Archive for nigeriang

Afrobeat at the Barbican

Afrobeat at the Barbican

The Barbican Centre, London, came alive on October 6 with the music of Afrobeat maestro, Tony Allen, at a musical event held to commemorate his 70th birthday. Tagged ‘Tony Allen 70: Nigeria 50′, the evening also featured Seun Kuti and Keziah Jones alongside international stars like Jimi Tenor, Thandiswa, Pee Wee Ellis and Eska Mtungwazi.

Hailed by the event’s anchor as “The Lion of Lagos, whose music has touched our hearts and souls and feet,” Allen in the three-hour event proceeded to bring the mostly European crowd to its feet with his untamed Afrobeat rhythm in songs like ‘Too Many Prisoners’, ‘Ijo’, and ‘Pariwo’. The event also featured Raggae, Rap, Pop, Blues, with most of the acts accompanied by instrumentals from Allen and his 10-member band.

Reticent

The 70-year-old drummer in halting speech, beseeched the audience early on in the event, saying: “Bear with me tonight, I am not going to be talking, I am not a talker, I don’t know how to talk.” He then remarked, as if in sudden realisation that he had exhibited some oratory skill, “but I am talking now,” quickly promising that it would “be the last one” before he went about his beats with tacit dexterity.

Jimi Tenor performed two songs accompanied by Allen’s Afrobeat before Wunmi, performing Fela Anikulapo-Kuti’s “Upside Down” brought the house down, more with her sensual and energetic African dance than with her impressive rendition of the tune.

Contrary to his earlier promise, however, Allen felt the need to address the audience one more time. He said to them, in apparent bafflement, “There is a problem; the problem is that you are sitting down. I don’t know how you are managing that, it must be painful.” And with this, the crowd, most of whom had been gyrating discreetly on their seats, needed no further urging to commence an all out boogie.

Nigerian Flavour

It was not apparent the sheer force of the Nigerians (or perhaps Africans) within the audience until Keziah Jones sauntered onstage to perform ‘Lagos Versus New York’, a musical examination – characterised by a series of taut strums of his guitar – which focused on differences and similarities between the two cities hailed for their unique characters. He followed this by the mellower and more philosophical ‘A Curious Kind of Subconscious’.

Towards the end of the show, when like me, many Nigerians, might have been contemplating the possibility of Seun Kuti doing a “no show”, he sprung on the audience announcing that he was there to celebrate the birthday of the man whom he fondly called “Uncle Tony”. He drew the line however at celebrating Nigeria. “Nigeria, and 16 other countries gained independence in the same year; it is a time for reflection, not celebration,” he declared with the kind of open frankness that his father had exhibited during his life and musical career.

Fela Reincarnates

In his matching, body-fitting shirt and trousers, Seun Kuti, described by the Barbican as “The charismatic youngest son of Fela and a rising star of contemporary Afrobeat”, recreated the awesome presence of his father. Serenaded by the instrumental version of his father’s songs, ‘Seun Kuti declared, “I am representing one of Tony’s old friends. Due to unforeseen circumstances, he didn’t make it – I’m talking about Fela Anikulapo-Kuti.”

He then proceeded to sing with exacting replication, Fela’s ‘Shuffering and Shmiling’ and ‘Kolomentality’ while the audience danced and sang along with him. If anyone had expected Seun to sing any of his own tunes, they were disappointed, because after his renditions of the songs – two of his father’s more popular ones – he bowed to the audience and exited the stage.

NEXT caught up with Seun Kuti after the event; and he explained that, “I did not want to play my own music because I wanted to remove myself from it. This is about Tony Allen and Fela. The songs I played are two of those he worked with Fela on.”

Seun Kuti, who had last performed at the Barbican in May 2008, however said that London will not be experiencing his Afrobeat in 2010. “Not till next year, I want to stay and enjoy Nigeria for a while,” he said, while expressing his anticipation for this year’s edition of ‘Felabration’, which was scheduled to begin on October 11, a mere days after the Barbican concert.

Celebration

It was the audience’s turn to sing as the crowd rendered a birthday song to Tony Allen. The star studded evening ended with a song aptly titled ‘Celebration’. It was performed by Tony Allen and most of the featured international artistes, who joined him on stage for a final bow to the audience, who with their unaffected appreciation for Afrobeat, affirmed Allen’s statement that “Music has only one language.”

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A Juju dream come true

A Juju dream come true

Great historic moments of culture and epoch-making sounds of music happen, for posterity, when iconic musicians overcome seeming competition and perceived rivalry and, rise above the simplistic press hype about the best musicians in the various genres of Nigerian contemporary popular music.

Such is the luck of Nigeria at 50 that two of the true giants of Juju music – with a little prodding from a team of journalistic connoisseurs and event management entrepreneurs par excellence – have agreed to perform together in a proverbial one-night stand in Lagos in a few weeks time.

Ebenezer Obey and Sunny Ade performing live together backed by one band is the dream monster mega-concert of Nigerian contemporary popular music come true and real; thanks to the foresight of Azuka Jebose-Molokwu and Taijowonukabe.

This first-of-its-kind joint Obey-Ade live- concert is a celebration of the coming of age of Nigerian contemporary popular music and the vibrant genre of Juju music in particular.

Ebenezer Obey and King Sunny Ade (KSA) are definitely well worth celebrating. They are creative musicians who by sheer hard work, abundant musical talent, adventure and compelling ambition fired by innovativeness have elevated what is basically a regional and tribal folk tune and folklore-based and laced music, Juju, into a national and internationally-accepted and respected genre of contemporary popular music.

Juju music has deep roots in Yoruba culture as well as diverse levels of involvement and relevance within the same culture. Within the bigger picture of Nigerian contemporary popular music, it can be described as one of the hybrids that came out of Nigeria’s first genre of urban popular music, Highlife. The genre of Highlife itself grew out of the blending of indigenous folk tunes, rhythms, instruments with western musical instruments and socio-entertainment requirements of urbanisation in Nigeria as from the forties.

As an urban social-driven music, Juju has oscillated between being a somewhat crass praise-singing and status-referencing medium to a philosophy-laden and exemplary moral character-uplifting agent. It is no wonder then that Ebenezer Obey the philosopher-King of modern Juju music is now a ‘reformed’ Evangelist preacher-musician.

Origins

The musical roots of contemporary Juju music date back to Apala music, Haruna Ishola, Tunde Nightingale, Ayinde Bakare, I.K.Dairo, Fatai Rolling Dollar and their contributions towards fusing Yoruba rural music and rhythms. All in a quest to create a distinct Highlife flavour out of which Juju and to an extent, Fuji music, have both evolved. The distinguishing elements of these musical variations and their evolution were their peculiar and ‘original’ rhythm instruments and rhythmic patterns. The agidigbo; giant bass thumb piano, talking drums, bata drums, sakara, omele and other indigenous membrane drums as well as the shekere, agogo/metal gongs were the trademark of the music out of which modern Juju music has evolved and grown.

Evolution

Within this context. both Ebenezer Obey and Sunny Ade are notable pioneers in changing the instrumentation and sound of Juju music. They took a leaf from Rex Lawson and introduced two guitars, thus making juju music a guitar driven and led music. This explains why the long list of Juju music superstars and stars; including the woman star Decency, are all guitarists. In the quest to embellish the guitar sound, Sunny introduced the Hawaiian guitar for slide-drone effects. Then came the introduction of trap drums as the key rhythm instrument as in Highlife and Afrobeat; supplemented by indigenous rhythm instruments. Moses Akanbi, master trap drummer for Orlando Julius, joined Sunny’s band as KSA strove successfully with Syncro System to forge a seamless musical fusion between Juju, Afrobeat, Reggae and even Funk to become a truly international star and global chartbuster! Juju music has now become a recognisable brand of its own.

Great bandleaders

Obey and Sunny became great bandleaders; successful enough to maintain full orchestras for three decades. Both are also great lyrical singers; Obey the more classical and craftily sonorous and Sunny more punchy in his inflections and eclectic, due to his awareness of the other voices in the various genres of Nigerian popular music. Obey and Sunny, at best, are competent guitarists but definitely not master guitarists as claimed in the over-hype of their publicity machine of the heady early 70s, when as Commander and King respectively, they overseered the long string of Owambe parties and festivities of military officers and businessmen who were the major beneficiaries of the oil boom and Civil War. They remain great entertainers, unashamed to borrow trends like skimpily-dressed hip-shaking go-go dancers into their acts; to remain modern and relevant.

One Night Stand

Like most great ideas and inventions the thought of staging an Obey-Ade joint performance tagged One-Night Stand came to Azuka Jebose-Molokwu in a flash in faraway Raleigh, North Carolina, one Sunday morning when he was supervising his daughters Amaka and Nneka as they cleaned their room. In the process he ended up with a Sunny Ade CD and an Ebenezer Obey LP. “With a CD and LP in my hands, I conceptualised the idea,” he recalls. “I knew it could happen. I held it back for five or six years. In 2006, I came down for the ThisDay Music Festival. I met Sunny Ade and briefed him and we talked. After 22 years in America, I wanted to come back and contribute. So I told my great friend, Taiwo Obe, and presented him with One Night Stand; Obey and Sunny performing with one band on one night at one venue. I suggested we tie it in with the 50th anniversary and, we are going to do it. We have to do it right: accord Obey and Sunny their respect and acknowledge them as living legends. We then formed a company Grand Faaji Entertainment Company, which will handle the Obey-Sunny concert as well as the business of entertainment, management and ‘politainment’; which entails political entertainment and organising rallies!”

The movers

Azuka Jebose-Molokwu is a well-versed international veteran in the music and entertainment industry. Currently, he works for a community Jazz Public Radio Station 88.9 FM in Raleigh, North Carolina, US. He was a major force in the Nigerian print media as from 1983, working on the Entertainment Desk of Punch newspaper, founding Beats Entertainment magazine the first in Nigeria in 84/85. He was the West Africa Regional Editor for the London-based Africa Music.

The musicians in the backing band are going to come from Obey’s and Ade’s bands and Laolu Akins musician and producer of BLO and Salt international fame, is the producer who will harmonise the two bands into one orchestra; for which Sunny has described him as ‘Commander-in-Chief.’

Grand Faaji

“We are celebrating Obey and Sunny while they are alive,” Jebose-Molokwu emphasises. “We are appreciating them. In our eyes, they have given so much to our pop culture.”

How right and noble! Not surprisingly, Obey initially had reservations, for a man who had gone from secular to gospel music to come out after 17 years of gospel music to perform with KSA. However, by seeking permission through prayers and consultations as a Reverend responsible to his church, Obey finally agreed and is looking forward to the history-making musical event.

What kind of audience does Grand Faaji expect? “Those who love Juju music and have always celebrated Obey and Sunny Ade. And of course the next generation of their fan base,” Jebose-Molokwu responds. As they say, many more will prefer to be there and not to be told!

The Ebenezer Obey-Sunny Ade concert holds at the Eko Hotel and Suites in Lagos on November 7.

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Fela and me

Fela and me

I can imagine the look on your face when you see the photograph of Fela and I on this page; what the hell is Jimi smoking? That question could only arise because I was sitting next to the great Abami Eda, Fela Anikulapo-Kuti. That was Fela for you. He affected those around him one way or the other. Fela’s life was about people, period; and that shouldn’t surprise anyone who has caught stories of his childhood in “Fela: This Bitch of a Life” by Carlos Moore.

My late father lived with the Ransome-Kutis as a student, perhaps something to do with some rascality issues at CMS Lagos; so, his father must have dispatched him to Abeokuta Grammar School to live with Oga, Fela’s father. He confirmed to his son later (me, of course) that in Oga’s house there was no discrimination, everybody was a child and student. And that was why, till my father passed on, he always saw Sister Dolu, Fela’s sister, as his own sibling.

Afro Spot

I first met Fela Ransome-Kuti in 1971. A day I will never forget; it was at Afro Spot. I was there with my mum and fela’s sister, Dolupo (mother of Frances Kuboye). Fela was in striking red and yellow and we sat at a special table. Fela came over and shook hands and after saying, “Give my sister what she wants” – he went on stage and blew our minds out with ‘Beautiful Dancer’, ‘Black Mans Cry’ and a track he never recorded, ‘It Is Time We Unite in Africa’. Sandra Danielle in her Nina Simone voice later rendered that good old jazz tune, ‘Sunny’. Then came Joni Haastrup of whom Fela said, “E just come from America, e dey wear shine shine,e go soon tire.”

That was the beginning of the bond between myself and Fela. No weekend passed without me going to Afro Spot, then Africa Shrine in Surulere, Moshalashi (Empire) and then Ikeja. I didn’t go to Crossroads, my father made sure of that. Fela had been thrown out of his house and declared Public Enemy; and my father, liberal though he was, made me swear I wouldn’t go anywhere near Crossroads. Since my father is dead, I will confess I went a couple of times. I can boast there is no Fela ‘sound’ I don’t know off-head. Even when I mentioned some ‘sounds’ to Baba Ani, leader of the Egypt 80 for over 25 years, he looked bewildered, given that he couldn’t remember the band playing those tunes. As for Fela, he couldn’t be bothered about posterity; he probably thought he was invincible. Fela couldn’t be bothered about many things. At one point, he didn’t have good instruments such that when he played in University of Benin in 1975 at a music festival of the then Klova Klub, Joni Haastrup pulled a bigger crowd.

All Fela’s fans believed they had a special and exclusive relationship with him, which of course wasn’t true. Fela to me was always in a crowd but always alone. He was Baba to everybody but Fela to himself. So rather than talk of Fela I will talk about things that happened to me around him.

Africa table

I remember the day Fela first played ‘Trouble Sleep Yanga Go Wake Am’ at Surulere Night Club. The arrangement was heavy that night. I sat on a big ‘Africa’ table for special guests with Femi Somade (Loughty) and others .As soon as Fela started the horn arrangement, up went Femi’s two legs under the table and down went all the drinks on it. Loughty was too excited as he couldn’t contain himself. He served round the table twice in quick succession as compensation. The Africa table! I remember sitting on this same table at the launch of ‘Roforofo Fight’ Fela’s first double album. I was then at the Evening Times with Toyin Makanju, my boss. Sitting in front of me were Chief and Mrs Olajoyegbe, owners of Jofabro Records, who released the album. I drank every big stout in sight and the cigarette in my mouth (big town) never seemed to burn out. Why did the Chief keep looking at me? “Nje omo Abayomi ko yi? (Is this not Abayomi’s son?)” – he asked me. “Yes sir!” The cigarette dropped and I headed in the direction of the loo and then the exit. The show ended for me, and for all ‘well brought up children’ then – you needn’t ask why.

The backyard

Another quick exit happened at the backyard (don’t ask what happened there).There was a sudden fire from electrical wires and then pandemonium. A fan ran for Fela’s sax and kept it for him (he was later rewarded). I thought I was smart. I jumped the high wall from the backyard and landed in ‘Area’, where queens of the night were ready to service prospective customers. They even beckoned to me, perhaps wondering if I needed to cool down after my ordeal. Minutes later everything was brought under control and I decided to go back. But ‘Eddie Lagos State’, a die-hard Fela fan and lord of the backyard, wouldn’t hear of it. He turned my palm into an ashtray to put out the ‘jerugbe’ in his hand. “So, na we wan die with Baba? We no fit jump wall run, abi? If them born you well, jump this wall again.” Thank God this was 76/77. Had it been earlier, I would have had Ateme, Roy or Eko to contend with. Those were the times Fela had well-built bodyguards around him; and Eko was known for his famous ‘Mighty Igor’ head butt.

Women

Fela was an entertainer in all manners possible. On stage, at home, in public, he was always entertaining. What most people don’t know was that Fela reacted to his environment. Go greet Fela at home with your babe and he would go, “Na your woman be that?” He would get up and offer a seat and drinks etc. Fela to me was a gentleman but his side as an entertainer always took over. I don’t dare recount in full Fola Arogundade’s story about once going to see Fela. He was ushered into the room and when Fela turned round to say ‘hello’, Fola thought he saw someone bent over. He didn’t wait to confirm but then he heard Fela say, “Abeg Fola, I go soon finish, I go come see you.” I remember when I interviewed Fela for my Sixty Minutes column in Vanguard. Half way through the interview, Fela just jumped up and said, “Disu, no vex, I wan go f*ck.” And off he went.

The royal python

This brings us to the royal python. Fela was heavily endowed and he made great show of it. “Wrong parking”! we would all bark at him and he would say, “no parking space, abeg.” I saw the royal python live! When he came out of prison I went to see him at Beko’s house. He was seeing off someone as I approached the house. I couldn’t believe what I saw. He had his pants on all right, but the royal python had slipped out of its lair. “Baba, e be like royal python don comot o!” “No mind am, my brother” – he smiled and put it back in. Fela had the greatest sexual appetite I knew, followed by two Egba kinsmen – one dead, the other living whose name I would rather (or is it dare?) not mention here. Could it be something in the Egba diet? But then, Fela’s appetite wasn’t just for women. Fela loved the weed; and I was there the first time he brought ‘Dunduke’ to the shrine. It’s the biggest weed ever wrapped, the end being about the size of a Coca Cola bottle, and seemed to match the 35cl in length.

Sounds!

Fela’s music was something else. You just have to give it to him. His music was, or rather is, unique and the lyrics thought provoking. Listen to the poetry in ‘Teacher Don’t Teach Me Nonsense’:

“Democrazy

Crazy demonstration

Demonstration of craze.

For all you non-patrons of the shrine: you missed hearing ‘Chop and Clean Mouth’ ‘Country of Pain’, ‘Football Government’, ‘NNG (Nigerian Natural Grass)’, ‘Condom Scallywag and Scatter’ ‘BBC (Big Blind Country’), ‘Movement Against Second Slavery’, ‘MASS’, ‘GOC’, ‘Akunakuna Senior Brother of Perambulator’ – and many more. Pity he couldn’t be bothered to keep them for posterity.

Oh Fela! I will miss Fela, I will miss him. You should count yourselves lucky there’s brevity of space here, or I would have gone on 16 pages and not run out of stories. I stopped watching Fela two years before his death when he started doing things on stage I couldn’t be a part of; but then, I love Fela so much I can’t bring myself to expose or criticise him. So, I leave the rest to your imagination…

And oh, by the way, what you see me smoking in the photograph is a cigarette. Don’t believe me? Sorry o, too bad.

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NIKOREA: A toast to bilateral relations

NIKOREA: A toast to bilateral relations

The cultural centre of the Korean Embassy in Abuja has held a cultural gala night to celebrate Nigeria’s Golden Jubilee.

The September 29 event attracted members of the diplomatic corps and friends of Nigeria and Korea from the public and private sectors attended the night, the grand finale of a month-long of activities the Koreans put together to commemorate 30 years of bilateral relations with Nigeria.

The audience was treated to performances of Korean and Nigerian traditional folk theatre and dances at the occasion. The all male Korean troupe presented Samullori and Seoljanggu, folk percussion ensembles; Hallyangmu and Salpuri, folk dances and Korean traditional folk theatre. Nigeria, represented by the Federal Capital Territory cultural troupe, also put up a stunning dance drama.

An interesting piece on the night was Pangut, a total form of art that involves play and formation of various group dispositions; while the latter part is devoted to showcasing individual feats such as the sangshoe nori, seoljanggu nori, and sogo nori. Yeoldubal sangmo, where the dancer spins a very long ribbon; and sori gut, in which the performers sing folksongs – excited the audience.

Citing a Korean proverb, ‘Seeing once is better than hearing 100 times’, the Korean Minister of Culture, Sports and Tourism said, “Watching this type of performances is the most effective way of exchanging cultures. In the past, because of the great geographical distance, people of the two countries had few opportunities to satisfy their curiosity about each other. Now, we have a chance to actually see and feel the culture of the other side through exchanges of stage performances like this one and deepen understanding and friendship between our two nations.”

The Abuja Choral group also rendered a special performance on the evening. Another FCT based troupe, led by Kayode Aiyegbusi, an assistant Director at the Art Council, also performed in far away Seoul, for the same reasons as the Abuja event.

Speaking at the event, Chung Un-chan, a former Prime Minister of Korea who is in Nigeria as his country’s special envoy for Nigeria’s Golden Jubilee celebration observed that Korea and Nigeria have moved along same path of national development. “Even though there is a slight time gap, our two countries have been moving along similar course of national development since independence. We both achieved a peaceful change of administrations after an era of military-led governments and have been making progress in all sectors, including politics and the economy.”

A fictional name, ‘NIKOREA’ was also coined at the event during the cutting of a giant cake donated by the Embassy. Patrick Omo Otoro, an Abuja based compere asked the audience: “how shall we cut this cake – after the spelling of Nigeria or Korea?” The audience unanimously thundered ‘N-I-K-O-R-E-A!’

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PERSONAL FINANCE: Do you still hold on to your share certificates?

PERSONAL FINANCE: Do you still hold on to your share certificates?

Are you one of those people that keep your share certificates in a cupboard at home or have them framed and hung on the wall, feeling a comforting sense of wealth as you admire them?

The Nigerian Stock Exchange (NSE) has been steadily phasing out the issuance of share certificates and for a few years investors, in the Nigerian capital market have been urged to comply with its directive to “dematerialise” their share certificates. Even though the original deadline was extended, reluctant shareholders will eventually have to transfer their existing share certificates to an electronic share settlement system, which will ultimately render paper certificates virtually obsolete.

Paper certificates have hung on, particularly amongst smaller private shareholders and those who maintain inactive portfolios. There continues to be a preference for the traditional “proof” of ownership of a paper share certificate, especially among older shareholders. When they finally come round to the idea of dematerializing stacks of certificates, there is often confusion from out-of-date or invalid share certificates purchased nearly 40 years ago, following corporate takeovers and stock splits.

Central Securities Clearing System (CSCS)

One of the greatest developments in the Nigerian capital market was the establishment of the Central Securities Clearing System (CSCS), which commenced operations in 1997. When an investor opens a CSCS account, the shareholder’s data is captured or transferred into an electronic register and an equivalent number of securities are credited in electronic form to the CSCS depository. The paper share certificates are replaced by electronic statements reflecting the investors’ shareholding and its’ current value. Dematerialization facilitates paperless trading whereby transactions are executed electronically.

Have your shares lodged securely

By having your shares securely lodged in a CSCS account you can safeguard your investments, as the burden of storage and handling of your share certificates is taken off you. Apart from keeping accurate records of your shareholding and updating the records as new transactions are effected, it eliminates the risk of the loss of documents due to theft, fraudulent transactions, or extreme risks such as fire or flooding, which are very real hazards when certificates are stored at home in material form.

A periodic statement helps you keep track of your CSCS account and should you feel that you need additional protection, a CSCS Special account will provide this. A trade alert system is also in place, which will alert you by text should any transaction be made on your account.

No more delays

Registrars have a huge client base to serve; this makes the printing, sorting, and dispatching of certificates a challenge. In spite of the fact that registrars supposedly use their best effort to post certificates to the addresses on their records, shareholder complaints regularly flood registrars’ offices as they attempt to sort literally hundreds of thousands of certificates. As no transaction can be carried out until a shareholder receives his or her share certificates, this naturally causes much anxiety for shareholders.

Having a CSCS account makes subscription for new shares through a public offer or a rights issue much easier; you simply indicate your CSCS account number and the number of shares you applied for on the form, and the number allotted to you will be credited directly to your CSCS account. This means that the issuance of physical certificates and the attendant delays in receiving them is avoided, as the issue of certificates being lost in transit will have become a thing of the past.

Selling your shares

If you still hold paper certificates and wish to trade your shares, you could be subjected to delays in the verification process, which can sometimes be long and tedious. You could thus lose out should share prices move against you, as you will not be able to sell the shares until they have been dematerialized.

A CSCS account gives you greater flexibility, as the verification process has already been concluded. The registrar would already have certified that you own the shares by verifying your signature before it gets into your personal account. You are thus able to sell quickly and efficiently where there is the market for the shares and take advantage of any market movements. This is a critical issue, particularly in a volatile market.

Borrowing against your shares

If you wish to borrow using your shares as collateral, your banker or other lender will want the certificates lodged and verified into a CSCS account. Without this in place, your transaction could be delayed.

On-line monitoring

Through the online facility at the CSCS website, www.cscsnigerialtd.com, registered investors can monitor their investments at anytime and from anywhere in the world. They can view CSCS stock account statements, obtain their stock positions regularly, and review and evaluate their portfolios. Investors can also monitor stock prices and new stock deposits into the CSCS.

The NSE continues to educate the investing public on the importance of the dematerialization of share certificates. Nigerian shareholders are encouraged to embrace dematerialization, as the initiative will further increase the efficiency and liquidity of the market and should raise investor confidence, leading to a more vibrant and transparent capital market.

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‘Microfinance banks should be run in a sustainable manner’

‘Microfinance banks should be run in a sustainable manner’

Central Bank’s recent intervention in the regulation of microfinance banks

Well, there is no debate about that; it is no secret that the industry needs to be shaken up. An industry requires adequate supervision. It is important to enhance the reputation and sustainability of the sector; more importantly, for the sector to be able to reach the unbanked and to increase financial inclusion in the market.

I think this happening now is certainly welcomed, for the regulators to do a bit of shake up in the industry. The sector itself needs to have its image improved. Also, microfinance banks need to be run in a sustainable manner, good corporate governance, and have a broad impact when conducting microfinance within that segment of the population.

Central Bank’s policies on small and medium enterprises funding

It would be good to be clear on what those funds were actually meant for. Those particular funds were set aside for banks that had already lent to certain SMEs to be able to refinance or sell, if you like, those loans to the fund manager or the bank of industry, in this case.

Many SMEs are not yet in a position where they can actually service loans. Some are actually in their start off phase, some are still in a growing phase where they are trying to get to break even, and to begin to cash flows. If you are not generating cash flows, how do you really access a loan?

In addition to SME loans, which are good, we need to see more grants, more channel funds for SMEs. Our fund is focused on the micro side of things, in particular, the micro finance banks, that is our focus.

Challenges in achieving the objectives

We are looking at microfinance institutions that can operate sustainably. However, we are working against the backdrop of regulatory uncertainty. The uncertainty within the regulatory environment does pose a challenge to some of the institutions. We are looking at them to decide how they want to move forward with their operations.

Secondly, within this market, there is a scarcity of funds available for microfinance institutions to lend, so wholesale funding is limited within this environment; we are an equity fund and we are looking to place money into microfinance banks to primarily transform their operations.

Client attributes before investment

We would like to see good management, experience management track record, good governance, the potential to have impact both in terms of client base, in terms of impacting the lives of clients, empowering them to participate in the broader economy, the opportunity to run an efficient microfinance institution.

It doesn’t mean that they necessarily have all these ingredients, but if they have some of these we can use them to develop sustainable businesses. We look at what the company is doing, we don’t want our money to go in and distort what is already there.

We are looking at a million euros investment; it should have existing infrastructure and asset base balance sheet. It has to be commensurate with that. We are not here to take over any institution; we are here to partner with the institution.

Nigeria’s microfinance industry in the next five years

Well, you have to look at other countries and see how they fare. If you look at some of the ancient models, you will see that some of the microfinance banks have indeed increased financial inclusion. You don’t need to have about a thousand microfinance banks; there will be a smaller number, but they would be more effective in what they do, in their outreach, and in terms of their sustainability.

I see the the industry with a cleaner image, a better corporate governance, and broader outreach.

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Transparency agency commences self-cleansing

Transparency agency commences self-cleansing

The Nigerian Extractive Industrories Transparency Initiative (NEITI), the promoter of transparency and accountability in the nation’s extractive industries, said it has taken steps to reorganise its secretariat to effectively deliver on its mandate.

The agency came into the negative limelight recently following reports of an internal wrangling among some of its top officials, which appeared to have threatened Nigeria’s quest for validation among the 31 countries that are due for re-assessment as EITI Compliant countries by the Extractive Industries Transparency Initiative (EITI) when its validation committee meets later this month.

The roots of the wrangling, which earned the chairman, National Stakeholders Working Group (NSWG), Assisi Asobie, a query from the Secretary to the Government of the Federation (SGF), Mahmud Yayale Ahmed, was traced to reports of corruption charges against the then executive secretary, Haruna Sa’eed, and the former director of services, Stan Rerri.

Both were accused of “abdication of responsibility and ineffectual leadership”, as well as “inaction” in preparations towards the 2009 Civil Society (CS) training programme, involving a controversial disbursement of about N15 million to two hotels in Lagos and Kaduna, before it was initially postponed, and later cancelled.

Mr. Sa’eed, as head of the secretariat, had denied authorising the disbursement of the money, while Mr. Rerri, who reportedly colluded with the former accountant, Sunkanmi Adeoti, and former procurement officer, Tony Onyekweli, to make the payment without the knowledge of the ES (Executive Secretary), ignored all entreaties to recover the money and pay back to the NEITI coffers.

Mr. Asobie, in his response to the SGF’s query, said the trio have been relieved of their positions, after the Leke Alder-led ad hoc investigative committee constituted by the Board had recommended “overhaul of the administration of NEITI Secretariat for efficiency and effectiveness.”

Roots of the crisis

Mr. Asobie also traced the roots of the crisis to the NSWG resolution two years ago to engage the services of human resources consultants to examine the structure of the NEITI Secretariat; evaluate existing staff and their official positions; develop new terms of reference for all roles within the secretariat; design suitable managements system that fits the requirements of NEITI; and construct recruitment guidelines and recruitment plan for NEITI.

Though Mr. Rerri reportedly participated actively in the recruitment of the consultants and supported them till they completed their assignment, he, however, rejected the recommendation that he be relieved of his position as director, Support Services, or show proof of being a chartered accountant if his wish to be a director would come to pass.

Despite the board’s acceptance of the consultants’ recommendations, neither Mr. Sa’eed nor Mr. Rerri took it seriously, with the latter not only continuing to identify himself with the unofficial designation of “Director (Administration/Finance)”, but also going ahead to issue a letter appointing one Garba Saidu Yakawada as ‘Head of Internal Audit.’

Though the board took exceptions to the disregard to its resolution, and ordered immediate reversal, Mr. Rerri, in his petition to President Goodluck Jonathan, alleged massive fraud in NEITI, describing his removal as “an attempt to “silence the whistle blower”.

But, Mr. Asobie, who accused Mr. Rerri of allowing “unprincipled bureaucratic politics to undermine Nigeria’s interest” by mobilising groups to lobby for the non-validation of the country by the global EITI, said he was only “opportunistically blowing the whistle as a protective manoeuvre.” He also said the process to appoint a new executive secretary has commenced.

Mr. Asobie added that work is progressing well on the conduct of the 2006-2008 audit report while the final report is expected between December and January next year, while advertisements are out for expression of interest (EOI) for the fourth oil and gas sector audit and solid minerals sector audit.

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Ekiti people celebrate Fayemi victory

Ekiti people celebrate Fayemi victory

Hundreds of Ekiti indigenes, including motorcyclists, popularly known as (Okada) took to the street this afternoon in jubilation over the ruling of a Federal Appeal Court on a legal challenge to a rerun election held in the state last year, which has been decided in favour of the Action Congress of Nigerian’s (ACN) candidate, Kayode Fayemi.

Meanwhile, sacked governor of the state Segun Oni, has said that it was left to Mr Fayemi to continue with projects of his administration or abandon them.

He told journalists at a thanksgiving service held at the Government House Chapel, Ado Ekiti that he has worked for the progress of the state.

Mr Oni said he believed ‘it is the duty of government to provide for its people.’

A former governor of the state, Ayo Fayose, also said yesterday that Mr Oni was a product of injustice. He asked the new governor to hold Mr Oni accountable for plundering the state treasure. An Ilorin Appeals Court ruled this afternoon that Mr Fayemi was the rightful winner of the 2007 election.

Both the Action Congress and the Edo State governor, Adams Oshiomhole expressed joy with the ruling. They said the decision of the court shows that the Nigerian judiciary is coming of age.

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FORENSIC FORCE: President Jonathan’s many cooks

FORENSIC FORCE: President Jonathan’s many cooks

I had breakfast
with President Goodluck Jonathan on the 1st of October: No, not my
contrived one hour with the president a couple of months ago, and no;
it was not a private breakfast. It was in the company of many other
Nigerians invited to the occasion by the President and Commander in
Chief to mark Nigeria’s 50th Independence Anniversary.

Afterwards, we
moved to the venue of the president’s Independence Day speech,
broadcast live to the nation. After the speech, he interacted with us
before leaving for the Eagle Square. President Jonathan came across as
essentially decent, but I am dismayed by his cooks. Not Aso Villa’s
chefs but the political cooks stoking up the bonfire of his
presidential ambition.

President Jonathan,
like other people in power has many friends. And that, precisely is my
concern. It is not the number of friends, but their ulterior motives
and pedigrees that worry me. The president I sat with spoke to the
whole nation, but in the aftermath of the bomb blasts was saying “I am
from the Niger Delta…I know my people….” Is that to say that the
rest of us are not his people?

Nigeria is a
complex country. Managing the country requires composure, maturity and
tremendous self-restraint. My apprehension is that the many cooks in
the president’s kitchen (cabal once again?) have little appreciation of
the nuances needed to knead Nigeria. While it may be said that the late
President Umaru Musa Yar’Adua assembled a highly provincial team from
Katsina State lacking a national outlook, President Jonathan on the
other hand has an outwardly national team without a nationalist
mind-set.

A look at some of the president’s major supporters may be worthwhile.

Vice President
Namadi Sambo was hardly a brilliant choice. That the Jonathan campaign
team had to deny reports insinuating that Sambo would not be the
president’s running mate speaks volumes. It is debatable if Sambo can
deliver Kaduna State to the ticket because he was forcefully imposed as
governor in 2007. Not much has changed.

Just when you think
things cannot get any worse…. This column gave Turai Yar’Adua
scorching criticism for what was perceived as undue influence in
matters of state. We now have a new benchmark. Mrs. Patience Jonathan
is not the wife of a local government chairman. So what business does
she have engaging in populist and ill-advised activity like sharing out
bags of rice to people? It is an indication of how bad things are in
Nigeria that three people reportedly lost their lives at the
scene…for a bag of rice.

Jonathan’s option
of director general of his presidential campaign team is another
curious decision. Senator Dalhatu Sarki Tafida, the septuagenarian High
Commissioner to the United Kingdom played a very prominent role in
former president Obasanjo’s life presidency bid. He was so unpopular at
the time that he dared not visit Zaria, his hometown without an escort
of mobile policemen.

Tafida was forced
out of the Senate and compensated with an ambassadorial posting. In
free and fair elections, it is inconceivable that he will win his ward.
Deep down in his heart, Tafida probably does not believe that President
Jonathan would win. It is difficult to see how this man will energise
and engage the critical base for the campaign team.

The speed with
which Mohammed Abba Aji transferred support from the Yar’Adua to the
Jonathan camp should have made the president suspicious. As Yar’Adua’s
link with the National Assembly, Aji botched communication between the
Presidency and the National Assembly. We still do not know if there
ever was a letter from Yar’Adua to the Senate. Unfortunately, this man
not only kept his job, but also has become an integral part of
Jonathan’s team. What is his strategic and political value? With his
fortunes tied to Jonathan remaining in office, can this man be trusted
to give logical, selfless counsel?

In the final
analysis, it is clear that the many cooks in the president’s kitchen
are folks who can only concoct political poison. Olusegun Obasanjo;
Jerry Gana; Ibrahim Mantu; Jonathan Zwingina; Samaila Sambawa; Edwin
Clark; Hassan Adamu; Shehu Malami; Solomon Lar; Barnabas Gemade;
Bamanga Tukur; Tony Anenih – from a progressive viewpoint, the list is
odious.

Most of these cooks are bitter old men who have nothing to
contribute to the Nigeria of our dreams. Others are failed politicians
and businessmen seeking to feather their nests. They have nothing to
lose. Their only hope for relevance is continuing to muddle the
political environment in Nigeria and thriving in the resulting chaos.
Too many cooks….

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EXCUSE ME: The spell on your business

EXCUSE ME: The spell on your business

If you are a
business owner in Nigeria and wondering why your profits are worse than
Nigerian stocks, do not go to any jazzman as they do in Nollywood
movies. You must also look beyond Facebook and Twitter, which are
gradually becoming the biggest anti-productivity drugs in the business
environment. Among the latest company to ban its workers from the use
of social networking sites, especially Facebook, is the luxury
automaker, Porsche because it poses a security threat to the company.
Whereas Facebook as a company has minted the freshest and youngest
among Forbes’ list of billionaires in the history of the United States,
the social network site has also cost countries like the United Kingdom
an estimated £14 billion in lost work time, because in that country
where things can be monitored and measured, 6% of its workforce spends
roughly one hour a day facebooking.

Well in my
wonderful country, we cannot really ascertain, even if we tried, the
amount of money employers of labour or Nigeria as a country are losing
because of Facebook in the workplace, reason being that we are trying
to count the number of hours we lose to our lawmakers who are
constantly arguing about how to loot the national coffers by
arbitrarily inflating their salaries and perks.

We have no problem
with social networking when compared to political networking especially
at this time when elections are around the corner. Britain would not
dare to publish its figures if they realised that what they lose to
social networking in the work place is moi-moi money compared to what
we Nigerians lose everyday to one bank MD networking with politicians.

This is not to say
we have no serious issues with Facebooking in Nigeria, just that ours
come in different colours. Facebook has allowed some of our leaders to
make us feel as if we are having a conversation with each other,
whereas you are probably instant messaging your cousin who is sitting
in a well furnished cyber café in Kubua or Yayan Karimu.

So when next you go
to your favourite politicians Facebook page and give him the thumbs up,
just remember you are hailing someone else, because I doubt if any of
the current presidential aspirants with Facebook pages who are busy
networking politically have time for virtual social networking.

Do not get me wrong
because there is much to be gained from Facebook for those that know
how to use it wisely and commercially, but for those that just want to
hang out there like Mami Market, it can be the most disastrous
adventure. Facebook is the biggest tatafo that was ever created. It’s
intended and unintended features can inflict untold pain and hardship
on users, so when next you see your friend’s profile message that reads
“Goodluck is Married to Patience”, just know that he is Facebooking
from the dog house and kindly give him the thumbs up, he will
appreciate you and laugh at your silly jokes when next you post them.

But this is not
where I am going this week; Facebook just sidetracked me, which is one
of its side effects. What I wanted to say earlier is that I think
Africa Magic, the DSTV channels that show Nollywood movies might be the
biggest bleeder of Nigeria businesses. Most homes and small businesses
in Nigeria have their TVs permanently on one version of Africa Magic or
the other.

Haven’t you been to
a hospital, while malaria is racking your bones, the nurse will be busy
chewing gum and waiting for Ramsey Noah to take off his shirt? Or have
you not had one of those experiences where you order rice, but the
waitress brings you an omelette because he or she was engrossed with
the pranksters, Aki and Pawpaw?

My latest
experience on the adverse effect of Africa Magic could be having on
Nigerian businesses was in my barber’s shop. There is a small notice by
his mirror that says a haircut with NEPA costs N200 but with his
I-better-Pass-My-Neighbour generator the price goes up to N300. On this
particular day, there was NEPA but he had his TV on Africa Magic.
Between running the clipper on my hair for two seconds and watching
Genevieve “romance” RMD for three minutes, NEPA took light, leaving me
with a temporary Mohawk, like one of those Benin chiefs during Igue
Festival. I sat livid while he was trying to start his small generator
that was leaking oil all over the environment.

All said and done I gave him N200 and told him I would not pay N300
because he had enough time to cut my hair before NEPA did what they do
best. We stood there looking at each other; he couldn’t believe his
eyes because I usually pay him more than N300 whenever I cut my hair,
but that day I just realised he did not know the difference between
production time and Africa Magic time. And Nigeria has more Africa
Magic addicts than Facebook addicts. When we compute what business lose
to AfricanMagic one day, the moment wont be magical..

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