Archive for nigeriang

Ademola Aremu’s new film premieres

Ademola Aremu’s new film premieres

The official screening of a new Yoruba film, ‘Emi mi, Emi re’, will hold on Sunday, September 12, at Banquet Hall, Premier Hotel, Ibadan, Oyo State by 3pm. The movie is the latest by broadcaster, filmmaker, and academic, Ademola Aremu, a.k.a Papa Demmy.

Though it screens officially on September 12, with a red carpet and special musical performances by Yinka Ayefele and Beautiful Nubia, the movie will be on at Cultural Centre, Mokola, Ibadan, from September 9 to 12 to celebrate Eid el Fitri.

A collaborative effort between May 8 Productions and Olugate Movies, ‘Emi mi, Emi re’ features seasoned artists including Kola Oyewo, Tola Oladokun, Rycardo Agbor, Funso Adeolu, Laide Bakare, and Mercy Aigbe. Taiwo Ibikunle, Wale Rufai, and Kayode Jackson Adeyeye are also featured in the movie developed from a yet-to-be-published novelette written by broadcaster, Tola Teriba.

The movie is a three-in-one story which contrasts love with crime. There are the lovebirds, Dele and Jumoke, who promise to be together forever, despite the opposition of Jumoke’s father. There is Tunde, whose rich uncle refuses to help, and who eventually gets a job in a bank, and Akeem, an indigent undergraduate in love with fellow student, Romoke.

Jumoke and her dad quarrel over Dele one night and she leaves the house to join Dele in Lagos. She, however, meets him and others performing a ritual. Despite Dele’s pleas, the others insist that Jumoke must die for stumbling in on them.

Aremu, the film producer, is a Theatre Arts graduate of the University of Ibadan. He co-produced ‘Ewe Oju Omi’ based on Femi Osofisan’s ‘A Restless Run of Locusts’ with Laide Bakare, and ‘Bojuboju’ starring Beautiful Nubia. His ‘Fuji Music: A Child’s Play Metamorphosed into a Gold Mine’ won the Best Documentary Feature Award at the 2nd edition of African Film Academy and Awards (ZAFAA) held in London, in October, 2009.

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Experts want new approach in curbing card fraud

Experts want new approach in curbing card fraud

As Nigerian banks continue to launch mobile, online, and e-payment products, finance experts say banks should adopt global solutions to combating electronic related crime.

Those who spoke on the issue said banks have to pay close attention to customer service processes and consider ways to improve them. Commending the efforts of the Central Bank in regulating fraud relating to mobile technology, Ifeoma Monye, a finance analyst at Ciuci Consulting, a management consulting firm, said Nigerian banks need to move quickly with the new trends in technology that eliminate or reduce fraud to the barest minimum.

“Over the years, banking has evolved from the traditional model of customers’ queuing for services in banks to modern day banking, where banking services can be reached through the Internet. Information technology is one of the major issues banks have to deal with as it is more evident that only the banks that have and use their technical resources effectively will be able to have a real competitive advantage in this fast-changing industry.”

She said the issue of financial fraud has also slowed the deployment of such technology, adding that mobile banking has a great potential in Nigeria if regulation is got right and fraud reduced to the barest minimum.

“In order to gain from the benefits that mobile banking offers, the Nigerian financial sector must begin to take necessary steps to align with the related global trends,” she said.

Relief in sight

However, relief may come the way of bank automated teller machine (ATM) card fraud victims as the Central Bank has begun moves to make banks liable for fraud committed on their platform. The Central Bank, in a statement issued last week, stated that banks need to be more responsive to complaints of card fraud by customers.

“It has become necessary to put measures n place, in addition to the existing guidelines to stem this tide” the circular titled ‘Circular on the need to combat card fraud’ and dated August 30, stated.

But Mr. Paul Love, a solutions consultant at ACI worldwide, a provider of application software for electronic payments, said liability of ATM card related fraud was relatively clear. According to him, the card holder and the bank are liable for the loss, depending on the point at which it occurred.

Who is liable?

“From a liability point of view, in normal circumstances, the cardholder is absolutely liable for the transaction. If a card is used after a customer has reported it stolen – the bank should then be liable. But what if the PIN was compromised and the card stolen, and then used before the customer is able to report it to the bank – strictly the customer is liable, but will the bank enforce this in all cases?” he said.

However, the Central Bank in the circular stated in clear terms that banks shall bear the liability for any fraud perpetrated with the use of cards issued without written requests from account holders and directed that no debit card can be issued on an account without a written request from the account holder.

Some banks stated that they are yet to be notified of the circular issued by the Central Bank. A source at Zenith Bank said the embargo on the use of temporary staff in the card management department of banks may mean getting more staff in the industry if the conditions were to be met.

“Yes, this could mean getting more staff to handle card management. We usually send SMS alerts to customers for those who subscribed before, whenever there is an increase or decrease in their account balances, as the case may be, so this is not entirely new. Customers with issues regarding ATM frauds and issues related to their cards are usually directed to state their case at the branch where their accounts are domiciled to be attended to,” he said.

A source at Spring Bank, however, said the category of staff that handle card sections are usually permanent staff due to the nature of that line of service. “The people that handle such issues are trained and experienced professionals, Information Technology experts, because of the sensitivity of that issue.”

The Central Bank stated that appropriate sanctions will be imposed for non-compliance, though it did not state a time limit for the compliance.

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Jonathan inaugurates local contents board

Jonathan inaugurates local contents board

President Goodluck Jonathan has inaugurated the governing council of the Nigerian Content Development Board, with a charge to reposition the petroleum sector for the benefit of the nation.

The president had in April this year signed into law the Nigerian Oil and Gas Content Development Act, which provides for the development and use of Nigerian content in the operations and transactions of the oil and gas industry. He explained that the NOGICD Act, which he signed into law on April 22, 2010, created the NCDMB with a professional governing council and this can propel Nigeria into becoming one of the world’s industrialised economies in the next decade.

Shortly before inaugurating the board at the council chambers of the presidential villa, Mr. Jonathan said the country is aware of the limitations of capacity in manufacturing for the upstream and downstream operation, unlike in other economies where the application of local content has stimulated investments that transformed their economies, hence the enactment of Nigeria’s own local content law.

“We must drive the implementation of this law in a manner that develops partnerships between local and international companies and government and the private sectors of the economy, including local banks, global financing institutions, manufacturing, agriculture, and educational and research institutions should be exhaustively explored,” the president said to the governing council.

He further urged them to enhance the supply chain management and efficiently integrate such government programmes as SME development PTDF, Industrial Training Fund, and the National Office for Technology Acquisition and Promotion (NOTAP) initiatives to build local capacities. This, he noted, “will serve as a vehicle for transferring the technological experience inherent in the oil and gas industry to other critical sectors”.

While government is working at building these synergies, “Nigerians must step up to take up the challenge of participation,” he said.

“We must embrace a new ‘I can do’ spirit in pursuit of the high quality and global standards of performance required in the oil and gas industry. We have to reenact the same level of commitment that has seen our telecom and banking sector reforms noteworthy successes.”

Inaugurating the council, he charged them to make all these aspirations of government a reality.

“As the pioneering governing council of and implementation authority for this law, you have the opportunity of repositioning the industry for the benefit of our country. You cannot afford to fail in this important national assignment”, he told them.

In her speech, the petroleum resources minister , Mrs. Alison-Madueke, noted that effective implementation of the Act will ensure that the Nigerian economy will, within the next four years, retain over $10 billion out of an average annual oil & gas industry expenditure of $20 billion, compared to the current sum of less than $4 billion. She added that “successful implementation of the Act will create over 30,000 direct employment and training opportunities, considering the scale of activities to be domiciled in Nigeria.”

She also expressed hope that the industry will witness the development of one or two dockyards and increased utilisation of existing shipyards for maintaining marine vessels operating in Nigeria, which currently sails out for their maintenance and dry docking. According to her, there will also be the “transformation of ownership profile of marine assets supporting industry activity from a current ratio of 20 Nigerian-owned, as against 280 foreign-owned vessels to a more equitable ratio of 180:120.”

The governing council has a four-year tenure and is chaired by the minister of petroleum resources, Mrs. Diezani Alison-Madueke. Other members are Mr. Shawley Coker, representing Petroleum Technology Association of Nigeria, Mr. Emmanuel Bekee, representing the technical regulator of the industry, and Mr. J.T. Dawha, representing Nigerian National Petroleum Corporation.

Others are Mr. A.O Ajibola, representing Council of Registered Engineers of Nigeria, Mr. Mike Onyekonwu, representing Nigerian Content Consultative Forum, Mr. Sani Shuaibu, representing the Ministry of Petroleum Resources, Mr. Fola Daniel, representing National Insurance Commission, and Mr. Ernest Nwapa, the executive secretary of NCDMB and secretary of the governing council.

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Stock market registers weak trade

Stock market registers weak trade

Trading activities at the Nigerian Stock Exchange (NSE) opened the week on a negative note as the market could not sustain the positive performance recorded last Friday.

At the close of Monday’s trading, the NSE market capitalisation, which gained N10 billion on the last trading day, depreciated by N39 billion to close at N5.901 trillion from N5.940 trillion. This reflects a decline of 0.65 percent. The Exchange’s All-Share Index was also down by 0.65 percent or a decline of 156.69 units, from 24,241.84 basis points to 24,085.15.

Analysts at Resource Cap, a portfolio management company, said the downturn trend could be attributed to the weak investors’ sentiments in the market.

Also, Equity Research team at Proshare Nigeria, an investment advisory firm, said, “The current trend stands as manifestation of uncertainties and issues that pervaded market last month, coupled with low liquidity and unwillingness of investors.”

However, they said the planned listing and merger of the Dangote Cement Group with an estimated valuation of N2 trillion “should impact the market capitalisation and serve as an encouragement for attracting telecom and energy sector firms to the exchange.”

Low gainers

At the close of Monday’s trading, a total of 17 stocks appreciated in value, lower than the 34 stocks recorded last Friday; while 33 stocks depreciated in value, higher than the preceding day’s 31.

African Petroleum and Guinness Nigeria topped the price gainers’ table with an increase of N1.56 and 90 kobo on their opening prices of N31.26 and N164.10 per share respectively. On the flip side, Nigeria Breweries and Benue Cement Company led the price losers’ chart with a loss of N2.63 and N1.94, to close at N69.75 and N63.06 per share respectively.

The banking subsector maintained its lead as the most active with 80.513 million quantities of shares, valued at N610.772 million, as against the 141.00 million units valued at N1.07 billion recorded on Friday. The subsector’s volume was driven by shares of Guaranty Trust and First Bank.

The maritime subsector was second in the chart with 51.371 million shares worth N62.300 million. The subsector’s volume was largely driven by Japaul Oil & Maritime Services. Trading activities in the insurance subsector followed, with 33.193 million shares valued at N42.448 million. Volume in the subsector was boosted by deals in shares of Law Union and Rock Insurance, Custodian and Allied Insurance, and Equity Assurance.

Meanwhile, the Exchange’s management, on Monday, marked down the price of University Press for a dividend of 40 kobo per share and a bonus one for every five owned by its shareholders. The dividend payment date is 30th of September 2010. Also, the price of NEM Insurance was marked down for a dividend of 4 kobo, while payment date is 12th of October.

At the trading floor yesterday, Seven-Up Bottling Company presented an audited financial result for the year ended March 31st, 2010. The result shows a 17.80 percent increase in turnover, from N34.864 billion to N41.069 billion; and an increase of 23.70 percent in profit after tax, from N1.529 million to N1.892 million.

The company’s board of directors proposed a dividend of N1.75 kobo per share and a bonus of one for every four owned by its shareholders.

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Opposition criticises government over union protest

Opposition criticises government over union protest

The Conference of
Nigeria Political Parties (CNPP) yesterday criticized the Enugu State
government and the Nigeria Police Force for aborting the protest march
by the Academic Staff Union of Universities in Enugu.

The group also
asked the Inspector General of Police, Ogbonna Onovo to warn police
personnel against stopping peaceful protests in the country since the
Public Order Act has been repealed by the court since 2007.

The police had on
Monday disrupted a rally organized by some members of ASUU to protest
the non-implementation of the salary structure agreed between the union
and the federal government. The police allegedly acted on the orders of
the Enugu State government.

Illegal action

National Publicity
Secretary, Osita Okechukwu told journalists in Abuja that the action of
the police was illegal because there is no law in the country that
gives them the power to stop any person or group of people from
carrying out legitimate and peaceful protests.

He recounted that
in 2005, the CNPP instituted a case in the Federal High Court, Abuja,
presided over by Justice Anwuli, which subsequently repealed the Act.
He added that the Court of Appeal also confirmed the repeal of the Act.

“For peaceful
assembly, the least the people should do is to protect the group in
protest and not to intimidate, harass and restrict them,” Mr Okechukwu
said. “It is painful that all the members of ASUU from all the
south-east states were prevented from entering Enugu. The police need
to be reminded that the obnoxious colonial Public Order Act has been
repealed and so Mr Onovo should call his men to order.”

Freedom to associate

Mr Okechukwu
reminded the police authorities that freedom of association is one of
the dividends of democracy, noting that it is one of the things
Nigerians have been enjoying in the last 11 years.

“Any organization,
especially the police, that encroaches on freedom of association,
cannot in any way be said to be carrying out their statutory duties as
enshrined in the constitution and there can be no democracy without
freedom,” he said.

The CNPP spokesman
described as unfortunate the refusal of the five states in the
south-east geopolitical zones to place education on the front burner,
which he said was one of the reasons for the ASUU protest. He said the
education budget of the state governments hovers around 7 per cent for
education, as against the 26 per cent recommended by UNESCO.

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Okereke-Onyiuke blames Dangote for stalled Exchange audit

Okereke-Onyiuke blames Dangote for stalled Exchange audit

Former Director
General, Nigerian Stock Exchange (NSE), Ndi Okereke-Onyiuke, is blaming
erstwhile President and Chairman of the Council, Aliko Dangote, for the
inability of her management to present the audited accounts for 2009.

Mrs
Okereke-Onyiuke’s declaration was contained in her response to the memo
issued by the Director General, Securities & Exchange Commission
(SEC), Arunma Oteh, in the wake of recent allegations of corporate
governance lapses levelled against her by Mr Dangote, which were
considered detrimental to investors’ interest.

Mr Dangote, in a
petition, had alleged that the Exchange under her leadership was not
only insolvent, but may face bankruptcy as well as be unable to meet
its financial obligations.

But
Okereke-Onyiuke, in her response to the SEC memo obtained by NEXT
yesterday in Abuja, dismissed the allegations as a confirmation of her
suspicion that Dangote was “bent on destroying the Exchange following
the ruling of the Federal High Court nullifying his acclamation as the
President and Chairman of the Council of the Nigerian Stock Exchange.”

A Federal High
Court in Lagos had annulled Mr Dangote’s election as President of the
NSE following its ruling in the legal case instituted against him by
aggrieved shareholders in the wake of allegations of manipulation of
the shares of African Petroleum PLC in the Stock Exchange two years
ago.

According to the
former Director-General, Mr Dangote was mischievous with his
allegations of insolvency of the Exchange, considering that as a member
of the NSE Council at the time the accounts were considered and
approved, he never brought any of the allegations to the attention of
the Council for discussion or investigation.

Blame to Accenture

On why the
management of the Exchange was unable to produce, for consideration of
the Finance and General Purpose Committee of the Council, the interim
financial statement for the first and second quarters of 2010, the
former NSE boss said that though the first quarter and half-year
accounts were prepared and filed with the SEC by May 13 and July 27
respectively, Mr Dangote should be held responsible for why the Council
could not meet to consider them.

“As a member of the
Finance and General Purpose Committee, the petitioner (Dangote) should
be in a better position to give reasons as to why the Finance and
General Purpose Committee of the Council could not meet to consider the
accounts. This is obvious, because of the court judgment against him,”
she said.

On the outstanding
indebtedness of the Exchange to Accenture Consultancy, Mrs
Okereke-Oyiuke blamed the company for creating the payment difficulties
for themselves, saying they “completely avoided (NSE) management in the
drive to generate more business for themselves under questionable and
uncompetitive manner by dealing directly with Alhaji Dangote as if he
is the Chief Executive Officer of the Exchange.”

Accenture, she
pointed out, “was foisted on the Exchange without subjecting them to
due process or competitive bidding process”, adding that “no other
consultancy firm was invited to submit a proposal to the Exchange for a
project valued at N212 million, out of which a total of N166 million
was paid, with the last payment of N60 million done on June 15, 2010.”

On insinuations that she planned to perpetuate herself in office, Mrs Okereke Onyiuke denied any such ambition.

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Electoral commission releases elections dates

Electoral commission releases elections dates

The Independent National Electoral Commission
yesterday officially released the schedule for next year’s general
elections, listing the presidential and gubernatorial polls for January
22 and 29 respectively.

With a new Electoral Act as guide, and a hefty N87.7
billion budget, the timetable represents the commission’s first major
move towards the decisive elections, and ends weeks of public concern,
which peaked with the worry about government’s inability to finance the
election budget.

Attahiru Jega, the commission chairman, however,
denied the stories over the weekend, saying the commission had what it
required financially. He announced on Monday that a fresh voters’
register, a key element in the buildup, will be ready by December 9,
2010, while the actual polls may hold as early as January 8, 2011.

The schedule, released late Tuesday afternoon,
contained marked differences from earlier approved dates, which
political parties said were sent to them last week.

The National Assembly elections come first, as
prescribed in the Electoral Act, and would hold on January 15, 2011;
followed by the presidential election, which is to be conducted on
January 22.

Governorship elections and the state Houses of
Assembly elections are to hold the same day: January 29, 2011,
according to the INEC released table.

Run-offs for the governorships and the presidential
polls, if any, will hold within seven days after the announcement of
the result of the respective elections, in accordance with sections 174
and 134 of the amended constitution.

The timetable, delivered to journalists by Solomon
Shuebi, the commission’s chairman on information and publicity, showed
an ambitious drive by the commission to overcome a pertinent challenge,
which Mr. Jega acknowledged on Monday: time.

“Obviously, the more time we have, the better job we can do on this assignment,” he said on Monday.

“We have made a case for funding, and we have
received the funding that we have requested for. However, the time
constraint is still of concern, although we are doing our best to see
that we overcome it,” he said.

Start with primaries

That concern is reflected in the released table, with
critical preliminary electioneering processes, which kick up with the
voters’ registration, spanning just between September through December,
2011.

The conduct of party primaries is the first, and opens on Saturday, September 11 to October 30, 2010.

“This is to enable political parties democratically
nominate candidates for the elections, as required by section 87 of the
Electoral Act,” the commission said in the statement.

The much expected voters’ registration holds between
November 1 and 14, 2010, while substitution and replacement of
candidates by parties will end December 14.

For the registration, Mr. Jega said the commission targets 70 million Nigerians and will be rounded off in two weeks.

“We have estimated that it may take between 9 to 10
minutes to register one person using the Direct Capture Machine with
one registration officer. If we are to work 8 hours daily, we expect
that we can register up to about 70 million in 14 days.

“This has taken into consideration even possibility
of unexpected delays and so on. If there are 70 million registerable
Nigerians out there, we believe that with the deployment capacity that
we have planned for, we should be able, within a period of two weeks of
capturing with 8 hours in a day, to capture all of these,” he said.

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p>Judge disqualifies self from $180m Halliburton bribe case

p>Judge disqualifies self from $180m Halliburton bribe case

A Federal High Court judge, David
Okorowo, disqualified himself from hearing the $180 million Halliburton
bribery scandal on Tuesday, after the federal government failed to
produce the accused persons in court.

Three weeks ago, the attorney general
of the federation and minister of justice, Bello Adoke, assured that
the suspects involved in the case would be arraigned in court. However,
when the matter came up yesterday, there were no suspects in court.

The Federal government’s counsel, Olu
Fatunde, informed the court that he had yet to serve the suspects with
court processes. Mr. Okorowo said the matter could not be mentioned if
the suspects were not in court and had not been served yet. He sent the
case file to the chief judge for re-assignment to another judge and
adjourned the suit, pending when it is assigned.

“I have no jurisdiction to entertain this matter,” declared Mr. Okorowo.

Scrambling for explanations

Several foreign companies, most notably
the U.S. oil and gas giant, Halliburton, are accused of paying bribes
worth millions of dollars to high-ranking government officials during
the process to award the contract for Africa’s first liquefied natural
gas plant in 2002 and 2003.

Mr. Adoke, who just returned from a
trip to the UK, admitted that the suspects have not been formally
served, despite being charged last week.

“The files were returned because the suspects have not been formally charged,” he said.

The attornery general added that the defendants would be served tomorrow and a new trial date would be “formally announced.”

However, in an earlier interview with NEXT, he promised that all those involved in the scam would be charged to court.

The suspects include some of the
nation’s most powerful people, but Mr. Adoke assured that the trial
would be conducted without bias, as it would boost President Goodluck
Jonathan’s anti-corruption credentials as the 2011 elections approached.

Though Mr. Adoke’s counsel refused to
release the charges to the press, suspects to be arraigned are George
Mark, the former personal assistant to ex-president, Olusegun Obasanjo
; Ibrahim Aliyu, a former federal permanent secretary; Hans George
Christ; Heinrich J. Stockhausen; Julius Berger Nigeria Plc; Bilfinger
Berger GMBH; AVM Abdullahi Dominic Bello; Mohammed Gidado Bakare; Urban
Shelter Limited; Intercellular Nigeria Limited; Sheerwood Petroleum
Limited; Tri-Star Investment Limited; Maizube Holdings Limited; TSKJ
Nigeria Limited – (a) Technip S.A.; (b)Snamprogetti Netherlands B.V.;
(c) Kellog Brown and Root Inc.; (d) Japan Gasoline Corporation of Japan.

Already in US courts

A court in the United States has already begun prosecution of the case.

In 2008, one of the suspects, Albert J.
Stanley, admitted that he orchestrated more than $180 million in bribes
to senior government officials in Nigeria. Mr. Stanley said that the
bribes were channelled through a UK-based lawyer, Jeffery Tesler, in
four installments of $60 million, $32.5 million, $51 million, and $23
million between 1995 and 2005 in London.

Top government officials and their
accomplices stashed the funds in private accounts in France, the United
Kingdom, Switzerland, Portugal, and The Seychelles.

Last week, $130 million worth of funds were uncovered in Mr. Tesler’s account in Switzerland and frozen by the US government.

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‘Why I want to replace Segun Oni’

‘Why I want to replace Segun Oni’

Why he wants to contest

Ekiti is a place
that I know very well. I grew up there, I know the challenges that
people face day in, day out, and things are not the way they should be.
I believe we have all it takes to be a developed state. We have the
resources that God has endowed us with. Our land is very good for
agriculture. I think that is one of the things our forbearers like
Obafemi Awolowo worked on. He was able to do a lot. We want to put all
these resources together to liberate us from the bondage of poverty
that is already depressing our lives.

His line-up of programmes

If you travel from
round most of the towns in Ekiti State, apart from the state capital,
there is not much economic activity going on. I know we have the
capacity to feed Nigeria and that means many people would be gainfully
employed. The government focus would be to provide the environment for
it, either in agricultural input, and also to provide infrastructures
that are needed to make these work, good roads and hospitals that are
really functional.

It is not a strange
thing if we are saying what we had as industry, which is education, has
crumbled. We want to revive it. We are getting back to the basics.
Ekiti was different from others, so we are getting back to the basics
to build our land. If I come in as governor, we would give opportunity
to people to excel. There would be a lot of programmes to re-orientate
the youth on how they can channel their energy into productive use.

His ability to confront the incumbent state executive

It is a beautiful
thing that the reform that is being carried out in the party is
providing a level playing field for everybody. The party chairman has
said it several times over that the issue of special delegates would be
looked into so that it would create the same opportunity for everybody.
So, we are praying that such reform would be carried through to the end
so that each would almost be at the same level, selling our ideas to
the people. Ekiti people are intelligent. They know what they want.
Once they listen to ideas, they would be able to identify which one can
work, which suits their purpose, which one can really deliver. We have
seen things that are not working and we cannot just continue to fold
our hands and continue the same way, thinking that things would change.
I’m happy that there is an opportunity that there is an opportunity for
all of us to sell our ideas to the people and the people would decide.

Revenue generation challenges

If we are used to a
way of life and it is not giving us a desired result, it is time we
start thinking of other ways and I believe that just relying on
something that comes from the centre would not be strong enough to
deliver us economically. Ekiti State is regarded as a civil service
state. There are so many in the civil service that are not supposed to
be there. Their passion and talent is probably elsewhere. People are
just managing where they are and, of course, the best would not
necessarily come from them. I’m sure a lot of people would be
encouraged to resign voluntarily from that civil service to come and do
something that is more profitable to them and they would pay their
taxes and we would all be better off. We are going to have some
agencies, and their goals are to generate funds for us and they would
be given targets of which at the end of the day what comes from Abuja
would look like peanuts compared to what we are making here.

Challenges of getting people to pay taxes

Let me bring up two
that I am familiar with. There is no rich man in the world that is not
involved in the stock market. There is no financial institution in the
world, especially the big banks, that does not have a platform for
Forex and people are making huge money from it every day and these are
markets everybody can access. So, if we have an agency that we task:
grow this money to this point, it is money that every individual can
access. We employ people that can do the trading for us. If you hear
banks are declaring so much profit, most of it come from this trading.
If we have such a platform too, or we have an agency that can do that
on our behalf, I see no reason why we can’t be grossing or netting N35
billion per month.

Lack of power and his plan to transform the state

Let’s take the
present situation as a thing that would not prevail for much longer,
because we are hoping that the power problem would be tackled. There
are so many inventions in power supply, small and medium scale, that
can power little communities. I believe that by the time we have 10
communities coming together, acquiring power generation, gradually the
whole state would be covered. We want a situation whereby people would
say in Ekiti, no power interruption and before you know it, people are
relocating to Ekiti. In fact, when people think of a place to relocate
to, they would think of Ekiti and it would become a destination choice.

Reviving moribund industries in the state

Government has no
business in business. What we can do is to encourage people and of
course we would do that. I did not know the importance of burnt bricks
until I travelled outside the country. Most of the houses you see in
Europe are made with burnt bricks. Whatever inputs we can put in, and
with proper monitoring, many of those industries would come up, not
just Ire and Ikun but many of them in different parts of the state. All
these businesses, we want to ensure that we put them in the hands of
the right people, if we have to sell them through bids and of course
see how we can come in to support. Once those companies are coming up,
people are employed and everything is on.

His background

I gained admission
to Ife in 1989, where I bagged a first degree in Mathematics, and after
my service year, I went for further studies in Mathematics at the
University of Ibadan. After that, I went for another Masters in Agric
Econs before I started working in the banks. I worked in two banks. The
first was the defunct Allstates Trust Bank, then later Intercontinental
Bank before I now decided to be on my own. Presently, I’m into a little
bit of farming, property and also into electronic Forex trading.

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ENVIRONMENT FOCUS: Natural resources and fashion as political trump cards

ENVIRONMENT FOCUS: Natural resources and fashion as political trump cards

Is “Niger Delta” an
environmental, political or economic definition? Does it have a
homogenous nationality in it, irrespective of an identity of that
unique tunic we call a “jumper,” and hat costume? When the traders at
the Wuse Market in the FCT hassle you to have a look at their
‘south-south collection’, you probably know what they mean. The jumper
is about 200 years old, and not of Ijaw origin or creation.

This was what
natives of the Niger Delta saw British merchants wearing in the 18th
Century, when they docked to load cargoes of slaves and palm oil. These
white men were sometimes called “hooligans” in the UK, after ruffians
from an Irish family living in South London. Bottles of whisky and
schnapps thrown overboard by foreign traders are dredged up and sold as
cultural artifacts in the Niger Delta till this day. If you meet an
Irish Mr Hooligan, please do not laugh; there’s nothing wrong with him.

Fashion simply
revolves. Great entrepreneurial types, successful designers and
technical people often retain an important sense of heritage in
creating a new style. Today in Nigeria, this dress-code of British
hooligans is identical with oil wealth, political authority and
dignity. It may be of minimal interest, but you never know the origins
of what you acquire or imitate from other cultures. It’s like you don’t
want to enter a restaurant kitchen to see how the food is prepared if
you want to enjoy your meal.

Heads are turned,
security men rush to open doors when men clad in this ancient outfit of
the British Merchant Navy alight from heavy Hummer Jeeps at the big
hotels in Abuja. Tailors in Nigeria are now churning out jumpers and
hats. A new elite, political, south-south identity is born! Why not?
Everybody loves a winner. Nigerians are suddenly falling over each
other to identify with and claim origins from the Niger Delta.

Fraudsters use the
jumper-and-hat to dupe, boasting of being either ‘militants’ or oil
magnates. My friend of over 50 years started wearing the jumper with
hat just a couple of years ago, claiming, “I have to show where I come
from. I’m a free-born!” I wonder that this Niger Deltan didn’t know
this all along.

New politics

As we approach the
general elections of 2011, there is a noticeable shift from tribal to
resource-based politics – even though ethnicity remains the hidden
epicentre of associations. Numbers of individuals in a particular tribe
are now less important than the size and value of minerals in a
particular area, inside the soil. If geopolitics is increasingly
encouraging Nigerians to show how much they ‘own’ in natural resources,
one has to wonder where we place individual or even group excellence
and civic organization.

Countries have gone
to war with each other over land and resources, but within a nation the
dangerous competition over resource rights must be snuffed out through
land reforms and satisfactory fiscal federalism. This is what
proponents of a Sovereign National Conference are talking about.

No one is exactly sure of the physical expanse of what constitutes
the Niger Delta, South-South, or Oil-Producing Areas, or the
demographics in these undefined enclaves. Under a resource-based
democracy, the fear of a backlash from resource-poor folks should not
be ruled out. That could be in the form of armed conflict.
Nevertheless, it has to be remembered that mineral resources are not
limitless, and few environmental conditions are permanent. Once oil is
struck in the Chad Basin of Borno State, I’m sure Nigerians will hurry
to adopt the fashion of the Kanuri.

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