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Sanusi is ‘Central Bank governor of the year’

Sanusi is ‘Central Bank governor of the year’

Sanusi Lamido
Sanusi, the Central Bank governor, has been named as the world Central
Bank Governor of the Year by a global financial intelligence magazine,
The Banker, a publication of the Financial Times of London. Mr. Sanusi
is also the magazine’s African Central Bank governor of the year.

Brian Caplen,
editor of the magazine, noted that few candidate names can generate an
overall consensus on judging panels and yet, when it came to finding
the best global Central Bank governor of the year, Mr Sanusi was chosen
unanimously.

Mr Caplen stresses
that Mr Sanusi embarked on a radical anti-corruption campaign aimed at
saving 24 banks on the brink of collapse and pressed for the managers
involved in the most blatant cases of corruption to be charged and, in
the case of two senior bankers, convicted.

In a release signed
by the Country Representative, Nigeria of The Banker Magazine, Kunle
Ogedengbe, the magazine noted in its 2011 January Edition, which will
also be distributed at the World Economic Forum, Davos, Switzerland,
that in the last 18 months that since Mr Sanusi has been in office, he
has salvaged a crumbling Nigerian financial sector, including
implementing reforms that have put Africa’s most promising market back
on the map for investors globally.

Two months into his
governorship, Mr Sanusi embarked on the bailout of Afribank,
Intercontinental Bank, Union Bank, Oceanic Bank and Finbank and
dismissed their chief executive officers in a move designed to show
that banking is no longer business as usual but institutions that must
serve the economy as a whole. He also injected about N627 billion into
nine banks to save them from imminent collapse.

Another reform of
the banking sector introduced by Mr Sanusi has been to limit the tenure
of bank chief executive officers to a maximum of 10 years. They will
have to leave office at the end of their term regardless of their
record. This policy has already led to change of leadership at UBA,
Zenith and Skye banks.

Mr Caplen added
that the reforms initiated by Mr Sanusi have been hailed as necessary
to sanitise the banking industry and that observers have argued that,
had these reforms not been initiated, Nigeria would have entered into
another round of banking distress.

The Banker, a
publication of Financial Times Newspaper which is regarded as the most
influential newspaper in the world, is a global financial intelligence
magazine published since 1926. It is the definitive publication that
provides guide to bank ratings and analysis globally and the definitive
reference on international banking for finance experts, governments,
chief finance officers, CEOs, Central Bank governors, finance
ministers, and other decision makers globally.

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Market capitalisation hits N8.3 trillion

Market capitalisation hits N8.3 trillion

The market
capitalisation of equities at the Nigerian Stock Exchange (NSE), on
Wednesday, hits N8.3 trillion as investors rally banks’ stocks.

Subsequently, it
rose by 3.5 per cent or N281 billion at the close of yesterday’s
trading from Tuesday’s figures of N8.019 trillion. The last time the
Exchange recorded market capitalisation in N8.3 trillion regions was
November 14, 2008.

Adedayo Idowu, an
analyst at Vetiva Capital Management Limited, a financial services
company, said the driver for the Nigerian equity market this year “will
be the banking sector.”

“As banks
consolidate on 2010 earnings and balance sheets recovery, especially
with the lighter non-performing loans burden on the back of the Assets
Management Company’s purchase of eligible toxic assets, we expect
looming attractive scorecards from value lenders to spur investors’
appetite for banking counters with expected positive rub-off on the
overall bourse,” Mr. Idowu said.

Most active

The banking
subsector was the most active Wednesday with 338.672 million quantities
of shares, valued at N3.766 billion, representing 66.4 per cent of the
entire market volume. The subsector’s volume was largely boosted by
shares of Zenith, First Bank, Diamond and Fidelity.

The food/beverages
subsector was second in the chart with 47.913 million shares worth
N865.169 million. Dangote Sugar, Tantalizers, and Dangote Flour boosted
the subsector’s volume.

Trading activities
in the insurance subsector followed, with 46.125 million shares valued
at N52.537 million. Volume in the subsector was driven by shares of
Continental Reinsurance, Niger Insurance, and Custodian and Allied
Insurance.

Higher gainers

The number of
gainers at the close of trading session closed higher on Wednesday at
69 stocks as against the 47 gainers recorded the previous session,
while decliners closed lower at eight stocks compared with the 17
losers recorded on Tuesday.

Dangote Cement led
on the gainers’ chart with an increase of N6 on its opening price of
N120 per share, while Oando and Flour Mills Nigeria followed with a
gain of N3.35 and N3, to close at N70.35 and N73 per share.

Total Nigeria
topped the price losers’ chart, shedding N11 to close at N223 per
share, while African Petroleum and Paints & Coating Manufacturing
followed with a loss of 34 kobo and 16 kobo on their opening prices of
N21.90 and N3.36 per share.

All the NSE
sectoral indexes maintained previous positive outlook on Wednesday as
NSE-30, which measures the performance of blue chips in the market,
gained by 5.21 per cent; the NSE Banking gained the highest point by
7.92 per cent; the Insurance moved up by 2.84 per cent; the
Food/Beverages appreciated by 2.77 per cent; while the NSE Oil/Gas
closed with lowest score to gain by 1.42 per cent.

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Bankole, deputy governor win PDP House of Reps tickets

Bankole, deputy governor win PDP House of Reps tickets

In one of the most keenly watched elections during the PDP primaries in Ogun State, the state deputy governor, Salimot Badru, yesterday defeated her main challenger to emerge candidate and flagbearer of the PDP for the House of Representatives election. Mrs Badru defeated Emmanuel Hosu, a former chairman of Ipokia Local Government at the congress which attracted delegates from Ipokia and Yewa local government areas which took place at the Gateway International Stadium, Ilaro.

The speaker of the House of Representatives, Dimeji Bankole, emerged untouched following the disqualification of his opponents by the PDP verification team for the Abeokuta district.

In the Ilaro election, Mrs Badru polled 262 out of 840 votes, while Mr Hosu scored 212. Six of the total votes cast were foiled. The congress was conducted under the watchful eyes of security operatives, officials of the Independent National Electoral Commission {INEC}, journalists and party officials.

The policemen, who mounted security round the premises, kept suspected hoodlums at bay.

The two contestants watched the exercise from a distance, as delegates filed out one by one to determine their fates through voting which lasted for about three hours. The results were announced publicly after.

The victory of Mrs Badru was followed by a wild celebration by her supporters. The deputy governor, who defeated her opponent with 50 votes, said her victory was for all members of the party.

Arrested armed suspects

Meanwhile, a son of a former local government chairman identified as Akinloye Bankole, was yesterday arrested by police over his alleged attempt to smuggle arms into the venue of the congress. The suspect was apprehended along with a few of his colleagues during a police check on the Mazda he was driving towards the Gateway International Stadium, Ilaro venue of the congress.

The police, suspecting foul play, insisted on searching the car and discovered guns and ammunition which the suspect could not successfully explain. He was subsequently taken to the police station for further interrogation, along with with the car and its contents. As news of his arrest filtered into the premises of the congress, his father, said to be a delegate, reportedly became crestfallen. He refused to speak about the incident. Police sources said the suspect will be transferred to the police headquarters at Eleweran, Abeokuta.

A number of locally-made amulets and other charms were also seized from some delegates at the congress by security operatives.

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Ribadu battles Bafarawa for ACN ticket

Ribadu battles Bafarawa for ACN ticket

The former chairman of the Economic and Financial Crimes Commission (EFCC) Nuhu Ribadu, and former governor of Sokoto State, Attahiru Bafarawa, will be the pair to slug it out for the presidential ticket of the Action Congress of Nigeria, barring any delayed maneuverings.

While Mr. Ribadu will today pick up his nomination form at the party secretariat in Wuse Zone 6, Abuja, Mr. Bafarawa picked up his form yesterday. The party’s deadline for the purchase of the presidential nomination form is Sunday, April 9. The form is sold by the party for N5 million.

NEXT has learnt that the certainty of Messrs Bafarawa and Ribadu being the final contestants to vie for the ticket is due to the withdrawal of the former national secretary of the party, Usman Bugaje, and Saidu Malami from the presidential race.

“Dr Bugaje has pulled out from the race. He has written us (ACN secretariat) that he is no longer interested in contesting the presidential election,” an official of the party told NEXT.

When contacted, Mr Bugaje declined giving any information about his purported letter. “I will let you know what my decision is at the party primary,” Mr Bugaje told NEXT.

Mr Malami is also said to have withdrawn from the race after several meetings between himself and Mr Ribadu. Both men attended the interactive session organized by the Abuja chapter of the CAN. Both Mr. Malami and Mr. Bugaje are said to have decided to support Mr Ribadu. The party’s presidential primary has been fixed for January 14 in Abuja.

Chairman’s warning

Ahead of the primaries, ACN’s national chairman, Bisi Akande, has urged all members to ensure the best conduct and maintain the highest standards all through the primaries.

Mr Akande in a statement issued on Thursday, charged the party executives, party officials and aspirants to keep to the high standards and behaviour of the party.”

“Our party is a disciplined party and a party that is determined to install democracy and good governance,” he said. ” It will, therefore, not tolerate any corrupt practices or any behaviour that will undermine the integrity of our party and process.”

Mr Akande further warned that a monitoring system is in place to catch any illegal exchange of funds stating that “for the avoidance of doubt, a surveillance system has been put in place to monitor and detect any demands or exchange of funds other than that published in the guidelines. We are determined to ensure democracy and build a strong foundation for good governance,” he stated.

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Nwodo assures Nigerians over April polls

Nwodo assures Nigerians over April polls

The national
chairman of the ruling People’s Democratic Party (PDP), Okwesilieze
Nwodo, has declared that the party and its government are determined
and committed to ensuring that the will of Nigerians prevail in the
choice of their leaders during the forthcoming general elections in
April.

Mr Nwodo spoke
while receiving the South African minister of international relations
and cooperation, Maite Nkoanie Mashabane, who paid him a courtesy call
at his private residence in Abuja.

He said that the
on-going electoral process within the ruling PDP is a test for the
party and the country in the democratic journey, adding that the
country’s commitment to democracy is sacrosanct notwithstanding the
teething problems.

Mr Nwodo noted that Nigeria and South Africa have a lot in common as Africa’s leading nations and regional powers.

Earlier, Ms
Mashabanie told Mr Nwodo that she came to deliver a message from South
Africa’s President Jacob Zuma to President Goodluck Jonathan and was
directed to see the national chairman of the ruling party. She invited
Mr Nwodo to the African National Congress (ANC) centenary celebration
in January next year.

Ms Mashabanie also stated that South Africa is disposed to solving
Cote d’Ivoire’s political logjam using ECOWAS rather than the use of
force.

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Folarin, three others apply for bail

Folarin, three others apply for bail

Teslim Folarin,
Senate majority leader, and three other suspects remanded in prison
over the alleged killing of Lateef Salako (aka Eleweomo), factional
leader of the National Union of Road Transport Worker (NURTW), applied
for bail at an Oyo state High Court on Thursday.

An Oyo state chief
magistrate, Shakirat Badrudeen, ordered the four men to be remanded in
prison custody until January 14 when their case would be reopened for
mention.

They were arraigned
on Tuesday on a two-count charge of felony (conspiracy to murder) and
murder of Mr Salako who was gruesomely killed after the local
government congress of the Peoples Democratic Party (PDP) at Ona Ara,
Oyo state, last Thursday.

Though the
magistrate agreed with the argument of Oluwarotimi Akeredolu, former
president of the Nigerian Bar Association who led the team of lawyers
defending Mr Folarin and others, that the court lacks the jurisdiction
to hear criminal matters, Ms Badrudeen, still adjourned the case till
January 14, for mention.

The other accused persons are Ramoni Jayeola Bankole, Olaide Raji and Raimi Ismaila.

Filing the bail
application on Thursday, Mr Akeredolu, supported the documents with a
44-page affidavit. In the application tagged M/8/2011, the applicants
joined the state attorney general and the state commissioner of police.

For the whole of
Wednesday, Mr Akeredolu and his team had brain-stormed on the
modalities to hasten the bail of the senate leader, who had been in
custody since Monday when he honoured the police invitation to come and
write his statement on the death of Mr Salako.

The Agodi prison,
where the accused were detained, was still bustling yesterday with Mr
Folarin’s sympathizers. It appeared as though the senate leader had the
support of prominent Ibadan political and business leaders. Prisons
officials faced a heavy volume of visitors calling at the prison
throughout the day to see the politician.

Baba Adisa Bolanta,
Oyo State commissioner of police, has, however hinted that more people
will be declared wanted by the police today (Friday) over Mr Salako’s
death.

Mr Bolanta, who
disclosed this to journalists in Ibadan on Thursday, said the police
are yet to close the case on the murder as many other suspects are yet
to be apprehended. He opined that the command should be commended for
its efforts in unraveling the mystery behind the killing of the
unionist in the past week

Police deny bias charges

In another
development, Lekan Balogun, leader of the opposition against the state
governor, Adebayo Alao-Akala, announced that he planned to hold a rally
on January 15 to push for the deployment of the commissioner of the
police from Oyo State. Mr Balogun accused Mr Bolanta of corruption and
bias in the murder case of Mr Salako. He said he would ensure that the
police commissioner was transferred from the state to allow for peace.
Denying the allegation of bias against Mr Folarin, the police boss said
the force established a case against him before arraigning him and
three others last Tuesday.

Saying he had given
the Ibadan high chief respect as a senior citizen and a former
lawmaker, he said, “We will not delay in dealing with him [Mr Balogun]
according to the law if he tries to incite the public against the
police.”

Mr Bolanta said
that none of the cases of crime reported since he took over his post in
Ibadan had gone uninvestigated, and that everything he did as police
chief was done with the consciousness that he would give account one
day “where the whole SANs in the world would not be able to defend me.”

He said
investigations conducted so far have shown that the Senate leader and
other accused persons were present at the scene of the incident. He
said the four police officers attached to the senate leader who were
also arrested and detained shortly after the killing of Mr Salako, are
assisting the police in their investigation of the matter.

He also said that Mukaila Lamidi (aka Auxiliary), Mr Salako’s
deputy, was interrogated at the Iyaganku Police station yesterday over
his alleged involvement in the vandalism of a filling station belonging
to Lateef Akinsola Oloruntoki (aka Tokyo), the state chairman of the
NURTW.

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Government inaugurates committee on ICT conference

Government inaugurates committee on ICT conference

The federal
government on Thursday inaugurated an 18-member technical advisory
committee that will articulate and present Nigeria’s position at all
international Information and Communications Technology fora.
Inaugurating the committee, Stephen Willoughby, permanent secretary of
the ministry of information and communications, stated that Nigeria has
not always made adequate preparations before attending international
events and has been unable to reap maximally the gains of such
meetings.

“At the moment our
preparations have not been at par or been not the best,” he said.” We
go into conferences blank…sometimes we defend common interests of
others or even interests that are partisan to others which
inadvertently we do not know. When we try to defend our interests, we
do not articulate and defend them robustly. We must have strong in
positions which we must present and defend at all regional and national
fora.”

Mr Willoughby said
the ministry places great importance in the committee with the hope
that it will assist in advancing the cause and mandate of the ministry
at international fora on telecommunication and ICT.

Coordinating strategy

The committee, he
said, is a result of the recommendations made by the Nigerian
delegation to the just-concluded International Telecommunication
Union’s Plenipotentiary Conference that took place in Guadalajara,
Mexico last year.

“It was discovered
at the conference that Nigeria had no major position of its own for
presentation to the conference. Instead, the country went to the
conference with only the African Common Position at hand to defend
while some African countries that are not of Nigeria standard, despite
the African Common position, went to the conference with their own
in-house prepared positions, which they presented to the conference and
defended those positions with passion,” he said. “A time has now come
that we as a country need to develop our in-house positions, which we
must present and defend at all regional and international fora. We must
ensure that we prepare adequately within the country before going out
to participate in any of the fora. We have to be seen to be taking our
leadership role now in all affairs of the African continent.”

The committee’s
term of reference included coordinating Nigeria’s strategy and input to
meetings on telecommunications and ICT with a view to optimizing the
benefits of such for a to Nigeria.

They will also consider issues that will arise at such meetings and
advise on Nigeria’s preparations, positions, plans and effective
participation in a manner that influences the outcomes of such fora.

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Privatisation bureau in a fix over NITEL bid process

Privatisation bureau in a fix over NITEL bid process

The Bureau for
Public Enterprises (BPE) is in a fix on the next line of action in
selling the Nigerian Telecommunications Limited (NITEL), and its mobile
subsidiary, Mtel, following the recent failure of the preferred bidder
to meet its payment deadline.

New Generation
Consortium, the bid winner announced last February, was, more than
twice, given an extension by the National Council on Privatisation
(NCP) till December 23, 2010 to pay the initial bid security of $750
million (about N112.5 billion) for the offer.

But, surprisingly,
at the expiration of the deadline, Usman Gumi, New Generation chief
operating officer, said that the consortium was only able to send a
letter from its financiers to the BPE as proof of its financial
capacity to make the initial payment, and also the entire bid sum of
$2.5 billion, an arrangement that contravened the bid guidelines.

The guidelines
stipulate that the preferred bidder should make the payment by
electronic transfer or dollar-denominated bank draft to the account
designated by the BPE on or before the expiration of the deadline.

It was learnt
yesterday in Abuja that the privatisation agency has since commenced
consultations on the next line of action to bring to conclusion the
long transaction, which has already failed a record four times since
2001.

“What I have to
tell you is that it has become clear now that that the company (New
Generation Consortium) is either not serious, or that they do not have
the money to pay for NITEL,” a senior BPE official said in an interview.

“After the Federal
Government bent over backwards to extend the payment deadline more than
twice, there is nowhere a serious bidder would not reciprocate by
paying and closing the transaction. When we (BPE) resume from holidays
on Monday next week, the first thing management will do is to seek the
approval of the Presidency, through the NCP chairman, to consider other
options of bringing the bid process to a close,” he concluded.

Sale options

Two options,
proposed in March last year by the Adetokunbo Kayode-led ad-hoc
committee to review the sale, have always been open for consideration
following the initial confusion that trailed the bid, which culminated
in the sack of the then director general of the BPE, Christopher
Anyanwu.

These included a
recommendation for NCP to order the BPE to invite the reserve bidder to
come forward and take up the bid, or for the privatisation agency to
cancel the entire process and start afresh by calling for new
expression of interests (EoIs) from new investors.

Indications are
that the BPE might be willing to adopt the second option of annulling
the entire bid for a fresh start, as most of the groups that
participated in the February 2010 bid considered the New Generation
Consortium’s offer of $2.5 billion too over ambitious, and may not be
willing to have anything to do with it.

Calls to BPE
director general, Bolande Onagoruwa, for a confirmation did not go
through as her special assistant, Azeez Aderemi, confirmed she was yet
to return to the country from her foreign trip.

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PDP senators in last-minute campaign for delegate votes

PDP senators in last-minute campaign for delegate votes

Ahead of the
National Assembly congresses of the People’s Democratic Party that is
rescheduled to hold today, some incumbent senators are deploying
desperate last-minute tactics to lobby both delegates and the public.
The senators, who have been lobbying delegates after a legislative
attempt to give them the right of first refusal failed at the national
assembly, have embarked on desperate means of sending across their
messages.

As a last-minute
measure to convince delegates, some of the lawmakers have employed
unusual new media to reach them. While some have taken their last
campaign messages to popular social media networks like Facebook and
Twitter, some are sending unsolicited bulk Short Message Services (SMS)
to random telephone numbers hoping to catch a delegate.

Like most of his
colleagues facing serious re-election challenges, Nimi Bariye Amange, a
serving Bayelsa state senator, in an unsolicited bulk SMS sent to
random telephone numbers, directly solicited for delegate votes. Most
messages were written in the new but informal social media language.

“Dear delegates to
d Bayelsa East Senatorial primary elections,” Mr. Amange wrote. “Ur
vote to Amange will enhance ur brother/sister, daughter/son’s,
educational pursuit. In 3yrs he has paid WAEC/JAMB/NECO for 800
candidates and he will do more.”

Like Mr. Amange,
most senators and other senatorial aspirants base their public campaign
on either the capital projects they executed or attracted to their
communities and promising to do more rather than the effects or
efficiency of the laws they sponsored or supported or intend to sponsor
or support if (re)-elected.

Umoh Edet, a
political analyst with a special interest in the national assembly,
says the elements of these campaign messages are wrong and have the
potentials of misleading ignorant constituents on the core function of
lawmakers. He argues that lawmakers have no business initiating,
executing or promising capital projects except on philanthropic grounds.

“The core function
of the lawmaker is to make laws, not building roads or bore holes,” he
said. “That is the work of the executive arm of government. The
lawmakers are supposed to change the lives of their constituents
through the laws they make.”

The senators,
alongside their House of Representatives colleagues, late last year,
dropped the right of first refusal idea after they were caught in a web
criticism for attempting to insert in the electoral act, a clause which
would have made it mandatory for political parties to put the ambitions
of a serving lawmaker before rookies.

Subsequently, most of the lawmakers are facing strong opposition
from fellow party members who either feel they did not perform very
well as lawmakers or perhaps ogling the perceived fat pay the lawmakers
earn.

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Finance minister faults Atiku on budget

Finance minister faults Atiku on budget

The federal
government yesterday took on former vice president and presidential
aspirant of the PDP, Atiku Abubakar, over a letter he allegedly wrote
to President Goodluck Jonathan over the country’s economy, stating that
the letter was a desperate attempt to mislead the electorate.

The minister of
finance, Olusegun Aganga, who spoke on the issue, said Mr Atiku had
chosen to deliberately manipulate and misinterpret the economic growth
figures that are provided by the National Bureau of Statistics.

This, he said,
betrayed either a lack of understanding of the data or ignorance of the
economic context in which these various growth statistics were achieved.

“In any case, the
letter fails to point towards the real messages in the NBS data and
again is riddled with inaccuracies,” Mr Aganga said.

The former vice
president had, on January 2, written to Mr Jonathan warning him that
the proposal in the budget could worsen the state of the nation’s
economy. A statement by his campaign outfit, Atiku Abubakar Campaign
Organisation (ACO) in Abuja, also said the president was too ashamed to
personally defend the budget, insisting that the budget of a nation is
too serious a matter to defend through anonymous persons. But Mr Aganga
said he could not believe that such a letter could come from an
individual with aspirations to govern the country.

“Resorting to
outright lies and misrepresentation to seek cheap political points is
regrettable,” Mr Aganga said, adding that the letter may have been
written without Mr Abubakar’s knowledge.

Contrary to claims
by the former vice president that the economy is underperforming, the
minister said not even the global economic crisis was able to stop the
growth of the local economy, as the country had out-performed many
global economies. He said that the reports of the agencies Mr. Abubakar
quoted actually rated the country high, adding that he doubted if Mr
Abubakar actually read the report of the rating agencies he relied upon
to attack the president and government.

Speaking to
journalists at the State House in Abuja, yesterday, Mr Aganga said such
outbursts by the former vice president did not usually translate into a
credible alternative for the future of the economy.

“Nigerians deserve better and would see through the uninformed attack that is guided as a patriotic statement,” he said.

Vote of confidence

Regarding the planned $500million Eurobond, the minister said it had been expected that the issue would be oversubscribed.

“The advice we
received from international investors is that the debut Nigerian
offering is very eagerly anticipated and demand will be strong,” he
said. “Fits of laughter aside, we would advise the author of the letter
that the transaction will be closed only on the most attractive
commercial terms for Nigeria with investors being encouraged by our
strong external and fiscal balance sheet and not by high returns as
claimed in the letter.”

He said that apart
from published research backing investment in Nigeria by leading
investment banks, a leading financial institution, Goldman Sachs also
warned global economic players of the risk of not investing in Nigeria.

“These statements
directly contradict the ‘vote of no confidence’ that the author of the
letter and his advisers would like Nigerians to falsely believe,” he
said.

Mr Aganga also
debunked the claim that the president accumulated the highest level of
debt increase by any president in any given year, adding that this
depicted the failure of the writer to understand the global economic
and financial dynamics of the period 2008-2010, a period he described
as extraordinary for all economies both developed and developing.

“It is regrettable that a letter purported to have been written by a
former vice president should contain such misrepresentations and we can
only assume that he was ill-advised or it was sent without his
knowledge,” Mr Aganga said. “If this is indeed the case, it is clear
that this letter is a desperate attempt by the author to mislead the
electorate and the Nigerian public through the misrepresentation of the
facts and inclusion of inaccuracies with a view to making political
gain ahead of the elections.”

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