Archive for nigeriang

Kenyan shilling firms vs dollar, stocks ease

Kenyan shilling firms vs dollar, stocks ease

The Kenyan shilling
firmed against the dollar on Thursday, backed by inflows from the tea
sector and a weaker U.S. currency on the world markets, while the
Nairobi Stock Exchange’s main share index edged lower.

At the market’s
close at 1300 GMT, commercial banks quoted the shilling at 80.50/60 to
the dollar, compared with Wednesday’s close of 80.60/70. The shilling
traded at the slightly stronger level for most of Thursday, traders
said.

Traders said the shilling got a lift from dollar selling by the farm sector late on Wednesday.

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Algeria unit sale talk boosts Orascom

Algeria unit sale talk boosts Orascom

Shares in Orascom
Telecom jumped 4 percent on Thursday after Vimpelcom was reported to
have said around $8 billion was a fair price for Orascom Telecom’s
Algerian unit.

“If the Algerian
side voices the readiness to buy Djezzy at a fair price, we’ll be ready
to sell it then,” Vimpelcom CEO, Alexander Izosimov, was reported to
have said by Russia’s ITAR TASS.

A person familiar
with the matter said the comment should be interpreted as Vimpelcom
setting out its initial position for further talks on the matter with
the Algerian government.

“This is a starting point, the two sides only met for the first time this week,” the person said.

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‘Declare emergency in West Africa energy sector’

‘Declare emergency in West Africa energy sector’

Participants at the
3rd Economic Community of West African States (ECOWAS) Business Forum
in Abidjan, Cote d’Ivoire, have asked the ECOWAS Commission to declare
a state of emergency and focus on the development of their energy
sectors, as a strategy to facilitate speedy regional development.

The state of emergency will be for a decade, to push governments in member states to work on the energy sector.

The forum, which
focused on the theme ‘Harnessing energy resources for the competiveness
of West Africa’s economy’, said these measures will enable the region
address the supply-side constraints hampering access to energy in the
region, where only 30 percent of the population have access to energy,
with demand expected to grow by 7.6 percent from 6,500 mega watts (MW)
in 2003, to 22,000 MW in 2020.

The measures
proposed at the forum were expected to help the region address the
challenge in a holistic manner through initiatives that will promote
energy self-sufficiency, address the business and policy environment
issues, as well as the project financing mechanism.

The proposal
reinforced calls for the expeditious implementation of the priority
projects of the West African Power Pool (WAPP) in the areas of power
generation and the interconnection of national grids, the adoption of a
regional energy mix that exploits all the region’s energy resources to
meet the fast growing demand, the development of minimum renewable
energy targets, as well as the strengthening of the Cape Verde-based
Centre for Renewable Energy (CRE).

Other proposals
will enable the region address the business and policy environment, and
calls for the creation of a regional framework to guarantee private
sector investment, the implementation of capacity building programmes,
the development and enforcement of local environmentally-friendly and
energy efficient materials, the unbundling of the energy sector to
private sector investors, the strengthening of mechanisms for public
private partnerships, and the ratification of the ECOWAS Energy
Protocol.

On ways to address
the fund constraints against investment in the sector, including ECOWAS
facilitation of donor support for such projects, participants suggested
the injection of funds in the rehabilitation of maintenance of existing
infrastructure, the mobilisation of local resources, and the
development of financing mechanisms for energy projects, particularly
for rural electrification, as well as the provision of incentives to
encourage investment in independent power projects.

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BRAND MATTERS: Stimulating consumer interest with slogans

BRAND MATTERS: Stimulating consumer interest with slogans

A brand conscious
approach is important to the overall communication process. It is as a
result of this that brand slogans or catch phrases play key roles to
attract the attention of the audience. Slogans are very potent means of
generating attention to a brand. In essence, the slogans sum up the
personality as well as the benefits and values derivable from the
brand. They convey some extraordinary features of the brand to retain
strong attention in the consumer’s mind.

When a
communication campaign is highly rated by a consumer, it shows that the
brand is worth something to the consumer. This is done through simple
words or phrases that arrest the attention.

Slogans make
consumers have a strong attachment with the brand, and they excite and
stimulate their interest. They become memorable and make the brand
meaningful. Slogans stick to consumers’ memory and become a
“personality” on their own. They make the consumers feel good about
associating with such a brand. I remember “It’s all about you” of
Vmobile years back. It was one that made consumers have a sense of
belonging. The brand tells the consumers that whatever it does will
always be in their interest.

Ultimately, this translates to patronage for the brand.

However, it needs
to be emphasised that slogans should not appeal to consumers alone.
They should be meaningful to the internal audience too. This is because
they need to do a lot to ensure that the brand delivers on its promise.
The internal audience should have a strong commitment to brand
delivery, which makes the brand focused, and not deviate from what it
stands for.

Slogan is for life

In any communication campaign, the slogan is important in generating maximum impact amongst the target audience.

When President
Obama was campaigning for US presidency, his slogan was ‘Together We
Can’, which inspired Americans to believe in a new dawn for their
country. It tells them in succinct terms that “our collective efforts,
our desires, our dreams for a brighter and greater US can be achieved
if we are united with one resolve.” That, on its own, stimulated the
interest of Americans to believe in the Obama brand. The slogan
personified the Obama brand’s promise to make every American have a
sense of belonging.

The main purpose of
a slogan is for consumers to retain a compelling word or phrase in
their mind, even when the campaign thins out. It is a take-away for
consumers to hold on to. This, to a large extent, leaves a key brand
message in the minds of the target audience. It is also not good to
change brand slogans. Even when slogans are changed, they should still
be focused on delivering the brand promise.

When Etisalat
launched into the telecoms market some years ago, it came with some
inspiring and refreshing communication campaign that resonated with
Nigerians. The focus here is the slogan ‘Now You Are Talking’.

The question one
should ask is, have Nigerians not been talking before? However, the
truth is that while other networks have been in existence, Etisalat
created a platform to directly touch the minds of Nigerians. The
network was the first to give Nigerians the opportunity to book for
their line; it was the first to start SIM registration; and it is the
only network that delivers messages about missed calls when your phone
is switched off. With all these, it shows that the slogan, ‘Now You Are
Talking’ is very potent.

It is a strong
message to tell Nigerians that, ‘you might have been hooked on other
networks, but with Etisalat, you (the consumer) are now talking the way
you should’.

In essence, the
slogan encapsulates what the brand stands for. The brand resonates more
with Nigerians, and it is seen as a cheaper brand. Everything revolves
round the slogan, which is meaningful to the consumers. The slogan is
also derived from the overall creative strategy of the brand to connect
directly with Nigerians.

‘Eko Oni Baje o’ is a slogan that comes to mind as I conclude this piece.

Even though it is
written in Yoruba language, I have found out through dipstick research
that it is now popular amongst Lagosians. ‘Eko oni baje’ exemplifies
Fashola’s dream to transform Lagos and make it a destination of choice
for foreign visitors and even a mega city for residents.

Slogans give
credible impression about the brand and it is the responsibility of
brand managers to ensure that the brand remains true to its promise.

Ayopo, a communication strategist and public relations specialist,
is the chief executive officer of Shortlist
Ltd.,ayopo@shortlistprng.com

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Stock market measuring indices plunge

Stock market measuring indices plunge

The parameters for
measuring trading activities at the Nigerian Stock Exchange (NSE), the
market capitalisation and the All-Share Index, plunged on Wednesday, as
0.94 percent decline was recorded at the close of trading session.

The Exchange market
capitalisation of the 198 First-Tier equities closed yesterday at
N5.889 trillion after opening the day at N5.945 trillion, reflecting
N56 billion losses. The All-Share Index lost 227.09 points on the
previous day’s figures of 24,263.01 basis units, to close at 24,035.92
units.

Market operators said the rush for profit taking by investors could be attributed to the downturn recorded on Wednesday.

Detola Olukorede,
an equity analyst at Investment Option, a business advisory firm, said,
“One cannot rule out profit taking activities in the market since the
trend has been positive in the past one week. Profit takers, like
portfolio managers, will always want to get return on their
investments, even if it’s low.”

Mr. Olukorede said operators should expect mix market performance this week.

Top gainers

At the close of Wednesday’s trading, a total of 32 stocks appreciated in value while 30 stocks depreciated.

Guinness Nigeria
and Glaxo Smithkline consumer topped the price gainers’ table with an
increase of N8.65 and N1.10 on their initial prices of N173.00 and
N22.49 per share, respectively. Flour Mill Nigeria and Dangote Flour
Mills followed in the chart with an increase of 70 kobo and 68 kobo
respectively, to close at N60.70 and N14.41 per share.

On the loser’s
table, Nigerian Breweries and Conoil led on the chart with a loss of
N3.71 and N1.97 respectively, from their opening prices of N82.21 and
N39.45 per share. UAC Nigeria and Lafarge Wapco Cement followed with
N1.50 and 91 kobo losses respectively, to close at N41.40 and N38.09
per share.

Banks maintain lead

The banking
subsector on Wednesday maintained its lead on the most active
subsectors’ chart with 338.991 million volumes of shares, valued at
over N2.805 billion. Volume in the subsector was driven by shares of
Diamond Bank, First City Monument Bank, Access Bank, First Bank, and
Guaranty Trust Bank. The five banks also ranked as the most traded
stocks for the day.

The food/beverages
subsector followed in the chart. Investors in this sector exchanged
25.965 million shares worth N431.622 million. Volume in the subsector
was largely driven by shares of Dangote Flour Mills and Dangote Sugar
Refinery, followed by Cadbury Nigeria, and National Salt Company.

Trading activities
in the maritime subsector was third with 16.672 million shares valued
at N19.994 million. Deals in shares of Japaul Oil and Maritime Services
largely boosted the subsector’s volume.

Meanwhile, to avoid
been sanctioned for failure or late submission of its financial
accounts, the management of Aso Savings and Loans on Wednesday notified
the Exchange that its audited accounts for the year ended March 31,
2010 is currently being audited.

The company said it “expects the completion of the audit exercise,
as well as the approval by the Central Bank of Nigeria to take place
before the end of November 2010, after which the accounts will be
submitted for presentation to the market.”

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OIL POLITICS: Mending MEND

OIL POLITICS: Mending MEND

Nigerians have been
subjected to several years of autocracy, misrule, and serial abuses
these past 50 years of flag independence. The Movement for the
Emancipation of the Niger Delta (MEND) and other groups have said that
Nigeria has no reason to mark this “jubilee.”

MEND did not only
make the point that there should be no celebration, they went ahead and
set off bombs that snuffed the lives of over a dozen Nigerians and
maimed many others. That was certainly a strong way to make a point –
in broken bodies, spilled blood, shattered families, and stunning the
nation to boot.

People have reacted
in different ways to the Abuja bombings, a remarkable escalation of the
sense of insecurity in a nation where kidnapers do not care a hoot
about taking kids, journalists, pastors, oil workers, and just about
anyone into captivity. This is a nation where citizens are abandoning
their homes, villages, and towns for armed groups to take control and
turn them into camps for their “armed struggles.” Meanwhile, the
security organs are out on roadblocks asking “wetin you carry?”

The idea of not
marking national days in the country crept into the national psyche
from the years of military misrule when the dictators did not wish to
promote the assembly of peoples to discuss the national state of
affairs. It became fashionable to tell Nigerians that occasions such as
independence anniversaries, children’s day celebrations, and others
were moments for sober reflection.

This was actually a
way of camouflaging the fact that the leaders were utterly bereft of
any ability or inclination to reflect on much other than their piles of
loot. Over the years, this neglect became accepted as times to stay in
our homes, mourn and recriminate the death of dreams built on the
“labours of our heroes past” that are now threatened to have been in
vain.

By neglecting to
mark days such as that of national independence, the remaining threads
that give citizens a sense of nationhood kept being pulled out of our
multicoloured national social fabric. Soon, we consolidated our sense
of apartness, each looking more to our ethnic nations, regional
cleavages, and political cabals.

It is in that
trajectory that we read the unfortunate order from MEND that no one was
to go to the Eagle Square for the national day celebration. They were
kind enough to say that people should avoid dustbins and cars. Pray,
where were those who eat out of dustbins going to get their meals from?
Or had MEND dropped extra packages for them to gather?

Of all the
responses, the one that is perhaps the most poignant is that of
President Goodluck Jonathan. In the chorus of voices condemning the
assault on all of us, our president reportedly said “What happened
yesterday was a terrorist act and MEND was just used as a straw; MEND
is not a terrorist group.”

By his leadership
position, Mr. President certainly has more information on security
matters than us ordinary citizens. Two disturbing issues arise from his
assertion. The first is his conclusion that “MEND was just used as a
straw.” The first assertion is more alarming than the second one which
claims “MEND is not a terrorist group.”

Perhaps, MEND is a
political party or an extension of the Nigerian Army, Mr. President? Or
is this an exercise in socio-political engineering to mend MEND?

Straw or pawn?

We return to the
first assertion, which suggests that MEND is naive and lent itself to
be used as a straw. In trying to read the president’s lips, we assume
that he was using the word straw here to mean “pawn”, referring to
someone used or manipulated to further someone else’s purposes.

If MEND is being used to further the purposes of someone else, then we have reasons to raise more concerns.

The first is that
that someone has to be unveiled. Another concern would be to
fundamentally question the rise of armed groups in the Niger Delta
allegedly fighting for a number of things, including more oil and gas
revenues for the region. Have there always been puppeteers behind the
scene if the armed groups do not have agenda for their activities? This
is disturbing because many came to see MEND as one of the more
politically coherent groups that chose the way of violence to make
their points.

If MEND is a straw,
can we assume that scenario planners, who have predicted that Nigeria
will blow into pieces within a short space of time, have an interest in
the escalation of violence and insecurity in Nigeria? Are we to say
that the violence in the oil fields has not secured sufficient foothold
for foreign armed assistance and this needs to be extended to the
entire nation and possibly put Nigeria on the path to becoming another
Somalia or even Sudan to a degree?

If MEND is a straw,
at what point did they metamorphose into this, or were they straws
right from start? If the group is a straw or can be used as a straw,
what are/were the several others who embraced the amnesty programme of
the government? It is time to rethink the amnesty programme and extend
it to the damaged environment of the region and indeed of the nation
through a national environmental emergency plan.

The president’s
assertion requires serious interrogation. With the background that some
armed groups began as bands of political thugs, we need to know if this
assault on poor Nigerians is linked to the fight for space and
displacements in the run for the forthcoming elections. In other words,
were these explosions the hands of politicians but the voice of MEND?

What we have here
is a deep failure of our security systems and this requires quick
action by Mr. President, and not quaint definitions of what constitutes
terrorism.

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‘Nigeria’s economic risks are exaggerated’

‘Nigeria’s economic risks are exaggerated’

“Its
challenges notwithstanding, the outlook for Nigeria financially remains
positive and investors should see most of them as opportunities, as
they reflect significant underinvestment in the past.

“Most
of the challenges Nigeria face can be seen as opportunities.
Infrastructure spending would clearly be a strong gateway to unlock
substantial economic development opportunities, and we believe this is
a strong case for seeing the economic environment as an enabling one
for private sector investment,” Afrinvest, an investment banking firm,
said in its assessment of the nation.

It
says the government’s willingness to improve its economic management
can be seen from the reforms targeted at various sectors.

“Power
reform is a key priority for the present administration, according to
its latest economic action plan. We believe the execution of this
detailed reform plan will result in the revival of the country’s power
sector.”

Other
positive initiatives, Afrinvest said, include the Asset Management
Company of Nigeria, the Nigerian Local Content Programme, the Petroleum
Industry Bill, and electoral reforms (with the appointment of a
credible respected electoral head, a drive for credible voter
registers, and biometric machines for accurate vote counting).

“Our outlook for Nigeria remains positive from a political standpoint, as we expect successful elections in 2011.”

A long way to go

However, the firm says the nation has a long way to go.

“Nigeria
is still battling acute infrastructure deficiencies, particularly with
power supply (where it remains one of the lowest-ranking countries,
with insignificant urban and rural penetration), the lack of good
roads, poor health and education systems, low broadband penetration,
low air penetration, high corruption levels, and high import levels.

“However,
the country has great potential yet to be unlocked, and a wealth of
natural resources yet to be explored. Even though corruption remains a
major concern, we have seen a noticeable improvement, as illustrated by
the Corruption Perception Index.”

Fundamentals remain strong

The
overall economy grew 6.7 percent in 2009, while non-oil growth was 8.3
percent. Growth has been largely underpinned by the agriculture sector,
which accounted for 43 percent of Nigeria’s GDP. While oil is a major
contributor to government finances, it only accounts for 17 percent of
GDP. The average inflation rate peaked at 13.7 percent in August 2010,
up from 12.4 percent in 2009, and 11.6 percent in 2008. Although it was
primarily driven by exogenous factors, such as food inflation,
expansionary fiscal policies have yet to translate into serious
inflationary pressures.

Foreign
and domestic debt remain relatively low, following the write-off of a
significant amount of external debt by the Paris and London Clubs of
creditors in 2005 and 2006 – although domestic debt is on the increase,
rising to 12.4 percent of GDP in 2009 from 9.3 percent in 2008.
Nigeria’s external debt in 2009 was 2.0 percent of GDP.

Putting into perspective where Nigeria was and where Nigeria is today, Afrinvest concluded that the time to invest is now.

“Now is the time, time to buy Nigeria, time to buy Nigerian banks. The
Nigerian market remains very cheap from a valuation stand point when
compared to its emerging market peers. The capitalisation of the
Nigerian Stock Exchange is back to 2006 levels, despite its GDP being
1.5 times bigger in 2009. After peaking at 62 percent of total market
capitalisation, the banking sector ended 2009 with a contribution of
only 42 percent.”

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Peru’s Mario Vargas Llosa wins Nobel Literature Prize

Peru’s Mario Vargas Llosa wins Nobel Literature Prize

Peruvian, Mario
Vargas Llosa, has been awarded the 2010 Nobel Prize for Literature.
Peter Englund, a professor and permanent secretary of the Swedish
Academy, made the announcement on Thursday morning.

The Academy said
the prize was awarded to Llosa “for his cartography of structures of
power and his trenchant images of the individual’s resistance, revolt,
and defeat.”

Born on March 28,
1936, in Arequipa, Peru, Llosa is one of the most acclaimed writers in
the Spanish speaking world with over 30 novels, plays, and essays to
his credit.

Apart from being a
writer, Llosa is also a noted journalist, academic, essayist, and
politician who contested for the Peruvian presidency in 1990. His
interest in professional politics has, however, waned, though elements
of politics are still in his writings.

He has also had a
career in lecturing, teaching in universities in the US, South America,
and Europe. He is currently at Princeton University, New York, where he
was told by telephone on Thursday that he had won the prize.

Llosa’s honour comes 28 years after South America’s last winner of the prize, the renowned Gabriel Garcia Marquez, won in 1982.

‘The Time of the
Hero’; ‘Conversation in the Cathedral’; ‘The War of the End of the
World’; and ‘The Feast of the Goat’ are some of the popular works by
the latest Nobel literature laureate.

Llosa’s works have
been translated into about 31 languages including French, English,
German, Swedish, Chinese, Hebrew, Arabic, and Croatian.

His international
breakthrough reportedly came with the 1960s novel, ‘The Time of The
Hero’ which built on his experiences at the Peruvian military academy,
Leoncio Prado. The book was considered controversial in his homeland
and 1,000 copies were burnt publicly by officers from the academy.

The 74-year-old author is the 102 winner of the prize, which has
been awarded since 1901. Four Africans, Nigeria’s Wole Soyinka; South
Africa’s Nadine Gordimer and JM Coetzee; and Egyptian, Naguib Mafhouz,
are past winners of the prize, which wasn’t awarded on seven occasions.

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Opposition parties criticise police ban on rallies

Opposition parties criticise police ban on rallies

The Conference of Nigeria Political
Parties has expressed outrage over the ban placed by the Federal
Capital Territory Police Command on public rallies, demonstrations,
processions, road shows and other public meetings.

“For us freedom of assembly and freedom
of association are the hallmarks of democracy, guaranteed by the 1999
Constitution of the Federal Republic of Nigeria, African Charter on
Peoples and Human Rights and UN Declaration of Human Rights,” the group
said in a letter to the Inspector General of Police, Hafiz Ringim, and
signed by its spokesperson, Osita Okechukwu..

“We find it cogent to remind the Police
that the obnoxious Public Order Act, a colonial instrument of
oppression in the hands of the Police, was repealed in a profound
judgment delivered by Justice Anwuli Chikere of Federal High Court and
upheld by the Appeal Court in a suit instituted by the CNPP.”

The group should not resort to strong
arm tactics which neither detect nor prevent crime. It stated that a
vigilant and mobile police force with modern equipment could have
forestalled the mayhem of the independence anniversary, which claimed
innocent lives, wounded many and rubbished the image of the country.

“We, therefore, call on the Inspector General of Police as a matter
of urgent national importance to cancel the ban and embark on the
process of installation of modern equipment to fight.”

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‘Jonathan will accept defeat in the primaries if he loses’

‘Jonathan will accept defeat in the primaries if he loses’

The director
general of Goodluck/Sambo Campaign Organisation, Dalhatu Tafida, said
yesterday, in Abuja, that President Goodluck Jonathan will accept
defeat if those challenging him win the primaries of the Peoples
Democratic Party (PDP).

He stated this while reacting to the call by some northern elders for Mr. Jonathan to resign or be impeached.

Mr. Tafida, who
briefed a group of journalists barely 24 hours after he spoke with
others, said the presidential election is not a matter of life and
death, stressing that if any of those aspirants opposing the president
emerge victorious, he will accept the result.

At present, there
are four other presidential aspirants on the platform of the ruling
People’s Democratic Party (PDP) besides Mr. Jonathan. They are former
military president, Ibrahim Babangida; former vice president, Atiku
Abubakar; and former national security adviser, Aliyu Gusau. Others are
the Kwara State governor, Bukola Saraki; and Sarah Jubril.

“If the opposition
succeeds, we will follow them. I am been fair to others; if they win,
we shall follow them. Let us not overheat the political temperature,”
Mr. Tafida said.

Preaching the
gospel of peace, the former Nigerian envoy to the United Kingdom denied
plans by the president to influence laid down procedures.

“Why do we want to
manipulate things? God has already decided who will be president. Let’s
give peace a chance. We have passed a stage where power changes hand in
a room where an individual presides. Power must be through open,
transparent elections. We must give equal opportunities to all. A
presidential election is not a game of life and death,” Mr. Tafida
said.

He enjoined all
members of the PDP in the race to remember that “there is politics
after presidential elections, let us be careful.”

Word for the Northern leaders

Warning against
politicizing the October 1st twin bombing in Abuja, the director
general said the incident was a national tragedy, a catastrophe, and a
national embarrassment, and insisted that no matter the grievances, 50
years in the life of any nation comes but once.

He said it was time
to review the state of development in the country with those with whom
it was nearly at par at independence, including Malaysia, South Korea,
Thailand, and South Africa.

According to Mr.
Tafida, over 12 innocent Nigerians died as a result of the bombings,
adding that instead of the Northern Political Leaders Forum (NPLF), led
by former finance minister, Adamu Ciroma, to be sober, they are trying
to make political gains from the incident.

“While the security
agencies are busy trying to unearth the details of the natural tragedy,
the provocative comments of some of our yesterdays men, laced with
ethnic chauvinism, suggest that they do not mind if Nigeria explodes if
they don’t acquire power at all cost in the 2011 primaries and general
elections,” he said.

Also on Thursday,
the Nigerian Alliance for Credible Leadership (NACL) asked the NPLF to
concentrate on how to unite the country, rather than making
inflammatory statements over the bombing incident.

Call to arm

NACL national
coordinator, Lawal Daku, said at a press conference in Abuja that the
said statements credited to Mr. Ciroma and the deputy director general
of the Ibrahim Babangida 2011 Campaign Organisation, Kanti Bello,
asking Mr. Jonathan to resign or be impeached were uncalled for.

“If people like
Ciroma who had ample opportunity of affecting positively the lives of
Nigerians when they were in power, put the interest of the masses
before their own, we will not be where we are today. We remain in total
darkness the likes of Ciroma put us into.

“It is in this
light that we are baffled at the inflammatory comments of supposedly
statesmen like Alhaji Adamu Ciroma and Senator Kanti Bello. We are
making this clarion call to them not to start fanning the embers of
war,” Mr. Daku said.

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