Archive for nigeriang

IMF partners with local agencies on money laundering

IMF partners with local agencies on money laundering

In order to ensure a smooth interface in the fight against money laundering in Nigeria, the International Monetary Fund (IMF) on Monday initiated a partnership with the National Financial Intelligence Unit (NFIU) and the National Drug Law Enforcement Agency (NDLEA).

According to the IMF, the partnership is aimed at providing “technical assistance” to anti-money laundering agencies in Nigeria, and ensuring that offenders are duly prosecuted.

“We are in Nigeria to conduct an assessment of technical needs of anti-money laundering agencies,” said Manuel Vasduez, the IMF team leader, at the anti-narcotics agency’s office in Lagos.

Mr. Vaduez, who was received by Norman Wokoma, head of NFIU, and Ahmadu Giade, the NDLEA chief excutive, also made a case for training and greater interface among law enforcement agencies in the country, as he noted that this will enhance their operations.

Speaking on the development, Giade promised full cooperation with stakeholders in the fight against money laundering, adding that the anti-drug trafficking agency has the mandate to combat money laundering.

“NDLEA is the first agency vested with the power to fight money laundering crime in the country. We are committed to total war against money laundering and will interface with relevant bodies in building capacities in addressing the money laundering cases,” said Mr. Giade.

Suspects to forfeit assets

Meanwhile, Femi Oloruntoba, director of prosecution and legal services for the anti-narcotics agency, said that the NDLEA has an amended Act before the National Assembly whereby drug suspects evading prosecution will forfeit their assets if after two years they fail to show up.

Mr. Oloruntoba, however, disclosed that the action would only be taken after it is made public that the suspect in question had refused to honour the agency’s invitation for prosecution.

“Before such assets are forfeited, there will be a publication in a national newspaper to that effect after the two-year period,” he said.

Click to Read more Financial Stories

‘Interbank rate climb is normal’

‘Interbank rate climb is normal’

Nigerian interbank lending rates rose to 4.0 per cent on average last week, from 1.66 per cent the previous week, after large cash withdrawals drained liquidity from the system.

The secured Open Buy Back climbed to 3.5 per cent from 1.50 per cent, 75 basis points above the Standing Deposit Facility (SDF) rate and 4.5 percentage points below the 6 per cent central bank benchmark rate, Overnight placement rates rose to 4.0 per cent from 1.75 per cent, while call money closed at 4.5 per cent compared to 1.75 per cent. According to a Reuters report last week, the cost of funds on the interbank will spike further early next week as market liquidity continues to thin out.

Bank officials however say the rates surge should not necessarily lead to any major disruptions in business or bank lending as it is not an unusual occurrence in the money market.

“Many factors are responsible for rates surging. Usually, towards the end of the month, interbank rates are high because a lot of payments need to be made at the end of the months and banks need to be liquid. Companies need to pay staff, interests on loans need to be paid, and so many factors determine it. The relationship between banks also determine the rates they would operate with,” a source at Oceanic bank said.

Withdrawals by large organisations and the demand for funds for foreign exchange purchases at bi-weekly official auctions also help to drain liquidity in the market, pushing up the cost of borrowing among banks.

Lending rate not encouraging

Experts have called on banks to address their strategy regarding the need to create new assets, as lending rates are still high.

Sanusi Lamido Sanusi, the Central Bank Governor says weak bank lending is a “major worry”. And that although he wants single-digit inflation by the end of the year, the central bank will do nothing to jeopardise economic growth. “Bank lending has not been growing as fast as we would like it to grow. So as far as upside risk to inflation, it is not very high,” Mr Sanusi said in the Reuters report.

Experts however say the election induced increase in government spending and the establishment of an asset management company to soak up bad bank loans should help put more money into the system.

Akinbamidele Akintola, a research analyst at Renaissance Capital, an investment banking firm said the Central Bank’s reforms would yield positive results on the entire sector. “I am of the opinion that we need to key our eyes on the ball and that would be the reforms by the Central Bank. It is ongoing and it is definitely going to yield some positive results for the entire sector. The AMCON Bill has been signed into law and the Presidency is committed to getting a competent team of people to man the corporation and all of this is in the pipeline. By and large, we expect a gradual turnaround in the banks as the Central Bank continues to make concerted efforts to stimulate the recovery of the financial system by acquiring non-performing loans from the banks and assisting them in improving their capital and liquidity,” he said.

Bank officials say the regular cash inflows from the monthly budgetary disbursals to government agencies however usually has major impact on liquidity in the economy and can ease the rising interbank rates.

Click to Read more Financial Stories

‘Shareholders may lose out if companies get delisted’

‘Shareholders may lose out if companies get delisted’

Some market operators have expressed the fear that shareholders’ investments in some sanctioned companies may be seriously affected if the companies are eventually delisted, following the recent warning given to them by the Nigerian Stock Exchange (NSE).

The NSE had, two weeks ago, placed 15 quoted companies on “full suspension” – meaning there will be no transaction on their shares – and directed that if by Monday, 11th October, the companies fail to render their arrears of audited and interim accounts, the Exchange will commence formal delisting process on them.

Meanwhile, only Stokvis Plc and Nigeria Wire & Cable Plc have complied.

David Amaechi, an executive member of the Shareholders Association of Nigeria, said, “In this kind of scenario (delisting of companies), our record shows that shareholders are always on the losing side.”

Mr. Amaechi said once the Exchange delists a company, “monitoring the activities of the company becomes very difficult for shareholders to deal with,” adding that investors who are not comfortable with the company’s performance “always find it hard to sell off their share holdings in the company.”

Class Action

A legal practitioner at The Market Ombudsman, Ope Banwo, said shareholders who lose out as a result of the delisting of their companies from the NSE for lack of corporate compliance “can file liability lawsuits against the individual corporate officers.”

Mr. Banwo also said that a ‘Class Action’ lawsuit against the officers by shareholders is also an option for damages caused by any delisting.

However, he said, “shareholders have a responsibility to hold their executives accountable and if they allow their executives to ignore the law, then they must pay the price for delisting. Once shareholders know that their interests will be compromised by actions of executives, they will be more vigilant to demand corporate accountability.”

‘Not a strong fear’

But Sola Oni, NSE’s head of corporate communications, said that the fear that shareholders may lose out if their company get delisted “is not a strong fear.”

Mr. Oni said delisting exercise to the NSE is a routine issue that is not new.

“We have given those companies deadlines within which they are supposed to regularise their standings. If a company has failed to do that until the deadline and the shareholders are looking, then the NSE will play its role,” he said.

“Now that we have published the names of the companies that flouted our rules, the duties of the shareholders is to rally round and impress on those companies’ managements to do the right thing,” he said.

Mr. Oni further said that if a company gets delisted after been placed on full suspension and failure to meet the deadline, investors who owned shares in the company can no longer use the Exchange’s trading platform to sell or buy the company’s shares again.

However, he explained that delisting a company from the NSE “does not mean that the company cannot operate again. The company should still remain in business, which doesn’t stop them from paying dividends to their shareholders.”

Click to Read more Financial Stories

Falcons know opponents today

Falcons know opponents today

The female national
team, the Falcons, will today, know their first round opponents at the
7th Africa Women’s Championships scheduled for South Africa between
October 29 and November 14, 2010.

To represent Nigeria at the draws is the coach of the team, Eucharia Uche, and the goalkeeper and captain, Precious Dede.

Nextsports spoke to
Uche on the eve of her departure for South Africa. She said they will
engage in some warm-up matches to get the team ready for their South
Africa challenge.

“Some friendly matches have been lined up for us in Sweden, where we have more of our foreign-based players,” she said.

After the
runners-up finish of the Falconets in Germany in August, there had been
clamours for their introduction into the senior team. Uche informed
Nextsports that there have been some inclusions.

“Already, six
members of the Falconets team that got to the final of the recently
concluded FIFA U-20 Women’s World Cup in Germany have been drafted to
shore up the team,” she said.

The notable names
include Rebecca Kalu and Ebere Orji. The team will be returning to the
place of their last triumph, South Africa, where they won in 2006.

Nigeria was beaten
for the first time in the tournament’s history when they lost to
Equatorial Guinea in the 2008 edition hosted in Malabo. The Falcons
lost 2-1 to the host in the semi final match, but regrouped to win the
bronze medal.

The qualified teams are Equatorial Guinea, Cameroon, Nigeria, Ghana, Algeria, Mali, Tanzania, and South Africa.

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IMF partners with local agencies on money laundering

IMF partners with local agencies on money laundering

In order to ensure a smooth interface in the fight against money laundering in Nigeria, the International Monetary Fund (IMF) on Monday initiated a partnership with the National Financial Intelligence Unit (NFIU) and the National Drug Law Enforcement Agency (NDLEA).

According to the IMF, the partnership is aimed at providing “technical assistance” to anti-money laundering agencies in Nigeria, and ensuring that offenders are duly prosecuted.

“We are in Nigeria to conduct an assessment of technical needs of anti-money laundering agencies,” said Manuel Vasduez, the IMF team leader, at the anti-narcotics agency’s office in Lagos.

Mr. Vaduez, who was received by Norman Wokoma, head of NFIU, and Ahmadu Giade, the NDLEA chief excutive, also made a case for training and greater interface among law enforcement agencies in the country, as he noted that this will enhance their operations.

Speaking on the development, Giade promised full cooperation with stakeholders in the fight against money laundering, adding that the anti-drug trafficking agency has the mandate to combat money laundering.

“NDLEA is the first agency vested with the power to fight money laundering crime in the country. We are committed to total war against money laundering and will interface with relevant bodies in building capacities in addressing the money laundering cases,” said Mr. Giade.

Suspects to forfeit assets

Meanwhile, Femi Oloruntoba, director of prosecution and legal services for the anti-narcotics agency, said that the NDLEA has an amended Act before the National Assembly whereby drug suspects evading prosecution will forfeit their assets if after two years they fail to show up.

Mr. Oloruntoba, however, disclosed that the action would only be taken after it is made public that the suspect in question had refused to honour the agency’s invitation for prosecution.

“Before such assets are forfeited, there will be a publication in a national newspaper to that effect after the two-year period,” he said.

Click to Read more Financial Stories

‘Interbank rate climb is normal’

‘Interbank rate climb is normal’

Nigerian interbank lending rates rose to 4.0 per cent on average last week, from 1.66 per cent the previous week, after large cash withdrawals drained liquidity from the system.

The secured Open Buy Back climbed to 3.5 per cent from 1.50 per cent, 75 basis points above the Standing Deposit Facility (SDF) rate and 4.5 percentage points below the 6 per cent central bank benchmark rate, Overnight placement rates rose to 4.0 per cent from 1.75 per cent, while call money closed at 4.5 per cent compared to 1.75 per cent. According to a Reuters report last week, the cost of funds on the interbank will spike further early next week as market liquidity continues to thin out.

Bank officials however say the rates surge should not necessarily lead to any major disruptions in business or bank lending as it is not an unusual occurrence in the money market.

“Many factors are responsible for rates surging. Usually, towards the end of the month, interbank rates are high because a lot of payments need to be made at the end of the months and banks need to be liquid. Companies need to pay staff, interests on loans need to be paid, and so many factors determine it. The relationship between banks also determine the rates they would operate with,” a source at Oceanic bank said.

Withdrawals by large organisations and the demand for funds for foreign exchange purchases at bi-weekly official auctions also help to drain liquidity in the market, pushing up the cost of borrowing among banks.

Lending rate not encouraging

Experts have called on banks to address their strategy regarding the need to create new assets, as lending rates are still high.

Sanusi Lamido Sanusi, the Central Bank Governor says weak bank lending is a “major worry”. And that although he wants single-digit inflation by the end of the year, the central bank will do nothing to jeopardise economic growth. “Bank lending has not been growing as fast as we would like it to grow. So as far as upside risk to inflation, it is not very high,” Mr Sanusi said in the Reuters report.

Experts however say the election induced increase in government spending and the establishment of an asset management company to soak up bad bank loans should help put more money into the system.

Akinbamidele Akintola, a research analyst at Renaissance Capital, an investment banking firm said the Central Bank’s reforms would yield positive results on the entire sector. “I am of the opinion that we need to key our eyes on the ball and that would be the reforms by the Central Bank. It is ongoing and it is definitely going to yield some positive results for the entire sector. The AMCON Bill has been signed into law and the Presidency is committed to getting a competent team of people to man the corporation and all of this is in the pipeline. By and large, we expect a gradual turnaround in the banks as the Central Bank continues to make concerted efforts to stimulate the recovery of the financial system by acquiring non-performing loans from the banks and assisting them in improving their capital and liquidity,” he said.

Bank officials say the regular cash inflows from the monthly budgetary disbursals to government agencies however usually has major impact on liquidity in the economy and can ease the rising interbank rates.

Click to Read more Financial Stories

‘Shareholders may lose out if companies get delisted’

‘Shareholders may lose out if companies get delisted’

Some market operators have expressed the fear that shareholders’ investments in some sanctioned companies may be seriously affected if the companies are eventually delisted, following the recent warning given to them by the Nigerian Stock Exchange (NSE).

The NSE had, two weeks ago, placed 15 quoted companies on “full suspension” – meaning there will be no transaction on their shares – and directed that if by Monday, 11th October, the companies fail to render their arrears of audited and interim accounts, the Exchange will commence formal delisting process on them.

Meanwhile, only Stokvis Plc and Nigeria Wire & Cable Plc have complied.

David Amaechi, an executive member of the Shareholders Association of Nigeria, said, “In this kind of scenario (delisting of companies), our record shows that shareholders are always on the losing side.”

Mr. Amaechi said once the Exchange delists a company, “monitoring the activities of the company becomes very difficult for shareholders to deal with,” adding that investors who are not comfortable with the company’s performance “always find it hard to sell off their share holdings in the company.”

Class Action

A legal practitioner at The Market Ombudsman, Ope Banwo, said shareholders who lose out as a result of the delisting of their companies from the NSE for lack of corporate compliance “can file liability lawsuits against the individual corporate officers.”

Mr. Banwo also said that a ‘Class Action’ lawsuit against the officers by shareholders is also an option for damages caused by any delisting.

However, he said, “shareholders have a responsibility to hold their executives accountable and if they allow their executives to ignore the law, then they must pay the price for delisting. Once shareholders know that their interests will be compromised by actions of executives, they will be more vigilant to demand corporate accountability.”

‘Not a strong fear’

But Sola Oni, NSE’s head of corporate communications, said that the fear that shareholders may lose out if their company get delisted “is not a strong fear.”

Mr. Oni said delisting exercise to the NSE is a routine issue that is not new.

“We have given those companies deadlines within which they are supposed to regularise their standings. If a company has failed to do that until the deadline and the shareholders are looking, then the NSE will play its role,” he said.

“Now that we have published the names of the companies that flouted our rules, the duties of the shareholders is to rally round and impress on those companies’ managements to do the right thing,” he said.

Mr. Oni further said that if a company gets delisted after been placed on full suspension and failure to meet the deadline, investors who owned shares in the company can no longer use the Exchange’s trading platform to sell or buy the company’s shares again.

However, he explained that delisting a company from the NSE “does not mean that the company cannot operate again. The company should still remain in business, which doesn’t stop them from paying dividends to their shareholders.”

Click to Read more Financial Stories

PERSONAL FINANCE: Financial aid and the adult child

PERSONAL FINANCE: Financial aid and the adult child

It is the desire of every parent, to educate their children and to see them move on to become self-sufficient. With today’s challenging global economy, however, there is a huge increase in the number of grown ups having to depend on parents when the real world becomes too tough to cope with. Described as ‘the worst job market in a generation’, huge numbers of graduates face more economic uncertainty than their parents who were born at a time of relatively greater opportunity and promise.

A challenge of 21st century parenting is the sheer number of dependent adult graduates. The question is, have today’s parents raised a generation of spoiled young people who are unable to cope with the real world? Are we perpetuating the ‘Boomerang Generation’ phenomenon, which has seen parents welcoming adult children back home after university, paying off their debts, keeping their mobile phones funded, and paying all their bills? Or, is today’s world just so difficult that they are unable to make their way without our assistance?

What stage are your children at? Have they completed their education? Are they looking for jobs? Have they started work? How much do you continue to support them? Do you give all that they ask for or just a part. Will the money help them to become more self-sufficient or will it just lead to more and more requests for help? The answers will vary from family to family. Consider these scenarios and see where you fit:

• You feel that your financial obligations end when your children graduate

• You support your children financially, and expect to do so for the rest of your life

• You will give your child the first few month’s rent and a security deposit for a new apartment and then they are on their own

• Your child can continue to live at home rent-free and doesn’t need to contribute to any of the household expenses.

• You will set them up in an apartment which you will fund until they are on their feet

• You have educated your child and will not give any further financial support, either because you cannot afford to, or you choose not to.

When should you step in and when should you hold back?

Take the time to analyse the request carefully, particularly if a significant sum is required. Is there a genuine need? If they desperately need the money for an important, legitimate need and you can afford it, then there is no harm in giving or lending as the case may be. Most parents would not mind stepping in during a true emergency, such as if a child or grandchild needs medical care, or school fees must be paid to keep children in school.

The implications for your retirement

It is wonderful to be able to support your children but, at what cost to yourself? For many parents, continuing to financially support adult kids who return to the empty nest could have serious consequences for your financial future, particularly your retirement. If you sit down to actually assess the numbers in terms of how much longer you must continue to earn, it puts it into perspective. Remember you need to look after yourself so that you do not become dependent on them in later years.

Family dynamics

Every child is different. Take a good look at each of your children’s money personalities. In the same family, you will discover that various children deal with money matters differently. You find one child has been frugal from their earliest years, whilst another who is a spendthrift and extravagant, feels that you owe them a living. Some children are simply unwilling to accept that they may need to take a step down on the economic ladder when they leave home. Indeed, many young adults seek to imitate their parent’s lifestyle that has taken nearly a half-century to build.

Emotional and psychological aspects of financial aid

Be aware of the emotional repercussions for the whole family, of financial aid. If the handouts are jeopardising family relationships and family finances, then things need to change. When adult children constantly demand and receive money, there may be feelings of dependency that this creates, which can lead to resentment. Parents too may feel resentful, about being constantly pressured to provide.

The psychological dynamics get even more complicated if some adult children are getting help while others aren’t. You find families where for example two self-sufficient sons deeply resent the hundreds of thousands of naira being given to their spoilt sister; the brothers may have concerns that they are being penalised for being financially responsible.

Does helping do more harm than good?

There is a fine line between helping and spoiling your children. How much are you really helping by keeping them dependent on you? If your children know that they can always come back to you for a bail out, they may never learn how to deal with financial setbacks or how to manage their own money. Studies show that the more dependent children are on their parents, the less able they are to be economically self-sufficient.

Of course it makes smart economic sense for a child to move back home where life is comfortable and rent is usually nonexistent. But by allowing adult children to live at home free of charge so they can spend more money on travelling and eating out is not teaching them financial responsibility. At a minimum they should be encouraged to cover some basic expenses whilst putting away some savings to prepare them for the realities of starting out on their own.

Help your child to be self-sufficient

Even if money is no object for you, make an effort to wean your child off you financially, and consider ways to help them become more self-sufficient. If you are going to help a child pay off mobile phone or other debt, put something in writing clearly stating the terms including interest and repayment schedule. Clear expectations and definite limits are always better for all parties involved. Adult children also need to know in advance when financial aid will begin to be withdrawn and may eventually stop.

Saying no is one of the most difficult things for a parent to do, but sometimes you have to step back, take a deep breath, and let whatever happens, happen. Even if some pain results, your child may just learn some valuable life lessons before its too late. They might not appreciate it now, but remember that your efforts to make them financially self-sufficient will ultimately result in more balanced, more purposeful and more empowered adults; the alternative can be grim.

Click to Read more Financial Stories

Runoko and the search for Africa

Runoko and the search for Africa

“For years and
years, I used to have two nightmares – you know, a bad dream,” Runoko
Rashidi says at the beginning of my conversation with him. We are at
the International Colloquium on Slavery, Slave Trade and Their
Consequences. I first heard Rashidi speak at the Global Conference of
Black Nationalities in Osogbo on August 23. The African American – the
world’s leading authority on the African Presence in Early Asia – had
declared on the podium, “You are not African because you are born in
Africa, you are African because Africa is born in you.”

Now Rashidi
discusses with me his Africa awakening, and it begins with a retelling
of “disturbing” dreams. “One of the dreams was: I would be somewhere
near my home, but I could never find my home. I would go down this
street, around this block, but I could never find my home. The other
dream was: I would go visit my family and they wouldn’t want me to be
there. They would laugh at me; they wouldn’t eat with me; they would
make me sleep on the floor when they had these nice beds. So, I started
travelling to Africa – first to Egypt – and then I started going to
so-called Sub-Saharan Africa, Black Africa.”

The first Black
African country he visited, was Namibia, followed by Zimbabwe, where he
did “a bunch of lectures, big lectures in front of a lot of people.”
Rashidi’s voice is breaking seriously and he is fighting back tears as
he recounts: “I would tell about those dreams in the middle of the
lecture. I would get emotional; I would almost start crying and I
realised those dreams had a much greater significance.

“Because we were
taken away from ‘home’, a lot of African Americans have a sense of
homelessness. We really don’t know where home is, because we were
separated from our families, there is a sense of rejection and
alienation. And [the African lecture audience] would say: ‘This is your
home, and we are your family!’ And I never had those dreams anymore.”

By the time
Rashidi, now a veteran of trips to “53 or 54” African countries has
finished narrating the dreams and the epiphany they inspired, a lady on
our table is in a flood of tears. “This is what slavery did to us: it
gave us a sense of homelessness and an absence of family,” he
reiterates. “So, coming back to Africa is very important to a lot of
us. Because when you come back, you feel connected again. You feel
like: I do have a home, I do have a family, and it makes a big
difference.” His voice is recovering its usual verve when as he
declares, “That’s the greatest thing about coming back to anywhere in
Africa; to know this is where your ancestors came from. And the moment
you set (your feet) down, aw, it makes a big difference.”

A concern for women

He describes the
process in terms of healing. “We are trying to heal again, we’re trying
to become whole again. And our ability to become whole, our ability to
heal, will directly affect the ultimate liberation of Africa,” says the
historian, who worries that Africa is not liberated. The colonisation
of the mind, external control of African economies and uncaring
leaders, are some of the problems he says bedevils the continent. He is
also concerned about the condition of the Nigerian woman. “Gentlemen of
the Press” – is one of the regular conference-speak that bother him
(“Men of the press – and yet, you are a journalist!, he tells me);
although he is conscious not to impose his African American values on
others.

But is the
condition of the African American woman as it should be? I ask. “No,
it’s not as it should be,” he concedes. “Much too often, the African
American woman is viewed as a sexual object; she is viewed as lesser
than a man. But at the same time in the United States, the Black man
has been castrated, his masculinity has been denied. And so the African
American woman has had to take on a greater burden, a greater role and
a greater responsibility.”

We talk about the
trend of African American men denigrating Black women, increasingly
shunning them for white females. Rashidi points to Tiger Woods, all of
whose women, from the wife to the countless mistresses, are white. He
says categorically, “I can only be with a Black woman, and the reason
for that is: I think of all those sisters who went through the
Transatlantic Slave Trade, all of my ancestors who were raped and who
were assaulted. And for me to be with anything other than a Black
woman, I think, would be disrespectful to my African ancestors. I have
a great respect for Black women… I view them as my equal at every
level.”

On naming

We talk about his
name, and he informs that, “Actually, my name is Runoko Rashidi Okello.
I got ‘Runoko Rashidi’ when I was a university student and I wanted to
reconnect with Africa and I wanted an African name. But I was told that
it would not be proper for me to name myself, that somebody had to give
me a name.” And so someone named him Runoko Rashidi; the first, a Shona
name from Zimbabwe and the second from Swahili. Okello was added about
three years ago. “I was in a war zone in Northern Uganda. I brought
some school supplies – just papers, pens and things – and gave them to
the school. They were so happy that they called me ‘Okello’: he who
brings [gifts].”

The name, he says,
is one way of reconnecting with his African roots. “I love Africa and I
don’t think of myself as an African American. I think of myself as an
African Living in America. What we want – I can speak for many brothers
and sisters – we just want to be embraced and loved by our brothers and sisters in
Africa (voice wavers with emotion again). We feel like Africans don’t
care about us,” he says. The “poor” relationship between African
Americans and their brethren on the mother continent may be due to
“some degree of resentment” that Africans sold them into slavery, he
suggests.

“And then we are
taught that Africa is the worst place in the world.” He asks his
American lecture audiences what they think of when they think of
Africa, and the answer, invariably, is: Wild Animals, Poverty and
Disease. “So, we have a very, very negative impression of Africa,
because that’s all of Africa that we see on television.” He suggests
that Africans who come to the United States don’t interact with African
Americans and so there is no sharing of stories. “And so, it’s very
important to me that African Americans or Africans Living in America
have a better impression of Africa. I think of myself as an ambassador.
I try to give a good impression of African Americans when I come [to
Africa] and I try to go back to the United States with a good
impression of people from the continent of Africa, because the
relationship is not a good one.”

It’s not an easy
task. He reels out some of the terribly ignorant questions he gets
asked about Africa when he returns to the US. “We have a very negative
image of Africa and that is deliberate. That is just designed by
Europeans to keep us separate from Africa because they know that when
Africans in the Africa and [those] across the water unite, we’d be
unstoppable. And so there is a deliberate effort to keep us ignorant of
our African heritage, and I’m trying to help change that.”

An ambassador

On how he became
this ‘ambassador’ between Africans in America and the continent, the
56-year-old says, “What started me was, I wanted to find out what
happened to those Africans who left Africa a long time ago.” His paper
at the Slavery Colloquium centred on Africa before Colonisation and
Enslavement, what Rashidi calls “The First Diaspora – Africans who left
Africa 100,000 years ago. I wanted to know what happened to them, where
they went. And so, that led me to begin to search for Africa… I’ve been
doing this since I was 18 years old and it’s been my mission in life.”

Yet he has not
always been this comfortable with his Africanness. “When I was a kid,
if you had called me ‘African’, we would have had a fight: that was an
insult! But now, if you call me an African, ohhhh, I’d do anything for
you.” The change started when the young Runoko began to learn about
Africa. “I began to read books and eventually I went to Africa itself.
I’m a lover of Africa. I cannot say enough good things about Africa. I
love Africa. I love Africa more than I love America,” he declares.

He has talked about
African Americans not feeling loved by Africans. But now I raise the
flipside: that of Africans not feeling loved by African Americans, who
racially denigrate those on the continent. “It is self hate. It works
both ways,” Rashidi says. “The problem is ignorance; and I think that
the major problem we’re fighting as a people is ignorance – a lack of
knowledge about our past.” He expresses the wish that every African
American would come to Africa at least once in their lifetimes,
especially the young generation. “Come and see it for yourself. See it
and touch it and smell it and eat the food; you’ll never be the same.
[It will] change everything.”

But is there a need
for African Americans to identify with an ancestral homeland in a world
that has seen the ascent of Obama? Rashidi says: yes. “We were talking
about a Post-racial America over a year ago: that now that we have a
Black President, everything was going to be different… But what we are
finding is that racism in America is uglier than it’s been in a long
time,” says the author and editor of more than 11 books. He loves
Barack and Michelle Obama but expresses disappointment that America’s
First Couple has not reached out to Africa more.

Long live Africa

Runoko Rashidi says
West Africa holds a special significance as a major departure point for
enslaved Africans who were taken to the New World. Visiting the
Ghanaian slave forts of Elmina and Cape Coast was a numbing experience
for him. “Then I went to the beach and had a libation ceremony and I
cried a little bit. And after that, I just fell in love with West
Africa. And as much as I like Ghana, I think I like Nigeria more. And
it’s important for me to like Nigeria, because Nigeria is the
powerhouse,” he says. Visiting the slave dungeons on Goree Island in
Senegal, was also harrowing. “It’s difficult but every African American
should go and see that, because it gives you a better appreciation of
what your ancestors went through.”

He longs for a bond
of kinship between African Americans and Africans. “In the US, you are
not allowed to say anything against the state of Israel, [no matter]
how badly the Israelis treat the Palestinians. If you’re a public
figure and you say something regarded as anti-Semitic, you lose
everything. My point is: you can say anything about Africa and nobody
will object.” African Americans are key to the desired change, he
suggests. “If African Americans felt a sense of bond or kinship with
Africa, we would be just like the Jews. We would be ferocious defenders
of Africa. And that’s what I want us to be. I want us to love Africa
with our dying breath. As God is my witness, I hope my last words on
earth are: Long Live Africa.”

Runoko Rashidi is
one of the speakers at the Conference on ‘Global Africans,
Pan-Africanism, Decolonisation and Integration of Africa – Past,
Present and Future’ – holding at the International Conference Centre,
Abuja, from September 21 to 24.

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Ages of Nigerian art at the Abuja Velodrome

Ages of Nigerian art at the Abuja Velodrome

‘The world and his
wife’ were heading to Abuja on Wednesday September 15. Getting a flight
to the Federal Capital Territory from Lagos was extremely difficult,
with all airlines fully booked. Those who eventually made it to Abuja,
discovered that hotels were similarly filled to capacity. And so it was
that several of us going to the opening ceremony of the massive
National Cultural/Historical Exhibition, arrived at the venue of the
Velodrome, National Stadium, Abuja, to find the event was over.

It was D-Day in
Abuja; former head of state, Ibrahim Badamosi Babangida, declared his
2011 presidential ambition at Eagle Square – the reason, many surmised,
for the full flights and hotels. The Babangida effect was compounded by
the fact that the ruling PDP held its National Executive Council
meeting on the same day in the same city. Given the significant
political diversions, therefore, it was a testament to the pulling
power of the exhibition that over 2000 people attended its opening
event.

However, the
president, Goodluck Jonathan, who was due to open the exhibition,
stayed away. Preoccupied perhaps with the political colourations of the
momentous day, he declared his own intention to run for the Presidency
in 2011, on Facebook. Jonathan was represented at the Velodrome by the
Minister for Tourism, Culture and National Orientation, Abubakar Sadiq
Mohammed. Joining him were: Secretary to the Government of the
Federation, Mahmud Yayale Ahmed; and Minister for the Federal Capital
Territory, Bala Mohammed. At least 20 ambassadors attended in person.

In a speech
delivered on his behalf by the Culture Minister, President Jonathan
called the exhibition “a milestone” in the life of the Nigerian nation,
noting that it showcases a “splendid kaleidoscope of images that mirror
the state of our progress and achievement.” He added that Nigeria “has
been in the forefront of cultural renaissance and social regenerations
which gained momentum several decades ago when we hosted… FESTAC
’77.” He thanked all the artists and organisations that made the
exhibition possible, and said the works on display, spanning two
millennia of art production in Nigeria, would inspire stock-taking and
self-evaluation of where the country is, 50 years after independence
from the British.

The Velodrome

Though the opening
event crowds had gone home on the evening of September 15, the
Velodrome was beautifully lit up within Abuja’s National Stadium
complex, appropriately so, for a venue hosting the largest exhibition
ever held in Nigeria. Organisers hope young and old will come in their
thousands to see the exhibition. Also known as ‘The Journey Of Our
Independence’, the exhibition aims to tell the story of Nigeria through
the visual arts.

Visible from the
surrounding highways, the Velodrome is an easily located venue, but
better signage within the stadium complex could help visitors locate
the exhibition more easily. Once inside, however, the show is spacious
and easily navigable. Laid out for the appreciation of the viewer are
the very best of Nigerian arts. Waiting for us inside were the
exhibitions’ curators: artist Jerry Buhari of Ahmadu Bello University;
Uwa Usen (National President, Society of Nigerian Artists) and Director
of Museums, Nat Mayo Adediran. Chair of the Exhibition sub-committee
for Nigeria at 50, George Nkanta Ufot, praised the curators’ efforts in
bringing about the landmark show. “They have been tireless, they’ve
been wonderful, they haven’t slept. They were the think-tank of this
exhibition. They brought in an architect who [transformed the venue].
The Velodrome has been converted into a world class exhibition centre.”

Among the memorable
pieces on display are Cyril Nwokoli’s monumental ‘Okonkwo’, a wooden
sculpture of the tragic hero of Chinua Achebe’s ‘Things Fall Apart’.
The 15 feet tall statue is an arresting piece, standing alone. Nearby
are more than a dozen wooden warriors by Nwokoli, a genial artist who
cracked jokes with us, making it hard to believe stories of his
self-sequestration in the bushes around Enugu, carving armies of wooden
figures.

All the greats are
here, including: Ben Osawe, Bruce Onobrakpeya, Nike Davies-Okundaiye
and Kolade Oshinowo. In a centre enclosure called ‘The Museum’,
Nigeria’s antiquities from artistic traditions like the Igbo Ukwu, the
Nok, Benin and Ife – are on display. That the museum is locked during
our somewhat ‘out of hours’ visit, shows the extra care taken with
these priceless pieces of Nigerian artistic heritage.

Queen Elizabeth in bronze

The statue of Queen
Elizabeth II, sculpted from sittings done for Ben Enwonwu by the British
monarch in 1957, promises to be one of the major talking points of the
exhibition. The bronze sculpture, which made Enwonwu the first African
to be commissioned to create an artistic likeness of the queen, has
been away from public view for decades. It was last exhibited in
Nigeria around 1957 and 1958, in the then Houses of Parliament in
Lagos; and has been shrouded in mystery during the intervening years.

Standing next to
the historic piece, Uwa Usen said, “This is only the second time this
work is being exhibited in Nigeria. In fact, there is a lot of mystery
and controversy [surrounding it]. The day we discussed the work, we did
not know we had a visitor who was listening – and we said: we’re
bringing this work. The person was running around saying: this work is
missing, is in England.

“This work has been
in the custody of the National Museum (Lagos) under lock and key –
tight. You need to see how this work was brought (to Abuja), under
heavy security; and they used codes to bring it. So, this is very
significant to us,” said Usen. He praised the Ben Enwonwu Foundation
for supporting the sculpture’s display at the Velodrome with photos and
British press clippings from the 50s, to provide historical context.

Melting pot

Usen said the show
is significant: “Because it is celebrating Nigeria at 50, we need to
ask questions, we need to probe into where we’re coming from, where
we’re going and where we think we are. We need to challenge ourselves
and [ask]: where has art taken us? We need to review these things.” The
exhibition, in his view, does all these, and more. He also spoke on the
challenges faced by the curators in the weeks running up to the
exhibition’s opening. “The challenge to me was converting this
Velodrome into an exhibition hall. It’s the biggest challenge I’ve ever
had,” he said, disclosing that the preparations started on June 5.

The layout of the
displays requires viewers to go straight to ‘Nigeria of Old’, to view
the antiquities in The Museum. From there, to the time around
independence as represented by Enwonwu’s Queen Elizabeth in Bronze, to
contemporary pieces by the likes of Ndidi Dike and Dennis Okon. Pieces
were sourced not from individuals or artists but institutions. These
included government parastatals: the National Gallery of Art, the
National Council for Arts and Culture; professional bodies like the
Society of Nigerian Artists; and educational institutions like the
Departments of Fine Arts at the University of Uyo and Ahmadu Bello
University. In all, up to 13 universities were involved in procuring
pieces for the mega show. Usen described the resulting exhibition as “a
melting pot”, adding that, “We looked at the history, the culture, the
various media, various styles, anything you want to see is here.

“Viewers should
note that Nigeria at 50 has been celebrated by Nigerians, locally. We
charged ourselves to try and get to the international standard, without
any assistance [from outside]. We have carefully chosen our venue,
which most people will never believe would have served as a venue – and
you know this is very apt – we have branded the whole venue in Nigerian
colours and it works for us. So, people should know that Nigerians can
do things for themselves. We are ripe. In my own mind I think we have
at least rang a bell to say: we are here. We are on board,” declared
Usen.

The SNA president
dismissed any suggestion of elitism, insisting that the show is for
everybody, including the disabled (wheelchair ramps are been
incorporated into the venue’s design).

As for George Ufot,
Director of Culture at the Federal Ministry, “This is the biggest
exhibition ever hosted in Nigeria. Even FESTAC was not as big as this.”
Asked how he moved Nwokoli’s giant sculpture of Okonkwo across states
to the Abuja Velodrome, Ufot replied cryptically, “By spending
government money wisely.”

The National/Cultural Historical Exhibition is at the Velodrome, National Stadium, Abuja, until October 31.

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