Archive for nigeriang

Delay of Asset Corporation’s take off affects financial market

Delay of Asset Corporation’s take off affects financial market

The
continued delay in the takeoff of the Asset Management Corporation of
Nigeria (AMCON) is already taking a toll on the financial markets.
Since the signing of the AMCON Bill into law by President Goodluck
Jonathan on 19 July, the regulators concerned have been working to set
it running.

AMCON
was expected to stimulate the recovery of Nigeria’s financial system
from its recent crisis by boosting the liquidity of troubled banks
through buying their non-performing loans, helping their
recapitalisation, and increasing access to restructuring or refinancing
opportunities for borrowers. The Central Bank proposed its formation in
December 2009 as part of moves to revive the banking industry and
strengthen the financial market.

Analysts’ anxiety

However,
the uncertainty over its form and structure has continued to generate
anxiety among operators. Analysts at Afrinvest, a firm of investment
bankers, said the effect was evident in the bond market.

“PDMMs
(Primary Dealers and Market Makers) who usually take long term position
at the beginning of the month, have instead been selling off
securities. This may be related to the slow start in AMCON operations.”
According to the report, average yields for the three year, five year,
seven year, 10 year and 20 year bonds had dropped to 6.7 per cent, 6.9
per cent, 5.8 per cent, 7.5 per cent and 9.3 per cent respectively at
the end of a fortnight by 6 August.

Apart
from AMCON’s absence, other operators said recent developments in the
capital market have created uncertainties about the market’s direction.
Only last week, the Securities and Exchange Commission (SEC) intervened
in the stock market by sacking the director general of the Nigerian
Stock Exchange (NSE), Ndi Okereke-Onyiuke, and the council president,
Aliko Dangote. Since then, the market has been on a downward slide
though SEC immediately appointed Emmanuel Ikhazobor as the interim
administrator of the stock exchange.

Volume drivers

Joshua
Omo-Kehinde, managing director of Marimpex Finance, a stockbroking
firm, said the major problem with the stock market was beyond the issue
of who heads the stock exchange. Mr Omo-Kehinde said there was need to
stimulate demand and supply of equities by having institutions that
would be capable of driving volume in the market.

“It
does not matter whether they are appointed or unofficial, what this
market needs at this time are market makers that would be able to buy
huge volume of shares when available and sell huge volumes when there
is demand.” Another stockbroker, Davis Adonri, the managing director of
Lambeth Investment and Securities Limited, said it was difficult to say
precisely what was responsible for the market slowing down.

Mr. Adonri said that despite the good results declared by Guaranty
Trust bank and National Salt Company, shares of both companies were not
generating the kind of patronage that is expected. He said some
extraneous factors were responsible for the market lull, adding that
the liquidity position was a factor to consider. “It has almost become
a trend now that at the beginning of the month, the market slows down
and picks up once the FAAC allocation (Federation Accounts Allocation
Committee) starts to come in.”

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BRAND MATTERS: Key ingredients of successful branding

BRAND MATTERS: Key ingredients of successful branding

In any brand
communication campaign, knowing the pulse of consumers, gauging their
perceptions, and understanding their feelings are crucial to the
success of the communication process. Such insights thus become
imperative in building an enduring relationship between brand and
audience. An effective way to build relationship is by gaining insights
into consumer behaviour.

In this age, brands
need to connect directly with the consumers. Brands that warm their way
into the hearts of consumers are the ones that impact lives, because
they identify with the aspirations and yearnings of the consumers.

Some of the key
things to do is to focus on who is buying the product or service, what
their needs or goals are, key characteristics of the consumers, how
communication or brand messages should be tailored to fit consumer
preferences and how best to use that to capture their interest.

An incisive and
thorough knowledge of consumers may provide brands the complete
understanding of consumers about their reactions and responses to brand
messages.

A brand targeted at
children should make conscious efforts to touch base with the mothers.
This has become evident in the advertising of the various noodles
brands as they focus on the mothers and their children. Mothers play
influential role in purchase decisions and home keeping. A brand like
noodles for instance should stimulate the interest of mothers and
capture them to influence the eating habit of their children. Such
brand should also take cognizance of shopping pattern, spending habits
and lifestyle of the mothers.

Through consumer
insights, brands can build loyal and active consumer base as consumers
identify a true value from the brand. When consumer insights drive the
communications process, consumers are put in the driver’s seat and as a
result, valuable insights are gained that will ultimately translate to
success for the brand in the market place.

From research to insight

It has become
pertinent to move from the realm of market research to consumer
insights. Though market research is an indispensable tool but a brand
can maximize its understanding of the consumers to fully exploit growth
and build equity for the brand.

A dipstick research
recently conducted in some fast food outlets in Lagos show that some
brands have eroded consumer confidence. A large percentage of them have
not factored in the feelings, and purchasing habits of their consumers
into their service delivery. It is vital for brands to engage in
building and refining their consumer insights to secure a vantage
positions in the consumers’ mind.

The integration of
insights into key decisions such as marketing, product development and
service delivery to a large extent project the brand attributes and
this lead to success.

There should be
several touch points for the brand to interact with consumers. Every
interaction should impact on how customers think and feel about a
company and its brands. A brand is no longer identified by its name and
logo alone but it should be a total experience for the consumer. The
need to create actionable insights, go a long way in differentiating a
brand offering from its competitors.

Insights provide value to the brand as they are the objective voice of the consumer.

Consumer insights
allow brands to improve their service delivery, review consumers
perception and open new perspectives on attitudes, behaviours and
consumer expectations. Insights are also utilised to guide the creation
and evaluation of product concepts.

For any brand
communication to achieve the desired objective, it must through
consumer insights identify and know the most appealing message to
consumers, evaluation of key brand messages, perception of quality and
its effects on pricing and intent to purchase. “Now you are talking”,
the payoff of Etisalat, is one that has resonated well with the target
audience. With the latest TV commercial, it captures the whole essence
of bonding with consumers. That campaign is one that depicts the desire
of an average Nigerian to have access to affordable call rates.

Where do we go from
here? It is for brand custodians to focus on consumer insights and
ensure it is given a premium place to build brand equity. Consumer
insights and perception must align with the brand values and
attributes. Consumers can maintain both emotional and physical
attachment to brands through consumer insights.

AYODEJI AYOPO, a Communication Strategist and Public Relations Specialist, is the CEO of Shortlist Ltd.

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Global youth unemployment reaches new high, says report

Global youth unemployment reaches new high, says report

Youth unemployment
across the world has climbed to a new high and is likely to climb
further this year, a United Nations agency said Thursday, while warning
of a lost generation as more young people give up the search for work.

The agency, the
International Labour Organisation, said in a report that of some 620
million young people ages 15 to 24 in the work force, about 81 million
were unemployed at the end of 2009 the highest level in two decades of
record-keeping by the organisation, which is based in Geneva,
Switzerland.

The youth unemployment rate increased to 13 per cent in 2009 from 11.9 per cent in the last assessment in 2007.

There’s never been
an increase of this magnitude both in terms of the rate and the level
since we’ve been tracking the data, said Steven Kapsos, an economist
with the organisation. The agency forecast that the global youth
unemployment rate would continue to increase through 2010, to 13.1 per
cent, as the effects of the economic downturn continue. It should then
decline to 12.7 percent in 2011.

The agency’s 2010
report found that unemployment had hit young people harder than adults
during the financial crisis, from which most economies are only just
emerging, and that recovery of the job market for young men and women
would lag behind that of adults. The impact of the crisis also has been
felt in shorter hours and reduced wages for those who maintain salaried
employment.

In some especially
strained European countries, including Spain and Britain, many young
people have become discouraged and given up the job hunt, it said.

The trend will have
significant consequences for young people, as more and more join the
ranks of the already unemployed, it said. That has the potential to
create a lost generation comprised of young people who have dropped out
of the labor market, having lost all hope of being able to work for a
decent living.

The report said that young people in developing economies were more vulnerable to precarious employment and poverty.

About 152 million
young people, or a quarter of all the young workers in the world, were
employed but remained in extreme poverty in households surviving on
less than $1.25 a person a day in 2008, the report said.

The number of young
people stuck in working poverty grows, and the cycle of working poverty
persists, the agency’s director-general, Juan Somavia, said.

Young women still
have more difficulty than young men in finding work, the report added.
The female youth unemployment rate in 2009 stood at 13.2 percent,
compared with the male rate of 12.9 percent. The gap of 0.3 percentage
point was the same as in 2007.

The report studied
the German, British, Spanish and Estonian labor markets and found that
Germany had been most successful in bringing down long-term youth
unemployment. In Spain and Britain, increases in unemployment were
particularly pronounced for those with lower education levels.

Data from Eurostat,
the European Union’s statistical agency, showed that Spain had a
jobless rate of 40.5 percent in May for people younger than 25.

That was the
highest level among the 27 members of the European Union, far greater
than the 9.4 percent in Germany in May and 19.7 percent in Britain in
March.

New York Times

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Nigeria disburses $4.7 bln to govt, plans wealth fund

Nigeria disburses $4.7 bln to govt, plans wealth fund

Nigeria has distributed $4.7 billion in revenues and windfall oil savings to government for July, a massive disbursal which is likely to trigger a drop in bond yields and interbank rates next week, dealers said.

Africa’s biggest oil and gas producer shares its revenues among three tiers of government each month — federal, state and local — and tops the disbursal up with a withdrawal from its windfall oil savings if there is a shortfall.

Accountant General Ibrahim Dankwambo said Nigeria had distributed 404.27 billion naira in revenues and $2 billion from its crude oil savings for last month, making up one of the largest monthly disbursals ever.

Around 80 percent of the liquidity in sub-Saharan Africa’s second-biggest economy comes from public cash flows and the monthly allocations can trigger significant shifts in bond yields and interbank rates.

“We expect (interbank) rates to crash immediately part of monthly budgetary allocations to state and local governments hit the system, latest by Tuesday,” one money market dealer said.

The disbursal comes five months before presidential and parliamentary elections in Africa’s most populous nation. Government spending has traditionally risen in election years, leading analysts to question the quality of the expenditure.

Among the major recipients of the monthly revenue distributions are the country’s 36 states, whose governors form a powerful caucus within the ruling People’s Democratic Party (PDP) and who will be key to the outcome of the polls.

President Goodluck Jonathan, who is from the southern Niger Delta, has not yet announced whether he plans to contest but a bid would be controversial because a “zoning agreement” within the PDP dictates that power should rotate between the Christian south and Muslim north every two terms.

Jonathan inherited the presidency when northern President Umaru Yar’Adua died part way through his first term earlier this year, meaning the next term should go to a northerner.

The PDP said on Friday its national executive council had “unanimously endorsed the retention of the zoning principle” but also said Jonathan had the right to contest because he was on a joint ticket with Yar’Adua, effectively hedging its bets.

“FINANCIAL INDIGESTION”

Government spending is set to rise sharply this year.

Parliament last month approved 445 billion naira in extra spending on top of the main 4.4 trillion naira 2010 budget, likely to push Nigeria’s fiscal deficit beyond 5.4 percent of GDP, above a 3 pct target set three years ago.

“It raises eyebrows,” Bismarck Rewane, head of Lagos-based consultancy Financial Derivatives, said of the latest disbursal.

“Do we have the capacity to absorb this amount of spending in such a short period, what are the inflationary aspects of this? Apart from the propensity of government to waste, there is also the question of financial indigestion,” he said.

Cabinet this week approved the $150 million purchase of three new presidential jets and parliament passed an 88 billion naira budget for the electoral commission to overhaul voter lists, funds to be raised through a government debt issue.

Dankwambo said a further $1 billion had been withdrawn from the excess crude account, a pillar of IMF-backed reforms into which Nigeria saves oil revenues above a benchmark price, to be set aside for the creation of a sovereign wealth fund.

The withdrawal leaves just $460 million in the excess crude account, compared to around $20 billion in early 2007, the start of the current presidential term.

Finance Minister Olusegun Aganga, a former Goldman Sachs executive appointed in March, has said he wants a sovereign wealth fund to replace the excess crude account, which has no clear constitutional basis.

But the fund has not yet been created and it was unclear where the $1 billion would be held in the interim.

REUTERS

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Akingbola to remain in EFCC custody

Akingbola to remain in EFCC custody

A Federal High
Court in Lagos on Friday ordered that the former Managing Director of
Intercontinental Bank Plc, Erastus Akingbola, should remain in the
custody of the Economic and Financial Crimes Commission (EFCC).

Mr Akingbola is
standing trial before Mohammed Idris on a 22-count charge of
mismanagement of depositors’ funds and money laundering. The accused
was to have been arraigned on Thursday, August 12, but the court did
not sit because of the absence of the judge.

Mr Akingbola’s bail
application by his lead counsel, Felix Fagbohungbe, was opposed by
Godwin Obla, the EFCC’s counsel. Mr Fagbohungbe, in applying for bail,
said that the offences Mr Akingbola was charged with were bailable.

The prosecuting
counsel, however, objected to the bail application, arguing that he was
served the notice on Thursday and would need some time to respond to
the motion.

Mr Obla also noted
that the prosecution had a court order to remand the accused in custody
for 14 days, to allow for proper investigation by the anti-graft agency.

Mr Idris consequently ordered the accused to be remanded in EFCC custody but assured of an accelerated trial in the case.

Mr Akingbola, who
returned to Nigeria on August 3, after a year of self-exile in London,
had earlier been declared wanted by the EFCC.

Mr Idris adjourned the matter till August 23 for the hearing of the bail application.

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Zoning and the gathering wind of change

Zoning and the gathering wind of change

Nigeria is a melting pot of
nations, as British imperialism compelled the various nations to have
common ancestry in 1914, with the amalgamation of the Northern and
Southern Protectorates as a British colony. It is also common knowledge
that the views of the various nationalities lumped into one huge area
of British influence were neither sought nor considered.

After independence, Nigeria, like
most countries artificially created to suit the purposes of expired
imperialists, became saddled with challenges of nation-building,
promoting oneness and national unity. It is obvious the root of our
problems partly lies in our historical past, the rest lies with us.
Much as we cannot change our past, there is so much we can do to shape
our future.

The tragedy of the Nigerian
situation is that while the British colonialists used the strategy of
divide and rule, our local power brokers and peripheral capitalists
adopted the strategy of divide and plunder.

Take the over-vexed issue of
zoning as an example. What is essentially an internal issue of the PDP
and its members has been overblown to assume national relevance. Failed
and discredited politicians who are solely concerned about their
selfish interests rather than national interests are being allowed to
set the agenda of public discourse, instead of media practitioners.

Proponents of zoning argue that it
is fair and equitable. It gives a sense of belonging and promotes
stability. Moreover, there is a subsisting agreement reached at the
formation of the party, on power rotation and zoning. Opponents of
zoning are quick to counter that zoning actually negates fairness and
engenders mediocrity, as it excludes competent candidates from other
zones who could be the best for the job. To such candidates, zoning
amounts to being born at a disadvantage. Every disadvantage is hurtful
and unjust. Why should a full-blooded Nigerian, or anyone for that
matter, be made to suffer or endure any discrimination or injustice in
our own country? Nigerians have been elected to the British Parliament
to serve the British people and Americans now have a man with his roots
in Kenya as the American President. To nullify all the seeming
platitudes of zoning, they submit that it violates the provisions of
Nigeria’s constitution. Hence, it is illegal and unlawful.

So, either way, we are under
siege. What hope for the common man who can hardly afford three square
meals daily, let alone afford a bullet-proof vest or personal security
guards?

Most politicians are one fool
makes many. They employ the use of words and phrases coined to fuel
their inordinate ambition. They pretend as though their effort is for
the good of the country but we know them for what they truly are,
devious.

Experience has shown that the
interest of the masses matters less to these aspirants jostling for
positions with desperate zeal. Look at President Obama, his hair went
grey within the first six months after he assumed office. That’s the
trait of hard work. That’s the Badge of Service. The reverse is the
case out here; it is bye-bye to want, hard work and stress. Hunger is
forever banished from their crib right from the moment they assume
office. Then, a ‘reign of terror’ in all manner of SUVs to oppress the
very same people on whose back they rode to office! A man is not good
just because of where he comes from. It amounts to gross disservice to
campaign for Goodluck Jonathan in order to compensate for the wrongs
that the Niger Delta has suffered. That, too, is sectionalism of a
sort. The entire country is President Jonathan’s constituency.

Zoning is both a fact and an
aberration. Zoning is a fact because it exists in PDP’s Articles of
Association. However, zoning is an aberration because Nigeria’s
Constitution does not recognise it. Zoning should not be confused with
federal character, and the PDP is not one of the entities described in
the context of the federal character principles contained in Section 14
of the constitution. It is absurd to think that we could promote
national unity by unfairness or through an illegality.

It is apparent that zoning is a
convenient tool for elite capture of power. It is a means to an end
rather than an end itself. However, the onus is on the PDP and its
stakeholders to re-evaluate and re-negotiate the contentious provision
of power rotation and zoning in accordance with the dictates of
Providence and public mood, if Mr Jonathan is to fly the party’s flag
at the presidential election in 2011.

The overbearing influence of the
party’s state governors also needs to be re-examined, as some of them
are distanced from the people. Public perception of the PDP is that of
an “arrangee party” of money bags. The party needs to re-invent itself
and be more relevant to the aspirations of the people.

The immortal words of the late US
President Dwight Eisenhower cannot be more apt: “If a political party
does not have its foundation in the determination to advance a course
that is right and that is moral, then, it is not a political party; it
is merely a conspiracy to seize power”.

Wind of change

In terms of ethno-religious
composition, the “north” is polarised. It is trash to talk of “northern
hegemony” in this day and age as I.B.M. Haruna, a retired Major
General, did recently. We are well into the 21st Century, soldier man!
The “monolithic north” is fast disappearing like the morning haze on
the ascent of the sun.

Nigerians of northern descent are
now conscious that the so-called interests of ‘the north’ is, in
reality, the interests of the oppressive few.

Additionally, there is a new
political awareness on the part of the northern political elites that
the social, economic and infrastructural development of the region
cannot be tied to ethno-religious interest and cleavages. Consequently,
an unprecedented phenomenon now permeates the country, as we witness
the emergence of ‘New Nations’, New Alliances and the formation of new
Power Blocks.

The wind of change is gathering
strength, ready to blow away those standing in its path and who are
hell bent on milking our country dry. Nigerians are sick and tired of
being led by politicians of dubious quality.

In the not too distant future,
citizen Ali Bassam from Jos will be able to contest for an elective
post in Ibadan, and win based on competence and his programme for the
people of his constituency. It is only then that we can truly say that
Nigeria has come of age.

Ojo is a London-based freelance journalist

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100 days of President Jonathan

100 days of President Jonathan

Shortly after the death of Umaru Yar’adua, his
predecessor, Goodluck Jonathan was sworn in as president on May 6,
2010, . Over the past 100 days, President

Jonathan has announced some policies, appointed officials and set up committees.

Some of the most notable policies made were the
banking reforms, the appointment of new Independent Electoral
Commissioners and their chairman, and the banning–and unbanning–of
the national football team, the Super Eagles.

He had banned the team from playing in any
international matches for two years, following their poor performance
at the FIFA World Cup in South Africa, but also reversed the ban before
a deadline set by FIFA for the reversal, elapsed. He further took steps
to clean up the country’s football by dissolving the board of the
Nigeria Football Federation, and also ordered an audit of the finances
of the World Cup project.

Mr Jonathan has also clocked several air miles
through trips to several countries, as both the leader of Nigeria and
that of ECOWAS. He also made history as the first Nigerian leader to
embrace social networking as a tool of governance, with a popular page
on Facebook. The signing of the Management Corporation of Nigeria
(AMCON) Bill into law, during his tenure, is a major aspect of a reform
which has had a huge impact on the banks and the entire economy.

But some Nigerians said the reforms have left some
out in the cold. An Abuja based policy analyst, Chukwuemeka Obi, said
“many bank heads fell prey and ever since, we have been expecting that
government will give them a chance to defend themselves, before totally
branding them negatively. As it now stands, people cannot even borrow
or if they do, it is at a very exorbitant interest rate. Not much has
been happening. There is just so much to do and a 100 days is just not
time enough to justify his performance.”

Citizens’ rating

Nwankwo Nnaemeka, an environmental consultant who
also lives in Abuja, rates Mr Jonathan a whopping 75 per cent. “He has
done more of politiking than the real thing, which is giving him the
popularity. So far, so good. He has done surface changes, which have
helped improve his popularity. Like the ministerial changes, INEC and
NCC. We are yet to see real deep rooted sustainable changes. However, I
rate him 75 per cent.”

Audu Khark, a banker, said: “I think he is still
trying to find his feet. For me, he hasn’t done much but I think the
best he has done is maintain stability in the political system. His
worst is kidnap of journalists, which goes to show that security under
him is still very slack.”

But more than anything, Mr Jonathan’s 100 days in office have been
dogged by public debates of whether or not he should contest for the
presidency in 2011.

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South-east calls off summit on zoning

South-east calls off summit on zoning

South-east politicians have
cancelled their political summit, following what it called the peaceful
resolution of the zoning debate.

The South-East Political Summit
was planned to express their position on zoning of the presidential
candidate of the People’s Democratic Party (PDP) ahead of the 2011
presidential election. However, the conveners called it off on Friday,
after the party declared its stance on the zoning debate on Thursday.

The Deputy Senate President, Ike
Ekweremadu, who is also the promoter of the summit, said the meeting
was no longer necessary, adding that they support the resolution of the
party.

“The resolution of the zoning
argument in the PDP has made the planned South East Political Summit
scheduled for August 16, unnecessary,” he said.

Support for decision

“It is noteworthy that, on access
to the presidency of this country, the South-south has been the least
favoured,” the Deputy Senate President said. “This is the first time
that somebody from the South-south is reaching that position after 50
years of nationhood.

“On the account of the peculiar
circumstance of the Jonathan presidency, there is need to carry along
all parts of the country by giving access to the highest position in
the land. And giving the contribution of the South-south geopolitical
zone to the economy of the country, the PDP NEC’s decision should be
viewed from this perspective,” he said.

“Nigeria has in the past addressed
similar injustices, like the June 12 which gave rise to the national
consensus on the South-west presidency of Olusegun Obasanjo.” The
deputy Senate President also made case for an Igbo president in future,
saying that, like the South-south, the South-east has presided over
Nigeria for only six months.

“I hope that at the appropriate
time, this point will be noted by the entire country with a view to
addressing the injustice and concede the presidential slot to the
South-east,” he said. “This sense of fairness, equity and justice is a
sure foundation for peace and progress in this country. I urge
Nigerians to support this peace initiative.”

One voice

He also advocated unity and
cohesion in the zone, saying, “Time has come for the South-east to
speak with one voice and for all the stakeholders to work in unison, in
the overall interest of the people of the South-east.

“South-east in the past has worked and contributed immensely to the
unity and progress of this country as a major component of the nation
and will never shy away from that commitment. Working together, we can
build an enviable nation in spite of our diversity. We must all be
prepared to make sacrifices and show understanding,” he said.

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ACN says ready to upstage PDP in 2011

ACN says ready to upstage PDP in 2011

The Action Congress
of Nigeria leaders said yesterday that the party is no longer a mere
opposition party, but has “moved on to become a government in waiting.”

The party also
described as mere “wishful thinking”, the statement credited to
Goodluck Jonathan that the opposition has conceded the presidency to
the Peoples Democratic Party ahead of the 2011 general elections.

Mr Jonathan had,
while speaking with journalists at the end of the PDP National
Executive Council meeting held in Abuja on Thursday, said PDP members
will work together because what happens in the party happens in the
whole country.

He said that the
zoning debate was even being spearheaded more by non-PDP members. “In
fact, they have already conceded the presidency to us. Otherwise, they
have no business coming to join our own debate. That means that they
have already known that the PDP will produce the president of this
country but they want us to do it well,” President Jonathan said.

But the Action
Congress, through a statement issued in Lagos on Friday by its
spokesman, Lai Mohammed, said Mr Jonathan’s overly-exultant statement
revealed that he might have mistaken the parties that joined the PDP in
the Government of National Unity, for the real opposition. He added
that the ACN considers Mr Jonathan’s statement nothing but subtle
blackmail. “But we take solace in the fact that Nigerians have rejected
the do-nothing PDP, as they (PDP) will realise in 2011. A party that
cannot resolve its problems amicably cannot be expected to provide good
governance at any level.

“The ambivalent resolution that was cobbled together at the PDP NEC
meeting in Abuja on Thursday has further shown the confusion that is
reigning supreme in the PDP. In one breath, they endorsed zoning and,
in another, they said anyone can run. This deliberate ambiguity is the
devil’s alternative for the PDP, and will sound the death knell of the
disappearing behemoth next year,” he said.

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EFCC boss says Ibori is hospitalised

EFCC boss says Ibori is hospitalised

Farida Waziri, the
EFCC Chairperson, said on Friday that she was not under pressure from
any quarters to drop any case under investigation.

She also debunked
the allegation of shoddy handling of the prosecution of the former
Delta State governor, James Ibori, claiming that Mr Ibori was in
hospital in Dubai, and promised that the commission was working with
the Metropolitan Police to extradite him to the UK for trial.

Mrs Waziri said
that her purported sack and alleged shoddy handling of the prosecution
of Mr Ibori as well as the non-investigation of the Siemens bribery
scandal and the petition filed by some lawmakers against the leadership
of the National Assembly, were mere faceless publications. “Each time I
travel outside the country, I receive a sack letter in those soft-sell
newspapers, those kinds of junk newspapers, and in the minds of
faceless and narrow-minded cowards.

“If you really have
a story or an issue, you know where to go. If the leadership of EFCC is
not equal to the task, you know where to take up the matter.

“Bring out your
facts and figures, and we will confront each other. You don’t go
behind. We know the people behind the allegations,” she said.

Mrs Waziri said
that there had been a lot of obsession with the leadership of the EFCC,
because the 2011 elections were fast approaching. She advised the
public to discountenance such reports, saying, “They are not to be
taken seriously.”

The EFCC
Chairperson also announced that the commission was almost concluding
investigations into the Siemens bribery scandal. “The investigation is
not easy because Siemens AG has transferred some of those involved to
Germany and dismissed them. These are the witnesses to sustain the
trial, but we are not deterred.

“We are going to do
some prosecution; nothing will be swept under the carpet. And the same
goes for the petition submitted by some members of the National
Assembly,” she added, explaining that EFCC’s investigations were kept
discrete in order not to cause embarrassment to anyone before trial
commences.

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