Archive for nigeriang

Death of soldiers on peacekeeping mission worries government

Death of soldiers on peacekeeping mission worries government

The
Federal Government is not happy with the way Nigerian soldiers are
killed in the course of their peacekeeping mission in Darfur, Sudan,
Adetokunbo Kayode, the minister of defence, has said.

Mr. Kayode made the
comments, yesterday, at the United Nations (UN) regional conference on
deterrence, use of force and operational readiness in peace keeping
operations at the Nigerian Army Peacekeeping Centre (NAPKC) in Jaji,
Kaduna.

The minister said
members of the Nigerian contingent recently disarmed in Darfur were
caught between abiding with the mandate of the mission and protecting
themselves in the midst of rebels’ attacks.

“It is hoped that
the outcome of the conference will be clear policy that will streamline
the bottlenecks and create guidelines for efforts at reducing the
complexity of mandates and the immediate resolution of conflicts.”

Chief of Army
Staff, Abdulrahaman Dambazau, said that the guidelines should aim to
answer immediate issues that affect the performance of troops in the
field, but not hamper their performance.

“The sacrifices
made in terms of lives by peacekeepers should not bolster the spirit of
warring factions, rather every form of sacrifice should make us design
better ways for our peacekeepers to have an edge over belligerents,” he
said.

Mr. Dambazau called
for policies that would enable the organisation prepare peacekeepers
for effective duty on UN missions, especially in Africa.

“The successes that will follow any peace support mission are determined by the state or level of preparedness of the troops.”

Nigerian peacekeepers honoured

Eleven Nigerian
soldiers were among United Nations international peacekeepers honoured
posthumously in May as part of the eighth annual International Day of
UN Peacekeepers at the world body’s headquarters in New York.

The occasion was
marked with several events at the UN on the previous day, including the
presentation of service medals to peacekeepers, including two Nigerian
military officers.

The UN list tracked the loss of international peacekeepers from January 2009 to February 2010.

On the list of
fallen peacekeepers were two Nigerian officers: Johnson Umana, who died
in Darfur on May 7, 2009, and Bala Etsu, who died in April 27, also in
Darfur.

Others from Nigeria
included John Itebu, who died on May 25, 2009; Gonjing Toma, who died
in Darfur on June 10, 2009; Mathew Abel, who died in Lebanon on June
23, 2009; John Ahmed, who died in Darfur on March 17, 2009; and Leonard
Ajibo, who also died in Darfur on February 25, 2010.

There were also
Yusuf Ibrahim, who died in Darfur on September 28, 2009; Bello Ishaku,
who died in Darfur on October 14, 2009; Taryuhua Ningir who died in
Lebanon on October 30, 2009; and Dede Fadairo, who died in Haiti on
January 12, 2010, in an earthquake.

As a mark of their sacrifice, the Dag Hammarskjöld UN Medal will be
sent to the next-of-kin of the fallen soldiers. More than 700 UN
peacekeepers have died in the course of duty in the past five years,
with more than 3,000 lives lost since the first operation in 1948.

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Countdown to independence celebration begins

Countdown to independence celebration begins

President Goodluck Jonathan, yesterday, officially
unveiled the clock to commence the 50 day countdown to Nigeria’s 50th
Independence Day celebration on October 1st.

In his address, at the event jointly organised by
DAAR Communications and Integrated Management Resource at the Banquet
Hall of the presidential villa, Mr. Jonathan directed that the
countdown clocks be placed in strategic places across the country ahead
of October 1, where Nigeria intends to reenact the same event of
lowering of the Union Jack and the raising of the Nigerian flag 50
years ago.

“This event is to officially begin the countdown to
the 50th year anniversary which will be celebrated on October 1, 2010.
I have directed that the counting down clocks be placed at strategic
places as a constant reminder of our jubilee independence anniversary,”
he said.

“I dare say that current challenges notwithstanding,
Nigeria has a glorious past worthy of celebration that should arose in
us all the good things about Nigeria.

“We must rededicate ourselves to those patriotic
ideas and creative potentials in us all. It is worthy of note that the
event to celebrate our 50th independence anniversary is purely private
sector initiative sponsored by Integrated Management Resources in
partnership with DAAR Communications PLC, those organizations deserve
our special commendation for the patriotic vision.”

Mr. Jonathan also stressed that Nigeria has reasons
to celebrate the past 50 years adding that the world views Nigeria as a
great country not in terms of its population but what it has been able
to do in the past 50 years.

“If we have not made any impact globally this past 50
years we would have been written off long ago. We have our challenges
we know that very clearly which is why this time around we are
committed to move this country forward but we have every reason to
celebrate the past 50 years” he added.

Media attention

The Chief Executive Officer, Integrated Management
Resource, Oluwafemi Victor Walsh, said his belief in the Nigerian dream
fostered his organisation to partner with DAAR Communications to put up
the event.

“We believe in the Nigerian Vision and we believe in
Mr. President. We believe Mr. President became President by divine
intervention and that is why we are supporting this Nigeria at 50
project at our own small level,” he said.

Mr. Walsh further regretted that the tradition where
kids used to match to celebrate the nation’s independence has been
abandoned adding, “Nigerians now see it as a day to rest at home but
this celebration gives us all the opportunity to immortalize and lay
foundation for the next 50 years. If we cannot celebrate our past then
let us celebrate our future”.

The company is putting together a project that will
put Nigeria in the Guinness Book of World Records. It plans to unveil
the 65, 000kg World’s largest cake at the National Stadium on 1st
October 2010, aimed at rebranding Nigeria on the day.

“We enjoy the greatest global media attention since 1960,” he said.

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US ambassador expresses faith in Nigerian aviation

US ambassador expresses faith in Nigerian aviation

The United States
Ambassador to Nigeria, Renee Sanders, on Thursday, commended the
efforts of the Nigerian Civil Aviation Authority (NCAA) towards
ensuring air safety in the country.

Speaking to
journalists in a joint conference in Lagos, Mrs Sanders lauded the
federal government on the successfulcompletion of the United States
Federal Aviation Authority assistance program in readiness for
International Aviation Safety Assessment audit which is also a step
necessary for acquiring the coveted Category One Status. The ambassador
said that though there is still more to be done by way of improving
certain elements of the aviation sector, it is important to celebrate
the tremendous progress and success the government has made with making
Nigerian air travel the safest it has ever been. “Although Nigeria has
not obtained Category I Status yet, the progress to date continues to
put Nigeria on the right path,” she said.

Progress made

Mrs Sanders
congratulated the nation’s civil aviation regulatory agency for its
inaugural issuance of an Air Operator Certification (AOC) to Arik Air,
the country’s largest commercial carrier, adding that the United States
was pleased by the progress so far achieved.

Explaining that
additional air carrier options would expand the breath of Nigeria’s
aviation market, Mrs. Sanders disclosed that the development would
offer prices and services not offered currently. “This competition will
create incentives for both the carriers and the consumers,” she said.

Harold Demuren, director general of NCAA, said that he was grateful
for the support given by the Mrs Sanders-led team to the aviation
industry and to Nigerians. He, however, said that the government is
working towards eradicating any form of terrorism in Nigeria, an called
for continued support from the United States. “We mean business on
this,” he said. “The federal government has ordered for ten body
scanners, our people have been trained. We have put in additional
measures which makes secondary screening mandatory for our airlines. We
are able to sign MOU for the Air Marshals and we can look at your (Mrs.
Sanders) tenure in Nigeria as a major success and a big plus for
Nigeria’s aviation.”

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Edo bans posters in public places

Edo bans posters in public places

The Edo State government has placed a ban on the defacing of public structures, buildings,

walls, pavements, and signboards, with posters – including political campaign posters.

The state ministry of environment and public utilities, which issued the warning yesterday, said violators will be sanctioned.

A senior official of the ministry said
government is against people “puting posters in public places,
especially where we have worked on, like the King’s Square area.” Some
weeks ago, the ministry had removed all posters from the newly upgraded
square, including campaign posters of senior party officials. The state
government has recently embarked on a campaign to improve the living
environment in the city and the commissioner for environment and public
utilities, Clem Agba, has won the praise of residents of Benin City in
his efforts to give the town a facelift.

To create awareness to that effect, a
press briefing was organised by the ministry and special announcements
were also sent round the various local media houses while a bill was
sponsored to the state house of assembly.

Posters everywhere

Until recently,
posters of churches, product advertisements and political campaigns
have taken over every available space in the city. Hardly any public or
private property was spared, making the city look dirty and unkempt.

Amadasun Osadolor,
whose house was until recently defaced by several posters, said he was
delighted that the government has at last placed a ban on what he
called “the dirty and criminal activities of some people, especially
politicians and church pastors.” Mr. Osadolor said his only concerned
was with government’s ability to keep enforcing the law.

“It remains to be
seen if the government will be able to enforce the law. But I will
personally be very happy if they can enforce the law. It has been long
over due,” he said.

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Five candidates join race for Akure stool

Five candidates join race for Akure stool

The selection of a
new Deji of Akure became more complicated yesterday when one of the
royal families jostling for the seat, Faturoti, sent five new names to
the Ojijigogun ruling house.

Previously, the
ruling house had short listed nine candidates for the vacant stool:
seven from the Adesida royal family and one each from Arosoye and
Faturoti royal families.

The Faturoti family
said in letters to the Ondo State governor, Olusegun Mimiko and the
Chairman of Akure South Local Government, Tayo Oluwatuyi, that the
candidate it sent earlier didn’t have the full approval of the three
groups in the family.

According to the
letter signed by the head of the family, Adepoju Adegoroye, the family
finally decided that six candidates should represent it on the basis of
two persons from each lineage. The six candidates presented to the
royal family for screening include: Adewale Adegoroye, Olusola
Adegoroye, Aderemi Adegoroye and Ademola Adegoroye, Akinlade Adegoroye,
and Idowu Adegoroye.

NEXT learnt that a
leader of the Faturoti royal family, had single-handedly presented the
name of a candidate to the ruling house without due consultation with
other families.

His action was said to have incensed other members who accused him of compromising the family’s chances.

Not capable

Mr Adegoroye, in
the letter to the state governor, claimed that the action of his
relative was not in the best interest of the entire family which it had
potrayed as lacking capable candidates to fill the vacant stool of Deji
of Akure.

“As the head of the
Adegoroye/Faturoti family of the Ojijigogun ruling house, I was out of
the country when the issue of selection of candidates came up. My
Deputy acted in my capacity when I was away,” the letter reads.

“But, when I came back, I was amazed to hear that the family could
only boast of one candidate as large and as saturated with elites (as
we are). This is not only unfair to the whole family, but posterity
will not forgive us and our descendants will spit on our graves if we
fold our arms while the kingmakers are being hoodwinked to believe that
Adegoroye is virtually non-existent”.

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ABUJA HEARTBEAT: Countdown to meritocracy II

ABUJA HEARTBEAT: Countdown to meritocracy II

A woman charms a man into marriage and they live a deceptive
life for about 50 years and the magic fades, either by sheer luck or divine
intervention. The scale falls from the eyes of the man, but it appears too
late.

Children and grandchildren are now involved, families are
already knitted together, grandsons and grand-daughters-in-laws have extended
the family tree; a lot of events and activities that one cannot just wish away
have taken place.

The fact, however, is very disturbing. The man’s eyes are now
open, his mind is free. He can now think his own thoughts and say his own
words. Should he remain silent and complacent, or does he try to change things
objectively for the better?

Even if he is able to chase the wife away, he has to live and
work with his children, grandchildren, and the in-laws that have sprouted all
these years of unholy union.

This seems to be our dilemma these past years in Nigeria.

It is troubling when a society, made up of different people,
different ethnicities, and different religious backgrounds, begin to speak with
one voice and sing the same song when it is obvious that they are not
developing; and some people still want them to continue to paddle this same
canoe on this river of backwardness and stagnation that will lead them into the
final sea of destruction. More so, when it is a democracy where the majority
seems to always have its way.

Decisions made during the years of bondage, even if they seem
palatable but unjust, must be changed. Some people have decided to correct all
the injustice that have happened during the years of voodoo, the years of
deafness, blindness, and uselessness.

Many people have criticised the federal character principle. It
has now given birth to zoning and, like its father, zoning is suffering a
similar fate. I believe if we open our eyes wide enough, we would understand
better why our country’s development has stagnated for this long; why some
people relish laziness, why a lot more enjoy corruption, and a great majority
see looting as their birthright. All these destructive elements are camouflaged
in ethno-religious extremism.

Some Nigerians are so used to sitting down in their seating
rooms, playing cards and controlling an unfortunate illiterate crowd of
teenagers into committing all sorts of crime in the name of ‘self
preservation’. Fortunately, some eyes are beginning to open. Even the half
literate ones are speaking up and taking their destinies in their own hands.

Open eyes

Our situation in this country is a rather peculiar one. One
group of a particular ethnic zone, and it is debatable whether they are the
majority, have been having their say and their way. Inception and destruction
loom, like the hangman’s noose, over our heads if we continue to behave like we
are still under their spell. The scale has fallen off our eyes, and it just
cannot continue to be business as usual. That is why the position of the
Northern youth, as well as the recent position from the Northern leaders
summit, is a very welcome development. It has rekindled the dying hope inside
most of us that we can indeed be one Nigeria.

Saul was the king, but Jonathan his son could not sit and do
nothing in the face of selfish and tyrannical decisions of his father against
David, his father’s perceived enemy, but his own bosom friend. He acted against
his father’s orders. That is maturity, that is progress, and that is genuine
love.

The end of the reign of quackery, laziness, wickedness,
illiteracy, and thievery is imminent; excellence can no longer be sacrificed at
the altar of federal character, quota system, or zoning.

We are beginning to think and speak for ourselves, and we have started
acting for ourselves. We are in the days where even if you are in the majority,
you cannot continue to hold us down. The ship of progress is sailing, and
people should climb on the bandwagon or jump over board. We are counting down
to the days of meritocracy and genuine growth.

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Afribank records growth in half year performance

Afribank records growth in half year performance

Afribank Nigeria
Plc has posted a profit before tax (PBT) of N5.52 billion for the
half-year unaudited financial account for the period ended June 2010.
The bank recorded a PBT of N3.52 billion in the second quarter, which
represents a growth of 77 per cent over the N1.99 billion recorded in
the first quarter of the year ended March 31, 2010. Gross earnings also
rose by 86 per cent from N25 billion in the first quarter to N46.56
billion in the half year period.

As part of strategy
to improve profitability, the bank’s management was able to reduce its
administrative overheads to N12.77 billion in the current half-year
from N19.28 billion in the corresponding period in 2009. Also, the
interest expense paid was reduced from N31.51billion in 2009 to
N26.97billion in the half-year ended June 2010.

“We expect that our
performance will continue to improve in the year. We will continue to
remain focused on our guided growth strategy and implement sound
corporate governance practices in all our operations,” the bank said in
a statement.

According to the
bank, the steady improvement in its fundamental performance ratios is
an indication that its growth strategies anchored on the Two-year
Turnaround Plan, is delivering on its promises.

“Our overall aim is
to continue to strategically grow our deposits liabilities, grant
quality loans to our customers in our identified target market; improve
our operations by leveraging on technology and upgrade the skill set of
staff in risk management, banking operations and relationship
management”, the statement added.

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Jonathan backs SEC on capital market cleansing

Jonathan backs SEC on capital market cleansing

President
Goodluck Jonathan has pledged his support to the ongoing effort by the
Securities and Exchange Commission (SEC) to cleanse the Nigerian
capital market. In his posting on Facebook, the social networking site,
he said he will give political cover to the commission in taking any
necessary measure backed by law to cleanse the stock market.

“I also extend that
same promise to all heads of Federal Government agencies and bodies in
charge of maintaining or… enforcing Law and Order be it in the civil
population, the military/paramilitary, anti corruption bodies or the
core civil service,” he said in his Facebook wall posting on Tuesday.
“I want you all to know that there will not be any negative
consequences to you for doing your job in accordance with the laws of
our land.” The comment attracted 1, 049 remarks while 158,587 people
followed the posting.

Social justice

According to the
president, there must be social justice without which there will be no
level playing field for the citizens to operate. “I personally do not
see the justice in sentencing to prison a man who steals because he is
hungry while the man who causes the hunger by misappropriating funds
meant to ease society’s burden is treated with kids gloves,” the
president stated. SEC last week sacked the director general of the
Nigerian Stock exchange, Ndi Okereke-Onyiuke, and president of its
council, Aliko Dangote on grounds of infighting, lack of corporate
governance and alleged fraud and bankruptcy. The commission
subsequently appointed an interim management led by Emmanuel Ikhazoboh,
the immediate past chairman of Akintola Williams Delloite, a firm of
chartered accountants.

The commission DG,
Arunma Oteh, said it has commenced investigations into the activities
of the stock exchange over allegations of financial irregularities in
the exchange. “The allegations purport that the exchange is insolvent
and may soon face bankruptcy and it will not be able to meet its
financial obligations,” she said.

Unethical practices

Also, on Tuesday,
Ms Oteh told the House of Representatives Committee on capital market
that about 260 persons and organizations are to face charges over the
crisis in Nigeria’s capital market, in continuation of its resolve to
purge the sector of unethical practices. She acknowledged the
widespread allegations of increasing insider dealings, share price
manipulations, of weakness in enforcement of excessive risk taking in
the market environment, which informed the plan to possibly bring
charges against those listed.

She said the intervention was to save the fragile capital market
that has already been hit by allegations of various malpractices,
including insider trading and share prices manipulation. “Like you
know, our call and mandate is to protect public interest and to protect
the investor, particularly what I will consider the voiceless masses of
people,” she said.

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Stock performance contradicts positive outlook

Stock performance contradicts positive outlook

The
current market performance at the Nigerian Stock Exchange (NSE)
contradicts the projected positive outlook by some finance analysts.

Resource Cap
Limited, a portfolio management firm, in a report in July, forecast
that “performance at the nation’s capital market in the remaining
trading days of the third quarter of 2010 will be positive following
the signing into law of the Asset Management Corporation Bill.” The
company projected that the market All-Share Index, a measuring
parameter, will end the quarter at 30,000 basis points. Some
stockbrokers had also predicted the same trend for the third quarter.
However, since last week intervention by the Securities and Exchange
Commission (SEC), the NSE has recorded over N173 billion losses. At the
close of proceedings on Wednesday, the Exchange market capitalisation
which plunged on Tuesday by N63 billion further depreciated by N78
billion; reflecting a 1.25 per cent decline while it closed at N6.121
trillion from N6.199 trillion.

The All-Share
Index, yesterday, also shed 1.25 per cent or a loss of 318.89 units
from Tuesday’s figures of 25,350.98 basis points, to close at
25,032.09. A total of 23 stocks appreciated in value, higher than the
23 stocks recorded the preceding day; while 45 stocks depreciated in
value, lower than Tuesday’ 48. A stockbroker, who spoke under
anonymity, said the market may experience more downturn because
“investors are now shying away from the market since no one can predict
the outcome of the SEC independent investigators.” “Stockbrokers and
their firms are also cautious because we don’t know who is next to go,”
he said. The SEC, last Thursday, appointed independent investigators,
Aluko & Oyebode, a law firm; and KPMG, an accounting firm, to
investigate the allegations of financial mismanagement at the Exchange.
The jointly independent investigators have since commenced work.

‘Leadership imbroglio’

Commenting on the
current market performance at the close of Wednesday’s trading,
Analysts at Proshare Nigeria Limited, an investment advisory firm,
said, “The leadership imbroglio ravaging the Nigerian Stock Exchange
continues to have severe consequences on the equity performance. This
would be against expectations from some quarters that the assumption of
the Interim Administrator of the NSE will tame the consequential effect
that would follow; that is yet to be seen.” Meanwhile, they said the
downturn recorded on Wednesday could be attributed mainly to heavier
declines recorded in some blue chip and banking stocks. “We hope to see
the expected positive impact of the reported measures aimed at
restoring investors’ confidence in the market being put in place by the
interim management of the NSE, even as the team solicits for
cooperation of market operators for moving the market to stability,”
they said.

Unaudited results

At the Exchange’s
floor yesterday, Intercontinental Bank Plc presented its financial
accounts to market operators. The bank’s unaudited financial result for
the second quarter ended June 30, 2010 shows a 49.49 per cent decline
in turnover, from N85.065 billion to N42.968 billion. Its profit after
tax also fell by 102.07 per cent from (N109.333 billion) to N2.268
billion. Total net asset for the period in review depreciated by 0.71
per cent, from N380.344 billion to N377.628 billion.

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Bureau of Statistics, finance analysts in data war

Bureau of Statistics, finance analysts in data war

The variance
between statistics given by finance organisations and the Nigerian
Bureau of Statistics is fast causing ripples between the organisation
and analysts.

Finance analysts
say the figures given by the Bureau of statistics do not tally with the
realities of state of the Nigerian economy.

Bismarck Rewane, an
economist and Managing Director, Financial Derivatives Company, an
investment finance firm said, “The Nigerian Bureau of Statistics, NBS
says the economy has grown by 7 per cent in Quarter 1 2010. If we are
going by 7 per cent, there should be some prosperity, everybody should
feel it, but most people we have spoken to are not feeling it. So we
are saying that there is a variance. Petrol consumption was flat;
cheques cleared were flat, so where is the growth coming from? When we
argued this, they said, No and even suggested it was a criminal offence
to disagree with them.”

“Analysts should not be confined to a certain or limited source of data. They should be free.”

The question of the
verification of data issued by the nation’s bureau of statistics came
to light again after analysts questioned and doubted the estimates of a
7.28 per cent growth in Q1, 2010.

“The proxies were divergent and did not validate the growth numbers. Prosperity cannot be disguised” he said.

Victor Ndukauba, an
investment research analyst for Afrinvest West Africa the firm
considers a number of data sources when drawing forecast.

“We have a number
of sources when it comes to getting data that relates to the nation’s
economy. The Nigerian Bureau of Statistics should be at the top of that
list, we get data from the Central Bank, and we try to balance this up
with other sources, the World Bank, and others. The sources of data we
use and place emphasis on usually depend on what issue we are looking
at in particular”.

“When it comes to
GDP, what we tend to do is to sometimes look at the various sources,
sometimes, three sources and then check for a mid-line, an average. I
think the reason why everyone is cautioning the bureau is particularly
about the 7 per cent growth they issued for the first quarter of the
year. The argument is where did the growth come from, given the fact
that banks books shrank especially in the last two quarters last year,
with the credit shrinking challenges?”.

However, he says the NBS figure should not be totally ruled out given the peculiar state of the nation.

“If one was to sit
back, you would see that it’s actually possible the economy did grow by
that much. I think higher oil prices and more stable oil production
might have helped buffer that growth. The argument is that people have
not been affected by the level of the said growth. The economy may be
growing indeed but there’s so much money being spent, especially by the
government and only a select few may feel the impact of such growth,”
he said.

The Bureau’s warning

In a publication
issued recently, the Bureau of statistics warned analysts to note that
the Bureau is the authorised custodian of Nigerian official statistics,
noting “with dismay the behaviour of some senior citizen and
respectable corporate bodies”.

It threatened to
invoke the relevant sections of the enabling law, the Statistics Act of
2007, which empowers it to prosecute anyone who releases data at
variance with official statistics produced by the NBS.

“Is it a crime to
question data? An objection is a request for further information,” Mr
Rewane said while presenting the August edition of Financial
derivatives Company’s Monthly Economic News and Views, adding that
Nigeria in 2010 is not a police state and that analysts can disagree
with published data as the Act does not empower the NBS to prosecute
persons who release data at variance with it.

Meeting expectations?

Mr Rewane added
that empirical evidence of data divergence exists as the EIU, IMF,
World Bank and AFDB have released data at variance with NBS over the
years.

Confirming the
publication warning finance organisations to be cautious of using data
which vary from the one issued by the organisation, Leo Sanni, a
contact officer at the Bureau said. “We are the only body authorised to
issue statistics as regards the country. We have all the statistics
they can need. Any statistics you want, you ask us and we give you” he
said.

The National Bureau of Statistics of Nigeria gets its information
from contributing bodies and organisations such as the National
Planning Commission, Economic and Financial Crimes Commission, Federal
Ministry of Health, National Population Commission, Nigerian Stock
Exchange, Nigerian Embassies and High Commissions, Federal Ministry of
Finance, Central Bank of Nigeria, Nigerian National Petroleum
Corporation, among others.

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