Archive for nigeriang

Capital market working towards global integration

Capital market working towards global integration

The Nigerian Stock
Exchange (NSE) says it is on track towards its integration into global
capital market operations and standards.

The chairman of the
Securities and Exchange Commission’s (SEC) board of directors, Udoma
Udoma, told participants in the ongoing Thomson Reuters Foundation
journalism training course on financial and economic reporting in
Lagos, that apart from the reforms to restore confidence in the wake of
the 2008 market crash, steps have been taken to upgrade the operational
process to bring them to global standards.

He noted
unprecedented growth by all market indicators, saying capitalisation
rose fromN2.5 trillion in 2005 to N12.1 trillion by March 2008, while
trading value increased with a daily average of N1.06 billion from
N254.7 billion in 2005 to N2.086 trillion in 2007, with a daily average
of N8.62 billion.

Though he said
market capitalisation as of December 31, 2010, was at about N10.33
trillion, with about 264 listed securities comprised of 217 equities
and 47 debts, Mr Udoma, however, traced the collapse of the capital
market to insider dealings as well as abuses of margin lending by
banks, which gave loans to many investors to buy shares without
collateral.

He said the
reactivation of FGN bond resulted in the issuance of over N3.5 trillion
bonds between 2003 and 2010, while secondary transactions of the bonds
on OTC market was over N48 trillion between 2006 and 2010, with about
11 state governments going to the market to raise funds for their
programmes.

Market challenges

He listed the
challenges the market is currently facing to include low investor
confidence; poor market depth, in terms of limited securities and
products on offer; poor savings and investment culture as a result of
the country’s low per capita income; low market liquidity; excessive
market concentration, with over 60 percent of trading activities on
bank stocks as well as legal constraints.

As part of the
reforms, he said 52 new rules and amendments have been introduced since
2008, including new margin trading guide lines by the Central Bank of
Nigeria and the Anti-Money Laundering/Combating Financing of Terrorism
manual to help banks and stockbrokers check incidences of money
laundering.

Besides, he said a
new code of corporate governance, which became effective last month,
requires auditors to report on the adequacy and effective of internal
regulatory systems as well as change the company’s audit and partners
every year, while upgrades have been carried out on the NSE platform to
meet international standards.

“We are on track
towards reforming the Nigerian Stock Exchange into a world class
capital market. The country’s capital market is not in isolation from
the international community. The Nigerian economy is poised to take off
with the stability being provided better elections,” he said.

Other actions taken
to reform the system include development of a model for risk-based
supervision, particularly for regulated entities; rationalization of
the market’s intermediary structure through stratification of the
broker-community; overhauling of complaints management framework to
ensure improved efficiency and alignment of the market with
international best practices in complaint management as well as
encouragement of functional market makers to facilitate securities
lending and borrowing.

International regulatory standards

Apart from
migration to International Financial Reporting Standard before 2012,
the SEC board chairman said the commission is considering the
self-assessment exercise of the implementation of the 38 International
Organisation of Securities Commission objectives as well as the
principles of securities regulations to conform to international
regulatory standards.

“Capital market
offers enterprises and governments wider opportunities to secure funds
for development. Where there is no developed capital market, short-term
funds from commercial banks are not the best sources of funding for
business enterprises and long term investments.

“In Nigeria, where industrial production is as low as 4 percent of
gross domestic product (GDP), as against an average of 8.5 percent
about 15 years, it is the country’s low industrial capacity that is
partly responsible for the current high unemployment in the country.
Therefore, if Nigeria must realize its aspiration to be among the
world’s top 20 economies by 2020, industry share of the GDP has to
increase to about 20-25 percent. That is why the integration of the
capital market is crucial,’ he said.

Click to Read more Financial Stories

Nigerian naira eases after Central Bank forex auction

Nigerian
naira eases after Central Bank forex
auction

The Nigerian naira
eased against the U.S dollar on the interbank market on Monday after
the Central Bank sold dollars at a higher rate than last week at its
foreign exchange auction.

The naira closed at
155.85 to the dollar on the interbank market compared to 155.15 at
Friday’s close, although the sale of $400 million by state-owned energy
company NNPC helped prevent it from slipping further.

“We have NNPC funds
in the market, about $400 million, but those who received the dollars
are not selling, possibly covering their short positions with the
funds,” one dealer said.

Traders said some
of the banks were holding onto the funds in view of the closing gap
between the central bank’s official rate and the interbank rate.

The central bank
sold $300 million at 153.18 to the dollar at its latest bi-weekly forex
auction on Monday, short of the $352.54 million demanded and compared
to $350 million sold at 153.02 a dollar at the previous auction last
Wednesday.

A one percent
commission charged at the forex auction meant dollars effectively cost
154.71, narrowing the gap with the interbank rate.

NNPC is the largest
supplier of foreign exchange to the interbank market with its large
monthly dollar sales usually providing support for the local currency.

Some analysts said
continued weakness in foreign reserves compared to year-ago levels were
continuing to put pressure on the naira.

Nigeria’s foreign
exchange reserves fell to $32.66 billion by May 5 from $34.55 billion a
month earlier and remain significantly lower than a year ago. They
stood at $40.12 billion by May 5, 2010.

Dealers said the
naira could weaken further in the coming days unless the central bank
moves to reassure the market that it will continue to support the naira
at current levels.

REUTERS

Click to Read more Financial Stories

Jonathan flags off national sports festival

Jonathan flags off national sports festival

President Goodluck
Jonathan yesterday, stressed the need for the country to promote
efforts that forge unity of the country, such as sports, without which
the country would find it difficult to develop.

He made the call
during the lighting of the torch for the national sports festival at
the Presidential Villa, Abuja. The festival will hold in Port Harcourt,
Rivers State in July this year.

During the
ceremony, the torch of unity was handed over to officials of the
Federal Capital Territory for the start of its tour round the 36 states
of the federation, with Rivers State as the final destination on the
day the festival begins.

The Kaduna State
governor, Patrick Yakowa whose state hosted the last national sports
festival, handed over the torch to the minister of sports, Taoheed
Adedoja who in turn handed it over to Mr Jonathan.

He then passed it
over to the Rivers State governor, Chibuike Rotimi Amaechi who then
handed it over to the minister of the Federal Capital Territory, Bala
Muhammed.

Mr Jonathan noted
that sporting events bind youth together, irrespective of differences
in ethnic affiliation, religion or other persuasions and stressed the
need for it to be strengthened.

“Sports brings
unity to both young and old. To camp our young ones together will bring
that spirit of unity, especially after the election,” he said. “It is
like the unity schools that united Nigerians together because each
person bonded with the classmates and by the time they leave school,
they have friends across the states and sections of the country.

“The country
belongs to us and unless we are together as one, the nation cannot go
far and that is what sports does, it unifies us. This flag of unity
must continue to fly and the unity torch must continue to burn.”

Nigeria’s sports image

The President
pointed out that Nigeria was noted for sports and can easily be
remembered by all countries around the world, especially for football
and asked that all be put in place to sustain the reputation of the
country.

Mr Adedoja
commended the government of Kaduna State for the quality of the
organisation put into the last national sports festival. He said he was
sure nothing more would be expected from Rivers State, whom he said had
shown commitment to hosting it.

Mr Amaechi promised that the state is ready to host the games and
have committed everything to ensure that the best comes out of the
festival.

Click to Read More Sports Stories

Federer says he can still return to world number one

Federer says he can still return to world number one

Roger Federer
rejects the idea that the balance of power in men’s tennis has tipped
towards Novak Djokovic after a 32-match winning run and believes he can
still beat Pete Sampras’s record for time spent as world number one.

The Swiss world
number three, who has a record 16 grand slam titles to his name, has
been left in the shade by Rafa Nadal for much of the past 12 months and
has now seen Djokovic supplant him as the Spaniard’s main rival.

However, Federer
feels he can reclaim his throne and move ahead of American great Sampras
who spent a total of 286 weeks as world number one to Federer’s current
285.

“It’s still
important for me to get back to being world number one,” Federer told
reporters in Italy ahead of his second round match against France’s
Jo-Wilfried Tsonga at the Rome Masters. “I mentioned after Wimbledon it
was a goal of mine.

“It’s still very real and possible. I think I can do it if I win one of those grand slams.”

First in seven years

Serbia’s Djokovic
could become the first player other than Federer or Nadal to hold the
top ranking since 2004 if he wins the Rome Masters this week, but
Federer remains confident he can still challenge the top two.

“They (Djokovic and
Nadal) are playing better than me but I’m close to winning those
tournaments,” said Federer, who lost to Nadal in the semi-finals of the
Madrid Masters last week.

“It’s not as if I’m losing in the first or second rounds.

“I feel I’m playing
well myself. Apart from Novak not losing all year not much has changed
in the game. Everybody can play well on all surfaces these days.

“It doesn’t feel
more different apart from having three more questions to answer at a
press conference, but they deserve their press and it’s all good
stories.” While the 29-year-old did not watch Djokovic’s straight sets
defeat of Nadal in the Madrid final Sunday, he felt the Serb would have
it tougher in Rome and Paris.

“It was surprising
to see Rafa lose on clay but it was just one tournament,” he said. “It
was a quick clay court so he (Djokovic) had a better chance of beating
Rafa.” This year the Rome Masters, which for the first time in decades
features men and women in one tournament, takes place after the Madrid
Open.

“I think that’s a better schedule,” said Federer. “You don’t have to
go (to the French Open) from altitude. Rome is more similar to Paris
than Madrid so it’s easier to get off to a good start there.”

Click to Read More Sports Stories

Barcelona are favourites to win final, says Vidic

Barcelona are favourites to win final, says Vidic

Manchester
United captain Nemanja Vidic reckons Barcelona will start as favourites
to win the Champions League final at Wembley on May 28.

United lost to Barca in the 2009 final and are out for revenge on English turf.

“There will be no
surprises because they haven’t changed their style in years but they
will be a tough prospect and definitely the favourites in the final,”
the Serbia centre back told Belgarde’s B92 television website
(www.b92.net).

“Maybe we have a
little bit of an advantage in logistics because we are closer to the
venue, but we know that their fans will turn up in numbers just like
our own.”

Vidic, who scored
in Sunday’s 2-1 win over Chelsea which all but secured United the
Premier League title, said his side were still completely focused on a
record 19th domestic crown.

Blackburn before Barcelona

“We haven’t had
time to think about Barcelona yet because we have to concentrate on our
next game away to Blackburn and make mathematically sure that we’ve won
it,” he said.

“Only when we have
done that can we turn our attention to Barcelona, I’ve seen them
several times this season including their semi-final tie against Real
Madrid.”

United, who are six
points ahead of Chelsea with two matches left in the Premier League,
need only one point from their last two games against Blackburn and at
home to Blackpool to secure their 12th league title under manager Alex
Ferguson.

Vidic, who was
named captain this season, revealed anxiety had crept into United’s
dressing room after Chelsea were able to cut a 15-point deficit with
nine wins in 10 games prior to their visit to Old Trafford.

“The pressure was
immense after they whittled down our big advantage to just three points
before the showdown, but it makes the victory that much sweeter because
we are on the verge of winning the title after beating our closest
rivals,” he said.

“It means a lot to
me that I scored but the team comes first and the most important thing
is that we are now in a commanding position to cross the finish line
first.

“As the team’s captain I just try to do the same things I’ve always
done and be at my best all the time, because being the United captain
is a great honour and I know I have to repay the faith vested in me by
the club.”

Click to Read More Sports Stories

Liberia turns to God for semi-final ticket

Liberia turns to God for semi-final ticket

The
national team of Liberia in the on-going West Africa Football Union
(WAFU) yesterday embarked on intensive prayers as they managed to roam
into the semi-finals of the championship taking place in Abeokuta, Ogun
State Capital.

The players had
played two matches in the competition losing the opening encounter to
Super Eagles by 1 goal, while they (Liberia) in their second match at
the Moshood Abiola Stadium defeated their Togo counterpart by 2 goals
to one.

However, at their
training session yesterday the team on arriving the pitch embarked on
what could be described as firebrand prayers which lasted for about 30
minutes with passionate appeal to God, to see them through to finals of
the match scheduled for Saturday.

At the stadium,
players in company of their coaching crew converged on the half side of
the pitch, which was allocated to them for training, while the host
Super Eagles was training on the other half side.

Before embarking on
their training, they commenced intensive praise worship given thanks to
God for their victory over Togo, and further call on God to be with
them in their next encounter which is expected to take place between
them and winner from Group A match which is between Ghana and Togo.

Not stopping there, the Liberia Team in their prayer session also
passionately appealed to God, to take them to finals, and subsequent
winning of the trophy. However, their next match scheduled for Thursday
will determine their better chances in getting to the finals .

Click to Read More Sports Stories

New Zealand ends Flying Eagles’ Suwon Cup dreams

New Zealand ends Flying Eagles’ Suwon Cup dreams

Nigeria’s
Under-20 team, the Flying Eagles, on Tuesday suffered a shock 4-3
defeat at the hands of the Junior All Whites of New Zealand at the
Suwon U-20 Cup.

It was the first
loss at the four-nation tournament for the Flying Eagles and ended
their hopes of claiming top prize at the tourney which came to a close
yesterday in South Korea.

John Obuh’s side
had earlier beaten hosts South Korea 1-0 in their opening match of the
tourney before pulling off a 2-2 draw with Uruguay over the weekend.

For their part, the
Junior All Whites began their quest at the Suwon Cup with a 1-0 loss to
Uruguay before succumbing by the same score line to South Korea, and
were expected to follow a similar path against the Flying Eagles in the
encounter played in the early hours of Tuesday, Nigerian time.

And the Junior All
Whites appeared to play along with the laid down script when Uche
Nwofor struck from 25 meters out to put the Flying Eagles ahead after
just 18 minutes on the clock.

But New Zealand
clawed their way back to level terms when Cameron Lindsay curled an
equaliser in from the edge of the box, just minutes after Dakota Lucas
failed to convert from close range.

The Flying Eagles
then had two opportunities to restore their lead before the end of the
first half but were denied, first by New Zealand goalkeeper Stefan
Marinovic and then by the offside flag.

But 15 minutes into
the second half, the Junior All Whites struck through captain Nick
Branch who volleyed a Marco Rojas free kick past the helpless Danjuma
Paul.

The lead was short lived as quick fire goals to Nigeria earned the Flying Eagles a 3-2 lead with 25 minutes left.

Delightful

But two goals
within the space of seven minutes, the second as a result of a poor
clearance by the Nigerian goalkeeper, saw the Junior All Whites
claiming their first win of the tournament which delighted their coach,
Chris Milicich.

“Today was very
pleasing for no other reason than we’re learning how to win,” said
Milicich. “We’ve had two really close results and in this one we’ve
come back twice to get the result.

He added: “This is
a team that beat Korea, drew with Uruguay and were trying to win the
tournament. They tried to beat us with everything they had. They are
African champions and we stood toe to toe with them and came out on the
right side of the ledger.”

The Suwon Cup
served as a preparatory tournament for all four teams who will later in
the year take part at the FIFA U-20 World Cup in Colombia.

The Nigerian team is expected back in the country on Thursday and
will thereafter observe a two-week break before commencing preparations
for the World Cup where they will come up against Guatemala, Croatia
and Saudi Arabia in Group D.

Click to Read More Sports Stories

FIFA execs asked for bid favours, says Triesman

FIFA execs asked for bid favours, says Triesman

Former
FA chairman David Triesman has accused FIFA executive committee members
Jack Warner, Ricardo Teixeira, Nicolas Leoz and Worawi Makudi of asking
for favours in return for their votes for England’s 2018 World Cup bid.

Triesman was giving
evidence to a British parliamentary inquiry into the reasons why
England failed in its bid to secure the finals which were awarded to
Russia last December.

He said Warner, of
Trinidad and Tobago, asked for £2.5 million to be “channelled through
me” for a school while Paraguayan Leoz requested a knighthood.

Teixeira asked him
“What can you do for me?” and Thai Makudi wanted control of the
television rights for a proposed Thailand v England friendly.

“I will take my evidence to FIFA,” Triesman said.

‘Shocking accusation’

FIFA president Sepp
Blatter responded to Triesman’s comments. “I was shocked but one has to
see the evidence,” Batter told a news conference in Zurich.

“There is a new
round of information, give us time to digest that and start the
investigation by asking for evidence on what has been said.

“I repeat, we must
have the evidence and we will react immediately against all those in
breach of the ethics code rules.” Blatter said the executive committee
members were not elected by the same Congress as him.

“They are coming from the others (other confederations), so I cannot say that they are all angels or all devils,” he said.

Meanwhile, further shock claims were highlighted by MPs at the culture, media and sport committee in the House of Commons.

Tory MP Damian
Collins said that evidence submitted by the Sunday Times, which the
committee will publish, claimed that FIFA vice-president Issa Hayatou
from Cameroon and Jacques Anouma from the Ivory Coast were paid $1.5m
(£917,000) by Qatar.

Collins said: “The
Sunday Times’ submission, and this is to be published by us later,
claims that $1.5million was paid to FIFA executive committee members
Issa Hayatou and Jacques Anouma who went on to vote for Qatar.” FIFA’s
ethics committee last year banned two other executive committee members
after a Sunday Times investigation into World Cup bidding.

Collins said the submission claimed Qatar specifically employed a fixer to arrange deals with African members for their votes.

Click to Read More Sports Stories

Al Faisal wins global title

Al Faisal wins global title

Red
Bull champion Abdul Aziz Turki Al Faisal was the pride of all Saudis in
particular and Arabs in general with his world class victory.

Achievements are
recognised indeed by their size and importance on the global scene, and
this is exactly the kind of achievement achieved by Abdul Aziz, the
first Saudi to take part in the GT3 European championship. His
historical victory added the element of pride to his athletic career
and wining an international medal in the name of his country.

Abdul Aziz won the
championship title in the first GT3 European championship round
organized in the Algarve international circuit in Portugal. He came
first with his co-pilot Edward Sandstroem on a BMW Z4 on the Need for
Speed Schubert team. With this success, Abdul Aziz Al Faisal became the
first Saudi to participate and win a GT3 European Championship Race.

The team’s
happiness was completed when Csaba Walter and Claudia Huertgen of the
same team came in second after the Graff Racing team on a Mercedes-Benz
SLS AMG driven by Mike Parisy and Philippe Giauque was penalized for
violating the stopping rules. Third place went to the Faster Racing DB
motorsport team also driving a BMW Z4. With that BMW won the first
three places in the launch of the GT3 European championship.

Car was a breeze

After his victory, Red Bull champion Abdul Aziz expressed his feelings saying:

“When I came into
the race, I did not know if the car I had just over taken was from the
competitor’s team. I then asked the engineers on the radio, and as soon
as they informed me that it was one of our competitiors’, I increased
my speed. There wasn’t a lot of pressure; the car was easy to drive.

Edward did a good
job in maintaining the tires and he had to advance from the start. As
for me, I brought the car to the finish line. The problem in such races
is that you don’t know your position. I used the radio a few times to
check my position and to see if I needed to move forward, the answer
was ‘no, just keep your position’. I suffered from the cars lagging
behind since they were not moving aside so I can overtake them when the
blue flag was raised, I worried about their moves. In reality, I drove
the car to the finish line.” “This victory is very important for the
Gulf region and especially for KSA where car racing is growing rapidly.
It’s a new sport that started in 2004 with the Formula 1 in Bahrain. I
competed for 2 years in the Porsche GT3 Middle East championship,
winning the title last year and coming in second, this year. In fact,
my participation in this international championship is a very important
step. Frankly the victory was quite unexpected. But we have a great
team and great colleagues as well as a highly performing car”, he added.

Excellent performance

Edward Sandstroem,
the Red Bull champion’s co-pilot and member of the Need for Speed
Schubert team, said: “I am very happy to be a member of this team
especially with the presence of my colleague Abdul Aziz Al Faisal and
his excellent performance during the race. I am also very happy with
the results we achieved especially at the beginning of the season. The
car is better than last year when we struggled a lot and our journey
was hard if it were not for the tires that had helped us a lot. Now
it’s easier because we have all the factors for success. I thank the
Schubert team which has exerted a lot of effort. Now we have a stronger
car than last year, and we have become on the same level with other
cars, so we are able to compete for the title”.

Click to Read More Sports Stories

Greek sprinters found guilty of perjury

Greek sprinters found guilty of perjury

Former
Greek sprinters Kostas Kenteris and Katerina Thanou received suspended
jail sentences for staging a motorcycle crash to avoid a doping test
before the 2004 Athens Olympics, court officials said on Tuesday.

The Sydney 2000
Olympic medallists and their coach Christos Tzekos were accused of
staging a crash on the eve of their home Games.

Kenteris, 37 and Thanou, 36, were each sentenced to 31 months in jail as the much delayed trial finally came to a conclusion.

“The crash never happened,” one of the judges said.

Tzekos, the only one of the trio present in court, was sentenced to 33 months in jail.

Two witnesses who
gave testimonies were sentenced to seven and 15 months in jail
respectively while the doctors who testified received sentences of
between six and eight months.

All the sentences
were suspended pending appeals. Court officials said all the guilty
parties intended to appeal, adding that the appeals would be heard
within 10 days.

Big scandal

The trial, which
took years to start after frequent postponements, began in January and
suffered several delays due to the absence of witnesses.

Kenteris, the 200
metres gold medallist at the 2000 Sydney Olympics, and 100 metres
silver medallist Thanou were acquitted of doping charges in a Greek
athletics federation probe in 2005.

The International
Association of Athletics Federations (IAAF) appealed the verdict at the
Court of Arbitration for Sport. They settled out of court in 2006 and
subsequently admitted only to anti-doping rule violations, essentially
serving out their unofficial two-year suspensions.

The 2004 scandal, widely regarded as the biggest at an Olympics
since Canadian Ben Johnson lost his 100 metres gold medal in Seoul in
1988 after a positive doping test, cast a huge cloud over the Athens
Games for the host country.

REUTERS

Click to Read More Sports Stories