Archive for nigeriang

EFFC drills Owumi over corruption charges

EFFC drills Owumi over corruption charges

Officials of The
Economic and Financial Crimes Commission in Enugu have taken over the
investigation of corruption charges levelled against the Nigeria
Premier League chairman, Davidson Owumi.

Mr. Owumi, who was
flown into Enugu Thursday, after initially been questioned in Abuja by
officials of the anti-graft body, is accused of misappropriating funds
while he was the chief executive officer of Enugu Rangers International
Football Club between 2002 and 2006. He was succeeded by Ray Nnaji, who
is believed to have sent the petition currently been acted on by the
EFCC.

Speaking to
NEXTSports on the latest development, Femi Babafemi, spokesman for
EFCC, revealed that the League boss is still in their custody and might
remain there, depending on the findings of the officials.

“Our men are
currently questioning him on the petitions we received that he used
fictitious companies to award contracts and also corruptly enriched
himself while in office. For now, he is still in our custody. But I
cannot say if he would have to remain with us,” he said.

Owumi defence

Though attempts at
getting across to Mr. Owumi proved abortive yesterday, the NPL boss was
on to a sports programme on City FM 105.1 Lagos, where he dismissed the
petitions against him. According to him, his record speaks well of him.

“The record is
there for all to see. We achieved what we achieved that time with the
leanest of allocations from the state government. The record after I
resigned is also there for all to see. Even with better funding, Ray
could not achieve anything as my successor,” Mr. Owumi told Sports
Flight.

The former Enugu Rangers chief executive officer said his invitation by the anti-graft agency was a routine invitation.

“Normally, if a mad
man on the streets writes a petition against someone, the EFCC must
respond and invite the person to come and give your own side of the
story,” he said.

Meanwhile, the
Nigeria Premier League season, originally meant to begin this weekend,
has been put off again. The shift, according to NPL officials, was
based on the dissolution of the all committees of the Nigeria Football
Federation (NFF), and not the arrest of its boss. The dissolution thus
affects the referees’ appointment committee, which is responsible for
the placement of match officials for Premier League games.

Incidentally, plans to pay the debt of N3.8 million to affected
referees of the Nigeria Referees Association (NRA) on Thursday by the
Nigeria Premier League (NPL) failed to take place due to the absence of
the referees’ body leadership.

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FIFA’s hammer comes down on Adamu

FIFA’s hammer comes down on Adamu

Football’s world governing body, FIFA, has provisionally suspended Executive Committee members Amos Adamu of Nigeria and Tahiti’s Reynald Temarii as it investigates allegations of World Cup vote-selling by the duo.

FIFA announced this yesterday at a press conference following a meeting of its ethics committee, chaired by former Switzerland striker Claudio Sulser.
Four other FIFA officials were also provisionally suspended from taking part in any football-related activity. They are Slim Aloulou, Amadou Diakite, Ahongalu Fusimalohi and Ismael Bhamjee.
Besides Sulser, other FIFA officials present at the press conference to announce the suspensions were Jerome Valcke, the world body’s secretary general and Nicolas Maingot, its director of communications. The conference had started two hours later than advertised, without explanation for the delay.
“The decision to provisionally suspend these officials is fully justified and should not be put in question,” said Sulser.
“The evidence that has been presented to us today has led us to take this provisional measure, as we considered that the conditions were definitely met to take this decision and we deem that it is crucial to protect the integrity of the 2018 and 2022 FIFA World Cup bidding process.
“We are determined to have zero tolerance for any breach of the code of ethics.”
Sulser added that two national football bodies, albeit unnamed, were also being investigated in connection with the scandal.
Addressing the media after the suspension, FIFA President, Sepp Blatter, said it was a sad day for football especially after having recorded success in what people thought could not be possible with the World Cup in Africa. But he dismissed claims that FIFA is corrupt by saying the immediate reaction of the body to the scandal showed its seriousness on zero tolerance for corruption.
He urged the media to trust FIFA and promised he would continue to do everything to protect the reputation of the game as the president. Blatter also played down the magnitude of the scandal by saying just as we have good players, there also bad players.
The suspended officials now have between now and the middle of November, when the ethics committee will meet again to take a final decision ahead of the World Cup vote on December 2, to prepare their defence.
Investigations to continue
In the meantime, FIFA will investigate the circumstances leading to the suspensions, and presumably, related matters surrounding alleged voting arrangements between bidding nations and parties seeking to influence the bidding process.
Valcke said the vote to decide the hosts for the 2018 and 2022 World Cups will still go ahead as planned on December 2, but added that if Adamu and Temarii are eventually found guilty then both of them will not be part of the voting process.
Five countries are vying for the right to stage the 2022 World Cup, namely Australia, Japan, Qatar, South Korea and the United States, while there are four bid groups for the 2018 World Cup.
They are England, Russia, as well as joint bids by the Netherlands and Belgium, along with another joint bid by the Iberian pair of Portugal and Spain.
EFCC trouble for Adamu
Reprieve may however be a long way off for Adamu as Nigeria’s Anti-graft agency, the Economic and Financial Crimes Commission (EFCC) is at the moment probing the one-time Director General of the National Sports Commission.
Reporters from British newspaper, the Sunday Times, posing as lobbyists for a consortium of American companies that wanted to help bring the World Cup back to the United States, filmed Adamu asking for money to fund the construction of four artificial football pitches in Nigeria.
No money exchanged hands but Adamu requested for the sum of £500,000, and in the opinion of the EFCC, that is enough reason to commence investigations on the embattled FIFA official.
“We have already commenced our own investigations mostly as a result of the fact that he was filmed demanding for money to construct football pitches in the country,” EFCC spokesman Femi Babafemi said.
However, Babafemi declined to confirm whether the agency will arrest Adamu upon his return to the country.
“That will depend on the outcome of our own investigation and that of FIFA,” he said.

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Relief for Liverpool in welcome European getaway

Relief for Liverpool in welcome European getaway

Liverpool will get their regular break from the domestic troubles when they visit Napoli in the Europa League Thursday while holders Atletico Madrid look for a first group stage win when they host Rosenborg.

Liverpool, who are in the Premier League relegation zone and have been stuck in the middle of an ownership battle, have found some relief in the Europa League where they have won five and drawn one of their six games, including qualifying ties.

They top Group K with four points, although Thursday’s match will be by far their toughest test so far with Napoli fourth in Serie A and Uruguay forward Edinson Cavani in prolific form.

Liverpool manager Roy Hodgson, who led Fulham to the final last season, has seemed far more comfortable in Europe and is hoping Thursday’s game can provide the springboard for out-of-sorts Spain striker Fernando Torres.

“He was vilified by all and sundry both in this country and Spain during the World Cup,” said Hodgson.

“I think mentally he’s a little bit low about that, I understand that, and the only thing that can pick him up is playing well and scoring some goals.”

“I thought he played well (in a 2-0 defeat) against Everton Sunday and was a constant thorn in their defence. Even at the end when he did set up a goal chance for himself, Tim Howard made a great save.

“If that had gone in, who knows, maybe that would have been the catalyst for him to start believing in himself again.”

Napoli hit back from three goals down to draw 3-3 at Steaua Bucharest in their last outing.

Other fixtures

Atletico have taken only one point from their first two games in Group B and are bottom while Rosenborg, unbeaten in their last 28 Norwegian league matches, have three. Bayer Leverkusen top the group with four points and face a trip to Aris Salonika who have three points.

Atletico expect to have Argentina forward Sergio Aguero back from injury.

Poland’s Lech Poznan, surprise leaders of Group A, hope to continue their impressive run when they visit Manchester City while former European champions Juventus visit Salzburg in the same group.

Several teams have undergone coaching changes recently.

VfB Stuttgart, top of Group H with maximum points but bottom of the Bundesliga, parted with Christian Gross last week and will be playing their second match under Jens Keller when they host Getafe.

Dynamo Kiev visit AZ Alkmaar in Group E looking to bounce back from the shock 2-0 defeat to Moldova’s Sheriff Tiraspol which prompted Valeri Gazzaev to resign at the end of last month. He has been replaced by Oleg Luzhny.

PAOK Salonika coach Pavlos Dermitzakis quit Saturday after only three months in charge and his former assistant Mikos Havos will be in charge for the visit to Villarreal in Group D.

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Super Eagles remain static in FIFA rankings

Super Eagles remain static in FIFA rankings

Nigeria’s national football team, the Super Eagles, are still ranked the 34th national team in the world according to the latest FIFA rankings released yesterday.

They are also still ranked 5th in Africa despite the embarrassing lone goal defeat inflicted on them by Guinea in a 2012 Cup of Nations qualifier decided earlier in the month in Conakry.

For their part, the Guineans climbed 34 places from their previous 84th position to number 47 in the rankings which is however still a long way from the 22nd position they occupied as far back as January 2007.

The biggest movers in Africa are the Central African Republic who climbed 60 places to 112th in the world and 28th in Africa, mostly as a result of their 2-0 victory over Algeria in a Cup of Nations qualifier earlier this month.

Niger, who also recorded a shock 1-0 victory over Egypt, also jumped 54 places to 26th in Africa and 100th overall.

The loss to Niger notwithstanding, African champions Egypt are still number one on the continent but have dropped to 11th in the world which means there are no African teams amongst the world’s 10 best sides.

Trailing the Pharaohs are Ghana, who moved up three places to 17th in the world, their highest ever position in the FIFA rankings, even though they failed to beat lowly Sudan in Accra.

Africa’s third ranked side in the latest rankings are Cote d’Ivoire who leapt four places to 19th in the world, followed by Algeria who climbed two spots to now occupy the 33rd position in the world, a spot above the Super Eagles.

Although the Super Eagles were in November 1999 ranked as low as 82nd in the world, its highest ever position in the rankings was the 5th it occupied back in April 1994.

Gabon, who were previously number four in Africa are now the continent’s 12th ranked side and number 39 in the world.

Spain still on top

World champions Spain maintained its hold on the top spot in the FIFA rankings, while the United States slipped to number 25 after having played only exhibition matches since the end of the World Cup in South Africa.

Croatia and Russia returned to the top 10 following victories in 2012 European Championship qualifiers, and France bounced back into the top 20 after an historic low last month.

In second place are the Netherlands, ahead of third-placed Brazil, which swapped places with fourth-ranked Germany. Argentina are fifth, followed by England.

Russia’s wins over Ireland and Macedonia lifted it 15 spots to number 10, while Croatia are now ninth.

Australia heads the Asian Football Confederation countries at number 21.

A total of 156 international matches – 80 continental qualifiers and 76 friendly matches – were taken into account for the October edition of the world ranking, which brings the total number of matches evaluated in 2010 to 641.

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Shittu to join Millwall Friday

Shittu to join Millwall Friday

Nigerian defender Danny Shittu looks set to revive his dwindling football fortune after he agreed to pitch tents with English Championship outfit, Millwall.

Shittu has been a free agent ever since he agreed to leave Premier League side Bolton Wanderers at the end of August.

The 30 year-old was linked with a host of club sides in Europe, most notably clubs from the Scottish Premier League, as well as the Middle East, but has now accepted an offer to join Millwall.

The deal is expected to initially last for three months and Shittu is expected to put pen to paper on Friday at The Den – home ground of the London based club side fondly referred to as the Lions by their fans.

Shittu is also looking forward to playing for the club where he will be reunited with Millwall manager Kenny Jackett, who had previously managed Shittu during his time at Queens Park Rangers.

“This move ticks all the right boxes for me,” Shittu told the club’s official website.

“I’m excited to be coming here and I hope to help Millwall push up the table.

“I know a bit about the club from friends who are supporters and everything I’ve heard has been positive.” Tough task ahead

Shittu will be coming into a Millwall side that is currently occupying the 12th position on the 24-team Championship table after 12 rounds of matches that has seen them winning just four games.

Three teams will be promoted from the Championship to the Premier League at the end of the season but only the top two finishers are guaranteed automatic promotion to the top flight.

The Lions last featured in the English top flight division in the 1989/1990 season and have since then languished in various tiers of the English league.

They however reached the 2004 FA Cup final only to lose to Manchester United. But as United had already qualified for the UEFA Champions League that season, Millwall qualified to play in the UEFA Cup the following season and played in Europe for the first time in their history.

They’ve also reached the FA Cup semi-finals on three separate occasions, in 1900, 1903 and 1937.

A list of notable players who have played for Millwall includes Nigerian-born former England international John Fashanu, Australians Lucas Neill and Tim Cahill, Irishman Tony Cascarino, current Blackburn Rovers manager Sam Allardyce, as well as former England international Teddy Sheringham, who was last year inducted into the English Football Hall of Fame.

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EFCC arrests Nigeria Premier League boss

EFCC arrests Nigeria Premier League boss

The Economic and Financial Crimes Commission (EFCC) yesterday arrested Davidson Owumi, Chairman of the Nigeria Premier League board, over allegations of corrupt practices while he was in charge at Rangers International Football Club, Enugu.

Owumi was picked up from the NPL’s board meeting in Abuja and will be taken to Enugu today to respond to a petition filed by Ray Nnaji, a former member of the board of the NPL.

Femi Babafemi, Public Relations Officer of the EFFC, said the inability to get a flight to Enugu led to the delay in taking Owumi there yesterday.

“I can confirm that he was arrested and it is for cases of fraud and award of fictitious contract,” Babafemi said.

When asked if Owumi committed the alleged fraud as chairman of Premier League Club, Rangers International or as a member of the former NPL board headed by Oyuiki Obaseki, Babafemi said: “It cuts across board but more of Rangers because the case is being handled by our Enugu office”.

Not guilty

Initial efforts to get Owumi to comment on the matter were unsuccessful but the NPL Chairman was later quoted by SuperSports.com, a sports news website, to have said he is innocent of the allegations against him.

“I don’t have anything to hide. I am open to any probe. I have heard people say I used money from Enugu Rangers to build my house and I laugh at that because the records are there. Also, I can say I have not got any contract from government or anywhere,” he said.

Foster Chime, the Media Officer of Rangers, said he was surprised by the development noting that the arrest could not have been as a result of Owumi’s activities in Rangers.

“Rangers is owned and run by the Enugu State government and so any issue of misappropriation or foul play should be pointed out by them, which for now has not been done. Even Owumi has left the club for quite a while so I wonder why now,” he said.

However Babefemi said the commission need not wait for the Enugu Sate government before it acts.

According to him, once sufficient information is received on any corrupt practise, the EFFC can swing to action.

More in the net

Owumi’s current travail is the latest instalment in a short tenure pockmarked by controversy since being elected earlier this year.

He joins the list of football officials being investigated by the EFFC. Sani Lulu, former President of the Nigeria Football Federation along with former vice-president, Amanze Uchegbulam; Taiwo Ogunjobi, former head of the federation’s technical committee; and Bolaji Ojo-Oba, its former Secretary General are also answering charges of corruption and abuse of office while they were in charge of the Nigeria FA.

The EFCC has also waded into the cash-for-vote allegations brought against FIFA executive Amos Adamu by setting up a panel to investigate the matter.

The new NPL season is expected to kick off on Saturday after several postponements and it is not clear whether the latest development will have any impact on it.

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Strengthening the Eagles’ wings for flight

Strengthening the Eagles’ wings for flight

At
full-time in the game against Romania on Saturday, October 9 at the
Parc De Prince, new French coach, Laurent Blanc and his players looked
very relieved to have won 2-0. Les Blues’ revolution under Blanc, who
is referred to as ‘Le Presidente’ had finally started.

Italy, France,
England are some of the football elite that have had to change or tweak
their systems in the past three months on the back of below-par
performances in South Africa. Though Nigeria cannot be grouped with the
above countries – who between them have won six World Cups, Nigeria can
be categorised as an African power.

With two Africa Cup
of Nations Cup trophies, six silver medals and the same number of
bronze medals, the Eagles have always been in or around the podium when
it comes to African football.

But Italy and
France have since moved on from not qualifying for the second round of
the World Cup by appointing new managers in Cesare Prandelli and
Laurent Blanc respectively, while Nigeria is yet to have a substantive
coach, for real planning to change players and systems to start.

In the case of
England, Fabio Capello has given the benefit of the doubt; and he is
using this second chance to bring in new, young and hungrier players
into the squad. But Nigeria is stuck with the same old players, who
have failed to improve their uninspiring performances.

Same old legs, and script

Members of the
football family in Nigeria believe that the Eagles’ last game against
Guinea in Conakry showed the true level of Nigerian football. They
contend that fans have always had an exaggerated image of Nigeria, and
that ‘small’ countries like Guinea are showing that potential is not
enough; planning, hard-work and commitment can and make the difference
between a loss and a win.

Commenting on that match, former national player and now coach of Kwara United, Kadiri Ikhana said:

“Even before this
match was played, I said each of the teams had 50 percent chance of
taking the day. The match itself – looking at the first half, the
Eagles were not so good but in the second half their game improved. We
had more chances of scoring- like 60 to their 40- but we refused to
take them. See how many goals we missed. Guinea on the other hand, took
their only chance and converted it to a goal.”

Many argue that the
outcome of the match was determined by youth, fitness and commitment
and that the Guineans rather than place premium on pedigree were more
concerned with current form. This is believed by many to be the reason
why a youngster like Kevin Constant, who scored the goal against
Nigeria, kept Guinean football greats like Ismael Bangoura and Pascal
Feindouno on the bench.

Not playing to win

“I think we did not
play as we were supposed to. There was not too much fight in the
attack. Only (Obafemi) Martins was moving forward. It was like we were
playing with just two attackers against their four defenders. Obinna
Nsofor is more of an attacker but he was playing in the midfield,” said
former Eagles player, Garba Lawal, who is at a loss about what caused
the lack of commitment.

Some analysts say
these Europe-based players know where their bread is buttered. Their
clubs pay a lot of money to be represented and that cannot be risked on
second rate pitches like the one they played on in Conakry.

“If we take a
mixture of Kano Pillars and Enyimba players they would have represented
us better. What is the makeup of this statement? The players will be
hungrier and more committed to the cause and maybe not necessarily
younger,” said Sola Aiyepeku, a football commentator.

Lawal added that
absence of Osaze Odemwingie, Mikel Obi and Dickson Etuhu in the game
against Guinea is not an excuse for the defeat.

“The likes of Osaze
were not there because they had injuries but even if they were there
the team may not have won. The team is not about anyone person,” he
said. “The way forward for the Eagles is for players to be more
committed. If they play with commitment even if they do not win, we the
people would be able to salute them and say they did their best.”

Officials culpable

Ikhana is not too worried about the loss and he believes the Eagles will qualify for Equatorial Guinea/Gabon 2012 Nations Cup.

“This is a minus
for us but I believe it would gear them up to do better in subsequent
matches. This notwithstanding, I see us qualifying for the Nations’
Cup.”

Former Eagles coach
and defender, Christian Chukwu blamed officials of the team, who are
always afraid of the consequences of a loss.

“The problem we
have is that we are afraid to lose matches, but did we not lose on
Sunday despite inviting 15 Europe-based stars for the match, which
ordinarily the home-based should have formed at least 70 per cent of
the squad?

“If we had paraded
mostly home-based players and we still lost the match, we would have
been happy that at least we are rebuilding our team,” Chukwu said.

“This is the time
to rebuild. This is the time to go in search of talented, young and
desperate home-based players, players who are hungry to prove that they
can play in the Eagles too.

“We are not
rebuilding. We can’t keep using the same players. We are overstretching
them. We need to give the home-based players the chance to prove
themselves. If we don’t play them, we won’t be able to discover new
players for the national team.”

Like Chukwu, many
believe that without a shake-up of the Super Eagles – to allow the
youth, better coaches, and administrators who understand the game plan
take the reigns, football might just end up like some other sports –
where Nigeria reigned supreme on the continent some years ago but is
now playing catch-up.

Michel Platini,
UEFA President said after the 2010 World Cup in South Africa that he
was not surprised at the composition of the first, second and third
placed teams – Spain, Holland and Germany. To Platini, success is not
achieved by coincidence.

“The countries that did well have the most youth competitions and
spend the most on training young players. It is no coincidence they
happened to do well. Investment, competition and training pays off.”

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BRAND MATTERS: Eliminating negative brand perception

BRAND MATTERS: Eliminating negative brand perception

The focus of this
column last week was on customer service and brand image. It was stated
that a customer-centric approach is important to maintaining a good
brand image.

A major imperative,
which also has a linkage with brand image, is negative perception. A
brand that does not focus on its perception by the target audience will
surely suffer in the market place. It is thus very crucial for brands
to measure, test, and evaluate the perception of the target audience on
a consistent basis.

Several millions of
naira is spent on marketing communication without a consistent
evaluation of consumers perception. This is a critical issue that
should be given a utmost priority by companies.

Based on
interactions with people and on the street insights generation, I have
discovered over time that several consumers are disenchanted with some
brands. Sometime ago, telecom companies and banks were identified as
the culprits in this column. The way customers are treated by banks
leaves much to be desired. Some customers have stopped their patronage
with such banks due to poor service delivery. The proprietor of a
renowned school in Lagos has a negative perception of a particular bank
and this has resulted in stoppage of business with the bank.
Ultimately, this creates negative perception for such brands.

Some salient
questions were asked last week based on how to deliver effective
customer service. One major one is, “what have you done to enhance
customer satisfaction?” It has been discovered that some organisations
do not have a coherent approach to retain brand loyalty. This
eventually leads to negative perception against the organisation and
its brands. It is important that concrete steps are taken to identify
grey areas that need immediate attention.

It is also
important to evaluate the perception of the target audience about a
specific brand. Some organisations do not even go the extra mile to
observe the values and belief system of their consumers. The consumer
who stopped patronage did not just stop suddenly; it is an accumulation
of complaints, murmurings, and discontentment.

When such situation
occurs, there is the need to observe change in the consumer’s behaviour
and purchase decision, while urgent measures are taken to address the
situation. The goal of some brands is just to sell, without even
feeling the pulse of their end users. Consumer insights come in useful
here. This to a large extent helps brands gain an inroad to determine
the level of acceptability of the brand in the market place. Insights
provide value to the brands as the objective voice of the consumers.

When these insights
are generated and thoroughly analysed, negative contents should be
given utmost priority. This will help the brand to contain such before
it becomes a full blown perception crisis.

Consumer insights
allow brands to improve service delivery, review perceptions, and open
new perspective on attitudes, behaviours, and consumer expectations. To
eliminate negative perception, there should be a consistent consumer
perception survey to serve as a feedback mechanism on the performance
of such brands.

Some organisations
do not realise the enormous damage of negative perceptions of their
brands. Some brands have been taken to publics’ opinion court and this
poses service threats to such brands; some consumers have even gone to
publish negative articles on some brands. When there is a structured
feedback mechanism in place, consumers, even though aggrieved, believe
their interest are receiving the deserve attention.

Brands will always
have negative consumer perception when they do not align with public
good, and receive a favourable perception if they serve public
interest.

It is important
that concrete efforts are made to establish an enduring relationship
with the consumers. The thinking here is to subtly appeal to them and
know the way they feel, think, and perceive a brand. Through this, any
negative perception about the brand can be noticed and quickly
eradicated.

Negative perception
can be further eliminated where brand is also transparent in its
dealing with consumers, who, on seeing such open mindedness, refrain
from spreading negative news about the brand.

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CBN disburses N88 billion as agriculture loan

CBN disburses N88 billion as agriculture loan

The Central Bank of Nigeria (CBN) has so far released N88.53 billion under the Commercial Agriculture Credit Scheme (CACS).

According
to information posted on its website, out of 367 projects bids
submitted by the banks, only 91 have so far been considered as eligible
under the scheme.

“Since
inception of the scheme, the CBN has released the sum of N88.533
billion for disbursement to 79 projects/promoters and 12 State
Governments,” according to the statement.

This
is out of 337 projects and 30 state governments that applied. Total
undisbursed funds under the scheme, as at September 30, is N111.467
billion.

In
September, under the 2nd tranche, the state governments accessed N1
billion each for on-lending to farmers’ co-operatives and other areas
of agricultural interventions in their various states. The states are
Adamawa, Bauchi, Enugu, Gombe, Kebbi, Kogi, Kwara, Nassarawa, Niger,
Ondo, Taraba, and Zamfara. The funds were accessed through four banks
namely Fidelity Bank, Union Bank, UBA, and Zenith Bank.

In
August, nine state governments namely Adamawa, Bauchi, Gombe, Kebbi,
Kogi, Nasarawa, Ondo, Zamfara, and Niger accessed N1.00 billion each
for on-lending to cooperative farmers and unions in their various
states. Adamawa and Kebbi States accessed the funds through Zenith
Bank, Gombe and Niger States through Union Bank, while the five
remaining states were funded through UBA.

The
CBN also withdrew a total of N9.2 billion comprising N7.003 billion
from UBA, N581 million from GTB Plc, and N1.60 billion from First Bank,
as undisbursed funds to 11 projects from UBA and 1 project each from
GTB and FBN Plc during the second tranche.

Funding initiative

These
disbursements are part of the N200 billion agriculture credit fund
initiated by the Central Bank last year to boost commercial
agricultural enterprises in Nigeria. The purpose of the fund is to fast
track agricultural development in the country by providing credit to
commercial agricultural enterprises at a single digit interest rate.

It
is expected to enhance food security, reduce cost of credit in
agricultural production, and increase output and employment in the
sector. Target commodities under the scheme include the cultivation of
target crops (rice, cassava, cotton, oil palm, wheat, rubber, sugar
cane, fruits, and vegetable); livestock (dairy, poultry, piggery); and
fisheries.

According
to the CBN, 11 banks have been involved in the disbursement of the
funds across to farms and agro allied businesses as at September,
namely Access Bank, which disbursed N4.2 billion; Fidelity Bank, N1.5
billion; First Bank, N4.9 billion; Guaranty Trust Bank, N4.25 billion;
Oceanic Bank, N2 billion; Skye Bank, N7.6 billion; Stanbic IBTC, N450
million; Union Bank, N7.3 billion; United Bank for Africa, N38 billion;
Unity Bank, N5.5 billion; and Zenith Bank, N12.8 billion.

Eligibility

By
the eligibility guideline released by the Central Bank, borrowers under
the scheme shall be a limited liability company, with asset base of not
less than N350 million, and with prospect to grow the net asset to N500
million in the next three years and comply with the provision of the
Company and Allied Matters Act (1990).

Such
companies must also have a clear business plan, provide up-to-date
record on the business operation, if any, and satisfy the entire
requirement specified by its lending bank.

The
loan has a maximum tenor of seven years and/or working capital facility
of one year, with provision rolls over, while the scheme allows for the
moratorium in the loan repayment schedule.

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UBA financial results improve

UBA financial results improve

United Bank for
Africa (UBA), at the Nigerian Stock Exchange on Thursday, posted
significant improvement in its unaudited financial result for the third
quarter ended September 30, 2010.

The bank, which
recorded a loss after tax of about N18.094 billion in the period in
view, 2009, posted a profit after tax of N6.648 billion this year,
reflecting a 136.74 percent improvement. UBA also recorded a 7.49
percent growth in its total net asset during the quarter, from N1.548
trillion to N1.664 trillion.

However, the bank’s turnover for the period declined by 6.86 percent, from N146.411 billion to N136.366 billion.

High deposits

Emmanuel Nnorom,
UBA’s group executive director, finance and risk, in a statement on
Thursday said, “This is a strong set of results that demonstrates both
the bank’s prudent management and continued commitment to its strategic
objectives,” adding that the bank’s focus on initiatives to reduce
costs resulted in improved efficiencies, with operating expenses
declining by 6.4 percent to N73.5 billion during the period under
review.

Mr. Nnorom said the
bank deposits’ rose by 7.4 percent from N1.25 trillion in December 2009
to N1.34 trillion as at September, and its shareholders’ funds reached
N189.7 billion.

Also, on Thursday,
Wema Bank released its audited third quarter accounts for the period
ended September 30, 2010. The result shows a 4.74 percent decline in
turnover, from N25.286 billion to N24.085 billion. The profit after tax
inched up by 105.50 percent, from a loss of N29.727 billion to a gain
of N1.635 billion.

Decline continues

Meanwhile, the
decline in the value of equities at the nation’s capital market on
Thursday cuts across all sectors of the bourse.

The resilient
nature seen in sectors like the breweries, conglomerates, food and
beverages, since the current downturn started this week, could not be
sustained after yesterday’s trading session.

The All-Share Index
declined by 1.42 percent, to close on Thursday at 24,537.02 basis
points from the previous day’s figures of 24,891.73. Market
capitalisation also followed with N87 billion losses to close at N6.011
trillion from Wednesday’s N6.098 billion.

The number of
gainers at the close of trading session closed higher at 16, compared
with the 14 gainers recorded on Wednesday, while losers also closed
higher at 47, compared with the 38 losers recorded the previous trading
day.

The banking
subsector yesterday led on the most active subsector table with 101.81
million shares valued at N737.29 million, as against the 311.78million
units valued at N1.65 billion recorded on Wednesday.

The volume in the
subsector was driven by shares of Access Bank, First Bank, Guaranty
Trust Bank, and Diamond Bank. The total volume of 39.31 million units
valued at N433.98 million traded in the shares of the four stocks
accounted for 21.42 percent of the entire market volume.

President sympathies

Meanwhile, at the
ongoing annual conference of the Chartered Institute of Stockbrokers in
Abuja, President Goodluck Jonathan expressed his sympathies with
investors and stockbrokers that lost money in the stock market since
the downturn began in September 2008.

Aliyu Idi Hong, who
represented the president, said the government is working hard on ways
to ameliorate the losses that befell investors in the market in the
past two years.

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