Archive for nigeriang

Experts push for cashless society

Experts push for cashless society

Nigerians’ embrace
of a single debit card to carry out transactions both locally and
outside the country would go a long way in transforming Nigeria into a
cashless economy. This is in line with the quest by the Central Bank of
Nigeria to reduce the quantity of cash in circulation by 2020.

At the conference,
held yesterday in Lagos, officials of Mastercard, the franchisor, said
the new card, which would be available through the banks from next week,
will provide Nigerians news levels of global debit card acceptance
while greatly reducing their need to rely on cash for everyday
purchases.

“We are aligning
with the Central Bank’s desire to reduce cash carried by individuals in
2020. The MasterCard /Interswitch alliance comes at a time when the
Central Bank of Nigeria is laying significant emphasis on its Financial
System Strategy 2020 (FSS 2020),” Charles Ifedi, director, payment
solutions and business expansion, Interswitch, said at the launch.

According to him,
the FSS 2020 seeks to advance the efficiency of the country’s e-payment
systems by reducing the reliance on cash and promoting interoperability
among financial institutions, an objective which would be realised by
the use of the new card.

Banking in recent
times has been undergoing radical transformation. Some obvious changes
like new products and service channels emerge daily. This transformation
is taking place across all aspects of the banking industry.

“Information
technology (IT) is one of the major issues banks have to deal with, as
it is more evident that only the banks that have and use their technical
resources effectively will be able to have a real competitive advantage
in this fast changing industry. IT in banks is used mainly for
improving business processes and reducing turnaround time,” Charles
Idem, a research analyst at Ciuci Consulting, a management consulting
firm, said.

According to him, Nigerian banks have to pay close attention to customer service processes and consid­er ways to improve them.

“They need to move
quickly with the new trends in technol­ogy that eliminate some of the
routine tasks. This will provide employees more time to deal with
customers. To avoid mediocre implementation of IT initiatives, solutions
need to be integrated or aligned with the bank’s overall strategy,” he
said, adding that Daniel Monehin, area head, East and West Africa and
Indian Ocean Islands, MasterCard Worldwide, said cardholders will have
the ability to use a single card for domestic and international
transacting.

“The MasterCard
Verve cobranded debit card is fully Nigerian and fully international.
The new debit card will also give cardholders peace of mind as it will
provide them with a secure and efficient way of using their debit card
for daily purchases and accessing their cash at over 12,000 point of
sale locations, 400 online merchants, and at 10000 ATMs throughout
Nigeria,” he added.

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Analysts optimistic about foreign exchange derivative products

Analysts optimistic about foreign exchange derivative products

The move by the
Central Bank of Nigeria (CBN) to introduce derivative foreign exchange
products will eventually allow for a more stable national currency.

According to the
Financial Market Dealers Association (FMDA), the body of financial
instruments brokers, the commencement will be beneficial to the end
users of foreign exchange.

Akinsowon Dawodu,
president of the FMDA, said the framework, as released by the Central
Bank, would also help to check speculation on the products.

“The problem is
people may be carried away to speculate using the product. What the CBN
has done by tying the trade to underlying transactions is to reduce
speculation and reduce panic demand. It will keep demand within proper
tenor limits,” Mr. Dawodu said.

According to him, this will help in the long term to reduce fluctuations in the value of the naira.

On the introduction
of the product, he said, “The substance is what we wanted. It is good
for the market, for the end users, and the companies and for the
economy.”

He said though hedge
products do not guarantee stability, but used properly, can help to
reduce the volatility: “Futures, options, forwards, swaps; all these
products are originated as hedge products to mitigate risk.”

Given the current
state of the Nigerian financial market, Mr. Akinsowon said trading
forward instruments could begin anytime soon.

“Options will take awhile. But forward can start in a few weeks with the regular WDAS (Wholesale Dutch Auction System).”

The CBN on Monday
released guidelines for Foreign Exchange Derivatives and Modalities for
CBN foreign exchange forwards. The guidelines cover products, practices,
regulation, and supervision of the foreign exchange derivatives market.

“The objective of
the CBN is to make our financial markets global, organised, liquid and
diversified. The development of the financial markets will enhance the
transmission of the monetary policy and minimise the risk to financial
system stability,” the CBN said.

According to the CBN
governor, Lamido Sanusi, the move is to discourage currency
speculation, which has been blamed for the volatility in the value of
the naira.

“Part of what we are
trying to do in the Central Bank is introduce a forward market so that
people can hedge that risk and then don’t feel any urge to pre-liquidate
outstanding dollar exposure,” Mr. Lamido said.

As part of moves to
reduce volatility, the CBN, at the last monetary policy committee (MPC)
meeting introduced some measures to tighten liquidity in the system.

Analysts are, however, skeptical about how far this would help mitigate demand for foreign exchange.

According to Razia
Khan, Regional Head of Research, Africa Global Research at Standard
Chartered, London, “we question whether this will be sufficient to quell
FX market nervousness.”

“In view of the wider risks, more ‘complementary measures’ may be needed to calm FX-market sentiment,” she added.

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Liverpool start life without Torres

Liverpool start life without Torres

With the departure of Fernando Torres to Chelsea, Liverpool’s
new recruit, Luiz Suarez, has to hit the ground running.

The Uruguayan international must be prepared for the physical approach
that their opponents today, Stoke City, are famous for.

Care-taker manager of Liverpool, Kenny Dalglish has labelled the
encounter an examination:

“My next managerial challenge on the pitch comes against Stoke
City at Anfield on Wednesday night,” Dalglish said on the club’s website.

“I’ve always had to adapt to facing different styles as a
manager; in my first time at Liverpool we had to play the likes of Millwall,
who had Teddy Sheringham and Tony Cascarino and played a very direct game, or
Wimbledon, who were led by John Fashanu.

“Whether it’s Arsenal’s passing style or Stoke’s long throw, you
have to try to deal with it and combat it. And let’s credit Tony Pulis with
doing a good job at Stoke. It’s common sense for a manager to select a style
that suits his players.”

Despite it being an ‘examination’, Liverpool need a good result
to move on from the sale of Torres, a sale that has angered some fans. In the
first match in November 2010, Stoke won 2-0 courtesy of goals from Ricardo
Fuller and Kenwyne Jones.

Liverpool though are on a mini revival, having won their last
two Premiership games, 3-0, away to Wolves; a match in which Torres scored
twice followed by a scrappy 1-0 win over Fulham.

Although record signing, Andy Carroll will not be available due
to injury, Dalglish will gladly welcome Kop hero, Jamie Carragher, back into
defence, even though he might not start.

Unlucky at Anfield

Stoke, who are in 10th position and could move ahead of
Liverpool with a win, start a run of three matches in seven days with this
visit to Anfield. Manager, Tony Pulis is not happy about the fixture congestion
and the added fact that his side have never won at Anfield.

“We have got the short straw because we go to Anfield on
Wednesday night and then Sunderland on Saturday morning. I’m a bit disappointed
at the FA Cup and its placing in the calendar with the smaller clubs not having
squads as strong as the top sides,” he said.

Fulham are in form

With the 4-0 hammering handed to Spurs in the fourth round of
the FA Cup, Craven Cottage could become a slaughter slab for Fulham, who host
Newcastle.

Going into today’s game, Captain Kevin Nolan, with ten goals
will be the fulcrum of Newcastle’s attack, which has had to do without Carroll
since November with Nile Ranger, Leon Best and Shola Ameobi being the
replacements.

Peter Lovenkrands has also put in some shift even though all the
afore-mentioned strikers have not scored 11 goals in total.

Fulham are also bedevilled by a lack of attacking talent, having
scored just 25 goals in 24 matches this season. Mark Hughes has tried to
bolster his attacking options by obtaining former Chelsea striker Eidur
Gudjohnsen on loan from Stoke.

With Key striker Bobby Zamora sidelined for most of the season
with a broken leg, manager Mark Hughes will no doubt be hoping Gudjohnsen can
help take some of the pressure off midfielder Clint Dempsey, who tops Fulham’s
goal scoring list with eight.

The Magpies were not involved in the FA Cup shenanigans and
should be adequately rested for the trip to Craven Cottage. Dickson Etuhu has
gotten over a slight ankle knock and should come into contention for the
holding midfielder role.

Birmingham v Manchester
City

Obafemi Martins is likely to be handed a debut for his new club
Birmingham as they come against the billions of Manchester City. Alex McCleish
and his boys were pounded 5-0 by Manchester United last weekend and they will
not hesitate to seek some form of pay-back on their neighbours, even though
United will be cheering them on. Martins scored 39 goals for Newcastle in 108
matches and knows the terrain of the Premiership very well, which is the main
reason that McCleish went for the Nigerian.

City were shockingly beaten by Aston Villa on January 22 and
will want to get their Premiership title push back on track with a win. They
are now in third position, four points ahead of Chelsea, even though they have
played a game more.

Birmingham are 17th on the table with 23 points, a point above Wigan. They
have qualified Carling Cup final with a 3-1 win over West Ham and followed that
with another come-back 3-2 win over Coventry City in the FA Cup. McLeish will
want that winning mentality to be transferred to the Premiership match against
City. To achieve that, they have to find a way to keep Edin Dzeko, who scored
his first goal against Notts County, in check. That may not be an uphill task
with Carlos Tevez and Mario Balotelli injured.

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Siasia to hold roundtable with journalists

Siasia to hold roundtable with journalists

Super Eagles coach,
Samson Siasia will today in Lagos meet with sports editors at a
roundtable organised by beverage and confectionery company, Cadbury
Nigeria.

The event, billed
for the company’s corporate headquarters on Agidingbi in Ikeja, Lagos
will see the Eagles helmsman, engaging the journalists on his plans for
the national team.

Bimbo Alabi,
Cadbury’s, Senior Brand Manager, Medicated Candies of Cadbury Nigeria,
said Siasia will have the opportunity to discuss his vision and plans
for the Eagles with senior editors.

“Tom Tom, as the
official candy of the national teams, has come up with this idea in
order that the Nigerian Coach can have the opportunity to interact
meaningfully and constructively with very senior persons in the media.
These very experienced persons will be open and sincere with the coach
and it is our belief that at the end of the session, both sides would
have gained tremendously,” Alabi said.

The roundtable is organised every month by Cadbury Nigeria PLC.

Siasia was invited
for the round table based on the fact that he is presently Super Eagles
coach and also because recorded a string of firsts, including being the
first indigenous Coach to earn the princely sum of five million naira
per month, as well as being the first Nigerian coach to have a say in
the appointment of his assistants.

The Super Eagles are
billed to play Guatemala’s senior team in an international friendly
match at the Sun Life Stadium, Miami, Florida, USA on the ninth of
February before taking part in an invitational Green Bowl Soccer
Tournament in Michigan and Texas between 12th and 20th February.

Siasia is building a new team following Nigeria’s poor outing at the 2010 FIFA World Cup finals in South Africa.

Cadbury Nigeria PLC, through TomTom, has firmly identified with Nigeria national teams of all categories.

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FIFA committee decides Adamu’s fate today

FIFA committee decides Adamu’s fate today

Suspended FIFA Executive Committee member, Amos Adamu will today
find out whether his appeal against the ban placed on him by the world football
body has been successful.

This will be disclosed at a hearing to be held at FIFA
headquarters in Zurich.

Adamu was banned for three years by FIFA’s ethics committee back
in November after being found guilty of breaching the world body’s rules on
bribery.

The Nigerian had been subjected to investigation after he was
caught on video soliciting cash from undercover reporters in exchange for his
vote ahead of last December’s voting to choose the hosts of both the 2018 and
2022 World Cup tournaments.

However, Adamu wasn’t the only member of FIFA’s 24-man Executive
Committee caught in the bribery scandal as Reynald Temarii from Tahiti was also
incriminated.

The Tahitian however got a lesser punishment from the world
body. He was banned from football related affairs for one year for breaching
ethics guidelines.

Both men opted to appeal their respective bans to FIFA’s appeals
committee, leading to today’s hearing.

Expecting a fair hearing

Adamu is confident he will be cleared by the world body’s
appeals committee over charges of attempted bribery.

In a report carried by a number of sports websites, Adamu, who
is also being investigated by Nigeria’s anti corruption agency, the Economic
and Financial Crimes Commission, says he expects to get a fair hearing, and
ultimately, vindication.

“I don’t want to say too much about the appeal but I know I’ll
get a fair hearing,” Adamu was quoted to have said.

“It is important that I clear my name in this matter and I
believe that will be done at the meeting.”

In a separate interview with a Nigerian sports paper on Monday,
the same day he left for Zurich, the former Director General of the National
Sports Commission (NSC) said:

“I believe the appeal will go well. The truth will surely
prevail,” before adding, “I want to thank those who have shown their support.”

If Adamu scales through at the end of the day and his ban is
overturned by the world body, he will get a chance to reclaim his seat on the
FIFA executive committee, but not automatically, as he will have to first
secure a seat on the executive committee of the Confederation of African
Football, CAF.

And he will have the opportunity to do that on February 24 in
Khartoum, Sudan during CAF’s congress. Owing to Adamu’s suspension, former
chairman of the Nigeria Football Association, Ibrahim Galadima, nominated for a
position in both CAF and FIFA.

Galadima may step down for Adamu if at the end of today the latter is
cleared of all charges by FIFA’s appeals committee.

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Gunmen kill police, 6-year-old girl in Maiduguri

Gunmen kill police, 6-year-old girl in Maiduguri

The mystery gunmen in Borno struck
again on Tuesday, killing a deputy superintendant of police and a
six-year-old girl in Maiduguri.

The police officer, identified as
Gadzama, was in Maiduguri to condole with the family of one of those
killed last week before he was killed near the NNPC mega station at
Abbaganaram area of the city.

The News Agency of Nigeria (NAN)
gathered that the police officer, an indigene of Askira Uba local
government area in the state, was trailed by the gunmen to the fuel
station and shot at close range.

Similarly, a six-year-old girl, believed to be his daughter, was also shot dead by the gunmen.

Lawal Abdullahi, the police public relations officer, confirmed the
incident, saying that the police had commenced investigation into the
issue.

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Ekiti college staff on strike

Ekiti college staff on strike

The workers unions
at the College of Education, Ikere Ekiti, Ekiti State, yesterday began
an indefinite strike over the state government’s refusal to implement a
new salary scale. The striking workers who carried placards of various
inscriptions locked the main gates of the college as early as 8.00am.
They vowed not to return to the duty post until government implements
the new pay rise, and accused the government of marginalising them.

Addressing workers
in turns, the chairman of Colleges of Education Academic Staff Union
(COEASU), Tope Egunjobi; Senior Staff Union of Colleges of Education
(SSUCOED), Charles Egunjobi; and the Non-Academic Staff Union (NASU),
Femi Ajayi, all contended that Governor Kayode Fayemi had agreed that
they would be paid with the new salary scale beginning from January
2011.

“All the
institutions in the state are being paid with the new salary scale. We
don’t know why the state government has been partial to the workers of
College of Education, Ikere Ekiti. Even the workers of the University
of Education (TUNEDIK), whose licence was revoked by the National
Universities Commission (NUC) are being paid the new salary scale,” the
unions alleged.

The acting provost
of the college, Titilayo Ogunmola, could not be reached for her
reaction as she was said to be in a meeting with officials of the state
government in Ado Ekiti over the issue.

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Gowon urges Nigerians to keep Enahoro’s dream alive

Gowon urges Nigerians to keep Enahoro’s dream alive

Nigerian former
head of state, Yakubu Gowon said yesterday in Benin that if Nigeria
must truly realize its vision of a great nation, the sacrifices, dreams
and ideas of the nation’s departed heroes must not be allowed to be in
vain. Speaking at the final passage rites of the late nationalist and
political icon, Anthony Enahoro, at the Ogbe Hard Court of Samuel
Ogbemudia Stadium, Mr. Gowon, described the late elder statesman as an
“exceptionally gifted democrat who defended Nigeria’s unity and fought
for her through democracy.”

He however told the
audience that Mr. Enahoro left Nigeria with the regret that he was not
able to see a Nigeria of his dream as enunciated in his NADECO and
PRONACO philosophy. He challenged all Nigerians to continue to give Mr.
Enahoro’s vision a look, and try to arrive at his dream of a
full-fledged Nigerian democracy.

“No tribute, brief
or long; no encomium, expansive or restricted, is enough to acknowledge
his achievement in life and his greatness,” he said.

Mr. Gowon recalled
his school days in the 1940s when Mr. Enahoro was a young political
firebrand and a budding political thorn in the flesh to the colonial
masters of the day.

“We used to look at him in awe,” he said.

Mr. Gowon said that
he never dreamt that he would meet Mr. Enahoro until his government
released him from prison after the late politician was jailed by the
colonial government for a ‘treasonable felony’. Mr. Enahoro served as
federal commissioner of information in Mr. Gowon’s administration.

“His performance as commissioner was exceptional as it was exemplary,” Mr. Gowon said.

In his tribute,
Governor of Edo State Adams Oshiomhole, called on Nigerians to fight
their oppressors as taught by Mr. Enahoro, saying that he was not given
to lamentations.

“He taught us how to engage, not how to beg,” he said. “He believed that if something is wrong, it must be challenged openly.”

According to Mr.
Oshiomhole, the lesson from Mr. Enahoro is that a man who fights on the
side of the people cannot be imprisoned by man.

Governor of Delta
State Emmanuel Uduaghan said ideas propagated by the late activist,
especially fiscal federalism founded on ethnic nationalities were
worthy of consideration, while Kayode Fayemi of Ekiti State said the
clarity of the late Enahoro’s vision for Nigeria was infectious.

In his tribute, former governor of Edo State, John Odigie-Oyegun
described Mr. Enahoro as a man of undisputed courage and tremendous
vision, pointing out that the democracy Nigerians enjoy today is
traceable to the vision of the late Enahoro. Other dignitaries who paid
tribute to the late sage were Niger State Governor Muazu Babangida
Aliu, Olusegun Mimiko of Ondo State, David Edebiri, Tom Ikimi, Ayo
Adebanjo, Ndubuisi Kanu, Ayo Opadokun, Frank Kokori, and Itse Sagay.

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Group accuses federal government of inaction over Jos

Group accuses federal government of inaction over Jos

The crisis in Jos,
the Plateau State capital, which has claimed many lives has been blamed
on the inaction of the federal government, a civil rights group,
Intersociety has said.

Speaking through its chairman, Emeka Umeagbalasi, yesterday in Awka, the Anambra State capital, he said

“Government’s
action is missing, but inaction is noticeable. It may be correct to say
that over 15,000 Nigerians including women and children had been killed
since 1999 as a result of unabated ethno-religious/political violence
and it may also be safe to submit that the number of politically
related murders in Nigeria since 1999 has risen to between 160 and 200.
And over 90 per cent of these dastardly acts have remained judicially
and socially unresolved.

“With respect to
Jos killings, is it correct to say that the president is theoretically,
the Commander-in-Chief of Nigeria’s 700,000-strong Armed Forces? If the
answer is yes, then the president must take charge, because it appears
the contrary is the correct answer. It is our total submission that the
killings in Jos are deliberately political. The sponsors of these
killings are the same ethnic nationalities who adorn their plate
numbers with “born-to-rule” insignia,” Mr Umeagbalasi stated.

He said impunity
has continued to rule over the land and the president must address this
issue for democracy to thrive. “What is far more important is the
president’s capacity and competence to govern, especially as regards
the security and welfare of the Nigerian citizens as well as credible
protection of the territorial integrity of the state of Nigeria. It is
very disheartening that most of those who perpetrated these killings
are still on the prowl, no thanks to the president. He added.

The group regretted
that apart from the 17 people who were convicted by the Federal High
Court in December 2010, most of the perpetrators have not been held to
account for heinous atrocities committed, as the white papers that
originated from the two commissions of enquiry set up by the Federal
and the Plateau State governments had equally not been issued or
implemented till this date.

He scored Goodluck
Jonathan low for allowing key security formations in Plateau State to
be controlled by Muslim officers and described it as a dangerous
security and intelligence policy on the part of the president.

“We recall vividly
that during the Niger Delta uprising, the combatants and key senior
security officers posted in the area were drawn from the northern part
of the country.

Consequently, it is our respectful request that the entire security
establishments in Plateau State should be overhauled and officers and
combatants from parts of the country other than south east, middle-belt
and core north posted to the area.

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Commission gives N57 million to families of slain officers

Commission gives N57 million to families of slain officers

The
Economic and Financial Crimes Commission (EFCC) on Wednesday in Abuja
gave out cheques worth over 57 million naira as benefits to the
families of their late officers who were killed in active service.

The family of late
Mauazu Abdullahi, former head forensic unit got over N22 million naira,
while the sum of N22 million and N12 million naira went to the families
of late Tahir Hassan Zakari and Abdul-Aziz Jibrin respectively.

The Chairperson of
EFCC, Farida Waziri while presenting the cheques to the families said
looking at members of the families of slain officers of the Commission
receiving their insurance and other benefits, reminds her that these
officers died not from old age or sickness, but due to the wickedness
of the evil and diabolic ones.

Mrs waziri also
said that her solace however is that they have not died in vain, she
said apart from the fact that they died serving their fatherland, they
have been able to secure cover for all their staff.

Meanwhile, the
Independent Corrupt Practices and Other Offences Related Commission
(ICPC) has said that it will partner with the Independent National
Electoral Commission (INEC) to ensure free and credible elections in
Nigeria come 2011.

A member of the
Commission, Simeon Oguntimilehin disclosed this on Wednesday in Abuja
at the venue of a book launch and presentation titled: “Towards
Credible Elections In Nigeria” written by Timothy Ihemadu. He said that
ICPC will educate and monitor the electorate starting from registration
centres, as well as dealing with people who violate electoral rules.

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