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Onyema resumes at Stock Exchange

Onyema resumes at Stock Exchange

The new chief
executive officer (CEO) of the Nigerian Stock Exchange (NSE), Oscar
Onyema, said his agenda for the market will soon be unveiled to the
public.

Mr. Onyema, 43, who
assumed office officially yesterday, as the fourth CEO of the NSE, told
NEXT that he has developmental plans for the market but “will soon
address the general public” on his various plans.

The new CEO opened
business activities at the trading floor on Monday by ringing the
opening bell, he then proceeded to have a closed-door meeting with the
management and staff of the Exchange.

Sam Ailenbuade,
deputy general manager and head of operations, Foresight Securities
& Investment Limited, a stockbroking firm, said he expects Mr.
Onyema’s agenda for the market to “bring positive changes.” “Looking at
his age, he is a young man. So we expect positive changes; nothing more
nothing less,” Mr. Ailenbuade said.

Brief from meeting

Meanwhile, Wole
Tokede, the NSE’s spokesperson, in a statement, said Mr. Onyema, at the
maiden staff meeting, “charged them to rededicate themselves to work in
order to build an Exchange that would be a pride of all.” “He praised
the efforts of the interim administration led by Emmanuel Ikazoboh for
doing a good job at repositioning the Exchange and laying a solid
foundation to build upon. He told the staff members that what was left
for them was to take The Exchange to the next level, and promised that
productivity, hard work and dedication to duty would be rewarded,” the
statement said.

Mr. Ikazoboh, who
will still continue to carry out his activities in the market as
directed by the Securities and Exchange Commission (SEC), explained at
the meeting that the executive management of the Exchange would be
complete when the executive director, listing directorate, as well as
that of market operations and information technology, resume.

Mr. Onyema joined
the NSE from the American Stock Exchange, where he was a senior vice
president and chief administrative officer. He is currently a council
member of Gerson Lehrman Group, a marketplace for expertise.

Meanwhile, the
sacked director general of the NSE, Ndi Okereke-Onyiuke, is still in
court challenging her “unlawful removal” from office.

The Federal High Court in Lagos on Monday adjourned judgment on the suit she filed till April 15 for arguments.

Transcorp’s case

The management of
Transnational Corporation of Nigeria (Transcorp) has written an
objection letter to the Stock Exchange over the recent volume movements
in its shares traded last week.

The letter read in part that “a total of 2.51 billion units of
Transcorp shares representing 10 percent of the company’s issued share
capital were traded in a single day. The board of directors and
management of the company have expressed shock at how such a
transaction was approved by the Stock Exchange without information to
and consent of shareholders and the company.” The company said a
transaction showing more than a five per cent interest in the shares of
the company should ethically (as provided by trading rules) have been
disclosed to the company and the SEC, “but this was not done in this
case.” Transcorp has, therefore, requested that due process and the
provisions of law be followed.

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FINANCIAL MATTERS: Harmonising the 2011 appropriations bill

FINANCIAL MATTERS: Harmonising the 2011 appropriations bill

Anyone wanting to
understand the interest generated by the harmonised version of the 2011
appropriation bill recently passed by both houses of the National
Assembly will do well not to look too hard at the numbers.

Until we
comprehensively reform the framework for managing public expenditure in
the country, budget numbers would not be worth the fancy paper on which
they are written. Notwithstanding, the numbers in question tell quite a
story.

The executive bill
for this year’s appropriations, which went to the National Assembly,
was for N4.2tn. At N4.9tn, the National Assembly’s appropriation bill
thus represents a 17 per cent increase on the version sent in by the
executive.

In addition, the
N1.3tn deficit included in the National Assembly’s bill is equivalent
to 4.3 per cent of the economy’s total output. Against this, the fiscal
responsibility act recommends a 3 per cent limit on the annual budget
deficit as a share of GDP.

Consider, however,
that in the period between when the executive sent the appropriations
bill to the National Assembly, and when the latter agreed on the
harmonised version, the price of the major financial driver of our
national budget, hydrocarbon exports, had moved from around US$85 per
barrel (pb) to a little under US$120pb.

With the crisis in
the Middle East and North African region expected to dominate the oil
price outlook all through this year, crude oil prices should remain
elevated well into the first quarter of 2012. Therefore, there is
enough on the revenue side to support higher public spending figures.

Running on this
argument, the harmonised version of the 2011 appropriations bill pushed
the oil price benchmark for the budget up from the US$65pb with which
the executive made its calculations to a more robust US$75pb.

Then, there is the
huge public infrastructure problem with which a country that has the
development rhetoric spot-on must contend with. I do not believe that
the new consensus around the public-private partnership (PPP), being
the new route to plugging the nation’s infrastructure hole, absolves
government of further spending in this regard.

Even if one
concedes that the burden of national provision of physical
infrastructure is now private, that still leaves us with the need to
meet the generally accepted indicative ratios for public spending on
health and education, if the millennium development goals are to make
any sense. Even the much talked about transition in the role of the
public sector from service provider to regulator has to be funded.

Then there are the
gaps in social infrastructure with which we have had to contend. The
rot here is no less severe than with our roads, railways, etc. Except
of course the intent ultimately is to add the police and the judiciary
to the PPP framework, the spending needed over the medium-term to bring
the criminal justice system up to scratch is large, and would come
entirely from the public budget. We could do with a police force with
fewer officers, but a lot more technology. The judiciary too would
benefit from having at least a functioning and networked personal
computer in every courtroom in the country.

On this reasoning,
if we are to spend money on these as part of our development
aspirations, why does the finance minister think the harmonised version
of the 2011 appropriations bill “un-implementable”? Certainly, not
solely because a budget on this basis is likely to be expansionary or
inflationary.

To begin with, the
original bill sent by the president to the National Assembly also
included its own deficit: equivalent to 3.6 per cent of GDP. So, it is
not just the fact of a deficit that flaws the National Assembly’s
spending argument.

Admittedly, the one
deficit is larger than the other, but at what point is a deficit
expansionary, or capable of driving inflation pressures? At 3.0 per
cent, 3.6 per cent or 4.3 per cent of GDP?

Evidently, in
cavilling at the budget numbers that have come out of the National
Assembly, government’s number crunchers are splitting hairs.

More so, this is a
government whose budget figures for last year represented a 50 per
cent-plus increase on the 2009 appropriations, notwithstanding the fact
that the deficit for last year was anywhere between 5 per cent and 6
per cent of GDP.

It is obvious that
we must look for more sophisticated reasons to object to the National
Assembly’s version of the appropriation bill.

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Strike halts all Gabon crude oil output

Strike halts all Gabon crude oil output

Striking oil
workers in Gabon stopped the African country’s estimated 240,000
barrels of daily crude oil production, a union official told Reuters on
Saturday. “We can confirm tonight that all production has been halted,”
said Arnaud Engandji, spokesman for the ONEP oil workers’ union, which
wants more local workers in the sector.

Gabon is Africa’s
seventh largest oil producer. Gabon’s government late last year agreed
to trade union demands to limit foreign workers in its oil sector to 10
percent and to require all executive posts to be held by Gabonese, but
never ratified the law.

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Aregbesola gives relief materials to Cote d’Ivoire returnees

Aregbesola gives relief materials to Cote d’Ivoire returnees

Osun State
Governor, Rauf Aregbesola, yesterday gave out grants and relief
materials to some returnees from crisis-turn Cote d’Ivoire. He blamed
the crisis in the foremost cocoa-producing country on the failure of
leadership.

Addressing the
Osun State indigenes who recently returned home in Iwo and Ejigbo Local
Government Areas of the state, Mr Aregbesola stated that, “If some of
our leaders in Nigeria and those of their counterparts in Abidjan had
been responsible, the crisis in Cote d’Ivoire could have been properly
managed.” The governor, however, called on the Federal Government of
Nigeria and all other African heads of state to quickly intervene in
the crisis.

The governor, in
his bid to alleviate the suffering of the returnees, released food
items to the displaced Osun State indigenes.

In Iwo, the Mr
Aregbesola said, “We urge our people to support their brothers and
sisters who have just returned from Abidjan, we in our capacity as
government, will do all we can to alleviate the stress of the displaced
people in Cote d’Ivoire.” He also assured the returnees that the
government will support them. “As a responsible government, we have
decided to share in the plight of the returnees by ensuring that they
settle down quickly. We have arranged with their local governments how
life would be made better in the state,” he added.

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Edo workers trickle to offices

Edo workers trickle to offices

Activities in the public sector and the public in
general in Edo State got to a slow start on Monday. This follows the
cancellation of the public holiday earlier declared on Saturday by the
state government for Monday, to enable voters exercise their franchise
in the National Assembly election.

Following the postponement from Saturday 2nd to
Monday 4th April by the chairman of the Independent National Electoral
Commission (INEC), Attahiru Jega, over lack of electoral materials, the
state government had declared Monday a holiday.

A further announcement by Mr. Jega on Sunday
afternoon after a meeting with leaders of the various political parties
postponing the elections again to Saturday, 9th April, prompted the Edo
State government to cancel the public holiday it had earlier announced.

Workers in the state ministries and parastatals,
however, resumed late for duty on the pretext that the holiday was
still in force.

As at 10am, only a few people had arrived their duty
posts in the ministries visited, just as it was also observed that the
roads were devoid of the usual heavy human and vehicular traffic
associated with Monday mornings in Benin City.

A worker at the State Secretariat Building on Sapele
Road, who did not want his name in print, said that he got to his duty
post at about 11am. He told NEXT: “I am not aware that the public
holiday announcement has been reversed. There was no electricity in my
area last night so I could not listen to news.”

He, however, said that he got wind of the
cancellation of the holiday from a colleague who had called him on
phone to inquire if he was in good health when he failed to show up at
the office at the resumption hour.

But it was a case of different strokes for different
folks in the case of workers in the private sector, as some of them who
got to the office late heaped the blame over the mix up at the door
step of the Edo State government.

They were unanimous in saying that the state
government should have waited for the federal government to declare a
public holiday should the election be held on a Monday.

On the rescheduled time table for the April general
elections, respondents from both the public and private sectors
welcomed the development.

They expressed their willingness to participate in
the polls in order to effect change in the nation’s leadership for
all-round development of the country.

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Calabar to get shipyard soon

Calabar to get shipyard soon

Work is set to
commence on a shipbuilding yard in Calabar, capital of Cross River
State, following an agreement signed between the state government and a
consortium of shipbuilding firms from India.

E. J. Williams of
Jones-Tech International Limited, the project facilitator, told the
state governor, Liyel Imoke in his office in Calabar that they have
assessed the shipyard to be built after clearing the land. He said they
were convinced that the project will employ over 5,000 Nigerians,
including artisans and various engineers when it takes off.

Mr Williams noted
that the project when completed will change the socio-economic status
of Cross River State, based on their experience in the business.

Calabar is peaceful

The project
facilitator said the state government will provide counterpart funding
to the tune of 10 percent, other Nigerians 40 percent while its Indian
technical partners will come through with the remaining 50 percent of
the cost of the shipyard, valued at one million dollars.

Mikael Lindholm of
ABG Shipyard Limited said they have undertaken feasibility studies of
the project as builders of one of the biggest shipyards in India and
are prepared to undertake a similar project in Nigeria.

He said West Africa
is ideal for such a gigantic venture because of oil exploration
activities, and Calabar being a peaceful city with vast tourism
potential is a suitable place for the project. Mr Imoke, in his speech,
commended the company for choosing Calabar as a location for building a
shipyard. He observed that as the headquarters of the Eastern Naval
Command of the Nigerian Navy, Calabar is safe for marine business.

The governor said
the envisaged shipyard will boost the shipping industry in the country
for various operations for civil and military use. He expressed the
hope that it will be concluded for the benefit of those in the shipping
business.

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Mobile police return to banks in Uyo

Mobile police return to banks in Uyo

Security is soon to be beefed up in banks following the restoration of mobile policemen to all banks in Uyo, Akwa Ibom State.

Commissioner of
Police, Akwa Ibom state command, Felix Uyanna, who said the mobile
policemen would be restored to all commercial banks in Uyo on Tuesday,
mentioned that the action was in linewith the directive of the
Inspector General of Police, Hafiz Ringim. Mr. Uyanna made this known
when he received two Hilux Toyota patrol vans donated to the command by
the Uyo zone clearing bankers’ committee, a forum of all commercial
banks operating in the state.

He assured the
bankers of increased security to banks and its customers, stating that
with the new patrol vans and the restoration of the withdrawn
policemen, bank robbery would be a thing of the past. The police boss
challenged robbers to relocate from the state as they have no hiding
place, saying, “If we cannot get you today, we will get you tomorrow”.

It would be
recalled that Mr. Ringim in January directed that all mobile policemen
attached to banks and private individuals be withdrawn, adding that the
mobile force was established to deal with internal security issues.
Ebong Bassey, Chairman, bankers’ forum and regional business
controller, Intercontinental Bank who expressed delight on the
development said it would be a boost to banking activities as they had
been the target of armed robbery attacks. He said the decision of 22
out of 23 banks to donate the vans was to strengthen the efforts of the
police towards ensuring security in the banks, lives and property of
the citizens.

Meanwhile, the
police have confirmed the arrest of 16 suspects allegedly planning to
cause violence during the postponed National Assembly elections on
Saturday. Police Public Relations Officer, Onyeka Orji said nine and
seven suspects each from Etim Ekpo and Ibesikpo local government areas
were being held in custody on plans to instigate violence during the
aborted elections. They were said to be in possession of charms, native
gin and substances suspected to be marijuana.

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Party says Jega’s resignation will jeopardise democracy

Party says Jega’s resignation will jeopardise democracy

Despite its
criticism of the Independent National Electoral Commision’s
controversial failed bid to launch the 2011 General Elections last
Saturday, the Action Congress of Nigeria (ACN) insists calls for its
chairman, Attahiru Jega, to resign his post are unnecessary. It said Mr
Jega’s resignation will have a negative effect on the electoral process
and put the nation’s democracy in jeopardy.

“In fact, we would
like to note that if what happened on Saturday had occurred under
Professor Maurice Iwu, the election would have gone ahead nonetheless
and results would have been collated and announced, with or without
result sheets.” The party’s National Publicity Secretary, Lai Mohammed,
in a statement issued in Ilorin, Kwara State, on Monday, said that
while the party was shocked at the poor preparations by INEC, it still
believed the one-week postponement would give the commission enough
time to rectify the problems.

“Therefore,
unfortunate and inexcusable as the failure of last Saturday’s National
Assembly election may be, it should not translate to calls for Prof.
Jega to resign or be sacked. Some of those instigating the calls are
not even doing so for patriotic reasons. In fact, we have it on good
authority that die-hard election riggers are not comfortable with Jega
as INEC chairman, since they see him as a stumbling block to their
fraudulent plans, hence would not mind getting rid of him by all means.

“We also know that
massive pressure is being mounted on INEC to jettison the Modified Open
Ballot system and replace it with the Secret Ballot system which some
unscrupulous parties see as a better system for them to perpetrate
their rigging plans. We say no to this, and warn that any attempt to
get rid of Jega and replace him with a pliable INEC Chairman will be
resisted,” Mr Mohammed said.

Questions for Jega

The party however
challenged Mr Jega to rise up to the occasion and work hard to meet the
yearnings and aspirations of Nigerians for a successful election. While
searching for answers from the commission, the party asked: “How will
INEC rectify the problems of multiple symbols, like those of AC and the
ACN appearing side by side on the same ballot? What about parties whose
symbols were not even on the ballot?

It also wants to
know if INEC has been able to fully retrieve the ballot papers sent out
on Saturday for the National Assembly elections and if it can assure
Nigerians that the ballots have neither fallen into the wrong hands nor
been printed by unscrupulous politicians?

The fear of that
eventuality also makes the party wonder if the commission intends to
use the same ballots as the ones deployed for Saturday’s ill-fated
poll, “how does INEC rectify a situation whereby some of those ballots
have found their way into some Government Houses, as is being alleged
in certain quarters?” Meanwhile, the electoral body has, on its Twitter
page, reiterated plans to ensure that all ballot papers already
distributed or used are retrieved to its headquarters, checked and
recorded as proof of evidence, after which they would be destroyed.

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Obama kicks off 2012 re-election campaign

Obama kicks off 2012 re-election campaign

President Barack
Obama launched his 2012 re-election campaign on Monday, framing his
final stint as a candidate as an effort to cement and expand the
policies he has enacted from the White House.

Mr Obama, a
Democrat who won a sweeping victory over Republican Senator John McCain
in 2008 with a message of change, said in a low-key email to supporters
that he was filing papers to start his re-election bid in a formal way.

“So even though I’m
focused on the job you elected me to do, and the race may not reach
full speed for a year or more, the work of laying the foundation for
our campaign must start today,” he said in the email.

“We’ve always known that lasting change wouldn’t come quickly or easily. …

But as my
administration and folks across the country fight to protect the
progress we’ve made — and make more — we also need to begin
mobilising for 2012, long before the time comes for me to begin
campaigning in earnest.” As president, Mr Obama secured an overhaul of
the healthcare system and financial regulation.

He has already
started fundraising for Democrats in recent weeks. Filing papers with
the Federal Election Commission will allow Mr Obama to fill his own
campaign coffers directly as well.

Political observers expect the Obama campaign to raise an unprecedented $1 billion for the race.

Mr Obama raised a record $750 million to win the 2008 election while running as a senator from Illinois.

A handful of
potential Republican challengers including former Massachusetts
Governor Mitt Romney and Minnesota Governor Tim Pawlenty are laying the
groundwork for their own campaigns but none of them has formally
announced a candidacy.

Early polls show Mr Obama leading potential Republican rivals.

Focus shift?

Mr Obama’s
announcement could generate criticism that he is switching attention
too early to his re-election hopes. The low-key nature of his
announcement seemed designed to rebuff that criticism.

The president is in
the middle of a budget battle with congressional Republicans and has
focused his message in recent weeks on reducing U.S. dependence on
foreign oil and investing in innovation and education — themes he
likely will highlight in his bid to hold on to the White House next
year.

Mr Obama also has defended U.S. military intervention in Libya.

Republicans say Mr
Obama’s policies to boost the economy and expand healthcare coverage
are too expensive. They are pressing Democrats to make deep spending
cuts to shrink the deficit, another issue that could play a crucial
role in the campaign.

Mr Obama’s email,
which closed with a button labeled “donate” that linked to his campaign
website, said his 2012 bid would have to be more innovative than his
successful 2008 organisation.

“In the coming
days, supporters like you will begin forging a new organization that
we’ll build together in cities and towns across the country,” he said
in the note. REUTERS

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Libyan wounded describe "hell" of Misrata

Libyan wounded describe "hell" of Misrata

Gaddafi forces
using tanks and snipers are carrying out a “massacre” in Misrata with
corpses on the streets and hospitals full of the wounded, evacuees
said, with one describing the besieged city as “hell”.

Misrata, Libya’s
third city, rose up with other towns against Muammar Gaddafi’s rule in
mid-February, and it is now under attack by government troops after a
violent crackdown put an end to most protests elsewhere in the west of
the country.

“You have to visit
Misrata to see the massacre by Gaddafi,” said Omar Boubaker, a
40-year-old engineer with a bullet wound to the leg, brought to the
Tunisian port of Sfax by a French aid group. “Corpses are in the
street. Hospitals are overflowing.” Stalemate on the frontline of
fighting in eastern Libya, defections from Gaddafi’s inner circle and
the plight of civilians caught in fighting or facing food and fuel
shortages prompted a flurry of diplomatic contacts to find a solution
to the civil war.

But the evacuees from Misrata had more immediate concerns.

“I could live or
die but I am thinking of my family and friends who are stranded in the
hell of Misrata,” said tearful evacuee Abdullah Lacheeb, who had
serious injuries to his pelvis and stomach and a bullet wound in his
leg.

“Imagine, they use
tanks against civilians. He (Gaddafi) is prepared to kill everyone
there … I am thinking of my family.” Swathed in bandages, evacuees
gave some of the most detailed accounts yet of conditions in Misrata,
the last major rebel-held city in western Libya which recalled sieges
of town and cities in the Bosnian conflict.

U.N.-mandated air
strikes to protect civilians have so far failed to halt attacks by the
Libyan army, which residents said stationed snipers on rooftops and
fired mortars and artillery at populated areas of the city with
devastating effect.

Libyan officials
deny attacking civilians in Misrata, saying they are fighting armed
gangs linked to al Qaeda. Accounts from Misrata cannot be independently
verified as Libyan authorities are not allowing journalists to report
freely from there.

A rebel spokesman said the city was shelled on Monday.

“The shelling
started in the early hours of the morning and it’s continuing, using
mortars and artillery. This is pure terrorism. The shelling is
targeting residential areas,” the spokesman, called Gemal, told Reuters
by telephone, adding:

“We know there are casualties but I don’t know how many.”

Thousands left behind

A Turkish ship that
sailed into Misrata to rescue 250 wounded was protected by Turkish
warplanes and warships and had to leave in a hurry after thousands
pressed forward on the dock, pleading to be evacuated.

Another ship
operated by Medecins Sans Frontieres docked in Sfax in Tunisia with 71
wounded from Misrata. Many had bullet wounds and broken limbs. One
person’s face was totally disfigured by burns.

Fears of a massacre
in Misrata are helping to propel efforts this week to try and secure a
ceasefire in the North African oil-producing desert state. Sfax echoed
to the sound of sirens as a stream of ambulances ferried the wounded to
hospital.

“We cannot do
anything against this massacre any more. We ask the Americans and the
Europeans to put people on the ground and help us end these crimes,”
said another injured man, Imed.

REUTERS

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