Archive for nigeriang

Sahara Reporters,a thorn in the flesh of corruption

Sahara Reporters,a thorn in the flesh of corruption

Omoyele Sowore, a fair-complexioned man with a round face, was
having lunch – pounded yam and okra soup – at a packed and noisy African
restaurant in the Bronx District of New York that Monday afternoon when one of
his three mobile telephones rang. As Sowore, 39, a New-York-based blogger,
journalist and activist, munched his meal, he spoke in low tones to the caller
at the other end.

Sowore is the founder and chief reporter of one of sub-Saharan
Africa’s most popular and feared websites. A major story was unfolding in his
native Nigeria that day and the caller, a ‘top confidential source within the
ruling establishment’ (he said at the time) had called to offer him a scoop.

“Are you saying he is being flown abroad tonight? Who are those
accompanying him?” Sowore asked, raising his voice a little above the din. Then
he went quiet for a while as he listened attentively to the informant’s
response, his left hand pressing the phone to his left ear and his right hand
making a rhythmic journey between his plate and his mouth.

The call over, after about ten minutes, a smile sprouted from
the edges of Sowore’s lips. He then cut short his lunch, paid his bill and
hurried to his car, a green Toyota Highlander, parked four blocks away. He
flung open the trunk of the car and pulled out a backpack containing a white,
internet-ready Apple computer. Standing by the front door of the car, his
laptop placed on the driver’s seat, Sowore placed more calls to two other
sources in Abuja.

He then pounded out a news report announcing to the world that
the Nigerian president, Musa Yar’Adua, had fallen terribly ill and was being
rushed to a Saudi hospital. The report went live on Saharareporters.com at
exactly 1p.m. – a full five hours before an official statement from the
presidential villa announcing the trip. Sowore thus became the first to report
the beginning of a journey from which Yar’Adua never returned.

Mr Sowore’s distinctions are legion. In the five years that he
has run his site, he has become Nigeria’s version of Julian Assange, the
controversial Australian internet activist. His blog, SaharaReporters.com, is
also as audacious as Assange’s WikiLeaks, a secret-spilling organization that
publishes sensitive and classified documents that would have been otherwise
unavailable to the public. In fact, Philip Shenon, a former investigative
reporter for The New York Times, and author of “The Commission: The Uncensored
History of the 9/11 Investigation”, in a recent article for the Daily
Beast,referred to SaharaReporters as Africa’s WikiLeaks. But while Assange
scouts the entire world for sensitive and confidential documents, Sowore has
made Nigeria his forte.

Operating from a cubicle in an expansive office he shares with
another media organization in mid-Manhattan, Sowore documents sordid details of
corruption, misgovernance,dishonesty and ineptitude by Nigerian government
officials, institutions,corporations and individuals.

“Our mission is to do as much evidence-based reporting as
possible. We want to make sure that we consistently shame and make life
difficult for the thieves plundering Nigeria and holding down the country’s
progress,” Sowore, who also teaches Modern African History at the City
University of New York and Post Colonial African History at the School of
Visual Arts, New York, said with a snort of disgust one recent Wednesday
afternoon, as he worked on an article accusing Nigeria’s President Goodluck
Jonathan of profligacy.

Although Sowore is based in New York, 5, 269 miles from
Nigeria, he has become the nemesis of many a corrupt and inept official in his
country. He has amassed a long list of trusted sources within Nigeria’s ruling
establishment and its corporate world. And his website, in recent years, has
become one of the most visited and trusted sources of news on the oil-rich West
African nation.

According to Alexa, an organization that tracks site traffic
around the world, SaharaReporters is among the top 10 most visited news sites
in Nigeria. It’s Facebook page also buzzes with activity.

Sowore moves around New York with a roller case containing an
i-Pad, two Apple laptops permanently hooked to the internet, three mobile
phones, a T-Mobile line devoted to text messaging, a Verizon line for voice
calls and another T-Mobile line exclusively for international calls. “I’m like
a doctor. I get a lot of emergency calls, and an average of 30 calls a day from
my sources in Nigeria and other parts of the world,” he said one recent Friday
evening as he drove out of a parking lot in Manhattan.

He also has a backpack containing a canon rebel camera for
still photography, a Panasonic Lumix camcorder, an extra pair of clothing and
some toiletries, in case he is not able to make it back to his New Jersey home
because of a breaking story.With these tools, the blogger has broken a large
number of major stories that have made a huge impact on the country of 150
million people, including bringing down some highly placed government
officials.

“The fear of SaharaReporters is the beginning of wisdom for
corrupt officials in Nigeria and the joke in the country is that politicians,
public office holders, security officials, corporate giants and other well
placed individuals do not go to bed without checking SaharaReporters,” Bukola
Oreofe, a New York-based pro-democracy activist, who has followed the site from
its inception, said. “And when they wake up in the morning, they also rush to
check whether SaharaReporters has published their indiscretions or exposed
their hidden skeletons.”

Site for exposing evil

From presidents to state governors, senators to ministers, and
businessmen to anti-corruption operatives, Sowore’s website has exposed and
disgraced more than a few public officials. He has also pelted successive
administrations with scathing criticisms. It was SaharaReporters which
consistently published the accounts of the corrupt acts of a former Nigerian
Justice Minister, Mike Aondoakaa, until the Barack Obama administration could
tolerate the official no more. His U.S. visa was cancelled and he and his
family were barred from entering the United States. For years, Sowore beamed
his searchlight on James Ibori, a former state governor of Delta State and
steadily assailed the Nigerian government with embarrassing information of his
alleged plunder of state resources. The former governor escaped to Dubai when
the government moved to prosecute him. He was later arrested in Dubai where he
is facing an extradition trial.

Nigeria,OPEC’s sixth largest producer of crude and one of
America’s top suppliers of oil, is Africa’s most populous country and the
world’s most populous black nation. Although it has enormous oil resources,
earning about $25 billion a year according to the Revenue Watch Institute, it
remains among the poorest countries in the world, ranking 158th out of the 182
countries rated in the United Nation’s most recent Human Development Index.

Corruption is rife, with a huge chunk of the country’s revenue
routinely stolen by corrupt administration officials and their collaborators in
the corporate world.Unemployment is skyrocketing. Basic infrastructures are
broken down. And the country’s elections are usually flawed, its leaders often
lacking legitimacy.

“Sowore is angry at a Nigerian nation that has huge potential for success
but has remained largely underdeveloped,” said Shola Oshunkeye, an editor with
Nigeria’s Sun newspapers during a recent visit to New York. “As a result of his
anger, Sowore is usually restless and applies no breaks in pushing to the
public domain any information that could expose the ineptitude,insincerity,
corruption and wheeling-dealing tendencies of the country’s public officials.”

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DANFO CHRONICLES: To God be the glory

DANFO CHRONICLES: To God be the glory

My earliest memory of Sam Amuka Pemu, the Vanguard publisher, comes from an essay I read in the Drum magazine when I was a boy. The column was Sad Sam, and it showed the young Amuka already balding (perhaps he was just clean-shaven). In any case his head was Sahara bare when everyone else spotted afro. To my young eyes, he looked so tough – not the sort to flinch from evil. He looked like the original combative journalist, cynical and aggressive.

The piece itself was titled, ‘My eyes have seen the glory of God,’ and the glory of God for Sam was a young man in a molue who gave up his seat for an old woman. I don’t remember the details, yet that piece has stayed with me over the years and I still wonder why. Perhaps it was the face and the tone, and the fact that I was reading that ‘racy’ magazine for the first time.

I have never bothered to see Mr Amuka-Pemu in person, because whatever he is, he will never live up to that image of his that I saw in Drum as a boy. It may even have played some role in my desire to become a journalist: to be so sure of yourself and your role in society, to be so feisty and gloriously free to go where you please and write what you see.

And who knows, it may also have a tiny part in why I started writing the Danfo Chronicles.

I have recently been reading Sigmund Freud’s ‘The Interpretation of Dreams’ again, and it seems that so much of what we become as adults have their root in our childhood.The other night as I took the big bus from Obalende to Oshodi, with almost as many people standing as were sitting, I thought my eyes had seen the glory of God when a young man left his seat for a woman who had just entered. He had looked at her and smiled, and suddenly he was standing up and she was smiling back and moving towards his seat. But things happen fast in a Lagos bus and she was slow. An old man who had been standing there all the while, dashed in front of her and took the seat and, as harried reporters used to say, hell was let loose.

People urged the old man to leave the seat – the young man even said he was no longer vacating it for anyone – but baba would not budge. “Na you say you no wan seat again and I dey here before her.” Finally, the conductor intervened, though as always it was about the money for him. People who get to seat pay N100, those standing pay N70, which was what the baba had paid. Would Baba therefore pay the balance of N30 now that he has a seat? Baba said no. Would he refund N30 to the young man who was now standing? Baba would do no such thing.

“Wetin she for payam?” he asked, pointing to the lady who now looked sad and kept apologising for causing the youth his seat. The drama was endless; everyone had an opinion.

“Leave baba and let’s go” said a chap sitting beside me, suddenly standing up. “I say let’s go. Matter don end.” His voice carried a warning, as if he would take on anyone who said anything more, and as no one did, he sat back again.

As the bus left, I turned to him, “Are you saying what the baba did was right?” “Xcuse me” he said, “but you know the baba before? You no see say na troublemaker? Look at me.” So I looked, though I am not sure I can say what I saw here without opening myself up for libel.

“Before, I for stand up carry the baba throway out of the bus. No be all this noise una dey make. You dey feel me?” I said I was indeed, feeling him. “But trouble no good. Na me dey tell you. People are making money and we are talking of seat. I say leave matter.” I left matter.

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Senate president expresses support for state creation

Senate president expresses support for state creation

The Senate president, David Mark, has expressed support for the
creation of additional states in the country.

Mr. Mark, while speaking to airport reporters at the
presidential wing of the Murtala Muhammed Airport (MMA), Lagos, on his way to
Abuja, after the conferment of a chieftaincy title on him from Egbaland in
Abeokuta, Ogun State, disclosed that the creation of more states enhances
proximity between the leaders and the led.

“I think truly that the agitation for state creation is an
agitation to bring governance nearer to the people. That is what it means in
effect,” he said at the weekend.

“Could you have imagined what the situation could have been if
Lagos was not created out of the old Western Region, or if we didn’t have more
states in Nigeria?” He asked.

Admitting that there are states in the country that are not as
productive compared to some others, the Senator said that the need for more
states outweighs arguments of a particular state’s viability.

“I know the argument is there are states now that don’t appear
viable, but that itself is not enough argument to stop the agitation for state
creation,” he said.

The public will decide
number

On the number of additional states to be created, Mr. Mark
disclosed that Nigerians will decide on the number of states required for the
country, adding that an open dialogue on the issue will be conducted.

“It is the will of the people. You know, we are going to subject
this to public discussion and at the end of it, we will gather opinion and see
where the preponderance of the opinion swings to,” he said.

Mr. Mark, however, disclosed that the media, the general public,
and the National Assembly have a role to play in the creation for additional
states.

“It depends on you; for the media has a critical role to play.
The public and parliamentarian have a role to play. We all have something at
stake and if we play our part, everything will be alright,” he said.

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Attorney General in kingship tussle

Attorney General in kingship tussle

Imo State Attorney General, Ken Njemanze, appears to have been caught in the middle of a dispute over a traditional throne. He is alleged to have used his position as the state’s Attorney General to influence the judgement of the Court of Appeal sitting in Owerri over the dispute in which he is considered an active participant.

A group known as Imo State Concerned Citizens Abroad based in Slovakia sent a petition dated July 19, 2010 to the National Judicial Council (NJC) accusing the Mr. Njemanze of colluding with Mojeed Owoade, a Justice of the Court of Appeal, Owerri, to fraudulently subvert an earlier judgement of an Imo State High Court, Orlu, over the matter between the state (plaintiff) and Cyracus Amaechi Mkpado (accused).

Another group, the Concerned Citizens of Orlu based in California, United States of America, also petitioned the NJC on the same matter calling on the body to investigate Mr. Njemanze, Mr. Owoade and another justice of the Appeal Court in Owerri, Helen Ogunwumiju, for what it termed “their roles in this travesty of justice”.

Attempted murder

Cyracus Mkpado was charged by the state for attempting to kill one Chima Mkpado by shooting him during a marriage ceremony on December 31, 1991. The shooting was believed to have been precipitated by their quarrel over the kingship stool of Umuzike autonomous community in Orlu local governemnt area, which Cyracus Mkpado was occupying then.

When the case came up for hearing at an Imo State High Court, Orlu, Mr. Njemanze was part of the legal team representing Cyracus Mkpado. On February 22, 2007 Benjamin Njemanze, the presiding judge, passed a guilty verdict on the accused. Ken Njemanze entered a plea of leniency on behalf of his client on the ground that he was a first offender. The judge subsequently sentenced him to five years imprisonment with the option of N500,000.00 fine, which was promptly paid in full by the accused.

Following the verdict of the High Court, Cyracus Mkpado was stripped of his position as the king of Umuzike and his opponent, Chima Mkpado, appointed as the king-elect of the community.

Controversial appeal

However, after the payment of the fine, Mr. Njemanze on behalf of his client, filed an appeal contesting the judgement of the lower court. However, before the conclusion of the appeal Mr. Njemanze was appointed the attorney general of the state. He, however, through his law firm reportedly continued to act as the counsel to the appellant despite being the chief legal officer of the state.

Trouble came when the Court of Appeal sitting in Owerri upturned the decision of the lower court. The verdict of the appellate court led to a situation where the two parties resumed their claim to the throne.

Supporters of Chima Mkpado claimed that the proceeding at the Appeal Court was rigged. They accused Mr. Njemanze of abuse of office. According to them, he colluded with Mr. Owoade and Mrs. Ogunwumiju to subvert the true course of justice.

“The Attorney General, Barrister Ken Njemanze’s stand in this matter shows a conflict of interest and is apparent that he is still operating as the accused council rather than in the interest of the Imo State as the current Attorney General and Commissioner for Justice in Imo State.”

Conflict of interest

This situation was described as an “infamous conduct” by Jiti Ogunye, a Lagos-based lawyer, as it places the attorney general in the compromising position of being the counsel to both the appellant and the respondent. According to Mr. Ogunye, it is clear from the conduct of the attorney general that he “deliberately wanted to sabotage the administration of justice”.

However, Mr. Ogunye berated Chima Mkpado for not acting as at when due.

“The person that is crying foul now has every right at the Court of Appeal to file an application challenging the decision of the attorney general as the counsel to the appellant asking the court to disqualify the attorney general’s chambers from appearing because of conflict of interest.”

Another Lagos-based lawyer, Charles Musa, said as much as the action of Mr. Njemanze may not be strictly illegal, it is not ideal.

“It is not neat”, he said. “There may be conflict of interest. It would have been better if he was not involved; his chambers should not have touched the case.”

However, he said that sometimes it may not be practical to ask a lawyer to hands off all cases involving the government.

“Once he leaves his chamber to become the attorney general he may want to argue that he is no more the lawyer handling it. He has resigned from the chamber and he cannot close the chamber because he becomes attorney general.”

According to Mr. Musa the allegation that the attorney general influenced the decision of the court of appeal to his favour is far-fetched.

“To say that he influenced the Court of Appeal, No, unless there is prove”.

In a telephone interview with NEXT, Mr. Njemanze completely denied having anything thing to do with the decision of the Court of Appeal.

“I have nothing to do with the case,” he said. “It is ridiculous for them to accuse me of influencing the court of appeal. I have no interest whatsoever with the case, I’m not from Orlu; I’m from Owerri. So what is in it for me? I have resigned from my former chamber and I have nothing to do with their work there. It is a busy place with senior lawyers, so why will I want to get involved in their operations?”

Mr. Njemanze also promised to make available all documents relating to the case to show that his hands are clean.

Meanwhile, in a letter dated August 4, 2010 and signed by the Chief Justice of Nigeria, Aloysius Katsina-Alu, the NJC, while referring to the petition sent by Imo State Concern Citizens, gave the judges two weeks to respond to the accusation levelled against them.

Efforts made by NEXT to know the present status of the case has not yielded any result, as the commission had not responded to our enquiry before we went to press.

GLANCE BOX:

1. December 31, 1991: Cyracus Mkpado was accused of attempting to kill Chima Mkpado with a gun during a traditional marriage ceremony at Umuowa, Orlu.

2. February 22, 2007: An Orlu High Court, Imo State found Cyracus Mkpado guilty as charged of attempted murder and sentenced him to 5 years imprisonment with an option of N500,000.00 fine.

3. March 5, 2007: Cyracus Mpkado appealed the judgement of the Orlu High Court

4. June 25,2010: The Court of Appeal sitting in Owerri upturned the verdict of the High Court and acquitted Cyracus Mkpado of attempted murder.

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Consumer price index rises

Consumer price index rises

Nigeria’s Composite
Consumer Price Index (CPI) rose by 13.4 percent year-on-year in
October, according to the monthly price statistics report just released
by the National Bureau of Statistics.

“This is slightly
lower than 13.6 percent recorded in the previous month in the new CPI
series. The monthly change of the CPI was 0.3 percent increase when
compared with September 2010,” the report dated 16 November stated.

A Consumer Price
Index is expected to measure changes over time in the price level of
goods and services, purchased especially by households. The annual
percentage change in a CPI is usually used as a measure of inflation.

The nation’s bureau
said the urban all items monthly index rose by 0.5 percent, while the
corresponding rural index recorded 0.1 percent increase when compared
with the preceding month; and that the year-on-year average consumer
price level, as at October 2010, for urban and rural dwellers, rose by
11.5 and 15.0 percent respectively.

Food Index

The bureau said
average monthly food prices remained stable in October, when compared
with September, adding that the level of the Composite Food Index was
higher than the corresponding level a year ago by 14.1 percent.

“The average annual
rate of rise of the index was 14.9 percent for the twelve-month period,
ending October 2010. The marginal fall in the index was caused mainly
by slight decrease in the prices of some food items like yam, potatoes,
and other tubers, due to the harvest season,” the National Bureau of
Statistics said.

Lydia Olushola, an
economist and consultant at Skytrend Nig. Ltd., said for the everyday
consumer, a rise in CPI means prices of goods go up.

“The problem is
when their average wages do not increase in accordance with the CPI,
that is, if the CPI rises faster than people’s average wages, then the
consumers’ purchasing power declines. They can’t buy as much as
whatever it is they usually bought,” Ms. Olushola said.

Experts say
inflation effects on an economy can be positive or negative, as the
case may be. Inflation rates in Nigeria have peaked as high as 15.6 and
as low as 11.6 between October 2009 and October 2010.

Bismarck Rewane,
managing director, Financial Derivatives Company, a finance firm, said
“Inflation on items less farm produce increased from 1.3 percent to
12.8 in September, though that of food decreased by 1.1 percent to 14
percent, from 15.1 per cent and 11.3 percent in July respectively.
Presently, inflation is running at 13.6 percent. The current inflation
record is weak, due to fiscal spending,” adding that inflationary
pressures are likely to persist in November.

The Central Bank
said inflation depicts an economic situation where there is a general
rise in the prices of goods and services, continuously. It could be
defined as “a continuing rise in prices, as measured by an index, such
as the Consumer Price Index (CPI) or by the implicit price deflator for
Gross National Product (GNP).”

The bank said price
stability does not connote constant (or unchanging) price level, but it
simply means that the rate of change of the general price level is such
that economic agents do not worry about it. Inflationary conditions
imply that the general price level keeps increasing over time.

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Ghana budget to boost cocoa crop

Ghana budget to boost cocoa crop

Ghana plans to
spend 140.5 million cedis to boost cocoa fertilisation next year, among
other measures to achieve an output target of 1 million tonnes by 2012,
the government said on Thursday.

Ghana, the world’s
No. 2 cocoa grower, hopes to raise output from the 700,000 tonnes
projected for the current season by a series of measures, including
extending the use of fertiliser and improving working conditions for
sector personnel.

“An amount of 140.5
million cedis has been set aside for the cocoa hi-tech programme, which
will ensure that appropriate cocoa fertilisers are available at the
right time for use by farmers,” finance minister, Kwabena Duffuor, told
parliament in the 2011 budget speech.

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Ethiopia to introduce one-year Treasury Bills

Ethiopia to introduce one-year Treasury Bills

Ethiopia plans to
introduce one-year Treasury Bills and hold weekly auctions by December,
a government letter to the International Monetary Fund said.

“We are working to
refine our liquidity management capability, including through a move to
weekly T-bill auctions and introduction of one-year T-bills,” said the
letter by the finance minister, Sufian Ahmed, and governor of the
National Bank of Ethiopia, Teklewold Atnafu.

The central bank
issues Treasury Bills sporadically. It recently invited tenders for
28-day bills worth 910 million birr, with a maturity date of December
15, 2010.

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Namibia central bank sees benign 2011 inflation

Namibia central bank sees benign 2011 inflation

Falling inflation
in Namibia has cushioned the southwest African nation’s exports from
the effect of a strong currency, central bank governor, Ipumbu Shiimi,
said on Thursday.

Mr. Shiimi also
told Reuters he expected “no dramatic increase” next year in annual
inflation, which stood at a five-year low of 3.9 percent in October,
despite the expected food and oil prices.

“Because of the benign inflationary environment, the relative rise in export prices is limited to 1 to 6 percent,” he said.

“Exports did suffer, but not in the region of a 30 percent drop that
could be expected on the basis of the exchange rate. We are a bit
worried, but it is not a life and death situation,” he added.

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The way to rebrand Nigeria

The way to rebrand Nigeria

Dora Akunyili is
one woman I admire because she is a Nigerian who wants good things for
her country. Mrs. Akunyili deserves commendation for her efforts aimed
at reinforcing our hope in Nigeria.

The rebranding
campaign actually started from her days in NAFDAC, where she proved how
we could properly project and sustain positive perception. The recent
induction of fellows by the Advertising Practitioners Council of
Nigeria (APCON), where she was inducted as an honorary Fellow, provided
another opportunity for Akunyili to reaffirm the message that we need
to celebrate good things coming from Nigeria to the outside world. At
the event, she spoke with tremendous passion and zeal about the
rebranding campaign.

However, the
rebranding Nigeria project is one that calls for continuous
improvement, review, and appraisal. The project is aimed at
repositioning Nigeria’s image and project the country as a good nation
to the world. It is a laudable endeavour, even though at inception,
some Nigerians described it as another “white elephant project”, and
this opinion cannot be discountenanced totally.

A rebranding
campaign is aimed at creating a new name for an established brand to
develop a different image or perception in the minds of supporters and
competitors. In this case, Nigeria is the brand that needs to be
projected differently on our minds and the rest of the world. The key
question is, “Has Nigeria been positioned differently in our minds as
Nigerians?”

The rebranding and
positioning of Nigeria must start from the top. Our leaders ought to be
thoroughly immersed in the rebranding project to achieve meaningful
success. How many of our leaders are credible enough to lead the
rebranding campaign overseas? While some Nigerians engage in fraudulent
acts abroad, our leaders engage in corrupt acts at home. This is a
perception that foreign countries have about us that several rebranding
campaigns cannot wish away.

The re-branding
project should aim at communicating a new message for the country. What
is that single message that is being communicated by our leaders? The
total focus of the rebranding campaign has been on the external
publics. The campaign should beam a searchlight on all of us as
internal stakeholders.

When our leaders
make conscious efforts to re-brand themselves and desist from their
negative ways, the outside world will definitely see us as “light”
amidst the darkness.

Leaders must show the way

There should be an
immersion process for our leaders. This will definitely open their eyes
to perceive their negative tendencies, which cast aspersion on the
country’s image. Leaders at all levels should be an integral part of
the re-branding campaign for it to succeed. If not, the re-branding
project would amount to futility. This is because leaders who engage in
corruption and unleash violence on political opponents cannot be seen
to embrace the re-branding campaign.

Why would you blame
the foreign media which only project “our negative image” at all times?
I have lost count of political killings in a south-south state in the
last three weeks, while an orgy of violence reigns supreme in another
south-west state.

All these, to a
large extent, show that we do not have leaders who are ready to change
from their evil and negative ways. There should be a holistic approach
to develop a new thinking and a new spirit in leadership, which will
cascade down to followership. It is only when the leadership is serious
minded about the re-branding project that it can translate to
meaningful results.

Beyond leadership,
there should be a significant focus on the generality of Nigerians. For
the re-branding campaign to be successful, there should be a
re-orientation and perception change amongst Nigerians.

The first
perspective is to make Nigerians believe in their country and also have
positive attitude towards the country. This is because poor road
network, epileptic power supply, poor health service, corruption, and
strikes in all sectors of the economy, are now the daily battles we
contend with.

With all these
myriad of problems bedeviling the nation, how and why should an average
Nigerian believe in the re-branding campaign? Nigerians need to be
re-assured, convinced, and motivated to believe in the Fatherland.

The other
perspective is for Nigerians to also reinforce their faith in the
country. We all need to have a positive mindset about the country.
Nigerians need to believe that “we shall overcome someday, and there
shall be light at the end of the tunnel.”

We all need to
rebrand the way we speak, act, and do things, which will ultimately
take the rebranding project to another level. Nigerians should believe
in the country and her potentials to rise from the woods.

The re-branding
campaign goes beyond sloganeering. It is indeed true that we are “Good
people, a great nation” But what values do we internalise as a people?
We need to feel good about the country. The campaign should be one that
affects our psyche as a people. The re-branding campaign should
resonate for us more as internal people before the external publics can
buy into it.

Our values and
belief system need to be changed, and there should be a positive
mindset by all. I believe everyone should look inwards and ask “How can
I rebrand myself? How do I change my thinking? How do I change my ways
and internalise good values? It is only then we can reach out to the
outside world.

Ayopo, a
communication strategist and public relations practitioner, is the CEO
of Shortlist Limited shortlistedprspecialists@gmail.com

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Operators warn against another banking crisis

Operators warn against another banking crisis

While
the financial market awaits the issuance of the first series of bonds
by the Asset Management Corporation of Nigeria (AMCON), the focus is on
how the banking industry will fare after the bad debts are taken off
their books. Financial market operators spoke of a situation where the
regulators still need to keep close watch on the market in order to
prevent a reoccurrence.

The
target date of the first AMCON bond issuance is December 31 or shortly
thereafter, with a N500mn issuance in the first instance.Mike Itegboje,
president of the Chartered Institute of Stockbrokers said the
establishment of AMCON is not a guaranty that a similar crisis will not
beset the banking sector in future. “Let us move forward in this
direction so that it doesn’t happen again,” Mr. Itegboje said.

“Whatever
the CBN (Central Bank of Nigeria) is doing, there is no way we will say
it can never happen again. Some of the banks that were liquidated some
years ago, what lessons have we learnt from them.” He said there may be
need to set up a panel of enquiry in order to know the involvement of
individuals in the banking crisis in order to guard against a
reoccurrence in future. “I pray whatever panel that is set up will not
end up like Oputa Panel report.” He said with the lending and borrowing
aspect of the bad debt management function of AMCON, there is optimism
that the firm will do well.

Non-performing loans

AMCON management last week met with bankers and stockbrokers on the way
to address the current credit crunch in the economy. By the arrangement
reached by the parties, banks are under obligation to hand over non
performing loans (NPL) above five percent of their total loan portfolio
to AMCON. Also, NPL acquired by AMCON, including the contentious margin
facilities from the stock market, on which there are misunderstandings
will be resolved on individual basis. AMCON will also accept unquoted
shares which are products of private placements that have yet to be
listed on the floor of the Nigerian Stock exchange.

Mustafa
Chike-Obi, managing director of AMCON said recently that the
corporation expects to buy up to N2.5 trillion bad loans from eligible
financial institutions and the pricing of the loans will be driven by
the value of the underlying collateral. Mr. Chike-Obi said AMCON will
engage every borrower of an acquired bad loan with the intention of
properly managing the assets and this involves re-performing,
restructuring, forbearance, forgiveness and other resolution options.

Sonnie
Ayere, chief executive officer of Dunn Loren Merrifield, a Lagos based
investment firm, said there is need to build capacity in the industry
in order for ensure that banks play financial intermediation role in
the economy. He said taking the burden off the banks will not
necessarily ensure good management by the banks.

On the effect on the stock market, Victor Ogiemwonyi, managing
director of Partnership Investment, a financial services firm, said
AMCON will be a boost to the market. “The 60 per cent premium for stock
market portfolios that AMCON is offering will be priced into the market
in the coming weeks. AMCON’s intervention will relieve the economy of
debt overhand that is slowing down the market.”

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