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The Barrister I knew

The Barrister I knew

Iskiliu Ewolese, fan and neighbour

I was hoping that
he would get well to play at my wedding because his songs are so good.
I can recite all his songs; it’s very painful that he had to go now,
but there is nothing we can do about it. I will miss his sweet songs
because they make sense and he doesn’t sing lewd songs. I love him so
much; I even know his favourite food, which is Beans and Dodo (fried
plantain). From all his songs, I love ‘Fuji Garbage’ the most.

Rasak Babatunde

I will really miss
him; I have all his records at home. I will also miss his wise words
which you can get from his songs. He has mature songs which you can
play at home for everybody, even for children. I will also miss his
shows so much. Now that he is dead, there is no way he can perform live
shows again. His song I love most is ‘Omo Nigeria’.

Yusuf Adebola (aka Omo Iya Oloja Isolo)

My stepfather was
his driver, so I knew him very well. He was a very nice man and was
free with everybody; even there was no room I did not have access to in
his house. I will miss the sensible things one can gain from his songs;
both young and old can listen to his songs because he avoided foul
language and his songs can’t corrupt children. My favourite songs are
‘Fantastic’ and ‘Fuji Garbage’.

Morenikeji Aregbesola

I will miss his
sensible songs; there is none of his songs that did not talk about
death or give reverence to God. He has talked about the power of death
in some his songs, how we have no power over it. His songs also
emphasise the need to be good while we are alive; to do family
planning; and to give our children good education. His song I love most
is the one where he said ‘Bi ku se lagbara to, ko si ologun to le ri
se’ (Death is more powerful than any sorcerer).

Asiata Gbangbala

First, I love him
because he is from Ibadan because I am also from Ibadan. I also love
him because of his kind of songs, which always make a lot of sense. For
me, his best works are ‘Barry at 40′ and ‘Fuji Extravaganza’; they are
fantastic songs that are evergreen.

Yetunde Kehinde

When I listen to
his songs, it’s always as if he is speaking to me; like the song is
targeted at a particular issue I’m going through. In fact, the impact
of his songs is unquantifiable; anytime you listen to it, you feel
relieved. I can boldly say that there is no musician like him, and
there can never be. His song I love most is ‘Bi ku se lagbara to, ko si
ologun to le ri se’.

Latifat Sufian-Adekunle

I have been his fan
since I was very young and my father was even the founder of Barrister
Fans’ Club; I remember that he praised my father in several of his
songs. Ayinde Barrister cannot be compared to any musician because of
the depth of his songs. His songs were about living and behaving well
in the society; I will miss him a lot. He was also a very nice man that
cannot be forgotten easily; even I couldn’t sleep the night I heard
about his death. I love the track ‘Suru Baba Iwa’ the most out of all
his songs.

Remi Akinpelu (secretary, Oluyole club)

I will miss him a
lot because he is a true music composer and arranger; when he sings,
you can’t get anything like it. I remember when we would dance from
night till dawn just listening to Ayinde Barrister. His songs talk
about family planning and the need to take good care of our children. I
thank God for his life and achievements; he lived a good life. May his
soul rest in peace!

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Ayinde Barrister’s long goodbye

Ayinde Barrister’s long goodbye

Though the remains
of Fuji music legend, Sikiru Ayinde Balogun, aka Barrister, were buried
in his Isolo, Lagos sitting room, on the night of Thursday, December
30, it wasn’t exactly a unanimous decision. Barrister’s oldest child,
Dublin-based Razak, appeared not too comfortable with the idea of
burying his father that night.

“E wa ba broda mi
soro o, se o fe sun ti oku moju ni? Won ni won o ni sin won loni.”
(Come and talk to my brother, does he want to sleep next to the corpse
till day break? He is saying [Barrister] won’t be buried today), one of
the daughters of the deceased, with an Alfa (Muslim cleric) in tow,
said as she passed by.

Minutes before the
corpse eventually arrived at 24, Lamina Lawal Street, by 9.44pm,
another Alfa expressed similar sentiment, wondering why Barrister’s
firstborn, Razak, didn’t want the musician buried that night. King of
Fuji music, Wasiu Ayinde, the artistic chief mourner, reportedly, was
among those who prevailed on Razak to allow the Alfas lay Barrister to
rest.

Razak’s unhappiness
with the state of affairs, prior to the arrival of the corpse, was
evident as he seemed preoccupied with having an incidence free burial.
He politely declined to speak with reporters when accosted. “Gentlemen,
you all know what we have been waiting for since yesterday. It is when
it arrives and is laid to rest that I will be happy and you will also
be happy,” he said, promising to grant interviews as soon as the burial
was concluded.

Waiting for Barrister

The remains of
Barrister, who passed away at a London hospital on December 16, had
been delayed in the United Kingdom due to flight disruptions caused by
bad weather. Scheduled to return to Nigeria on Wednesday, December 29,
the arrival was the subject of much confusion, with spokespersons
giving conflicting information about the exact whereabouts of the
musician’s body and the Air France flight conveying it.

Thousands of fans
kept a two-day vigil at the Fuji maestro’s home as family members and
well-wishers waited, before his remains finally touched down at Murtala
Muhammed International Airport on Thursday evening.

A carnival-like
atmosphere prevailed around the deceased’s home, popularly known as
Fuji Chambers on Wednesday and Thursday. Though there was heavy police
presence on Wednesday to forestall breakdown of law and order from the
mammoth crowd, the numbers swelled on Thursday.

Men of the Lagos
State’s Kick Against Indiscipline (KAI) squad joined regular and mobile
police in controlling the crowd which filled the whole of Lamina Lawal
Street on Thursday. Some fans who couldn’t find space on the street,
found alternatives on the fences of houses close to Barrister’s while
some climbed the decked roof of a two-storey building not far from Fuji
Chambers

While only
Barrister’s music was played on Wednesday while people awaited the
corpse, there were live performances and tributes on Thursday. Smart
traders also made brisk business selling souvenirs including CDs,
calendars, fez caps and polo t-shirts to the crowd including
Barrister’s extended family from Ayeye, Ibadan; Iwo in Osun State; and
the Salawe family of Lagos.

Performances

Ewi exponent,
Sulaiman Ayilara, popularly known as Ajobiewe, paid tributes to the
deceased in rich Yoruba lyrics before Ganiyu Sebutu, one of the three
anchors, gave a lowdown of Barrister’s albums and the history behind
each. The rough talking Akinola Eko, a KAI official, and Azeez
Abdulrahman, were the other anchors.

Tessy Yembra, who
danced to Barrister’s famous ‘Fuji Garbage’ video in 1988, entertained
waiting crowds with the dance again, 22 years on. She also disclosed
how she met the late musician. They met at Club Arcade after she
returned from Madrid, Spain, before Barrister requested that she dance
in the video. Yembra, who also danced for Shina Peters and some other
musicians, described Barrister as ‘father and mentor’.

The maestro’s
military past was recalled by a trumpeter blowing ‘The Last Retreat’
before Islamic musicians started a praise and worship session
(Asikiri). The Twins Alaka from Mushin opened the session with a female
singer coming next. Kutibi Anobi, head of all Muslim singers in Isolo,
involved the crowd in his own session. Another musician, Fatai Pele,
entertained the crowd with some songs from Barrister’s 146 albums.

Waka Queen, Salawa
Abeni, who was also at the house on Wednesday, was short of words when
called to address the crowd. “We must still thank God. It was his time
to leave. May Allah grant him Aljanat,” she said. Salawa ended her
address with ‘Ori Mi Ewo Ni Nse’, an old Barrister song.

Memories

Some members of the
public also testified to Barrister’s impact on their lives. Sakinat
Ajao, who started crying before she completed her speech said, “Alhaji
made my wedding day memorable in Iwo with his performance. We were
distraught when we heard Alhaji died…”

Sekinat Popoola
Williams, who made people laugh with her somewhat affected American
accent, told the gathering of her closeness to the deceased. “It’s not
only today that we will cry for Alhaji, we won’t stop crying because of
what he stood for. Alhaji is the only one who knows how to sing my
praise; no one can do it like him. When he starts praising me, I will
just kneel down and start crying.”

Grace Modupeola
Labaran and Akeem Olanipekun, both residents in the UK, also attested
to Barrister’s sterling qualities. The duo, who were among those who
received Barrister when he arrived in London after his operation in
Germany, said they were shocked at news of his demise. Head of youth in
the area, Abdulahi Yusuf, said they will miss Barrister because he
related closely with them and was their patron.

The musicians

The clearest
indication that it would not be a repeat of Wednesday’s no-show came
around 5pm when renowned musician and Barrister’s godfather, Ebenezer
Obey, arrived with Segun Adewale. The crowd, which the bouncers and
security operatives were having a hard time with, surged on sighting
them. Adewale later told reporters that his single, ‘Tribute to Ayinde
Barrister’ was released earlier in the day. Obey said Nigerians should
not be in a hurry to know what he will do for Barrister when asked.
“I’m going to surprise the world concerning Barrister, people should
just wait.”

Other Fuji
musicians including Ayinla Kollington, Saheed Osupa, Wasiu Alabi
Pasuma, Abass Akande Obesere, Sulaiman Adio Atawewe, and Askari Fuji
started arriving thereafter. Also in the train were Dele Abiodun, Shina
Akanni Scorpido, and Ayeloyun.

Some Alfas carrying
mats started sweeping the frontage of the house, which people were
still struggling to enter, around 8.54pm before the corpse was brought
in at 9.44pm. While the widows, children, and other relatives started
moving closer before the Alfas started praying over Barrister’s
remains, the pushing and shoving by the crowd struggling to get a
glimpse of the corpse intensified. Organisers were left no choice but
to shut the gates to the house.

Meanwhile,
relatives and others, who couldn’t hold themselves any longer, broke
down weeping. Husband to Barry Made, Barrister’s daughter, who sat on
top of Barrister’s Hummer jeep parked inside the house, kept repeating
‘Lai lahi…” Saheed Osupa, who had earlier betrayed emotions, also
joined those preventing the shoving crowd from disturbing the praying
clerics.

The corpse, which was still unpacked during the prayer session, was
lifted and taken into the sitting room for burial around 10.03pm,
finally closing the chapter on the life and times of Sikiru Ayinde
Balogun.

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Securities Commission approves N25b Edo bond

Securities Commission approves N25b Edo bond

The
Edo State Government has secured approval of the Securities and
Exchange Commission (SEC) to raise N25 billion from the capital market
for infrastructure development. The bond which is at N1, 000 par value
with a fixed rate of 14 per cent will be due in the year 2017. With
this approval, the state will have access to long term capital for
developmental purposes.

This is the second
time the state is raising funds from the capital market, having raised
N1 billion in the First Edo State Floating Rate Revenue Bond 2002/2006
for the Iyekogba Housing Estate project.

The completion
board meeting held at the Edo State government house on Friday was
presided over by the deputy governor Pius Egberanmwen Odubu who
represented the state governor, Adams Oshiomhole. Parties to the issue
– the Edo State Executive Council, Afrinvest West Africa Limited as the
issuing house, FBN Capital, Skye Financial Services Limited, Stanbic
IBTC Bank Plc, FCMB Capital and UBA Capital – agreed that all the
requirements have been met by the state government to secure the Bond.

This offer for
subscription of fixed rate infrastructural development bond is
restricted to qualified institutional investors and high networth
individuals as defined by rule 78(c)(2) of SEC.

The State
Attorney-General and Commissioner for Justice, Osagie Obayuwana, said
the state was assessed by the relevant institutions and given a clean
bill of health to go ahead.

“The issuing
houses, joint brokers, solicitors, Banks and advisers collaborated in
assessing the suit that are against the state and the extent to which
the state was indebted to right now and at the end they found the state
worthy enough to issue this bond,” he said.

The Commissioner
for Finance, John Inegbedion disclosed that the best way to finance
long term projects is through bond and that the state government
complied with the requirements of all the necessary institutions
amongst other factors to get approval.

“It was initially intended to raise N30 billion but the Securities and Exchange Commission only approved N25 billion,” he said.

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FINANCIAL MATTERS: Ring-fencing the naira

FINANCIAL MATTERS: Ring-fencing the naira

One can only hope
that the news reports are wrong. A misreading of a new policy; in which
case, some public officer may have “mis-spoken”. The consequences of
the Central Bank’s recent decision to tighten procedures for accessing
foreign exchange (forex), by requiring banks to scrutinise the history
of both domestic importers and their overseas suppliers before making
forex available to the importers, are worrying.

Though this
decision reflects the apex bank’s support of the Federal Government’s
resolve to limit the importation of unwanted goods, especially arms,
into the country, this policy is wrong-headed for several reasons.

Ideally, the
punishment for illegal importation of any kind should include
forfeiture of the consignment; and either a fine and/or imprisonment of
the offenders; including every known accessory to the crime. Now, this
requires that two institutions of the state work properly: the customs
department, which must be able to interdict the shipment; and the
criminal justice system, responsible thereafter for the successful
prosecution of the case against the importers.

Since the customs
department is wont to let the occasional ball slip, the police
prosecute the case fecklessly, and/or the court processes be too drawn
out to result in justice being meted out correctly, the punishment
might not sufficiently reward the crime. Or, put differently, because
existing domestic incentives in one sector of our national life might
reward deviant conduct in another, is it possible that the CBN may have
designed policy to help government do the job of both the customs
department and the criminal justice system?

The fear is not
that the apex bank is about to become the cure-all to the nation’s
myriad complaints (although it recently found initiatives for
re-financing just about every sector of the economy). Instead, the
bigger worry is that the CBN’s new initiative, by requiring each bank
to validate underlying transactions and supporting documents before
selling forex to importers, adds a fresh administrative burden to an
industry already labouring and heavy-laden. Ought not the apex bank to
know better, especially in view of its previous commitment to removing
all administrative burdens from the foreign exchange market in search
of eventual naira convertibility?

Could the CBN then
had intended other consequences for its action? One obvious consequence
of increasing the administrative burden of participating in any market
is the resultant behaviour of prices. If the burden is on the demand
side, and supply remains constant, prices should fall. If the burden
constrains supply while leaving demand unchanged, then prices should
rise. Now, we all know that the CBN had problems funding the supply
side of the forex market in the latter half of last year. So bad was
the problem that despite rising oil prices, better domestic crude oil
production stats, and improved autonomous inflow into the market, the
naira still depreciated marginally, and the gross external reserves
even more so.

Given this dynamic,
concerns began to be raised towards the end of the year over the
prospects for the naira’s exchange rate. If the CBN was rapidly running
out of ammo with which to support its sense of the naira’s exchange
value, how long before speculators piled in, and started “shorting” the
naira?

The apex bank’s
main bulwark against this possibility is the fact that it runs a pretty
rigged market for foreign currency sales. Add to this the absence of a
futures market for the naira, and it is well nigh impossible to borrow
a futures contract on it, sell this on, in the understanding that it
could be bought at a lower price in future and returned to the original
lender.

Thus, by increasing
the administrative burden on market participants, the CBN may have
resolved to further ring-fence the naira against anticipated demand
pressures in the new year. But there are unintended consequences to
this.

If demand continues
to build for foreign currencies, as election-related spending increases
the naira’s supply, the CBN’s action may have the effect of trying to
squeeze hard on a balloon: divert pressure to the unofficial markets,
leading to a widening of the arbitrage window between the parallel and
official markets.

Inevitably, a
vicious cycle, a downward spiral in the market for forex would build
up, as marginal arbitrage opportunities further drive up demand for
forex.

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Bonny plant commences operation

Bonny plant commences operation

Nigeria’s Bonny
Liquefied Natural Gas (LNG) plant has restarted after a power outage
shut down the facility on December 22, a spokesman for the national
energy company said on Friday.

“The plant had been at a reduced capacity this week, but we expect normal operations to begin next week,” the spokesman said.

Nigeria is the
world’s seventh-largest exporter of LNG. The Bonny plant, the country’s
chief LNG facility, has production capacity of around 22 million tonnes
a year.

Nigeria LNG Limited
runs the plant, which is owned by Nigerian National Petroleum
Corporation (NNPC) with 49 percent; Shell, 25.6 percent; Total, 15
percent; and Eni, 10.4 percent.

The facility is located on Bonny island in the heart of Africa’s largest oil and gas industry.

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Nigeria, Brazil to partner on hydro power projects

Nigeria, Brazil to partner on hydro power projects

Nigeria has
expressed its readiness to partner with Brazil and the private sector
to develop its hydro-power projects as a means to address the problem
of energy deficit.

Vice president,
Namadi Sambo, expressed the view in a paper he presented on energy
entitled ‘Light for All’, in Brasilia on Saturday.

Mr. Sambo noted
that Nigeria and Brazil have established an energy commission aimed at
addressing the energy challenges of Nigeria.

“We will be looking
forward to possible meeting with organs that are already planning to
discuss the development of the Mambilla hydro-power and other
hydro-power projects in Nigeria, as well as the development of the gas
sector,” Mr. Sambo said.

The vice president
noted that the federal government had already appointed a special
adviser on energy to specifically handle the issue of power.

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Tanzania economy to grow by 7.2 percent

Tanzania economy to grow by 7.2 percent

Tanzania’s economy
is expected to grow by 7.2 per cent in 2011 from an estimated 7.0
percent this year due to a strong recovery after the global financial
crisis, the country’s president said on Friday.

The government’s
projections for the economy of east Africa’s second biggest economy
beat the International Monetary Fund’s outlook for economic growth of
6.7 per cent in 2011.

Tanzania, Africa’s
fourth biggest gold producer, mainly depends on tourism, mining and
agriculture and is increasingly attracting more investor interest in
telecommunications, energy, manufacturing, financial services and
transport.

“We expect that the
economy will grow by 7 per cent this year, compared with 6 per cent in
2009,” President Jakaya Kikwete said in a year-end national address
televised late on Friday.

“Our expectations are that the economy will grow by 7.2 per cent
during 2011 if everything goes to plan.” A Reuters poll of nine
economists showed in August Tanzania’s economy should grow 6.3 per cent
this year and 6.8 per cent in 2011, thanks to robust activity in all
sectors, while inflation will stay in single digits through to 2011.

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Morocco’s debt at $19.8b in 2010

Morocco’s debt at $19.8b in 2010

Morocco’s public
foreign debt stood at $19.8 billion at the end of the third quarter of
2010, up from $19.4 billion at the end of 2009 and at its highest since
at least 2005, the finance ministry said on Friday.

Morocco plans to
disburse $2.1 billion to service foreign debt in 2011, $2.2 billion in
2012, about $2 billion annually in 2013 and 2014, $1.9 billion in 2015,
$1.8 billion in 2016 and $2.3 billion in 2017, the data published by
the ministry showed.

A total $549 million will be paid to service the foreign debt in the fourth quarter, it added.

Public foreign debt
stood at $19.4 billion by the end of 2009 and $17.9 billion by the end
of the second quarter of 2010. The ministry did not explain the
quarter-to-quarter rise in foreign debt. Morocco in September sold a
1-billion euro Eurobond with a 10-year maturity.

Public foreign debt
is the sum of debt owed by the treasury and guaranteed loans granted by
foreign lenders to Moroccan government institutions, banks and local
councils.

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China Premier reiterates fight against inflation

China Premier reiterates fight against inflation

Chinese Premier Wen
Jiabao vowed again to step up efforts to keep consumer inflation in
check in 2011, state media reported on Sunday.

“The central
government has taken a slew of steps to stabilise prices. We will put
it higher up on our agenda,” state television quoted Wen as saying,
repeating the top leadership’s line since inflation hit a 28-month high
in November.

Wen made the remarks in a New Year trip to supermarkets and herdsmen’s homes in the northern Inner Mongolia Autonomous Region.

China raised interest rates twice and increased bank reserve
requirement ratios six times in 2010 as it moved to normalise monetary
policy to absorb excess liquidity.

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Mergers clock $2.2tr in first yearly rise since 2007

Mergers clock $2.2tr in first yearly rise since 2007

Mergers
and acquisitions (M&A) rose for the first year since 2007,
potentially marking the start of a new, multiyear M&A cycle in
which emerging economies account for a bigger share of global deal
making.

Thomson Reuters
data showed announced M&A grew nearly a fifth this year, to $2.25
trillion globally. The preliminary figures show emerging markets made
up a record 17 percent of transactions, and energy was the busiest
sector.

Next year could be
busier still. Executives, bankers, big investors such as Schroders, and
analysts at banks including Credit Suisse, Nomura, and Societe Generale
are among those predicting a further rise.

Cheap debt, record
cash piles, the need to outpace sluggish economic growth, and positive
market reactions to many deals in 2010 should embolden companies to
strike more deals, they say.

“We feel M&A
volumes will improve next year; there’s certainly going to be more
cross-border activity than ever, and Asia – again – will be a bigger
part of the equation,” said Scott Matlock, chairman of international
M&A at Morgan Stanley.

Deutsche Bank, the world’s fifth-busiest merger adviser, said this year could bring a bigger rise.

“The increase in
M&A activity in 2011 should exceed that of 2010. There’s more
confidence, there’s ample liquidity, financing costs are attractive,
and there’s an intense focus amongst corporates to identify growth
opportunities,” said Henrik Aslaksen, Deutsche’s global head of M&A.

“The pipeline is very broad-based. It’s not just confined to one to two sectors,” he added.

Senior executives on average expect $3 trillion of M&A this year, a recent Thomson Reuters/Freeman survey found.

Goldman leads

That means 2011
could be the second of several years of rising deals. Earlier in 2010,
Citi analysts said the world was “in the foothills” of a new M&A
cycle. These cycles typically last years: the last peaks came in 2000
and 2007.

Bankers say a
combination of cheap stocks, as measured by price-to-earnings ratios,
and even cheaper debt means many deals would offer a big boost to
earnings.

The optimism comes,
despite a slower fourth quarter and the worst spate of withdrawn deals
since the height of the credit crisis: two collapsed BHP Billiton
deals, in Canada and Australia, alone cut $100 billion from M&A
volumes.

Jeffrey Kaplan,
global head of M&A at Bank of America Merrill Lynch (BAC.N), said
it was still “challenging to get deals done,” despite “good momentum
going into 2011 for both corporate and private equity activity.”

Morgan Stanley is
lagging archrival Goldman Sachs, after beating it to the No. 1 ranking
in 2009 for the first time in 13 years. Goldman Sachs, under M&A
head, Gordon Dyal, has advised on $513.1 billion of deals to Morgan
Stanley’s $499.5 billion.

‘Land grab’

Emerging markets
deals hit a record $378 billion, while developed markets lagged. Global
M&A increased 19 percent, while U.S. M&A rose 11 percent and
activity in Europe climbed 5 percent.

Colin Banfield,
Citigroup’s head of M&A for Asia-Pacific, said currency rates were
aiding the region’s companies, which were growing “more ambitious” and
contemplating bigger deals.

But aside from
several major telecommunications tie-ups in the developing markets, and
the odd banner deal such as Chinese carmaker Geely’s purchase of Volvo
from Ford, many deals from newer markets were aimed at securing
resources or technologies.

“We’re still in the early days of emerging markets M&A,” said Matlock at Morgan Stanley.

“When it gets
really hot is when people decide they want to buy and build truly
global multinational corporations, and we’re not there yet. It’s more
focused on acquiring natural resources or on opportunistic deals,” he
said.

Energy and power
was the year’s busiest sector, with a near-40 percent rise in announced
deals to $482 billion, followed by the financial and basic materials
sectors.

A widely predicted
European resurgence failed to occur as debt crises rattled the
continent and forced Greece and Ireland to seek bailouts. European
M&A rose 5 percent to $589 billion.

“All the right
ingredients are in place for an upturn,” said Philip Noblet, Merrill’s
co-head of M&A for Europe, the Middle East and Africa.

“But it could be another lost year for M&A in Europe if economic
worries don’t subside and chief executives don’t regain the confidence
to do deals. The outlook is very uncertain – and people hate
uncertainty when they are buying,” Mr. Noblet added.

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