Archive for nigeriang

Jonathan, Abubakar take campaigns to new media

Jonathan, Abubakar take campaigns to new media

A yet to be disclosed group has launched an SMS platform for Goodluck Jonathan’s campaign.

This platform may get wider coverage than the road campaign, as every network subscriber is said to be targeted by the texts.

In an SMS branded
“J.Goodluck”, which was sent to NEXT and a few others who confirmed
they too had received the text, Mr Jonathan solicits support from
Nigerians to join him in transforming our nation.

In the text, which
was obviously sent in bulk, Mr Jonathan said: “we are on the road to
rebuild our Nation. Stand with me, Stand for transformation”.

The SMS platform
may be the starting point of the president’s campaign which, NEXT
learnt, has its slogan as “Time for Transformation,” though it has not
yet been unveiled.

All-inclusive participation

Former Vice
President, Atiku Abubakar, has also launched a new campaign website as
a way of ensuring an all-inclusive participation in his campaign to
become Nigeria’s next president.

The website aims at
giving all Nigerians, including those living abroad, the opportunity to
make input in his campaign. “I want to run an inclusive campaign. I
want to hear from all Nigerians and respond to their questions and
concerns,” Mr Abubakar said yesterday, in a statement released by his
campaign office in Abuja.

The website, which was launched Monday, September 13, 2010, has already attracted over 2000 hits in less than 24 hours, he said.

He also launched his presence on the social media (Twitter and
Facebook) as a way of attracting younger Nigerians to support his
candidacy.

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Gunmen kill EFCC’s forensic team leader in Kaduna

Gunmen kill EFCC’s forensic team leader in Kaduna

The Economic and Financial Crimes
Commission (EFCC) is mourning the loss of its key operative, Abdullahi
Muazu, who was killed yesterday in his home in Kaduna. Mr Muazu was,
until his death, the head of the Forensic Unit of the anti-graft agency.

The EFCC says that there is not enough
evidence to suspect any particular person, as Mr Muazu had been
involved in several EFCC cases. An operative of the agency, who asked
not to be named, told NEXT in Abuja that Mr Muazu was very involved in
the ongoing trials of the bank chiefs who were sacked by the Central
Bank of Nigeria (CBN) last year.

“Muazu was involved in virtually all
our cases because he was the head of the Forensic Unit, so it is
difficult to say that we suspect any particular person,” the EFCC
official said. “I know that he was very much involved in all the trials
of the Bank Chiefs, you know with checking finger prints and all that.”
The spokesman of the commission, Femi Babafemi, in a press statement
made available to NEXT, condemned the killing; adding that the
anti-graft agency is strengthening its resolve to go ahead with its
duties.

“Information reaching the Commission
today confirms that our head of forensic unit was killed in a cruel
manner in the early hours of today by unknown assailants. Those behind
this attack may have succeeded in killing a strategic hand and a key
witness in some of our on-going cases, but their act has failed to
dampen our spirit or deter us from continuing our investigation and
prosecution of all forms of economic crimes and corruption in the
country,” Mr Babafemi said.

Ominous killings

Mr Babafemi also said that the commission has launched an immediate investigation into the matter.

Mr Muazu’s death is coming just one day
after the gruesome murder of an agent of the State Security Service
(SSS), Garba Bello, who was killed alongside his children and wife in
Kano.

Bamidele Aturu, a Lagos Attorney,
described the murder of the SSS agent as “ominous”, while alluding that
the death is related to the coming 2011 elections. Mr Aturu also
expressed a lack of faith in the ability of law enforcement agencies in
the country to apprehend the killers.

“One must confess that it is futile to call on the security agencies
to fish out sponsors of gruesome and cold blooded murders such as the
one that happened in Kano on Monday,” he said. “They seem eternally
incapable of that. We can only hope that this latest killing might just
be an exception in the sea of murder riddles in a country that spends
billions of dollars on security at all levels of governance or
mis-governance.”

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NNPC to build more floating mega stations

NNPC to build more floating mega stations

As part of its
determination to ensure the supply of petroleum products to all nooks
and crannies of our country, the Nigerian National Petroleum
Corporation (NNPC) says more floating mega filling stations are to be
constructed to cater to the people in the riverine areas.

NNPC Retail
Limited, which is a subsidiary of the NNPC assigned the responsibility
of handling the retail of petroleum products across the country, has 12
floating stations currently in operation at different parts of the
country, apart from 37 mega stations and 469 affiliate fuel stations
nationwide.

Managing Director,
NNPC Retail Limited, Oladipo Ajiboye, listed some of the floating
stations currently in operation with Automotive Gas Oil (AGO), or
diesel; Premium Motor Spirit (PMS), or petrol, and Dual Purpose
Kerosene (DPK), to include: the Nembe floating station in Rivers State
as well as those in Calabar and Ikang, all in Cross River State, and
Ibaka in Akwa Ibom State.

The oil executive,
who denied that the Okerenkoko floating station in Delta State has been
abandoned, said all the floating stations in the riverine communities,
including the ones located at Uta Ewa in Akwa Ibom State; Bonny in
Rivers State as well as Oporoma and Burutu in Bayelsa State are fully
operational, while efforts are in top gear to bring on stream the ones
affected by the crisis in the Niger Delta region.

Refuelling abandoned stations

He announced that
the NNPC Group Managing Director, Austen Oniwon, has already directed
that the construction of another floating mega station in Edo State
should go ahead, following a request by the state government, adding
that the completion of the project would gulp about N982 million.

“The NNPC is
waiting for the approval of the federal government to build additional
50 stations at different parts of the country. Some of the stations
will be mega models, while others will be standard affiliate stations,”
Mr Ajiboye said, adding that preliminary activities for the
construction of the stations have already commenced in Port Harcourt,
Yenegoa and Lagos.

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PDP meeting dampens Babangida’s declaration

PDP meeting dampens Babangida’s declaration

The much-expected
launch of Ibrahim Babangida’s presidential campaign in Abuja today is
likely to be blunted by the meeting of the National Executive Committee
of the Peoples Democratic Party also fixed for 12pm, at the party’s
national secretariat in Abuja.

The NEC meeting,
which was brought forward from Thursday without any official reason,
not only took the Babangida camp by surprise but threatens to
jeopardise its efforts at hugging the limelight in a successful
declaration.

A text message sent
out late Monday by the National Publicity Secretary of the PDP, Rufai
Alkali, requested every member of the party’s national decision making
organ to attend the meeting on time.

“An emergency
meeting of the National Executive Committee of the Peoples Democratic
Party is scheduled to take place on Wednesday, 15th September 2010.
Venue: National Secretariat, Wadata Plaza, Wuse Zone 4, Abuja. Time:
12.00 noon. All NEC members are invited to attend on time,” the message
said.

No official of the
party was willing to state whether the event’s timing was a mere
coincidence or an attempt to scuttle Mr Babangida’s declaration. But
the implication, according to political analysts, is that PDP board and
national leaders may have to abandon the Babangida event to attend the
NEC meeting.

Ike Abonyi,
spokesperson to the PDP National Chairman, Okwesilieze Nwodo, said time
constraints led to the decision to hold the NEC meeting. “We are under
pressure to finalise the order of the primaries in accordance with INEC
timetable,” he told NEXT yesterday. “Members of the PDP NEC are
expected to be neutral. No NEC member is supposed to attend the rally
of any aspirant. There is no clash, whatsoever.”

Ready for launch

But the Babangida camp did not entirely agree with this view of things. Mr Babangida’s spokesperson,

Kassim Afegbua
insisted that the declaration will go on today whether those invited
and others expected eventually turned up at Eagle Square or not.

He said a former
senate president and member of the PDP Board of Trustees, Ken Nnamani,
has been invited to chair the declaration ceremony.

He said: “The
declaration of the former president still stands as at today, despite
the convocation of the PDP NEC meeting. If the former senate president
decides to miss the PDP NEC meeting to attend another important event,
is it wrong?” When NEXT visited Eagle Square on Tuesday evening, a big
podium, along with a smaller platform, has been erected; with chairs
neatly arranged even and huge loud speakers blaring music from the four
sides of the square. On the side facing the highways, a huge billboard
of Mr. Babangida, with the inscription: “Together, let’s build a new
Nigeria” has been erected. It is believed that the reported choice of
former Rivers State governor, Peter Odili as Mr. Babangida’s running
mate was made to frustrate Mr Jonathan’s chances of picking the PDP
presidential ticket.

There are also
indications that Mr Babangida and another candidate, Atiku Abubakar
might be working towards some kind of political arrangement. The two
men, who have held series of meetings over the weeks, also met last
night in Abuja ahead of today’s declaration. None of them was willing
to discuss the reason for their meeting.

Ready for a debate

But aides of Mr
Jonathan, who is expected to announce his candidacy on Saturday, said
the president is ready for a public debate with his political
opponents, including Mr Babangida.

The Special Assistant to the president on Political Affairs, Mobolaji Adebiyi, said Mr Jonathan will not duck such an event.

“Is President
Jonathan ready to face anybody in an open debate? Yes, he is very ready
to go into debate with anybody in any party on any issue,” Mr Adebiyi
said. “He is very prepared. He has been the President now for some
months.

Before then, he has
been the Vice President. He knows and has what it takes to govern the
country. So, why would he not be ready to go into debates with other
candidates?”

Mr Afegbua also said his principal was ready to face the incumbent president any time.

“Yes, we are ready
for debates and we will be very happy to put issues in proper
perspectives,” he said. “He (Babangida) is a trusted and worthy
Nigerian leader that should be taken on his words. He will quit in 2015
as he has promised.” The Eagle Square has become historic as the
inaugural ground of past presidents, and our reporter observed that
politicians are planning very extravagant declaration ceremonies there
this week.

Apart from Mr Jonathan who is also expected to make his declaration
there at the weekend, the governor of Kwara State, Olusola Saraki also
plans to use the venue to announce his presidential aspiration.

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ENVIRONMENT FOCUS: Abundant rainfall, intellectual drought

ENVIRONMENT FOCUS: Abundant rainfall, intellectual drought

On a visit to South
Africa, I walked into some Nigerian street hawkers in Johannesburg. One
of them, noticing I was just visiting, commented, “Do you see how clean
and nice this place is?” It reminded me of the conversation between two
South Africans on my flight. They were returning home after a business
trip to Lagos. “Did you get to visit Abuja after all?” asked one of
them. “No, I was so fed up with this place, I decided to cut my trip
short and return to Jo’burg. Even the hotel had no water this morning!”
he said.

I thought the
discussion was cruel and stuffy, but of course I was eavesdropping and
had no business joining a conversation I’d not been invited to. Even if
I did contribute, what was I going to say in defence of Nigeria? How
does a “Centre of Excellence” surrounded by water, produce dry taps?
Lagos is mild compared to other places in this country where incidences
of cholera, typhoid and guinea worm are commonplace enough to send the
water and health authorities back to continue their sleep.

Johannesburg is one
of the few big cities in the world not located near a major water
source. Some of the water supply to Johannesburg is pumped from over
45km away. Nevertheless, that city enjoys a much better and more
efficient water supply system than the almost submerged Lagos, or any
city in Nigeria. Two sources of water common in Nigeria actually result
from earth’s infinite generosity – groundwater and surface water, the
latter including, lakes, rivers and wetlands.

The problem in
Nigeria is, therefore, not so much the occurrence of water, but the
technical capability to manage its abundance, to design and execute
infrastructure to clean it and pipe into homes. It rains so heavily in
Nigeria that we do not need a foreign technical adviser to coach on how
rainwater could be collected, stored and used. This is simple
technology that dates back to ancient Egypt, Greece and Rome, but
virtually unknown in modern Nigeria.

Yet, every
university faculty of science in the universe has a brilliant Nigerian
in it. Something at the governance level discourages innovation and
intellectualism in Nigeria.

I asked those
compatriots in Johannesburg if they intended inviting their South
African friends to visit Onitsha or Aba over Christmas, and the answer
was roaring laughter. Nigerians living abroad hardly invite their
friends to spend time in Nigeria.

And we’re supposed
to be a hospitable people? The reasons are obvious – constant stress of
having to repeatedly apologize and make excuses for poor sanitation,
for the toilet that cannot flush, indeed for lack of water and
epileptic supply of electricity.

Notice that
strangers are never shy to ask, “Could I have some water to drink?”
because we intuitively believe that water should be a basic human right
and must be available all the time in a home. Leaning on the 1968 paper
called The Tragedy of the Commons by the ecologist, Garrett Hardin,
water is the ultimate commons. But whatever seems boundless is
naturally easily abused, and that is what is going on with water
resources in Nigeria.

Ecuador is the
first country in the world to put the rights of nature in its
constitution so that rivers and forests are not simply property but
maintain their own right to flourish. Under these laws, a citizen might
file a suit on behalf of an injured watershed, recognizing that its
health is crucial to the common good.

We have a long way to go in Nigeria.

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Babangida picks Odili as running mate

Babangida picks Odili as running mate

Former military ruler, Ibrahim Babangida, is in advanced talks
with Peter Odili, former governor of Rivers State, as he closes in on a running
mate for the 2011 presidential elections.

A source within Mr. Babangida’s camp said that the choice of Mr.
Odili was strongly influenced by Raymond Dokpesi, chairman of DAAR
Communications, and director general of Mr. Babangida’s presidential campaign.
The two men have a history of mutually beneficial dealings. Mr. Dokpesi was the
director general of Mr. Odili’s campaign when he ran for president in 2007. At
the time, Mr. Odili was alleged to have invested N400 million of funds taken
from the Rivers State treasury, into Mr. Dokpesi’s company.

The EFCC, under Farida Waziri, quizzed Mr. Dokpesi over the
money, but no charges were ever filed. According to the source, “Odilli will be
groomed as the person that will succeed General Babangida, come 2015.”

A controversial choice

Mr. Babangida, who is at the centre of several allegations, will
be picking an equally controversial character if he settles on Mr. Odili as a
running mate. Mr. Odili was elected governor of Rivers State in 1999 and was
re-elected in 2003. His tenure was marred by human rights violations,
insecurity, and widespread accusations of fraud.

During his governorship, Rivers State was, in theory, one of the
wealthiest states in the country owing to its enormous oil revenue, but Mr.
Odili instituted relatively few improvements. Instead, the former governor is
on record for acquiring a South Africa-based hospital, and two Brazilian jets.

In November 2006, Peter Odili announced that he would run for
president in the 2007 election under the ruling PDP. However, a day before the
PDP’s presidential primaries, Mr. Odili stepped down from the contest, paving
the way for fellow governor, Umaru Yar’Adua, to emerge as the party’s flag
bearer.

Reports say Mr. Odili was forced out of that contest when the
Economic and Financial Crimes Commission (EFCC) led by Nuhu Ribadu, released a report
implicating him in fraud, mismanagement of state funds, money laundering, and
abuse of office.

In February that year, Mr. Odili filed a suit challenging the
powers of the EFCC to probe his administration. The court granted him an
indefinite injunction stopping any investigations into his finances, describing
it as a breach of his civil rights.

The declaration

It was expected that Mr. Odili would be unveiled at a rally for
the official declaration of Mr. Babangida’s intention on Wednesday in Abuja.

However, a text sent out by the National Publicity Secretary of
the PDP. Rufa’i Ahmed Alkali. inviting all party executives to an emergency
meeting on that same day , is raising eyebrows.

The coincidence in the timing is leading to speculation that this may be an
attempt to steal the thunder from Mr. Babangida’s declaration. As of the time
of going to press , we were unable to contact Mr. Babangida to find out if he
intends to change his plans. . Text messages to Mr. Alkali seeking clarity on
the matter, remained unanswered

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PDP meeting threatens Babangida’s declaration

PDP meeting threatens Babangida’s declaration

A planned emergency meeting of the National Executive Committee of the Peoples Democratic Party (PDP) is threatening an event where Ibrahim Badamasi Babangida is to formally declare his intention to run in next year’s presidential election.

Both events are scheduled to hold on the same day, Wednesday, September 15, 2010, in Abuja. While the declaration, which was announced long before now, comes up at about 11.00 am at Eagles Square, the PDP emergency NEC meeting comes up at about 12.00 pm at Wadata Plaza, the party’s National Headquarters.

As at the time of going to the press, it was not known whether the events came up at about the same time as a mere co-incidence or an attempt to scuttle one with the other.

However, a text message sent out late Monday and received by NEXT correspondent from the National Publicity Secretary of the PDP, Rufai Alkali, called on every official to be punctual at the meeting.

It stated: “An emergency meeting of the National Executive Committee of the Peoples Democratic Party is scheduled to take place on Wednesday, 15th September 2010. Venue: National Secretariat, Wadata Plaza, Wuse Zone 4, Abuja. Time: 12.00 noon. All NEC members are invited to attend on time.”

If both events hold as planned, it is unlikely the top echelon of the party will be available to witness Mr. Babangida’s declaration.

On Monday afternoon, when NEXT visited Eagles Square where Mr. Babangida’s declaration is expected to take place, preparation was in top gear with different technical men working to put the big stage in place.

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Operators expect full disclosure of Stock Exchange’s audit

Operators expect full disclosure of Stock Exchange’s audit

Some operators at the Nigerian capital market have appealed to
the Securities and Exchange Commission (SEC) to give a “full disclosure” of the
Nigerian Stock Exchange’s (NSE’s) audit.

Market operators are making this appeal following the
announcement by Arunma Oteh, SEC’s director general, last Friday, in London,
that she expects to publish a KPMG Stock Exchange audit in about six weeks.

Olugbenga Emmanuel, a finance analyst at WealthZone Company, a
portfolio management firm, said, “The Exchange community expects the SEC to do
a full disclosure of the NSE financial results. We don’t want a situation like
what happened to the banks then when they used to publish some parts of their
results while other parts will not be made public.

“Full disclosure will help the market generally in terms of
confidence because everybody will be able to analyse the result,” Mr. Emmanuel
said.

David Amaechi, an executive member of the Shareholders
Association of Nigeria, said the publication of the Exchange’s financial report
“will further help the Exchange Commission to achieve its aim of restoring
investors’ confidence in the market.”

Mrs. Oteh had said last Friday that the widespread anger over
the market collapse, together with press attention on former stock exchange
head, Ndi Okereke-Onyuike, meant there was little choice but to publish the
audited results.

“I’m hoping I will get the interim report on Monday (yesterday).
I hope we will complete the whole process in about six weeks. You have a high
profile former director-general who believes she should not have been removed.
You have a lot of people who have lost money. I haven’t made any public
statements about making the report public, but I almost think I have no
choice,” she said.

Market parameters

Meanwhile, at the close of proceedings on Monday, the two
parameters for measuring performance at the NSE, the market capitalisation and
the All-Share Index, depreciated by a 1.13 percent.

The market capitalisation, yesterday, recorded over N66 billion
losses on Wednesday’s figure of N5.832 trillion, to close at N5.766 trillion;
while the All-Share Index lost 271.24 points down from 23,802.79 basis points
to close at 23,531.55.

The number of gainers at the close of trading session closed
lower at 18, compared with the 24 gainers recorded last Wednesday, while losers
closed higher at 43, compared with the 39 losers recorded the previous trading
day.

Julius Berger and Wapco Cement topped the price gainers’ chart
yesterday, with an increase of N1.52 and N1.50 on their opening prices of
N55.98 and N35.00 per share respectively. On the flip side, Oando and Dangote
Flour Mill topped the losers’ chart with a decrease of N2.95 and 89 kobo, to
close at N56.20 and N17.01 per share respectively.

The banking sector led the market transaction volume on Monday
with 140.17 million units valued at N1.08 billion, exchanged in 2,718 deals, as
against 117.83 million units valued at N1.01 billion, exchanged in 3,458 deals
recorded last Wednesday.

Meanwhile, the Exchange’s management yesterday marked down the
prices of six companies for dividends and bonuses.

Flourmill was marked down for a dividend of N2.00 and a bonus
one for 10 owned by its shareholders, while payment date is 3rd November 2010;
Nigerian Bags Manufacturing for a dividend of 13 kobo, payment date is 2nd
November 2010; Northern Nigeria Flour Mills for a dividend of 80 kobo bonus one
for five, payment date is 3rd November 2010.

Also, Academy Press was marked down for a dividend of 7 kobo and
a bonus one for three, payment date is 19th October 2010; Seven-Up for a
dividend of N1.75 bonus one for four, payment date is 19th October 2010; Law
Union & Rock for a dividend of 3 kobo, payment date is 4th October 2010.

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Statistics bureau conducts occupational survey of Nigerians

Statistics bureau conducts occupational survey of Nigerians

For the first time in many years, government is taking the issue
of occupational classification and survey seriously as the National Bureau of
Statistics (NBS), in collaboration with the National Planning Commission and
the Nigerian Institute for Economic Research recently conducted a National
Manpower Stock and Employment Generation Survey.

The study is to determine the employment situation of Nigerians
at home and abroad. The bureau said the survey would measure the size of the
informal sector and its contribution to the GDP (gross domestic product).

Henry Eteama, head of the public affairs and international
relation unit of the NBS, said the purpose of the survey is to know the manpower
stock in the country.

“In line with the International Standard Classification of
Occupations, we need to know how many doctors, engineers, nurses and other
professionals are in the country,” he said.

He said the survey has been concluded and analysis is ongoing,
adding that response from Diaspora Nigerians has not been too encouraging.

Economically active

According to the NBS, the survey aims at determining the
economically active population by examining the employment, underemployment,
and unemployment characteristics distributed by demographic, socio-economic,
and geographic variables, as well as assess the stocks and requirements of
human resources in order to determine under-utilisation and over-supply of
these resources in the Nigerian labour market.

The bureau said from the survey, it would be able to capture the
manpower stock of Nigerians working abroad. It would also examine the impacts
of remuneration packages on labour productivity as well as labour turn-over,
supply to and withdrawal from the Nigerian labour market, and analyse the
manpower stock and occupational profile of the labour force in Nigeria and
Nigerians in the Diaspora.

Educational impediments

Mr. Eteama said the survey would help to identify labour
market-related problems militating against effective development and
utilisation of manpower in the country.

“That would inform policies in areas of deficiency and how
educational curriculum can be modified to meet the needs,” he said.

Doyin Salami, member of the Monetary Policy Committee (MPC) of
the Central Bank and lecturer at Pan African University, Lagos, said recently
that there was need for the Nigerian educational system to be overhauled.

“Issues of jobs and youth empowerment have to be planned 10 to
20 years. If the economy has to create jobs, key impediments have to be taken
away,” he advised.

Such impediments include restructuring the education sector so
that institutions can churn out employable graduates.

“Not only do we have unemployment, we also have the unemployable.
So even if jobs are created, where are the people to be employed?”

The International Standard Classification of Occupations is an
International Labour Organization (ILO) classification structure and is a tool
for organising jobs into a clearly defined set of groups according to the tasks
and duties undertaken in the job.

According to the ILO, the classification, among other things,
helps in the management of short or long term migration of workers between
countries, as well as in the development of vocational training programmes and
guidance.

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Report unethical practices, says Stock Exchange boss

Report unethical practices, says Stock Exchange boss

The management of the Nigerian Stock
Exchange (NSE) has appealed to shareholders of quoted stocks to support
the market through regular report of unethical practices of companies.

Sola Oni,
spokesperson for the NSE, in a statement at the weekend, said Emmanuel
Ikazoboh, interim administrator of the NSE, gave the advice when some
members of the Ibadan Zone of the Shareholders’ Association paid him a
courtesy visit.

Mr. Ikazoboh said
investors should also support the market through positive comments.
“Investors are the nerve centre of the market otherwise there would be
no market,” he said.

Meanwhile, the
association’s six-man executive members, led by its chairman, Aderemi
Oyepeju, passed a vote of confidence on the Exchange’s management for
working to reinforce investors’ confidence in the stock market. They
said the on-going market reform will put every operator and quoted
company on their toes.

The group also
commended the Exchange’s recent sanction of all erring quoted companies
that have reneged in meeting their responsibilities, listing
obligations such as prompt release of financial statements and payments
of listing fees among others. “Such zero tolerance is much needed to
build the market” Mr. Oyepeju said.

They expressed
dismay at the way many investors have suffered untold hardship due to
lack of regular information from quoted companies and unethical
practices of some market operators.

They urged the
Exchange’s management not to relent in its efforts at ensuring
compliance with market rules and regulations by operators and quoted
companies.

Necessary machinery

The shareholders
also urged the NSE to put necessary machinery in motion to ensure that
private companies no longer use listing of shares on the Exchange as a
marketing gimmick for private placement. According to them, “Many
investors have got their fingers burnt through participation in private
placement as those companies hardly apply for listing after the offer.”
Commenting on the modalities for payment of dividend by quoted
companies, the shareholders suggested the need for banks to device a
means of informing shareholders whenever dividends are credited into
their accounts under the new regime of e-dividend.

On the on-going
discourse on the status of registrars, they endorsed independence of
registrars for enhanced professionalism and avoidance of avoid conflict
of interest. However, they admonished the registrars to always treat
verification of share certificates with dispatch.

On the need to
strengthen prompt communication between the market and investors, the
group urged the exchange to ensure that Central Securities Clearing
System (CSCS) alerts investors anytime transaction is about to be
effected on their stocks.

The group lauded the on-going market
reform by the Securities and Exchange Commission (SEC) but cautioned
that it should be handled in a way that would not heat up the system.
They said, “The Exchange has a lot of potentials that would always make
it attractive to investors globally as long as investors’ confidence is
sustained.” In his response, Mr. Ikazoboh thanked the group for their
confidence in his administration and the Exchange’s management and
noted that virtually all the issues they raised are being addressed.
For instance, he explained that a new window created by the Exchange to
address the challenges of private placement has commenced operation. He
assured them that all forms of breach of market rules and regulations
shall continue to attract stiff sanctions. He informed them that
operation of trade alert is being reviewed to make it more effective
and efficient as a monitoring device.

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