Archive for nigeriang

Ugandan president to approve all oil, gas deals

Ugandan president to approve all oil, gas deals

Uganda’s President
Yoweri Museveni wants the final say on all oil and gas deals as the
country prepares to launch oil production, a letter seen by Reuters
shows.

In the letter,
dated July 19, but given to Reuters on Thursday, Mr Museveni ordered
his energy minister, Hilary Onek, not to sign any oil or gas deals
without his prior written consent.

Mr Museveni said he
was changing the normal practice of a minister signing deals on behalf
of the government after advice from the attorney general, in order to
safeguard against mistakes.

He said the
discovery of oil in Uganda had created a lot of “excitement and
stampede” among some people who were scrambling for easy money from the
commodity.

Commercial
hydrocarbon deposits were discovered in Uganda’s Lake Albert Rift basin
along the border with the Democratic Republic of Congo in 2006 and
reserves are estimated at 2 billion barrels.

Click to Read more Financial Stories

Court remands four bank officials over dud bank draft

Court remands four bank officials over dud bank draft

A Kaduna
Magistrate’s Court on Thursday remanded four Afribank employees in
prison for allegedly issuing a dud bank draft to Nasiru Umar Sadiq, the
chief registrar of the Kaduna High Court of Justice.

The accused are
Kalawa Sani and Folahan Remilekun, both 47 years old; Ibrahim Adamu,
44, and Fatima Yakubu, 30, all staff of Afribank of Nigeria Plc,
Mogadishu, Kaduna branch.

The police
prosecutor, David Agei, an inspector, told the court that the accused
persons had been ordered to issue a bank draft of N37,905,821 to their
bank’s leasor and complainant, Sunday Jemedate, through Mr Sadiq in his
capacity as chief registrar.

Click to Read more Financial Stories

Stock market recovery improves

Stock market recovery improves

The value of
equities at the Nigerian Stock Exchange (NSE) appreciated on Thursday
by 0.11 percent, after declining by 0.23 percent the previous day.

The NSE market
capitalisation of the 199 equities closed at N6.162 trillion after
opening the day at N6.155 trillion, reflecting 0.11 percent increase or
N7 billion gains. The market had lost over N14 billion on Wednesday
after recording gains on the first two trading days of the week.

The Exchange
All-Share Index, yesterday, also went up by 0.11 percent or a gain of
27.9 units from Wednesday’s figures of 25,170.02 basis points, to close
at 25,197.92.

Emmanuel Ikazoboh,
the newly appointed interim administrator of the NSE, said the current
trading performance shows that the market is on the recovery edge.

“It appears the
market has bottomed out. It has got to its lowest probably and it has
now started rising,” Mr. Ikazoboh said last Tuesday.

However, he said
the sustainability of the market “is dependent on the economy and the
purchasing power of the market operators.”

Assessing if the
current development in the market is attractive to foreign investors,
Tinu Badmus, a finance analyst at WealthZone Company, a portfolio
management firm, said, “I think it is too early to expect foreign
investors now with the situation of things; though some of them are
still in the market.”

She said what some
foreign investors are waiting for now before taking position in the
market “is the new management coming in to fully head the Stock
Exchange and the credibility of next year’s election.”

Gainers reduce

At the close of
trading session on Thursday, the number of gainers closed lower at 33
stocks, compared with the 34 gainers recorded the previous day; while
loser closed lower at 27 stocks, as against the 30 recorded on
Wednesday.

The banking
subsector led the market transaction volume yesterday with 146.660
million units valued at N1.331 million exchanged in 3,410 deals.
Transactions in the shares of Zenith Bank, Guaranty Trust Bank, Access
Bank, and Fidelity Bank boosted the volume traded in the sector. The
total volume of 84.126 million units valued at N951.953 million traded
in the shares of the four banks accounted for 57.36 percent of the
entire sector volume.

Sectoral review

Analysts said sell
pressures still remain relatively in the banking sector as the number
of decliners stood at eight, at the close of Thursday’s trading,
compared with six recorded on Wednesday.

Transactions in the
Breweries sector ended with all the stocks’ closing at their previous
closed prices, a repeat of the Wednesday’s trend.

Some stocks that
made gainers’ chart in the building materials sector yesterday ended
with unchanged status at the close of trading session, as the sector
recorded one gainer to three unchanged, compared with three gainers to
one unchanged recorded yesterday.

Only PZ made the
gainers’ chart in the conglomerate sector, while other four stocks
traded ended at their previous closed prices compared with one gainer
to two losers recorded the previous day.

Click to Read more Financial Stories

Youth corps members to participate in voters registration, elections

Youth corps members to participate in voters registration, elections

The chairman of the
Independent National Electoral Commission (INEC), Attahiru Jega, has
solicited the cooperation of the National Youth Service Corps (NYSC) in
the upcoming voters’ registration exercise and the 2011 elections.

Mr Jega made the request yesterday when he paid a courtesy visit to the director-general of the corps, Maharazu Tsiga.

The chairman said
that corps members were the leaders of tomorrow and so a very strong
partner in the “Nigerian project.” “We need patriotic, selfless and
energetic stakeholders for the voters’ registration and for proper
elections next year,” said Mr Jega.

Better treatment

Mr Jega assured the
NYSC management that, under the new commission, issues like the late
payment of corp members’ allowances and other logistical problems,
would be a thing of the past. He said the commission would be happy to
sign a Memorandum of Understanding (MOU) with the corps, to serve as a
guideline for subsequent engagements between the two organisations.

Mr Tsiga assured
the commission that its request would be promptly approved, but
requested that additional resources be included for corps members’
safety and comfort.

He asked that
identity cards be prepared, to avoid impersonation by fake corps
members. He also appealed to the chairman to ensure that vehicles are
provided for the members so that they can easily locate their duty
posts.

The INEC chairman
also solicited the cooperation of the Radio, Television and Theatre
Arts Union (RATTAU) to assist the commission in mobilizing Nigerians to
come out and register. He said the commission needed the cooperation of
the media so that its activities are not jeopardized.

Click to Read More Latest News from Nigeria

Night guards for Ogunpa River

Night guards for Ogunpa River

Owing to
indiscriminate dumping of refuse in the channelized Ogunpa River during
the night, the Oyo State Ministry of Environment and Water Resources is
proposing to raise a team to watch over the river at nights.

The state
commissioner for environment and water resources, Majekodunmi Aborode,
who disclosed this in Ibadan on Thursday, said he had discovered that
residents around the channel hide under the cover of the night to
litter the river with refuse. The river has occasionally wrecked havoc
in the town, when its clogged channels filled with rainfall.

According to the
commissioner, security men from the ministry currently parade the
stretch of the Ogunpa channel on two shifts, between 6.00am to noon,
and noon to 6.00pm, to prevent dumping of refuse into it.

“The indiscriminate
dumping of refuse in the Ogunpa channels is done after 6.00pm when
people are not supervising. I have realized that we need to operate 24
hours. But there must be adequate security for men who will do the
night job,” he said.

Abusing the environment

The commissioner
and his team were also out yesterday to compel traders who display
their wares on the newly expanded Dugbe-Queen Cinema Road to remove
them. Mr Aborode regretted that despite the huge amount the government
had spent on the project, the people still abuse it

“We have discovered
that the only language our people understand is that of legislation and
enforcement,” he said, as he promised to make the exercise a regular
occurrence.

The commissioner
also informed that the state was still searching for a balance in the
area of environmental protection and management, saying, “we are not
where we are supposed to be. We are still in search of balance”.

Click to Read More Latest News from Nigeria

U.S. drops combat mission in Iraq

U.S. drops combat mission in Iraq

The U.S. military
is on track to cut numbers in Iraq to 50,000 by end August, when the
7-1/2-year combat mission launched by former President George W. Bush
ends and operations switch to assisting Iraq’s armed forces.

The 4th Stryker
Brigade, 2nd Infantry Division, the last brigade mainly focussed on
combat, handed over to Iraqi forces on August 7 and pulls out this
week. Its 100-strong “trail party” will leave in three days after
turning over facilities.

Another 6,000 U.S.
soldiers still need to leave by transport aircraft or by road before
August 31 to reach the 50,000 figure President Barack Obama promised
U.S. voters would be left ahead of a total withdrawal by the end of
2011.

“My personal
experience is it was worth it. We paid a huge cost,” said Staff
Sergeant Christopher Hush from the First Battalion of the 116th
Infantry regiment which headed to Kuwait earlier this week.

There will be
little actual change on the ground come September 1 when all six
brigades left in Iraq officially become “Advise and Assist” units, said
Major General Stephen Lanza, the U.S. military spokesman in Iraq.

Most U.S. military
units began switching their focus to training and assisting Iraqi
troops and police over a year ago when they pulled out of Iraqi towns
and cities on June 30, 2009.

U.S. forces have
not been legally able to conduct unilateral operations in Iraq since a
bilateral security agreement came into force in January 2009, and the
U.S. military began a steady cut in troop numbers, from a peak of
176,000 soldiers.

“Every soldier is a
combat soldier. It’s about the change of mission. It doesn’t change who
we are or what we do,” Lanza said. “You won’t see this big change on 2
September.”

Milestone in war

The end of the U.S.
combat mission in Iraq will still be a milestone in the war that began
in 2003 with the invasion to topple Sunni dictator Saddam Hussein,
whose long rule was marked by an eight-year war with Iran, the invasion
of Kuwait and economic decline and diplomatic isolation.

More than 4,400
U.S. soldiers have been killed, while at least 100,000 Iraqi civilians
also died, according to various counts, in fierce warfare unleashed
between majority Shi’ites and minority Sunnis who dominated the country
under Saddam.

Overall violence
has fallen sharply since the height of sectarian slaughter in 2006/07.
But Sunni Islamist-led insurgents still carry out attacks and Iraq is a
fragile place.

Its leaders have
not resolved a number of politically explosive issues, such as tensions
between majority Arabs and minority Kurds, and reconciliation between
Sunnis and Shi’ites.

Nor have they been able to form a new government five months after a national election that produced no outright winner.

Tensions have been
stoked by a steady stream of suicide bombings and other attacks by
insurgents trying to exploit the political vacuum ahead of the end of
the U.S. combat mission.

Nevertheless,
Iraq’s tentative experiment with U.S.-imposed democracy holds the
potential to upset political power balances throughout a region
accustomed to autocratic governance.

Much of the U.S.
war materiel and many of the soldiers leaving Iraq are being redeployed
in Afghanistan, where NATO forces are fighting a resurgent Taliban. The
50,000-strong force left in Iraq will remain formidable — almost twice
the size of the U.S. deployment on the Korean peninsula.

Obama has said not
a single U.S. service member will remain in Iraq come January 1, 2012,
even though it will be impossible for Iraq to stand up its own air
force and be ready to protect its territorial integrity on its own by
then.

Yet the U.S. public is weary of war, and any decision to remain longer in Iraq would likely be highly controversial.

The war in Iraq has gone on longer than the U.S. Civil War, World War One and World War Two.

Click to Read More Latest News from Nigeria

Female senator is rated best

Female senator is rated best

Grace Folashade
Bent (PDP Adamawa State) has been honoured by former councillors from
her constituency with the Best Senator award.

She was honored by
the Old Councillors Forum, of Ganye Chiefdom. The forum comprises of
councillors from different political parties in Toungo, Jada and Ganye
council areas. The event took place at the Gangwari square, Ganye
council area, in Adamawa South senatorial zone.

Mrs Bent, a
Yoruba-born lawmaker, is married to a retired army officer from Numan,
in the zone. She has been representing the zone in the Senate since
2007, and wishes to continue.

Although she was
the only nominee for the award, Chairman of the occasion and former
Majority Leader of Adamawa State House of Assembly, Usman Bindau, said
the choice of Mrs Bent for the award was not misplaced, pointing out
that the senator excelled in many areas where past representatives of
the constituency failed.

Informed choice

He added that her
contributions to the Senate and her oversight functions as Committee
Chairperson on Environment are other attributes that informed their
choice to honour her.

Chairman of the Old
Councillors’ Forum, Usman Bobbo Koma, added that the choice of the
senator for the award was done to appreciate and acknowledge her
strides in the current democratic dispensation.

“As a member of the
National Assembly, Bent has continued to offer purposeful and effective
representation, as well as ensuring the zone enjoys dividends of
democracy accruing from the federal government,” Mr Koma said. “Since
we have been voting representatives into the National Assembly, the
southern senatorial district has never witnessed a senator who has
performed his/her function of representation diligently, as
demonstrated by Bent.”

In her acceptance
speech, Grace Bent, who began by singing a Hausa Christian chorus, said
the award was a further challenge to her abilities.

“I see this award being given to me today by the Forum of Old
Councillors as wake up call,” she said. “I thank you all and I shall
not let you down. I am elated and overwhelmed by the momentous
reception accorded me today by the people of Ganye Chiefdom.”

Click to Read More Latest News from Nigeria

From America, with lessons on change

From America, with lessons on change

The Young African
Leadership Forum, initiated by US President, Barack Obama, is perhaps
one of the most endearing decisions taken by the U.S government to
support the talented African youth who are distinguished in various
fields. The forum recently brought together some 120 promising young
Africans from over 40 countries to the White House, to meet with the
U.S. president.

The four-day event
was organized by the U.S Department of State, in collaboration with the
White House. Discussions ranged from economic empowerment, HIV/AIDS and
governance. Key points made include: the fact that African youth have
the potential to facilitate social transformation in their individual
countries. Secondly, change must start from the mind set and it must
have a clear focus. Thirdly, change consists of small steps with
symbolic victories.

As an African, I am
glad that the American president has demonstrated genuine interest in
Africa and her emerging leaders. He also has deep knowledge of the
challenges in various problems within African countries. It is for this
reason he invited delegates from across Africa to share their vision
for Africa and explore the role the U.S can play in the actualization
of such. I see this as the beginning of a strategic partnership that
could bring about the change that we all hope for.

Nigeria should
consider the possibility of holding a similar forum, bringing together
youth and the leadership of the country to discuss issues that affect
the development of our country. Youth in Nigeria have been excluded
from governance and this is contributing to the dangerous political and
security situation in the country.

Furthermore, it is
imperative that Nigerian youth have good role models to inspire them
towards greatness. But, unfortunately this is not always the case
because most of our leaders are far from good role models. They lack
integrity and the capacity to mentor young people into selfless
leaders. Thus, while the youth constitute a significant part of the
country’s population, their influence in the polity is limited to
mediocre roles, not entirely by choice, but because this arrangement
serves the best interest of mostly first and second generation
politicians, who have maintained a solid grip on power for decades.

As part of my
contribution to youth in Nigeria, I intend to provide education that
will inspire young people to pursue their dreams and aspirations for
this great country. I witnessed the significant role youth in America
played in making history through the election of the first African
American president in America and I have no doubt that youth in Nigeria
have the potential to facilitate social transformation. But, they have
to believe.

Change is not easy

As Mr Obama has
reiterated on numerous occasions, change does not come easy. It entails
sacrifice, commitment, patience and more. As innovators for change, we
must first have a clear focus or vision. Subsequently, we should start
with small actions that translate to symbolic victories. Also, we
should always manifest change in our attitude. This may include: our
attitude towards other Nigerians, the environment, and governance.

Finally, no
external entity can give Nigerians the country of our5 dream. It is
only Nigerians that can bring about the change we want. I say to youth
in Nigeria: when are you going to be tired of being tired and do
something?

As one of the delegates to the Young African Leadership Forum, I am proud to be a Nigerian and I am also proud to be African.

Click to Read More Latest News from Nigeria

ICPC begins probe of legislators’ allowance

ICPC begins probe of legislators’ allowance

Federal
investigators are getting ready to probe the allowances drawn by
members of the National Assembly, who are considered the most overpaid
but the most under-performing public servants.

The Independent
Corrupt Practices and other related offences commission (ICPC) last
Tuesday fired the first shot by way of an inquiry to the Clerk of the
National Assembly, asking for details and copies of all the vouchers
that have been used to pay legislators since 2007.

Emmanuel Ayoola,
the chairman of the commission, had stated at a forum last week, as
reported by NEXT, that investigators from his agency would commence a
thorough scrutiny into the allowances being collected by the
legislators. Investigators told NEXT yesterday that they had not heard
back from the National Assembly but could understand the jolt this
could cause a group of Nigerians who had settled into a prolonged
practice of “poor behaviour.” Mr Obasanjo, the former president,
recently lashed out at the legislators, accusing them of grand
corruption, including receiving about N250 million in salaries and
allowances.

“Yes, we have sent
the Clerk of the National Assembly the letter. We expect their response
and also their full cooperation in our investigations,” the media
consultant to the ICPC, Folu Olamiti, told NEXT, confirming the moves
of his agency.

However, Daminabo
Monima, the director of Information of the National Assembly, expressed
ignorance when NEXT tried to find out if the office of the clerk had
received the letter.

“I am not aware of such a request. If I am aware, I will tell you,” Mr Monima stated.

Unapproved money

However, an
official in the office of the Clerk to the National Assembly, who
requested anonymity, hinted that they have received such a letter,
explaining that “I think it has been forwarded to the Directorate of
Personnel, since it involved payment and allowances to legislators; and
the Directorate of Legal Matters, since it involved an investigation
agency”. A senior official at the same office, however, became hostile
when he learnt that a NEXT reporter was seeking to know about the
letter from the ICPC, declining to answer any question.

Salaries and allowances of legislators, as well as those of other
public office holders, are approved by the Revenue Mobilisation
Allocation and Fiscal Commission (RMAFC). As reported by various media,
including NEXT, however, each senator receives N48 million quarterly,
as “office running cost,” while each member of the House of
Representatives receives 35 million naira for the same purpose. This
money is not approved by the RMAFC.

Click to Read More Latest News from Nigeria

Shareholders sue CBN over plans to sell four banks

Shareholders sue CBN over plans to sell four banks

The Central Bank
of Nigeria (CBN) and its governor, Sanusi Lamido Sanusi, have been sued
in a federal high Court in Abuja, over their much publicized plan to
sell off the four troubled banks to new investors.

The shareholders
of the banks have approached the court for an order of interlocutory
injunction stopping Mr Sanusi and the central bank from carrying out
the planned sale of the banks.

The shareholders
asked the court to prohibit the two defendants, their servants, agents
and privies from inviting bidders to buy over the four banks pending
the determination of the court action.

The four banks are Union bank plc, Oceanic Bank International plc, Intercontinental Bank plc and AfriBank plc.

In the suit, filed
by Nnodu Okeke, the shareholders operating under the Registered
Trustees of the Proactive Shareholders Association of Nigeria, asked
the Federal High Court to stop the CBN governor from making
pronouncements on the sales bid and from making statements capable of
prejudicing their suit.

The shareholders
also claimed that, as the owners, they have a deep interest to protect
in the four banks, and as such the two defendants be prevented from
making any move or taking any action capable of jeopardizing their
interests.

In a 28-paragraph
affidavit in support of the suit, the aggrieved shareholders are asking
the court to determine whether Sanusi and the Supreme Court have powers
under the law to sell off the four banks in the way and manner they had
planned.

They also claimed
that in spite of the court action and papers served on the CBN, the
defendants had continued to make efforts to sell off the banks.

Nothing to lose

With several
documents attached to buttress their claims, the shareholders stated
that the bank sales, if allowed, would cause them irreparable losses in
terms of their business and investments in the bank.

The affidavit,
deposed to by one Ijeoma Nwankwo, a lawyer, claimed that the rights of
the shareholders are in danger should the two defendants be allowed to
frustrate their suit with the planned sales of the banks.

The plaintiffs claimed that Mr Sanusi and the CBN have nothing to
lose if the interim order was granted and that they were ready to enter
into an undertaking as to damages to be paid to the two defendants if
their case was found to be frivolous in the end. The case has been
adjourned to September 23 for hearing.

Click to Read More Latest News from Nigeria