthann Gharib
Ruthann Gharib Trump has broken millions of laws. Wake up Trump supporters!!!! He was the only crook up on that stage tonight. And a pompous ass to boot.
Like · Reply · 7 · 23 mins
1 Reply
Heidi Harrod
Heidi Harrod Just more proof the Tumpf is an absolute idiot and can’t remember what he actually says. Hilary did an incredible job even though I don’t like her very much.
Like · Reply · 7 · 26 mins
1 Reply
Deb Galvin
Deb Galvin If this isn’t enough for everyone to vote for Hillary, then I don’t know what would be. I know it won’t make any difference to his deplorables, but I hope those who are thinking of voting for some “3rd party candidate” a la Nader who gave us W, will vote for Hillary. We cannot have trump anywhere NEAR the White House.
Like · Reply · 3 · 20 mins
Cathy Rushing
Cathy Rushing Maybe if she had been traveling to these countries to actually do good it would be different. But that wasn’t why she travelled. She travelled to get donations from foreign terrorist counties for her campaign and foundation. Pay for play.
Like · Reply · 2 · 20 mins
5 Replies · 11 mins
Eric Larson
Eric Larson And as much as she travel to all the Middle Eastern countries I’m sure she collected checks from all of them for the Clinton Foundation women’s rights what one country in the Middle East can wear normal clothes not walk behind their husbands with their…See More
Like · Reply · 2 · 15 mins
Kathy O’Neil
Kathy O’Neil He looked tired, unattentive and mentally disorganized. ..that’s who he really is. He’s clearly not a leader … his base won’t care but he will NOT win any new voters. Stupid is as stupid does!
Like · Reply · 2 · 17 mins
Chipmunkk DadaBa Diabo
Chipmunkk DadaBa Diabo Everything is going to be a beautiful thing… believe me when I say it” he said. So believe him when he says “tax cuts for the wealthy and it will bring millions of dollars to America”. And “the poor will benefit from it”. I am not sure how? but he said it… Someone should let Trump know if he’s not going to give any substance he should stay home next time!
Like · Reply · 2 · 19 mins
Kelly Kinney
Kelly Kinney Democrats you need to support your candidate, you and your families future depends on it. Hilary has a strong political background and is by far more qualified to run this country. Don’t let your fellow democrats down. You may not like either candidate, but if you don’t vote, Trump will ruin our country.
Like · Reply · 5 · 23 mins
2 Replies · 8 mins
David Wootton
David Wootton Wow, an 11 hour meeting. I’m not impressed. I’ve had the good fortune of working a 40 hour day. As far as Secretary of State, well the middle east is in worse shape than before Hillary got involved. So no thanks, Hillary. Go home and bake some cookies for your grandkids.
Like · Reply · 1 · 13 mins
Cynthia Kessler
Cynthia Kessler The only deals she negotiated were how much money those 112 countries were going to pay her! She wouldn’t have had to “power thru” that 11-hour hearing if she hadn’t broken the law & delete the emails AFTER she had received a subpoena to produce them!
Like · Reply · 1 · 19 mins
2 Replies · 10 mins
Arlene Petitto
Arlene Petitto She was so gracious and composed. Love that he had the nerve to say that her foreign affairs were bad experience.
Like · Reply · 4 · 16 mins · Edited
John Doiron
John Doiron Appropriate response to questioning the stamina of a woman of Hillary’s stature and accomplishments……Trump was way out of his league….it’s really that simple…..Hopefully his supporters, whoever they are were paying attention tonight…..Most le…See More
Like · Reply · 1 · 12 mins
Maureen Rodriguez
Maureen Rodriguez Witchhunt! If she wouldn’t have broken the law she wouldn’t have had to be in that chair for 11 hours. And then her team bought off the procecutors so she got off. If you or I did what she did we would be in jail until we died or tried for treason…
Like · Reply · 3 · 23 mins
1 Reply
Cheryl Leonard Bottega
Cheryl Leonard Bottega This is hysterical, forgot to add……left Americans to die, destroyed thousands of emails, forced her staff to plead the fifth, and avoid prison. Now that’s stamina to be proud of!!
Like · Reply · 5 · 18 mins
Thomas Kaminsky
Thomas Kaminsky Hillary is a good bullshitter for sure! Just like Obama. Trump started strong , but not as good s bullshitter. She didn’t win me over. Moderator interrupted Trump a lot, let Hillary ramble. Also didn’t ask Hillary about the Clinton foundation, her Russia uranium deal, Bengazi, or ask about the emails. When choice is criminal or crazy…. I relate better to crazy!
Like · Reply · 2 · 11 mins
Bardo Ambriz
Bardo Ambriz Don’t you people get it? He’s building a wall. It will be big and beautiful. Besides, he sticks to the subjects that really matter, like golf courses, and beauty pageant. Those are the issues we all care about. Ok, I can’t write anymore, he lost
Like · Reply · 2 · 15 mins
Leo Henault
Leo Henault Trump as usual ran around in circles from the 1st question when asked, “What will you do to bring jobs back”. His statement, “well we shouldn’t lose them in the 1st place”. I don’t think that quite answered the question especially when he didn’t have an answer on how not to lose them. In fact he had no clear answers to anything as usual.
Like · Reply · 4 mins
Anthony Corcella
Anthony Corcella Yeah, as long as setting up one of our “adversaries” to be a world power and “powering through” congressional hearings because you are constantly under investigation since there’s “so much smoke” accomplishments. Hillary needs stamina to stay ahead, otherwise all of the dirty deals she’s orchestrated will come to call.
Like · Reply · 7 mins
Veronica Barragan
Veronica Barragan Notice the way that Trump didn’t stay around after the debate. Oh wait…because his supporters were not there. They probably didn’t let them in with their overalls, bucked teeth, and uneducated mannerisms.
Like · Reply · 1 · 11 mins
1 Reply
Paul Tilyou
Paul Tilyou This debate was fixed like always, yes you should call out trump for lying, but don’t do it every single time he didn’t even question hillary over anything she said because their trying to protect her, their playing defense their scared of trump because what he’s saying about her and the media is true
Like · Reply · 19 mins
3 Replies · 14 mins
Phillip Trujillo
Phillip Trujillo Didn’t watch, didn’t care! Was happy. MONDAY NIGHT FOOTBALL was on. A debate isn’t going change my mind. If you’re for one candidate all will say blah blah blah about them and ditto about the other. I seriously doubt many changed their minds over a debate!!;
Like · Reply · 9 mins
Cathy Lyle
Cathy Lyle Haha… and the question he was asked was what he meant by calling Hilary Clinton “not Presidential looking” …. avoided that answer and turned it to stamina Can’t wait for the fact checks to come out! Liar! Liar! pants on fire!! LOL.
Like · Reply · 2 · 13 mins
1 Reply
Roxanne Mettenburg
Roxanne Mettenburg Incoherence, babbling, physical twitching around and weird sniffing or sniffling whatever that weird noise was coming out of Trump’s head. Is he off his meds or on some sort of strange kind of “meds”.
Like · Reply · 1 · 20 mins · Edited
Mike Galvan
Mike Galvan O yea and..Commit some felonys. Be the first and prob. Only first lady to be investigated by the F.b.I. for whatever scadilest shit she was doing (check it out it’s pretty horrible) but it’s Okay. She gets that pass. nah.
Like · Reply · 5 mins
Trena Chamness
Trena Chamness Wow what a statement she cooked his Goose but good he looked like a stupid third grader up there he knew nothing about policy he doesn’t even know his own policies if he has one he looked like he was doing drugs to me I think Hillary shut him down yeah Hillary vote blue
Like · Reply · 13 mins
Donna Neal
Donna Neal Hillary demonstrates what “Presidential” looks like. Donald was in the same entertainer role, pandering to his base, … and lying.
Like · Reply · 7 · 28 mins
John Wills
John Wills Trump is an idiot no doubt, but Hillary is a thief that stole the election from Bernie. Not to mention lied under oath about her emails and committed felonies. They both suck.
#BringBackBernie
Like · Reply · 9 mins
Mark Lane
Mark Lane She did great, but shame that it wasn’t good enough. Hard to believe that trump ‘won’ this debate…. She is going to have to go above and beyond a handful of good comments like this if she hopes to win outright.
Like · Reply · 22 mins
3 Replies · 15 mins
Sue Cooper Bittner
Sue Cooper Bittner She did a good job in not laughing hysterically at the Donald’s performance and comments! I, on the hand, had no cameras on me and fell off the sofa on more than one occasion about his performance!
Like · Reply · 3 mins
………………….GREED
Greed
GREED is one of seven basic character flaws or “dark” personality traits. We all have the potential for greedy tendencies, but in people with a strong fear of lack or deprivation, Greed can become a dominant pattern.
WHAT IS GREED?
Greed is the tendency to selfish craving, grasping and hoarding. It is defined as:
A selfish or excessive desire for more than is needed or deserved, especially of money, wealth, food, or other possessions [1]
Other names for greed include avarice, covetousness and cupidity.
Selfish and excessive desire is widely considered immoral, a violation of natural or divine law. For example, “avarice” is one of the seven deadly sins in Catholicism (avarice: pleasing oneself with material acquisitions and possessions instead of pleasing God). And according to Buddhism, “craving” is a fundamental hindrance to enlightenment (craving: compulsively seeking happiness through acquiring material things).
As with the opposite chief feature of self-destruction, greed stems from a basic fear of life. To be exact, greed is driven by a fundamental sense of deprivation, a need for something that is lacking or unavailable.
When this feeling of lack is particularly strong, a person can become utterly fixated on seeking what they “need”, always trying to get hold of the one thingthat will finally eliminate the deep-rooted feeling of not having enough.
That one thing could be money, power, sex, food, attention, knowledge … just about anything. It could be something concrete or abstract, real or symbolic. But it will be something very specific on which the entire need-greed complex becomes fixated.
Once that happens, life becomes a quest to acquire as much of it as possible.
COMPONENTS OF GREED
Like all chief features, greed involves the following components:
- Early negative experiences
- Misconceptions about the nature of self, life or others
- A constant fear and sense of insecurity
- A maladaptive strategy to protect the self
- A persona to hide all of the above in adulthood
EARLY NEGATIVE EXPERIENCES
In the case of greed, the early negative experiences typically consist of insufficient or inadequate nurturing in early childhood, perhaps enough to threaten the child’s survival.
All infants are born with a natural desire for love, nurture, care, attention and interaction. In some cases, however, the source of such things—notably the caregiver—may be absent or unavailable. Perhaps not all of the time, but enough for the infant to experience the lack. Enough for the child to become terrified of never getting enough of what he or she needs.
The situation could be natural and unavoidable, like the untimely death of a parent, or living through a time of famine. Alternatively, the situation could be deliberately imposed, such as willful neglect.
Another example would be a mother who is too off-her-head on drugs to look after her child.
Whatever the circumstances, the effect on the child is a sense of deprivation, unfulfilled need, of never having enough.
Another common factor in the formation of greed is the availability ofsubstitutes. Imagine, for example, a parent who fails to provide nurturing but – out of guilt – provides lots of gifts in the form of money, toys, chocolate, TV. In effect, the parent says “You cannot have me, you cannot have what you really need, but – hey – you can have this instead.”
Ultimately, the substitute is always inadequate. No amount of TV can make up for lack of human contact. No amount of chocolate can make up for lack of love. But the child learns to make do with whatever is available.
MISCONCEPTIONS
From such experiences of deprivation and lack, a child comes to perceive life as being unreliable and limited — but also containing the missing ingredient for happiness:
My well-being depends on me getting all that I desire.
I cannot truly be myself, a whole person, until I get what has always been missing.
Life is limited. There isn’t enough for everyone. I miss out because other people are taking my share, getting what is rightfully mine.
Once I have it all, I will never lack anything ever again.
Over time, the growing child might also become cynical about what life has to offer:
All I ever get are unsatisfactory substitutes.
I cannot trust anyone to give me what I need.
If I am given a gift, there must be something wrong with it.
Everything falls short of my requirements.
FEAR
Based on the above misconceptions and early negative experiences, the child becomes gripped by a specific kind of fear. In this case, the fear is of lack—of having to go without something essential as there may not be enough of it to go around.
What exactly “it” is depends upon the individual’s own idea of what it is they really need, but it will be something specific like love, attention, power, fame, money, and so on.
Because of this constant fear, the individual will obsessively crave the “needed” thing. They will also tend to envy those who have that thing.
STRATEGY
The basic strategy for coping with this fear of lack is to acquire, possess and hoard the “needed” thing. Typically this involves:
- obsessively seeking the chosen substitute for the original lack;
- compulsively acquiring it;
- hoarding it;
- preventing others from acquiring it;
- criticising what is available (in the hope of eliciting something better);
- blaming others for failing to provide enough.
PERSONA
Finally, emerging into adulthood, the chief feature of greed puts on a socially-acceptable mask which says to the world, “I am not selfish. I am not greedy. I am not doing this for me. See how generous I am. See how my possessions make other people happy.” In fact, the greedy person is never happy so long as the possibility of lack remains.
The mask of greed can also manifest as criticism of others’ greed or selfishness. The chief feature thinks to itself: If it isn’t socially acceptable to crave and grasp and hoard, I shall go around criticising others who crave and grasp and hoard more obviously than me. That way, people won’t suspect how bad I really am.
All people are capable of this kind of behaviour. When it dominates the personality, however, one is said to have a chief feature of greed.
THE SURVIVAL INSTINCT IN GREED
Because the compulsion of greed is usually driven by some early, traumatising sense of deprivation that may be lost to memory, it often manifests only later in childhood, adolescence and adulthood as one of our most essential survival instincts comes into play: competition.
Competition for resources is a universal instinct and one of the most important factors in biology. Different species can compete for the same watering hole, for example. Within the same species, males can compete for the same female, or for “top dog” position.
At an instinctive level we are still like hunter-gatherers who survive against the odds by making sure we have what we need. The cave-dweller within us is still primed to hunt, catch, gather and hoard.
We are also a tribal species who will instinctively take from other tribes as a desperate measure to feed our own. This is pretty much what all post-apocalyptic movies are showing us: take away civilisation, and we soon return to “acting like animals.” (Except that animals, of course, animals don’t usually take more than they need. It’s not a very efficient use of energy.)
GREED IN ACTION
Let’s now unpack the elements of greed in action to illustrate how it works and what it feels like.
Compelling need
By definition, greed is a compelling “need” to constantly acquire, consume or possess more of something than is actually necessary or justifiable. You would experience this subjectively as an all-consuming lust, hunger or craving for something (money, sex, food, power, fame, etc…). This might be triggered by suddenly seeing the object of your desire, or an opportunity to go after it. Underlying the desire, however, is a terrible insecurity, a primal fear of lack or deprivation, though this is likely to be more unconscious than conscious. On the surface there is just the compulsion to satisfy the need.
Risky commitment
When the “need” is being strongly felt, you become compelled to commit a great deal of time and energy to seeking and acquiring your thing, setting all else aside. The only clear course of action, it seems, is to try and satisfy this longing because, after all, it promises to give you that long-lost sense of security.
Others might question your peculiar commitment and determination, given that it seems you are willing to risk everything over this personal obsession. But you can always find a way to argue the case: “This is important to me. It will make me happy. It will make you happy too. And if I do happen to end up with more than I need, I’ll just give some away… Everybody will thank me for it!”
Brief gratification
Sometimes you might achieve success in getting what you seek. And in those moments when the elusive object of your desire is actually in your hands you experience truly intoxicating feelings of triumph and relief.
However, these gratifying moments are all too brief… You feel that the “win” was just not enough. In fact, there is no such thing as enough.
Despite all your best efforts, and despite every success, an abiding sense of security or fulfilment is never reached. The overwhelming desire is literally insatiable so long as the underlying fear is never addressed.
Harsh realities
You may then experience frustration at the transience of such pleasure, especially given the investment of time and energy. (“Was it really worth it?”)
You may experience shame and guilt over the damaging effects of your actions upon your relationships, reputation, financial security, etc. (“What was I thinking?” “I’m hurting the very people I love.” “I’m ruining my life when it’s all been going so well.”)
You may feel overwhelming anxiety over the uncertain future (“I’m on a slippery slope to hell”).
All of this has the effect of evoking fear and insecurity, and a compelling need to fill that hole, and so the cycle begins again.
You might experience all these at some level at once, or have different ones in your foreground at different times. Still, it is very comparable to a cycle of addiction, in that the desire becomes harder and harder to satisfy, so the target level of a “win” or a “fix” keeps going up, which in turn requires more and more investment of time, energy and money.
There is also a greater cost to self-esteem, as you become more and more “enslaved” to the need. And of course, a greater cost to one’s other commitments, such as career and relationships, which compete for the same time and energy.
By way of illustration, I came across this NY Times article by a guy called Sam Polk [2], a former hedge-fund trader, who describes the greed pattern in his own experience:
“In my last year on Wall Street my bonus was $3.6 million — and I was angry because it wasn’t big enough. I was 30 years old, had no children to raise, no debts to pay, no philanthropic goal in mind. I wanted more money for exactly the same reason an alcoholic needs another drink: I was addicted.”
An obsessive pursuit of wealth not only taps into our competitive survival instinct very neatly — seeking, hunting, catching, hoarding, winning, stealing if necessary… It also MAGNIFIES the sensations involved (desperation, excitement, thrill, triumph, reward) and it ACCELERATES the whole cycle, from what may have been days, weeks and even months (to acquire enough food to get through winter, say) to hours, minutes or even seconds (to win a jackpot).
“When I walked onto that trading floor for the first time and saw the glowing flat-screen TVs, high-tech computer monitors and phone turrets with enough dials, knobs and buttons to make it seem like the cockpit of a fighter plane, I knew exactly what I wanted to do with the rest of my life. It looked as if the traders were playing a video game inside a spaceship; if you won this video game, you became what I most wanted to be — rich.”
The satisfaction, he says, wasn’t just about the money. Soon, it was more about the power.
“Because of how smart and successful I was, it was someone else’s job to make me happy.”
Note the sense of entitlement to being looked after, a common factor in many forms of greed.
POSITIVE AND NEGATIVE POLES
In the case of greed, the positive pole is a state which may be referred to as DESIRE, EGOISM or APPETITE, while the negative pole is one of VORACITY or GLUTTONY.
+ desire / egoism / appetite +
|
GREED
|
– voracity / gluttony –
Egoism (not to be confused with egotism) is state of self-centred acquisitiveness: I will have what I want and need. It is the opposite of altruism.
Why is this a positive pole? Because in moderation, satisfying one’s own needs and desires is part of what life is about. We are not all here to be self-sacrificing saints. We are here to make choices, and most of our choices will be driven by our own needs and desires. There is nothing intrinsically wrong with having a “healthy appetite”. In fact, it is healthier to be driven by one’s desires rather than one’s fears.
Voracity or gluttony is a state of excessive egoism, unjustified acquisitiveness. Not only does it cause one to acquire more than is ever going to be necessary, it can also lead to others being deprived of the same thing.
Moreover, once the negative pole of greed takes control of the personality, it does not care who it hurts in the process of getting what it “needs”. All things are secondary to the fear of lack. This is why, of all the chief features, greed is the hardest on others in one’s life.
HOW TO HANDLE GREED?
Greed isn’t simply naked selfishness. It is multi-faceted and multi-layered, with elements that may be buried far below the level of everyday awareness. So if one is to get on top of a pattern of greed then one ought to consider this complexity.
Here are some suggestions, in no particular order:
- Understand that greed while is a compulsion, you still have free will. You have many choices available you you. Try not to justify or rationalise your actions by saying that you have no other choice. You do have other choices, it’s just that you allow the intensity of “need” and the fear underlying it to hijack your mind, overriding your ability to step back and ask yourself, What are my options here?
- Identify how the cycle of greed works within you, if you can. What triggers the craving? How conscious are you of your options? How do you convince yourself and others that your compulsive striving isn’t irrational? What happens when you actually achieve success? Does it always turn out to be just too little, and the elation too brief? Does it soon turn into frustration? Does it deepen your insecurity? Each part of the cycle is a falsehood, a weak link that can be broken.
- Get a hold of the idea “There is no such thing as enough.” See if you can feel its presence in your own mind, or some variation of it. Then affirm to yourself how illogical and destructive it is. See if you can decide for yourself what “enough” is – a specific level of income, for example. Notice any resistance to that and see where it’s coming from (competitiveness? fear of losing? fear of insufficiency?)
- Try to reduce the time you spend looking for opportunities to satisfy the craving. Avoid spending time looking at the things that turn your craving on. Avoid stimulating the desire with thoughts of competing for the prize. For example, who cares what your neighbours earn? — it’s none of your business. Avoid hanging out with friends, relatives or colleagues who boast about their own achievements. Try not to feed any thoughts about getting more and more.
- Instead of giving your attention to things you want but don’t have, be mindful to take real pleasure in what you do have. In other words, don’t just tick the boxes for the things you’ve acquired, then focus on what’s next on the list, but relish the things that you already have, with gusto. If you have a private swimming pool, love swimming in that pool! One of the factors in greed is a disappointment even in great success because of the background thought that there is always more to be had. To avoid that, immerse yourself in the sensory and visceral pleasures of what you do have — let your instincts know that they have been well met at a physical level!
- Also, notice any good things in your life which you did not acquire through your own striving. Some people with an obsessive need for intimacy, for example, may be born into great wealth but not even notice it because they are so fixated on resolving the lack of intimacy. So, pay attention to what you have. If gratitude works for you, express gratitude as a daily exercise. If not gratitude, then appreciation — express (just to yourself is OK) your appreciation for the good things you have. Let the appreciation grow — you will find yourself feel happier.
- Address the underlying dread. See a therapist if necessary, or just try introspection and journal-writing if you have the self-discipline. See if you can identify the “lack” or whatever it is that you fear so terribly. Naming things is empowering. Find the association between this anxiety and your greed-type actions. Know that you have the choice not to act on that fear. You may also be able to shed a realistic light on the fear so that it diminishes – “I used to crave food because I got so little. Now I can afford to feed myself, I know that I’m not going to starve to death as an adult, and so there is no need to gorge on food at every opportunity.” Bring the light of conscious awareness and choice to your inner drives and conflicts.
- Finally, if you are aware of having a compulsion towards greed, try, try, try not to judge yourself too harshly for it. Greed is one of the traps that anyone can fall into. It’s not as easy to embrace as, say, self-deprecation because it so outwardly and blatantly selfish, which is socially unacceptable, even if the individual doing it hates himself for it. But just hating yourself for it solves nothing. However, being able to come to terms with it — to say “I have this problem. It’s like an addiction, but I’m dealing with it. I’m getting on top of it. I’m bigger than this thing. And I’m going to make sure no one is ever harmed by it again, including me.” — that’s heading towards a solution.
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