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EFCC warns Kano businessmen about fraudsters

The
Economic and Financial Crime Commission (EFCC), North West zonal
office, has alerted the business community in the ancient city of Kano
of the influx of fraudsters into the city recently.

The commission, in
a statement signed by its media head, Gbenga Aroyehun, said the
fraudsters have already duped several persons in the city, with
majority of their victims being businessmen.

Mr Aroyehun said
the commission is working assiduously to nab these fraudsters, and
warned the public, especially businessmen, to vet every business
proposal presented before them and know the personality introducing it
in order to avoid being defrauded.

The commission
identified one of the fraudsters’ mode of operation as the introduction
of a phoney supply of a bicycle part called WHW BALL RACER, which they
cajole their victims to purchase in order to supply same to a dubious
company introduced as potential buyers.

“Through this false
scheme, several persons in Kano have been duped of millions of naira
and still counting,” stated Mr Aroyehun. “Our office in Kano has
received petitions and personal complaints from victims of this scam.”

He added that the EFCC has started investigations into the scam, and
promised that they would soon arrest and prosecute suspects.

Another explosion rocks NDDC office

Another explosion rocks NDDC office

Weeks after a bomb
explosion scared away government officials at a Niger Delta peace
confab in Warri, Delta State, another explosion on Monday again rocked
the Warri office of the Niger Delta Development Commission, causing
pandemonium around the city. The explosion, which occurred around 8pm
Monday after the workers had closed for the day, left a deep hole in
the granite floor of the building and ripped part of its roof. Resident
of the area said the explosion caused them a sleepless night, sending
shivers down their spine.

According to an eye
witness account; “We thought it was militant attack at the initial
stage, so we started running. Shops were hurriedly locked and people
just went to sleep until this morning when some of us went there and
saw what happened.”

The Delta State
Commissioner on the Board of NDDC, Emmanuel Ogidi, however, said the
explosion was not as a result of bomb but a fault with an
air-conditioner compressor.

“It wasn’t a bomb explosion, police sent expert here and confirmed that it wasn’t,” Mr Ogidi said. “It was an AC fault,

but this incident will also enable us relocate. We will try to repair whatever we can repair until we move somewhere else”.

He clarified that
the explosion should not be mistaken for the activities of some youth,
who have been threatening the commission’s office.

“There has been
couple of threats here and there. Some youths have been coming to
threaten the staff,” he said. “We have reported that to the Area
Commander and they have taken up the matter. But the youths are not
responsible for what happened. But when you issue a threat and
something happened, it can be tied to it”.

A detachment of
anti-riot police and conventional policemen seen yesterday at the
commission’s office however ruled out bomb attack from the explosion
when our correspondent visited.

The Divisional Police officer (DPO), B-Division, Warri, Christopher
Luke, who was at the scene also told newsmen that the explosion came
from the Air conditioner. He urged the staff and residents of the area
to go about their normal businesses.

NEXT reporters nominated for Diageo Awards

NEXT reporters nominated for Diageo Awards

Two
NEXT reporters – Clara Nwachukwu, assistant business editor, and Daniel
Osunkoya, business reporter – have been nominated for the Diageo Africa
Business Reporting Awards.

Diageo, the world’s
leading premium drinks manufacturer, on Tuesday, announced finalists
for the eleven categories in the seventh annual awards ceremony.

Ms. Nwachukwu’s
story: ‘Adenuga’s Conoil owes N100 billion in taxes’ was nominated in
the Best Business News Story category, while Mr. Osunkoya’s portfolio
of three features: ‘Nigerian banks in battle of transparency,’
‘Flooding in luxury estates’ and ‘We fear for bonds’ were selected for
the Best Newcomer category.

According to the statement, over 750 entries were received from 20 countries across Africa and the rest of the world.

At a gala ceremony
in London on Thursday, July 1, where a panel of eminent judges will
select the winners of each category, Ms. Nwachukwu’s piece would
compete with stories by Felix Dela Klutse (Daily Guide Newspaper,
Ghana) and Bankelele (Bankelele, Kenya). Mr. Osunkoya’s stories would
contend with features written by Pia Minchener (African Decisions,
South Africa) and Gemma Ware (The Africa Report, France).

Obiageli
Ezekwesili, vice president of the World Bank, Africa Region, is
expected to be the keynote speaker at the awards ceremony. Ms.
Ezekwesili served as Federal Minister of Solid Minerals, and then as
Federal Minister of Education in Nigeria during the second term
presidency of Olusegun Obasanjo.

Proud of achievement

Commenting on her
nomination, Ms. Nwachukwu said, “This Diageo Award is particularly
significant because there have been (few or) no Nigerian in the
competition since the award was instituted, and this makes the award
special and unique because it will be a first for Nigeria. I am happy
for NEXT Newspapers for building a culture of professionalism.”

Mr. Osunkoya said:
“It’s a great honour and privilege to be nominated in this year’s
awards. I say a big thank you to NEXT for providing the platform, and
Diageo for the encouragement.” Devlin Hainsworth, managing director of
Guinness Nigeria, a subsidiary of Diageo, said the finalists represent
“those who are leading the way in creating a more balanced view of
business reporting on Africa. The shortlisted entrants have gone the
extra mile in reporting the opportunities and challenges of doing
business in Africa and have thoroughly investigated issues that matter
to business communities locally, regionally and internationally.

“The record
breaking number of entries from across the globe reflects the increase
in business reporting on Africa in 2009/2010. Also, the type of entries
we have received also indicates a shift in the way that news is being
delivered to audiences, with many more entrants being online citizen
journalists and bloggers.”

He added that with over 750 entries received for the award this
year, “those shortlisted in their category should be immensely proud of
their achievements and contribution to promoting a more accurate
understanding of the business environment in Africa.”

Ondo lawmakers mourn Yar’Adua tomorrow

Ondo lawmakers mourn Yar’Adua tomorrow

The
Ondo State House of Assembly has fixed tomorrow as a mourning day in
honour of late president, Umaru Yar’Adua, who died last week in Abuja
after a protracted illness. The lawmakers made the resolution yesterday
in Akure during a special session, adding that the plenary would not
hold that day.

The House also
directed that letters of condolence be written by the assembly to the
family of Mr Yar’Adua, the Kastina State Government and the federal
government.

They praised late
Mr Yar’Adua for introducing amnesty programme for the Niger Delta
Region, adding that the former president needs to be immortalised. They
also appealed to President Goodluck Jonathan, to follow electoral
reform programme to a logical conclusion.

The Deputy Majority Leader, Ayodele Awodeyi described Yar’Adua as a forthright leader who had good aspirations for Nigerians.

“Yar’adua was a detribalised leader who was the only president who declared his assets to Nigerians,” he said.

Mr Awodeyi
commended the late president for establishing the Ministry of Niger
Delta, government machinery put in place to facilitate the development
of the Niger Delta Region.

Call for honour

The Deputy Speaker,
Francis Emiola, called on the Federal Government to immortalize the
late Yar’Adua by naming a national monument after him.

Mr Afolabi
Akinsiku, Ondo West I, also praised the late president for identifying
himself with the rule of law. He pointed out that the ruling Labour
Party in Ondo State reclaimed its electoral mandate due to Mr
Yar’Adua’s respect for the rule of law.

Aeronautical officers want speedy automation of facilities

Aeronautical officers want speedy automation of facilities

Officers from the
Aeronautical Information Services (AIS) department of the Nigerian
Airspace Management Agency (NAMA) on Monday called on the federal
government to “fast track” the automation of equipment used in carrying
out their duties.

The officers, under
their umbrella body, Aeronautical Information Services Association of
Nigeria (AISAN), during a press briefing at the presidential wing of
the Murtala Mohammed Airport (MMA), Lagos, disclosed that safety can be
fully achieved in Nigeria’s aviation industry when complete automation
of aeronautical facilities are put in place.

“Real time
technology is more than necessary in this dispensation and it is
important that AIS be automated so that we can deliver information
efficiently and get expected results,” said Paul Igene, president of
the association.

Mr. Igene, who
noted that the association will on May 15, commemorate its 2010 world
AIS day, argued that less advanced nations than Nigeria have automated
their facilities but aeronautical equipment in our country are yet to
be computerized. “If Kenya, a small country in the continent, have
automated their AIS, what is then wrong with Nigeria, the giant of
Africa?” he asked. “You cannot compare manual operations with
technologically driven activities.”

Call for Implementation

Anthony Nweke,
general secretary of the association, disclosed that the contract for
the automation of the aeronautical facilities has been awarded, but
expressed displeasure with the “slow pace” of implementation.

“The federal
government has awarded the contract and work is on, but what we are
clamouring for is that the automation be fast tracked,” he said. “They
have been working on this in the past, but it’s like they slowed the
pace. We want things to work this time, for we are lagging behind in
Nigeria.” Explaining the significance of automation to the AIS, Mr.
Nweke disclosed that officers can efficiently access, monitor and send
information to pilots, rather than doing it manually should there be
automated facilities.

“When we have a
complete automated outfit, the loss of information on transit to pilots
will be checked completely, and we can get instantaneous feedback from
these pilots and other aeronautical personnel when necessary,” he said.
“It should be noted that we have been fighting for this automation for
more than a decade now, so we hope that things will be better this
time.”

The president of
the association, Mr. Igene, however, disclosed that the officers are in
need of more employees, adding that the government should also promote
casual workers that have been with the department for a long period.

“Presently, AIS is
understaffed and the strength cannot efficiently carry out all
necessary duties,” he said. “We, therefore, wish that the management
employ some of the long-standing casuals in our team who have been with
us for about six, 10 and some 15 years.”

Money

More grief for NITEL workers

More grief for NITEL workers

Workers of the
former national carrier, Nigerian Telecommunication Limited (NITEL)
have blamed the federal government for failing to pay their salary
arrears for two years.

Elias Kazzah, the
company’s staff union leader, said in an interview that, “We have not
got any information from the Bureau of Public Enterprises (BPE) over
our two years salary but we have been consulting and contacting
government officials to look into our case.

“It is a pathetic
case; workers are dying, can’t cater for their families. We have also
reported the case to the Human Right Commission that this is unfair,
that citizens of this country are been maltreated like this without
salaries for over two years. Recently, our junior workers visited the
minister of state for information and communication; Labaran Maku to
brief him on the situation. But as I am talking to you, we have not
received any positive result,” added Mr. Kazzah.

However, Mr. Kazzah said though workers have no new idea on how to handle the situation, they have not lost hope.

“We have done
everything possible, but we are thinking of assembling all our members
at our office in Abuja, this week. At that meeting a decision would be
taken on how to go about the issue,” said Mr. Kazzah.

Nothing new

All previous
attempts by the Bureau of Public Enterprise to pay workers their
arrears have failed. In December, 2009 the bureau asked for N3 billion
as loan from Olushola Adekanola & Co; a firm of chartered
accountants and NITEL’s liquidators to pay five months salary to the
workers.

However, after one
month salary was paid to the workers, the liquidator backed out of the
agreement. Similarly, this year, the bid to purchase NITEL ended on a
sad note as it got mired in controversy with allegations dogging the
preferred bidder, New Generation Consortium.

“We learnt that bid
failed on the ground that the Bureau took some questionable actions on
the process. Definitely, it amounts to the fact that the bid has been
abandoned,” Mr. Kazzah said.

But Chukwuma
Nwokoh, Bureau spokesman said nothing has changed. “Like we earlier
said, our opinions on how to address the issue has been written to the
NCP and we are waiting for their directive,” Mr. Nwokoh said. Mr.
Nwokoh added that the seven- man ad-hoc committee made up of mostly
ministers which is expected to review the bid process has not been able
to meet so nothing has been decided on the bid.

Money

Bank reforms and insecurity affect business

Bank reforms and insecurity affect business

Some
industrialists say the credit crunch challenge, a fallout of the
banking reforms and the persistent decline in infrastructure and
security in Nigeria, is telling on the business climate of the nation.

The
year 2009, they say, was a year of contrasting fortunes between the
first and second half of the year for businesses in the country as
while the first half was a period of growth, the second half was one of
slow-down.

Kola
Jamodu, an industrialist and chairman of Nigerian Breweries Plc, said
that in the second half of last year, the Central Bank of Nigeria (CBN)
carried out sweeping reforms in the banking sector, culminating in its
intervention in the management of eight out of the twenty four banks in
the country.

“One
of the consequences of that intervention was the near total absence of
access to credit facilities by customers of those banks especially
companies and entrepreneurs,” he said during the pre-annual general
meeting press briefing in Lagos yesterday.

The
former industry minister added that, “This had a profound effect on our
supplies, customers, other key partners and consumers. The
expectations, however, is that the long- term benefits will outweigh
the short-term pains being suffered.”

He
added that while the efforts of some state governors to improve on
physical infrastructure were commendable, the general infrastructure
state remains a huge challenge for business operators.

“Businesses
still generate their own power, invest heavily in private security and
expend huge time and cost in the haulage of both raw materials and
finished products from one part of the country to another because of
the deplorable state of our roads,” he said. “Multiplicity of taxes and
constant harassment by agents of local governments of businesses are on
the increase.”

Economic slow-down

For
the brewed product market and the general fast moving consumer goods
industry, the year under review witnessed a slow down in growth.
According to Mr. Jamodu, “This was due to the economic slowdown, the
banking reforms, general lack of enough liquidity and other social
factors which affected business.”

He
also stated that despite the challenges in 2009, benefits from the
firm’s continuing investments and improved operating efficiencies
accounted for its success.

The company’s turnover grew by 13 per cent from the N145.46 billion in 2008 to N164.21 billion.

Operating
profit also grew by 13 per cent from N36.78 billion to N41.66 billion.
Profit before taxation increased by 10 per cent from N37.52 billion in
2008 to N41.40 billion, while profit after tax increased by N25.70
billion in 2008 to N27.91 billion.

The firm announced the payment of a total dividend of N27.9 billion;
that is, N3.69 per ordinary share of fifty kobo each, an increase of 9
per cent over the N3. 40 paid during the corresponding year.

The
company had earlier paid two interim dividends in May, 2009 and January
2010 of N21.17 billion of N2.80 per ordinary share of 50 kobo each. The
final dividend, according to the firm’s management, will now be N6.73
billion, totalling 89 kobo.

If approved, the firm says the final dividend is payable to all
shareholders recorded in the register of members as at 12 March. The
payment date is 20 May.

Money

‘Rescued banks must be transparent’

‘Rescued banks must be transparent’

Some investors at
the Nigerian Stock Exchange (NSE) have called on the managing directors
of the eight rescued banks to present progress reports of their
stewardship to the Nigerian public.

Wole Adetunji,
chairman of the Centre for Shareholders’ Enlightenment Limited (CSE),
said that there are issues which the banks, rescued by the Central Bank
of Nigeria last year, needed to clarify with their shareholders and the
general public.

The former director
general of the Securities and Exchange Commission (SEC) said his
organisation has therefore invited the concerned banks for presentation
on the 3rd of June.

“In the absence of
annual general meetings of these banks where shareholders could ask
relevant information about their financial reports, we (shareholders)
feel a one day conference on their financial reports will be a very
credible avenue of presenting their challenges and issues germane to
the continued existence of these banks rather than personalities issues
the problems of these banks has degenerated into of late,” said Mr.
Adetunji, who is also the chairman of the ChartWell Securities Limited,
a stock broking firm.

Gbenga Idowu,
managing director of the CSE, said the organisation believes that the
problems and challenges of these banks are the overall problems of
Nigerians, adding that shareholders of the troubled banks should all be
allowed to contribute their own efforts at finding solutions to some of
the problems.

Dematerialisation

Meanwhile, Mr.
Adetunji has also called on the management of SEC and NSE to set a
deadline for the full actualisation of dematerialisation of share
certificates “because without this process the capital market cannot
move forward.”

“Other countries
have gone past this stage while we are still struggling with
certificate verification -believing that we can join the developed
nations by the year 2020.”

Share
dematerialisation is the process of converting share certificates to
electronic share lodgment and allotments. The NSE said the process will
increase efficiency and transparency of activities at the capital
market.

The Lagos State
coordinator of Independent Shareholders Association of Nigerian,
Anthony Omojola, said the delay shareholders get from verification and
transfer of share certificate from issuing houses will no more be there
if dematerialisation takes full effect.

“Stock broking
houses that charge for the lodging of share certificate when the value
of the shares is lower than the charge will be force to stop,” he added.

Money

Abuja minister vows to prosecute errant appointees

11/05/2010 nigeriang No comments

Abuja minister vows to prosecute errant appointees

Any member of the executive committee of the Federal Capital
Territory (FCT) who is involved in any form of financial misappropriation will
be handed over to anti corruption agencies, the FCT minister, Bala Muhammed,
said on Monday while swearing in the eight newly appointed members of the
committee yesterday in Abuja.

Seven of the appointees are to serve as secretaries of the mandate
secretariats while the last person is to serve as coordinator of the Abuja
municipal management council.

“Misappropriation, misapplication or outright embezzlement of
public funds or show of unnecessary personal interest will not be tolerated or
will not be taken lightly as I will not hesitate to hand over offenders to the
Economic and Financial Crimes Commission (EFCC), the Independent Corrupt
Practices and other Related Agencies,” Mr. Muhammed said.

The minister, who was a senator before being his appointment,
dissolved the former committee two weeks ago upon assumption of office. He
challenged the new appointees to work extra hours, saying “we don’t have the
luxury of time. So, we don’t have time for loitering or gossiping or rumour.
What we want is to see concrete and measurable results.”

The minister also cautioned the committee members, saying “I
must warn here that anybody who constitutes himself or herself into a road
block by standing between us and the successful realization of the set objectives
will be shown the way out or dealt with in accordance with the law.”

Amen Alkali, a member of the executive committee, who spoke on
behalf of all of them cautioned those who had been congratulating them on their
appointments.

“I thought they should be praying for us,” he said. “This is
because a heavy responsibility has been bestowed on us. Expectations are high.
Demands are enormous. I hope and I pray that by the time we leave the offices,
people will come around and congratulate us.”

Work with the minister

The executive committee is expected to work with the minister to
achieve the federal government’s goal for the FCT.

Last week, the Senate approved a budget of N362.3billion for the
FCT for the 2010 fiscal year. Mr. Muhammed and his executive committee members
are responsible for managing this sum.

Members of the committee are Olusegun Awolowo, Secretary, Area
Councils Secretariat; Hamza Buwai, Secretary, Agriculture and Rural Development
Secretariat; Hussaini Pai, Secretary, Education Secretariat; Blessing Onuh,
Secretary, Social Development.

Others are Ivoke Achara, Secretary, Transportation; Precious
Gbeneol, Secretary, Health and Human Services; Amen Alkali, Secretary, Legal
Services; and Fatima Shettima, Coordinator, Abuja Municipal Management Council.

Former ministers of the FCT, after Nasir El-Rufai, have been
criticized for not doing much to improve the state of Abuja and maintaining its
master plan.

The immediate past minister, Adamu Aliero, a noted member of the
so-called ‘Yar’Adua cabal,’ who was already lobbying to become vice president
until the death of former president, Umaru Yar’Adua was heavily criticized by
many, including both arms of the National Assembly, for erecting road bumps/
speed breakers on roads to the discomfort of Abuja road users.

Mr. Muhammed’s administration has already commenced the removal and
redesigning of the road bumps/ speed breakers.

ICPC accuses customs of defrauding government

11/05/2010 nigeriang No comments

ICPC accuses customs of defrauding government

The refusal of the Nigeria Customs Service (NCS) to return
unspent funds to the federation account since 2005, as demanded by law, has
cost the federal government substantial loss in revenue, the Independent
Corrupt Practices and other related offences Commission (ICPC) has charged.

Media consultant to the ICPC, Folu Olamiti, said on Monday that
an initial investigation conducted by the ICPC on the agency revealed that it
has not been remitting its annual unspent balances to the federal government
sub-treasury since 2005.

“The commission had discovered that so far it (NCS) owed the
government of Nigeria more than N600 million,” he said.

While confirming that the commission has so far recovered
600million of this money, the ICPC spokesman explained it was “yet to conclude
investigations into the revenue profile of the government agency.”

The ICPC commenced investigations into the activities of the
Nigeria Customs based on a petition by the Central Bank of Nigeria that some
government ministries, departments and agencies (MDA’s) were not returning
their unspent monies to government coffers.

The ICPC was carrying out a ‘system review’ of the agencies
involved when the alleged graft in the customs service was exposed.

Comply or be prosecuted

Mr. Olamiti, while explaining the reason why no one is being
prosecuted for this default, stated that “System review is for you to comply.
If you do not comply by returning all unspent monies by the end of the year,
then we will prosecute.”

Efforts to get the reaction of the NCS was unsuccessful as its
spokesman, Wale Adeniyi, did not answer respond to calls and text messages sent
to his mobile phone.

The investigations and recovery by the ICPC is coming on the
heels of the expected debate by the House of Representatives on the
recommendations of its committee on customs, which investigated the activities
of the agency.

The committee’s report, which was submitted to the house two
weeks ago, indicted several public and private institutions which have refused
to remit money due to the customs and asked the Economic and Financial Crimes
Commission to help the agency recover the money.

Some of the public agencies owing the customs, according to the
House committee, are the Nigeria National Petroleum Commission (NNPC), 45
billion naira; the Nigeria Security Printing and Minting Company (NSPMC); and
the Central Bank of Nigeria (CBN).

The private firms owing the NCS include oil companies like Shell Petroleum
Development Company, and Elf Petroleum and Total Upstream. Others include
Dangote Industries Limited and Julius Berger.