Archive for nigeriang

Nigerian joins global panel on attaining health MDGs

Nigerian joins global panel on attaining health MDGs

Kenneth Ndubuisi Okoh, the executive director of
Queens World Network, a non-governmental organisation (NGO) based in
Lagos State, will be joining a panel of discussants at the ongoing
United Nations 63rd DPI/NGO Conference in Melbourne Australia.

Mr Okoh will be speaking in Roundtable III on ‘Strengthening an Integrated and Systems Approach to Achieving the Health MDGs.’

Other speakers include: Michel Sidibé, executive director of the
Joint United Nations Programme on HIV/AIDS (UNAIDS), Sakena Yacoobi,
Founder and Executive Director of the Afghan Institute of Learning
(AIL), an Afghan women-led non-governmental organization and Samina
Naz, the health coordinator of Godh “mother’s lap”, a non-governmental
organization based in Lahore, Pakistan.

Click to Read More Latest News from Nigeria

Honorary doctorate degrees have been abused, says Unilorin VC

Honorary doctorate degrees have been abused, says Unilorin VC

The Vice-Chancellor
of the University of Ilorin, Is-haq Oloyede, has explained why the
university stopped conferring honorary doctoral degrees on people.

Speaking with
journalists on Monday in Ilorin, Mr Oloyede, who is also the President,
Association of African Universities (AAU), said the process of awarding
honorary doctorate degrees had been abused.

According to him,
all sorts of characters, including those without honour, are being
accorded such recognitions across the country.

Mr Oloyede deplored a situation where merit is sacrificed at the altar of gold.

He said such
personalities often rub the shine off the graduating students during
convocation and the University of Ilorin will not be associated with
such a practice.

He described the
success of the University of Ilorin as foundational, saying right from
its inception, the university had always been privileged to have
quality men and women at the helm of affairs.

He said he knew of universities that had problems and controversies
at inception and rather than build and develop such universities, their
officers were saddled with managing crisis.

Click to Read More Latest News from Nigeria

Tanker drivers protest harassment

Tanker drivers protest harassment

Regular supply of
petroleum products to Edo State has been threatened, as the tanker
drivers association, Benin Depot branch, yesterday embarked on an
indefinite strike that they intend to continue until the chairman of
the task force committee on pipeline vandalism, Osakpanmwan Eriyo, is
removed.

The tanker drivers
accused Mr Eriyo of extortion and incessantly harassing, arresting and
detaining members of their association without valid reasons.

They also vowed not
to lift any petroleum products at the Benin depot until they meet with
Adams Oshiomhole, the state governor, and ensure the removal of the
committee chairman.

As at the time of
going to press, Chairman of the tanker drivers union, Godwin Asemota,
and his team were said to be in a closed door meeting with government
officials on the matter.

One of the tanker
drivers, who simply gave his name as Charles, alleged that Mr Eriyo and
his men have been a thorn in their flesh since their appointments.

Neglect of duty

He said that the
task force has abandoned its primary assignment of protecting petroleum
pipelines for harassing and molesting their members, in collaboration
with the Divisional Police Officer (DPO) of Evbotubu Police Station,
where their trucks are always detained and not always released until
they part with as much as N200, 000 and above.

Mr Eriyo, however, described the allegations of the tanker drivers as mischievous and untrue.

He said that the
drivers have on several occasions tried to lure him into conniving with
them to move products from vandalized pipes to the market. He tendered
several waybills of arrested drivers who altered documents of other
trucks to move their products.

“They get waybills
from other marketers, alter it to suit their own vehicles. Do you blame
me for arresting them for the police to do their work of investigation
to ascertain whether it is a product vandalized pipe or not? You don’t
expect me to honour such waybills.”

Mr Eriyo, who confirmed that over 20 persons have been arrested for
their involvement in pipeline vandalism, and about 10 vehicles
impounded, reaffirmed his committee’s resolve to tackle pipeline
vandalism to the logical end.

Click to Read More Latest News from Nigeria

High rent forces banks out of airport terminal

High rent forces banks out of airport terminal

Following alleged
high rent by the management of the operators of the Murtala Mohammed
Airport 2 (MMA2), Lagos, banks using the facility are beginning to
vacate the terminal.

With the likes of
Access Bank already out of the new domestic terminal since April this
year, Oceanic Bank followed suit on Monday as it pasted notices on its
doors and ATM machines located at its stand at the airport.

A source at the
bank who prefers anonymity, said that the amount collected as rent by
Bi-Courtney Aviation Services Limited (BASL) is “so expensive and very
high” for the bank, adding that the same situation might have prompted
the decision taken by Access Bank to quit the terminal.

The notice on the
bank’s stand at MMA2, however, directed customers on how to locate its
new place of operation, adding that transactions will not be carried
out on Monday and Tuesday, but will commence on Wednesday.

“Please be informed
that we will be re-locating from Murtala Mohammed Airport II (MMA2) to
OBI Village (BDC Complex) opposite Arik Airlines Office effective
Wednesday 1st September 2010,” the notice reads, adding “In view of
this development, our last working day in MMA II will be on Friday 27th
August, 2010. We will not be open to customers on Monday 30th and
Tuesday 31st August 2010.

The branch will resume full banking operations at our new location on Wednesday 1st of September 2010.”

Meanwhile,
passengers and airport users were seen in large clusters using the ATM
machines of Guarantee Trust and Skye Banks, the two remaining banks at
the terminal, as they expressed displeasure with the development.

“Since these are
the only machines at our disposal, we have to queue up and make
withdrawals as we hope they don’t leave like others,” said Anyaogu
Sunday, a passenger at the terminal.

Aero may also leave

Still on the same
issue, another source with Aero Contractors, the oldest commercial
carrier in the country involved in domestic and regional air transport
business and a sister company to Oceanic Bank, said that the airline
has plans to leave the new terminal for the old domestic terminal
christened the General Aviation Terminal (GAT).

According to this
source, the cost of operating from the new terminal is “far higher than
that of GAT,” stressing that though the airline has not made up its
mind on when to move out, it will vacate the airport if nothing is done
as pertaining the charges collected by the operators of the terminal.

“There are plans
by Aero to leave MMA2 and start operating from GAT because of the high
operational cost it incurs carrying out flight services from the new
terminal,” the source said.

It should be noted
that Arik Air, the country’s largest commercial carrier is carrying out
its domestic flight operations from the General Aviation Terminal, and
on different occasions, managers of the new terminal have challenged
why Arik is still operating from the old terminal.

Bi-Courtney counters

The managers of the
new terminal, however, refuted any form of high or increased rent.
According to Bi-Courtney, tenants have been called upon to renew their
rents.

“We would like to state categorically that we have not effected nor
made any demand for increase in rent from any of our tenants,” said
Femi Kolawole, chief corporate services officer for Bi-Courtney in a
statement. “On the contrary, tenants whose leases are expiring have
been invited to renew their leases, at the same prices as their
expiring leases or at reduced rates.”

Click to Read More Latest News from Nigeria

Omisore blames the media for delay of bill

Omisore blames the media for delay of bill

The chairman, Senate Committee on Appropriation,
Iyiola Omisore, has blamed journalists for the delay of the passage of
the Freedom of Information bill.

The former Osun State deputy governor, who featured
at the guest forum of the Nigerian Union of Journalists (NUJ), Oyo
State council, on Monday, noted that supporters of the bill were not
ready to agree with the responsibilities that go with free access to
information.

According to him, the nation’s legislative arm could
not pass the bill after several months of its proposal because media
leaders were not ready to allow inclusion of clauses for penalties for
publishing inaccurate information and falsehood.

Freedom and responsibility

“We want freedom of information. To every freedom,
there must be responsibility. What we attached to it (FoI Bill) you
people do not want to take it. We invited the NUJ people to come and
speak with us that if you do this, this is your penalty.

“You are free to write anything, but if you write
what is not true, you go to jail. I was in detention for three years
for the lies published by Tempo magazine against me. And immediately I
was arrested, they folded up,” he said.

Speaking on states creation, Mr Omisore explained
that the National Assembly is still struggling to see how the feat
would be achieved before the current federal legislative term winds up.

He admitted that the death of the former president,
Umar Musa Yar’Adua, slowed down some of the work lined up by the
National Assembly for the current season.

He explained that the assembly had three items as paramount in its agenda and has already achieved two of them.

States creation

The three, he disclosed, are constitution amendment,
passage of electoral reform bill, and state creation, adding that among
the three, state creation is the only one left and its process has
reached an advanced stage.

On the issue of the jumbo pay the lawmakers allegedly
appropriated for themselves, the senator said the allegations were not
true, saying the constituency allowances are not given to them in cash,
but are appropriated in the budget and the projects for which they are
meant are handled by relevant government agencies.

Commenting on the adoption of President Goodluck
Jonathan by the southwest chapter of the Peoples Democratic Party (PDP)
last Saturday, Mr Omisore said the zone has not done anything against
the zoning formula entrenched in the party’s constitution.

As an aspirant in the Osun State governorship race,
Omisore admonished that all Nigerians must ensure that the next
election is free, fair, and credible, and he cautioned politicians from
playing the game against the rule.

He advised politicians to imbibe the spirit of sportsmanship in the
next election, saying they must be ready to admit failure when it comes.

Click to Read More Latest News from Nigeria

Group condemns attack on Bayelsa community

Group condemns attack on Bayelsa community

The Environmental Rights Action/Friends
of the Earth Nigeria (ERA/FoEN) has described the invasion of
Ogbunugbene community in Bayelsa State by the Joint Military Task Force
on the Niger Delta (JTF) as an affront which may derail the Federal
Government’s amnesty programme.

The ERA/FoEN’s caution is coming on the
heels of reports that the attack at the weekend was carried out by JTF
personnel who came in gunboats that were stationed at Agip’s Ogboinbiri
Flow Station, close to the community.

According to the group, few days before
the invasion, which left some locals wounded and houses destroyed, an
oil spill was reported at Agip’s facility in the community, following
which community folks mobilised some youth to protect the site from the
activities of individuals who may want to cash in on the situation to
steal contents spewing from the facility.

It was, however, gathered that the
soldiers invaded the community and engaged the youth in a shootout
which left some dead and others seriously injured. Houses were also
destroyed, leading to mass exodus of the people to safer communities.

Unjustified attack

“This brutal action of the JTF on the
Ogbunugbene people cannot be justified in any civilised society. These
soldiers are supposed to be responsible to the people of the Niger
Delta and should protect lives and property, and not hunt the people
down,” said ERA/FoEN executive director, Nnimmo Bassey.

Mr Bassey decried what he called the
“gradual and systematic muscling of locals” in the guise of reining in
on alleged criminals in the Niger Delta region, even as he pointed out
that the recurrent unprovoked invasion of the JTF on innocent
communities in the region was capable of disrupting the amnesty
programme and the peace process already in place.

“While we will never support any
unlawful action on the part of local people, oil corporations cannot be
absolved from neglect of their facilities. We totally reject the JTF
idea of labeling entire communities as criminals as a pretext to these
unlawful invasions, which only leave trails of destruction, maiming,
killing, and displacement of the community people,” he said.

Mr. Bassey, who condemned the invasion, demanded an immediate probe from the federal government.

“What is playing out here is the
consistent agenda of oil corporations to instigate crisis in
resource-bearing communities, where they allow their facilities to
wreak havoc so as to label the people as vandals, as a step to
unleashing mayhem and decimation on such communities,” he said.

Click to Read More Latest News from Nigeria

Biofuel demand driving Africa “land grab”

Biofuel demand driving Africa “land grab”

Biofuel demand is
driving a new “land grab” in Africa, with at least 5 million hectares
(19,300 sq miles) acquired by foreign firms to grow crops in 11
countries, a study by an environmental group said on Monday.

The contracts by
European and Asian companies for land to grow sugar cane, jatropha and
palm oil to be turned into fuel will involve clearing forests and
vegetation, taking land that could be used for food and creating
conflicts with local communities, Friends of the Earth said in the
study.

Proponents of
biofuels argue they are renewable and can help fight climate change
because the growing plants ingest as much carbon dioxide from the air
as the fuels made from them emit when burned.

Critics say there
is a risk of the crops infringing on land that could be used for
growing food and that destruction of rainforests to make way for palm
oil and sugar outweighs any carbon benefits gained from the use of such
fuels.

Creating conflicts

“The expansion of
biofuels … is transforming forests and natural vegetation into fuel
crops, taking away food-growing farmland from communities, and creating
conflicts with local people over land ownership,” Mariann Bassey, a
Friends of the Earth Nigeria activist, said in a statement.

The report said
Kenya and Angola each had received proposals for the use of 500,000
hectares for biofuels and there was a similar plan to use 400,000
hectares in Benin for palm oil.

Rice farmers had been forced off their land for a sugar cane project in Tanzania, it added.

“The competition
for land and the competition for staple food crops such as cassava and
sweet sorghum for agrofuels is likely to push up food and land prices,”
the study said.

Other studies have suggested biofuel expansion would not be harmful and could even be beneficial for African agriculture.

Last month,
researchers from Britain’s Imperial College, carbon trader CAMCO, and
the Forum for Agricultural Research in Africa (FARA) said biofuels
would boost investment in land and infrastructure.

They said this could have a positive effect on food production, and
if properly managed would not mean destroying natural forests.

Click to Read More Latest News from Nigeria

Stock market in reluctant recovery

Stock market in reluctant recovery

The bear’s knife
cut deeply into listed equities during the first few days trading this
week. All Share Index of the Nigerian Stock Exchange nose-dived
within the first three trading days and only managed a slight
appreciation by the end of the week. Moving from the opening figure of
25,106.86 points it shed 832.35 points, equivalent to 3.34 percent and
wrapped up at 24,274.51 points. The market capitalization equally
closed below the opening value at N5.936 trillion from N6.14 trillion.

The NSE-30 Index
lost 33.51 points or 3.22% to close the week’s transactions at
1,012.41. The four most active sector’s index closed in the red through
the week. NSE Banking index closed down by 16.69 points same as 4.5 per
cent to end the week at 355.43 points. NSE Food/Beverages lost 27.74
points or 3.33% to close with 782.43 points. NSE Insurance Index closed
at 168.88 points having shed 5.51 points or 3.2% of its opening points.
NSE Oil/Gas was down by 361.47 points or 2.43% closing at 361.47 points.

Technical view

Nigerian Stock
Exchange All Share Index (NSE ASI) currently trends below RSI (Relative
Strength Index) 30 which is a sell/oversold position. The current
pattern is new for the year. The last time the index broke RSI 30 with
full force was August 2009 (then it recovered exactly around RSI 15).
Other periods were March 2009, November and December 2008. In all these
periods, the NSE ASI has always recovered on a common point of RSI-13+.
On the third trading day of the week, the index hit RSI 15 and
recovered the next day. The recovery attempt seen on Thursday and
Friday was due mainly to the support point; therefore NSE ASI will
require some fundamental bases to sustain the recovery otherwise it may
not last.

NSE ASI chart performance for the week

Investors traded
1.2 billion units of shares on all equities within the week. The said
volume was valued at N110.40 billion and was moved by 32,155
transactions. As in previous weeks, the banking sector dominated market
activities with the 725.80 million units of shares it traded in 16,779
deals. The said volume accounted for 60.41% of the total volume traded
on all equities through the week. United Bank for Africa, First Bank of
Nigeria Plc, Union Bank of Nigeria Plc and Guaranty Trust Bank were the
most active in the sector. Meanwhile, volume traded on the shares of
AIICO Insurance Plc and Continental reinsurance Plc boosted performance
in the Insurance sector; investors exchanged 79.03 million units of
shares valued at N85.31 million in 1,396 deals through the week.

Gainers and losers for the week

As investors start
showing keen interest in African Petroleum shares due to their
attractive prices, the price moved up by 27.45% from the opening price
of N21.20 to N27.02. First Aluminum recorded 23.81% price appreciation
to close at N0.78 from N0.63. Vono products, Longman and Evans medical
followed in that order with 15.38%, 10.08% and 7.5% respectively.
Meanwhile, Intercontinental bank reduced in price by 15.14% and close
in the black at N1.57. Oceanic Bank lost 14.11% to and Wema Bank Plc,
Bank PHB and AIICO shed 13.83%, 13.14%, 11.97% of their respective
opening figures respectively.

Over-the-counter bond market

Measured in
volume, a turnover of 260.9 million units of bonds valued at N256.173
billion and crossed in 2,602 deals were executed last week, in contrast
to a total of N239.15 million units worth N243.862 billion exchanged in
2,890 deals in a forth night ago. As recorded in the preceded week, the
10% FGN July 2030 bond with recorded volume of 97.63 million units
valued at N88.827 billion in 1,022 deals was the most active traded. It
was followed by 4% FGN April 2015 series with a traded volume of 34.6
million units valued at N28.383 billion in 247 deals. Fifteen (15) of
the available thirty thirty-seven (37) FGN Bonds were traded in the
concluded week, compared with eighteen (18) in the preceded week.

Corporate actions

First quarter (Q1)
reports of National salt & co. plc in the current fiscal year
(2010) showed weakened performance. Head line indicators plunged by
double digits as shown in the table below; Turnover (TO) -13.7% and
profit after tax (PAT) -19.5%. As a result of dip in bottom line, Q1
EPS shed 23.1% from Q1 ‘09 of 13k at current 10k. PE ratio of 76x shows
that NASCON return period is in the long term. On every N1 sales,
computed figure revealed a returned on profit of 15 kobo.

Observation; On the
ground of this Q1 results, NASCON appears weak on capital growth
considering PE ratio of 76x. Market awaits the over due Q2 results to
accentuate investment position.

Access bank plc

The Q2 reports of
Access Bank for the period ended June 2010 revealed modest recovery
from the red. Recall that the company plunged into negative figures
after the provisioning for toxic loans in Q2 2009. Sales revenue dipped
by 19.5% at N49.41 billion. Conversely, PAT recorded significant triple
digits growth at +155.8%. Q2 EPS now stands at 37 kobo against negative
value in Q2 ‘09. PE ratio of 22.7x appears attractive for long term
investment.

Incentive &
Observation; An interim dividend of 20 kobo per share has been
recommended by Access’s directors for shareholders’ benefit. Closure
date is scheduled on September 3, 2010.

The current price of Access is high and this reduces possibility for capital appreciation in the short term.

Benue cement company plc

Both Q1 and Q2
reports of BCC Plc for period ended March and June 2010 were
simultaneously released last week. Indicators revealed slide
performance against Q1 and Q2 ‘09. Feelers in the market adduced this
to product/segment competitiveness. As shown in the below table, TO and
PAT headed south. The earnings potency of BCC dipped by 16% at (Q1 EPS
of 115k), and 2.8% at (Q2 EPS of 283k).

Observation; At market price of N62.50 against Q2 PE ratio of 26x, BCC is high and not a suitable short term investment.

Market outlook

Although the market
is currently attempting a recovery, it may not last owing to the fact
that the two days’ appreciation cannot even account for the loss
experienced in one day (Wednesday). ASI currently trades below 90 Days
Moving average. This is a sell, the implication is that most entry made
may hold investors longer than expected nevertheless, most equities are
currently selling below their intrinsic values and are therefore very
attractive. Investors should adopt the investment strategies of
positioning towards the bull’s arrival.

Click to Read more Financial Stories

Laws against growth will go, says minister

Laws against growth will go, says minister

Finance
minister, Olusegun Aganga said the plans to change some existing laws
in the country that impede the growth of the economy will soon go into
effect. He said the move was necessary in order to stimulate credit to
the real sector. At a media briefing in Lagos at the weekend, he
explained that the independent assessment report by the World Bank
states that Nigeria’s current credit profile is adequate for the
country’s economic status and was still higher than her peers in sub
Saharan Africa like Kenya and South Africa. Contrary to what many
Nigerians think, a World Bank assessment report shows that Nigeria is
not going through a credit squeeze. “Between when we had banking
consolidation and when there was credit boom, there is no country that
will go through such an artificial credit that will not experience a
bust immediately after. So World Bank conclusion is that there is no
credit squeeze. Yes there is lack of liquidity, but not credit
squeeze.”

Legislative overhaul

He
said based on consultations with various players in the financial
sector, there was need for a major overhaul of the Bankruptcy Act, Land
Use Act, and Evidence Act in order to stimulate lending to the real
economy. Two of these laws are already with the National Assembly.
“Secondly, is the establishment of commercial courts. Part of the
problems we have is people use their houses as collateral. In order
parts of the world, I have access to that house once you default, but
here you can’t. The debtors easily go to court and get injunction so
banks are left with non performing loans. With a commercial court,
issues like this can be settled, in two to three weeks.” He said the
ministry has applied to the chief judge of the high court on its
establishment.

Another
issue which the World Bank addressed is that of setting up credit
guaranty schemes which is like insurance for credit default. “We have
done it for small and medium enterprises. What we want to do with the
World Bank is to look at the existing schemes to see how effective they
are, what has changed and whether we need to come up with a new
guaranty scheme,” Mr. Aganga said. All these are geared towards
enabling the real sector have access to cheaper longer term funding.

According
to him, the increase in credit growth in 2008 did not have impact on
the economy as it was channelled to three sectors, especially margin
lending and insider lending. “In margin lending, they were using it to
buy bank shares. Not a lot of that went into the real economy. There is
a report that says less than five per cent was going to the real
economy. What we have now is a boom and bust situation.”

Economic growth

He
said despite the turmoil, the economy was still growing at an average
of 7 per cent every year but without impact on the average Nigerian.
“We need a stronger foundation so that we do not have the boom and bust
we had before. Yes there is no credit squeeze, but consumer spending is
down significantly. There is high level of unemployment in the
country.” He said major sources of credit like bank lending, foreign
direct investment (FDIs), remittances and government spending has
decreased due to the economic downturn.

According
to the minister, there were lessons to be learnt in the whole process
and the need to build the economy on a stronger foundation. “Banks are
not lending any more. They have stopped taking risks. We now have
responsible lending. Banks have realized the need to build capacity in
order to make more informed lending.”

$500 million bond

The
minister said the plan to raise $500 million bond from the
international market was still on course and would materialize within
the next two months. “The only reason why we are raising this bond is
to have bench mark price so that institutions here that have good
credit rating can go abroad and raise funds.” He said encouraging banks
to raise long term capital through the bond market would provide long
term capital for onward lending to the real sector instead the current
practice where banks lend out deposits which are short term.

According
to him, the World Bank report estimates that six million new job
seekers enter the economy each year “The level of unemployment in this
country is unacceptably high. If you look at the statistics, it is not
only an economic issue, it is also a social issue.” He said government
is embarking on inclusive growth with focus on the real sector in order
to stimulate job creation.

Click to Read more Financial Stories

NITEL workers disagree with management over downsizing

NITEL workers disagree with management over downsizing

The management of
the Nigeria Telecommunications Limited (NITEL) has said the national
carrier’s workers were party to the decision of the federal government
to sack 2,900 of the 3,389 work force.

NITEL spokesperson,
Sule Shehu, in a telephone interview said, “What I know is that when
the report was submitted, we are told that the committee consists of
ministers, National Council on Privatization (NCP), officials from the
Bureau for Public Enterprises (BPE) and some NITEL union leaders etc so
it means that even the NITEL workers were represented in the committee
and are aware of the task force’s decisions to downsize the workers.

“The committee has
recommended that some of the workers should be downsized which we all
saw when they were presenting their report to the vice-president, so we
have to wait for the federal government’s reaction,” added Mr. Shehu.

No operation

He said the committee’s recommendation justifies the fact that NITEL is not operational at present.

“But part of the
recommendation states that they should pay the workers all their
entitlements and the committee has favoured that first scenario.
Although, the task force advised the FG government to take a decision
and government is advised to quickly resolve the issue because
unnecessary cost is being accumulated since NITEL is not working.”

The task force had
recommended three scenarios, which were: to disengage all current
employees and immediately re-engage 445 transition staff from the 3389
staff, with a monthly wage bill of N115.5 million, down from the
current N695 million. The reengaged staff will remain to hand over to a
new core investor; to disengage all employees who are currently aged 45
and above and those that have served 25 years and above – which will
reduce the work force by approximately 66% of the staff and reduce
monthly wage bill from N695 million to N187.6 million. The third option
is to disengage all employees who are aged above 50 and employees that
have served 35 years and above. This, the task force says, is capable
of reducing the wage bill from N695 million to N313.8 million.

Union disagrees

Emmanuel Abu, the
chairman of the Senior Staff Association of Communications, Transport
and Corporations, NITEL, Abuja said NITEL union leaders were not part
of the task force’s committee and would not accept the downsizing of
workers.

“What we are
interested in first is to pay the workers, after the payment of the
workers we would battle the second issue which is the downsizing of
workers. After the payment of the workers, we will talk about the
downsizing issue; it’s a bridge and when we get there we will cross it.”

“We thank God that
the report has been submitted to the vice-president and might be with
the president by next week,” added Mr. Abu.

However, last
month, some workers said they would prefer to be laid off than for
government to keep them idle in their offices without pay. Mr.Abu said
that such comments by the workers were made out of frustration.

“Those comments
were said out of frustrations because they are being owed money for
over 27months. What do you expect from them but after collecting that
money, a worker can recoup himself and say this country belongs to all
of us.”

The committee
advised the federal government to look into the bid of NITEL that was
concluded in February, 2010. The bid result that was announced by the
bureau declared New Generation consortium as the preferred bidder with
a bid of $2.5 billion for NITEL.

However, the
spokesperson for BPE, Chukwuma Nwokoh, said that there is no present
update on the bid result for NITEL as the bureau is still waiting the
federal government’s decision on the review committee report.

“There is no update on the NITEL bid; we are still awaiting the
decision of the president on the report submitted by the review
committee.”

Click to Read more Financial Stories