Archive for nigeriang

POLITICAL MANN: Nobel prize and symbolism of a chair

POLITICAL MANN: Nobel prize and symbolism of a chair

The Chinese
government may have unwittingly given the world a new symbol of
opposition to oppression, an empty chair. But there’s another piece of
furniture that’s suddenly empty too and it delivers a different message.

The chair belonged
to Chinese author and activist Liu Xiabo, the laureate of the Nobel
Peace Prize for 2010, imprisoned for his writings and prevented from
travelling to Oslo to receive his award. It was placed instead on the
chair he would have occupied to mark his absence.

It’s quickly become
an iconic image and empty chairs have begun appearing in Chinese
Internet traffic. Cyberspace is closely policed in the People’s
Republic by thousands of censors. Within hours even the use of the
phrase ‘empty chair’ was being wiped from the web.

There is also an
empty table though, and that’s getting a little less attention. Norway
is a tiny nation of fewer than five million people that had been
negotiating Europe’s first free- trade agreement with China, an
exploding economy of more than a billion.

When the Norwegian
Nobel Committee honoured Mr Liu, Beijing suspended the negotiations.
The deal is at least temporarily off the table, potentially an enormous
blow to a range of Norwegian businesses and jobs.

Norwegian Foreign
Minister Jonas Gahr Store told me that his government has no influence
on the Nobel Committee and values the committee’s tradition of
independence. He said that Norway’s government wouldn’t sacrifice its
principles to please Beijing.

Norway is an
affluent country, with enormous oil and gas reserves that China and
many other nations are eager to buy. With or without the free-trade
agreement, its economy is in an enviable position.

But for governments without those assets and the assurance they
bring, the empty chair isn’t the only piece of furniture to remind them
of China’s reaction to this year’s Nobel Prize. There is also that
empty table.

Click to Read More Latest News from Nigeria

Ogun governor challenges predecessor to debate

Ogun governor challenges predecessor to debate

About five months
to the end of his tenure as Ogun State governor, Gbenga Daniel at the
weekend challenged his predecessor, Olusegun Osoba to a public debate
on which of them performed better as governor of the state. Mr Daniel
threw the challenge at a public debate organized by the ruling People’s
Democratic Party {PDP} for all its aspirants ahead of 2011 polls held
at the June 12 Cultural Centre, Abeokuta.

“I am ready to
engage Osoba in a public debate, whether partisan or not. I am ready
for the open debate to be conducted anywhere. We should put on the
scale our account of stewardship. Let’s appear and present ourselves to
public domain to weigh our performances,’ he said.

Mr Daniel defeated
Mr Osoba, then of the Alliance for Democracy {AD} now Action Congress
of Nigeria {ACN} in the 2003 governorship election. But there has been
increasing condemnation of the performance of his government by Mr
Osoba and the leadership of the Action Congress of Nigeria {ACN}. The
governor also defended himself against accusations of promoting
violence, accusing the opposition Action Congress of Nigeria {ACN} of
masterminding violence in the state.

He also said
allegations of corruption leveled against his government by the
opposition was unfair, saying, “In Nigeria, how many governors openly
declare their assets as I did on assumption of office? It shows we are
transparent and I challenge anybody to fault this claim.”

Click to Read More Latest News from Nigeria

Extractive industry regulator to expand operations into solid minerals

Extractive industry regulator to expand operations into solid minerals

General data collection processes of the Nigeria
Extractive Industries Transparency Initiative (NEITI) are to go live on
an automated platform in the new year, the executive secretary of the
agency, Zainab Ahmed, said in Abuja at the weekend. Mrs Ahmed, who was
reviewing the challenges and progress of the agency in the outgoing
year, said though it is gradually overcoming its challenges, NEITI is
looking forward to the best of times in 2011 as it remains positive
that enough has been achieved for Nigeria to be granted full Extractive
Industry Transparency Initiative (EITI) Compliant status.

“This is part of the processes to ensure accurate
data collection and timely auditing as well as reporting of revenue
receipts and payments of the extractive industries,” she said, pointing
out that “this will aid the speed of dissemination of quality
information about the revenues in the extractive industry to the
Nigeria public.”

While acknowledging the support of various
stakeholders, including government agencies, civil society
organizations (CSOs) and international development partners, she
assured that NEITI is now on course to fully deliver on its assignment.

“NEITI has acquired a new suitable office complex it
plans to move in next year. We have already commenced comprehensive
plans on public communication, technical services and management
programmes to meet national and international expectations in the New
year and beyond,” the NEITI boss said.

Fighting resource-curse

NEITI chairman, Assisi Asobie, who noted measures by
the National Stakeholders Working Group (NSWG) to strengthen the NEITI
secretariat, said the Board has responded positively towards meeting
the conditions set by the EITI Board for validation as full compliant
member-country.

Mr Asobie traced the high level of poverty associated
with natural resources-endowed countries to the common syndrome of
resource-curse, saying at the heart of the problem are issues of good
governance, transparency and accountability. He said because of the
nature of natural resources such as crude oil, the tendency for corrupt
practices and mis-governance is always high among countries endowed
with them, resulting in the paradox of poverty in the midst of plenty.

“The management of revenue accruing from the extractive sector in a
transparent, prudent and accountable manner is the panacea for resource
curse. But this has proved such a huge challenge in countries such as
Nigeria, though association with EITI has helped to provide the
technical know-how and the strategic direction to confront it,” he
said. Announcing that the 2006-2008 oil and gas industry audit report
is to be published early next year, Mr Asobie said the process to
commission the 2009 audit has already commenced, while that of 2010
would be commissioned in 2011 as NEITI moves into the solid minerals
sector.

Click to Read More Latest News from Nigeria

Sambo leads PDP campaign in Ekiti

Sambo leads PDP campaign in Ekiti

The Vice President,
Namadi Sambo, is expected to lead Peoples’ Democratic Party leaders to
Ekiti State, for the final rally before next week’s bye-election for
the state House of Assembly in the state.

The Constituency I,
Moba Local Government Area election will be conducted to get a
replacement for the former deputy speaker, Saliu Adeoti who died some
months ago.

According to the
State Chairman of the party, Bola Olu-Ojo, in a statement issued in
Ado-Ekiti on Sunday, the party will approach the bye-election with all
the weapons in its political arsenal.

“We are not leaving
anything to chance as far as the bye-election is concerned. That is why
the campaign is going to be led by no less a personality than the Vice
President himself.

“As at yesterday
(Saturday), we have been to all the towns in the Constituency, except
Otun-Ekiti where the grand finale, which is going to be the mother of
all rallies, will be held on Monday (Today),” he said.

Banking on the
peoples support, Mr. Olu-Ojo said, “in Osun-Ekiti in particular, we
could see revenge on the faces of the people. One of their own, Adeleye
Awolumate, who was also our chairman for Osun Ward, was murdered in
broad daylight by the Action Congress of Nigeria (ACN) thugs and they
are rearing to vote against the party that killed their son.”

The Vice President
is expected to be accompanied by the Minister of State for Federal
Capital Territory, Caleb Olubolade, former governor of Ekiti State,
Olusegun Oni; a serving senator, Ayo Arise; House of Representatives
Member representing Ekiti North Constituency II, Duro Faseyi; PDP Vice
Chairman (southwest) Tajudeen Oladipo; the state Chairman of the Party,
Bola Olu-Ojo; and three former deputy governors including, Sikiru Tae
Lawal, Abiodun Olujinmi and Paul Alabi among others.

Click to Read More Latest News from Nigeria

PERSONAL FINANCE:Giving – the true meaning of Christmas

PERSONAL FINANCE:Giving – the true meaning of Christmas

Christmas is a time
when families come together, homes are decked out with Christmas trees
decorated with tinsel, ornaments and lights, sumptuous meals are
prepared and carols waft through the air as people dash about for their
last minute shopping spree.

In a sense, it has
become all about money; amidst it all, it is so easy to lose sight of
the true meaning of Christmas. What can you do this year that
epitomises the true spirit of Christmas?

Teach your children the gift of giving

We all love to see
the excitement on our children’s faces on Christmas Eve or Christmas
morning, ripping the wrapping paper off their presents. The experience
of receiving piles of gifts makes them believe that they must have lots
of new things for Christmas to be perfect. Try to emphasise the
non-material aspects of the season, such as family, fellowship, and
thoughtfulness.

It is not enough to
just tell our kids to be charitable and kind. Sometime during this
season, perhaps you can find time to visit an orphanage, a homeless
shelter, an old people’s home, or some of the flood victims who
recently lost everything that they owned.

Our actions in
supporting others will speak louder than any thing we can say. We must
guide them through a programme of action that becomes ingrained into
their psyche. It teaches them a powerful lesson about kindness and
generosity and that their money or talent can have a positive effect on
the wellbeing of others. It will also show them graphically how lucky
they are; they can take so much for granted.

A thoughtful gesture

The high cost of
living and unemployment means that many Nigerians face a dismal
Christmas and cannot afford a special meal on Christmas day. If as you
shop, your trolley is overflowing with goodies, why not shop for
another family that faces really difficult times and then have it
delivered to their doorstep.

There are so many
people in need of the simple things that so many of us may take for
granted. Think about all the food that goes to waste on Christmas day
and what a difference it would make to the numerous homeless people who
would be glad for a decent meal and some of the clothes you don’t need.

Elderly cheer

Have you ever
visited an old peoples’ home in Nigeria? Get a few friends, put some
money together, and take some gifts and treats to the elderly who have
found themselves in one of the old peoples’ homes in the country, in
spite of our extended family system. Cheer them up; the gift of
happiness and good stimulating company for an old person who might be
lonely during Christmas would make such a difference.

Give back through philanthropy

The definition of a philanthropist is “someone who donates his or her time, money, and/or reputation to charitable causes.”

By giving back to
your community, religious organisations, for education, for sports, or
for the arts, you afford yourself the opportunity and indeed the
privilege of making a positive impact on other people’s lives. Material
possessions will eventually lose their shine, but through philanthropy,
one can help others, and can shape, or even save lives.

Decide what causes
you may want to support and then review your finances to decide how
much you can afford to give. Will it be a one off donation this
Christmas or is it something you can continue to commit to year on
year.

Narrow your choices
down to a few charities or causes you feel comfortable with and do some
research on them to ensure that their ethos and mission is in
consonance with your core values; then choose say one or two to
support. Try to follow up to see how your donation is being used.

Give to your alma mater

Do you often
reminisce about how things used to be at your old school and how far
standards have fallen? Why don’t you do something about it? With an
endowed gift, you can provide permanent support for the educational
institution. Your contributions will be invested and each year a
distribution made to fund the programme or area that matches your
interest in a particular field of study.

Once it is
officially established, you or anyone else may continue to add to the
fund at any time. You may also decide to, through the title, forever
link your name or that of a family member to excellence at the college.
You contribution will go a long way in improving the standards of
education so badly needed in our country.

Give of your time

Even if you have
had a really hard year and it sounds absurd to even conisder giving
what you don’t have, focus instead of being grateful for what you have.
If you look around, you will find that there is always someone worse
off than you are.

Giving does not
mean that you must give only financially; there are several ways to
give meaningfully. The possibilities of giving of your time,
experience, talent, and intellect are endless and by sharing your
knowledge with others, you can add value to your community in this way.

As we get caught up in the whirlwind of festivity, socialising, and
present buying, it is little wonder that we often forget the true
meaning of Christmas. How can you make a difference? If you haven’t
been doing much for others before now, Christmas is a good time to
start. As we prepare for Christmas, let us not forget what we have been
given; God’s gift of His Son Jesus Christ. This Christmas, let us be a
blessing to others. Merry Christmas!

Click to Read more Financial Stories

Fidelity Bank eyes acquisitions, growth

Fidelity Bank eyes acquisitions, growth

Fidelity Bank wants to expand rapidly to become
one of the country’s top three lenders, growing organically and potentially
through acquisitions, its chief executive said on Friday.

Reginald Ihejiahi said the bank is still
interested in buying local rival Afribank, one of nine lenders rescued in a $4
billion bailout last year, even though it has picked a private equity
consortium as its preferred bidder.

“With regards to the Afribank transaction, I will
just say that these are early days yet. It’s a transaction we are still waiting
on,” Mr Ihejiahi told Reuters in an interview in the commercial capital Lagos.
“We will do an acquisition if the price is right, if the contractual terms are
right.”

Banking sources said last week that a consortium
of private equity investors had emerged as the preferred bidder for Afribank
with Fidelity as the reserve bidder but Afribank made it clear that it’s in
talks with potential investors but gave no details.

Industry sources estimate private equity bidders
would need to raise up to 30 billion naira to bring Afribank up to minimum
capital requirement levels after state-run “bad bank” AMCON absorbs all of its
non-performing loans.

AMCON was set up to help recapitalise the nine
rescued banks by absorbing their bad loans in an effort to restore lending in
sub-Saharan Africa’s second biggest economy. It will also buy margin loans from
across the wider banking sector.

Mr Ihejiahi said Fidelity had disclosed all of
its non-performing loans (NPLs) to AMCON and wanted to sell them “We want to
sell 100 percent, we have no reason not to do that … We have very little
margin loans, we have about 5 billion naira,” he said, adding that bank chiefs
had met with AMCON on Thursday to discuss the process.

“They said they would like to focus on margin
loans but (AMCON) has assured that before you get to the second quarter of 2011
they will have taken up all the NPLs,” Mr Ihejiahi said.

He said the bank expects to grow its branch
network to 200 branches from a current 181 before the second quarter of 2011
and that it planned to apply for an international banking licence by the end of
the year.

The central bank has said it will stop issuing
universal banking licences in a bid to avoid a repeat of last year’s near
collapse of several lenders which led to the bailout.

The regulator wants to separate banks’ core
lending business from more speculative capital markets activities — such as
stockbroking, asset management, private equity and venture capital — to
protect depositors’ funds.

Under the guidelines, lenders will now operate as
regional, national or international banks with varying minimum capital
requirements.

“We are asking for their approval for us to be a
commercial bank which has an international aspiration … We plan to put in our
application before the year runs out,” Mr Ihejiahi said, adding Fidelity would
sell subsidiaries as needed.

Click to Read more Financial Stories

Orji Kalu’s sureties lose confidence in him

Orji Kalu’s sureties lose confidence in him

A federal high
court in Abuja will, today, hear an application by sureties for the
former governor of Abia State, Orji Uzor Kalu, who are asking the court
to discharge them because they no longer have confidence in him. Uche
Chukwumerije, a senator and a traditional ruler, Eze Gaius Ihejiamaizu,
citing a lack of confidence in Orji, approached the court to vacate
their pledges over Mr Orji.

Mr Ihajiamaize, in
an affidavit, said: “…Sometime in July 2007, I stood as surety to the
first accused person [Orji Uzor Kalu] in this charge. That part of the
bail condition included the deposit of my certificate of recognition as
a traditional ruler [Eze] in Abia State issued on November 16th 1998 by
the State Government. That I entered as surety to the accused person
because of the confidence I had in him then. I no longer have
confidence in the 1st accused person and will not stand as surety for
him anymore. That for now the 1st accused and myself have not been
associating with each other and I can no longer vouch for him, being
unaware of his movements and actions. That it would be in the interest
of justice to discharge me as a surety to the 1st accused person and
return my said certificate of recognition to me.”

Law abiding

The court presided
over by Adamu Bello will today decide whether to discharge the surety.
Mr Ihajimaize’s counsel, Anthony Agbazure, told newsmen in Abuja that
his client showed that he was a law abiding citizen by going to the
court to say he no longer has confidence on the former governor and
should be discharged from the burden of being his surety.

“If the man elopes, my client would not be held liable,” he said.

The EFCC had slamed a 107-count charge of money-laundering against
Mr Kalu, including mismanaging over N5billion belonging to the Abia
State government. Two other accused persons standing trial alongside Mr
Kalu including Ude Jones Udeogu and Slok Nigeria Limited.

Click to Read More Latest News from Nigeria

Association wants endowment fund for theatre practitioners

Association wants endowment fund for theatre practitioners

Gregory Odutayo, the president of the National
Association of Nigeria Theatre Arts Practitioners (NANTAP), on Saturday
urged the federal government to approve the long-awaited endowment fund
for theatre practitioners.

Mr. Odutayo told the News Agency of Nigeria in
Lagos that the fund would enhance the development of the theatre
industry and make it more vibrant in promoting Nigeria’s culture. He
said that NANTAP had earlier made a representation to government on the
need for such a fund, adding that the proposal then received a positive
response.

“It is only an endowment fund that can make the
theatre industry thrive well. No amount of money which the government
releases can strengthen the industry except an endowment fund because
the funding must have a structure in which the money will be given out
to the practitioners,” he said.

Mr. Odutayo, however, appealed to the government
to manage the fund for the artists for better efficiency whenever it
was approved. He said that NANTAP had been working assiduously to
ensure that the government established the fund, urging other
stakeholders to collaborate with the association to foster the
fulfillment of the aspiration. Mr. Odutayo said that the $200 million
fund, which the federal government recently announced for the art
industry, was already causing problems among the practitioners even
though they had not received the money.

“How this money will be distributed among the arts genres is what is causing problems,” he said.

Mr. Odutayo, nonetheless, said that until such a structure like the
endowment fund was put in place for the theatre profession, the
industry would continue to remain stagnant.

Click to Read More Latest News from Nigeria

Fashola approves loan to agric scheme graduates

Fashola approves loan to agric scheme graduates

The Lagos State governor, Babatunde Fashola, has
approved a total of N500 million micro finance fund for disbursement to
the first 100 graduates under the Agriculture Youth Empowerment Scheme.
The News Agency of Nigeria (NAN) reports that the scheme, which is
being executed in collaboration with Dizzengof West Africa Ltd and the
Hebrew University of Jerusalem, was conceptualized to address the twin
problems of youth unemployment and food security. In an interview with
NAN on Saturday, Mr. Fashola said the loan was repayable in five years.

He said the scheme was one of several practical
solutions by his administration to tackle the challenges of youth
unemployment. The governor said the scheme was not limited to farming
alone as other components of the agricultural value chain such as
packaging and marketing were also incorporated.

“I am happy doing this because I see the birth of
a proper economy rooted in agriculture that supports
industrialization,” he said.

According to him, the scheme will be executed in
three phases spanning a period of five years with a target of producing
1,000 modern farmers. A cross section of the graduates described the
scheme as a practical solution to youth unemployment. They said they
were exposed to world class theoretical and practical training in
poultry, aquaculture, vegetable farming and business management as well
as the use of modern farm implements.

Salami Babajide, one of the graduates said the scheme had provided
him the opportunity for further training in Israel, adding that it
would guarantee him stable income. Another beneficiary, Blossom Onome,
said she left her teaching job to attend the training because of its
prospects.

Click to Read More Latest News from Nigeria

Groups task corporate bodies on environmental friendliness

Groups task corporate bodies on environmental friendliness

A coalition of environmental nongovernmental
organizations (NGOs) have expressed their concern on how corporate
bodies have continued to increase the mountainous load of used and
end-of-life mobile phones all in name of an aggressive promotion. This
concern was addressed at a strategic tripartite meeting of NGOs working
on e-waste organised by the Sustainable Research and Action for
Environmental Development (SRADev) Nigeria who came together to
brainstorm on best environmental practices with regards to
environmentally sound management of e-waste.

The meeting also aimed at addressing the dismally
lacking national regulation on e-waste and to apply pressure on the
government over their failure to address contamination in electronic
products and the delay in passing into law the National Electrical and
Electronic Sector Regulation.

“In Nigeria, we advocate for the Individual or
Corporate Producer Responsibility which is becoming the practice world
over,” said Leslie Adogame, Executive Director, SRADev Nigeria.

“This means that producers must become responsible for the collection and the recycling of their branded products.

“If producers have to pay for the recycling of
their own products, the incentive to produce products that are less
toxics, have a longer life-span, and are easier to recycle will
increase, because this will reduce their recycling costs.”

There are overwhelming evidence that e-waste
contributes to adverse health effects such as cancer, neurological,
respiratory disorders and birth defects; according to the groups, and
also on the environment unless they are managed soundly. The concerned
NGOs are SRADev Nigeria, Friends of the Environment, Waste Management
Association of Nigeria, and the Environmental Rights Action.

Click to Read More Latest News from Nigeria