Archive for nigeriang

Anglo-Nigerian relations in pictures

Anglo-Nigerian relations in pictures

In keeping with an ongoing trend this year, the British Council
opened a photography exhibition on December 3 to commemorate Nigeria’s 50th
independence anniversary. However, the idea for the exhibition evolved from a
book which is the key effort on the part of the organisation to key into the
celebrations of Nigeria’s golden jubilee. The book is titled ‘Reflections’.
Country director of the British Council, David Higgs and some of his staff shed
more light on the book and the exhibition during a press briefing at the
organisation’s office in Lagos.

“The book is about Nigerians and British. As part of our
contribution towards Nigeria’s independence anniversary, we decided to show how
the relationship between Nigeria and Britain has evolved,” Mr. Higgs revealed.

“We began to think about Nigerians who have become successful
and how their life opportunities were a combination of Nigeria and the UK,” he
added. “In ‘Reflections’, we have profiled 20 people; 10 of them based in the
UK and the other 10 based in Nigeria, and we have taken pictures of places that
hold memories for them.”

One of the reasons behind the founding of the British Council
some 76 years ago was to promote cultural relations between Britain and the
rest of the world. ‘Reflections’ is one of the ways the council is showing how
Britain-Nigeria relations have influenced those profiled in the bok. It’s also
aimed at showing how these diverse cultural influences have shaped them. Going
further, Higgs disclosed that the council’s role in promoting British education
is reflected in the project, as all the people featured have schooled in the
United Kingdom at some point in their life.

“Education in the UK has influenced their success stories in
various ways. So we are attempting to communicate a positive image about
education in the UK,” Higgs asserted. “For each person profiled in the book, we
asked them to choose a place that’s very important to their life memories. We
then sent our photographers to take pictures of those places. It is those
pictures we are exhibiting here today.”

He continued, “The book was the main thing. The exhibition just
evolved from it. We saw the photographs and they were nice so we decided to
exhibit them.” Higgs added that they initially planned on doing drawings of the
locations but decided to settle for photography.

Coming soon

Assistant director of the British Council, Ojoma Ochai, used the
opportunity to highlight some of their upcoming programmes.

She talked about a project tagged ‘New Work, New Audiences’,
which would involve exchange of music, literature, film, theatre, fashion and
other cultural products between Nigeria and the United Kingdom.

She disclosed that the organisation had only recently rounded
off a year-long creative enterprise training and mentoring programme in
collaboration with the Pan-African University.

Some of the mentors on the programme included: fashion designer
Lisa Folawiyo of Jewel by Lisa, photographer Kelechi Amadi and Carl Raccah CEO
of Orangutan Records. “We are looking to help young people become entrepreneurs
and income generators,” said Higgs. The programme will resume in January 2011.

The opening event of the exhibition witnessed a good turnout and
attendees were given a handy-bag containing the book. The framed photos were
displayed on the wall at the foyer of the council.

Joke Silva, one of those profiled in ‘Reflections’, was spotted
at the opening. “I think it’s nice to see the memory of the Diasporans. It’s
nice to see all the different perspectives,” she told NEXT. Cultural
ambassador, Olusegun Olusola, ace broadcaster Eugenia Abu and renowned actor
Olu Jacob – are just a few among those who are included in the book.

The exhibition runs till December 23
at The British Council, 20, Thompson Avenue, Ikoyi, Lagos.

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Chike Onuorah shows his commitment

Chike Onuorah shows his commitment

Chike Onuorah’s latest exhibition, ‘Commitment’ opened at Terra Kulture on December 4, 2010. Displayed prominently on the gallery wall was the exhibition’s title painting, ‘Commitment’, which encapsulated the theme of the show.
The painting of a woman carrying a baby with three hands painted in different colours, the artist said the work depicted dependency and then responsibility. “Your kids are dependent on you. They give you a sense of purpose. It’s only commitment that will make you nurture a child that can give you nothing in return,” he said.He added that one needs three hands to raise a child; one to love, another to nurture and a third for discipline. Hardly surprising that in the piece, the hand meant for discipline is the longest.
Onuorah’s philosophy of commitment is one he holds dear. “There is no success without commitment,” he pointed out. “It takes commitment to bring out what is on the inside to reality.” Onuorah also practises commitment; his determination to always mount an exhibition every year no matter what it costs him, attests to this.
The week-long exhibition showcased about 30 works of different media: oil, acrylic and charcoal on canvas. One unique thing that did not go unnoticed was the fact that the artist had attached a short poem to every single painting on display.
On the reason behind this, he said that a lot of people who have no eye for art would come to an exhibition like this and leave without an understanding of the works and the message they intended to convey. “The poems will help the viewers in that it will lead them into a dialogue with the picture. So they can get what you are saying,” he explained.
In addition to this, Onuorah disclosed that the inspiration for each of the poems came as he worked on the paintings; and they are meant for eventual publication. The poetic accompaniment to one of the works, ‘Finally’, expressed relief and a sense of accomplishment.Another one titled ‘Wall Street’, with its portrayal of people and their different means of livelihoods, expressed street sense and the importance of being skilled in one’s chosen endeavour. ‘Togetherness’, which was a bit more abstract and symbolic in design, carried with it an eight-line poem that spoke about the spirit of unity.
On what influences his art, Onuorah stated, “God is my influence. I have seen many works and every artist has his own individual style. I am doing my own thing. I paint what I see and feel”.
Asked why there seemed to be quite a focus on the female figure in many of the paintings, Onuorah said that women are expressive and he finds them a fluid medium through which to express whatever he wants to say through his paintings.
For instance, the painting titled ‘Finally’ was a woman with one clenched hand raised in expression that could be interpreted in different ways, even if the poem had not revealed that it was an expression of achievement.
Onuorah studied Fine Arts at the University of Benin and graduated in 1988. Aside from art practice, he has worked as a creative consultant. The artist has also conducted quite a number of exhibitions in and outside Nigeria; and is a member of the Society of Nigerian Artists (SNA) in addition to the Atlanta Society of Artists, USA and Romania Society of Artists.
The curator at the Terra Kulture Art Gallery, Olumide Faturoti, commended Onuorah for his commitment to his work. “His exhibitions have been consistent” he said.
‘Commitment’ is at Terra Kulture from December 4 to 10.

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EMAIL FROM AMERICA: Eno’s Story

EMAIL FROM AMERICA: Eno’s Story

The great Chinua
Achebe once told the story of how, when raising his daughters, he could
not find books written specifically for them. He proceeded to write
books for them. The writer Ayodele Olofintuade (a.k.a Ayodele Enitan
Alabi) has written such a book. I have just finished reading her book,
Eno’s Story; I am simply blown away by the beauty of its story. This is
one of the best works I have read in a long time. The illustrations
alone are worth the price of a copy. The artist, Bolaji Liadi is quite
simply brilliant. Using watercolour as a medium he masterfully sketches
the angst and joys of children born into a war that they did not ask
for. I am so pleased with the quality of this work; it rivals any
Western piece on children’s literature that I have ever read. The words
that I can think of in describing this little book are: Engaging,
enchanting, instructional, funny, and well researched. The dialogue
flows quite well too.

All parents will
warm to this triumphant tale of a brave little girl who has to deal with
the trauma of being accused of witchcraft by mean, ignorant adults. In
Eno’s story, we inherit a heart-break of a story, and we become living
witnesses to the tortured lives of children who believed they were
infected with witchcraft because they had been so labelled by
misbehaving adults. Eno’s story is both heart breaking and heartwarming.
It is really affirming of our humanity to see a Nigerian book that
actually celebrates a little girl who is in a loving, wholesome
nurturing relationship with her father. What a novel concept.

I am so in love
with Eno’s Story. I read it in one sitting because I wanted to see what
was lurking on the next page. I adopted this little girl Eno; I wanted
to protect and nurture my little Eno. Again, the illustrations are to
die for. I am quite simply in awe of the collaboration between writer
and visual artist. The illustrations leap bravely from the story, they
are an integral part of the story. We may have just found the most
effective way to tell the story of what is happening to children, youth,
and women in Nigeria. Perhaps the publishers, Cassava Republic, could
partner with talented authors like Alabi and start a Children’s series. I
will pay for every one of them, yes. And I am going to adopt Eno. I
don’t care that she is a fictional character. Here is a standing ovation
for Enitan Ayodele Alabi and Cassava Republic. There is hope. Yes. A
few editorial issues mar an otherwise stellar production, but this is
how to tell a story. There has to be a way to publish this story abroad,
in the West. This book proves that we can really tell a story about
injustice our own way. There is no overwrought sensationalism here; this
is not a tired tale, even though it is covering familiar material.
Eno’s Story is quite literally the story of thousands of beautiful
children born into a war in Nigeria and it sounds like somehow they are
surviving and triumphing over the trauma. Adults should be ashamed of
themselves. Our leaders should be shot for allowing this to happen to
children.

It is not a
perfect production, but who cares; I am in love with this book. I would
have liked the book to complement the English names of indigenous
offerings like akara (bean cake) and Fried yam (dun dun). It is time for
us to start asserting our heritage. I am also worried that thieving
NGO’s in Nigeria, begging bowls allegedly working on behalf of the
Nigeria downtrodden will gleefully adopt ‘Eno’s Story’ as proof that
they are doing real work in Nigeria. I can see them stapling this
beautiful book to their beggar-applications for funds from the West to
fuel their opulence. An unspoken scandal in places like Haiti and
Nigeria is the amount of Western aid that has been gobbled and wasted by
these pretend-angels with not a penny going to the intended
benefactors. On the other hand, maybe this little tome will inspire them
to do their work. But for now, shame on every one of them engaged in
doing nothing in Africa.

Alabi brings together simply and expertly without any fuss, many
issues. It is a fidgety person’s delight. The illustrations are so good,
the reader’s face falls with disappointment whenever one flips to a
page without an illustration. The illustrations break up the text nicely
and it is possible to stop reading on a page and simply gawk or gawp
with joy at the illustration. No space is wasted, the layout is
exquisitely done. This is indeed one of the best children’s books I
have ever read and believe me, as the parent of four children I have
read more children’s books than I ever care to count. Eno’s Story is a
refreshing approach to confronting our anxieties.

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WHAT’S ON

WHAT’S ON

Christmas Concert: MUSON Choir and Orchestra performances – Agip Recital Hall, Muson Centre, Onikan, Lagos. Today
Comedian’s Workshop: ‘Stand-up Comedy and Creative Speaking: Critical Tool for Societal Development’ – Sheraton Hotel and Towers, Abuja. December 15
Foxhole Garden: Featuring performances, readings, and discussions – 11 Maryland Crescent, Lagos. 4pm. December 16.
Lola Shoneyin Book Party: Author launches first novel, ‘The Secret Lives of Baba Segi’s Wives’ – French Cultural Centre, 52 Libreville Street, Off Aminu Kano, Wuse II, Abuja. 6pm. December 17.
Whisper Araism: Exhibition by Mufu Onifade – Omenka Gallery, Ben Enwonwu Foundation, 24 Ikoyi Crescent, Ikoyi, Lagos. 3pm. December 18.
A Husband’s Wife: Play by Tyrone Terrence featuring Joke Silva and Dede Mabiaku – Muson Centre, Onikan, Lagos. 5.30pm & 7.30pm. December 18
Christmas with Zaynnah: Afternoon of Christmas classics sprinkled with Highlife and Jazz – Protea Ikoyi Westwood, 22 Awolowo Road, Ikoyi, Lagos. 3pm. December 18
Reflections: Photography exhibition by Olayinka Stephens and Jide Alakija – British Council, 20 Thompson Avenue, Ikoyi, Lagos. Till December 23.

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Flood victims struggle to make a living

Flood victims struggle to make a living

In October, flooding originating from the Oyan dam displaced
whole communities in the Ikosi-Isheri and Agboyi-Ketu local council areas of Lagos
State and other communities in neighbouring Ogun State. Days later, the Lagos
State government relocated over 1,000 of the victims to the Resettlement Centre
and Relief Camp located in Agbowa Ikosi at the outskirts of the state.

It is over two months now; the water is gone, and normalcy is
returning to the affected communities, but the people are still waiting for
government’s promise of financial assistance. While some of them still reside
at the relief camp, others say staying put in the camp would amount to self
destruction, especially when one has a family to cater for.

ThankGod Erebi, a traditional bone setter at Kio-Kio, one of the
communities that were severely impacted by the flood, has returned to his work,
even though he still maintains his room at the relief camp where he visits
occasionally.

“There are many people in the camp who go to work and return.
Some people like us don’t go there every day. I have slept there for like six
days at different times, but my family is there. There are some people who do
not go to work. There are other people like that. I can tell you that anybody
who stays there permanently does not have anything to do; that person is not
working, and the person does not have a business that he is running, because nobody
can say that there is still water in his house,” he said.

Grappling with the
disaster

The flooding had occurred largely because of the release of
water from the Oyan dam into the Ogun River which flooded its bank, and that of
other channels. Experts say it is natural for rivers to overflow their flood
plains occasionally. In this case, the houses that were affected were built on
the flood plains.

According to Mr. Erebi, water was over one foot high in most
houses during the flood and different people employed different adaptation
techniques, while some relocated to lodge with friends and family in other
parts of the state.

“When the flood happened, some people ran away to their friends’
places. Some people lost their properties, water spoilt everything for them,
especially the people that were not around when the thing happened. Me, if I
tell that I lost my property, that will be a lie. I didn’t lose my property but
I spent money to secure them. In my house, I made something like a stage,
placed my property on top. I bought nine inches blocks, 60 of them and I bought
12 planks, N1,200. So, I was laying blocks round then, I will put the planks on
top. If the water increased I will lay another line of blocks on top to raise
my properties. That’s how I managed,” Mr. Erebi said.

When the state government opened the camp and provided buses to
move the victims there, some people did not go to the camp to register,
especially those who had left the area. Some of them are now seeking to
register but to no avail. Simon Anyadike, who lives in Kio-Kio, had just put up
his furniture shop by Ikorodu Road, when the flood came. Then he travelled with
his wife and kids after enduring the flood for a few days. By the time he
returned, the camp had closed registration and he desperately wants to register
because of the money government had promised to give to registered victims of
the flood.

“My own is that I want to register my name on that list. All of
us suffered this water together, how would they now write other people’s names
and they will not write my own. Water entered my house, and many living inside
came to stay in my shop then because the place high small. So, some people were
sleeping here. I was not doing anything here, so I travelled. The first time
TVC (television channel) people came here, I was the person they interviewed.
There was water everywhere. Please tell them, they should write my name in the
list of people that will get the compensation money,” said Mr. Anyadike who had
since returned to his business.

Problems with the camp

Mr. Erebi said though food is served three times daily and
medical care services are impressive at the camp, there are still many
challenges that the people are faced with.

“The camp; they are trying in some areas, like food,” he said.
“They serve us food morning, afternoon, and night, although me, I don’t eat it,
I buy food outside, but some other people like it. All the days that I stayed
there, one mosquito did not bite me, because they [spray] the whole place and
the surrounding is neat.

“And the medical care there is very good. But the problem there
is that if you stay there, you want to buy pure water, you cannot afford it
because you don’t have money. And the children, they put them in a school where
they are doing just revision; it’s like extra moral lessons.”

No water in camp

Sinclair Olorogun, who is a member of the committee set up by
the flood victims to represent their interest at the camp, corroborated Mr.
Erebi’s point. He resides in the camp but still attends to his business as an
electrician.

“The major problem in the camp is water. When we came, Ikosi
Ejinrin Local Council Developmental Area, were bringing bags of pure water
(sachet water) for us every day. In the morning, they will bring 50, afternoon
50, evening 50; 150 bags every day. After some time the management started
selling this pure water to us. When those people discovered they were selling
it, they stopped bringing it.

“The tap water there is not good for drinking. But people are
drinking it now. The water looks clean but if you fetch and allow it for some
time it will settle and you will see what you are drinking. I’m having fever
now, look at all the drugs they gave me at the clinic, and it’s because of lack
of potable water,” Mr. Olorogun said.

But the camp commandant, Wewe Adeboye, said it is not true that
people are leaving the camp, contrary to media reports.

“Who is saying that? They are still here. We have placed their
wards in schools. They are going to school. This is what we call emergency education.
Anytime you come to the camp you will see people. We are on the last stage now,
we have gone through preparation, mitigation, response and we are now on
recovery. What we are doing now is to help them recover to the state they were
before the flooding occurred,” he said.

Mr. Adeboye said water cannot be a problem because they pump 35
litres of water from the two boreholes in the camp to serve the 1009 flood
victims and that the water was certified drinkable by the Lagos State Water
Corporation. He said the pure water supply was stopped because the sachet
constituted environmental nuisance in the camp.

While the victims await their promised financial assistance,
which will mark the end of the camping for them and possible eviction from
their communities, to forestall future disasters, Mr. Adeboye said, “the camp
was opened by the governor and will be closed by the governor”.

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National Assembly lacks budget office

National Assembly lacks budget office

Nigeria’s National Assembly has no
functional budget office that provides the liaison between the
legislature and the executive on budget matters. This was revealed to
participants at a policy meeting at the weekend.

Chairman, House of Representatives
Committee on Finance, John Enoh, said though work had actually
commenced on the building project a few years ago, it was abandoned
shortly after following disagreements between the Presidency and
National Assembly management over issues he did not elaborate.

“There is no Budget office in the
National Assembly at present, like the Congressional Budget office.
But, a lot of work has actually gone on in the National Assembly. For
some years now, we have been working on the National Assembly Budget
office. At some point, it had actually gone for Presidential assent,
but there were some little bit of disagreements here and there with the
National Assembly management,” Mr Enoh said in an answer to a question
at the seminar.

Though the House of
Representatives has a Committee on Legislative Budget, the lawmaker
assured that the office would be fully functional during the next
National Assembly, considering its usefulness to the lawmakers in their
legislative functions.

“Unless that is done, we will keep depending almost entirely on what is given by the executive,” he said.

The office is the equivalent of
the United States Congressional Budget office established in the
Congress to engage with the budget office to provide independent
information for the legislature on the budget, before annual estimates
are presented.

Mr Enoh who was speaking on some
of the challenges that create distortion in the country’s budget
process noted that despite the existence of Fiscal Responsibility Act
(FRA) since 2007, the implementation of most of its provisions has
always been in the breach.

“The budget process is a challenge
that everybody must appreciate. For instance, there are listed agencies
and corporations of government, like the NNPC (Nigerian National
Petroleum Corporation), NPA (Nigerian Ports Authority), CBN (Central
Bank of Nigeria), and so on, that the law says that when the estimates
for next year’s budget are to be led before the National Assembly, they
must accompany, so that they will be able to capture in totality what
the real figures are and not just Federal Government expenditure. I do
not think this is the case in practice,” he pointed out.

Besides, he said the country’s
budget has continued to be a problem in almost 12 years of our
democracy, either in terms of controversy about who owns the budget
process between the Executive and the legislature, or in the timing of
presentation, stressing the importance of engagement of the National
Assembly by the Executive in the process of preparing the budget to
avoid discrepancies.

Time constraint

According to him, the timing of
the budget presentation must be reviewed to give the lawmakers
sufficient time to look at the estimates presented by the executive
before passing it into law.

“The Fiscal Responsibility Act
requires that the Medium term expenditure framework (MTEF) must be
submitted to the National Assembly not later than three months to the
end of a particular year. That has not been achieved yet. The House of
Representatives passed it (the MTEF) only yesterday (Wednesday). If
that is to be led before the House by next week Tuesday, how much of
that is going to benefit from the MTEF?” He wondered.

“We must get these things right.
The National Assembly needs to have as much time as it can to work on
the budget. If in a particular year, the budget is before the NASS in
September as required by law, members would have enough time to look at
all issues before passing the appropriation law.

“The Budget office, Ministry of
Finance and all those involved in the budget process need a lot more
engagement to get the National Assembly to appreciate what damage they
could be causing the budget if the rules are not followed,” he
explained.

Budget indiscipline

Executive Director, Centre for the
Study of the Economies of Africa (CSEA), Menachem Katz, said though the
Federal Government made progress in strengthening public financial
management since 2003, there has been limited improvement in service
delivery, resulting in increased budget indiscipline.

According to Mr. Katz, the
country’s budgets in recent years have become increasingly
expansionary, accounting for deficits of about 10 percent of the gross
domestic product (GDP) as well as increased spending and depletion of
the excess crude account.

On the timing of the budget
process, he said major delays have been experienced in the approval,
pointing out that there is need for the current budget calendar to be
replaced with an alternative cycle that would provide sufficient time
for in-depth discussion of government fiscal strategy and policy
priorities.

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Stand and deliver

Stand and deliver

“Poverty was handed over to me. I inherited poverty from my dad.
Nobody gave me weekly allowance or pocket money. But there is something that
hardship does to your brain. Poverty makes you desperate to make it by all
means.”

These words were spoken by Paschal Okwundu, a Stanbic IBTC
banker, as he addressed 100 young people who attended The Ajegunle Project, a
youth enlightenment initiative organised by the Tulip Foundation, a social and
moral values non-governmental organisation on December 4, 2010 at Bequest
College, Ajegunle.

Mr. Okwundu described growing up as a 19-year-old in Ajegunle,
Lagos’s most popular slum, who wanted to go to university but whose parents had
no money to send him there. It cost N1,650 to purchase the Joint Admissions and
Matriculation Board form at the time, but neither Mr. Okwundu nor his parents
could afford it.

Determined to succeed

Mr. Okwundu began to organise after-school lessons in maths and
physics for students at Hope Tutorial Centre in Ajegunle. Five days a week, he
worked two hours daily. He earned N45 an hour, making N450 weekly and N1,800
monthly. By 2001, he had saved up enough money to buy a JAMB form and he got
admission in 2002 into the University of Lagos to study chemical engineering.

“I had saved N2,500 in two years when I got my admission,” he
told the students. “But this money finished in two weeks. So I began doing home
coaching and working night jobs again. And by the time I was in year three, I
was running two businesses and making N34,000 monthly.”

Education and
transformation

Richard Yabrifa, who also grew up in Ajegunle and now works with
First Bank, also spoke to the youth on the importance of personal development.
He said the purpose of education goes beyond getting a good job, paying one’s
bills, and catering for one’s family, but becoming an agent of change in one’s
environment.

“Many people go to school but their education has not brought
much transformation to their lives because they have not realised the value of
their education, which is personal development,” he said. “Ask yourself, has
education really changed my ideas, my level of reasoning? You should see
education as your own responsibility to make an impact on the society.”

He further encouraged the youth to align their dreams of what
they wanted to achieve and become in future with their purpose for going to
school, which should not be dependent on the state, the educational system nor
their teachers.

“Purpose is that thing which motivates you to move forward.
Attach a high value to it. Without purpose, you’ll just go to school and just
make up the number, graduate, and at the end of the day become among the number
of unemployed graduates. Don’t see it as your teacher’s responsibility to give
you an education but as your personal responsibility,” continued Mr. Yabrifa.

From zero to hero

Johnson Abbaly, the president of Achievers Consortium
International, a non-profit youth empowerment organisation, compared the resilience
of Ajegunle youth to the 2005 Champions League winners, Liverpool FC, who in
the finals of the football competition came from a 3-0 deficit to win the
tournament against AC Milan.

“Nigerians have a spirit that never says die, and in Ajegunle,
that spirit is very evident in our daily survival,” he said. “Don’t allow your
background keep your back on the ground. You can come from zero and become a
hero. Stop looking down on yourself and instead start celebrating yourself as a
success.”

The coordinator of TAP and Tulip Foundation founder, Bolatito
Coker, further said the answer to rebranding Nigeria lay in changing the
mentality of the younger generation by instilling the right values in them.

“The rebranding of Ajegunle is the major focus of this project,”
she said. “With this project, we want to encourage the youth that there is more
to life, more to achieve, more to hope for, more to dream about, more to live
for, and so many more. They can be the best at what they do.”

Show some love

A motivational speaker and pastor with the Church of God
Mission, Ifeanyichukwu Harrison, who for 10 years had lived in Ajegunle, said
from his 18 years experience working with the youth, the absence of love is the
main reason children grow up to become the miscreants the society now
castigates them for.

“We need to learn to accept these so-called area boys and give
them a sense of purpose,” he said. “Most of them have become what they are
because nobody loved them, because nobody wanted them. As a people, we need to
show some love.”

Youth speak

Many youth who attended the TAP event said they had come to see
themselves and their environment differently. Priscilla Arinze, a recent
secondary school leaver who for 15 years has being living in Ajegunle, said
that the messages had inspired her. Before then, she had questioned the
necessity of an education in Nigeria.

“The youth in Ajegunle need to change their mentality and know that
education is necessary,” said 17-year-old Miss Arinze. “I used to wonder what
is the need going to school but now I understand the usefulness of an education
is to learn more and develop myself. I have learnt to aspire for greater
heights.” Edidiong Solomon, a 12-year-old JS3 student of VKC Schools in
Ajegunle, said: “I learnt that my environment cannot stop me from becoming
something in future. I am going to make a difference in this country and
improve Ajegunle.”

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Foreign listings, other sectors improve after trading extension

Foreign listings, other sectors improve after trading extension

Following the
recent extension of trading period at the Nigerian Stock Exchange (NSE)
to improve market activities, analysis showed that some sectors of the
NSE have improved significantly in their performances.

A market assessment
carried out by finance experts at Proshare Nigeria Limited, an
investment advisory firm, on Thursday, revealed that five sectors of
quoted equities at the Exchange witnessed growth in value.

The figures traded
in the following sectors, when compared with the average figures
recorded before extended trading hours, showed that the Foreign
Listings sector had 2,799 percent value growth; Engineering Technology
sector, 1,150 percent; Breweries, 935 percent; Food/Beverages, 541.51
percent; and Mortgage, 327 percent value growth.

The Interim
Administrator of the NSE, Emmanuel Ikazoboh, had on Monday, when the
new trading period started, said the extension “was one of the
strategic moves by the leadership of the NSE to reposition the market
for enhanced competitiveness, which would give foreign investors,
especially those in the United States of America, opportunity to
participate in the Nigerian market.”

Decline continues

Meanwhile, the
decline in equities’ market capitalisation at the Exchange continued on
Thursday as about N26 billion was lost, reflecting 0.32 percent
downturn. It had on Wednesday gained over N14 billion.

The market
capitalisation closed yesterday’s transaction at N7.859 trillion from
Wednesday’s figure of N7.885 trillion. The NSE All-Share Index also
shed 79.89 units or 0.32 percent, down from 24,681.17 basis points to
close at 24,601.28.

Ecobank
Transnational Incorporation, the only traded stock in the Foreign
Listings sector, ranked as the most traded stock on Thursday with
29.511 million units, followed by Dangote Sugar, Guaranty Trust Bank,
and Aso Savings and Loans.

The research team
at Access Bank said the recent wobbly performance been witnessed in the
stock market “can be partly attributed to decline in investors’
optimism about a recovery, as well as poor financial results of some
blue chip companies.” They said that the capital market can still
exhibit a “coiled market” tendency, with the current low equity prices
capable of pushing the index to a higher level.

“We are cautiously
optimistic that the recent drop in share prices to relatively low
levels may stimulate another round of purchase of stocks and then cause
the All-Share Index to appreciate, amid expected improvement in banks’
balance sheets as AMCON commences operation,” they added.

Low gainers

The number of
gainers at the close of trading session closed lower on Thursday at 21
stocks, as against the 24 gainers recorded previous day; while losers
closed higher at 41 positions, compared with the 37 recorded on
Wednesday.

The Banking sector
led the market transaction volume yesterday with 126.29 million units
valued at N1.08 billion, as against the 155.56 million units valued at
N1.25 billion recorded the preceding day.

The volume recorded
in the sector was driven by transaction in the shares of Guaranty Trust
Bank, Zenith Bank, First Bank, FinBank, and Fidelity Bank. The total
volume of 68.35 million units valued at N774.84 million traded in the
shares of the five stocks accounted for 27.38 percent of the entire
market volume.

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Closed microfinance banks invite depositors for verification

Closed microfinance banks invite depositors for verification

Promoters of some
microfinance banks whose licences were recently revoked by the Central
Bank of Nigeria (CBN) want their customers to hasten the process of
verification to enable their being paid on time.

Some of them who
spoke to our reporter said the payment of insured deposits to their
customers would depend on how fast the verification is completed. The
Nigeria Deposit Insurance Corporation (NDIC), the nation’s deposit
insurer, would only pay affected customers who have been verified.

Ayo Akinleyure,
chairman of Allover Microfinance Bank located at Agege, Lagos State,
said depositors need to take the issue of account verification
important, to hasten the receipt of their funds. “Bring your papers for
verification. Once it is verified, payment can be made,” he said.

A staff of Allstar
Microfinance Bank located at Ijeshatedo, also in Lagos, said the bank
has started its verification exercise. According to him, the major
requirements include customers’ bank documents, passbook, cheque books,
identity cards, and all other documents that would be required to
verify the authenticity of the customers.

“I do not think
they are paying this week, but the process right now is that customers
should come to the bank and have their accounts verified. We have to be
certain that you have an account with the bank,” he added.

Last week, the
spokesperson of the NDIC, Hadi Birchi, said the payment of funds to
depositors of the affected microfinance banks would begin on Monday,
6th of December.

“We would begin
payment on Monday. That is all I can say for now,” he said, even though
he didn’t specify the procedure for the payment.

The Central Bank of
Nigeria in October, revoked the operating licences of 224 microfinance
banks that were found to be ‘terminally distressed’ and ‘technically
insolvent’ and/or had closed shop for at least six months, after a
target examination was conducted on 820 micro finance banks across the
country.

Shortly after that,
it stated that it had granted provisional approval for new licences to
about 121 of the 224 microfinance banks whose licences were earlier
revoked, subject to the fulfilment of some specific requirements within
three months.

According to the
Central Bank, “Those granted these provisional approvals are those that
had made fresh injection of capital and made significant loan recovery,
as confirmed by a recent capital verification exercise.”

Prevention, instead of cure

The Central Bank
has stated that it is putting in place other measures to ensure that
microfinance banks in Nigeria live up to the overriding objectives of
fostering financial inclusion, fighting poverty, and empowering
low-income and vulnerable groups.

“Microfinance
banking is a regulated activity and only those that are prepared to
play by the rules and comply with the appraisal guidelines, prudential
requirements, and extant laws will be allowed to remain in the field,”
Mohammed Abdullahi, the spokesperson of the Central Bank said.

According to Mr.
Abdullahi, no depositor would lose their money in the banks that were
closed down. He stated that even though the NDIC guarantees a payment
of not more than N100, 000 to each depositor, as provided by its
insurance scheme, the Central Bank would assist the banks to
aggressively recover their portfolio of nonperforming loan exposure
amounting to about N20 billion, which may also be used to offset their
debts to customers.

It is expected that
the Central Bank would progress on its promise to review the
microfinance policy framework, the introduction of a new operational
template to benchmark microfinance banking, capacity building to
develop a critical mass of knowledge and skill, human resources, as
well as examining the possibility of introducing a Micro, Small and
Medium Enterprise (MSME) fund to catalyse a sustainable development of
the microfinance space.

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Lyon’s defensive woes once again exposed in Tel Aviv draw

Lyon’s defensive woes once again exposed in Tel Aviv draw

Olympique Lyon’s
embarrassing 2-2 home draw with Hapoel Tel Aviv in their final
Champions League group game on Tuesday exposed the defensive frailties
the French side will have to eliminate to go further in the competition.

Substitute
Alexandre Lacazette salvaged a point for Lyon with a last-gasp goal but
the home players were booed off their Gerland pitch by an angry crowd.

Goalkeeper Lloris
was forced to make several spectacular saves as centre backs Cris and
Pape Diakhate delivered a dismal performance.

Both were caught
out in the 63rd minute when Shay Abutbul’s defence-splitting pass found
Ben Sahar, who scored a well-deserved equaliser a minute after Lisandro
Lopez opened the scoring for the home side.

Eran Zahavi put Hapoel ahead with a bicycle kick in the 69th minute.

“We enjoyed
possession, we took risks and eventually we conceded a goal on a
counterattack,” said full back Aly Cissokho. “We lacked coordination.”

Lyon, who had
already qualified after winning their opening three Group B games, have
conceded nine goals in their last three outings.

They finished
second in Group B on 10 points, three adrift of Schalke 04, and will
take on a team who finished top of their group in February.

“It is true that we
have been having defensive problems for a while,” Cissokho said. “Nine
goals in our last three European matches, it’s a lot for a team that
has qualified.” Lyon, who reached the semi-finals last season and will
be playing in the knockout phase for the eighth consecutive year, now
have two months to get their act together.

“We still make too many mistakes and we need to correct this,” midfielder Maxime Gonalons added.

Coach Claude Puel, however, refused to panic.

“We lacked aggressiveness but there were no consequences,” he told
French TV Canal Plus. “We worked hard, we have an ambitious squad. You
(the media) can bury us, we will show our worth in 2011.”

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