Archive for nigeriang

Nigerian naira weakens, dollar demand rises

Nigerian naira weakens, dollar demand rises

Nigeria’s naira
currency weakened at both the interbank market and official window on
Wednesday after demand for the U.S. dollar unexpectedly hit a
five-month high, traders said.

The central bank
sold $250 million at its bi-weekly foreign exchange auction on
Wednesday against the $517 million demanded, prompting the naira to
fall, traders said.

The local currency
eased to 151.05 to the dollar on the interbank market from 150.95 at
Tuesday’s close. The central bank sold at 149.06 to the dollar at
Wednesday’s auction, compared to 148.88 on Monday.

“The sudden
increase in demand for the greenback at the bi-weekly auction forced
many forex users to seek alternative sources … This created frenzy in
the interbank market, forcing down the naira,” one dealer said.

But traders said the central bank was quick to respond with an
additional offer to sell dollars to lenders to cover the shortfall in
supply.

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Namibia central bank holds rates, as economy accelerates

Namibia central bank holds rates, as economy accelerates

Namibia’s central
bank left interest rates unchanged on Wednesday, saying the economic
recovery would continue to gain momentum while rising domestic demand
and commodity prices posed upside risks for inflation.

The Bank of Namibia
kept the repo rate steady at 7 percent, having trimmed it by 350 basis
points between December 2008 and June last year, to boost flagging
growth after the global downturn hit demand for exports from its key
mining sector.

The bank’s
executive “is of the view that in line with the improved global
economic outlook, the Namibian economy would continue to gain
momentum,” Governor Ipumbu Shiimi said in a statement.

A Reuters poll of economists last month saw growth in the world’s
largest uranium producer at 3.5 percent this year, quickening to 4.0
percent in 2011.

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Egypt’s SODIC returns to profit, posts strong sales

Egypt’s SODIC returns to profit, posts strong sales

Egyptian property
developer, SODIC, said on Wednesday it returned to profit in the first
half of 2010, after it recognised revenue from some of its 4 billion
Egyptian pounds of contracted sales.

The firm, also
known as Sixth of October Development and Investment Company, made a
net profit of 51 million pounds in the first six months of 2010,
compared to a previously-stated loss of 20.8 million a year earlier.

SODIC, Egypt’s fourth biggest developer by market value, said it made about 1.5 billion pounds worth of sales so far this year.

Shares in SODIC closed down 1.3 percent before the results were released, while the main index fell 1.6 percent.

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Sierra Leone H1 diamond export increases

Sierra Leone H1 diamond export increases

Sierra Leone
exported $51.4 million worth of diamonds in the first six months of
2010, up 43 percent on the first half of last year, according to a
government document seen by Reuters on Wednesday.

A global rebound in
diamond prices, augmented by government measures to encourage
production, accounts for the increase in value, said deputy minister of
mineral resources, Ignosis Koroma.

The West African
country shipped stones valued at $35.9 million in the first six months
of 2009, ending the year at exports worth $78 million.

Diamonds are a key
export for Sierra Leone, which is trying to rebuild its infrastructure
and economy after emerging in 2002 from a decade of civil war.

In July, Chinese
firm, Shandong Iron & Steel, bought 25 percent of African Minerals’
Tonkolili iron ore project in the country, a deal Sierra Leone’s mines
minister said had the potential to transform its economy by creating
thousands of jobs and boosting export revenues for the government.

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Globacom set for new deal with CAF

Globacom set for new deal with CAF

Telecommunications
company, Globacom Limited, will on Friday, August 27 sign a deal to
extend its sponsorship agreement with the Confederation of Africa
football (CAF) for the annual African Football Awards.

The official signing ceremony for the extension of the partnership will be held at the CAF Headquarters in Cairo, Egypt.

The decision to
renew the deal was announced in December, 2009, after both parties
expressed satisfaction with the partnership which has seen the awards,
known as the Glo-CAF Awards, listed in world football’s annual events
calendar.

Success story

The maiden edition
of the Glo-CAF Awards which was held in Abuja was attended by the then
President of Barcelona FC of Spain, Juan La Porta who accompanied
Samuel Eto’O to the ceremony. While the FIFA President, Sepp Blatter
and UEFA President, Mitchel Platini, were among world football
dignitaries that graced the 2008 edition in Lagos, Nigeria.

Omodele
Sarafa-Yusuf, Head, Globacom’s Sponsored Assets Unit, said the company
has invested over $10m in rights fees and to organise the award
ceremony in the past five years.

“Globacom has added
glamour to this event and our feedback from our guests is that it is an
experience they long to enjoy many times”, she said.

“When in 2005, the
Confederation of African Football accepted our bid to sponsor the
annual African Footballer of the Year Awards, Globacom made a promise
to raise the quality of the awards organisation. We promised to touch
lives in Africa, especially that of the African youths who find
expression for their talents through football.

“Five years after, we look back with pride and sense of
accomplishment that the CAF Awards has become a premium event in world
football calendar.”

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NFF to hold elections in defiance of court order

NFF to hold elections in defiance of court order

The Nigeria
Football Federation is determined to hold its elections today, despite
orders from a High Court in Lagos that the polls be postponed.

The elections had
earlier been scheduled to take place last Saturday but it was
rescheduled for today by the congress of the NFF. Tuesday’s court
decision which arose from a complaint filed by a former footballer,
Harrison Jalla, on behalf of the National Association of Nigerian
Footballers (NANF), a body that was not accorded recognition by the NFF
which favoured the Association of Professional Footballers of Nigeria
(APFON). The injunction was the latest twist in the ongoing confusion
in Nigerian football.

Tuesday also saw a
group of placard carrying former footballers led by former Nigeria
captain Segun Odegbami, who is aspiring to become the next president of
the NFF. the group stormed Abuja clamouring for the postponement of the
board elections.

But despite these
developments, as well as the court order calling for the postponement
of the polls, the NFF insists the elections will take place as
scheduled.

“I have read
somewhere in the papers about a court order but as far as I know there
has not been any change regarding the elections,” media officer of the
NFF, Robinson Okosun told NEXTSports before adding: “They will go on as
scheduled.”

Singing FIFA’s tune

The NFF’s decision
is in sync with that of football’s world governing body FIFA, and its
African affiliate CAF, which has all along insisted that elections must
go on as scheduled. But former Nigeria international Taju Disu, was
among a group of former internationals at a press conference in Abuja
who yesterday lent their voice to the clamour for fresh postponement of
the elections, saying the NFF was walking on dangerous grounds.

“It is obvious to
all of us that these elections should not take place if we want to get
things right in our football,” said Disu. “We have been getting it all
wrong for a long time and now is the time for us to do the right thing.

“What some
individuals are trying to perpetrate is a scheme that will usher in the
same set of individuals who have been ruining our football and they are
trying to use the threat of a FIFA ban to shut us all up.

“But we know the
entire process is flawed and if it goes on it will only result into
more confusion,” added Disu who then called for all the
ex-internationals vying for positions into the NFF board to pull out of
Thursday’s polls.

That call appears
to have been accepted by Odegbami who informed NEXTSports that he won’t
be contesting in the polls if it goes ahead as planned.

“I won’t contest if
it goes ahead,” he told NEXTSports on the line from Abuja. “The entire
process is flawed and I will not be a part of it if it goes ahead.”
Another former international, Mutiu Adepoju, who is also vying for a
position in the NFF board however declined to comment.

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Champions League draws to be aired on HiTV

Champions League draws to be aired on HiTV

The UEFA Champions League draws, to be held on Friday, August 27, will be broadcast live on Hi Soccer channel.

The league is
expected to generate more followership from the home front this season
as more Nigerian players are likely to play in the group phase.

Super Eagles
goalkeeper, Vincent Enyeama (Hapoel Tel-Aviv) and defenders; Elderson
Echiejile (SC Braga), Taiye Taiwo (Marseille), and Mikel Obi (Chelsea)
are all expected to feature in the league this season.

Tolu Badejo, the sports manager of TV company, HiTV said
arrangements have been concluded to air the draws live from Monaco
where it will be held. The company, which recently lost the English
Premiership broadcast rights to South African pay TV company DSTV, has
exclusive right to broadcast the UEFA Champions League, Carling Cup,
Europa Cup and Serie A in Nigeria.

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FIFA dismisses North Korea witchhunt claims

FIFA dismisses North Korea witchhunt claims

FIFA has dismissed
allegations that North Korea’s coach and players were punished for
losing all three of their games at this year’s World Cup.

Asian media
reported the side had been publicly shamed after returning from South
Africa having conceded 12 goals in the first round.

Soccer’s governing body FIFA insisted it was business as usual for North Korea and that no such witchhunt had taken place.

“The (North Korean)
FA assures FIFA that Mr Kim Jong-hun, head coach of the national team,
and all the other members of the national team are training as usual,”
FIFA said in a statement.

“The association also indicates that there were no sanctions to the coach and that the reports on this matter were baseless.

“With all of the information at hand, and having checked all of its sources, FIFA has decided to close the matter.”

North Korea lost 2-1 to Brazil, were humiliated 7-0 by Portugal and easily beaten 3-0 by Ivory Coast at the World Cup.

Radio Free Asia and
South Korean media claimed Kim and his team were forced onto a stage at
the People’s Palace of Culture in front of 400 government officials,
students and journalists.

Reports said the players were subjected to six hours of criticism
for their performance at the World Cup, their first appearance since
1966.

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Psychology key for Brazil in 2014, says Parreira

Psychology key for Brazil in 2014, says Parreira

Brazil will need to
prepare psychologically for the huge pressure they will face as World
Cup hosts in 2014, when a second failure on home soil is simply not an
option, former coach Carlos Alberto Parreira said.

Parreira, who
steered Brazil to their fourth world title in 1994 after a 24-year
drought, felt the weight of expectation himself and told Reuters it
would be worse in four years’ time.

The 67-year-old
knows the size of the task facing Brazil, who were shocked by Uruguay
in the deciding match of their previous home finals in 1950.

“We’ll be coming
from two defeats in the 2006 and 2010 Cups and you can be sure the
pressure will be very big on the national team. It will be a huge
responsibility,” Parreira said in an interview.

“We’ve already lost
one World Cup at home and we can’t lose a second one at home, we can’t
allow that to happen,” said Parreira, who is in line to take on a role
in new coach Mano Menezes’s technical staff.

“That’s going to
put gigantic pressure (on the players) and, as well as technical
preparation, we’ll have to have a very big psychological preparation.”
Such concern has already been voiced by Menezes, who said after his
appointment as Dunga’s successor last month that he plans to have a
psychologist working alongside him.

Parreira added the
buildup to 2014 would be harder with Brazil going through a radical
renewal of the team and knowing that by then they will have gone 12
years without winning the title.

“After two failures
a renewal is almost mandatory for the coach. A new cycle always opens
when you lose,” said Parreira, who is resting at home after coaching
South Africa at their World Cup.

Great expectations

Parreira, in charge
again when Brazil lost their 2006 quarter-final to France in Germany,
was encouraged by Menezes’s debut in a friendly against United States
in New Jersey last month which Brazil won 2-0.

With youngsters
like Neymar, Paulo Henrique Ganso and Alexandre Pato, the team played
the attacking football fans and media demanded of Dunga’s side that
lost to Netherlands in this year’s quarter-finals.

“I liked the new faces, the new players. We don’t lack quality. Brazil is the best country for a renewal.

“Now we have to
give those lads a run-in and experience before the Cup,” Parreira said,
adding there was room for 2010 World Cup players like Kaka, Robinho,
Daniel Alves, Ramires and Thiago Silva.

Another problem
will be the lack of competitive matches for Brazil who, as World Cup
hosts, will not take part in the South American qualifiers.

Despite
difficulties like taking the team to high altitude venues in Bolivia
and Ecuador and bringing a large majority of squad members all the way
back from Europe, Parreira said the marathon qualifying campaign was
essential for team building.

“At first I was
against the qualifiers because of the difficulties and toll they took.
Later I changed my mind and realised they were essential,” he said.

Without the
qualifiers, the Brazilian Football Confederation (CBF) will have to
take full advantage of opportunities like the Copa America in Argentina
next year and the Confederations Cup in Brazil in 2013, he said.

“The CBF will have to prepare a good list of friendlies with strong
opponents until 2014. It’s important to play more (matches) in Brazil
and for that the CBF will have to work hard and negotiate a lot. They
have to already feel the climate.”

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Robinho turns down Turkish move, wants Italy or Spain

Robinho turns down Turkish move, wants Italy or Spain

Robinho has turned
down a formal offer from Fenerbahce hoping to leave Manchester City for
a Spanish or Italian club before the August 31 transfer deadline.

The 26-year-old
Brazil forward has remained out of City manager Roberto Mancini’s side
in the opening games of the Premier League season since returning from
his six-month loan spell at Santos.

“With all due respect to Turkish football, I’m not going to play there at the moment,” Robinho said.

“(Fenerbahce) were
the only team who sent an official (transfer) proposal but it’s already
decided that I’m not going,” he told the Brazilian sports website
globoesporte.com.

“I’ve got talks going on but I can’t reveal anything yet. A week is
time to do a lot of things. The only thing I’ll say is that I’ll carry
on in Europe, in Italy or Spain.” City paid Real Madrid a British
record 32.5 million pounds for Robinho in 2008 but the Brazilian
struggled to settle in England.

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