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Fela! bursts onto the London stage

Fela! bursts onto the London stage

The corridors of
Olivier Hall of The National Theatre, South Bank, London was crowded on
the evening of November 16, when I arrived just minutes short of the
start of the musical, Fela!. It was the opening night of the critically
acclaimed Broadway production, which had already bagged three Tony
awards and was much talked about in international thespian circles.

It is not often
that an African personality is celebrated and chosen as a subject for
western theatre; therefore the excitement was palpable as this evening
marked its next step: a debut in London’s Theatreland – and the British
media were out in their numbers to appraise this curious collaboration
of American stagecraft and African music.

Songs by Fela
played softly from hidden speakers around the busy corridors of the
hall, seducing us to a state of ecstatic anticipation. The songs
interrupted frequently by recorded voice simulations of Fela urging
that the motley audience take their seats as the show was set to begin.
We finally made our way from the small talk, the bars and the sales
stalls offering Fela merchandise and trickled to our seats.

The Olivier had
transmuted into a world of colours, symbols and images. Grabbing
attention high up on the right wing of the hall was a giant portrait of
Funmilayo Ransome-Kuti, Fela’s mother. The stall terraces were draped
with flags of various African countries. The stage background was a
blown up image of Kalakuta Republic, while the foreground paid homage
to many traditional deities: Oshun, Shango, Esu, Ogun and Yemoja.

Projected pages of
newpapers proclaimed news like ‘Fela Raided in Ghana’, ‘Let’s legalise
polygamy – Fela’; and the many scrolling, flashing and shifting stage
accoutrements that were scattered above the stage ensured that one did
not quite know where to look. The stage set was a tribute to excess –
oddly fitting in depicting the life of a musical legend who was known
to have been ruled by extreme passions.

Preceded by his
beautifully decorated dancers, who taxed their waists and derrieres in
seductive dances that left many in the crowd gasping at the audacity of
their ample behinds, Sahr Ngaujah swaggered onstage and promptly took
the thousand-strong audience down a headlong dive into the life of
Abami Eda from the first strains of ‘Upside Down’.

Unknown Soldier

We watch with
wistful appreciation his devotion to his mother, whom he praises as
“the first (Nigerian) woman to drive a car… the first to visit China…
The Teacher” and we mourn along with him in pin-drop silence after her
death at the hands of ‘Unknown Soldier’. We accompany him when, evoking
the spirit of his mother, he summons an Egungun who leads him by the
hand to seek her in the world of the spirits. And along with him feel
the reprimand of her pronouncement when he begs to abandon the
homeland: “I refuse to give my permission for you to use what happened
to me as an excuse to run away.”

We are acquainted
uncomfortably – considering the British audience – with his long-held
scorn for those he calls Nigeria’s “tea drinking guests, the ones who
take our petroleum and people and leave us with gonorrhoea and Jesus.”
And together we are pallbearers who carry gifts of ‘Coffin for Head of
State’.

When the musical
seems to double back on itself, we accompany Fela on his musical
education to grey, cold London and sympathise when he wallows in what
might be termed a quarter life crisis. We all discover his identity in
Black emancipated Los Angeles, learning at the feet of Sandra who is as
much a political influence on him as Malcolm X and Eldridge Cleaver
whose texts she plies him with. And we share his triumph when he
declares, “Music is about change and I’m going to change the world.”

Complemented by a
12-piece band – with London-based Afrobeat musician, Dele Dosimi, on
the keyboard – and two lead singers who played the two major influences
in Fela’s life Melanie Marshall (Funmilayo Ransome-Kuti) with her
steely soprano, and Paulette Ivory (Sandra Isadore) crooning in sultry
alto, Ngaujah sweated his way through several saxophone build-ups,
while exuding the megalomania and larger than life charisma of Fela. He
played the audience expertly, we laughed when he wanted and danced when
he ordered. He took us from raucous participation in the notorious
pelvic thrusting clock dance to sad contemplation of the still-bitter
state of affairs in the nation he tried so hard to change.

Shuffering and Shmilling

‘Water No Get
Enemy’, ‘Coffin for Head of State’, ‘Expensive Shit’, ‘Upside Down’,
‘Shuffering and Shmiling’, ‘Sorrow Tears and Blood’, ‘Zombie’, ‘Yellow
Fever’, led us down route after intriguing route in the life of the
much missed icon. Finally, Ngaujah asked, “Who here has ever been to
jail?” and surprisingly several hands shot up in the audience.

Two of the more
insistent hands came from the first and fifth rows, and moments later,
stage lighting revealed them to be no other than Fela’s sons, Seun and
Femi Kuti. Seated discreetly among the crowd with his older sister,
Yeni, Femi had undoubtedly tried to evade recognition until the
nostalgia of the recreated shrine ambience prompted him to abandon
anonymity. Seun on the other hand had hardly been able to restrain
himself from joining Ngaujah and the dancers onstage. His head bobbed,
shoulders shook, and feet tapped in evident enjoyment of the music and
the bird’s eye view of the spectacular dancers gyrating before him in
an alternation of perfect choreography and reckless abandon.

Employing a
colourful array of costumes, expressions, dances, ideas, Fela! was
spectacular in its drama. Bearing in mind its international audience,
however, many of the songs were performed in English rather than the
Pidgin English. The musical also played, as it were with the facts:
Fela was no known Abiku, who had eschewed his mortality in anger at
being given a foreign name. Yeni, was quick to defend these add-ons
when NEXT caught up with her after the show, “It’s a musical, they
can’t get all the facts right. You will not find me criticising it
because it has ensured that almost 14 years after his death, Fela’s
legacy continues to live internationally.”

After curtain call

The performance
seemed to be packed too tight on a body too thin, getting lost in the
hazy area between drama and musical. Nigerians may not have seen all of
the Fela they know, but the parts of Fela seen fit to be depicted was
played out in almost an overdose. “The story is flimsy and confused,
there’s a lack of narrative drive,” complained Henry Hitchings of The
London Evening Standard, and one could not agree more. One might
therefore disagree with Femi Kuti’s remark that “This show is for the
international audience. It gives the average foreigner knowledge of
Fela and what he stood for. We Nigerians are too critical; we want the
Nigerian accent and fail to understand the intention of the producers.”

Seun Kuti who was
seeing the musical for the seventh time, said he found it enjoyable
though less heightened than the Broadway shows. “Not in the message,”
he hastened to add, “but in the drama.”

Watching Ngaujah
alternate between abrasive confidence, soul and affected contempt for
his “political enemies” was a thrill only slightly marred by his
mispronunciation of Yoruba expressions. And one could not help but
wonder, as he appeared in one elaborately embroidered Fela trademarked
costume after the other, whether this job of playing Fela could not be
better delivered by D’banj, whose new Mr Endowed mantra seems another
of his similarities with the illustrious “one who carries death in his
pouch”.

Enquiring from Femi
if when Fela! debuts in Nigeria as hoped, D’banj would be playing Fela,
met with a bright eyed knowledge but a refusal to comment, and one can
only wonder whether the Koko Master is not as we speak taking a crash
course in playing the brass.

Fela! at London’s National Theatre is an exhilarating testament to
the achievement of Fela Anikulapo-Kuti while being at the same time
exaggerated yet sketchy; toned down, as it were, to appeal to British
sensibilities. One therefore hopes that when the musical visits
Nigeria, the Abami Eda will be unleashed on his people in all his
overwhelming glory.

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EMAIL FROM AMERICA: A Man of the People

EMAIL FROM AMERICA: A Man of the People

Chinua Achebe is on
my mind. I must congratulate the brave warrior for scaling his 80th
year on this rugged earth. This card-carrying member of his ardent cult
of followers wishes him many more years of happiness, peace and
prosperity.

My father,
Papalolo, and I would not be where we are today without Achebe’s
fearless and nurturing leadership. More on that later, but there was a
time when people actually read books in Nigeria. Today, Nigeria is a
nation of mostly uncritical people reading, swearing and living by
“holy” books that were crafted by scheming, feuding brothers in ancient
times, siblings who could not stand the notion of living together in
peace.

Today in Nigeria,
the bible has become a weapon of mass destruction. Not only is it
destroying the lives and aspirations of the truly dispossessed, it is
destroying Nigerian culture, our ways of life as it should be. And
those that call themselves “pastors” are at the heart of this rampage,
presiding over this hell on earth that serves to create brick by brick
their own commercial heaven. I am not a Christian, but I sincerely hope
that there really is a mean unforgiving God and a hot hell and that all
our thieving pastors have seats reserved for them on the high table of
hell.

My favourite book
of all times is Achebe’s ‘Things Fall Apart’. It is easily my security
blanket. Whenever I am stressed, I go to it like my bible and read a
passage; it never fails to console me. Until Facebook came along and my
parents Papalolo and Mamalolo befriended me, exile was hell and there
was a passage in ‘Things Fall Apart’ where Okonkwo was being consoled
in the wintry depths of his exile by his maternal uncle. That passage
is my favourite; I used to go to it many times a year until Facebook
came along. My father Papalolo is also an Achebe groupie. My dad did
not have a formal secondary school education, but a scrappy soul, he
educated himself. He got disillusioned about the experiment called
Nigeria very early in his life and the dark humour in his reading
choices reflected his disenchantment. A dashing warrior who spent a
career prepared to die for Nigeria, he now relies on the generosity of
his children to make it to the next day. The country that he fought
for, the leaders that he fought for, have long forgotten about him and
fellow retirees. Our leaders fight over loot, national resources, that
if shared equally among all of us, would make each Nigerian as rich as
Saudi Arabian oil sheikhs. There is no God.

My father loved
books and newspapers. He loved detective stories and so he subscribed
to magazines like ‘True Detective’. He was also a romantic and he made
sure to subscribe to romance magazines. I was addicted to pictorial
magazines like ‘Sadness and Joy’, ‘Boom’ and the antics of the
detective Lance Spearman and “bad man” Rabon Zollo.

I remember once
breaking down in tears when, as punishment, my dad would not buy me the
latest copy of ‘Boom’. The magazine featured a good looking warrior and
his elephant who always managed to vanquish his enemies. Some of the
enemies were man-eating plants! My father loved Agatha Christie’s
stories. I also distinctly remember the Inspector West series by John
Creasey. Inspector Roger West was a dashing young Scotland Yard
detective and several volumes of his exploits were housed in my
father’s cupboard. My father had a cupboard of books and as a young boy
I thought it was a thing of magic; no matter how many times I visited
that cupboard there was always a book I had never read. I travelled to
many worlds on the wings of my father’s cupboard – India, England,
America and faraway places that housed little impish boys that loved to
dream.

Achebe’s books spoke to my father because Achebe was of his
generation and he could identify with the issues that the books
wrestled with. My dad would always tell me that the books ‘A Man of the
People’ and ‘No Longer at Ease’ were fabrics torn from Nigeria. They
featured the uncritical acceptance of Western culture, what my Facebook
friend, Binyavanga Wainana the brilliant writer of Kenyan extraction,
once contemptuously called mimicry on his Facebook status. In the
books, Nigerian intellectuals, newly arrived from England would acquire
cars, fake accents and at dinner parties the favourite greeting was:
“How is the car behaving?” My dad loved that phrase. On certain days,
with a glass of Star lager beer in his hand, the keys of his motorcycle
twirling around his finger, and that twinkle in his impish eyes, he
would ask the mirror in our parlour: “How is the car behaving?” and we
would both break into long peals of laughter. Here is to you, Professor
Achebe for bonding my father and me with the glue of your powerful
words. You sir, are a man of the people.

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EXCUSE ME: The Anthropology of Black Friday

EXCUSE ME: The Anthropology of Black Friday

Today is Black
Friday in America, the day after Thanksgiving when bargain hunters give
each other black eyes. It is also the day the prices of most things
crash to rock bottom and you see many black people crashing over
themselves in stores to buy items they already have.

In all seriousness,
Black Friday craziness can be hilarious because it is when retailers
come together to pick a consensus product that sets shoppers on frenetic
rampage as if possessed by voodoo.

Waiting for that
quintessential Black Friday item, is always dramatic, like waiting for
Ciroma and his wise men to pick a consensus candidate to represent the
north. Come to think of it, what level of technology or electronic
gadget do you think each of the four candidates represented in Ciromart
during the decision making process that led to the picking of Abubakar
Atiku? Let’s see.

Starting from
Saraki – I think he was represented by Wii, exciting for both young and
old, a virtual exercising mechanism, which doesn’t quite cut it for
those that want to take body building or working -out seriously.

IBB was represented
by Betamax – if you are thinking that Betamax is some species of
dinosaur, you may be right to some extent. But for the purpose of this
discussion, it was a machine, the same size as an I-Better-Pass-My-
Neighbour generator, used in playing videotapes in the olden days. Two
of the famous movies Nigerians watched on Betamax were Idi-Amin Dada of
Uganda and the Gods Must Be Crazy. According to Wikipedia “The format is
generally considered obsolete, though it is still used in specialist
applications by a small minority of people.” You get the drift.

Gusau was
represented by Grand Theft Auto – a video game that only appeals to
those interested in clandestine activities and who are security
conscious. The American government can’t afford to sleep with both eyes
closed each time a new version is released. Here is what Wikipedia has
to say about this product: “The series focuses around many different
protagonists who attempt to rise through the ranks… although their
motives for doing so vary in each game. The antagonists are commonly
characters who have betrayed the protagonist or their organisation.”
Hmmm, go figure.

Atiku had the ipad
to stand for him, the new darling of techies and novices. A cross breed
between an iphone and the sleek MacBook Air, a product that won’t do
anything meaningful for you unless you have entered your credit card
information so it can zap money out of your pocket like the customs
officers at Nigeria’s borders.

The ipad is like a bat; neither this nor that, other than it is the coolest effizy to be seen with these days.

Now you see
Nigerians cradling it like a molue preacher carrying his Bible – and
some of our TV newscasters also carry it the way a girl named Perpetual
used to carry her slate in primary school.

Everybody wants one,
you hate it but you love it. Just like Wal-Mart in America that will
certainly make ipads the chosen product for this year’s Black Friday,
Atiku was represented by the ipad in Ciromart and he got the pick.

Folks, I apologise
for that distraction, such is the nature of Nigeria politics. I just
wanted to talk a little bit about Thanksgiving in America and how
miserable it used to be for me as a new arrival in the 90s. Back then it
was just me, my brother and his young family of three sitting around an
overweight turkey and other foreign looking food.

The first year I
endured the food but the second year I begged Obhiaha, my sister-in-law,
to kindly make Ogbono soup and pounded yam. For Christ sake I am an
Esan man and Thanksgiving wtas similar to the new yam festival in my
village, so it was culturally problematic for me to eat anything else
but pounded yam on a day with such festive trappings.

Another abnormality
that used to drive me bonkers on Thanksgiving Day was that I had to go
to work after loading my stomach with good food. Despite the double pay I
would receive later, I always wept internally on my way to work like a
woman forcefully married off. It was psychologically flagellating for
me to leave the festive warmth of my brother’s house.

If you still don’t
understand why I cried, going to work on Thanksgiving Day was like going
to Ozigono farm to weed elephant grass after eating a New Yam festival
meal in the village.

Happy belated
Thanksgiving to everybody and if you had to work after the feast
yesterday in America, don’t worry, change is gonna come someday. I mean,
did you ever think that a day would come in Nigeria when a customs
officer would be the chosen one over two seasoned army generals?

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Obasanjo laughs at Atiku’s candidacy

Obasanjo laughs at Atiku’s candidacy

Former president
Olusegun Obasanjo yesterday laughed off the emergence of his erstwhile
deputy, Atiku Abubakar, as the consensus candidate of the North in next
year’s presidential elections.

Mr. Atiku had, on
Monday, been named the presidential aspirant of the region by the
Northern Political Leaders’ Forum led by Adamu Ciroma.

Mr. Obasanjo, who
was approached by reporters while leaving the council chambers of the
presidential villa where he had, alongside three other former heads of
state, attended the National Council of State meeting, was initially
reluctant to respond to questions from journalists on his former
deputy’s chances at the polls.

But unable to avoid
the throng of persistent journalists for long, he comically cleared his
nose with his inhaler for a long while before replying in pidgin
English: “ah, I dey laugh o!”

Rather than complete his statement or speak further on the issue, however, Mr. Obasanjo turned into a preacher.

He said he had
always prayed for happiness in life and now he is a happy man. He went
ahead to pray for journalists who were eagerly waiting for him to make a
full comment on the question they had asked him.

“My prayer for you is that you will always have happiness in life” he said, and he got a loud chorus of “amen”.

Katsina state
governor, Ibrahim Shema, who was also approached for his reaction,
merely told journalists that Mr. Atiku is just a presidential aspirant
and that the north will speak for itself at the appropriate time.

When asked to
comment on the emergence of a consensus candidate from the region ahead
of the polls, former head of state, Muhammad Buhari replied that his
party, the Congress for Progressive Change (CPC), has nothing to do with
the issue of zoning.

“Zoning is a purely
PDP affair, but CPC’s constituency is the Federal Republic of Nigeria.
Anybody, anywhere can contest for any office he think he can achieve,”
Mr Buhari said.

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ACN lawmakers oppose colleagues on electoral act amendment

ACN lawmakers oppose colleagues on electoral act amendment

Lawmakers of the
Action Congress of Nigeria, in line with their party’s leadership, on
Thursday broke ranks with their colleagues over the ongoing amendment of
a section of the 2010 Electoral act to enable lawmakers become part of
the executive council of their parties.

The ACN lawmakers,
who said the amendment was self-serving, announced their position on
Thursday after a meeting with the party leadership in the National
Assembly complex, Abuja.

They said the
current amendment of the electoral act, which seeks to order all
political parties to have a National Executive Committee comprising all
the federal lawmakers, offends the Constitution and stifles the ability
of the parties to make their own constitutions and decide who attends
their executive committee meetings.

“Instead of the
feeble defence offered by its authors, that it will strengthen internal
democracy in the political parties; we say unequivocally that it can
only succeed in turning the parties to political zombies,” Usman Bugaje,
the party’s national secretary who represented the party chairman said.
“How can a zombie party thrive on internal democracy? This is a paradox
that is glaring to all except those behind the obnoxious misadventure.”
Mr Bugaje argued that prescribing uniform constitution for the parties,
with regards to the constitution of the party’s NEC, the conduct of
primaries and the other party guiding principles in the 2010 electoral
act, would limit the choice of which party Nigerians could opt for.

“This to us is like
prescribing one medicine for all ailments. This is wrong. It is not for
the National Assembly or INEC to tell all parties how to conduct their
primaries. Democracy cannot grow through such regimentation. We reject
it in its entirety,” Mr. Bugaje said.

Internal democracy

The PDP-led national
assembly, however, had argued that the various amendments in the 2010
electoral act will ensure internal democracy in the political parties.

“The talk about
internal democracy, as a reason for regulating party primaries, by the
PDP-led National Assembly, is a smokescreen, self-serving move. While
the PDP may have a reason for doing that – to satisfy a faction, we at
the ACN do not have such problems and should not be railroaded into one a
one-size-fits-all kind of arrangement. It is up to parties to determine
how their candidates will emerge,” Mr. Bugaje said.

The party criticised
almost every amendment in the electoral act, ranging from the
sequencing of elections to the proposed amendment which will make most
of the legislators member of their party’s NEC.

“We believe that the
ongoing attempt by federal lawmakers to gate crash into NECs of various
political parties is anti-democratic, self-serving and downright
unconstitutional. The national assembly as a whole whether senators or
House of Representatives fully associate ourselves with the position of
the party on this issue,” Mamora Olorunmibe, leader of ACN caucus in the
national assembly said.

Femi Gbajabiamila,
leader of ACN in the House of Representatives corroborated Mr. Mamora’s
stance. He also said some members are being victimized for opposing
contents of the proposed 2010 Electoral act amendment bill.

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BRAND MATTERS: Airtel- an abiku network?

BRAND MATTERS: Airtel- an abiku network?

I am a subscriber
on the Zain network, and what I discovered during the recent name
change to Airtel informed this write-up. Its importance made me
jettison some other outlined topics.

This is an
interesting issue, as Airtel replaced Zain network over the weekend,
with several consumers unaware that they are hooked on a new network.
What has become very critical is the approach adopted in the name
change. Airtel suddenly replaced Zain, without the target consumers
gaining firsthand knowledge.

Airtel should have
garnered consumer’s attention through specific communication channels
before the eventual unveiling. It should have created a bit of
excitement amongst the consumers about the new network. When Etisalat
came in, it leveraged on a platform of registering preferred numbers
for consumers. This motivated several Nigerians to connect with the
network.

A coherent strategy
to generate massive awareness for the name change amongst consumers
would have been a potent tool to arouse the audience interest and gain
their attention. When people saw red billboards with Airtel logo, they
asked questions, and this shows limited awareness about the name change.

Identity crisis

A brand name should
also be one that appeals to the consumer. It is surprising to note that
even subscribers on the network do not know the name of their new
network. A subscriber within my office complex asked which one is
Airtel again?

The network on my
phone, as I write, still reads ‘ZAIN NG’. I learnt of the proposed buy
over of Zain months back. The period should have been utilised to
sensitise Nigerians about the new brand name, its offerings, and
benefits to them. Airtel should have developed a strategy which is
aimed at touching base with the consumers. Presently, the brand has
identity crisis with the consumers, due to the process of name change
that has resultant effects on poor network quality.

I conducted a
dipstick research on the name change in order to gauge the perception
of ZAIN subscribers. The results were very revealing, as virtually all
respondents interviewed have lost confidence in the network. Some were
unhappy they could not load recharge cards on their phone since the
name change.

The most critical
response is that quite a lot of subscribers have migrated to other
networks. It is equally important to state here that many were
surprised at the name change, as they were caught unawares.

Airtel should have
conducted a comprehensive research on the potential outcome of the name
change. This would have enabled the network gain insights about the
perception of the consumers. The brand needs to understand consumers’
perception, as this influences their behaviour. This has resulted in
the decisions of some consumers dropping the brand, prior to the name
change. Airtel would have touched base with consumers, gauge their
perception, and allay their fears about the name change through the
research. What sets Airtel apart from other networks would have been
revealed.

No structured strategy

There was no
structured communication strategy to inform the consumers about the
name change. Airtel may embark on a name change, but can it match up to
the desired image? Consumers must be able to trust the brand while they
also need to be treated with respect. It becomes difficult to change
perceptions and to transcend current stereotypes related to particular
brand images.

It is already
visible that there is consumers’ remorse. This was revealed through the
‘on the street’ dipstick research. Consumer’s remorse occurs when
changes take place after a consumer patronises a brand, which s/he
regrets later.

Now, consumers on
the network are unhappy and unsatisfied with network quality. Airtel
needs to contend for consumer’s loyalty and have consistency in service
delivery.

I was pleasantly
surprised when a story in a newspaper on November 22, credited to
Airtel chairman, read: ‘Airtel will give MTN a good fight’. My view is
that this should not be the starting point for Airtel. What this
portends is that Airtel might even be heading towards the wrong
direction. Airtel needs to fully understand the key parameters on
ground and map out strategies to remain a preferred network for its
consumers. Airtel needs to gauge the perception of subscribers on its
network and give them a reassurance that it will improve on its
offerings.

The brand needs to
gather a substantial momentum against competition. It is coming at a
time when several Nigerians perceive Etisalat as the best network.
There should be a high visible marketing and public relations
intervention to position the brand in the minds of Nigerians.

We indeed await
Airtel to showcase and leverage what is stands for to Nigerians. It is
only then we will all know we know what freedom means.

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Petrofac enters Nigeria with 15 pct stake in explorer

Petrofac enters Nigeria with 15 pct stake in explorer

Petrofac spends
$100 million on a 15 percent stake in Nigerian oil explorer, Seven
Energy, fulfilling the British oil and gas company’s long-term
ambitions to enter sub-Saharan Africa’s second-biggest economy.

Petrofac also has
an option to invest a further $52 million, should project milestones be
reached, bringing its interest up to 19.2 percent on a diluted basis,
while other investors have agreed to inject an additional $50 million
into Seven Energy.

“We see this as a
mutually beneficial transaction. Seven Energy has a lot of experience
in operating in Nigeria,” Petrofac’s CFO, Keith Roberts, told reporters
in a conference call.

“We’ve been
targeting for years to establish a much stronger (Nigerian) presence,
and we believe that this transaction and the broader alliance, and the
opportunity that gives us to both co-invest and co-develop with Seven
will help us progress our ambitions to develop a significant presence
in the country,” Mr. Roberts said.

Mr. Roberts noted
that the company had “significant fire power”, with a billion dollars
in cash on the balance sheet to fund any future acquisitions, but
declined to say whether the company was looking at any other specific
targets.

“Clearly, we need
to be comfortable with the opportunities, the returns, and the
associated risks. Let’s start with (this) before we think of anything
else,” he said.

Petrofac will
provide experienced personnel to help with the delivery of Seven
Energy’s key existing projects, and will be represented on its board
and management committees.

Shares in Petrofac were up 0.3 percent at 1,455 pence at 1313 GMT.

REUTERS

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IMF wants Asset Company to be transparent

IMF wants Asset Company to be transparent

The International
Monetary Fund (IMF) wants full transparency and accountability in the
operations of the Asset Management Corporation of Nigeria (AMCON). In
its latest assessment of Nigeria, released on Wednesday, the IMF gave a
tacit approval to interventions in the banking industry, but expects
AMCON to establish clear criteria for eligible assets.

The IMF statement,
which was issued by its mission chief for Nigeria, Scott Rogers, states
that, “Recapitalizing the insolvent banks and returning them to private
hands as quickly as possible is critical,” the report stated, while
advocating accountability in AMCON operations and financial results.

AMCON was
established by the Central Bank of Nigeria (CBN) and the ministry of
finance, with the aim of absorbing bad loans in the books of banks.

The IMF assessment
report was released after a meeting with Olusegun Aganga, finance
minister; Lamido Sanusi, Central Bank governor; Shamsudeen Usman,
minister of national planning; as well as other senior government
officials and representatives of the private sector.

Transparency is crucial

Victor Ogiemwonyi,
managing director, Partnership Investment, an investment firm, said the
asset corporation needs to be transparent in order to sustain the
confidence of the market.

“They have to be. They know it is the most crucial thing for them to do,” Mr. Ogiemwonyi said.

In realisation of the import, the corporation has declared its criteria for accepting assets that will be taken over.

Razia Khan,
regional head of research, Africa Global Research, Standard Chartered,
London, said high interbank rates was in anticipation of AMCON.

“Interbank rates
are likely to remain elevated, a much-needed safeguard to ensure that
liquidity growth does not get out of hand once the AMCON’s activities
get underway,” Ms.Khan said.

The IMF team, while
supporting the recent increase in the monetary policy rate, recommended
that the CBN conducts monetary policy with a view to reducing inflation
to a single-digit level. According to the IMF, slower growth in credit
is not unexpected in the aftermath of the unsustainable credit growth
driven by equity-related lending.

“Efforts to boost
lending to small businesses should be promoted through targeted
reforms, such as an effective credit risk bureau, better collateral
execution and bankruptcy procedures, and improved land tenure system,”
it said.

The IMF added that
Nigeria needs to make better use of Open Market Operations (OMO) in
order to make its policy rate more effective. Open market operations
refer to the buying and selling of government securities in the open
market, in order to expand or contract the amount of money in the
banking system.

“Looking forward,
the IMF team emphasised the importance of developing a consistent
macroeconomic policy framework, with the fiscal and monetary
authorities working closely together to help achieve stability and
growth,” it further said.

Prevailing
stagnation of aggregate credit to private sector, according to IMF, is
expected, especially in the aftermath of the unsustainable credit
growth driven by equity-related lending.

“Efforts to boost lending to small businesses should be promoted
through targeted reforms, such as an effective credit risk bureau,
better collateral execution and bankruptcy procedures, and improved
land tenure system.”

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Power sector assets not for strippers, says minister

Power sector assets not for strippers, says minister

The
Federal Government yesterday said the unbundling of the Power Holding
Company of Nigeria (PHCN) and the privatisation of the power sector was
not yet finalised because it does not want the company’s critical
assets to go into the wrong hands.

Nuhu
Wya, the minister of state for power, said at the 2010 ministerial
briefing in Abuja that despite the criticisms by the National Union of
Electricity Employees (NUEE) and the Nigeria Labour Congress (NLC), the
power sector privatization programme would proceed as planned.

Mr.
Way said that though the wounding down of the PHCN has continued to
elicit protests from the company workers and affiliates of the
organised labour, government is determined to go ahead with the plan
and complete the process by next year’s second quarter.

“Government
is determined to see the eventual privatization of the electricity
sector as planned. But the public must be assured of the federal
government’s commitment, to ensure that the sector’s resources do not
fall into the hands of asset strippers,” Mr. Wya said.

“The
power sector reform programme, which started in 2005, is well on the
way to completion. The Power Holding Company of Nigeria (PHCN) is
expected to be wound down by the second quarter of 2011, but government
would insist that the exercise is not in favour of those in government
that looted the $16 billion spent on the sector during the Obasanjo
regime. Selling the company to these people would only impoverish
Nigerians,” he declared.

Increased electricity supply

According
to the minister, despite challenges militating against the completion
of the privatisation process, the present administration has recorded
significant improvements in the level of electricity supply to
consumers since the beginning of the year.

Government,
he said, was searching for people who are not only financially vibrant,
but possess the ability to add value to what they are buying, adding
that with several other infrastructural challenges that the government
was facing, the search for foreign investors was unavoidable.

“The
consequence of not taking these decisions would be very colossal. As
long as the PHCN remains in the hands of the government, the country
will continue to be penny wise, pound foolish. If we will not fulfill
our responsibilities, we will continue to live in darkness. So, this
government is saying: enough is enough; let’s go the full length of the
reforms,” he said.

Hussein
Labo, PHCN chief executive officer, said the power sector reform was
inevitable, pointing out that individuals or groups that are against
the ongoing privatization process were either unproductive staff or
‘freeloaders’, who are not really interested in the progress of the
sector.

“There
are two groups of people who are against reforms in the power sector.
The first group is the unproductive members of staff who think when
that utility is reformed they will be out of work; while the second
group is people who enjoy certain benefits when the utility is under
private hands, and they believe they would not continue to enjoy such
benefits if the reform succeeds,” Mr. Labo declared.

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More Africans embrace mobile advertising

More Africans embrace mobile advertising

InMobi, a fast
growing mobile ad network, has announced African results from its
study, ‘A Global Consumer View of Mobile Advertising’.

InMobi provides
advertisers and publishers a display mobile advertising platform,
reaching 50 million Africans through nearly three billion ad
impressions monthly. As a committed player in Africa, InMobi recognised
the need to provide the mobile industry a data-driven, distinctly
African consumer perspective on the state of mobile advertising. This
includes focus on Nigeria, where acceptance of mobile advertising is
the highest in the world at 76 percent; a key factor making Nigeria,
Africa’s fastest growing mobile market.

The survey, done in
partnership with digital marketing intelligence agency, ComScore,
interviewed 2,500 consumers in Nigeria, South Africa, and Kenya, and
discussed overall comfort with mobile ads, perceived benefits,
willingness to have ads, and interest in major brands across four
categories of automotive, travel, consumer electronics, and
entertainment.

James Lamberti, VP, global research & marketing at InMobi, said,
“Africans are among the most progressive in the world when it comes to
mobile advertising, and clearly ahead of consumers in Europe and the US
when it comes to adoption. As smart phone technology, 3G networks and
cost effective data plans take hold of the continent; a healthy market
today becomes an explosive market in the future,” Mr. Lamberti said.

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