Archive for nigeriang

Inter Milan’s Obinna joins West Ham on loan

Inter Milan’s Obinna joins West Ham on loan

West Ham United have signed Nigeria forward Victor Obinna on a season-long
loan from Inter Milan, the English premier league club said on Friday.

The 23-year-old passed a medical after
holding talks at Upton Park and the club’s training ground, West Ham said on
their website (www.whufc.com).

Obinna, who began his Inter career in 2008, spent last season on loan at
Spanish side Malaga. He has won 34 caps for Nigeria, and appeared twice in the
World Cup in South Africa as his country were eliminated in the first round.

Obinna is West Ham’s sixth acquisition for the new season. They face
Manchester United at Old Trafford in the Premier League on Saturday.

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Holding elections to spite the law

Holding elections to spite the law

The elections into
the board of the Nigeria Football Federation (NFF) have come and gone
with Aminu Maigari emerging as the 38th boss of the body.

It was a landslide
victory for the former director of finance of the federation who until
his victory at Thursday’s polls had been the acting president of the
football house following the impeachment of Sani Lulu. Maigari grabbed
31 out of the 44 votes from delegates present at the International
Conference Centre in Abuja, well ahead of other aspirants, with his
closest rival former NFF Secretary General, Sani Toro, securing just
five votes.

Nine other
individuals were elected into the board and they will be joined by the
current chairman of the Nigeria Premier League, Davidson Owumi, who
will act as the federation’s 2nd vice president.

Court injunctions

But it wasn’t
smooth sailing for Maigari as the process was dogged by controversy.
Originally scheduled for Saturday, August 21, it was shifted to last
Thursday by the Congress of the federation at the request of the
Minister of Sports, Ibrahim Bio, who requested that he be given time to
apprise President Goodluck Jonathan on developments surrounding the
elections.

Before the decision
was taken, a Federal High Court sitting in Lagos had issued an order
restraining the NFF from going ahead with the elections at the
originally scheduled date of August 21 pending the hearing and
determination of a motion filed by the registered trustees of the
National Association of Nigerian Footballers (NANF) led by Harrison
Jalla.

NANF had filed the
suit against the NFF, alleging that the process of the election had
been perfected without recourse to its members and the court decided
that it would be improper to allow the elections to take place when
there was a pending motion before it seeking to restrain its conduct,
and subsequently ordered all the parties involved with the electoral
process to maintain the status quo pending the determination of the
motion filed by the players’ union.

The order from the High Court sitting in Lagos was not the only one issued on the election as two others,

including one from a court sitting in Ilorin, the Kwara state capital, also called on the NFF to postpone the polls.

Ex-players united

On Tuesday, August
24, two days before the NFF elections, a group of placard carrying
ex-footballers led by former national team captains Segun Odegbami and
Austin Okocha, who were aspiring to get into the NFF, as president and
board member respectively, stormed Abuja clamouring for the
postponement of the elections.

Numbering close to
30, the group, which also had in their midst other prominent ex-players
like former African Player of the Year Victor Ikpeba and 1980 Nations
Cup hero Felix Owolabi, faulted the entire electoral process. They
complained of a situation whereby state football association members
who were elected in 2006 and whose tenures had expired formed part of
the delegates at the election when they had not renewed their mandate.

Rounding off their
protest, they urged the National Sports Commission (NSC) and other
relevant authorities to prevent the elections from taking place.

Protesting to FIFA

Before last
Tuesday’s protest, Odegbami had in June notified football’s world
governing body, FIFA of certain amendments made within the existing
statutes of the NFF.

Before the August
2006 elections, which ushered in Lulu as the NFF president, local
government football councils, state associations and Zonal elections
were all held and winners given four-year mandates. These individuals
then voted and elected members into the Executive Committee of which
Lulu was head.

Odegbami, in his
letter to FIFA, reasoned that it was only logical that elections at the
zones must first be held – following the expiration of their tenures –
in order to constitute a new electorate to conduct new elections into
the next Executive Committee, stressing that “to hold elections without
holding constituency elections means that the delegates that elected
the out-going board would be the same delegates that would elect the
next board”, a process he described as “totally absurd, undemocratic
and unacceptable.” This process of bypassing this step by the NFF began
in August 2009 when it sent a draft of its amended statutes to FIFA
seeking, in line with laid down rules, its comments and approval, which
the world body responded to in November of that year with amendments of
its own to some areas in order for the document to be in line with the
organisation’s requirements.

Part of FIFA’s
letter to the NFF, stated that: “We hope that the previous explanations
are of assistance and allow you to review the NFF Statutes accordingly.
Please give maximum priority to the revision, the approval and
subsequent ratification of the NFF Statutes.

Amendment of the statutes

In December 2009
the NFF convened a meeting of the General Assembly to inform its
members of the suggested amendments by FIFA. However, for the amended
statutes to become operational it would require sending the statutes to
FIFA all over again for confirmation that the amendments have been done
correctly for final approval before being presented again to the
General Assembly for final ratification.

A presentation of
the amended statutes to members of the General Assembly was however not
done before it came into law but not before two major amendments – the
reduction of voting delegates from 101 to 44, and the directive to each
State Football Association to have its elective congress in November or
December succeeding the elective congress of the Federation within the
senior FIFA World Cup year.

The latter
interpolation meant that after electing the Executive Committee of the
NFF, the 37 State FA bosses will thereafter go back to their respective
constituencies to seek a new four-year mandate into their own boards.

Odegbami then went
on to plead with FIFA to advise the NFF to stop the “electoral process
until all the anomalies in the conflicting statutes and processes are
resolved”.

Denials

FIFA however
appeared to have turned a deaf ear on the issue even though it sent
officials to observe the electoral process, which eventually took place
despite a court order calling for the postponement of the polls,
receipt of which was denied by the NFF, as well as the chairman of the
electoral committee Abdulrahman Mustapha.

“I never got an
order telling us not to hold an election,” said Mustapha, shortly after
the polls. “I respect the rule of law and if I got anything like that I
would have stopped the entire process.” Jalla who went to the election
venue to personally serve the court order to the electoral committee’s
boss but he was prevented from doing so by security officials stationed
outside the venue even though he had gone to the venue with a team of
15 policemen and two court bailiffs.

“We had served the
NFF, the sports minister (Ibrahim Bio) and the NPL, but I personally
and the bailiffs had wanted to serve Mustapha in person,” Jalla told
NEXTSports on Thursday.

“But when we got to
the venue it almost degenerated into a scuffle between us and the
security team at the venue.” Back to the courtrooms He will however be
heading back to court on Monday when hearing of the case resumes.

Also considering a petition is Odegbami who pulled out of the race in line with the court injunction ordering its suspension.

“When the court
injunction came I decided not to be lawless, so I stayed away from the
venue in line with the decision of the court that the elections should
not be held,” he said.

Odegbami then
added: “My contributions to Nigerian football will continue in my own
way. I wish I was at the head of the federation but I’m not, so in
whatever way one can, one will continue to support them but I’ll pursue
my petition before FIFA to the very end.” How successful such a path
will be, only time will tell, but the immediate reality is that the
country’s football will be run mostly by ‘freshmen’ as only two members
of the previous Executive Committee were returned – Maigari and Chris
Green, the Rivers State FA boss who defeated Okocha to pick the ticket
from the South-south zone.

Green wasn’t the
only state FA boss to be elected as four others also made it into the
board while not a single former Nigeria international was considered
good enough to earn a place in the board including former national team
skipper and coach Christian Chukwu and Mutiu Adepoju.

“This is ridiculous and unbelievable,” said an enraged Bright Omokaro, a former national team player.

“I just cannot imagine what is happening to our football. Those who know nothing about football are now managing the game.

“We were all happy
when we saw some ex-internationals coming out to contest this election
but look at what they have done again. There is no way our football can
move forward with this set of people we have on board managing the
game,” he added.

Enyimba’s chairman Felix Anyasi and football analyst Deji Tinubu
however earned a place in the board and Nigerians will be hoping their
presence in the board will in some way translate into some measure of
success and development for Nigerian football at all levels, from the
grassroots to the numerous league and cup competitions, right down to
the various national teams.

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Eagles gun for Europe’s biggest club trophy

Eagles gun for Europe’s biggest club trophy

Five members of the
Super Eagles team last week made the cut with their respective club
sides to feature in the 2010/2011 group phase of the UEFA Champions
League competition. They are goalkeeper, Vincent Enyeama (Hapoel
Tel-Aviv) defenders; Elderson Echiejile (SC Braga) and Taiye Taiwo
(Marseille), Obafemi Martins(Rubin Kazan) and Mikel Obi (Chelsea).

This is somewhat an
improvement as only two Super Eagles – Mikel Obi of Chelsea and Taye
Taiwo of Marseille, players made it to this stage of the tournament
last time out.

For this lucky
five, enacting the feat so far achieved by only two Nigerians – Kanu
Nwankwo and Finidi George – which is a Champions League crown, will be
the ultimate goal.

Of the lot, Chelsea
midfielder, Mikel Obi is the closest to joining the league of African
players that have lifted the coveted trophy as his team lost narrowly
in finals of the 2008/09 season and only got knocked out in the quarter
finals last season. His team nevertheless remains one of the strongest
favourites in this year’s race.

While the likes of
Mikel, Taiwo and Martins have featured previously at this stage of the
competition, it is a debut appearance for the duo of Enyeama and
Echeijle who only recently moved from the French League to Portugal to
join Sporting Braga.

For Enyeama making
it thus far is a dream come true; “it is a ‘fulfilled dream’ to have
the chance to play in the UEFA Champions’ League group phase” he said.

The number one shot
stopper for the country not only proved to a safe pair of hands but
went further to score a goal in his team’s 4-3 over Red Bull Salzburg
of Austria to boost his team’s qualification quest.

“It has always been
my dream to play in the UEFA Champions League and this was an
opportunity I did not want to miss,” Enyeama told UEFA.com after his
team’s qualification.

“I have played in
every competition and this was the only one left. It is good to get a
chance to play against the best players in the world.” he added.

Indeed, the history
of the UEFA Champions League is incomplete without the mention of
Nigeria as the competition’s first goal in its present format was
scored by Nigeria’s Daniel Amokachi while he was with Belgian outfit FC
Brugge.

Expectedly, that
moment is one of the most cherished in the illustrious career of the
ex-international who was also a former assistant coach in the country’s
national team.

Real are in the group of death

Thursday’s draws
has set the stage to determine which team takes over the reign of
European football from Inter Milan which emerged champions after forty
eight years of fruitless efforts.

Inter, under their
new boss Rafa Benitez, will face Werder Bremen and Champions League
debutants Tottenham Hotspur and Twente Enschede of the Netherlands in
Group A,

Spurs are one of three London sides in the competition and familiar foes to Benitez from his time with Liverpool.

Group G has to be
the most difficult group to call with Real Madrid under Jose Mourinho,
the 9-time winners, 7-time champions AC Milan, Ajax who are also former
champions, and French outfit, Auxerre. But as Marseille and Bordeaux
showed in the last competition, French clubs seem to understand the
European terrain a little bit better.

Barcelona, European
champions in 2009, will face Panathinaikos, FC Copenhagen and Rubin
Kazan of Russia in Group D, looking to avenge the shock home defeat to
the Russians who beat them 2-1 at the Nou Camp in the group stage last
season.

Manchester United,
winners in 2008 face Valencia, Rangers and Bursaspor of Turkey with the
Rangers match especially poignant for United boss Alex Ferguson, who
once played for Rangers and still has close links with his home city of
Glasgow.

United are among
the quartet of English clubs including Arsenal, Chelsea and Spurs who
all have extra incentive to lift the European Cup this season with the
final at Wembley in May.

Arsenal’s chief
executive Ivan Gazidis was already eying a place there after his club
were drawn against Braga, Shakhtar Donetsk and Partizan Belgrade.

Steel and experience

“We have a real
incentive to win it this year with the final at Wembley. We have added
steel and experience to the side and we are one year older and more
experienced and are going for it,” Gazidis told reporters.

Chelsea, who are
familiar visitors to Wembley having won the last two FA Cups there,
return to Moscow where they lost the 2008 final to Manchester United,
with a match against Spartak.

Chelsea will also
face Zilina of Slovakia and Olympique Marseille, with their talismanic
striker Didier Drogba no doubt relishing the battle against his old
club.

Bayern Munich, who lost May’s final to Inter, will face AS Roma, Basel and CFR Cluj.

Real Madrid and
Milan’s rivalry goes back to the first season of European competition
in 1955-56 when Real beat Milan in the semi-finals and in all they have
played each other 13 times with Milan winning six times and Real five.

Ajax have also enjoyed memorable final showdowns with Milan, with the Italians triumphing in 1969 and the Dutch in 1995.

While Real, Milan
and Ajax will be looking to revive old glories, Inter will be seeking
to become the first club to retain the European Cup in the Champions
League era.

“It’s a tasty
group,” said Inter’s Ambassador Luis Figo. “Werder Bremen are very
physical, Spurs have a lot of pace but our aim is to play in the final
at Wembley.” The group phase begins on September 14/15 and concludes on
December 7/8. The final is at Wembley on May 28.

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The quest for the last tennis major

The quest for the last tennis major

How time flies. It
is already a year since new mum Kim Clijsters proved her “come back
queen” status by winning the 2009 US open and Roger Federer, bidding
for sixth title in a row at flushing meadows, surrendered his crown to
Argentina’s Juan Martin del Potro.

Once again it is
the last grand slam of the year and as usual it promises to be
exciting, more on the men’s side than on the women’s. It is no longer
news that Serena Williams pulled out of the US open claiming injury.
Something tells me she may never play there again after she was treated
badly in her semi-final match against Clijsters last year. If you are
in doubt, ask the organisers of Indian wells where the sisters have not
played in over 7 years because of racial abuse.

Serena, the
greatest player of this generation, will be sorely missed. There’s just
something extra special the Williams sisters bring to every tournament
they enter.

Bad for Serena,
good for Caroline Wozniacki as she gets her first top seed in a grand
slam. A finalist at last year’s US open, she is one of the favourites
to lift the trophy at Queens in a fortnight. Why not? She is a hard
worker and full of confidence after topping the US open series. She
must be motivated by the fact that she goes away with £2.7m if she wins
the title. Wozniacki does have the determination and experience and
according to her “I feel I’ve definitely got more experience and I know
how it feels to be in a Grand Slam final.” As long as she doesn’t get
burned out from all the play before the Open she has a real shot
coupled with the fact that the American Grand Slam tournament will be
without two-time champion Justine Henin. Three other past U.S. Open
winners -Venus Williams, Maria Sharapova and Kim Clijsters have been
injured recently.

By the way what are our expectations of American teenager Melanie Oudin after her great run to the quarter-final last year?

The men’s half

Over to the men’s
draw which proves to be more exciting. Top seeds are the usual
suspects. Rafael Nadal, Roger Federer, Novak Djokovic and Andy Murray.
Further down are the likes of Andy Roddick, Robin Soderling, Nikolay
Davydenko, Tomas Berdych, Fernando Verdasco and Mardy Fish who took
Federer to the wire at last Sundays Cincinnati final. The Fedexpress
won his 63rd career title and tied Bjorn Borg for fifth place in the
Open Era.

Truth is, a diverse
new range of playing styles is emerging in the men’s game. We’ve long
been familiar with Roger Federer’s comprehensive brilliance, but
everything from the diversification of Rafael Nadal to the tactical
nuance of Andy Murray and Gilles Simon and the all-court prowess of Del
Potro, Tsonga and James Blake have brought excitement to ATP. But
Federer is always a force to reckon with especially when it comes to
grand slams. So as always, the 16 Grand Slams title winner is the
hottest favourite going into the US open. Andy Murray has been
brilliant in the US open series. He beat both Federer and Nadal to win
the Toronto masters, though he crashed out in the semi-final of the
Cincinnati masters. Question though is can he “do it” when it really
matters considering he’s come close to winning his maiden Grand Slam
and lost to the great Roger Federer in both finals.

Though Nadal has never made it past the semi-final here, in seeking to complete the career Grand Slam,

he will be the
top-seeded man when the U.S. Open starts today. Despite Nadal’s not too
impressive run to the US open, he will still be a force in any
tournament.

Unfortunately Del
Potro becomes the third U.S. Open men’s champion in the 42-year Open
era that will not defend his title. He pulled out because of tendinitis
in the wrist.

Alongside Del
Potro, two other men withdrew late Friday, No. 10-ranked Jo-Wilfred
Tsonga of France and three-time U.S. Open quarterfinalist Tommy Haas.

And by the way, one other man that excites me and should not be written off is David Nalbadian.

After been
side-lined for over a year, he recently gave us another example of how
talented he is. Will he emulate his compatriot and have another
Argentine shine for a second straight year? Only time will tell.

While we look
forward to watching good tennis, we also look forward to the fashion
statements to be made as we are now used to seeing in the game of
tennis. After all the Williams sisters, Sharapova, Federer and Nadal
have shown us that you don’t have to be a “plain-Jane” to win titles.

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OIL POLITICS: Chasing tar balls in the Gulf of Mexico

OIL POLITICS: Chasing tar balls in the Gulf of Mexico

When I headed to
the Gulf of Mexico, I had a lot of expectations. Above all, the trip to
Louisiana, Mississippi, and Alabama was a quest to see the remains of
oil spill that held the attention of the world right from when it
erupted on April 20.

One thing that
stood out is that there has been a strong wedlock between the oil and
fisheries industry in the Gulf of Mexico. Apart from the strong
Vietnamese community in Louisiana who work almost exclusively in
fisheries, others are cyclic in working in both the oil and fisheries
sectors. Many fisher folks shift into the oil sector during off seasons
when fishing was not much of an option.

It was, therefore,
not very strange to find them taking up jobs as cleanup agents for BP
after the gusher erased any hopes of fishing in the short term and
raised huge doubts as to when they will hurl their nets into the Gulf
once more. Stories of health impacts are rife, with reports of
respiratory and skin diseases routinely dismissed by doctors as being
caused by exposure to heat while engaged in the cleanup exercises.

Groups such as the
Gulf Coast Fund are said to have offered the cleanup workers breathing
equipment, but BP disallowed their use and threatened to fire anyone
who used the protective gears. Why would BP do that? To present a
picture that the exercise of cleaning the crude was harmless and thus
lessen their liability, was the routine response.

This pattern has
created in the minds of some of the people a conviction that they are
so tied to the oil industry that they cannot live without it. This
relationship, described by LaTosha Brown of the Gulf Coast Fund as
incestuous, is a big impediment to building a critical mass of citizens
for long-term defence of their environment. Ms. Brown read this sort of
perception as counting of pennies, rather than considering the value of
life.

At Port Sulphur, I
joined a community meeting in a local church with visiting local
council officials from North Slope, Alaska, who are considering
allowing oil extraction in their area. The Alaskans heard tales of how
the Gulf spill decimated the livelihoods of the local people and how
they could not return to fishing just yet due to the fear that their
business may be permanently harmed if they introduce polluted fish and
shrimps into the market.

Suspicion remains

There was strong
conviction that although BP and the government swear that the coast is
all clear of the spills, the chemical pollution of the Gulf will
persist. The suspicion exists that BP is merely trying to avoid
liability by telling the public that the Gulf is clean without
convincing proof. The people believe that a lot of scientists have been
bought over and that laboratory results were viewed with suspicion.
They cited an example of the announcement that percentages of the crude
oil released into the Gulf had been dispersed, evaporated, or eaten up
by microbes. They were referring to reports such as the one produced by
US Federal and independent scientists (BP Deepwater Horizon Oil Budget:
What Happened To the Oil?
http://www.deepwaterhorizonresponse.com/posted/2931/Oil_Budget_description_8_3_FINAL.844091.pdf).

Who pays the piper

“Whoever owns the
laboratory, owns the science,” one local stated. One of the
participants at the meeting was Riki Ott, a marine biologist,
fisherwoman, and author of ‘Not One Drop’, who was embedded in the post
Exxon Valdez oil spill struggles and who has been in the Gulf of Mexico
shortly after the present disaster. In a recent article she wrote in
the Earth Island Journal (Betrayal and Courage in the Wake of the Exxon
Valdez Oil Spill), she posited that BP’s cleanup is more like a cover
up and holding the company accountable will require digging for the
truth.

The Gulf of Mexico
is said to have over 3500 abandoned oil wells and about 4000 oil and
gas platforms in the industrial archipelago. All these continue to pose
threats.

Most people I spoke
with said that leaving the oil in the soil is the ultimate solution to
these sorts of incidents. What they could not agree on was what the
economic implication would be. They also agreed that the health of the
environment directly affects the health of the people.

But I was
determined to see some tar balls on the beaches or on the waters
somewhere in the Gulf. I was not going to be deterred, even though it
was on the eve of the fifth anniversary of the Katrina and it was
raining heavily. With an equally determined friend, we drove from New
Orleans to Gulfport and to Dauphin Island in Alabama. This island had
witnessed a lot of cleaning up actions and a local fisherman assured me
I would see some tar balls here.

We got there,
stepped out in the heavy downpour, and walked along the beach. A couple
of folks were out fishing and one offered me a catch he did not quite
fancy. A few folks were enjoying a swim in the rain. We walked the
beaches and searched the earth piled against private property by BP’s
bulldozers. My colleague even dug a hole in the sand with driftwood to
see if some crude would pop up. I must say that our search did not
yield any tar ball. We drove back drenched to our boxers, but assured
that we could not have stayed back from our mission for the day.

Yes, we could not
spot any tar balls, but Derrick Evans of Gulfport was quick to remind
me that when the hurricanes come, many things hidden beneath the
surface may show up.

Bassey is Chair, Friends of the Earth International

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America agency trains farmers on cassava

America agency trains farmers on cassava

Six hundred farmers
in Ondo State are currently being trained by the United States Agency
for International Development (USAID) on cassava cultivation, the
Cassava Value Chain Manager of the agency, Ifeanyi Ojiako, has said.

Mr Ojiako, who
stated at a programme on the premises of Matna Foods Limited, Ogbesse,
to train the farmers on the latest techniques in cassava farm
management, said USAID was interested in assisting Nigerian farmers to
boost cassava production and at the same time help local
agro-processing firms to grow.

He said that
through its Maximising Agricultural Revenues and Key Enterprises in
Targeted Sites (MARKETS), the USAID has also distributed 50 bundles of
high yielding cassava stems to each of the farmers to plant on a
hectare of farmland allocated to each of them.

Source materials

The programme, he
added, was also aimed at helping agro-based processing firms source
materials from ready markets, while at the same time, link the farmers
directly with the processors to increase their earnings.

“USAID, through
MARKETS, engage some local based consultants to organise the farmers
into cluster groups so that they could be empowered with modern
technology and inputs that would be funded by the agency, to plant the
correct way so that they can supply the processing firms.

“We also fund the
consultants to supply improved planting materials in bundles to each of
the farmers, to enable them plant a hectare of cassava farms.

“We also fund the
training of their leaders by taking them to demonstration farms to
learn new planting techniques, and the knowledge they gain will be
transferred to their colleagues.

“For now, we have
assisted 600 farmers to cultivate a hectare each and, at maturity, we
also assist them to supply to the processors at a competitive amount
that would definitely improve their lifestyles.”

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Steady power will cost N7.5tr

Steady power will cost N7.5tr

Nigeria
needs $5 billion annually over the next 10 years in order to achieve
stable power supply in line with the Vision 20:2020.

Barth
Nnaji, special adviser to the president on power and chairman of the
presidential task force on power, said the bulk of this fund would have
to come from the private sector. While applauding the recent effort by
government to privatise the power sector, Mr. Nnaji said, in an
interview at the weekend, in Lagos, that the move will stimulate
private sector interest in the sector.

“We
require foreign investment in this sector, but foreign investors are
skeptical as they have the entire world to invest in. But Nigeria is
now saying, we are going to make the various indices for investment
such that they attract what an investor would be looking for
internationally,” he said.

The
N300 billion intervention fund initiated by the Central Bank for power
and aviation sectors, was to encourage private participation in the
sector.

“It
is good, but it is not enough and it shows the will of government. But
there is a lot more the government is doing in terms of policy
approach,” he added.

He
said Nigeria was ready to get things right this time by carrying out
the reforms, as contained in the Electricity Power Sector Reform Act of
2005.

“A
lot is different this time around. First, this government has produced
a holistic plan on how to drive the reform process to completion. So,
government now has a plan for electricity and includes everything from
generation of the power, transmission of power, to distribution of
power, to the regulatory issues surrounding all these,” he said.

Power reform roadmap

President
Goodluck Jonathan launched the power reform roadmap last week as part
of efforts to revive the sector, which has performed below expectations
over the years. As part of the strategy, the government has
reconstituted the National Electricity Regulatory Commission (NERC) to
regulate private sector operators in the sector.

“The
Nigerian Electricity Regulatory Commission will, therefore, be
undertaking a major review of the tariff regime, which will be
completed before the end of the first quarter of 2011, with a view to
replacing the national uniform tariff with a new genuinely
cost-reflective ceiling on end-user tariffs,” said Mr. Jonathan at the
launch in Lagos.

Mr.
Nnaji, a professor of robotics engineering and a former science and
technology minister, said one of the challenges of the sector was the
inefficiency that has made it difficult to achieve optimum output.
While installed power plants have capacity in the region of 5,000
megawatts, only about 3,500 megawatts is available on the national
grid.

“Sometimes,
you have available generation but you are not able to evacuate it due
to the network platform. What we would like to have as government is
for the actual capacity to match installed capacity,” Mr. Nnaji said.

All
these, he said, will be corrected with the involvement of the private
sector. He, however, refused to give a definite timeline on when
Nigerians would begin to enjoy stable power supply. “I will not give
you data, but you will begin to see improvement. We will continue to
see improvement. It is better to see improvement than promise and get
disappointed,” he said.

He added that competent management of the sector will eventually translate to improvement in power supply.

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Wema Bank Plc makes N9b share placement

Wema Bank Plc makes N9b share placement

Wema Bank said on
Wednesday it had placed 9 billion naira ($60 million) worth of new
shares with two local investors to boost its liquidity ratio and
increase its branch network.

Wema Bank was one
of nine lenders bailed out last year in a $4 billion central bank
rescue because their weak capital bases posed a systemic risk. The
central bank has given Wema until the end of September to recapitalise.

“The bank in its
bid to recapitalise has offered 9 billion of its shares to special
investors, which has been taken up,” said Wema’s spokesperson Amaka
Okpala.

Wema Bank in May
detailed plans on how it intended to recapitalise ahead of the central
bank deadline. It said over 25 billion naira worth of non-performing
loans had been recovered by the end of July.

It will also package around 37 billion naira worth of non-performing
loans for purchase by the state asset management company (AMCON) when
it becomes operational. Nigeria is in the process of setting up AMCON,
which will buy up non-performing loans in exchange for government bonds.

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Ebonyi State plans N20b bond

Ebonyi State plans N20b bond

Ebonyi State plans
a 20 billion naira bond to finance infrastructure development, the lead
issuing house said on Wednesday, the latest of several states to
announce bond plans in recent months.

Cowry Asset
Management said the bond would be a 5-year paper issued in two tranches
of 16.5 billion naira and 3.5 billion naira before the end of the
month. It said the bond would have a coupon of 13 percent.

The issuing house
said the south-eastern state would use the proceeds to repay existing
bank loans, build an international market, water project, roads,
bridges, an international hotel and a rice processing factory.

The state is awaiting exchange commission’s approval for the bond.

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South Africa unit of Lafarge SA to retrench workers

South Africa unit of Lafarge SA to retrench workers

Cement manufacturer
Lafarge SA plans to retrench 13 percent of its workers at its
Lichtenburg plant in South Africa, a union said on Wednesday.

The union,
Solidarity, said it had been served with a notice by the company
indicating its plans to retrench about 80 of its 600 employees by the
end of October.

“Lafarge Cement
maintains that the shrinking of the construction industry owing to the
recession and the rising cost of electricity is the reason for the
planned layoffs,” the union said in a statement.

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