Archive for nigeriang

Nigerian leaders need prayers, says Gowon

Nigerian leaders need prayers, says Gowon

As the nation
approaches another election year, former Head of State, Yakubu Gowon
said yesterday that Nigeria’s leaders need prayers for God to direct
them on the right path.

Speaking in Benin
City during a visit to state governor, Adams Oshiomhole, Mr Gowon,who
is also the converner of ‘Nigeria Prays’ said his group is in the
ancient town to pray for Nigeria and to pray particularly for its
leadership at the federal, state and local government,including
religious leaders.

“We will also pray
for the country and the well-being of the people. We will pray for the
leadership that God will guide them right to do the right things for
the people,” he said. “We are going round to sensitise the people and
ask them to join us. I assure you that the body of conveners of
‘Nigeria Prays’ appreciate what you have been doing and hope that God
will answer our prayers and wish you well in everything you do.” Mr
Oshiomhole said it is true that Nigeria needs a lot of prayers to
confront the myriad of challenges facing it.“I believe in what you are
doing sir. First is the fact that being out of office does not mean you
cannot find an enviable role to play.

Outside governance,
you have continued to impact very positively on the lives of the people
and you have continued to inspire us to recognise that we can all carve
a role for ourselves,” he said. “Secondly, there is no question in my
mind that Nigeria needs a lot of prayers for God to redirect the
thoughts of Nigerian leaders and give them courage and wisdom.”

People’s leaders

The governor
stated further that power belongs to God and the power ,leaders
exercise is on behalf of the people and can only be justified when it
is used to touch the lives of the people positively.

“At this time in
Edo State, we are facing a lot of challenges including some of our
people who have resorted to criminal activities including kidnapping.
We must continue to enforce the law and pray that the good Lord touches
their hearts to recognise that whatever challenges they face cannot be
resolved through criminal acts,” he said.

Mr Oshiomhole acknowledged that there is need for citizens to rise and challenge leaders to keep their promises.

While identifying with ‘Nigeria Prays’, Mr Oshiomhole thanked Mr
Gowon for the programme and expressed the hope that the nation would
benefit immensely from it.

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Sambo denies reported rift with Jonathan

Sambo denies reported rift with Jonathan

The vice president,
Namadi Sambo, has refuted claims that he is plotting to take over
President Goodluck Jonathan’s job, saying the allegation is false.

“The entire story
as reported is premised on hearsay and falsehood and smacks of
sponsorship” a statement signed by the special assistant to the Vice
President on media and publicity, Umar Sani said.

He added that the
whole episode “is clearly intended to spread mischief and cause
disaffection in the formidable Goodluck/Sambo camp.

“At no time has
Sambo ever contemplated being the vice president of the federation but
for President Jonathan who nurtured and ensured its maturity.” He said
it was therefore preposterous for anyone to even speculate that Mr
Sambo will “stab the President in the back going by the synergy they
have developed which has always been a source of nightmare to their
political opponents”.

Mr Sani also said
the Mr Sambo has never minced words in condemning the consensus
arrangement by the Adamu Ciroma led Northern Leaders Political Forum.

“He has maintained
that he is the political leader of the North going by the precedence
already established in governance by his position as the vice president
and that no such group should go on a journey of usurpation. He
believed conscientiously that such an effort was an exercise in
futility,” Mr Sani said, adding that the Vice President “holds
tenaciously and cherishes his fraternal relationship with President
Goodluck Jonathan and could not have condescended so low as to embark
on a rat race with his boss”.

Mr Sani further
noted that political battles are better fought on the political as well
as electoral turf based on issues and “not through outright falsehood
sponsored on the pages of newspapers”.

“Political opponents should be prepared to confront the formidable
team of Goodluck/Sambo train which is unstoppable rather than promote
and propagate falsehood,” he said.

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Airspace agency defends radar coverage

Airspace agency defends radar coverage

The Nigerian
Airspace Management Agency has condemned criticisms faulting the
nationwide functionality of the Total Radar Coverage of Nigeria
(TRACON) project.

Describing critics
of the radar system as “detractors”, the agency, over the weekend,
stated that the country’s airspace is completely under surveillance,
adding that President Goodluck Jonathan, during the commissioning of
the project, was given the opportunity to speak with various pilots on
transit directly from the Kano Airport control tower. “The president
communicated with pilots in Nigeria’s airspace and with some other
pilots across the airspace of Niger Republic,” said Abubakar Baraje,
the board Chairman of the agency, during a briefing with journalists at
the organisation’s headquarters in Lagos.

Mr Baraje said that
the system, which is one of the best in the region, has the ability to
cut across borders. “The TRACON can capture across our borders to
countries like Niger Republic, Sudan and Cameroun,” he said. “What else
are detractors seeking? For we are aware of controversies generated
over the TRACON that it wasn’t the total radar that was commissioned,
which of course is completely far from the truth. It is not responsible
for NAMA to commission a half baked equipment or bring the president to
commission something that is not complete. The installation and
operation of the equipment comes in phases and all the phases are
completed and are superbly functioning.”

The critics’ view

Some experts in the
industry have criticised the completion and commissioning of the
project on the grounds that the system does not operate in some
locations in the country; a situation which prompted members of the
House of Representatives Committee on Aviation, headed by Bethel Amadi,
to embark on a fact finding mission to the Kano radar site two weeks
ago. “This project should not be used for political games,” said Mr
Amadi. “Those who are busy spreading this falsehood should rethink
about the implications for our national image and external investors in
the aviation sector of the economy.”

Late October, Mr Jonathan commissioned the complete and operational
Total Radar Coverage of Nigeria project in Abuja. “I hope these
detractors will have a change of heart; and if they don’t, the agency
will move ahead without them,” said Mr Baraje.

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Ancelotti angry and confused by Chelsea’s fall from grace

Ancelotti angry and confused by Chelsea’s fall from grace

Two
points off the lead in the Premier League and through to the Champions
League knockout phase does not look like a crisis but something is not
right at Chelsea and coach Carlo Ancelotti is starting to worry.

On Saturday the
Premier League champions were booed off at Stamford Bridge having spent
the last few minutes desperately defending to hang on to a 1-1 draw
against an Everton team who were thumped 4-1 at home by West Bromwich
Albion last week.

Chelsea’s draw
allowed Arsenal to climb above them into top spot after they beat
Fulham 2-1, with Manchester United also still a point ahead after their
game at Blackpool was frozen off.

“I am disappointed.
I am angry … the first half I think it was good, there was good
spirit. The second half was totally different … we lost the idea of
playing our own football,” Ancelotti told reporters.

“I don’t understand
why we changed, it was just long ball. We have a particular kind of
football and we should stay with that,” added the Italian.

“We didn’t and it’s
difficult to understand why. Obviously I’m worried, we have to do
better.” Ancelotti’s men have now taken just five points from the last
18.

Defeats by
Liverpool, Sunderland and Birmingham City were followed by last week’s
1-1 draw at Newcastle United, with a 1-0 home win over Fulham their
solitary Premier League success since October.

It is lucky for the
champions that all their rivals have also dropped points unexpectedly
during the same period or they could already have been cut adrift.

Not only are they not winning, they are not playing well.

Beckford equaliser

On Saturday they
led with a first-half penalty by Didier Drogba, just about the only
time he looked interested all day, but shipped a late equaliser to
Jermaine Beckford.

“We’re actually a
bit disappointed not to have gone on and won it,” said Everton manager
David Moyes after his players showed far more appetite for the battle.

Ancelotti bemoaned
the lack of leadership in his team last week but even the return of
captain John Terry and midfield dynamo Michael Essien could not instil
any noticeable will to win on Saturday.

The Chelsea coach,
who swept to a Premier League and FA Cup double in his first season in
charge, is clearly unhappy with what he is seeing in his second
campaign.

“I knew a difficult moment would arrive but I didn’t expect it to last so long,” said Ancelotti. “It’s too long.

“I saw the players
looking worried, afraid and that’s not our kind of football.” Although
nobody at Chelsea is willing to say it, the unexpected departure of
popular assistant coach Ray Wilkins at the start of the poor run and
other subsequent staffing reshuffles appear to have undermined morale.

With midfield
talisman Frank Lampard out of action since August, Terry struggling for
fitness and Drogba going through illness, injury and then apparent
disinterest, there seems a real lack of cohesion and the next month
could make or break Chelsea’s title defence.

They travel to
Olympique Marseille in a Champions League dead rubber on Wednesday and
then face Tottenham Hotspur at White Hart Lane next weekend.

The home showdown with Manchester United is on Dec. 19 followed by a
trip to Arsenal and a home game with in-form Bolton Wanderers over the
Christmas period.

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Russia will be a great host, says Obafemi Martins

Russia will be a great host, says Obafemi Martins

Nigerian
striker, Obafemi Martins has expressed support for the decision of
football’s world governing body, FIFA to award the hosting rights of
the 2018 World Cup to Russia.

Obafemi, who joined
Russian league champions Rubin Kazan from Wolfsburg in July says the
eastern European nation is a great choice for the tournament.

The English were
dismayed with FIFA’s decision to award the 2018 tournament to Russia
especially as they felt they were better placed to host the World Cup.

But Martins, who
played with Premier League side, Newcastle, for three seasons before
joining Wolfsburg in the summer of 2009, feels otherwise.

“Kazan is a
beautiful City on the banks of the River Volga and it is a great place
to play football,” said the 26-year-old Nigerian international in an
interview with English tabloid, The People.

“Obviously I felt
disappointed for my many friends in Newcastle that the magnificent St
James’ Park will not be having the chance to stage a World Cup game.

“But Russia is a
great choice. I have seen a video of the new stadium Rubin Kazan are
having built and which will be finished in 2017 and it is going to be a
stadium which will take people’s breath away.”

No racism

The English have
been quick to point to alleged racism in Russian football, citing the
case of West Brom’s Nigerian forward, Osaze Odemwingie.

Odemwingie, who was
born in Tashkent in present-day Uzbekistan to a Russian mother, spent
the greater part of his early years in Russia.

In July 2007, he
left French side Lille to join Russia’s Lokomotiv Moscow for an
undisclosed fee. However, in his final appearance for the Moscow club,
Odemwingie was dismayed to see a banner with the picture of a banana
unfurled proclaiming, ‘Thanks West Brom.’

In response, West
Brom fans threw their weight behind Odemwingie with a banner of theirs
proclaiming ‘Kick out racism from football.’

But Martins said he hasn’t experienced any form of racism since he moved to Russia.

“I have been welcomed here in Russia with open arms and I have never had any problems with racism,” he said.

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Messi lifts latecomers Barca, double for Ronaldo

Messi lifts latecomers Barca, double for Ronaldo

Barcelona
shrugged off a last-minute dash by train and bus to Pamplona to defeat
Osasuna 3-0 on Saturday, maintaining their two-point lead at the top of
La Liga after Real Madrid beat Valencia 2-0 at the Bernabeu.

A wildcat strike by
Spanish air traffic controllers led to Pep Guardiola’s side arriving at
the Reyno de Navarra stadium just before the start time of 1900 GMT,
forcing a 50-minute delay to the kickoff.

Despite limited
preparation time, Lionel Messi scored twice and Pedro once as the
champions made it seven wins from seven on the road this season.

Real Madrid
recovered from their 5-0 ‘Clasico’ drubbing at the Nou Camp to beat
Valencia, though it needed the 65th-minute sending off of Valencia
midfielder David Albelda to give them the edge.

Cristiano Ronaldo
settled their nerves with a goal after 73 minutes and then streaked
away to notch his 16th in La Liga this season with three minutes
remaining.

Barca have 37 points from 14 matches, Real have 35 and Valencia stay fifth with 24.

Atletico beaten

Atletico Madrid
slumped to a 2-0 defeat at promoted Levante, making it three defeats in
a week for the misfiring Europa League holders.

Defender Nano
headed Levante in front from a corner after three minutes and Ecuador
striker Felipe Caicedo sealed the win with a wonderful finish in the
59th.

Atletico, who lost 3-2 at home to Espanyol and Aris Salonika over the past week, stayed seventh with 20 points.

A pumped-up Osasuna made life difficult for Barca and they pressured the visitors all over the pitch in the early exchanges.

A wayward pass from
Victor Valdes almost gifted the hosts a goal but Fernando Soriano’s
attempted lob went straight back to the keeper.

The breakthrough goal came when Messi slipped a ball through for Pedro in the 26th minute and Barca never looked back.

David Villa released Messi on a breakaway in the 65th and the World Player of the Year scampered away to make it 2-0.

The Argentine was then bundled over for a penalty in the 83rd and
Messi picked himself up to score, taking his tally for the season to 15
league goals from 14 matches.

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ExxonMobil, others disown Emeagwali

ExxonMobil, others disown Emeagwali

The bottom has
fallen out of Phillip Emeagwali’s basket of false claims. American oil
giant, ExxonMobil, has told NEXT exclusively that it has never dealt
with the American-based Nigerian scientist, contrary to Mr. Emeagwali’s
repeated claim that he wrote the equations that the company used to
simulate the flow of oil, water, and gas inside its reservoirs.

Authorities at the
Los Alamos National Laboratory, a United States Department of Energy
laboratory, where Mr. Emeagwali claimed he sourced the Connection
Machine for his award-winning experiment, also said they had never
related with the Nigerian scientist.

Even the Institute
of Electrical and Electronic Engineering, the world’s largest
organisation of computer experts, has reacted to the scandal
surrounding Mr Emeagwali by removing the scientist’s profile from its
website. Mr. Emeagwali’s bio on the site contained some contentious
claims, including one that he has a doctorate.

Mr. Emeagwali did not respond to email seeking his comment. He also did not return calls made to his Washington D.C. office.

In 1989, Emeagwali, 56, won the $1,000 prize for writing a programme for oil reservoir modeling. Afterwards,

he travelled around
the world for over two decades marketing himself as one of the
inventors of the Internet. A gullible Africa believed him, and his
native Nigeria lavishly celebrated him as the country’s most
influential scientist ever.

But in November,
leading American computer experts, including Gordon Bell, the man after
whom the prize he won in 1989 was named, exposed Mr. Emeagwali,
describing his 20-year claim that his invention gave birth to the
Internet as fraudulent.

However, Mr.
Emeagwali continued to make other claims which are now considered
largely untrue. For instance, in a series of weekly articles he wrote
for nigeriavillagesquare.com, Mr. Emeagwali said he “scribbled the
actual equations used by the oil company Exxon (now Exxon Mobil) to
simulate the flow of oil, water, and gas inside its petroleum
reservoirs.” He claimed that after learning about his discovery, Mobil
Research and Development invited him (in a letter dated March 19, 1990)
to help the company in “reservoir simulation.” Mr Emeagwali added that
he discovered that Mobil’s equations did not reflect reality and
corrected the company’s error.

But responding to a
NEXT inquiry, ExxonMobil simply disowned Mr. Emeagwali. “We are unaware
of Mr. Emeagwali’s claimed interaction 20 years ago with a prior
affiliate of ExxonMobil,” Patrick McGinn of the Upstream Media
Relations Unit of the company, said in an email from the Texas
headquarters of the oil firm, after a 10-day investigation within his
company.

Initially, Mr.
McGinn described Mr. Emeagwali’s claim as speculations to which
ExxonMobil Corporation won’t react. But when pressed, he came out to
say clearly that his company had no record of ever having dealt with
Mr. Emeagwali.

Before ExxonMobil
disowned Mr. Emeagwali, Angela Burgess, executive director of IEEE
computer society, had informed NEXT that the Nigerian scientist’s
profile on her organisation’s website had been removed following doubts
about some claims contained therein. Mr. Emeagwali provided the
information for the article, which falsely portrayed him as having
earned a first degree from the University of London and a doctorate
from the University of Michigan.

From the Los Alamos
National Laboratory also came another blow for the embattled scientist.
Mr. Emeagwali had claimed in a January 2007 TIME magazine article that,
through research, he found a “Connection Machine” at the laboratory
which had sat unused after scientists had given up on figuring out how
to make it simulate nuclear explosions.

Lost in Los Alamos

In 1987, Mr
Emeagwali told TIME, he applied for and was given permission to use the
machine. He said from his base in Ann Arbor, Michigan, he remotely
programmed the machine (in Northern New Mexico) and used it to compute
the amount of oil in a simulated reservoir, and perform 3.1 billion
calculations per second.

But authorities at the 67-year-old laboratory said the claims were “unsubstantiated – at best.”

“Several current
LANL scientists who worked directly on Thinking Machines CM-2 and CM-5
computing system development during that time frame have no
recollection of working with Philip Emeagwali,” said Kevin Roark of the
Communications Office of the laboratory.

“It is certainly
untrue that the computers “sat unused after scientists had given up” on
figuring out how to make them work. In fact, the laboratory
successfully developed codes for the CM-2 and CM-5 that were very
effective for conventional defense calculations and important aspects
of nuclear weapon assessments/design.” Meanwhile, a source in the
Federal Ministry of Information and Communication said the Minister,
Dora Akunyili, was in the process of raising a committee to investigate
allegations of fraudulent claims levelled against Mr. Emeagwali.

The source said the Permanent Secretary in the ministry, S.O. Willoughby, might head the committee.

Mrs. Akunyili had told NEXT on November 7 that government will
investigate the allegations to enable it to determine whether to remove
Mr. Emeagwali’s face from the Nigerian stamp. The minister did not
return calls made to her mobile telephone on Friday.

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EU draft rules would boost watchdog powers

EU draft rules would boost watchdog powers

European regulators
will gain unprecedented powers to control commodity markets through
trade caps and heightened intervention if a draft EU document becomes
binding, specialist lawyers said on Friday.

Commodities are
being integrated into sweeping reforms to the European Union’s markets
in financial instruments directive (MiFID), which is due to be released
next week.

A draft version
seen by Reuters increases surveillance of market activities and
allocates new powers to set U.S.-style position limits to restrict
speculative trade.

“I think there are
some risks in this, and the framework of this paper seems to suggest a
fairly significant increase in regulatory intervention. Some is
foreshadowed at the G20 level and some of it isn’t,” said Chris Bates,
a partner at Clifford Chance with a focus on financial services
regulation.

France, Europe’s
largest grain producer and exporter in the EU, has been pushing for
more controls for commodity markets as the head of the Group of 20
economic powers.

Spikes in wheat and
cocoa prices this summer have given fresh impetus to the debate. Bates
said that the new Mifid in some ways is more stringent and likely to be
more controversial than proposed U.S. regulation under the Dodd-Frank
act.

“The real concern
about the whole European framework is that it’s quite rigid once it’s
set … and that is one of the big differences from the United States.
There are concerns that there are many regulators that don’t have a
close feel for these markets, so it is giving them powers to take
actions they are not well-equipped to deal with.

“In contrast, the
CFTC (U.S. Commodity Futures Trading Commission) is steeped in
commodity markets and commodity markets regulation, so while its powers
may be extensive, at least they are manageable or predictable in some
way,” Mr.Bates argued.

Debate has been
heated on the topic of position limits. Under the revised Mifid,
traders could be required to reduce their positions in the interests of
the market.

“They (regulators)
will have powers to impose position limits for whatever category of
participant, and that’s something the UK has never called for,” said
Jonathan Herbst, a partner at law firm Norton Rose.

Mr. Bates, at
Clifford Chance, said the draft law would give regulators greater
powers to selectively manage a party’s position after it has been taken.

“I think that this
sort of intervention power is quite a dramatic change. If you imagine
that in securities markets that regulators were given powers to ask why
you are holding a security and to make you sell it at their whim,
that’s quite a big intervention in markets,” Mr. Bates said.

He added that the
natural consequence of stricter European regulation was a loss of
liquidity in the EU, as investors shift to the growing commodity
trading hubs in Singapore and Switzerland.

“There’s very
little discretion to adjust the rules later. So what you would expect
is a certain amount of this business to move somewhere else. Some of it
can’t, like electricity, but oil probably doesn’t need to stay here,”
he said.

REUTERS

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Small and medium enterprises still face funding challenges

Small and medium enterprises still face funding challenges

Small and medium
enterprises in Nigeria are still finding it difficult to access funds
from commercial banks to kick start their businesses, despite attempts
to aid the sector.

These are
enterprises with a maximum asset base of N500 million (excluding land
and working capital), as classified by the Central Bank of Nigeria.
They argue that compared to their foreign counterparts, they don’t get
the required financial support from Nigerian banks.

“Most commercial banks do not want to give loans to start-ups,” said a banker at Intercontinental Bank.

“The proof for a
bank is to know that you are specialised and focused in your business,
and if they give you the money, you know what to use it for. You must
have run the business for a period of time; that is why some banks
would demand to see your cash flow statement, and your certified
audited accounts for two years.

“That is the stand
of commercial banks towards small and medium enterprises. An average
commercial bank will tell you that you are just starting the business.
As such, they are not sure about your business. If the Central Bank can
actually implement their plan to support small and medium enterprises
in terms of finance, then there may be a way out for them,” he added.

Friends and family to the rescue

But some operators of these enterprises are finding ways around the banks hurdles.

“Right now, I source for funds from my friends and family,” said Ade Olatunde, an oil and gas supplier.

“It is even worse
for oil and gas SME’s. Banks are not ready to fund such businesses,
especially downstream. What I’m doing is that I’m running my account
properly, so that my bank can monitor it, pending the time that I would
again request for a loan,” Mr. Olatunde said.

He added that there are so many people with great ideas, but they do not have funds to turn such into budding enterprises.

Kemi Abiodun, a
university graduate who wishes to establish a fashion designing centre,
says she was advised by bank staff to source for her capital from
friends and relations.

Saying she does not
feel bad about the bankers’ comments, “but I think if the government is
really serious about creating jobs, there should be an institute or
set-up that would guarantee the funds that the banks will give us and
monitor our businesses, to ensure that the money is spent as proposed.
I do not think the guranteed Central Bank’s fund covers start-ups, so
it will be difficult for these banks to lend us money. How much am I
looking for?”

Plans and more plans

Meanwhile, the
federal government, last Wednesday, announced the provision of
N75million to the Bank of Industry (BoI) to boost increased access by
small and medium-scale enterprises.

Olusegun Aganga,
the finance minister, disclosed at the launch of the initiative to
ensure the viability of small and medium enterprises in the country,
that the National Economic Management Team has identified the two
groups as the best institutions for job creation and economic growth in
most economies around the world.

The Central Bank
too has not left small and medium enterprises to their fate. It
facilitated the Small and Medium Enterprises Equity Investment, a
voluntary initiative of the Bankers’ Committee approved at its 246th
meeting of December 21, 1999.

The scheme required
all banks in Nigeria to set aside 10 percent of their profit after tax
for equity investment and promotion of small and medium enterprises.
The question is, where does all the money by these banks go, and what
projects do they fund?

The Intercontinental banker offers a clue

“Banks would rather
lend to people who have already made their money, who are already in
business, with the view that they are more credit worthy. Do you know
how many bankers from various banks are sitting at Dangote’s office, or
some other top shot with proposals of loan facilities that he can
acquire?

“We all know what
happened during the audit, how many so called ‘top shots’ owe the
banks. If, for instance, you give someone like Dangote N50 billion, do
you know how many small and medium enterprises that money would have
funded? That is what is happening,” he said.

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Investment banking business hit by global financial crisis

Investment banking business hit by global financial crisis

The global
financial meltdown took its toll on investment banking business
worldwide, with a drop in the volume of transactions recorded during
the 2008 – 2010 period.

Managing director of Alexander Forbes, Femi Oyetunji, described it as “nothing short of catastrophic.”

He was speaking at
the press briefing held in Lagos yesterday to herald the ninth Nigerian
Investment Banking League (NIBL) upcoming awards ceremony, which is
scheduled to hold on 9th December, 2010, in Lagos.

Alexander Forbes is
acting as independent auditor of the results to ensure transparency and
credibility. The independent auditors are to thoroughly scrutinise the
process of scoring as well as the scoring criteria.

Managing director
and chief executive officer of SBA Research, Segun Akande, said the
last two years have been difficult for the financial markets.

“The global
recession has had a fairly devastating effect on the Nigerian capital
market,” he said. He, however, admitted that despite the strenuous
financial terrain, some companies have still managed to excel.
“Therefore, it would be a gross injustice not to reward those companies
with the credit and awards they deserve.”

Mr. Akande said
that NIBL has set up a scoring committee composed of senior
stakeholders in the investment banking sector, who themselves are
competing for the various award categories. He said that this would
help reduce any incidence of corruption in the scoring process.

He also said that
the Securities and Exchange Commission (SEC) is actively involved in
the whole process, as every transaction uploaded by the investment
banks would be verified by SEC before further scoring would proceed.

NIBL aims at
achieving complete transparency and total credibility by tallying up
the scores and sending the results to the independent auditor for
verification and confirmation. Mr. Akande explained that due to
financial constraints and a low volume of transactions in the last
year, the categories for this year’s award would be reduced to four, as
against eight categories in recent years.

The awards
categories are Best Equity House, Best Mergers & Acquisition, Best
Debt House, and Best Investment Bank 2009. Another category of Best
Equity Private Equity Deal would be personally given to the awardees
after the ceremony, due to financial constraints.

Biremo, senior
manager, sales & marketing, SBA Interactive Data, explained that in
order to accommodate the vagaries of the current financial crisis, the
minimum transaction value for scoring has been reduced to N1billion, as
against N5billion in recent years.

Previous winners of the Best Investment Bank include BGL Plc, Stanbic IBTC, and in 2009, Chapel Hill Denham Group.

Established in
2000, the NIBL was set up by SBA Research to create more transparency,
efficiency, and healthy competition in the capital markets. It has
become the parameter used by the Nigerian capital market to measure the
performance of domestic issuing houses in the country.

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