Nigeria Content Online

AngloGold says rains affect Australia mine output

AngloGold Ashanti,
the world’s third largest gold producer, said on Tuesday heavy rains in
Australia have affected output at its Sunrise Dam mine.

The company said in
a statement that while open pit mining has resumed, underground
operations remained suspended for safety reasons.

AngloGold said it
expects that Sunrise Dam, located 56 kilometres (35 miles) south of
Laverton in Western Australia, would achieve normal mining rates in the
June quarter.

“AngloGold Ashanti
is, therefore, expecting that first quarter guidance of 1.04 million
ounces will be negatively impacted by approximately 20,000 ounces with
a consequential impact on unit total cash costs,” the company said.

Africa’s top gold
miner, which has operations across four continents, also said the
group’s full year production guidance of 4.55-4.75 million ounces
remained unchanged.

Money

Banker in court for allegedly stealing N554,200

Banker in court for allegedly stealing N554,200

A former employee
of the Intercontinental Bank Plc was on Monday arraigned before an
Igbosere Magistrates Court in Lagos over alleged forgery and theft of
N554, 200.

Twenty-six-year-old
Ajayi Oluwasegun is accused of forging the signature of a bank customer
and withdrawing the sum from his account. Mr. Oluwasegun, who is
standing trial before Magistrate A. A. Famobiwo, pleaded not guilty to
the two-count charge.

The prosecutor,
Haruna Ibrahim, a sergeant, submitted that the accused forged the
signature of one Mr. Kelvin Nwaosisi and withdrew N554,200 from his
account. He said that the alleged theft and forgery occurred between
August 2010 and February 2011 at the Agege branch of the
Intercontinental Bank.

Money

Anti corruption commission gets deadline

Anti corruption commission gets deadline

An Abuja High Court
on Monday granted the ICPC “one last leave” to arraign a former
treasurer of Kwali Area Council, Dauda Musa, over his alleged
complicity in a N140 million fraud.

Mr. Musa is
supposed to have been arraigned with the former chairman of the
council, Musa Saleh, since 2009 over their roles in the alleged fraud.

The ICPC had
arraigned Mr. Saleh over allegations that he allegedly perpetrated the
fraud through fictitious contracts, dubious training programmes, abuse
of office, and diversion of public funds into personal use.

Justice Hussein
Baba, in granting the leave, warned that if by March 23 the commission
did not arraign the accused, he would strike out the case.

The judge took this
decision after counsel to ICPC, Edward Okagogo, told the court that the
commission had been unable to track down the accused since the last
five adjourned dates.

“If by March 23 you
are unable to arraign the accused, I will strike out the case from my
list. Whenever you are ready you can come back,” the judge said.

Money

S.Africa, DRC parley on hydro project

S.Africa, DRC parley on hydro project

South Africa is
talking to the Democratic Republic of Congo to revive a stalled $8-$10
billion 5,000 megawatt hydro power project on the Congo River, South
African energy minister, Dipuo Peters, said on Tuesday.

Last year, the DRC
rejected a proposal by the Western Power Corridor (Westcor), a joint
venture between five southern African governments and power utilities,
that would have led to exports of up to 3,000 MW to South Africa and
another 1,000 MW to neighbouring countries by 2015.

“We are engaging
with the government and department of energy in the DRC so as to make
it possible that the initiative that we put on hold can be able to be
resuscitated,” Mr. Peters told an African energy conference.

Sub-Saharan Africa
needs an extra 7,000 MW of capacity a year to meet the demand of its
800 million people, who currently have access to the same amount of
power as Spain, which has a population of 45 million.

Money

Only six apply for N30b entertainment loan

Only six apply for N30b entertainment loan

The
Bank of Industry (BoI) and Nigerian Export-Import (NEXIM) Bank have so
far received only six applications from prospective beneficiaries of
the $200 million (about N30 billion) special fund by the federal
government dedicated to the development of the entertainment sector.

Since
the announcement of the Nigerian Creative and Entertainment Industry
Stimulation loans scheme last year, as part of efforts to boost
capacity building in the country’s entertainment industry, it was
gathered that the two banks mandated to manage the fund have been
inundated with enquiries on guidelines for accessing it, as well as
proposals from interested applicants.

The
fund is meant to enhance industry capacity in the areas of film
production, film export market development, and proper distribution
network and system; development of distribution infrastructure and
platforms; development and production platforms and facilities;
acquisition of hi-tech production equipment and ancillary facilities,
as well as refinancing of existing projects to help save jobs and
create new jobs.

Appraisal and processing

Though
the applications are currently undergoing appraisal and processing,
Chinedu Morgan, who represented the BOI managing director, Evelyn
Oputu, told NEXT several proposals have been adjudged below the set
standard and quality. He did not disclose the names of the applicants.

“Since
the announcement of the initiative, six applications have been received
so far. We have commenced the process of appraisal. We are at the
advanced stage of processing the applications. But, there are still
some barriers. Some of the practitioners do not know how to put the
ideas together. We need to address the issue of how to assist them make
their projects viable,” Mr. Morgan said.

To
help prospective beneficiaries come up with bankable proposals, Mr.
Morgan said the BOI and NEXIM are working with the Lagos Business
School (LBS) to develop capacity, particularly by helping to do proper
due diligence and bankable feasibility study, as well as assess the
capability of each applicant to identify areas requiring assistance to
enable them come up with financing models suitable for their respective
enterprise.

Similarly,
last week, the minister of finance, Olusegun Aganga, disclosed that the
LBS is also collaborating with the Small and Medium Enterprises
Development Agency of Nigeria (SMEDAN) and other 22 enterprise
development centres across the country to provide business skills
training to improve the managerial capability of entrepreneurs.

Accessing the loan

On
the criteria for accessing the loan, Mr. Morgan, who said the
application process has been harmonised with NEXIM, advised interested
persons to download the forms from their websites, while they are
expected to forward the completed applications to the BOI offices in
the six geopolitical zones, including Abuja, Kaduna, Bauchi, Lagos,
Akure, Asaba, and Aba.

The
completed applications are to be supported with a copy of the projects
brief, feasibility study, and certified copies of company’s certificate
of incorporation, memorandum and Articles of Association, Corporate
Affairs Commission (CAC) Forms 2 and 7, indicating the names of the
shareholders and directors.

Other
documents to be attached to the applications include audited statement
of accounts or cash flows; budgets or bill of quantities; proforma
invoices; completion bond; proprietary rights; collateral security,
properly patented; trademarked and copyrighted intellectual property
assets or sales agreement and evidence of contracts handled.

Meanwhile,
the minister disclosed that there is an ongoing working arrangement
with various state governments to establish about 20 industrial
clusters in the country to help the growth of Small and Growing
Businesses (SGBs).

“Government
is making good progress in its bid to establish 20 industrial clusters
and job centres in the country. While we have gone far in our
discussion with some states, others are yet to come on board.

“But
we expect them to do so very soon based on discussions we have had so
far for them to provide infrastructures necessary to make them work,”
the minister said.

Money

Minister asks operators to support reinsurance firm

Minister asks operators to support reinsurance firm

Yabawa Wabi,
minister of state for finance, has advised the West African Insurance
Companies Association (WAICA) to ensure adequate capitalisation of the
WAICA Reinsurance Corporation.

Mr. Wabi, who was
represented by Fola Daniel, commissioner for insurance, at the National
Insurance Commission (NAICOM), gave the advice at the 2011 WAICA
Educational Conference in Lagos on Monday. The theme of the conference
was ‘Partnership for Growth and Prosperity: the Roadmap for Regional
Integration in West Africa’.

According to her,
the establishment of the WAICA Reinsurance Corporation will bring
immense benefits to the practice of insurance in the sub-region.

“With adequate
initial take-off capitalisation, it is expected that the corporation
will contribute greatly to the insurance companies in the sub region
than the pool. It is critically important that the corporation from
inception be adequately capitalised and directed by an informed board
and management.

“A deliberate
selection criteria, particularly for its management team, based on
maturity, experience, qualification, and goodwill, will be helpful in
addition to a sizeable capitalisation beyond the statutory minimum
capital,” Mrs. Daniel said.

She further said
that it was obvious that WAICA Reinsurance Corporation would come into
intense competitive environment based on her knowledge of the insurance
industry in the sub region.

According to her,
the emerging risks in the oil and aviation sectors required high-level
of technical support both for the corporation and the insurance
industry.

Mrs. Wabi said it
was necessary for WAICA Reinsurance to seek for competent technical
partners to help it in the development of technical competences.

She also said there
was the need to collate quality information relating to insurance and
re-insurance matters in the sub region and make them available to
members of WAICA and the government. This would help to make informed
decisions and opinions on insurance matters, she said.

William Agbenyega,
president of WAICA, said that the association had made history with the
establishment of WAICA Reinsurance Corporation. According to him, the
corporation will strengthen bilateral business relationships among
members, as they would continue to cede businesses to it. He said that
WAICA Reinsurance would have its headquarters in Freetown, Sierra
Leone, and country offices in member countries.

NAN

Money

Namadi Sambo urges northern group to partner with government

Namadi Sambo urges northern group to partner with government

The Arewa
Consultative Forum (ACF) has been charged to partner with the Federal
Government in order to stimulate the economic growth and development of
the northern region.

Vice President,
Namadi Sambo said this during the Annual General Meeting and
inauguration of the new National Working Committee (NWC) of the forum
in Kaduna yesterday. The occasion where the vice president was the
special guest of honour, attracted other northern leaders including the
former Head of State, Yakubu Gowon who is the Chairman Board of Patrons.

Mr Sambo said:
“Government and other stakeholders should create the needed drive and
synergy to galvanise and stimulate economic growth and development of
the Northern heritage. We expect a rapid growth in agriculture,
education, transportation, and other infrastructural facilities such
that it will effectively drive away poverty among our people,” he
advised.

“I am particularly
happy that Arewa Consultative Forum has over the years of its formation
been on the right track and forefront in promoting, defending and
strengthening northern unity and the interest of the northern people in
the context of one indivisible Nigeria and contributing in safeguarding
the Nation’s territorial integrity.” He noted that from inception to
date, the ACF has conducted itself with decorum and decency that it has
had flawless succession plans and programmes which were clinically
executed devoid of rancour.

Partnership with government

“We hope for an
effective partnership that will foster unity, peace and progress of the
nation. The promotion of cordial and harmonious co-existence amongst
our people should be a sine-qua-non. It is in our considered hope that
all northerners will support the current executive to realise the
dreams of the founding fathers of the Forum.

“We must eschew
bitterness and politicisation of the lives of our people by promoting
such virtues that will unite rather than divide this blessed country of
ours. We are confident in your ability to partner any government and
stakeholders in that direction which we believe in turn shall
reciprocate this gesture by giving all the necessary cooperation that
the North desires. As we are all aware,

Nigerians believe in the unity and the indivisibility of the country and are geared towards attaining it.” He said.

Failed generation

Earlier in his
speech, the Chairman Northern Governors’ Forum and governor of Niger
State, Mua’zu Babangida Aliyu, lambasted the leadership of the North.

Mr Aliyu, whose
speech was delivered by the deputy governor of Niger State, Ahmed Musa
Ibeto, said, “this probably explains why we are still groping in the
dark over 50 years after Independence and almost 45 years after
Sardauna and indeed 11 years after the pressure group, ACF.” He
stressed the need to properly redefine the role of ACF and similar
groups routing for the socio-economic and political transformation of
the North.

“Are they people
who have misused their opportunity and want to remain relevant? Are
they people who are finding jobs for themselves in retirement and in
solitary life? What are the legacies they have left behind for the
younger generations in terms of exemplary leadership and social
values?” He queried.

“It is very
important to note that to earn the respect of others, we must not be
seen to be championing narrow selfish individual or group interests;
neither must we allow ourselves to be seen as mere opportunist who hide
under the guise of ethnic or religious dominance to agitate for what we
may not achieve under a free, fair and competitive atmosphere”, he
warned.

Inaugurating the NWC of ACF, Mr Gowon admonished the NWC to adhere
strictly to the objectives of the forum while carrying every member
along in its activities.

Two die in Benin riot

Two die in Benin riot

Benin city was
thrown into chaos yesterday when thugs reportedly loyal to the
suspended chairman of the Anti-Pipeline Vandalisation Committee,
Osakpamwan Eriyo, unleashed terror on residents and passers-by around
the King’s square area, resulting in the death of at least two people
and many injuries.

Mr. Eriyo who is
also the youth leader of the Edo State chapter of the Action Congress
of Nigeria (ACN), was yesterday suspended by the governor, Adams
Oshiomhole, for allegedly assaulting the transition committee chairman
of Oredo Local Government Council and son of Benin oba, Uyiekpen
Erediauwa.

Mr. Osakpamwan, who
was also in charge of collecting revenue from commercial transporters
for Oredo council, was relieved of the responsibility by Mr. Oshiomhole
as a result of the fracas with the transition chairman.

Trouble started
when the ticket boys of Mr. Eriyo tried to compel bus drivers plying
Ring Road to Ugbowo to buy their tickets. The bus drivers resisted, on
the grounds that the tickets are illegal, given that the contractor had
been suspended.

The refusal to
purchase tickets sold by Mr. Eriyo’s men resulted in a fight which soon
spread to Lagos, Ibiwe, Oreoghene streets, and other adjourning roads
around the Kings Square. The ensuing fracas allegedly resulted in the
death of Raphael Oke and Osamwuyi Obaze, both drivers in the Ring
Road/Ugbowo route. Another whose name could not be ascertained as at
press time allegedly suffered a broken neck, and five commercial buses
were seriously damaged.

When NEXT visited
the scene of the incident, about a hundred youth from the palace of the
Benin Oba were seen heading to the troubled zone. Anti-riot policemen
were scattered around the Kings square, apparently to curtail the
spread of the fighting.

When contacted on
phone, Edo police command spokesman, Peter Ogboi confirmed the death of
only one man which he said resulted from the fighting.

Meanwhile, the state chapter of the Action Congress on Nigeria has
announced the suspension of Mr. Eriyo from the party. A press statement
signed by the party secretary, Osaro Idah, said that the “party has
suspended the State Youth Leader of the party, Osakpamwan Eriyo from
the party with immediate effect pending the outcome of the on-going
investigation of his recent conduct.”

Group commends passage of tobacco bill

Group commends passage of tobacco bill

The Environmental
Rights Action/Friends of the Earth Nigeria (ERA/FOEN) has commended the
Senate over passage of the National Tobacco Control Bill. They say the
lawmakers have delivered a major public health tool that will save the
lives of millions of Nigerians from tobacco-induced deaths.

According to the
group, “We salute the courage of the Nigerian Senate for giving this
nation a strong tool to revert growing deaths from tobacco products.
Though this has taken us so long, we are confident that this bill will
save millions of our brothers and sisters from tobacco-related deaths.”
The group had earlier lamented the delay by the National Assembly in
passing the law of the National Tobacco Control Bill, saying that delay
in the passage of the bill may cost the nation more tobacco-related
deaths.

Senate to be remembered

“We also rejoice
with the sixth session of the Nigerian Senate because it will be
remembered in the history of our nation for passing a bill which will
place Nigeria on the map of progressive countries that have initiated
policies and measures to reduce smoking and its attendant health risks.
This senate will also be remembered for passing a people-oriented law
which is aimed at safeguarding our public health and improving the
lives of Nigerians,” the group said in a press statement made available
to NEXT. The national tobacco bill bans the sales of single sticks of
cigarettes, tobacco advertisement, sponsorship, promotions, selling
cigarettes to persons under the age of 18 and smoking of tobacco
products in public places.

The group however, urged the leadership of the National Assembly “to
fast-track the remaining legislative process to ensure that the bill is
presented for presidential assent quickly.”

Medical council orders university hospital to remain in Osun

Medical council orders university hospital to remain in Osun

The crisis rocking the Ladoke Akintola University of
Technology (LAUTECH) has continued as the Medical and Dental Council of
Nigeria directed that the teaching hospital arm of the university
should remain in Osogbo, Osun State.

The university, which is jointly
owned by the Oyo and Osun state governments, became the subject of
controversy following the Oyo State government’s directives that the
joint ownership of the institution should be severed.

The Oyo State
government, earlier in the year, had directed both students and staff
of the teaching hospital in Osogbo to report at a new site located in
Ogbomoso, Oyo State. The Council’s registrar, Dr. A.A. Ibrahim, in a
memo addressed to the provost of the College of Health Sciences
(LAUTECH), rejected any attempt to move the clinical training of
medical students of the teaching hospital to another location outside
Osogbo.

The three-paragraph memo read in part, “The attention of
Council has been drawn to lingering controversies surrounding the
purported movement of the teaching hospital for the clinical training
of your medical students to another location outside the accredited
site Osogbo.

“For the avoidance of doubt, let me restate here that
Council does not recognise any medical training conducted at any
facility not accredited by the Medical and Dental Council of Nigeria.
It will, therefore, be in the interest of your institution to ensure
that laid-down training guidelines are strictly adhered to at all
times.

“I am also to inform you that hosting professional medical
examination in such a facility is null and void and of no effect.
Should Council guidelines be infringed, you will be held responsible
and such an act makes you liable to prosecution before the disciplinary
organ of the Council.”