Archive for nigeriang

China’s 2010 investment in Zambia tops $1b

China’s 2010 investment in Zambia tops $1b

Chinese direct
investment in Zambia exceeded $1 billion in 2010 and created more than
15,000 jobs, Zambia’s vice president said on Monday.

China has invested
billions of dollars into African states such as Zambia, the continent’s
biggest copper producer, hoping to secure the resources it needs to
fuel its booming economy.

Vice President
George Kunda, who met visiting Chinese Vice Premier Hui Liang Yu, said
he expects Chinese direct investment to top $1 billion again in 2011.

The recent signing
of an agreement with China’s privately owned Zhougui Mining Group will
attract more than $5 billion into Zambia’s mining sector over the next
few years, Mr Kunda said.

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Algeria appoints Shearman to advise on Orascom unit

Algeria appoints Shearman to advise on Orascom unit

Algeria has
provisionally appointed law firm Shearman & Sterling LLP to advise
it on the nationalisation of Orascom Telecom’s local mobile phone unit,
the finance ministry said.

The firm is
scheduled to complete a valuation of the Djezzy unit (subject of a
long-running dispute between the Algerian government and Orascom
Telecom) within 100 days, the ministry said in a notice in the
government-run Horizons newspaper.

Djezzy has been
Orascom Telecom’s biggest single source of revenue and uncertainty over
its future has confused a planned $6.6 billion deal for Russia’s
Vimpelcom to acquire Orascom Telecom assets.

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Bad bank loans to be absorbed in Quarter 1

Bad bank loans to be absorbed in Quarter 1

The Nigerian Stock
Exchange said on Monday it expected all eligible non-performing loans
in the banking sector to have been bought by the Asset Management
Corporation of Nigeria (AMCON) in the first quarter. “Additional
purchases of non-performing loans are scheduled for the first quarter
of this year, while it is planned that by March 31 all qualified NPL
from all banks would have been purchased,” the bourse said in an annual
review.

The Exchange also said share purchases by foreign investors rose 48
percent last year to 381 billion naira and that wider trading hours
meant liquidity was continuing to improve adding that wider trading
hours introduced last month had led to a 15.6 percent increase in
traded volumes.

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World Bank worries over project implementation in Nigeria

World Bank worries over project implementation in Nigeria

The World Bank has
expressed concern over the slow pace of implementation of its 185
million dollars Commercial Agriculture Development Programme (CADP) in
Nigeria.

The News Agency of
Nigeria (NAN) reports that five states, Enugu, Cross River, Kano,
Kaduna, and Lagos are currently implementing the programme.

Louis Akapa, the
bank’s team leader in charge of CADP, expressed the bank’s reservation
on Monday in Abuja in an interview with the News Agency of Nigeria
(NAN).

He stressed the need for the five states to adopt “an aggressive” approach in the implementation of the programme.

“The World Bank is
not too happy with the implementation of the programme in the manner it
is being run as a small scale farmer’s project,” he said.

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Transparency board presents progress report

Transparency board presents progress report

The Nigeria
Extractive Industries Transparency Initiative (NEITI) said it has met
all the conditions spelt out last October by the Board of the
Extractive Industries Transparency Initiative (EITI) for Nigeria’s
validation as ‘Compliant country’.

Sam Ohabunwa,
alternate chairman of the Task Force of Nigeria’s EITI validation, said
at the end of its meeting at the weekend in Abuja that its final and
comprehensive report on the six EITI board conditions would be
presented to a meeting on Wednesday of the National Stakeholders
Working Group (NSWG), including representatives of the Word Bank and
non governmental organisations.

Mr. Ohabunwa added
that the meeting would consider and approve the 2006-2008 oil and gas
industry audit report, the EITI board charter, and other measures taken
by Nigeria to meet the conditions, ahead of the January 15 deadline to
complete its assignment.

The EITI board had,
at its last meeting, adjudged Nigeria as close to compliant, giving six
conditions which the country must meet to attain full compliant status
on or by April, 2011.

Zainab Ahmed, NEITI
executive secretary, who described Nigeria’s attainment of full EITI
complaint status as strategic to the development of the country’s
extractive sector, said that the 2006-2008 oil and gas industry audits
would be ready this week.

Mrs. Ahmed said
some key NEITI staff in its technical department were drafted to work
with the auditors to ensure that processing and analysis of the data
already collated for the audit report, which is a major condition
required for Nigeria to attain full EITI compliant status, are
completed on or before January 12.

Besides, she said
the simplified version of the 2005 Audit Report, which was the second
condition by EITI, has been presented in a question and answer format
on the NEITI website as well as translated into some of the country’s
major languages for wider dissemination, while a template has been
designed to simplify the report of 2006 – 2008 audits as soon as it is
released.

Other conditions have been met

The other
conditions that have been met include production and adoption of a
Board Charter, which defines the role and powers of the NSWG and its
relationship with NEITI secretariat, with final vetting and approval to
be given during Wednesday’s meeting of the task force, while an
agreement has been developed to ensure comprehensive disclosure of
signature bonuses by oil and gas companies.

“Data on
outstanding signature bonuses for the 2005 Audit have been collected,
while measures have been taken to include same in the 2006 -2008 audit
as required by the global EITI,” she said, adding that steps have been
taken to ensure that all government disclosures are based on audited
accounts to international standards.

She added that
NEITI has collaborated with the office of the Auditor-General of the
Federation to extend the measures to ensure its audit to the
Nigeria-Sao Tome &Principe Joint Development Zone (JDZ), pointing
out that a tripartite committee has been reconstituted to address all
sundry issues raised by the EITI Board on the issue.

Meanwhile, steps
have been taken to reconstitute the Inter-Ministerial Task Team to
address outstanding remediation issues arising from the last audit in
2005.

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Labour suspends banks picketing

Labour suspends banks picketing

The Association of
Senior Staff of Bank, Insurance and Financial Institution (ASSBIFI) has
called off the picketing scheduled for today in Intercontinental,
Oceanic, and Unity Banks untill negotiations are finalised.

Sunday Salako, the president, in a telephone interview, said discussions were still on, so picketing cannot hold for now.

“Like I said,
negotiations have already begun. We are done with Intercontinental
Bank; the union is talking with Oceanic Bank at the moment and we would
be discussing with Unity Bank tomorrow. You know these are three
separate institutions and we have to talk with them individually,” he
said.

Mr. Salako, who
said the discussions were going on smoothly, said that the crux of the
matter was not particularly the layoff but the process with which it
was coordinated by the banks.

Fighting for due process

The labour unions
have had issues with banks ever since the series of layoff that have
been rocking the industry since the bank crisis that peaked in 2009.

Banks, both the
rescued and supposedly ‘safe’ ones, have been retrenching in their
hundreds, forcing the labour leaders, at the peak of sackings last
year, to write a letter to the Central Bank governor and the Ministry
of Labour, alerting them of the happenings in the industry.

“We are not going
to fold our arms and watch institutions whose management do not have
regards to laws binding staff and management, or the constitutions of
Federal Republic of Nigeria to have their way,” the Trade Union
Congress said at the peak of layoffs last year.

Banks have been
accused of not following Article 5(b) Part 11 (Section 1) of the
Collective Agreement relating to redundancy and Section 20 of the
Labour Act before initially carrying out their purported sack exercise.

Hassan Adeleke, the
president of National Union of Banks, Insurance and Other Financial
Institutions’ Employees (NUBIFE) in a previous telephone interview
said, “The due process we are talking about is that even if at all you
want to send anybody away, you must call the unions to negotiate an
exit package for our members.”

Mr. Adeleke said
all persons being discharged or relieved of duties on the basis of even
redundancy are entitled to some welfare packages, following due process
and that where trade unions are recognised by employers and are able to
operate openly, they may negotiate with employers over wages and
working conditions.

In a bid to cut
cost and remain in business, almost all the banks in the industry have
laid off since the crisis was highlighted in the industry last year.
First Bank, Stanbic IBTC, Diamond Bank, Access Bank, Wema Bank, Spring
Bank, Intercontinental Bank, Bank PHB, among others, have all laid off
a sizeable number of their manpower.

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Kenyan shilling weakens against dollar, stocks down

Kenyan shilling weakens against dollar, stocks down

The Kenyan shilling
weakened marginally against the dollar on Monday as the greenback held
its ground against major international currencies, while a sell-off by
investors sent stocks lower.

The shilling closed
trade at 1300 GMT at 81.20/30 per dollar, a tad weaker than Friday’s
close of 81.10/20. “It’s an overflow from last week’s demand from power
and oil sector. Once this demand fizzles out, we could see a correction
when (dollar sellers from) tea and horticulture return,” said Kennedy
Butiko, the Deputy Head of treasury at Bank of Africa.

Several traders
expected the shilling to weaken further when substantial market players
returned to trade. A 81.00/81.75 range was likely this week as
corporate demand for dollars picked up, they said. “I expect the
shilling to remain bearish on two accounts: a globally strong dollar
and increased corporate (dollar) demand,” said Peter Njuguna, the Head
of Trading at Commercial Bank of Africa.

At the Nairobi
bourse, the benchmark NSE-20 share index was down 10.74 points to close
at 4,610.92 points, but turnover plummeted 44 percent to 603.5 million
shillings. Andrew Thinguri, investment analyst at Faida Investment
Bank, said the decline in shares resulted from profit-taking by
investors, but that other investors were positioning themselves to buy
shares at this time of the year. Thinguri said the market would pick up
again this week.

The Kenyan stock market has enjoyed a buoyant start to the year with
the benchmark index already up over 4.0 percent on a rosy outlook for
east Africa’s largest economy. Safaricom was the most active stock on
Monday, rising 1.0 percent to 4.75 shillings a share. Equity Bank’s
price ticked up 0.85 percent to 29.75 shillings after it hit an
intra-day high of 30 shillings. A total 1.75 billion shillings worth of
bonds were traded on Monday, from 1.18 billion at the previous session.
A five-year bond issued in November traded at a yield of 6.85 percent
compared with a coupon rate of 6.671 percent.

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SPORTS PUNCHES: Nigeria, a potentially great sporting nation

SPORTS PUNCHES: Nigeria, a potentially great sporting nation

Exactly
four years ago, I was elected, after winning an election I did not
campaign for, as the chairman of the Residents Association of the Lagos
State Development Property Corporation (LSDPC) Estate, situated on
Glover Street, Ebute Meta, Lagos, Nigeria.

This estate,
referred to as “mini Nigeria”, consists of Nigerians from all the
geographical zones of this country and some foreigners, with very high
and intimidating profiles. There, you have revered leaders of various
faith-based organisations, diplomats, bank executives, lecturers,
senior civil servants, politicians, respected learned men/women of the
judiciary, successful business men and women medical practitioners and
of course a lot of the socially disadvantaged, erroneously referred to
“area boys”. I immediately recognised the Chairmanship position as a
God-given assignment and an opportunity to serve humanity.

I had lived in this
estate for eight years, so could not claim to be ignorant of the needs
and challenges facing the residents. I had also witnessed the regimes
of three former Chairmen and actively participated in various
socio-political and spiritual activities of the estate, hence the
residents were expecting a lot from me. I recognised this and
immediately decided to make a difference. I did not see myself as a
chairman; I saw and made myself a piece of carpet or “foot mat”, on
which residents could wipe their feet.

I hope Taoheed
Adedoja is reading this testimony. Wisdom is the principal thing. I set
up a very vibrant kitchen cabinet, which comprised of those regarded as
radicals – always in opposition to the rules and regulations of the
Residents’ Association, the youth and the “area boys and girls”. I also
initiated the establishment of the Block Representatives Council. But
it was not easy at all. These initiatives were aggressively resisted by
majority of members of my executive committee- especially, my second in
command, but because I have God on my side and majority of the
residents keyed into the vision, we succeeded in institutionalising the
fresh ideas, using the so-called radicals/minority, to actualise our
dreams concerning issues of fund raising, renovation/construction of
roads, power supply/illumination of estate roads, security and
employment of manual workers to handle environmental sanitation of the
estate.

It is on record
that my tenure as Chairman was the shortest ever – I spent just a year
of the first two year term, but God used us to transform that estate.
Residents voluntarily paid their annual dues. We never blocked or
locked the gates in order to enforce any kind of compliance. The
radicals and area boys tremendously assisted us, because I made myself
very vulnerable. To God be the glory. I hope someone from the estate
will read this and please verify the veracity or otherwise.

Starting revival

I have used the
above testimony, as a follow up to last week’s write up, written
directly to the Sports Minister and Chairman of the National Sports
Commission (NSC). I am sure regular readers of this column will by now
realise the fact that I do not belong to the class of writers to be
classified as critics. Far from it, please. When I write something that
seems to be like that, take it as the barking of a dog, which most
times, is the sound of fright and not power or annoyance. When a dog is
annoyed, it bites. I do not bite anymore, I bless and that is what I
pray to be to this great nation – a blessing and a source of solutions
to the problems confronting Nigerian sports.

I know and believe
that I have the divine mandate of the Creator of sports – the greatest
sports man, (apologies to Segun Odegbami), to achieve this mandate.
That is why for instance, I believe that a revival to bring back the
lost glory of sports in this country has started. It does not matter
what anybody is doing or saying right now in the contrary. I belong to
the category of sports victors and not victims. Victims, according to
Ben Carson, walk through sand, look down and see dirt, while victors
discover the ingredients (potentials), for the construction of a
castle. There is the need, Taoheed, for you to see the ingredients in
the sand, not the dirt.

Success is the
willingness to do what the average person has not done or is not
willing to do. Taoheed, you can by any standard not be referred to as
an average sports technocrat, never. A Professor of sports anywhere in
the world is not an average or ordinary sports man. You have also
succeeded politically; hence, it will amount to a travesty of the
highest magnitude, if your tenure does not effectively impact on
Nigerian sports. You have what it takes to succeed if only you will not
“box” yourself up. We cannot afford to see you fail.

I really appreciate
all the on-line comments and other reactions to last week’s column. The
negative and positive comments are all needed to guide and educate me,
especially as I cannot claim to know it all. I therefore thank you all.
Special mention must however be made of the long chat I had with Pat
Itanyi, who called in from America. Thank you my darling sister. And to
the Tennis Ambassador, also domiciled in the U.S.A. – Sadiq Abdullahi,
I also say a very “thank you”. I can feel the great passion the two of
you have for your beloved country and all I can tell you for now is
that you have an ally you can bank on here in Nigeria.

Together, we will contribute to efforts to save sports in Nigeria.

Please pray fellow sports loving Nigerians, for the success of
Taoheed Adedoja. We cannot afford to see him fail. He must succeed.
Pray that God should please uproot all the plants He has not planted in
Nigerian sports – by fire and by force. It is well.

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Del Potro gets first win in a year

Del Potro gets first win in a year

Former
U.S. Open champion Juan Martin Del Potro won his first match in a year
on Monday, coming through a 200-minute test of his fitness with a 6-7
7-6 7-6 victory over Feliciano Lopez at the Sydney International.

The 22-year-old
Argentine has played only two tournaments since having surgery last May
on a wrist injury that hampered his Australian Open campaign last year,
losing in the first round in both.

One of those
defeats was to Lopez in Tokyo but on Monday at the Sydney Olympic
centre, wildcard Del Potro got his revenge after a monumental battle
with the sixth seeded Spaniard.

“We played a
beautiful match, very close,” said Del Potro, who will play German
Florian Mayer, a 7-5 6-0 winner over British wildcard James Ward, in
the next round.

“Feliciano is a
fantastic player on this kind of surface, and I played good tennis
again. I felt good all match, and finally I won a match (after) one
year.”

Del Potro, who won
the 2009 U.S. Open final against Roger Federer, showed great
determination after trailing by a set and again in the second set
tiebreak.

The third set was
just as close and Del Potro was forced to save six break points before
appropriately clinching victory with one of his savage flat forehands.

Ranked fifth in the
world before his injury, Del Potro said he was a long way from his best
and needed a lot more playing time to get back to that level.

“I need work to keep going in this road,” he said.

“You know, it’s a long road to be in the top 10 again, but I’m ready to try.

“I feel happy for
my victory, for everything … I really like this life, you know. If
you can play without pain, it’s much better.” Earlier, defending
champion and second seed Marcos Baghdatis pulled out of the tournament
with a groin strain.

The Cypriot, beaten
finalist at the 2006 Australian Open, said he did not want to risk
worsening the problem before the first grand slam of the year, which
starts next Monday.

“I’m a bit
disappointed,” said the world number 21. “I’m the defending champion
here and I wanted to play so much… It was not an easy one, but
sometimes you have to take decisions that are not easy.”

Stosur downs Wickmayer

In the women’s
draw, local grand slam hopeful Sam Stosur delighted the centre court
crowd by downing Yanina Wickmayer of Belgium 7-5 6-4.

The world number
six, a French Open finalist last year, will meet twice grand slam
champion Svetlana Kuznetsova in the second round.

“There’s not too many rewards when you get through matches in these kinds of tournaments,” Stosur said.

“Everyone is pretty tough … We’ve played each other plenty of
times, and I’ve had wins and losses. Hopefully tomorrow I can play like
I did today, and hopefully it’ll be a good one for me.” Two other
women’s seeds had more disappointing days, fifth seed Francesca
Schiavone losing 6-7 6-1 6-2 to Russian Alisa Kleybanova and sixth seed
Jelena Jankovic also beaten in three sets, 7-5 2-6 6-3 by France’s
Aravene Rezai.

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Eucharia Uche invites 40 players to Super Falcons

Eucharia Uche invites 40 players to Super Falcons

As
part of efforts to fortify her squad, Super Falcons coach, Uche
Eucharia, has invited 40 players for a special camping exercise.

Eight goal keepers
and 32 players have been invited to the camp, which opens in Abuja
beginning from the January 20. All members of the Falcons team that
were in South Africa last year for the African Women’s Championship
(AWC) were however not invited.

Uche explained that this was part of her plans to prosecute a victorious expedition at the 2011 FIFA Women World Cup.

“This camping
exercise is the first of its kind. I call it training and screening
camp. It will help me see the level of fitness of the players that I
will use for the World Cup. The camping is for those who had no
opportunity to join us when we were preparing for the AWC,” she said of
the camping exercise which is meant to last a fortnight.

“We missed some
players at the AWC last year because their clubs refused to release
them. This time around however, it will not be like that because all
the foreign based players are currently on holiday here in Nigeria,”
she told NEXT Sports.

Nigeria has been
placed in the same group with Canada, France and world champions,
Germany, in Group A of the World Cup, which begins in June in Germany.

Getting the best

After the Falcons were thrashed 8-0 in a friendly by Germany, Uche knows that only the best can stand a chance at the World Cup.

“We need players who are physically strong and technically good. The camp will help us select the best for Nigeria,” she said.

The Nigeria
football federation (NFF) is in talks with authorities in England and
Germany with regards reaching an agreement for a foreign camp for the
Falcons ahead of the tournament.

“We want our girls
to acclimatise to the weather conditions in Germany,” NFF president,
Aminu Maigari told a sports website recently.

“We want the girls
to be ready in all respects when the World Cup begins. We are talking
to the necessary authorities and right now we are set to select either
Germany or England,” the NFF president said.

Nigeria’s opening match at the FIFA Women’s World Cup will be against France on June 26 in Sinsheim, Germany.

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