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Aganga insists that Nigeria is not bankrupt

Aganga insists that Nigeria is not bankrupt

Despite the
decision by the National Assembly to cut the budget proposals by
government ministries, departments and agencies (MDAs) by 50 per cent,
the Finance Minister, Segun Aganga, insists the country is buoyant
enough to finance government business.

Many of the
ministries and agencies had their 2011 appropriation sliced in a manner
that members of the various committees say was indicative that the
country is broke and can ill-afford funding the budget.

“The 2010 budget,
in my opinion, is a failed budget,” lamented the chairman, Senate
Committee on Environment, Grace Bent, while appraising the 2010 budget
of the Environment ministry last Thursday.

Mrs Bent’s view was
re-echoed by most of her colleagues in other committees and she finds
it worrisome that the Environment ministry, like many others,
implemented only 47 percent of its capital budget for the year, about
six weeks before the expiration of the 2010 fiscal year, as against 100
per cent recorded in the recurrent expenditure and overhead budget.

Indications are
that out of the total allocation of N29.522 billion in the 2010 budget,
the Finance Ministry has only released N10.115 billion to the ministry
till date.

The Environment
minister, John Odeh, blamed the poor performance of the budget on the
Finance ministry’s failure to release the capital budget in full due to
complaints of shortfall in the country’s revenue.

Mr Odeh’s
counterpart in the interior ministry, Emmanuel Iheanacho, also
announced 100 per cent implementation in recurrent expenditure, while
the capital expenditure was about 43 per cent. Mr Iheanacho’s complaint
was that the Finance ministry released only 50 per cent of the
ministry’s 2010 capital budget, because of the shortfall in the
country’s revenue, though the recurrent and overhead budgets were
released and fully expended.

Prudent management

However, Mr Aganga,
explained that the decision to slice the ministries and agencies’
budget is part of the measures being pursued by government to ensure
discipline and prudence in the management of the country’s finances.

“The truth is that
Nigeria is not broke. The question that one needs to ask is: The ones
that they (ministries) got last year, have they used it? Or how well
did they use it? There is no doubt that the country is making more oil
revenue today because commodity prices are going up. But what one
should know is that we are running a deficit budget, which is the
highest ever budget in the history of the country.

“Besides, this is
an expansionary budget because of what government is doing. We must
learn to live within our means. What government is doing is trying to
reduce the huge cost of running business, by emphasising fiscal
discipline and prudence, without necessarily compromising quality in
the implementation of the budget.” Mr Aganga said. During the recent
presentation of the overview of the 2011 budget by President Goodluck
Jonathan, the finance minister pointed out that this year’s budget was
underpinned by the four pillars upon which the country’s economic
growth strategy and government’s reform agenda rests.

Apart from the
determination to make Nigerians feel the tangible benefits of the
country’s economic growth, the minister said government will optimise
necessary capital spending by rationalising recurrent expenditure,
while accelerating the reforms to enhance the quality and efficiency of
public expenditure as well as promote greater prudence in the
management of the nation’s financial resources.

The minister had
argued before the law makers that government was withholding funds from
those ministries that did not show sufficient capacity to utilise past
releases, with some of them accounting for as low as 23.3 percent
implementation of the budget.

“Government has
been very lousy with budget implementation. This is a failed budget of
a failing nation,” observed Bukar Abba Ibrahim, a senator, who claimed
that a cut in the capital budget of the ministries was suggestive that
the nation cannot afford it.

“Why would the
Finance ministry not be able to cash back the capital budget of the
2010 appropriation, despite the claim by the Finance minister that the
country is buoyant enough to fund government’s business and considering
that crude oil price has been stable above the budgeted benchmark?” Mr
Ibrahim noted.

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PERSONAL FINANCE: About love and money

PERSONAL FINANCE: About love and money

When two people become a couple, they
confront a myriad of financial choices and decisions. Are you engaged?
How much do you know about your fiance’s financial situation? After the
excitement of the wedding ceremonies, it will be time to face your
financial future together. Research shows that money matters have some
part in most divorces yet, most couples go into marriage without ever
broaching this subject. It may not be romantic, but it is important.
Here are some of the money issues that you should discuss with your
fiancé or your spouse.

What is your attitude toward money?

You do not just develop good or bad
money habits by chance; attitudes to money are formed very early on in
life and usually develop over many years. You may not even realise the
full effect of your childhood experiences, circumstances, and your
parent’s attitude towards money. Indeed, many people simply assume the
savings and money management habits of their parents. Were they very
frugal, disciplined savers, or were they spendthrifts? Your attitude
toward money can have a significant impact on the financial decisions
you make.

What are your financial goals?

What are your short, medium, and
long-term goals? Where do you see yourselves five, 10, 20 years from
now? Financially, this can mean owning your own home, educating your
children and planning for your retirement.

In relationships, there may be
different goals and priorities. One may be averse to debt whilst for
the other debt is a way of life. He might want a flash car, whilst she
feels more secure with money in the bank. She might spend all the
housekeeping money on jewellery, shoes and bags whilst his priority is
to give the children a sound education. He may view the new home cinema
as their greatest new asset, whilst her priority is to make a down
payment on their own home. If the differences are fundamental, this
will be a source of conflict. At the same time, be conscious of the
fact that it shouldn’t be all about scrimping and saving towards the
future; treat yourselves as well.

Who will manage the family finances?

Women often enter marriage assuming
that their spouse will handle all money issues and thus delegate almost
total responsibility and sit on the sidelines without being involved.
Determine who is best able to manage the routine everyday financial
matters. Teamwork is essential and shared duties work well for some
families, but even if one party is more involved, both should have a
general overview of the total picture. Periodic meetings are important
so you know where you stand financially and can see whether you are
actually moving closer towards your family goals.

How do you feel about budgeting?

It is surprising how many married
couples get by without a budget. Through budgeting, you have a better
idea of what is coming in and how much can be spent. You should both
know how much you pay for your rent or mortgage, utility bills,
insurance, and so on. Budgeting responsibilities should be shared such
that neither partner should feel that they have to shoulder the entire
responsibility. Periodic meetings, say at least once a month are useful
to review bank balances, any outstanding debt, routine expenses as well
as any major expenses that need to be carefully planned for.

How much debt are you bringing to the marriage?

Many people do not discover the full
extent of their spouse’s financial obligations until they are married.
Debt brought into marriage can be a major source of strife if not well
handled. Each partner should know the debt load the other one carries,
as once you are married, that debt load is shared. Whilst you are not
legally responsible for the loans opened in your spouse’s name, it
could certainly affect your eligibility for joint loans such as a
mortgage. It should be a priority to try to deal with it together and
bring it under control.

Who pays for what?

Something as basic as the handling of
everyday household expenses is a source of friction in many families.
How will you handle routine household expenses? You both earn, but how
much should each person contribute? Are you both doing your “share”?
Should it be equal amounts no matter what each person earns, or a
certain percentage? If you earn significantly more or less than your
spouse, it seems only fair to contribute amounts in proportion to your
respective incomes to reflect this imbalance.

Some couples assign expenses – you pay
the rent and school fees, whilst I’ll pay for groceries, utility bills,
and so on. Other couples use one partner’s income for all expenses and
apply the other income to build up savings and investments.

Will you have separate or joint accounts or a combination of the two?

Will you open a joint account and pool
both incomes or have separate accounts? Having a joint account combined
with individual accounts for personal expenses is a good compromise as
each partner takes some responsibility for the household budget, yet is
still able to retain some autonomy. Partners contribute a certain
amount of their monthly salary into the joint account to cover routine
household expenses such as food, utility bills and so on. Some couples
decide to pay their salaries into the joint account and then pay
themselves a monthly allowance.

Remember that parties to a joint
account have a right to withdraw all the money in the account. It is
for this reason that the use of joint accounts is usually limited to
people who have built a solid level of trust. Look critically at the
options and try to come to a compromise that will suit your
relationship.

Will you set spending limits?

Do you have to account for everything
you spend to your spouse? If you show up with an expensive new TV or a
car, could this be a cause of tension? Everyone needs some personal
spending money that doesn’t have to be accounted for. The amount will
vary depending on the couples’ resources and lifestyle. Some couples
set spending limits on how much either can spend without consulting
each other.

Even though there may be the occasional
conflict about money, it is really about how best these conflicts can
be resolved. With careful planning, clear communication and compromise,
you can avoid many frustrating conversations. There is no one size fits
all when it comes to finances in relationships; even the best system
may not always be appropriate so be prepared to modify your system as
your relationship and financial situation evolve. Try to find the right
balance that works for your situation; if one option doesn’t work, try
another. The financial decisions that you make now can have a lasting
impact on your financial future as you go through life together.

Happy Valentine Day!

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ENVIRONMENTAL FOCUS: Climate change burden for poor Nigerians

ENVIRONMENTAL FOCUS: Climate change burden for poor Nigerians

Let us get down to
the main course rather than nibble around the delicacy of starters.
That climate talk shop in Cancun, Mexico was actually about the
everlasting subject of global poverty. The Conference of the Parties,
like its predecessors in Copenhagen and elsewhere, is an annual
extravaganza of serious-minded scientists and politicians, inquisitive
civil society, but also a motley crew of colourful conference tourists
and shopaholics. Cancun strove to construct durable shock absorbers for
the poor to cope with the rough ride on the bumpy, climate dirt track.
Their vehicle is named “adaptation”. The clarion call is now clearly to
focus on solutions. Most delegates from Africa, in total disregard of
the transnational mantra to promote, “popular participation and
empowerment,” or the concepts of a “global village,” were the wealthy
of their continent. Nigeria set a good example for other African
nations by taking some local government representatives in its bloated
contingent. But the legendary corruption at the local governance level
in our country cancels out the good and insightful intentions.

There are folks
preaching that the evil effects of global warming are neutral and
affect all strata of humankind the same way. This is false! The point
to worry about is not so much over the physical processes, but about
the social and economic impact, which is why the poor are particularly
vulnerable and imperiled.

If international
development statistics are correct, then anyone walking a
hypothetically representative transect in Nigeria should encounter 70
people living below two US dollars a day in every 100. It is a high
strike rate, and these impoverished fellow citizens live in darkness
and ignorance of global warming. Rural people are aware of consequences
and symptoms of climate change, but where clinical history is unknown,
do not expect diagnosis, innovation and curative measures to follow.

UN politics around
climate change remains somewhat cynical — the rich mitigate by cutting
emissions, the poor adapt to the evils of climate change. To
paraphrase, at climate change conferences, the industrial nations and
major culprits of global warming are brusquely instructed to reduce
their carbon dioxide emissions to stipulated levels in marked-out
periods. Poor countries may continue warming up the earth quietly, as
they industrialize, but will be encouraged through financial injections
from the rich for adaptation to climate change impacts.

Help your poor

Adaptation is
strewn with dangers, and we’ve got to monitor a likely pattern in
Nigeria where the concept could easily result in “adaptation funds”
vanishing into foreign accounts of corrupt elite. The fate of poor
Nigerians is then forgotten under the excuse that they are illiterate
and difficult. It is imperative that the masses are better informed
over climate change adaptation processes and politics now. The mistake
must not be made to package solutions and arrive at villages for the
start of so-called “pilot projects”. Kanayo Nwanze, director of the
International Fund for Agricultural Development, IFAD in Rome recently
made an unforgettable statement in Abuja.

“No country develops the other for it,” he said.

You do not hear that sort of message from Africans working for
international donor agencies, at least not in public. Mr. Nwanze said
it loud and clear in the presence of both bilateral and multilateral
donors, some of whom nodded in agreement. Nigeria does not receive as
much foreign development assistance as Ghana, Tanzania, Mozambique or
Mali. I recall Ngozi Okonjo-Iweala saying this was not a bad thing. You
couldn’t agree with her more. The world expects Nigeria, the “giant of
Africa” to do more for its poor people and stop begging for development
aid.

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Untitled

Untitled

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Quest for a messiah

Quest for a messiah

Just as there are
no perfect elections anywhere, there are also no perfect candidates.
The choice of the electorate is usually an aggregate perception of the
value of the candidates’ personalities, manifestoes, visions and
programmes to their interests. These interests could be economic,
political, social or even religious.

I still do not
understand whose or what interest Olusegun Obasanjo, former military
head of state and two term civilian President of Nigeria, was promoting
when he said in Harare, during a meeting of the Commonwealth, that the
late M.K.O. Abiola was not the messiah that Nigeria needed. Since then
not many Nigerians have forgiven OBJ for that remark uttered in the
heat of the struggle for the revalidation of June 12, 1993 elections.
In addition to the burden of misgiving over his perceived role in
denying Chief Obafemi Awolowo victory at the 1979 presidential
elections, Obasanjo has continued to carry the cross of that Freudian
slip, especially among the Yorubas, till today.

Since
independence, most political actors, have tried to position themselves
in the court of public opinion as the much awaited messiah Nigeria
desperately needs. They present themselves as saints even when we know
that for many of them even hell would consider their sins too hot to
handle. They promise from the ridiculous to the irritable just to curry
the affection and votes of the Nigerian electorate.

Usually, their
much copied political manifestoes, have never failed to promise
Nigerians all the goodness of heaven and beyond, yet our situation has
only continued to deteriorate. And with another general election around
the corner, Nigerians are being daily barraged by a deluge of political
talk leaving many wondering whether there will ever be a realistic walk
in the direction of the Promised Land and towards fulfilling our
bestowed potential.

The irony is that
Jews waited for a messiah for thousands of years and when He finally
came, they could not recognise Him, instead, they crucified Him. Ours
is a bigger irony because it appears many Nigerians are in quandary
over our expectations for the right leadership in our country. Our high
rate of illiteracy, falling education standards, monetisation of our
politics, poor access to genuine information services, endemic poverty,
general moral bankruptcy, ethnicity and religious bigotry have only
further blurred our perception of a people oriented leadership
succession. These indices of national failure also bedevil the quest by
honest Nigerian youths and women for a meaningful stake in the
governance process.

Our expectations
in a political messiah, must be realistic, that is, if we really need a
messiah to fix Nigeria. The kind of leader Nigeria needs at this
critical period of her national life is not just one who will provide
another set of disjointed social amenities and brandish same as if
he/she is doing Nigerians a favour. We need a leader who will re-enact
the Nigerian dream, the dream of all humanity, which the Americans
summarized thus the “self-evident truth that all men were created
equal, that they were endowed by their creator with certain inalienable
rights, that among these are rights to life, liberty and the pursuit of
happiness”.

In a country where
the value of human life is becoming cheaper than tissue paper, we need
a leader whose passion, commitment and allegiance is with the Nigerian
people and who has the managerial acumen to judiciously supervise the
rebuilding of this realm from the devastation inflicted on her by the
years of locusts and caterpillars. He/she must have sufficient capacity
to deliver to Nigerians their rights to life, liberty and the pursuit
of happiness by sincerely pursuing: establishing the rule of law as a
way of life; rebuilding our public institutions; re-industrialising our
economy; revamping dilapidated physical infrastructures and
re-engineering the social fabric that holds us as one secure, peaceful
and united entity.

That, is my definition of the messiah Nigeria needs after the 2011 general elections at all tiers of government.

Fortunately for
us, Nigeria is blessed with many women and men who possess very bright
ideas, managerial astuteness, vision, foresight, patriotism, integrity
of character and a record of brilliant performance in private and/or
public service. These noble minds can easily steer the ship of state to
berth at this minimum and even beyond.

My fear is that as long as these men and women do not command
stupendous wealth, or belong to the proper ethnic and religious groups,
their chances of emerging as leaders in our corridors of power are
highly limited: that is the nemesis of progressive leadership
succession in Nigeria. Yet, we all celebrated the emergence of Barack
Obama as the first black American President of the United States. If he
were a Nigerian would he achieve such feat? Those who want to be called
mothers must be ready for the travail of the labour room. Are we?

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(ON)GOING CONCERNS: Missing Adedibu

(ON)GOING CONCERNS: Missing Adedibu

Men like him do not
die, I insist. To live in the hearts of those who love you, they say,
is not to die. And to be fortunate enough to enjoy, post-demise, a
perpetuation of the conditions that sustained your earthly dominion, is
never to die.

In Adedibu’s case, what, are these ‘conditions’?

Poverty, for one –
the kind of poverty that made it possible for a man to become a
near-deity simply by feeding hundreds of people every day, with –
amala! Yes, amala, alongside its for-better-for-worse consort, gbegiri.
It was said that it cost Adedibu half a million naira a day, to
discharge this responsibility; this passionate commitment to the
banishment of widespread hunger. Why teach a man to fish when you can
teach him how amala goes with fish?

At half a million
naira a day, we are talking of a mere two hundred million naira every
year. (Add a little more to cover the cash handouts for which Adedibu
was famous). The calculators must be busy in Ibadan, as claimants to
the Lamidi Adedibu throne finalise their budgets for 2011. (How much, I
ask, is three, or even four hundred million naira, in these times when
ordinary deputy directors in the Federal Civil Service have twice as
much sitting idly in their personal bank accounts?) Closely following
poverty is politics. As long as elections need to be secured, and votes
captured with minimal opposition, there will be vacancies for more
Adedibus. As long as INEC’s data-capture machines (six of which were
“installed” in Adedibu’s Molete compound during the 2007 elections)
retain their hunger for invented and magically conjured votes, Adedibu
cannot just die like that.

And then there is
the media. Whatever else might be said and debated about Adedibu, that
he sold newspapers is not a point of controversy. Adedibu was the
quintessential journalist’s delight. If you looked at it in a
particular way, you might be justified to say that a part of the
Adedibu myth was engineered in newsrooms across the country.

The weekend papers
especially loved him No one answered journalists’ questions like Baba
Adedibu. He said it as he felt and saw it. Prophet, warlord, historian,
king, entertainer, political strategist, and sound-bite expert rolled
into one, he was the kind of man you never wanted to stop listening to.
For him, battles were not to be cowardly fought behind closed doors;
anger was never to be mellowed into conspiratorial whispering.

During the Ladoja
days he openly admitted to hijacking government vehicles and attacking
government property, and he didn’t mince words in speaking of his
entitlement to a generous chunk of the monthly allocation of Oyo State.

Our newspapers are
certainly not the only ones missing Adedibu. Even you and I, ordinary
amala-or-akpu-or-tuwo-loving citizens ever in need of swashbuckling
narratives to make up for the quiet desperation of our lives, miss him
too. Remember that his disciples were mostly ordinary people: fathers,
husbands, wives, mothers, children, students (pupils even), traders,
civil servants, bus drivers, and lots more.

For some time their
faces must have been turned to the skies, hands waving bye-bye to the
“Master” perhaps even disbelieving his “demise.” But not for long: life
has had to go on. Hunger has no pause button; the recurring cycle of
school fees will search in vain for a ‘slow-motion’ option. And now
elections are here again, and political opponents’ campaign billboards
wait patiently to be turned into firewood. Who will assuage the hunger,
pay the fees, give orders to hack down the billboards?

There are therefore
vacancies, in Oyo State, even in the entire South West, for new and
improved Adedibus; men (and maybe women) of unflagging commitment to
the ideals and principles that Baba left behind. They are needed to
ensure that the region is not left, ahem, at the mercy of rapscallions
(a more interesting synonym of ‘rascal’).

In April we will
witness the first governorship election in Oyo State since the demise
of the great man, godfather of godfathers, one to whom even Emperor
Olusegun Obasanjo paid obeisance. Adedibu, magic-fingered midwife who
never failed to ‘deliver’ electoral victory. Only then, April that is,
will we know if Adedibu is truly dead and gone to his grave.

In the meantime, we
have a special service announcement – a campaign message – from the
PDP, where Adedibu served out his final years faithfully as “garrison
commander.” Governorship flag bearer Adebayo Alao-Akala, seeking an
unprecedented second-term (no Oyo governor has ever got a second term)
wants us to think of oyato-ism, that his special brand of governance
(to whose creation Adedibu contributed significantly), and “Imagine
Another Four Years!” I think I can. Can you?

This is a modified version of an article originally written and published in 2008, as “Adedibu is not dead”

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MEDIA AND SOCIETY: Of political and journalistic rascality

MEDIA AND SOCIETY: Of political and journalistic rascality

The Nigerian media
has no sense of humour. It does not recognise a joke when it sees one.
It is too straitjacketed in its story selection and analysis. It needs
a makeover if it is not to bore the nation to death.

At a time the
country requires a healthy dose of laughter, the media riles us with
inanities. Once upon a time a former head of state (as he then was) put
up a sign on his farm that dogs and journalists were not welcome there.
The media took it to heart, whining that the general was equating them
with dogs. Who does not know journalists are dogs, after all they call
themselves watchdogs of society? What does a dog do other than watch
its owner’s interests? Why should the farmer open his barns to dogs
that would not welcome his interests?

The other day when
some northern elders decided to field a former vice president as their
northern consensus candidate for the presidency of Nigeria without the
consensus of other Nigerians, this former HOS and former president of
Nigeria, indeed, the ex VP’s principal, owner of the naughty farm
signpost, reacted humorously to the choice, uttering his famous lines:
“I dey laugh o.”

What did the media
do? They went to town, claiming the former president was mocking his
former deputy. What did they expect him to do? Cry? If he had done so,
they would have complained he didn’t wish his former deputy well.

Even the former
VP’s minders didn’t catch the joke. They derided the old man that if he
had died in jail where the dark goggled one sent him, there would have
been nothing for him to laugh about. That sent the news hounds on a
wild trail, celebrating the insipid utterance.

If they were
steeped in the traditional mores of our people, they would have known
that when a matter beggars belief laughter is the best antidote.

The latest fixation
is with our man lucky enough to be running for the highest office in
the land. They say he called the opposition rascals. They say his
utterance was un-presidential. They say his prolonged struggle with the
former vice president, the zoning evangelist anointed by the northern
elders, had taken its toll on him and affected his speech, and he had
started abusing people he could hardly look in the eye a few months
ago.

One party even
tried to drag the former president, the chicken farmer, into it. You
see, he was on the campaign podium with the campaigning president and
he was adjudged guilty of corrupting the campaigning president’s
speech. Are they saying the campaigning president cannot pick his own
words? A man who has just won his party’s nomination against grave
opposition is an excited person, who can seek recourse in malapropism
as he mistakes rascal for radical?

The man had simply
said: “We (read PDP) must take over all the states in the South West.
The zone is too important to be left in the hands of rascals”. Is the
South West not important? Yes, it is. Does the PDP currently control
the entire South West? No. Of the six states that make up the
geopolitical zone, the Action Congress of Nigeria controls Lagos,
Ekiti, and Osun, that is fifty percent. The Labour party controls one,
Ondo State, leaving the president’s Peoples Democratic Party in charge
of two, Oyo and Ogun; that is thirty three percent. Is the South West
in the hands of rascals? What manner of rascals?

Two of my
dictionaries describe a rascal as “a person who does things of which
you disapprove, but whom you still like”. A rascal could also be “a
dishonest or mischievous person”. So which one was the man who wants to
be elected president talking about: the likeable one, who irritates now
and then and is recognisable in every family and organisation or the
dishonest/mischievous one?

You see, the man
from the creeks, the one who became governor without being elected, and
also became president without being elected, the one who is struggling
to be elected into the highest political office for the first time, did
not mention any name. So why is the opposition so eager to appropriate
a name that may not be theirs?

The man, obviously,
did not go there to unfold a grand vision of governance; his mission
was to ruffle feathers, and serve notice the recent reverses in the law
courts did not mean all was lost. It was to rouse the sleeping warriors
to action and assure them that the federal might would be behind them
in the battle to defend their turf in Oyo and Ogun and contain the
expansion in Ondo, Ekiti and Osun States.

It was also to warn
the darling of the media in Lagos not to sit pretty. The Peoples
Deception Party wants Lagos badly. It is seen as Nigeria’s honey pot
that finances those acts of radicalism, sorry, rascality, of upturning
their hitherto carefully orchestrated plans to dominate the South West.
That’s why the Assemblage of Confused Nigerians and their friends in
the media are so angry with the president.

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TATAFO: Love is still in the air

TATAFO: Love is still in the air

Never mind that
Valentine’s Day was two days ago, love is still very much in the air.
No better time for people to show love and for business to pick up than
the month of February after a January of surprises. You turn on the
news and you read the papers and everything, whether on local, state,
national, regional or international news has to do with politics and
its aftermath. So it is always so nice to get a distraction; an aside
from reality.

With every debate,
there are always two sides to the story. While January was the month of
break-ups and new beginnings, February can be seen as a month of
restoration or should I say, payback time. You have to love our girls.
They have dusted the dirt off their shoulders and some have gone as far
as indulging a full body makeover; hair, eyelashes, teeth, face, skin,
manicure, pedicure and even weight loss/gain. It is not just for
February 14, rather it is for the whole week and weekend. So no hiding
place for men who give the excuse of working late, as there is always
the weekend to spread some love and spend some money.

The truth is that
nobody wants to ‘roast’, especially with Valentine’s Day being on a
weekday. Everyone in the office will be eyeing each other’s goodies or
lack of goodies. Even in schools, the competition would be on all week.
“Oh my boyfriend just travelled to Lagos for the weekend and couldn’t
make in time on Monday. Don’t worry, he has promised to make it all up
to me once he gets in.” And be sure that the lady will bring the gifts
the next day to the office to show off and prove that the boyfriend was
indeed real and not a figment of her imagination.

But for those that
do not have boyfriends, husbands, sugar daddies and so on, desperate
times call for desperate measures! A scroll through the phone book
provides an endless list of possible alternatives. After selecting a
few of the ‘mugus’ and ‘magas’, a phone call is put through and then
comes the sexy voice, “Hey baby! How ya doing? I’ve really missed you.
I hope you are not too busy tonight. Why don’t you take me to Meridien
and be my Val.” If it is an equally roasting guy with some dough and in
search of action, he would probably reply. “Yes dear, I’ve really
missed you (even though they haven’t spoken since last October). Why
don’t you come by my place. I have a surprise waiting for you and then
we can go anywhere you want.”

If the girl is just
in search for the goodies rather than a good time, she would find ways
of getting out of the ‘meet-me-at-my-home’ part. The excuses will
start; traffic, house chores, work commitments, parents, illness and so
on. If none works, she would probably turn up at his place and tell him
straight on that she’s on her period, so nothing can happen. Now if he
is the kinky type, she’s in trouble. She better just say she is on the
path of celibacy.

The moral of the story is that it takes two to play the game; and by
the game, I am referring to this form of “coded prostitution”. Seasons
like Christmas, birthdays and Valentine’s Day. In fact anything to do
with gifts and we see a different shade of red come out. The one that
takes no prisoners and stops at nothing till it gets what it wants.
While one has no problems with reuniting with “lost” friends of the
opposite sex on such days, it is the motive behind it that gets me
going. Have we sunk so low that we throw all decorum into the marines
for a gift or booty call? There is life after Valentine’s Day and we
shall all live with the consequences of our actions. And if anyone was
thinking of making me their Val, a nice comment at the end of my piece
will do and perhaps a bunch of red roses too.

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Petroleum Industry Bill suffers setback

Petroleum Industry Bill suffers setback

The
initial momentum by government to pass the Petroleum Industry Bill
(PIB) may have waned, as the focus of elected officials is now mainly
on the forthcoming elections.

Despite
the promise by government that the Bill will be passed by the current
National Assembly, events in the last few months point to the contrary.

According to Bismarck Rewane, managing director, Financial Derivative Company, the Petroleum Industry Bill remains stuck.

“Oil
and gas reforms are unlikely in the face of elections. The Nigerian
president once again reiterated his wish that the Petroleum Industry
Bill (PIB) will be passed in this session of the National Assembly. The
petroleum minister had pronounced earlier that it would be passed last
September. It is probably inconceivable that the bill in its present
form will be debated and passed at the current session of the National
Assembly,” Mr. Rewane said.

The
Petroleum Industry Bill has been undergoing setbacks since the draft
bill was made available in 2009. The government has repeatedly said the
passage of the Bill is imminent, yet, revisions and debate have
hindered the process since then.

Earlier
in the month, the president said he expects wide-ranging reforms to the
mainstay oil and gas industry to be passed into law before the end of
the current parliament in May, according to a Reuters report.

The
legislation process has been held up for years, going from revision to
revision and committee to committee as the industry’s decision-makers
and government officials negotiate over its terms.

Industry
watchers say billions of dollars of potential investment, especially
from foreign oil companies, in the oil and gas industry are on hold as
a result of the uncertainty over the proposed legislation.

A
Reuters report stated that a joint Senate committee which has been
considering the bill for the past year has concluded its work, since
last year, paving the way for the upper house to begin voting on the
legislation clause by clause.

“The
joint committee on PIB has laid the report (the PIB) on the table in
the Senate. We have concluded work on it. It is now the property of the
Senate,” the report quoted Osita Izunaso, a co-chairman of the joint
committee.

Mr. IZunaso had also reportedly gone ahead to say that in the next few weeks, the Senate will consider it clause by clause.

Crucial decisions already on

Despite
the delay, some major multinational oil companies have already started
selling some of their oil blocks while some are shifting their
operations towards deep offshore and divesting some of the onshore
assets.

Shell,
which is in the process of selling more of its oil blocks, recently
sold some of its Nigeria assets to a consortium led by local companies.
In a statement issued by the company, it agreed to transfer its
interest in three production licences and related equipment in the
Niger Delta to a consortium led by two Nigerian companies.

“This
sale of assets supports the Nigerian government’s goal of expanding
opportunities for local energy companies,” Mutiu Sunmonu, managing
director, SPDC, said.

Experts
say the Petroleum Industry Bill (PIB) will re-write Nigeria’s age old
relationship with its foreign oil partners, altering and varying
everything, right from the fiscal framework for offshore oil projects
to the involvement of indigenous firms in the sector.

Dragan
Trajkov, an oil and gas analyst at Renaissance Capital, a finance
investment bank, said the potential PIB and the passed Local Content
Bill may have influenced their decision.

“We
do believe that the potential PIB and the already passed Local Content
Bill might have had some impact on their decision. Especially the fact
that the early version of the PIB was proposing that the majors may be
required to relinquish some of the undeveloped fields,” Mr. Trajkov
said.

He, however, said while this may not be a major determining factor, it would be a contributing one.

Proponents
of the bill say it will enable the Nigeria National Petroleum Company
(NNPC) to become more transparent, encourage local and foreign
investment, particularly promote local oil company involvement in the
industry, and increase gas supplies to the ramshackle domestic power
sector.

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Europe’s telco vendors vie for African markets

Europe’s telco vendors vie for African markets

Chinese telecoms
hardware and network makers are biting off bigger chunks of African
business and are likely to overthrow hitherto dominant European vendors
in a region with mouthwateringly low penetration rates.

While in the past
they might have brought unreliable technology and a handbook only in
Chinese, the firms are leveraging on a pool of skilled labour and
government loans to dislodge traditional vendors.

“It is not good
news for the traditional vendors,” says Dobek Pater, telecoms analyst
and partner at research firm, Africa Analysis.

China’s main
telecoms gear makers, Huawei Technologies and ZTE, are rapidly taking
business from European vendors such as Ericsson, Nokia, Siemens
Network, and Alcatel-Lucent.

Chinese vendors’
initial market entry strategy was hinged on low priced offerings, often
to state-run operators, but the companies have reinvented themselves by
throwing billions of dollars into research and development and are now
often ahead of the curve with new technologies.

Stringent testing
by global operators such as Vodafone has seen the Chinese vendors
become the approved suppliers of almost all core access and
transmission infrastructure in Africa.

Analysts say Chinese vendors are also willing to bend the rules to provide more cost-effective solutions for emerging markets.

“Chinese vendors
have mastered doing business in Africa the African way, if we can put
it that way,” said Tinyiko Mavoni, chief executive at South Africa’s
Mavoni Technologies.

Sweet deals

China’s
export-oriented growth strategy has supported its companies. In March
2009, China Development Bank agreed to provide ZTE with a $15 billion
credit line, according to Simon Schaefer, an analyst at
Johannesburg-based Frontier Advisory.

To avoid rankling
western competitors, China is now lending directly to African
governments or operators, but the money comes with the proviso that it
is spent on Chinese products.

The European Union
this month dropped an inquiry into the subsidy of Chinese firms after
Belgium’s Option withdrew its complaint after reaching a cooperation
agreement with Huawei.

The Chinese
companies deploy skilled personnel to build new networks in numbers
that few western vendors can match, and often offer a financing deal.

Mr. Pater said Huawei ranked itself in the top three on money generated from operators.

“They estimate that by 2014 they would be in the number one position in equipment and building networks,” he said.

Fringe players

The era of
acquisitions and mergers of established European and U.S.-based vendors
in the mid 2000s resulted in a loss of strategic focus as the new
companies tried to settle, says Simon Lee, head of Farwell Consultants.

Up until that point the Chinese were fringe players, and the general perception was that they were cheap and unreliable.

“The Chinese
companies were not going to pack up their bags and go home. They saw
… the general confusion of the established vendors and went full
blast on a new strategy to gain respect and confidence globally,” Mr.
Lee said.

“From 2008 until
last year they were picking up coveted contracts and even swapping out
equipment from operators who had had long-standing relationships with
their incumbent vendor,” he added.

Chinese firms are
also pushing the boundaries with handsets and personal devices but have
some way to go to match the aesthetics and ease of use of established
makers.

Nokia and Samsung
remain the dominant players in Africa, and the Blackberry is
increasingly popular among the upwardly mobile. However, mobile phones
recycled in China or of Chinese origin are making an entry, according
to Fola Odufuwa, an Africa-focused telecoms consultant.

It is in the
broadband USB modem market where Huawei and ZTE head the pack in many
African countries and where analysts see some of the choicest
opportunities.

Africa has a mobile
penetration rate of only 41 per cent, compared with 76 per cent
globally, while the broadband penetration rate on the continent was
negligible, statistics from the U.N. agency International
Telecommunication Union.

As long as the
Chinese vendors continue to provide quality, competitively priced
equipment that is set up in a relatively short period of time, they
will be the suppliers of choice.

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