Archive for nigeriang

Top golfers to vie for Nigeria Cup

Top golfers to vie for Nigeria Cup

As many as fifty
professional golfers from across the country are expected to take part
in the fast approaching Nigeria Cup 2010 National Day Golf Tournament.

The tournament
which is now in its 14th year at the Ikoyi Club, Lagos, following its
inaugural edition back in 1997, is part of activities by the club to
commemorate Nigeria’s national day, and this year’s edition will see
some of the country’s top golfers competing alongside their amateur
counterparts for honours.

Frank Gboneme the
vice captain of the host club’s golf section disclosed this in Lagos on
Tuesday at a press briefing to herald this year’s tournament. Gboneme
also revealed the other programmes lined up by the event’s organisers
to mark Nigeria’s golden jubilee anniversary.

The qualifiers for
the Nigeria Cup took place last on Saturday at the Ikoyi Club but the
main draw doesn’t take place until September 28 when the professional
players will vie for the two million cash prize that is up for grabs
with their amateur counterparts in the Pro-Am tournament.

This event will
however be preceded by a golf tournament for children, as well as a
children’s creative class on September 25 and 26. The latter is in
conjunction with the African Art Resource Centre which will be
providing over 20 renowned artists to tutor the children.

A day later, on the September 27, the caddies will take to the course, while the ladies will have their turn on September 30.

Four-Club competition

On October 1, an
innovative event, tagged the Four-Club competition, will be held at the
venue. It will allow each competitor take to the golf course – not with
their complete range of golf clubs, but with their favourite four clubs.

“In a normal
tournament, a golfer can take to the course with as much as 14 clubs
but this competition will see the golfers limiting themselves to just
four clubs,” Gboneme said. “So it becomes tricky at some stage.”

The Four-Club
competition won’t be the only event planned for Nigeria’s national day
as there will also be a cultural night with fireworks to precede the
Gentleman’s Final which comes up the following day.

Gboneme also used Tuesday’s press briefing to thank the various
corporate bodies that have contributed to the success story of the
Nigeria Cup National Day Golf Tournament. They include UBA, Diamond
Bank, Oando Petroleum and Nigeria Breweries, makers of Heineken in
Nigeria.

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A lot of determination and history

A lot of determination and history

Today, a lot of
teams with history on their side will be trying to take new strides in
the 2010 version of the UEFA Champions League. Real Madrid, with a new
coach and lots of young players will resume a quest for a 10th title.
Five-time champions Bayern Munich, who fell at the last hurdle in the
2009 finals will be hoping to better their last performance. Ajax come
into their match against the Bavarians with their own share of European
glory combined with the deadly aim of Luis Suarez and are gunning for a
fifth title. The Uruguayan striker has scored nine goals in the last 11
matches.

The elusive 10th title

Real Madrid had
great expectations last season when the final match was scheduled for
the Santiago Bernebeu – what a way to actualise a tenth title than in
your home stadium before adoring fans…

But it remained a
mirage as the European giants were sent packing in the 2nd round by
French club, Olympique Lyon. That made it the fifth year consecutively
that Madrid had not made it beyond the round of 16.

Enter Jose Mourinho
– the self styled ‘Special One’. After winning the competition with
Inter Milan, the Portuguese tactician’s main brief is to win the
Champions League; as well as the small matter of dethroning Barcelona
as Spain’s best team.

“This is the
competition of competitions,” he said on UEFA.com. “Not only the most
important but the grandest competition in football. Only a few coaches
have won it with two different clubs, so my great ambition is to become
the first to do so with three different clubs.” Though Mourinho is
known for his ability to build winning sides, whether he will achieve
that in his first year at Madrid is another mather. He will start the
campaign against four-time winners, Ajax. The Dutch coach of the
Amsterdamers, Martin Jol also spoke to UEFA.com on the history and the
will to replicate the past.

“At Ajax, the first
thing they do is invite you to the museum to see all of the cups; there
aren’t many clubs with more trophies,” Jol said, but the last time they
won was 16 years ago with the Nigerian duo of Nwankwo Kanu and Finidi
George.

“We won our last
UEFA Champions League in 1995 and it’s probably impossible to win it
again. But because of our history, it’s very important to us. The home
games are already sold out, which shows what it means to our fans.
Hopefully we can bring the old times back”.

Chelsea in need of relevance

Carlo Ancelotti has
been telling anyone who cares to hear that Chelsea’s benefactor, Roman
Abramovitch has not put the team under undue pressure to win a first
Champions League trophy. But last season’s loss to Inter Milan in the
quarter-finals under Jose Mourinho must have hurt a bit. There is also
the added incentive of playing the finals in England, which could help
or mar the club.

“For Chelsea,
winning the UEFA Champions League is as important as winning the
Premier League. Last season, we won domestically and it would be nice
to be crowned European champions in London,” Ancelotti said on uefa.com.

Club stalwarts like
John Terry, Frank Lampard and Didier Drogba will want to ride into the
sunset of their careers basking in the knowledge of helping the club to
the highest club honour ever. Terry will still be having nightmares of
the penalty loss to Manchester United in the 2008 finals; maybe he will
have the chance to remedy that history come May 2011.

Milan needs to find right combination

No club in Europe or the world can currently boast of the forwards that AC Milan possess.

Zlatan Ibrahimović
and Robinho have joined Ronaldinho, Pato and Fillipo Inzaghi. The
challenge is how to place these parts to make an effective unit. The
2-0 loss to Cesena at the weekend showed obvious frailties and European
matches can be very cruel in exposing these flaws.

Newly installed
coach, Massimiliano Allegri is not oblivious to the enormity of the
task before him. It will be a battle for the Rossoneri to progress from
a group that has other European heavyweights but younger squads.

“These are
fascinating matches,” the former Cagliari Calcio coach told UEFA.com.
“Such ties immediately give you the right focus for the UEFA Champions
League. It’s my third year in Serie A and to coach Milan in this
prestigious competition is fantastic.”

Arsene Wenger confident of his side

Maybe, just maybe,
Arsenal are about ready to win a maiden European Cup. Manager Arsene
Wenger, who has spent four years at the club, believes that these set
of players have both the experience and the youth needed to win the
only trophy missing in Wenger’s collection.

Wenger believes his side are stronger and better equipped to overcome mental hurdles.

“We have to show
that last year was an accident. Unfortunately we went out against
Barcelona who were better than us over two legs.

“We have to come back and show we can compete with them. Overall I think it was an accident but we will see.”

On the added
incentive of the final being played at Wembley, Wenger said, “It is
only six miles, but unfortunately it is a long way,” Wenger concluded.

Arsenal’s
Portuguese opponents SC Braga are also known as Minho’s Arsenalistas
after the Portuguese club took Arsenal’s colours in 1921. And Nigerian
left-back, Uwa Echiejile is expected to make an appearance for the team
against the Gunners.

Abou Diaby has an
ankle problem suffered in last weekend’s league win over Bolton while
Thomas Vermaelen has been ruled out with an Achilles injury. They join
Robin van Persie, Theo Walcott, Nicklas Bendtner and Aaron Ramsey, all
ruled out with various injuries.

UEFA largesse

There is a cash
bonanza for teams that have qualified for the UEFA Champions League
group stage this season as they will receive about €7.2m according to
the revenue distribution system in place for the 2010/11 campaign.

Each of the 32
clubs taking part in the UEFA Champions League group stage will receive
a participation bonus of €3.9m, plus a match bonus of €550,000 per
group game played. On top of that, the following performance bonuses
will be paid: €800,000 for every win, and €400,000 for every draw in
the group stage.

There will be
additional payments made to the teams that progress in the competition
with €3m the reward for advancing to the round of 16, €3.3m for
reaching the quarter-finals and €4.2m for a semi-final place. The
winners of the final at Wembley Stadium on 28 May will collect a
further €9m, with €5.6m going to the runners-up.

The teams are also
entitled to a share of the commercial value of their domestic
television market, the number of UEFA Champions League matches they
play this season and their final position in the domestic league table
last term. They will also keep their UEFA Champions League gate
receipts.

Each of the 20 teams that contested the play-offs received €2.1m.

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Genuine restitution for sports

Genuine restitution for sports

How does anyone explain the shame experienced by millions of
sports loving Nigerians between Saturday 11th and Sunday 12th 2010?

Samuel Peter was given a battering I am sure, he never expected.
Samson Siasia’s Heartland football team was kicked out of the CAF Champions
league by Ahly of Egypt and Congo DR made sure that our U-17 men – oh, so
sorry, boys – will not be in Rwanda in 2011.

The implications are varied and several. For instance, while
Wladimir Klitschko, his trainers and fans are basking in the euphoria of a well
deserved victory, what we are experiencing here in Nigeria is a horrible
nightmare.

While there is celebration in Egypt, the opposite is happening
here in Nigeria, especially amongst those, who are either mischievously or
ignorantly advocating for the installation of Siasia as the Super Eagles’
technical adviser or coach.

As regards the U-17 football match, I am absolutely unperturbed.
As long as we refuse to establish a culture of excellent football development –
with integrity, as the foundation, the systemic evolution of genuine age-grade
footballers, will never be actualised in this massively blessed nation, endowed
with the potentials to rule the world of football. It is as simple but as
serious as that.

Add the above to the disgraceful situation our football
administrators have put us in the global setting and then ask why this should
be happening.

Various perspectives

Remember the case of three blind men who were told that an
elephant has been killed? They requested to be given an opportunity to touch
the dead elephant, in order to ascertain the veracity of the story. Their
request was granted. The first man touched the ear of the elephant and said it felt
so smooth like the cocoa yam leaf. The second touched one of the legs and said
it was like the mahogany tree, while the third touch the elephant’s tusk and
exclaimed that it was an iron. Check our newspapers, listen to the radio, watch
the TV, and you will be amazed at the various perspectives from which current
football issues are being discussed.

One angle that is of paramount interest to me is the issue of
divine intervention and the call on Nigerians to pray. I agree absolutely. I am
however aware of the sensitive nature of my position and approach to the
quagmire in which our football has been enmeshed, but make bold to declare
unreservedly, that this is the “drawing board” we must return to, in order to
have God-fearing people manage and administer football in this nation.

Courage is often something which others recognise rather than
behaviour that anyone ever deliberately sets out to display. I am also aware of
the fact that an idea, such as this issue of restitution, has to go through
three clear stages: the stages of it being ridiculed, aggressively opposed and
of course being finally accepted as self-evident.

The power of prayers Restitution, we are made to believe is the
act of, returning something to its rightful owner, or compensation for a loss,
damage or injury, or the return of something to the condition it was in before
it was changed.

Let me remind fellow Nigerians of the price paid by some God-fearing South
Africans between the years 2000 and 2002. I was not told. I participated in it
and was officially mandated to organise such programmes here in Nigeria, in
order to stand in the gap for our South African brethren. What was the price?

Thousands of football administrators, stake holders, footballers,
supporters/friends of football, would gather at various stadiums all around
South Africa, to confess the atrocities going on in South African sports,
especially football. Not only that, they set some days aside during which all
they did was to fast and pray to God for forgiveness. Did it work? Yes. The
2010 FIFA World Cup finals is a testimony. Can we pay the price to bring about
the desired changes Nigerians are clamouring for? Yes, we can!

The good news however is that whether we are ready or not the One who
created sports for His own pleasure, is already at work. Nigeria is blessed
with people, who pursue their dreams, regardless of the threats, dangers and
what is said or thought; and people, who have made sacrifices and displayed
incredible persistence – in short, people who are M.A.D. (making a difference).

One of such is our own Olajide Fashiku. Happy birthday, Jide. As you
celebrate today, we pray that your ideas to ensure that sports returns to its
rightful place in Nigeria do not run dry. Your efforts and sacrifice will not
be in vain. FIFA, CAF and the NFA may not recognise you, but on behalf of
millions of sports loving Nigerians, we say thank you. It will be well with
you. We love you Baba JID.

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Laurent Blanc’s tough assignment

Laurent Blanc’s tough assignment

As I learned of
France’s home defeat against Belarus, I wondered if this was the lowest
ever point for French football, and more importantly, how are they
going to turn their fortunes around?

The loss was Les
Bleus’ fourth in a row and there seems to be no light at the end of the
tunnel for a team that lacks confidence, personality and experience. I
was in South Africa when France’s players decided to strike in protest
of the French Football Federation’s (FFF) decision to send Nicolas
Anelka home following an altercation with Raymond Domenech. I couldn’t
believe that professional athletes would actually refuse to work during
a tournament which should represent one of the highlights of their
careers. It would have to take a lot of anger and frustration for a
group of players to take such a decision. Some of those feelings are
surely still present now in the French squad even if some World Cup
squad members are no longer part of the national team set-up.

Healing the wounds

So how is Laurent
Blanc going to heal these wounds and create the team spirit and unity
necessary to get results? Well to be fair, he already tried a bold
motivational approach, inviting his friend and fellow 1998 World Cup
champion Zinedine Zidane to a training session in a bid to inspire the
squad. He also handed out sheets of paper containing the words to La
Marseillaise to players, encouraging them to sing the national anthem
before the game. I guess the Belarus result showed both of those
tactics didn’t work and it will take a lot more work on the training
pitch and in the dressing room to raise the morale of these players. We
should also remember this is a very young team that doesn’t really have
many role models on the pitch. There is not a Zidane, a (Patrick)
Vieira or a (Didier) Deschamps, who can lead by example. Still, it’s my
belief that this team will improve quickly under the guidance of Blanc
and qualify for Euro 2012. The talent is there with young players such
as Lamine Sakho, Yoann Gourcuff and Karim Benzema and the spirit will
eventually return.

Of course France is not the only national team with an identity
crisis. Italy is clearly in a transitional period with a new coach and
new set of players. They struggled to beat Estonia and will also take a
while to gel with Cesare Prandelli and without the leadership skills of
the retired Fabio Cannavaro and injured Gigi Buffon. Last but not
least, I have to admit that I am very worried about my beloved
Portugal. With coach Carlos Queiroz suspended for six months by the
national football federation for his role in disrupting an anti-doping
test, and with Cristiano Ronaldo injured, they could struggle to make
the European Championship.

The players looked lost, especially in
defence, during a 4-4 draw with Cyprus on Friday. There was no
leadership, no direction, no clear game plan. By the time Queiroz comes
back, the qualifying campaign could be in tatters. As with any identity
crisis, each of the three sides need some urgent self-analysis and
rehabilitation, if they are to regain the team psyche that saw each
side compete for top honours in recent times.

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Telecom operators accuse environmental agency of site closures

Telecom operators accuse environmental agency of site closures

Professionals in
the telecommunications sector have said that the shutdown of
telecommunications Base Transceiver Station (BTS) sites by National
Environmental Standards and Regulations Enforcement Agency (NESREA) has
thrown up security implications for the sector.

The agency, a
parastatal of the Federal Ministry of Environment, Housing and Urban
Development, is responsible for the protection and development of the
environment, biodiversity conservation, and sustainable development of
Nigeria’s ecosystem.

Speaking at a press
conference on Wednesday, in Lagos, Gbenga Adebayo, the president,
Association of Licensed Telecommunication Operators of Nigeria (ALTON),
said, “Subscribers in some parts of Abuja, Kaduna, Ilorin, Lagos, and
Owerri have been experiencing significant deterioration in service
quality over the last couple of weeks caused by the invasion and
closure of BTS sites by NESREA.”

He said it is
regrettable that BTS sites are incessantly sealed or locked up by
government ministries, departments, and agencies, typically employing
taskforces to forcefully extract illegal levies and other inappropriate
commitments from operators.

“This is done
without careful consideration of the harmful effects of such lockouts
to the economy, foreign investment drive, safety, and security; as well
as the wider implications on the generality of the Nigerian populace,”
added Mr. Adebayo.

However, Mr.
Adebayo explained that the closure of the sites by NESREA was followed
by the alleged failure of the telecom operators to submit Environmental
Audit Reports (EAR’s) for all BTS sites in the country by August 23,
2010.

Its implications

Since the inception
of mobile telephony, telecom operators have constantly complained that
the sector faces many challenges including multiple regulatory bodies,
multiple taxation, lack of power supply, lack of security in BTS sites,
which has drastically affected the operation of their businesses.

“The immediate and
long term implications of these incessant site closure is that BTS
sites go down resulting in the disruption or outright loss of
telecommunications services, and by extension, it is the economy that
is suffering,” Mr. Adebayo said.

He said this has
resulted in dire consequences such as national security concerns, which
prevent law enforcement and security agencies to respond to crime
activities, inability of the concerned persons and agencies to respond
to medical emergencies, as well as economic strangulation. He explained
that a breakdown at BTS sites affects other sectors that rely on their
service to function:

“Most banks’ ATM,
airlines ticketing, government e-payments, and other online services
would be paralysed. This would lead to huge economic losses for
businesses, the government and the nation.”

However, Mr.
Adebayo added that subscribers should not expect reduction in tariff
soon, as the implication of the closure of the BTS sites does not
guarantee the reduction of tariff because the cost of doing business in
the country is still very high.

Damian Udeh, the
publicity secretary of ALTON, said that most of the closed BTS sites
were also collocation sites. In 2008, the Nigerian Communications
Commission (NCC) licenced about fourteen collocation companies in order
to address the issues of such environmental regulations.

“ALTON and the NCC
encourage collocation amongst operators, and operators are responding
to collocation companies. ‘But the way it is every operator wants to roll out their network as quickly as possible. So sometimes, those
collocation companies are not able to meet your demand and that
operator would want to build its own sites,” Mr. Udeh said.

Solution

Mr. Adebayo
explained that the NCC must exercise its responsibility to protect the
sector and regulate issues that affect the sector.

“We believe that the sector should have only one regulator and the
NCC should take up its responsibility as the regulator of the sector,”
he said.

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Oil Politics: To stop the Sahara

Oil Politics: To stop the Sahara

The desert is not
an organism that spread its tentacles to swallow up land and objects in
its path. This is the image we generally have of the desert when we
speak of the advance or spreading of the Sahara Desert. The process by
which an area becomes a desert is known as desertification. This
process can happen in an area that is not contiguous to an existing
desert. In other words, an area that is not close to an existing desert
can become one through the process of desertification.

Desertification is
one of the key environmental challenges facing Nigeria and indeed all
of sub-Saharan Africa. It has been estimated that the desert area is
increasing at the rate of more than half a kilometre every year, and
that about 35 million Nigerians are directly affected by this menace.
Eleven states in Nigeria, sometimes called the frontline states, are
under threat of desertification. These states include Bauchi, Borno,
Jigawa, Kano, Katsina, Kebbi, Sokoto, Yobe, Zamfara, and parts of
Gombe, and Jigawa.

Obviously, the
problem of desertification has global implications and that is why we
have the United Nations Convention to Combat Desertification (UNCCD)
that was launched in 1994 and became operational three years later.
Although a majority of nations have ratified the convention, only a
handful have undertaken programmes towards the attainment of its
objectives. For example, Nigeria took steps in this direction in 2001
when the National Action Programme (NAP) on desertification was
launched. Nigeria also has a number of other initiatives: National
Grains Reserve Programme; Drought Management Policy; Desert-to-Food
Policy; and the National Desertification Policy. A question that comes
to mind is how well are these policies and programmes being run?

Generally,
Nigeria’s most visible actions to fight desertification have largely
been about organising yearly tree planting exercises. The planting of
trees is a good step and should be encouraged. The sad fact is that
tree planting alone is not enough to stop desertification from taking
place.

We must look at the
factors that encourage desertification. Without much investigation, it
is obvious that global warming has a major impact on this process.
Other factors include bush burning, inappropriate grazing, and poor
irrigation systems.

Going back to the
contribution of global warming to this phenomenon informs us that
Nigeria faces a peculiar risk of being swallowed up by two migrating
forces – water from rising sea levels, and sand from increased
desertification. Some of the impacts of global warming include droughts
as well as freak rains. Even with the unpredictable rainfall patterns,
Northern Nigeria still has much less rain than the South. The lack of
rain directly encourages desertification, as already stated. Along the
coastal fringe of Nigeria, the big challenge is that of sea level rise.
When we talk of sea level rise, it is vital to keep in mind that the
Niger Delta, for example, is a naturally subsiding environment. With
this in mind, it has been estimated that if a net sea level rise of one
metre occurs, up to 100 kilometres from the Atlantic shore will go
under water.

The implication of
this is that our economy, food systems, security, and livelihoods are
severely threatened by the impacts of global warming. This is an issue
that should be taken as a serious matter of emergency and should be
tackled holistically, and not by seasonal, episodic responses.

One of the most
visible issues relating to desertification in Nigeria is the shrinkage
of Lake Chad. This lake has shrunk by up to 90% since the past 50 years
and we can suggest here that the fortunes of Lake Chad should be taken
as a measure of progress made by our country since political
independence was attained 50 years ago. Lake Chad has shrunk from an
area of 25,000 square kilometres to a paltry 1,500 square kilometres.
Experts believe that at its present rate of shrinkage, Lake Chad may
become dry land within the next 20 years.

The drying up of
Lake Chad and other water bodies is not a mere geographic reality. It
means increasing loss of livelihood, increasing water scarcity, and a
veritable pusher of poverty. Moreover, the drying of the lake and
persisting desertification portend staggering prospects for our nation.
With the understanding that the Sahara is not “marching” but that
desertification occurs autonomously, we can take steps to halt this
process that allows sands to swallow our land.

The implication of
the drying of Lake Chad is already obvious in the displacement of
fishermen, pastoralists, and others who depend on its water. The future
is bleak, unless the root causes of this phenomenon is tackled. It may
even be the case that the recurring land crises in the middle belt can
be traced to the environment displacement of populations in these areas
and the religious colouration may well be convenient cover for
perpetrators of intolerance.

We repeat here that
mere trees cannot stop desertification. Indeed, the trees we plant
require enormous amounts of water to thrive, although we can use
drought resistant species. You can imagine how much land cover can be
achieved by simply planting drought resistant shrubs!

We will end this
piece by returning to the issue of global warming as a major
contributor to desertification. Reflect on the fact that global warming
is caused by the release of greenhouse gases into the atmosphere. There
is one industrial complex that releases massive amounts of greenhouse
gases into the atmosphere on a daily basis. We are talking about the
gas flares in the oil fields of the Niger Delta. If Nigeria is serious
about tackling the issue of desertification, one of the immediate first
steps is to stop the activity of gas flaring that have been illegal
since 1984.

If we continue to
stoke the atmosphere with greenhouse gasses through gas flaring in the
South and keep planting a tree belt with the intention of halting
desertification in the North, we are clearly wasting salt on porcupine
intestine. It will remain a bitter tale.

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CBN clears bank of fraud allegations

CBN clears bank of fraud allegations

The Central Bank of
Nigeria (CBN) has cleared the management of Spring Bank Plc of any
allegation of fraud. There had been reports that the group managing
director and chief executive officer of Spring Bank Plc, Mrs. Sola
Ayodele, and key officers of the bank had been charged to court for
allegedly defrauding Strand Capital Partners Ltd. the sum of N5.2
billion, for which the GMD/CEO of the bank had been declared wanted.

The clearance,
which was contained in a letter dated September 14, written by the
regulator to the principal solicitor, Legal Resources Alliances, who
are legal advisers to Strand Capital Partners, to affirm that Strand
Capital’s claims to N5.2 billion from Spring Bank cannot be established.

The statement,
which was signed by the director of banking supervision of the CBN, Sam
Oni, stated that, “Your assertion that the offer of an underwriting
facility could be construed and treated in a similar manner as an
underwriting commitment could not also be substantiated, while your
promise to provide evidence, as requested by the CBN, has not been
complied with up till time of writing this letter.”

The CBN said Spring
Bank is not registered as an underwriter by the Securities and Exchange
Commission (SEC) and so cannot underwrite the IPO as claimed by NSL.

The statement,
titled ‘Spring Bank Plc Underwriting Commitment/Agreement in Respect of
National Sports Lottery Plc Public Offer’, which was a response to a
petition by Legal Resources Alliance on behalf of Strand Capital
Partners Ltd. further stated that the management of Spring Bank, in a
letter dated 7th July, 2008, offered an underwriting line facility of
N5.208 billion to Strand Capital Partners Limited to partially
underwrite the IPO (initial public offering) of NSL Plc, subject to
some conditions. The facility was for 90 days and was to expire on 12th
October, 2008. The source of repayment was to be proceeds of the offer
of NSL or a lien on 336 million ordinary shares of NSL, which was yet
to come into existence.

According to the
CBN statement, Strand Capital Partners Limited on 3rd July, 2008, wrote
to Spring Bank Plc requesting for an overdraft and/underwriting line of
up to N5 billion, to part finance its operations and enable it act as
underwriters to public and private security/stock offerings. The tenor
was to be determined on a case by case basis, subject to a minimum of
90 days, with rollover options, while the security pledged were
shares/stocks purchased with the facility.

The Central Bank
explained that NSL failed to meet some of the conditions that would
have qualified it to draw from the facility. These include opening of
an account by Strand Capital Partners Limited with Spring Bank for the
domiciliation of all proceeds of the public offer counter indemnity of
Strand Capital Partners Limited.

Approximately N110
million, which was realised out of the public offer of N12 billion, was
used by NSL in the company’s business.

However, it is not
clear how this information from the CBN will affect the case in court
as the regulatory body advised that both parties should allow the court
process to run its course.

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Avoiding another white elephant

Avoiding another white elephant

Governor,
Babatunde Fashola’ s well attended commissioning of the Lekki Free
Trade Zone administrative complex was designed to send the message that
Lagos is determined to turn the 16,500-hectare plot into an investor’s
paradise or the Dubai of Africa, as it is being touted.

Envisioned as an
industrial and leisure park to host manufacturing, real estate,
tourism, oil, gas and other concerns, the zone is expected to boost
commercial activity in the state, while improving the lives of
residents, especially by providing employment. The project is designed
to be developed in four phases, with the first being handled by a joint
venture company under a partnership between the state government and a
Chinese consortium.

Free trade zones
are designed to attract investors local and international, to a
particular business environment where transactions and production take
place with minimum government intervention or restrictions in the form
of nationality requirement, taxes, duties and other trade barriers.
Other benefits of the Lekki project, as spelt out by Mr. Fashola, and
in line with Nigeria’s free trade zone framework, include “repatriation
of capital, profit and dividends, 100 per cent free imports of raw
materials and components for goods destined for re-exports, 100 per
cent waivers on all import and export licenses, 100 per cent
restriction-free hiring of foreign employees, 100 per cent waiver on
all expatriate quotas for companies operating in the zone.”

Since the
promulgation of Decree 34 of 1991, permitting the establishment of
Export Processing Zones within designated locations, several free trade
zones have been licensed for operation all over the country, but most
of them exist in name only today. The major ones include the Kano Free
Trade Zone, Onne Oil and Gas Free Zone in Rivers State, Calabar Free
Trade Zone, Cross River State, all of which are owned by the federal
government; and the Tinapa Free Zone and Tourism, also in Cross River
State. Construction is on-going in some others such as the Olokola Free
Zone owned by Ondo and Ogun States, and the Lekki FTZ.

Among the existing
ones, however, none can be said to be operating optimally. This raises
the question: how viable are these free trade zones?

A major
requirement for the takeoff and success of any free trade zone is the
provision of adequate infrastructure. While private companies drive
activities in free trade zones, government has the responsibility of
providing infrastructure such as land, water, ports, transportation and
other amenities. In Nigeria, this is where everything falls apart.

Among the critical requirements in the Lekki zone is electric power and roads.

Although the Lekki
arrangement would see the Chinese partners providing most of the
infrastructure such as a power plant, sewage system, water, and some
roads, so far, only few local companies are operating there. This
situation, unfortunately, is what also obtains in other free trade
zones in the country.

Attractive as the
incentives for the Lagos project appear, such as easy access to large
domestic and regional markets, developing the four phases of the
project will take some years, and its continuity depends on whether
succeeding administrations in Lagos will uphold the vision. This factor
of lack of continuity in government policy has also largely accounted
for the failure of most of the free trade zones earlier approved in
different parts of the country.

To ensure the success of the Lagos free trade zone, it is also
imperative that the state government and the federal agencies that
would be involved iron out the customs procedures to avoid the
situation that impacted negatively on the smooth take off of the Tinapa
Free Zone and Tourism project. All things considered, it will take the
state government more than wishes to turn the Lekki Free Trade Zone
into the Dubai of Africa.

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VEXED IN THE CITY: Waka Pass!

VEXED IN THE CITY: Waka Pass!

I woke up this morning with a feeling that not much has changed in the country as far as the electioneering season is concerned. And, after checking out some of the dailies, my fears were given some credence. The story line appears not to have been altered much. We still have the deadly encounters – some of which have been extremely brutal – and the desperate scrambling for affiliations. Everyone who is anyone in the election drama is struggling to appear in the good books of everyone who is anyone in the hierarchy of things. And, as usual, the rest of us – the electorates, supposedly the most important casts in the scheme of things – have been given our traditional roles. A less than significant role, and yet required one – waka pass!

In some other parts of the world, the election season is the best for the people – that is the electorates. Everyone who is anyone who intends to amount to anything as far as government is concerned understands that he must first, next, and last appeal to the people. It gets better as incumbents who are seeking re-election drop a few white elephant and vain projects – those are available everywhere – an face that which will touch the lives of the people the most. In America, the much publicised health-care reform was signed into law (March 23, 2010): It was a historic event and has been more responsible for energizing Republicans and conservatives for November.

It is obvious that in these other societies, where the electorates are seen to be everything, every effort of those vying for various thrones, is geared towards appeasing the people. So, their roles are the glorified and exclusives of only the biggest stars in any “movie industry.” District attorneys are desperate to increase convictions, Police chiefs are struggling to reduce crime rate. Mayors are scrambling to make more money available for community projects. Governors are outdoing each other for the award of “state of the year” – if there is such is such an award. Legislature is reducing personal expenditure and approving supplementary budgets. Presidents are formulating health and other policies to better the lives of the people for legislature to pass in a hurry. This is how it works in those societies where the voters are the star actors. Alas, the same cannot be said for my locale.

In my locale, things take on a somewhat different approach. When elections draw near, councillors put up recreation centres with cable TV to occupy the people while more important things transpire without their knowledge. Local government chairmen paint bus garages and procure electronics for the chairmen. State governors celebrate their days in office in what seems like an adaption of the popular TV series “Days of our lives.” Legislatures increase their personal expenses account and make the figures the most well-kept secret in the country. Presidents increase their fleet and keep the country guessing on their candidacy, while making no headway in alleviating the people’s power problems. All of these and the unifying factor of scrambling to affiliate with the right grouping make up the many intrigues that are the electioneering drama in my vicinity.

In Lagos, resident doctors have been on strike for some weeks, and if reports are anything to go by, there is no respite for the many sick and dying in the Centre of Excellence in view. It appears that what the governor feels of the incident can be likened to the irritation felt over an annoying fly that just won’t realise that it is not wanted. And, of course, the obvious solution to getting rid of the problem would be hitting it with a mallet, reminiscent of a judge’s gavel. It therefore comes as something of a surprise that our able governor can work on landscaping Lagos, demolishing houses to make room for wider roads, refurbish school buildings and a host of other laudable achievements, but cannot provide adequate and quality healthcare for the citizenry when they require it.

It appears once more that we – the electorates – have assumed our traditional roles in the scheme of things. We are saddled with the responsibility of playing waka pass in this drama. And, in case the reality has not dawned on you, a waka pass role implies that at the end of the day, you are at the bottom as far as the dividends of the project are concerned. Even more disturbing, just in case you were wondering if things could get worse – we tend to play our roles just perfectly.

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