Archive for nigeriang

A delisting done in bad taste

A delisting done in bad taste

Since the
announcement of the proposal to delist the Nigerian Bottling Company
(NBC) from the daily official listing from the Nigerian Stock Exchange,
a consensus amongst investors, is that the move is in bad faith and ill
timed.

One of the key
questions is why does the board think this is a good idea? Nobody has
given any good reason that warranted the decision. Let me state
clearly; this is not illegal, our laws provide for it, but there is
also a requirement that regulators must approve such moves to make sure
that minority investors are fairly treated. The fairness of the timing
of this proposed delisting is initial grounds to question this
transaction. Everyone knows that in a recession when the stock market
is down, most stock prices are adversely affected even when there is no
fundamental issue with the particular stock. NBC is in this category, a
good stock with the right fundamentals affected by the current
environment of low prices occasioned by low economic activities.

Many in investors
see the move, as profit motivated resulting from the need to take
advantage of the current low prices which puts the minority investors
at a disadvantage. The majority investors already have controlling
interest; they already have 66.4 per cent, why do they want 100 per
cent control? And what other benefit are they going to get other than
to make and keep all the profits.

It is also bad
timing because of the position of NBC as one of the top 10 quoted and
listed companies on the Nigerian Stock Exchange. Why after over 30
years of being listed on the Exchange does the company suddenly want to
be delisted at a point the market is in crisis? What message is NBC
sending to other listed companies? What about the Nigerian investing
public? Is the message demonstrating confidence? If they have a
complaint that needs to be addressed, this is not the way to do it.
Further, the speculation that they may be aggrieved by the recent turn
down of their request to be exempted from the quarterly requirement to
put out earnings forecast, as now required of all quoted companies, is
not tenable. This is a requirement that even its parent company is
complying with in other jurisdictions wherever they are listed, to
expect different treatment here in Nigeria is taking us for granted.

Stock valuation

There is also the
issue of the valuation for the stock and the proposal to buy out the
minority investors at N43 per share. The so called premium based on the
current market price should be ignored. Value investors know that the
stock market is not a place for corporate value discovery, but a place
to bet on corporate prospects. N43 offered to investors to buy them out
is a ridiculous price, given the fact that NBC is actually one of the
few stocks that has generated sufficient momentum this year to inspire
an upward trend for its price in the new year. NBC on its own has some
of the best features as a stock that investors look for. It is what can
be described as a consumer monopoly; unique brand that sells anywhere
it is marketed and all year round. This is the reason why investors
stood by it a few years ago, even when it was badly run, they were
content with the consistency and predictability of its earnings. That
is why any valuation that uses the present market price is not a good
starting point.

The current market
price is not reflective of the value of the stock. This has been proven
by the current run up on the stock price even after the announcement
had been made. We should either look to the earnings stream to predict
the future price, or the book value of its assets after a proper
revaluation of all its fixed and intangible assets, which must include
the brand value of its present name Nigerian Bottling Company. If they
don’t agree that there is any value in the name, I will urge the
Corporate Affairs Commission (CAC) to insist that once they do the
divestment, since they are no longer a Nigerian public company, they
should drop the Nigeria in its name, for whatever name they so chose.

We at Partnership
Investment Plc and most analysts have talked to put the price of the
stock well above the N43 offer. A great majority of the analysts think
investors should get more for their stock if they sell at all. They put
the value at anywhere between N67, an earnings basis valuation and also
closer to its peak price during the last bull market, or around N105
using its book value before revaluation.

Meanwhile,
regulators should carefully examine their application whenever they
make one and ensure that no insider dealings have taken place, prior to
making the decision public. NBC board must also know that by making
this low tender offer, they have also put themselves in play and should
watch their back.

Mr Ogiemwonyi is the MD/CEO Partnership Investment Company Plc, Ikoyi, Lagos

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Operators optimistic on Exchange’s performance

Operators optimistic on Exchange’s performance

Some operators at
the Nigerian Stock Exchange (NSE) have expressed optimism that the
nation’s capital market will perform better this year than last year
because more money is expected to be in circulation during the year.

Tunde
Oladapo-Dixon, chief executive officer, StockPicks Consulting, a stock
broking firm, said the NSE should witness a “fair market in 2011
because the year will be a consolidating year that is higher than the
consolidation recorded last year.” Mr Oladapo-Dixon said, “If you look
at 2009 and 2010, a lot of policies, which have not failed, were made
to mitigate the challenges in the market. The monotony of the banking
industry in the market was diluted when Dangote Cement was listed. The
building materials now take a better percentage in the market in terms
of capitalisation.” “We’ll see a better market in 2011 , the banks can
no longer run the market down again. And with all the policies still in
place and the Asset Management Corporation of Nigeria (AMCON) coming to
play in the first quarter of the year, the market will fare better,” he
said.

He added that with
AMCON kicking off, the banks will do their business as usual and that
will lead to more money in circulation. “And when money is in
circulation, what is expected is that there will be a lot of trading in
the market. Although the market will still oscillate due to the past
feelings that investors have about the system, but am still very
optimistic that the market will be better in 2011 but not to the levels
recorded during the boom era,” he said.

Strengthening regulations

Albert Edun, an
executive member of the Nigerian Shareholders Solidarity Association,
said what is expected in 2011 is the enforcement of the guidelines and
regulations by the Securities and Exchange Commission (SEC).

Mr Edun said,
“There were some improvements in the market towards the end of last
year and such can be only be sustained if the SEC appoints a credible
head at the Exchange.” Bola Oke, a finance analyst at WealthZone
Company, an investment management firm, said the fact that the year is
an election year, it is expected that “more money will be in
circulation and some of the funds should flow to the capital market for
investment.”

Meanwhile, the NSE
closed the year on positive sentiments, ending the last trading week
with aggregate score of 0.33 per cent gain, while month-to-date and
year-to-date performance stood at a 0.34 per cent decline and a 18.87
per cent increase respectively for the year 2010.

The market
capitalisation, during the last trading week, appreciated by N26.13
billion to close the year at N7.91 trillion as against appreciation of
N78.23billion recorded in the previous week to close at N7.88 trillion.

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Ivorian rains promise high cocoa yield

Ivorian rains promise high cocoa yield

Unseasonal rains in
Ivory Coast’s key cocoa-growing regions last week will support the
development of the main crop as the dry dusty harmattan wind continues
to blow gently, farmers and analysts said on Monday.

Top grower Ivory
Coast is in the dry season, which also brings the harmattan south from
the Sahara, and, if harsh, can kill flowers and small pods on cocoa
trees.

However, farmers reported a mild harmattan for now and said rain in several regions was a boon for the crop.

“We are very happy
with the rain. It gives us lots of hope for the quality of the beans
that we will harvest in February and March,” said Lazare Ake, who farms
near Soubre, at the heart of the cocoa belt.

“I think there will be lots of cocoa this year. Last year, there wasn’t so much rain,” he added.

Ivory Coast’s cocoa
regulator projected output of 800,000 tonnes during the main crop, down
100,000 tonnes from last season due to black pod disease.

But analysts and
farmers said the forecast is low and said good weather would push
volumes above year-ago levels. Exporters told Reuters on Monday cocoa
output was running near even with last year’s, even while a political
crisis grips the country.

One analyst working for an industrial plantation in Soubre, a western region, reported 14 mm of rain over the week.

“The harmattan has
been blowing for three days in our region. It is not very strong for
the moment, but there is a very dry wind,” the analyst added.

Other regions

In the southern
region of Aboisso, an analyst reported 53 mm of rain over the week,
adding that growing conditions for cocoa remained good despite the
harmattan.

“Weather conditions
have been excellent all year. Over the course of 2010, we recorded
2,005 mm during 123 days of rain. This is better than (in 2009). There
won’t be any problems with the cocoa. The production will be very
good,” the analyst added.

In the
centre-western region of Daloa, which last year accounted for 358,000
tonnes of Ivory Coast’s 1.2 million tonne crop, farmers reported one
good downpour, which they said would help small pods develop during the
dry season.

But farmers said they needed to monitor the wind, given that too much dry weather can lead to dangerous bush fires.

“We have had some
rain. It is good for the small pods. But during the harmattan, we worry
about the bush fires, which have destroyed the plantations,” said
farmer, Attoungbre Kouame.

Similar growing
conditions were reported in the coastal regions of San Pedro and
Sassandra, in the southern regions of Agboville and Divo.

Reuters

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Stocks resume rally on economy, oil gains

Stocks resume rally on economy, oil gains

U.S. and European
stocks resumed their rally in the first trading session of 2011 on
Monday on stronger global manufacturing data, while oil rose as the
outlook for growth increased optimism about demand.

U.S. Treasuries
prices fell as the data – including a pickup in U.S. manufacturing
growth last month – suggested the economic recovery continues to gain
momentum, encouraging investors to take on more risk.

The Institute for
Supply Management said U.S. manufacturing grew for a 17th straight
month, following news of faster growth in European manufacturing as
well.

In another recent
positive report, China’s factory inflation slowed in December, removing
some pressure from the Chinese Central Bank to slow down the economy.

The three main U.S. stock indexes jumped more than 1 percent on Monday following the data.

“There is a lot of money in cash, a lot of money in bonds that would like out of bonds.

It’s only natural,
with the economic improvement, it’s finding its way to equities,” said
Stephen Massocca, managing director at Wedbush Morgan in San Francisco.

The big test for the U.S. economy lies on Friday when the government will publish its widely watched nonfarm payrolls report.

The Dow Jones
industrial average, DJI, jumped 124.19 points, or 1.07 percent, to
11,701.70, while the Standard & Poor’s 500 Index .SPX rose 16.98
points, or 1.35 percent, to 1,274.62. The Nasdaq Composite Index, IXIC,
gained 49.31 points, or 1.86 percent, to 2,702.18.

In Europe, the
FTSEurofirst 300 index, FTEU3, of top stocks unofficially closed 0.9
per cent higher at 1,131.59 on a broad rally, led by construction and
industrial shares. Trading was thin, with markets closed in Britain and
parts of Asia.

The MSCI
All-Country World Index, MIWD00000PUS, rose 0.9 percent, after
finishing 2010 with gains of 10 percent, back to its strongest level
since September 2008.

Emerging market stocks jumped 1.3 percent, according to another MSCI index, MSCIEF.

Oil extended its
rally on optimism the global economic recovery was gaining momentum.
U.S. crude futures CLc1 rose 0.8 percent to $92.11 a barrel.

Euro starts lower

Worries about the
euro-zone debt crisis weighed on the euro. The euro started the first
trading day of 2011 lower and analysts said it is likely to extend its
downtrend as investors avoid the single currency due to nagging
concerns about the euro-zone debt crisis.

“The euro is
trading with a heavier tone. I think traders are trying to cut back
their exposure on the euro as volumes normalise and given continued
problems in the euro zone,” said Omer Esiner, chief market analyst at
Commonwealth Foreign Exchange in Washington.

The euro EUR= was
down 0.12 percent at $1.3361 from a previous session close of $1.3377,
after hitting a session low around $1.3251.

The dollar rose
0.15 percent against a basket of major currencies, according to the
U.S. Dollar Index .DXY. Against the Japanese yen, the dollar JPY= was
up 0.63 percent at 81.66.

Also supporting dollar gains was a rise in U.S. Treasury yields resulting from investors’ renewed appetite for risk.

The benchmark
10-year U.S. Treasury note US10YT=RR was down 22/32 in price, sending
its yield up to 3.3712 percent. Gold prices held steady.

Reuters

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FICTION: A game of chance

FICTION: A game of chance

Baba had barely
finished speaking when a metallic white Land Rover screeched and
stopped abruptly in front of his pools office. Cakes of potopoto
splattered all over the vehicle gave it a mix of white and brown. The
words, Joint Military Task Force, written in black, were etched on both
sides, on the door. Men, women and children stood in front of their
houses waiting to see what the soldiers inside the vehicle were up to.
What were they going to dramatise next? they wondered.

While the men
wore only shorts, as they chewed pako and spat on the ground, their
distended bellies thrust forward, the women’s wrappers were flung
across their shoulders, leaving a substantial part of their breasts
exposed and only their nipples covered. Children between the ages of
eight and ten, some wearing only hole-ridden shorts and others briefs,
clung to their mothers.

Suddenly, five
heavily built men in mufti, wielding AK-47 rifles, jumped out of the
van and rushed into the pools office. One of them kicked the black
results board with white stripes, that rested on a rusty, brown pole in
front of the plastered but unpainted bungalow. The board fell down, and
the man looked at it and hissed. “Eight draws! This Kora people self!”
he drawled and stepped in, his boots thudding the floor.

“Where are they!
Where are they!” the soldiers bellowed in unison; as they rushed into
the first room, in which were only a table and a bench. They entered
the second room, which had two tables, two benches and a wire-netted
counter behind which Baba always sat to attend to customers. On the
counter was a paper on which Baba wrote his weekly offering to his
customers. That, he believed, would guarantee their constant patronage;
even though he had never for once gotten all of them right. The
inscription, written in bold, black ink, read:

Bankers Of The Week

XXX 1 XXX

XXX 4 XXX

XXX 8 XXX

“Stand up and hands up!”one of the men commanded. “If you move, I move you!”

“What have we
done?” Ogedengbe asked, perplexed. A bottle of ogogoro, his coupons, a
Bic biro and papers on which he had solved some calculations, were on
the shaky table in front of him. Ogedengbe never tucked in his shirts
and always kept bushy beards. A scrawny man who taught mathematics at
Emore Grammar school, he had a head for figures. Ogedengbe believed
mathematical calculations were the only way to forecast draws, the only
way to fortune. “Draws are fixed!”he always said with bloated
confidence.

“Are you asking us
what you’ve done? What gave you that boldness, that temerity?” the man,
who had spoken earlier, shouted and slapped Ogedengbe. “Nonsense!” He
said and hissed. “You criminal! Don’t you know that we are uniformed
men? Next time you will learn never to challenge uniformed men again!”
His broad, round face was contorted, as though he had a permanent
frown. His belly burged out, forming an oblong shape like the stomach
of a pregnant woman on the verge of delivery.

“Ahhhhhhhhhh! You
slapped me? You slapped me?” Ogedengbe screamed, covering his face with
his palms. “You slapped me? Officer, you slapped me? The Chief Justice
of the federation must hear this! Justice Kutigi must hear this!” He
raised up his face and stretched his lean neck, thrusting it forward
like an agitated duck. The mathematics teacher suddenly remembered the
school where he taught, where hordes of students waited patiently for
him in the classroom while he spent the whole day in Baba’s pools
office. If my salary was good enough, I wouldn’t be here receiving a
slap from this man, he thought. He remembered the bills lecturers at
the University of Ibadan always posted on their office doors: My boss
is a comedian. The wages he pays are jokes and the wages my boss pays
me can’t take me home, they read. He wanted to retaliate but the sight
of AK-47 rifles discouraged him.

Many in Ogedengbe’s
school believed he was out of his mind. Whenever he was teaching he
always revealed his examination questions to students. “On that day
Alpha Beta must come!” he would say. Because he was always in Baba’s
pools office forecasting draws by solving mathematical calculations, he
regularly missed his classes; as a result, he often had arguments with
Mr Mgbunwe, the school principal. Mr Mgbunwe once withheld Ogedengbe’s
salary for a particular month because of what he regarded as the
mathematics teacher’s “nonchalant attitude to work.” Ogedengbe, on his
part, refused to release the examination results of his students until
the salary was paid. He always wrote on the blackboard, backing it, and
erased whatever he had written with his bare hands. The mathematics
teacher had dreams, but felt the only way to actualise them was to take
the opposite stance. He was fond of saying he would turn the foundation
of scientific knowledge upside down, just like the way Karl Marx did
Georg Wilhelm Friedrich Hegel’s philosophy. He believed that someday he
would prove that the earth was not spherical but flat, that the sun
revolved round the earth, that the weight of a body was not equal to
the force acting on it, that the more things changed, the more they
remained the same.

“Foolish man!
You’ll know what you’ve done by the time you get to the station.
Foolish man. That’s how all of you go about kidnapping innocent
citizens, planting bombs everywhere, bursting oil pipelines and seizing
flow stations. All of you are criminals and saboteurs,” the officer
said; and a hush fell like a withered leaf. The commander stared at the
three civilians one after the other, as though waiting for their
reaction.

“OK boys! Search all of them thoroughly and leave nothing. Do you hear me?’

“Yeees siir!” the
soldiers answered and, immediately, turned towards Baba, Ogedengbe and
Obidi. They frisked their clothes, and searched their pockets inside
out. One of the soldiers brought out a brown, defaced metal detector
from his trousers’ pocket and ran it all over their bodies, including
their eyes, ears and buttocks as though they hid explosives there.

“Make sure you scan them very well o. These bloody civilians are capable of anything o,” the commander said.

“Yeees Siir!” The
soldiers continued their search with furious intensity. They looked
under the tables, benches and inside the counter to see if anyone was
hiding there.

“Are you sure there is nobody in the ceiling?” the leader asked.

One of the soldiers
squatted suddenly, while the one who was holding the metal detector sat
on his shoulders and was raised up. The two soldiers moved sluggishly
around the two rooms, as the one holding the scanner ran it over the
unpainted ceiling.

“Make sure you scan
the ceiling thoroughly,” the leader said again hoarsely and glanced
around the room. He touched the unpainted ash-coloured walls and felt
the hardness. With both hands he raised his trousers up to the lower
part of his pot belly and sniffed, taking two deep breaths, as though
he could perceive the smell of ammunitions. “Make sure you scan
thoroughly.”

The soldier,
satisfied that no ammunitions lurked in the ceiling, asked the other to
squat. As the latter was bending down, a loud boom! erupted out of his
anus. “Sorry Sir!” he squirmed. This is not one of those bombs. It’s
just a natural gas!” But the leader pretended as though he didn’t hear
any sound, as though his junior didn’t talk to him. And the former
disembarked; both of them heaving breathlessly. And immediately the
soldier wielding the metal detector ran it all over the men’s bodies
again.

“What have we
done?” Baba asked, speaking through his nose. A man of few words, Baba
was hard of hearing and often had to be spoken to repeatedly to hear
what others were saying. And he was fond of speaking louder than
others. His hair stretched out like Kenneth Kaunda’s; and a
centre-parting ran through it.

“What have we done, eh? What have we done that you are beating us like criminals? Don’t you know these are my customers?”

“Are you asking me?
Are you asking me?” the leader asked. “Don’t you have respect for
uniformed men? You will know what you have done when you get to the
station.”

“Are we going to
camp?” Baba asked, perplexed, as he stole a glance at last season’s
record he was using to forecast draws just before the military men
barged into the office. Though Baba believed draws were fixed, he
didn’t believe they were derived from calculations. Rather, he relied
on working out systems from past records. The older the system, the
more he believed in its reliability. To him the secrets of unlocking
systems were derived from keys. “This system is many many yeaaars”! he
always said, with glee, whenever he discovered a new method of
unravelling draws.

“Oya, start moving to the van! One… Two…Three!” the leader commanded.

“Please let me lock up my office,” Baba said and reached for a bunch of keys on the table in front of him.

“Which office? Do
you think you have any right to lock up your office? Do you think we
came here to have fun. There is no sweetness here. You want me to allow
you to lock up your office, as you said, so that you could take up your
ammunitions and fire us? My brother, there is no sweetness here,” the
leader retorted and pushed Baba to the door connecting the two rooms.

“I am just a
businessman!” Obidi pleaded hoarsely. “I’m supposed to travel to Lagos
today to collect my container at Apapa Wharf!” Obidi’s massive frame
belied his young age. The youngest of the three, he was in his forties;
yet was bigger than Baba and Ogedengbe put together. His face was round
and large like a mask, his nostrils those of a gorilla and ears a
chimpanzee’s; and no neck connected his head and shoulders. Obidi
believed neither in systems nor calculations but in forecasting papers.
“Bookmakers like Willy Ehi Obinyan have made forecasting draws easy.
Then why rack your brains?” he always asked his colleagues. His
favourite forecasting papers were Pools Telegraph, Shoot Pointers and
Harold King Pools Guide.

“If you are a
businessman, as you claim, what are you doing here? Doesn’t Henry O the
leader of your group claim he is a businessman?”

“Who’s Henry O. I don’t know any Henry O,” Obidi said.

“I didn’t come here
to bandy words with you. You don’t even have respect for uniformed men.
If you are not afraid of me, are you not afraid of my uniform… and my
gun? OK boys, take these men to the van!” The leader carried the
Aromatic Schnapps bottle containing the ogogoro mixed with some barks
and helped himself to it. “Hmmm!” he winced, smacking his lips, his
forehead furrowed. “This is hot!” he said. “What is the name of this
paraga? Pepper soup? Manpower? Iba? Jedi?” He turned the bottle around
and tried to ascertain what was inside; but the brownish liquid he had
just drunk looked greenish and syrupy inside.

“I hope this
paraga will cure my backache, malaria, jedi jedi and lethargy. And I
hope it will give me power to fire my woman tonight,” he said and burst
into laughter.

Power? Ogedengbe thought, and grimaced.

“Oya let’s go, boys!” the leader commanded.

But no sooner had
he dropped the bottle than the other soldiers took turns to help
themselves to the ogogoro. “Oya, let’s go! But we want power, too.
Medicine is not meant for only one person. It must go round. Oya, let’s
go!” the last to take a shot repeated.

The three civilians were herded to the waiting van, their hands still raised up.

It was already past
midday. The onlookers, who had been standing in front of their houses,
riveted their attention on the vehicle; as the three men entered the
back, followed by four soldiers; while the commander, still smacking
his lips, sat at the passenger’s seat. Immediately the four soldiers
entered the van, they pointed their guns aimlessly outside. The driver
speedily reversed the vehicle, the tyres making creaking sounds, and
leaving deep marks on the road. The van zoomed past the onlookers, some
of whom raised their hands up in wild jubilation. “Up JTF!” “Up Just
Terrify Them,” “Up JTF!” they hailed. But the soldiers, still pointing
their guns outside, looked at them menacingly.

The drive from
Irri Road to Isoko District Council Road, where the station was
located, was quiet but rough. The driver, a lanky man with three bold
and deeply etched tribal marks that extended from the two ends of his
mouth to his neck revved the van intermittently, bumping on potholes
that dotted the road. He was wore a white perforated t-shirt that had
turned brown from excessive perspiration and lack of a wash. When the
driver negotiated the bend connecting Irri Road and Emore Road, passing
by the old Post Office and Odhomo Bookshop, Ogedengbe sighted some
students of Emore Grammar School in their white and blue uniform. He
stretched out his long neck to see whether the students could identify
him and, perhaps, report his plight to the principal, but the vehicle
zoomed past them. His mind was racing, too. They ought to be in their
classrooms, he thought. And suddenly, he realised that he had left his
jotter and biro on the table.

Why were the
soldiers taking them to the station? For execution? What crime did they
commit? Did they have any moral justification to arrest them? Though
Ogedengbe wasn’t sure of their fate, he believed one should always be
ready for the unexpected; for life was a game of chance; and out of the
unexpected always came life-changing events.

“My business is
suffering terribly!” Obidi said and hissed. The three civilians, who
were sitting on one side, beside a soldier, looked at one another.
Obidi, frowning, thought Ogedengbe and Baba would talk with him. They
didn’t, because they were enmeshed in their thoughts. Baba observed
that this was the only time they did not argue over whose method of
forecasting draws was more reliable. Ogedengbe always claimed that the
secret of unearthing draws lay in numbers; Baba believed that draws
were hidden in records, and that you could only get them by studying
weekly fixtures and arriving at the keys. Obidi was of the view that
those two methods were too tedious. “Why waste your time when you can
easily get the ready-made draws from papers? Anyway, I don’t have time
for such rigorous exercises. My business will suffer!” he always said
during those arguments. Yet, Ogedengbe believed that his colleagues
were both living in the past. “Mine is more reliable and modern because
it is tedious. And when you solve a mathematical problem, you arrive at
a definite answer,” he often submitted. But Baba never believed that
because something is difficult, that made it authentic. “Pools betting,
like life, is as simple as ABC. You don’t need to rack your brain to
achieve results. When you look at the weekly fixtures, there are some
matches that are natural draws. These are what they call local derbies.
If Manchester United is playing with Manchester City, for instance,
that is a natural draw,” Baba would say. At such moments, Baba would
hold his frameless glasses close to his eyes with his hands and look
above them, Ogedengbe would bang the table repeatedly, while Obidi
would rummage through the papers hurriedly in search of draws. In spite
of the hot arguments, and their differences, the three friends believed
that draws were fixed. They also nursed a secret dream of hitting the
gold mine someday and becoming instant celebrities. The legends about
how some pool stakers had hit the jackpot and became fabulously rich
always went round the pools offices in Oleh. One of the greats was
Patrick Osakwe, a staker who became wealthy, and later became a pools
promoter and owner of Flash Pools Limited in Benin City. Osakwe was so
rich that he later studied Political Science at the University of
Benin, graduating with a first class honours degree. He, a three-time
senator also had a degree in Law; and was always in the news,
commenting on national issues. Another former staker who became a
celebrity was Willy Ehi Obinyan. Obinyan later became a successful
bookmaker. The mansion he built with proceeds he got from the pools,
was located near the popular Ojodu-Berger bus stop in Lagos.

As the vehicle
moved, the driver continued revving, taking twists and turns; and
zooming past men, women and children riding bicycles, as they twisted
their waist up, down, up, down on their way to farms that rusty oil
pipelines transversed. Immediately he negotiated the bend linking Emore
Road and I. D. C. Road, Ogedengbe stole a glance at the building
housing the Delta State Library, hoping he could see the librarian or
any of the staff. But they were all inside the long bungalow that
tailed inwards. The library, whose walls were already peeling off like
human skin in the Harmattan, had a deceptive appearance. It looked
small from the outside. But anyone who entered inside, would see that
the adult section, which led to the children’s, was a long stretch
bordered by polished book shelves on one side and tables on the other.
Ogedengbe could count the number of times he had visited the library.
But each time he went there, he always read the Encyclopedia
Britannica; a habit which Obi, one of the staff, never liked. When
Ogedengbe got to the library one Monday morning, he went straight to
the first shelf, which contained reference books, and picked one of the
encyclopedia. And as soon as he sat down to read, Obi walked over and
asked him to leave. Ogedengbe remonstrated and a heated argument, which
attracted other reader’s attention ensued. Asked why he ordered the
Mathematics teacher to leave, Obi, a lanky man who never tucked in his
shirt, said Ogedengbe was fond of reading ‘big books,’ Yet, Ogedengbe
did not leave until he finished reading. While he was leaving the
library, Ogedengbe walked up to Obi, who was sitting behind the counter
at the entrance and said, “I can bring down this building and build it
up in three days.”

Immediately they
arrived at the Police barracks, which was opposite the Isoko South
Local Government Secretariat, the soldiers jumped out of the vehicle
and, aiming their rifles at the three civilians, commanded them to
alight one after the other. “Oya, move straight to the station!” One of
the soldiers shouted. The three civilians moved quietly, followed by
the four soldiers; while their leader, his pot belly pulling him
forward, was at the rear.

“Where are you taking us to?” Ogedengbe asked, boiling with indignation.

“Will you shut up your dirty mouth before I waste you here?” a soldier shouted back.

“What have we done? I can’t take this any longer. Justice Kutigi must hear this!”

“If you like, you
can wait for Justice Kutigi. Is he your uncle? Before that Justice
Kutigi will come and rescue you, you are already a dead man. Foolish
man!”

“Did they say they were taking us to the station? I thought they said they were taking us to camp,” Baba said loudly.

“Which camp?” Obidi
spoke loudly so that Baba could hear. “It doesn’t matter where they are
taking us to. What I am concerned about is that they should release us
quickly so that I can go and face my business. My business is
suffering.”

“Your business?” Ogedengbe asked, stealing a glance at Obidi. “We might not come out of this place alive!”

‘A Game of Chance’ continues next Sunday in The Lagos Review.

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Sweet talk

Sweet talk

Drop that mask
Good friend,
Let us talk

About what happens
When the Niger meets the Benue
In the land of tangled shoals

About pawpaws
Sinfully ripe
Swinging, swinging, in the wind

About the viscous virtuosity
Of the tropical snail
Forever pouting its heavenly lips

About the spectacular banana K-10
King,yellow peril
In the cave of the mouth

About the rooster’s henward dance
In the fraying fringes
of December’s forest

About the mortar
And the pestle
bout the Ya-Ya
About the Yo-Yo

Drop that mask
Beloved Time to laugh and . . . .

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Beckham wants to join Tottenham, says Redknapp

Beckham wants to join Tottenham, says Redknapp

Los Angeles Galaxy
midfielder David Beckham wants to join Tottenham Hotspur on loan,
according to the London club’s manager Harry Redknapp.

“He just said he’d
like to come and play here at Tottenham,” Redknapp told reporters after
Spurs beat Fulham 1-0 on Saturday to move up to fourth in the Premier
League.

Galaxy’s Major
League Soccer (MLS) season restarts on March 15. Former England captain
Beckham played on loan at AC Milan during similar breaks in 2009 and
2010.

“We’d have to (move fast),” said Redknapp.

“I’ve left it to
the people at the club (Spurs). I’ve passed it on to them. They’re
talking to whoever they have to talk to at his club.” Redknapp said
Darren Eales, Tottenham’s director of football administration, was
trying to persuade Galaxy to allow Beckham to join Spurs who are in the
last 16 of the Champions League.

“We’ll contact LA
Galaxy to see if they will let him go and if David is up for a
three-month deal, we will definitely be interested,” Redknapp had told
reporters on Friday.

Beckham, 35, said
in October he would not go out on loan again after missing last year’s
World Cup in South Africa with an Achilles tendon injury picked up
playing for AC Milan, who face Spurs in the Champions League first
knockout round next month.

Cover plan

The Londoner, who
has 115 England caps, has already turned down the opportunity to join
Everton on loan while Galaxy could also be reluctant to let him go
after last season’s injury.

However, Beckham
appears to have had a change of heart and wants a spell back in the
English top flight almost eight years after he left Manchester United
for Real Madrid.

He has maintained
his desire to play for his country and a temporary move to London could
appeal as he looks to force his way back into England manager Fabio
Capello’s plans.

Redknapp wants
Beckham to provide cover for fellow England right winger Aaron Lennon,
with David Bentley having struggled since his big-money move from
Blackburn Rovers 2-1/2 years ago.

“We’ve got no one else to play on the right,” said Redknapp. “David Bentley keeps picking up injuries on a Friday morning.

It’s a no brainer.” “I’m sure he (Beckham) can still do a great job at the top level otherwise I wouldn’t bother.

“He isn’t going to come here and get big money; we aren’t massive
payers at this club. But he wants to come over here to the freezing
cold and play football.”

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Blatter to set up anti-corruption committee

Blatter to set up anti-corruption committee

FIFA president Sepp
Blatter said on Sunday he wanted to set up an anti-corruption committee
after the allegations which shook soccer’s governing body last year.

Blatter also
criticised penalty shootouts, suggesting that, in a team sport, it was
wrong to use a system which turned one player into a scapegoat.

Last year two of
FIFA’s 24-man executive committee, Reynald Temarii and Amos Adamu, were
suspended after allegations they had offered to sell their votes in the
contest to host the 2018 and 2022 World Cups to undercover reporters
from Britain’s Sunday Times As a result, the pair missed December’s
vote in which FIFA chose Russia to host the 2018 tournament followed by
Qatar in 2022.

“I will take care
of it personally, to make sure that there is no corruption at FIFA,”
Blatter said in an interview with the Swiss newspaper SonntagsZeitung.
“This committee will strengthen our credibility and give us a new image
in terms of transparency.” He said the committee would consist of seven
to nine members “not only from sport but from politics, finance,
business and culture”, although Blatter would not be on the committee
himself.

New solution?

“The committee must
be independent to guarantee maximum credibility,” he said. “I want to
present this committee to the FIFA Congress here in Zurich at the start
of June.” FIFA already has an ethics committee which dealt with last
year’s case in which four other officials were also suspended.

Blatter, who stands
for re-election in June, said he had never thought about resigning as
FIFA was rocked by last year’s allegations.

“Not for a single
moment have I thought, I must now go,” he said. “I’m staying for
longer. But I need a lot of strength, to endure the fierce criticism
against me.” Blatter then suggested that penalty shootouts were not the
best way of settling drawn matches at major tournaments.

“The discussion
which is still going on is that, in a team sport such as football, we
should try and find a solution in which the team as a unit generates
the final result,” he said.

“Not something such
as a penalty shootout, where one single person becomes a scapegoat and
is made responsible for what happened.” Blatter said that finding a new
method to decide drawn matches was the job of the task force which has
been set up to suggest changes that to the game in time for the 2014
World Cup.

Blatter had previously suggested a more prominent role for penalty
shootouts, saying they could be used to find a winner in group matches
at the World Cup and that drawn knockout games could go straight to
penalties without extra time being played.

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Siasia gets down to business

Siasia gets down to business

The new Super
Eagles coach, Samson Siasia, will resume work today. Siasia, who
unveiled by the Nigeria Football Federation as the Eagles’ coach on
December 1, 2010, has been tipped by fans to change the fortune of the
Eagles with many praying that he succeeds.

Last week, the
named Salisu Yusuf, the current Kano Pillars coach as Siasia’s second
assistant, while former Super Eagles goalkeeper, Ike Shorunmu was
appointed as goalkeeping coach for the team. The first assistant is
Simon Kalika, a Dutchman.

Yusuf and Shorunmu have worked with Siasia at different times.

Shorunmu was with
the U-23 team before the Beijing Olympics and Yusuf was on the bench
with Siasia at the 2009 FIFA U-20 World Championship in Egypt.

Rebuilding job

Siasia’s
appointment comes at a time when many are calling for the team to be
rebuild. To do this, Siasia said he would need at least three years.

“It is going to take two, three years for us to assemble a formidable team,” Siasia said in Abuja, when he was unveiled.

“It should be a
gradual process, trying to build a new team with the old and the new
players. The team will be a mix until we find the players that are
needed, actually the ones who would play the way we want them to play.
That time, I would come out and say publicly we have a team.”

Targets for the crew

The NFF has set
targets for the coaching crew and have instituted a code of conduct,
but Siasia said all that is needed at the moment is to rebuild the
team’s confidence and ability to play good football. “We just want to
focus on how to rebuild the team. Yes, the Nigeria Football Federation
(NFF) could set targets, but if we want to be realistic, targets won’t
be realistic, if you don’t have a good team,” he said.

Siasia also believes the fans have a role to play.

“The fans must come
out in large numbers to watch us play. They must exercise patience too.
What we lack here is patience. We want results immediately.”

Not intimidated

Having had his eye
on the Super Eagles job for three years, Siasia said he is ready for
the task ahead. “After the players I have coached in the U-20 and U-23
teams moved on to the senior side and were doing well, I started to
believe that I also could make the move into the Super Eagles and by
God’s grace that dream has now come true. Though it will not be easy
but I will urge the fans to be patient and give us their unalloyed
support.

“Now that I am ready, I am not intimidated at all. I am ready for this job.”

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MY SIDE OF SPORT: Academicals Cup as wellspring of football talent

MY SIDE OF SPORT: Academicals Cup as wellspring of football talent

The Nigeria
Academicals Cup, second only to the National Challenge Cup (now
Federation Cup) for popularity and all other ingredients of big time
football, was the wellspring of Nigeria’s best talent between 1965 and
1975 until the National Sports Festival football event and age-limited
competitions snuffed life out of it.

It brimmed with
talent, real talent who in a year or two after being part of a state or
the national academicals graduated to big time football at football
club level and the Green Eagles as the Super Eagles was then called.

In 1965 Sam Garba
Okoye led his Jos teammates to the national team to take on Ghana
Academicals. From St. Theresa’s Jos, came Peter Anieke, a 6ft plus
lethal striker with Tony Igwe, a quality right back later to be
nicknamed “World 2”. Segun Odegbami, later know as “Mathematical” was
also to come out of St. Theresa’s later.

At the National
team, Muyiwa Oshode, Sham-shudeen Olowoshode and Tunde Disu came from
Ahmadiyya Secondary School in Lagos. The incredible goalkeeper Inua
Rigogo came from a secondary school in Kano. I am not too sure what
school Segun Olumodeji, the rock of Gibraltar at the heart of the
defence came from, but I know he hailed from today’s Kogi State.

In my hurry to dish
out this stuff to titillate football fans, I also could not wait to
find out what school left-back Austin “Mazeli” Ofuokwu came from. What,
however, is the critical point being made is that a bunch of school
boys that beat their Ghanaian counterpart home and away in 1965 had two
years later in 1967 had become the nucleus of Nigeria’s national team
and actually played in the 1968 Olympic football event, holding mighty
Brazil to a 3-3 draw in Mexico.

Complete with older
and experienced internationals, Sam Opone, Sebastine Broadericks, Paul
“Wonderboy” Hamilton, Mohammed Lawal, Peter Fregene, Duro Adigun etc,
the Eagles stopped Ghana especially from humiliating us 6-0, 5-1 as
their predecessors in the time of Fabian Duru used to suffer!

The 1965
Academicals team served the Green Eagles till 1972 when new blood, new
talent pushed into the team but Tony Igwe and Austin Ofuokwu remained a
while in the team. Peter Fregene and Peter Anieke were still good
enough, but their somewhat rebellious nature made them unpopular with
officials and selectors otherwise they could have made the All African
Games football gold winning team in 1973.

A glut of talent

They gave way to less colourful but effective successors in Emmanuel Okala and Eyo Essien for Peter Fregene and

Sunny Oyarekhua, and Kenneth Olayombo for Peter Anieke.

Interestingly, a
new set of academicals players had emerged again. Josiah Dombraye and
Sunday Izevbigie from the Midwest (Bendel) Academicals of 1970 and 1971
respectively had moved up to the Green Eagles by 1972. Joining them
from the East Central State Academicals of 1971 was Dominic Ezeani who
walked straight into the central defence, displacing skipper Godwin
Achebe and then pairing Victor Oduah as new skipper.

Haruna Ilerika the
dribbling wizard of Zumraltu Ahmadiyya Secondary School had all the way
created waves with his team-mate Tajudeen Ajagun. Had Ajagun gone to
play for Stationery Stores FC like his more illustrious team-mate,
Ilerika, he too would probably have stepped up to the Eagles.

At ECN, later NEPA
Lagos, the politics of the game put him down the perking order for the
striking roles which had Sunday Oyarekhua (Police Machine Team) Kenneth
Olayombo (Lagos Garrison Organisation) Sunday Izevbigie and Sam Ikedi
(Bendel Insurance).

Morton Owolo, a
left back from Hussey College Warri claimed left back position in some
matches too. Waiting in the wings to claim shirts were Academicals from
the East-Central state after Dominic Ezeani broke into the Eagles, his
team-mates, Patrick Ekeji, now Director-General National Sports
Commission, Christian Chukwu, later Captain of the Green Eagles that
won the African Cup of Nations for the first time in 1980, Kenneth
Ilodigwe (alias Kendo), Obed Ariri (later Captain of Vasco Da Gama FC,
Enugu, and Godwin Ogbueze arguably one of the most gifted
centre-forwards Nigeria’s football has ever seen. There were other
great talent in the East Central State team like Tony Uzoka, a left
winger, Keeper Ahamefuna Umelo, Chukwuma Nwankwo and John Azinge.

And with other
states throwing up quality talent like Clement Okwufuleze, Patrick De
Adinkwe, Raphael Uwechie (a great keeper now a pilot), Patrick Ezeocha,
all from the Midwest (Bendel), Salihu Tijani a terrific striker came
from the North shooting with both feet and scoring spectacular goals.

From the West,
goalkeeper Zion Ogunfemi had his hands full because Emmanuel Okala and
Eyo Essien were not just going to quit. But Tunde Balogun, son of
Teslim Balogun, the football legend, a great mid-fielder and wing
player emerged too from the Western State Academicals team. Had he
stayed a little longer he would have displaced Yakubu Mambo and Gideon
Njoku from the right wing position in the Green Eagles.

That did not happen
because Tunde Balogun joined another striker from the West- Yomi Bamiro
(Shooting Stars), Sunday Izevbigie and Muyiwa Sanya (Bendel Insurance),
Kenneth Ilodigwe and Dominic Ezeani (Enugu Rangers) and Ghana’s Sam Ayi
Akwa (a left back) to proceed to Howard University on Scholarship.

One season later,
Ben Popoola, Segun Adewale, Olumeko (a Keeper), Damian Ogunsuyi and
Emmanuel Egede (alias Tailor) all from Bendel Insurance, Godwin Ogbueze
and Damian Odoh (Enugu Rangers), Obed Ariri (Vasco Da Gama Enugu) all
went to Clemson University in the United States on Scholarship.

From the Lagos axis
we had Emilo John and Keeper Manuwa who had followed Ilerika to knock
on the doors of the Green Eagles. So also did Keeper Marcelus Obinatu,
Tunde Martins, Kwame Senaya, Tony Eyo, Tex Egbedi (now a top class
Fashion and Trend Consultant/designer),

Isaac Annan, Fred
Obadiaru, Bernard Mensah, Kehinde Oworu and Maxwell Yebrufra whose
winning goal in a Lagos State Principal Cup match made front page
headline in Nigeria’s leading daily newspaper at the time, Daily Times.

Adokiye Amiesimaka,
fondly called Chief Justice and a former Attorney-General in Rivers
State is a product of Academicals football and so was Thompson Usiyen,
Nigeria’s best striker in my opinion. Such was the strength intensity,
excitement, talent flow and attention-capture capacity of academicals
football those days. It provided empowerment through well-paying jobs
and scholarship to American Universities.

Academicals football, nay schools sports is it and there is the
strong need to revive it because apart from being a veritable well-pool
of talent for the Eagles, it reduces if not banishes entirely
age-cheating while opening avenues for further education and
scholarship schemes locally, as well as in America and Canada.

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