Archive for nigeriang

Algeria says LNG capacity to recover in months

Algeria says LNG capacity to recover in months

Algeria’s liquefied
natural gas (LNG) production capacity should return to normal in a few
months after an accident cut capacity by as much as 20 percent,
Algerian energy minister, Youcef Yousfi, said on Thursday.

Algeria is one of
the world’s biggest LNG exporters, with a capacity of 30 billion cubic
metres (bcm) a year, but output has dropped due to a problem with one
of its facilities, he said, ahead of an OPEC oil exporters’ meeting in
Vienna.

“We had (LNG)
capacity destroyed due to an accident,” he said, adding that the
capacity lost was equivalent to around 5-6 bcm/year.

He did not say when the problem occurred or give a more exact timeline for when it might be fixed.

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Zambia to double mining contribution to GDP

Zambia to double mining contribution to GDP

Zambia aims to
double the contribution of mining to gross domestic product by 2015 by
attracting greater investment in the sector, the president of the
southern African nation said on Thursday.

Rupiah Banda said
in a statement that Zambia, Africa’s top producer of copper, aims to
have mining contribute 20 percent of GDP by 2015. That compares with an
11 percent contribution from mining to GDP now, according to ministry
of mines data.

Mr. Banda said he would ensure stability in the mining industry in order for the country to continue to attract investment.

“The vision of my
government is to have (the) mining industry contributing more than 20
percent to the Gross Domestic Product…in the next five years,” he
said.

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Central Bank to name bidders soon

Central Bank to name bidders soon

The Central Bank is
yet to offer any clue on the interested bidders for some Nigerian
banks, months after officially declaring them up for sale and open to
investors.

However, five or
six of the banks rescued in a $4 billion bailout last year will
announce negotiations with potential investors in the coming weeks, the
Central Bank governor, Sanusi Lamido Sanusi, said yesterday, according
to a Reuters report.

“In the next two to
three weeks, you will hear announcements from five or six institutions
about negotiations on registered acquisitions,” the report quoted him
as saying.

The Central Bank
has over the months, indicated that it has been receiving bids from
interested local and international investors in the rescued banks. It
also gave indications that it had received bids for four of the rescued
banks and that foreign institutions were involved in the bidding
process, as well as several local banks and private equity firms in
partnership with foreign banks.

The Central Bank
rescued nine banks last year, which it deemed undercapitalised and
posing a risk to the other banks in the system. It has since been
seeking new investors to recapitalise them.

A Central Bank
staff, who asked not to be named, said worries on whether there are
bidders should be put to rest, assuring that the interested investors
would be named soon.

“At least three
investors, both local and foreign, are in talks with each of the
rescued banks. Negotiations are on,” he said, adding that it is when
choices have been made and due processes have been followed, that the
regulatory body would make the names public.

Awaiting Asset Management Company

The Central Bank
also stated that the Asset Management Company (AMCON), set up to
purchase non-performing loans and chase the recovery of bad loans,
would begin purchasing assets in the next “two to three weeks. By the
end of this year, we will have put the banking problems behind us,” the
report said.

Finance experts,
however, said there still remain some blurred aspects on the
administration of the company, which is expected to acquire eligible
bank assets from eligible financial institutions, purchase, or
otherwise invest in eligible equities among others.

Bismarck Rewane,
managing director of Financial Derivatives Company, for instance, said
there are still some unclear issues regarding the administration of the
company.

“Issues on the
funding of AMCON remain unclear, though the AMCON executives have been
cleared by the Senate and investors are already scrambling for deals
and steals. The AMCON CEO, however, remains upbeat to deliver on
mandate.

“Biddings have
closed for rescued banks, and announcements of the preferred bidders
will be made in October. AMCON should be in a position to absorb a good
level of toxic assets in 2011. The final negotiation and central exit
is expected early 2011, existing shareholders are to be carried along
in the process,” Mr. Rewane said.

The nine bailed out
banks made provisions by the end of September of more than 2.2 trillion
naira for loan losses. Potential investors are anxious to see how
quickly the AMCON can be set up to soak up bad debts and make the banks
attractive.

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Speaker challenges northern states on revenue generation

Speaker challenges northern states on revenue generation

The Speaker of Katsina State House of
Assembly, Ya’u Gwajo-Gwajo, on Thursday, in Katsina, called on the
northern state governments to devise means of generating more revenue
for their states.

The speaker told journalists that the
call became necessary in view of the fact that the states depended
solely on income from the federal statutory allocation.

“Most of the state governments in the
north cannot afford to pay workers salary if the federal allocation
ceases to flow into their coffers,” he added.

He noted that the state governments
could boost their revenue base if they properly harness the natural
resources available in their areas.

The Speaker charged the state
governments to establish Independent Power Plants (IPP) to complement
the effort of the Federal Government in the provision of electricity to
the citizenry.

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Police announce reward for Boko Haram information

Police announce reward for Boko Haram information

The police in Maiduguri, on Thursday,
announced a cash reward of N500,000 for information that would lead to
the arrest of members of the Boko Haram sect.

The Assistant Inspector-General of
Police, Zone 12, Mohammed Zarewa, told the News Agency of Nigeria (NAN)
that he had relocated to Maiduguri to tackle the spate of killings in
the state.

Members of the Boko Haram sect had on
Wednesday shot and killed a mobile policeman attached to the residence
of the Bauchi State commissioner for special duties, Musa Badara.

Before that, suspected members of the group had on Monday bombed a police station in Maiduguri.

“The police is trying its best to uncover the hideout of these
criminals, but our efforts are being hampered by the lack of
information,” Mr. Zarewa said.

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Group criticizes forced early marriages in Yobe

Group criticizes forced early marriages in Yobe

The League for Human Rights has alleged that forceful and early marriages are still practised in Yobe State.

Tamwakat Golit, the
Project Coordinator of the organization, told the News Agency of
Nigeria, in Damaturu on Thursday, that such marriages usually made the
girls not to complete their education. She claimed that in spite of the
campaign for free and compulsory basic education by the state
government, girls in the villages still suffered forceful and early
marriages.

Mrs Golit called on the state House of Assembly to complement the
executive arm of government in fighting the menace. According to her,
the group was building the capacity of women in Bauchi, Yobe and
Katsina States by educating them on human rights violations.

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Africa demands reparation for climate change

Africa demands reparation for climate change

Participants at the
on going Seventh African Development Forum in Addis Ababa have accused
developed nations of paying lip service to funding Africa’s efforts at
combating climate change.

Speaker after
speaker noted that while Africa contributes barely four per cent of
carbon emissions, the continent bears the brunt while those whose
actions endangered the planet remain reluctant at financing the process
that will mitigate the disaster.

Jose Endundo, the
minister of environment, nature conservation and tourism in the
Democratic Republic of Congo who spoke on the theme: Africa and
international climate change negotiations, said previous commitments
contained in the Kyoto protocol and at the Conpenhagen conference must
be met immediately.

“Africa will no
longer tolerate the alibi of using governance issues like transparency
and legitimacy as a pretext to efforts at checking the consequences of
climate change in Africa,” he said.

Mr. Endundo warned
that if the parties concerned do not deploy the required funding to
check the menace of global warming, the number of ecological migrants
would swell to 200 million in the next three decades.

“Common sense show that we can no longer have the rich on one hand and the poor on another.”

Mr Endundo said
historical facts, and fairness require that the advanced nations
provide the technology, the capacity and the funds needed to ensure
sustainable development in Africa in the face of climate change.

In his
contribution, Peter Ekweozoh, an assistant director in the federal
ministry of finance in Nigeria, said as a member of the negotiating
team to the climate conference, he disagrees with the notion that
Africa lacks the capacity to fight climate change.

He noted that for
decades Africa has come to negotiations expecting the European and
American partners to provide critical help on issues, but such help
hardly comes.

Mr Ekweozoh said
the only way out is for the continent to acquire the requisite
technology that will ensure that Africa consumes its quota on
emissions.

“The technology to grow is in the public domain. We must use it to build industries and provide jobs for our people.”

However, Ako Amadi,
the executive director of Nigeria’s Community Conservation and
Development initiative, told NEXT that he is disappointed at Mr
Ekweozoh’s submission that Africa has the capacity which is domiciled
outside the continent.

A retired marine biologist from the Institute of Oceanography,
Lagos, Mr Amadi said Mr Ekweozoh failed to consider the fact that
capacity is an institutional matter, and research institutions have
been destroyed, at least in Nigeria.

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Pharmacists warn against effects of industrial neglect

Pharmacists warn against effects of industrial neglect

The pharmaceutical
industry remains unregulated despite existing laws and enforcement
agencies guiding the manufacturing, importation and distribution of
drugs in the country, the national chairman of the Nigerian Association
of Industrial Pharmacists (NAIP), Lolu Ojo, has said.

Speaking during the
NAIP interactive session held yesterday at the Tahir guest palace in
Kano, Mr Ojo said Nigerian pharmaceutical firms were not contacted to
join the proposed Affordable Medicine for Malaria (AmFm).

He said the
country’s economy would suffer if foreign firms are allowed to ship
anti-malaria drugs to be sold at less than N100 per dose.

“The objective of
the project is commendable, but the implication of the execution of
this project will be disastrous for the industry. None of the existing
companies is considered competent to be engaged for the manufacturing
of these products,” he said.

“The billions of
doses will be produced in foreign countries and shipped to Nigeria for
consumption. The country derives no benefit. Besides, no one considers
the fate of companies producing and selling the anti-malarial in the
country; their business, staff and future. It is a pathetic story.” He
lamented the government’s lukewarm attitude to the industry, saying
government presence is only felt in the amount of charges, levies and
sundry underhand dealings against the indigenous pharmaceutical
industries.

Left undone

To buttress his
point, he cited the fourth phase of the petrochemical industry that was
supposed to serve as a source of raw materials for the pharmaceutical
industry, that has remained in the pipeline.

“It is a pity that
we have left undone the fundamental actions needed to propel Nigeria in
the world map in this sector,” he said.

He further listed
nonexistent patronage from the government, fake and substandard drugs,
rising cost of production as well as the chaotic distribution of drugs
in the country as some of the problems besetting the pharmaceutical
industry in Nigeria.

He lamented that
the pharmaceutical industry is not as vibrant as it is supposed to be,
adding that it is appalling that the total volume in terms of turnover
is far less than $1 billion.

He used India as
reference point, saying it is a country that took decisive steps to
develop its pharmaceutical industry, which has eventually paid off .

“The Indian domestic market in 2008 was worth $11 billion and it is projected to hit the $15billion mark by 2012,” he said.

In 2007 -2008, India exported drugs worth $7.5 billion to the rest of the world.

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Edo governor urges police to do more in combating crime

Edo governor urges police to do more in combating crime

The governor of Edo State, Adams
Oshiomhole, has called on the leadership of the Nigeria Police to work
with his government in its effort to stem the tide of kidnapping, armed
robbery and other crimes in the state.

Mr. Oshiomhole made the call when a
delegation of paramount rulers from Esan land, in Edo central
senatorial district, led by Ehizogie Ailogierio I, the Enogie of
Igueben, visited him at the government house to protest what they
called marginalization, particularly from the monthly security vote to
councils, exclusion from the recent visit by Edo delegation to the
presidency over erosion problem and keeping them in the dark over
developments in the state.

The governor said he has warned council
chairman not to use their security vote to supplement police activities
as they are placed on salary and allowances in addition to being
equipped to discharge their duties by the federal government.

Mr. Oshiomhole said the federal
government alone pockets a large chunk of about 52.6 percent of the
federation account, while 47.4 is shared between the 36 states, the
Federal Capital Territory (FCT) and the 774 local government areas
across the country. He said the federal government, apart from
collecting the lion share, has been unable to meet its security
obligations to the people.

“We are forbidden under the
constitution from setting up state police, we have no say whatever on
who gets posted to Edo State; we have no say on who gets promoted, who
gets demoted, who gets punished and the same thing too on the state
security service,” he said.

No value for money

He said his government had provided
over 100 patrol vehicles and a mandate on the police to collect fuel
from designated petrol stations which costs are paid for on monthly
basis, yet at every robbery attack the police would say they have no
fuel in their vehicles.

“Unfortunately whereas the federal
government has exclusive monopoly of control of security apparatus, we
who live in the state which have no control we are victims of
insecurity and in some levels it is purely academic if we are to simply
fold our arms just to remind the federal government that they have the
obligation under the constitution to protect lives and property,” he
said.

He said the people of the state were
not getting the value of the huge sums of money being expended monthly
by the state government to assist the police to combat crime.

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Governors ask youth to embrace job creation

Governors ask youth to embrace job creation

The Ondo State
office of the National Youths Service Corps (NYSC) yesterday sanctioned
eight 2009/2010 batch C Corps members posted to Ondo State for
absenteeism and abscondment.

Jaiye Ojumu, the
State Coordinator who disclosed this at the passing out parade of the
corps members, said the suspended corps members were part of the 949
youth posted to the state in 2009.

He however noted
that ten of them were given state award for their contribution to the
development of the state through community development programme.

Babatunde Ogundare
was overall best youth corps member for building a medical clinic for
inmates of the Olokuta Maximum Prison Akure.

“Ogundare
distinguished himself during the one year mandatory service. He built a
modern clinic in an over-crowded prison in Akure,” Mr Ojumu said.

State governor,
Olusegun Mimiko urged the corps members to allow lessons of dignity of
labour, self reliance, selfless service and peaceful co-existence that
they imbibed in the last one year to guide them for the rest of their
lives.

“The era of higher
education as a meal ticket or passport to plum employment should give
way to a season of entrepreneurship,” he said, charging Nigerian youth
to resist any attempt by politicians to subvert the democratic process.

Mr Mimiko also
warned corps members that will be engaged by the Independent National
Electoral Commission (INEC) as ad-hoc staff to kick against any
irregularities that some politicians might want to perpetrate. “As the
electioneeringcampaigns have commenced, I want to charge the youth of
this nations to resist being used to subvert the democratic process,
they should conduct themselves in an orderly manner.”

Edo State governor,
Adams Oshiomhole also called on members of the NYSC to join the
campaign against corruption in the country, adding that when the youth
join in the fight against corruption, it means a bright hope for the
future of the country.

He spoke at the
passing out ceremony of corps members deployed to Edo State, where it
was also revealed that two of the corps members died during the service
year.

Mr Oshiomhole said
the lure of easy wealth has turned many youth to the vices of “crime,
cultism, corruption and indiscipline” but said he expected that “as ex
corps members, you will not be found treading the path of crime and
corruption.” The governor said he was satisfied with the corps members’
selfless service in the past one year in the state. He said their
effort have greatly imparted on the socio-economic landscape of Edo
state, especially in the rural communities where majority of them
served.

The state commissioner for youth and sports, Anita Evbuomwan said 13
of the corps members would be asked to repeat their service year over
acts of indiscipline, an action she said “serves as a deterrent not
only to those erring corps members, but also to those still serving.”

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