The Costs of vacant presidential seat, by industry chiefs

President Umaru Musa Yar'Adua's long absence from his seat is also adversely affecting the industrial sector of the economy.
The President, Manufacturers Association of Nigeria (MAN), Alhaji Bashir Borodo, in an exclusive interview with The Guardian, stressed that the development had created political uncertainty in the country.
Consequently, he said, investors are worried and are watching to see how Nigeria would handle the situation.
Today, President Yar'Adua has been away on medical treatment in Saudi Arabia for 50 days.
Prominent banker, Atedo Peterside and KOWA Party have also lent their voices to the calls for an official update on the state of health of the President
Borodo noted that the development has given foreigners, especially investors and local operators, the impression that Nigeria has little regard for the constitution. He, therefore, urged that necessary steps be taken to ensure that the constitution is applied to take care of the prevailing disrespect for the rule of law.
He said: "Many investors are wary and are wondering whether we can handle the situation. There is a lot of uncertainty. Yet, the constitution is clear on what to do in the circumstance. Investors are wary because we have refused to comply with the constitution. We have to prove them wrong by ensuring that government continues. The constitution can take care of any eventuality. The situation at hand is compounded by the fact that we don't have a culture of peaceful transition. In this case, however, since the constitution is very clear, we simply need to comply with it."
Borodo, however, expressed the wish that President Yar'Adua would recover soon and resume duty without further delay.
On a similar note, the President, Lagos Chamber of Commerce and Industry (LCCI), Otunba Femi Deru, said that Yar'Adua's absence is eroding investors' confidence in the economy because many issues surround his absence.
"For example, the budget and other economic activities revolve around the President," Deru said.
He added: "The constitution is very clear on the issue of the President's absence as we have it presently. If we don't comply, the situation could be likened to a company which failed to adhere to its Memorandum of Association or a refusal to swear in elected people at the right time."
He added: "The fact is, international observers and investors are beginning to ask if we believe in Corporate Governance, which is really the essence of business activities in any country. And we as business people, we believe in due process, in following the rules."
He stated further: "Indeed, the issue is so important in several ways that may not really be quantifiable. Look at the latest action against Nigeria by the United States (U.S.) for instance. Would the U.S. have taken the action if their President weren't around like ours? So, let's follow the right procedure in dealing with our president's temporary absence. It should not be politicised, but treated as a constitutional issue."
Like Borodo, Deru also wished the president quick recovery. "We pray he gets well soon to resume at his post," he said.
To the Executive Secretary, Nigerian Textile Manufacturers Association (NTMA). Mr. Jayeola Olanrewaju, the federal lawmakers' decision to discuss the issue is in order.
According to him, the overall negative implications of Yar'Adua's vacant seat to Nigeria and Nigerians cannot be overemphasised.
Olanrewaju stated: "You see, looking at it superficially, one may think it has little effect. But, if you look deeply into the whole gamut of its implications, you will realise that it doesn't portray the country well and it has serious negative implications.
"The fact is, some decisions cannot be taken once the President is not around. And if there is anything that needs his signature, it is either you take it to wherever he is or you delay such till he comes back.
"The truth is, there is no reason to create such a vacuum in governance, because it has so many disadvantages. My prayer had been that he (Yar'Adua) should come back on time. If not, then the necessary steps should be taken to fill the vacuum."
Also in an open letter to the Federal Executive Council (FEC), the highest decision-making body in the absence of the president, chairman Stanbic IBTC Mr. Atedo Peterside called on the Vice President Jonathan, to begin the weekly FEC meetings with a factual update on the president's health, which should be followed by a Confidence Vote, allowing ministers to vote whether or not the President is incapacitated to continue in office.
According to him, using a secret ballot, each minister would be required to indicate 'yes' or 'no' to the question whether he believes that the process of evoking Section 144 of the Constitution should begin. Once the votes are cast and counted, the result would be announced, while the used ballot papers would be burnt or destroyed immediately in the full view of the ministers.
In a statement signed by Dr. Salihu Abubakar, Fola Adeola and Prof. Bene Madunagwu, KOWA also urged the Vice President and members of FEC to immediately trigger the process that will determine the president's fitness in office.
The statement reads: "In view of the President's prolonged absence and inability to personally dispel rumours that persist that he is incapable of discharging the functions of his office, you owe it as a duty to the nation therefore, to immediately trigger the process that will determine his fitness for office and allow the transfer of the leadership of the Federal Republic to the Vice President in accordance with the constitution.
"To extend this situation any longer would be to invite anarchy, perpetuate a dangerous vacuum that could be an invitation to extra-constitutional adventurers and prolong the agony of the country," the statement said.
Peterside argued that the nation will only know the overall result of the weekly confidence vote. Burning or destroying the used ballot papers is to avoid 'dirty tricks' and to ensure that nobody can go back to attempt to decipher through finger printing or other technology which minister voted for or against the proposition to evoke Section 144 of the Constitution.
Also, he said, the weekly Confidence Vote will save the ministers from the 'ordeal' of having to decide when next to call for a new vote if the house is divided and the votes fall short of a decisive majority after the initial vote.
"The realisation that there will be another Confidence vote next week will spur the president's family and close aides to be more open and share more information with the ministers on the true state of the President's health and also spur the President to contact more ministers, if he is in a position to do so or to himself evoke Section 145 of the Constitution.
"In effect, we would have initiated a seamless 'trial and error' process by ministers who have the constitutional responsibility to step into this matter, while affording them the protection that is accorded to corporate whistle blowers," he wrote.