Archive for nigeriang

Police dismiss 30 over extortion in Oyo

Police dismiss 30 over extortion in Oyo

Some 30 officers of
the Oyo State Police command were dismissed in the last one year after
being convicted for extortion, Baba Adisa Bolanta, the state
Commissioner of Police, disclosed at the weekend.

The police boss,
who said the dismissed cops were found guilty of extorting money from
commercial and private motorists, said an additional 16 policemen were
demoted for the same offence under the year in review.

Special attention

Mr. Bolanta, who
was speaking with journalists at his office in Ibadan to commemorate
his first year in office as the commissioner in charge of the state
command, said the affected individuals were sanctioned after the court
martial set up to examine their involvement in the allegations against
them found them culpable.

He informed that
the most of the affected cops were within the ranks of inspector to
corporal, reiterating the determination of the command to rid its
system of bad eggs.

The CP also told
the press that the federal government has recently decided to give
special attention to seven cities in the countries in a special
security scheme to ensure effective policing.

The cities, which,
he said, would enjoy special allocations in terms of equipment, include
Ibadan, Lagos, Port Harcourt, Abuja, Onitsha, Maiduguri and Kaduna.

Adding that the cities would be used as the pilot scheme for the
project which will cut across other cities if it becomes successful, he
noted that the beneficiaries would enjoy special consideration to allow
them combat crime effectively in their domains.

African Airlines reject blacklisting by the European Union

African Airlines reject blacklisting by the European Union

Airlines in Africa have complained against the blacklisting of carriers in the continent by the European Union (EU).

The carriers, under
the African Airlines Association, an umbrella body based in Nairobi,
Kenya, argued that the latest list of airlines banned from the European
airspace due to safety concerns will dent the confidence placed on
African carriers, as 13 of the 17 countries affected by the ban are
from Africa, with a total of 111 African airlines ‘blacklisted.’

“While the EU list
may be well-intended its main achievement has been to undermine
international confidence in the African airline industry,” said Nick
Fadugba, Secretary General AFRAA in a statement.

Admitting that
Africa needs to improve on its air safety record, Mr. Fadugba disclosed
that air safety is the “number one priority” of the association, adding
that the ultimate beneficiaries of the ban are European airlines which
dominate the African skies to the disadvantage of African carriers.

“If any list is to
be published, it should be done by the International Civil Aviation
Organization (ICAO), the global regulator of aviation safety, which has
a known track record of impartiality,” he said.

The association
further argued that last week’s list has the effect of damaging the
reputation of many scheduled African airlines whose safety records and
adherence to ICAO safety standards are comparable to the best airlines
anywhere in the world.

Outlining some of
the contradictions in the blacklist, the association’s secretary
disclosed that majority of the airlines in Africa on the list have
never operated scheduled flights to Europe, do not plan to do so, and
have no aircraft with a range to fly to any EU state.

Mr. Fadugba
disclosed that the list includes many airlines that only exist on paper
and are not operational, stressing that neither the operating license
nor the ICAO registration numbers of most of the banned airlines are
known.

The association,
however, called on the EU to emulate the United States of America,
which introduced the “Safer Skies for Africa” initiative aimed at
upgrading capacity, developing skills and providing infrastructure to
improve safety in the African continent, adding that the US did all
this when only a few of its carriers operate into Africa.

Also calling on the
International Civil Aviation Organization to venture into the matter,
the association in the statement disclosed that it is willing to have
talks with the European Union on the issue.

“We are ready to engage the EU and other stakeholders in
constructive dialogue to find an amicable solution to the air safety
challenges in Africa,” it said.

The unpredictable radical

The unpredictable radical

Abubakar Rimi’s life was marked by a certain restlessness.

In 1983 he decamped from Aminu Kano’s
People’s Redemption Party, of which he was a founding member, and on
whose platform he had been elected governor, to Nnamdi Azikiwe’s
Nigeria People’s Party. More than twenty years later he would make a
similar move, dumping the People’s Democratic Party, which he helped
found, for the Action Congress; and then months later make a
controversial return to the PDP.

For a man who early on earned a
formidable reputation as a ‘progressive’ politician (he was once quoted
as saying “I hate whatever the NPN stands for; it is a manifestation of
everything that is bad”), his affiliation with the PDP, the 4th
republic incarnation of the NPN, remains surprising. But then wasn’t
this also the man who publicly swore, after leaving the PDP, that he
would never return; but within a year was back, and remained a
prominent member until his death?

Roller coaster

Abubakar Rimi was one of the founding
members of the Peoples Redemption Party. In 1978 he was elected deputy
National Secretary of the party. In the run-up to the second republic
his ambition was to be a senator.

By a stroke of fate he ended up – a
dashing thirty-nine year old – as the first civilian governor of the
old Kano state. As governor, he demonstrated remarkable fidelity to his
party’s (PRP) ideals, making the economic and educational empowerment
of the talakawa (“common man”) the priority of his administration.
Following his decampment to the Nigeria People’s Party, he honourably
resigned his position as governor of Kano State on the 1st of May 1983,
making him the first – and only – Nigerian state governor to do so. He
would later contest for a second term on the NPP platform, losing to
Sabo Bakinzuwo, the candidate of his former party.

In 1984, he was one of the legion of
second republic politicians tried and jailed on corruption charges by
the Muhammadu Buhari regime, which brought to end the second republic.
Rimi would spend the next three years in at least two Nigerian prisons
(Benin and Kirikiri). That spell was his second; the first, a much
shorter one, occurred during the build-up to the 1964 Federal House of
Representatives elections (in which he was contesting on the platform
of the Northern Elements Progressive Union), when the rival Northern
People’s Congress engineered his arrest and detention.

Rimi was also one of the prominent
politicians initially banned from participating in the transition to
civilian rule by military dictator Ibrahim Babangida in 1991. In the
3rd Republic he was a prominent member of the Social Democratic Party
(SDP), and a leading supporter of Moshood Abiola’s presidential
campaign. But when Sani Abacha came to power, Rimi, alongside other SDP
members like Lateef Jakande, Iyorchia Ayu, Babagana Kingibe and
Ebenezer Babatope, accepted a ministerial position in the junta. They
were all later dropped from the cabinet.

In 1998 Rimi teamed up with a group of
eminent Nigerians to form the G34, a political pressure group that
stridently opposed Abacha’s plans to transform into a civilian
president. The sudden death of Abacha in June 1998 and the subsequent
opening up of the political space by the Abdulsalam Abubakar government
provided an opportunity for Rimi to once again achieve political
relevance. The G34 transformed into the People’s Democratic Party,
positioning Rimi to become an influential member of the political
platform that would soon become the nation’s ruling party.

The Aso Rock dream

His overriding ambition until his
death was to become the President of Nigeria. He sought to contest in
the PDP primaries in 1999 and 2003, in defiance of the party’s internal
arrangement that zoned the presidency to the South. In 1999 he bowed to
the party’s decision. But in 2002 he, alongside Barnabas Gemade, took
the PDP to court to challenge its zoning the presidency to the South.
“[T]his time around, the race is open to anybody, everybody; and it is
equally not true that the political mood favours any particular part of
the country. It is not true at all. The race is open to all parts of
the country. And so I am in the race,” he told a national daily in
November 2002.

The PDP would later reverse its zoning
decision (barely 48 hours to the national convention) and allow the two
men to contest the Presidential primaries. Those present at Eagle
Square, Abuja venue of the primaries, or who watched the live
broadcast, will recall Rimi’s name intermittently punctuating that of
the two main contenders, Mr Obasanjo and Mr Ekwueme, during the public
ballot counting that followed the voting, presided over by Tom Ikimi.

A controversial legacy

Politics dictated that Rimi would part
ways with some of his closest allies. As Kano state governor, Rimi’s
differences with his mentor Aminu Kano caused the PRP to be split into
two factions. Two decades later the struggle to control the PDP in Kano
and Jigawa (which was carved out of the old Kano state) states caused
Rimi to fall out with long time friend and political associate (and
fellow disciple of Aminu Kano), Sule Lamido.

Rimi was also an unrepentant critic of
Mr Obasanjo, despite his appointment as Chairman of the board of the
Nigerian Security Printing and Minting Company. In 2006 his frustration
with the PDP (he publicly accused the party of having a hand in the
2006 murder of his wife) led him to switch to the Action Congress,
where he became a National Vice Chairman.

But he was not to stay long in the new party, returning to the PDP in October 2007.

Throughout his long political career
Rimi never failed to reveal flashes of the disdain for
establishment-style politics which defined his early years as a member
of the Northern Elements Progressive Union and the People’s Redemption
Party; both of which sought to be progressive bulwarks against the
conservatism of the powerful Northern aristocracy. As Kano State
governor he abolished age-old taxes, and famously queried the Emir of
Kano, a potentially politically suicidal move.

But at certain periods when it
mattered, and especially towards the end of his life it was hard to
find evidence that Rimi was not an establishment person. In the end, he
leaves a fascinating legacy – a colourful political career whose
unpredictability soon came to become very predictable, a history of
unguarded public statements, and an impressive list of
associates-turned- enemies.

But perhaps what will serve as the prevailing symbol of that legacy
will be the tens of thousands of mourners who attended his funeral on
Monday, evidence that while the Rimi political magic may have waned
over the years, it never quite vanished. In death, as in the beginning,
Rimi was a man of the people.

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Tinapa finally finds its rhythm

Tinapa finally finds its rhythm

Business and
leisure activities are gradually picking up at the Tinapa Business and
Leisure Resort, Calabar, Cross River State following the approval and
gazetting of its operational guidelines by the federal government.

Several state
governments, including Imo and Rivers, recently held some of their
conferences and retreats at the Resort, while some foreign groups are
also taking advantage of the serenity and ambience of Tinapa to do
business.

The number of
visitors to the Resort has also increased appreciably, to the delight
of the people of Calabar who have for long wondered when commercial
activities would kick off at the multi-million naira centre. A greater
chunk of the visitors however patronise the T-Mart, a retail shopping
emporium which is about the size of two football fields.

So far, no fewer
than a million people from within and outside Nigeria have been to the
retail shop since last December when the shop, which is run by American
trade experts threw its doors open to the public.

“Over 100
containers have come into the Tinapa over the last three months,”
Managing Director of Tinapa, Bassey Ndem said. “These are goods that
are not in the absolute prohibition list, including general cargo,
electronics, textiles, building materials, home wares, consumables and
so on. Those are the ones coming in now. But we are talking to other
people that want to bring machineries.

Somebody has brought in papers, another person iron rods. Many goods are coming in now.”

Ready for business

Mr Ndem said prior
to the release of the gazette, a number of people had come in to make
enquiries about taking shops at the complex, but it was not possible to
seal the deals because the operational manual had not been released by
government.

“In fact, Tinapa
is getting out of the woods and there are about 53 different companies
operating at the Tinapa now. The Amber Tinapa (an hotel) is ready and
has been in use. The Water Park, the biggest in Africa is ready and in
use. So, why should you go and look at another water park at Orlando or
anywhere else when this one is available?” He said the facility was
ready to provide a year’s rent free to people who invest in the shops,
coupled with other mouth-watering attractions.

One of the investors, Charles Oku said the children’s arcade is a source of joy to kids.

“T-Mart, which is as good as any shopping mall in America or in Germany is ready and is selling,” he said.

“It is the first
and only duty-free market in Nigeria and I think the entire Tinapa has
offered very wonderful opportunity to Nigerians to transact business
and get those things that they would have travelled and paid so much to
get abroad.” There are however still several challenges ahead. About a
year ago, the only shipping line in Calabar withdrew its services,
while importers of goods into Calabar resorted to Onne and Port
Harcourt ports because of bad roads and the shallow level of the
Calabar water channels.

Mr Ndem said the
state government is pushing for the dredging of the Calabar River
Channel, dualization of the gateway roads to Calabar and improvement of
facilities at the Calabar airport.

He also said Tinapa
intends to acquire three more ships, as well as increase its freight
from 4,500 to 36,000 metric tonnes so as to serve the South-South,
South East and the North East Zones.

“The management even has the hope of floating a Tinapa Airline in future,” he said.

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Sleep no more

Sleep no more

Human sleeping sickness, the age-long disease that has defied several interventions,

is closer to being checked as African researchers recently announced improved techniques to control the disease.

In a study recently
carried out in Burkina Faso and Cote d’Ivoire, African scientists show
that by mimicking odours in cows, pigs and humans and using them to
bait Tsetse flies (the vector harbouring the trypanosomes which causes
sleeping sickness), they can increase the number of flies attracted to
a trap and the number of kills.

The scientists figure that this is a sure way to break the transmission of the disease from fly to man.

An associate
professor of the Community and Primary Health Department of the
University of Lagos, College of Medicine, Bayo Onajole, says although
using odour baits to kill tsetse flies is not a new method, “ it can
help in preventing transmission.”

He adds that, “For
the control of vector-borne diseases, it is always advised to use an
integrated approach such as having a high index of suspicion of
patients, presenting with symptoms, treating with drugs and detecting
approaches targeted at the environment,” he said.

Human sleeping
sickness is caused by African trypanosomiasis and this is harboured in
Tsetse flies of various species. Tsetse flies (Diptera:

Glossinidae) infest
approximately 10 million km2 of sub-Saharan Africa where they transmit
trypanosomes, which cause sleeping sickness. The most dangerous species
(called Glossinidae Palpalis), which occur in West Africa, accounts for
97 per cent of total reported cases.

Age-long challenges

According to the
World Health Organisation, sleeping sickness threatens up to 60 million
people in 36 countries of sub-Saharan Africa and affects 50,000 to
70,000 people each year. Only a small fraction of these countries are
under surveillance with regular examination, or have access to a health
centre that can provide diagnostic facilities, or are protected by
vector control interventions. In Nigeria, the disease is common in the
northern parts of the country especially amongst cattle-rearers, in
savannah and riverine areas.

The researchers
also said that one of the major challenges of controlling the diseases
for over 80 years has been the cost and logistical difficulty of
managing fly control programmes.

“There are no
vaccines or prophylactic drugs available to prevent the disease, which,
once it has been contracted, is treated with curative drugs that often
prove ineffective because of emerging disease resistance in the
trypanosomes,” the authors said in the PLoS Journal of Neglected
Diseases where the research was published last month.

“These drugs can
often have unpleasant and sometimes fatal side effects. Prospects for
development of effective vaccines or prophylactic drugs are poor.”

Vaccine prospects

Another step that
could help control the disease is developing a vaccine. A Nigerian
scientist, Jonathan Nok, last year won the Nigeria Liquefied Natural
Gas (NLNG) Prize for his work in discovering the gene responsible for
the creation of Sialidase (SD),

an enzyme which
causes sleeping sickness (Trypanosomiasis). Mr. Nok, a professor of
Biochemistry and the Dean of the Faculty of Science, Ahmadu Bello
University, says the breakthrough is significant as it will form the
baseline for developing DNA-based vaccines against Trypanosoma, a
predominantly African problem.

Way forward

The researchers
find that this kind of vector control in the management of the disease
has done little over the past 80 years and to overcome this, they are
trying to develop cost-effective insecticide-treated targets by
identifying chemicals that will increase the number of flies that will
be lured to a target and killed.

Commenting on the viability, one of the co-authors of the study, Michael Lehane says,

“We are aiming to test the technology in the field in the near future,

and assessing the
impact in the epidemiology, as well as in the socio-economics of the
intervention areas. Until then, it is difficult to state the specific
value of this approach to the control of the disease. This opens the
way for further work to identify the attractants present in these
natural odours that can then be simply and cheaply incorporated into
targets to reduce the cost of control,” reads the study.

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Police investigate driver’s death

Police investigate driver’s death

Police authorities in Ondo State have
launched an investigation into the death of a bus driver, Ismaila
Sanni, who was allegedly beaten at a filling station in Ikare-Akoko
area of the state. Mr. Sanni died after the fight at the station where
he had gone to re-fuel his minibus, otherwise known as “Agolo”.

NEXT gathered that a dispute ensued
when one of the attendants at the filling station claimed that Mr.
Sanni paid for the fuel he bought with a fake N500 note.

The attendant called the attention of
his colleagues to the fake money. However, the deceased driver denied
giving the attendant the note.

Mr. Sanni’s denial fell on the deaf
ears of the petrol attendants who allegedly beat him to a state of
coma. He was later taken to Ikare General Hospital where he died.

The driver’s death provoked a reappraisal attack from his colleagues who attacked the filling station.

The aggrieved drivers vandalised properties worth millions of naira while the attendants ran for cover.

Some of the workers in the filling stations were however unlucky as they sustained various degrees of injuries in the melee.

Rounds of destruction

The irate drivers also moved to another
filling station allegedly belonging to the same person who owns the one
where Mr. Sanni was attacked and carried out another round of
destruction.

It took the intervention of police in Ikare division to put the situation under control.

Confirming the incident, the
spokesperson of the Ondo State Police Command, Adeniran Aremu, said the
police are currently investigating the matter with a view to punishing
the perpetrators of the crime.

According to him, the situation has now
been brought under control, stressing that the people of the area are
going on with their normal business activities.

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PERSONAL FINANCE THROUGH LIFE’S STAGES: MONEY MANNERS: Is a friend in need a friend in deed?

Shakespeare’s Polonius offers the sage
advice to his son Laertes in Hamlet “Neither a borrower nor a lender
be, for loan oft loses both itself and friend.” Again, in “The Merchant
of Venice” the pitfalls of lending to friends are discussed.

Consider this scenario: A friend calls
you and needs to see you urgently. It can’t be discussed on the
telephone; she must visit you personally. You oblige and she explains
that she has run into serious financial difficulty and requires a sum
of N50,000 immediately to assist with her car repairs. She will
definitely be out of the woods by the end of next month as she is
expecting some money that she is being owed. This is just to tide her
over until then. She promises to pay back within two months.

You are touched by the sorry tale and
you oblige. She thanks you and visits promptly the next morning to
collect the cash. Then, you don’t hear from her for several months; she
doesn’t answer your calls or respond to text messages and she totally
disregards your e-mails. After many months, you see your “friend”. When
you ask her why she didn’t return your calls, she says she lost her
phone along with all her numbers.

We all know that such excuses hold no
water; your friend is just avoiding you like the plague because you
lent her money! Apart from all this, she has bought a new car, whilst
yours is long overdue for a change, and been on holiday to Dubai!
Another year passes and you have seen her several times at social
occasions and the debt has never again been mentioned. It’s like it
never happened. Sound familiar?

Have you ever borrowed money from, or
lent money to friends or relatives? I mean an amount that means a lot
to you. Whether a loan is the odd N10,000, or bigger loans running into
hundreds of thousands of naira, it is reasonable to expect to be
repaid. You lend the money because you are good friends and you trust
them to keep their word or perhaps they have helped you out in the
past.

Money “palaver” breaks up or at the
minimum can strain friendships and family relationships. Sometimes,
trying to collect it breeds awkwardness, resentment, guilt, and anger.
It isn’t that lending money is the problem per se; it is that money
changes the nature of personal relationships. However, while
Shakespeare’s tales recount the pitfalls of lending money to friends, a
loan to a friend does not always have to be an unpleasant experience if
a few issues are considered.

Just trying to help a friend in need?

Naturally one should consider
supporting a friend or loved one facing a medical emergency, or other
serious need following the death of a family member, a job layoff,
divorce or to assist with their rent or children’s school fees.

You should know what the money is
needed for. If it is a sudden illness or calamity or other serious
need, then you should consider it. After all, that’s what friend’s are
for. Are you loaning your daughter N50,000 to put groceries on the
table while your son-in-law is out of a job? Think twice before
supporting an indulgence if it is to finance a new plasma TV, to buy
jewellery, or for a vacation, no matter how long awaited.

Should you charge interest on a loan to a friend?

It depends on the amount of the loan
and for how long the funds are needed. If a large sum is involved, you
may wish to charge some interest. It is not about exploiting your
friend; the fact is that if you lend money for an extended period,
without interest, by the time you get it back its value would have been
eroded by inflation.

Is it a loan or an investment? Is the
money an investment in your friend’s new business venture or do you
expect to get your money back in full? It’s easier to charge interest
if you are lending for a business.

How much should you lend?

Only you can determine how much you can
afford to lend and for how long. If your friend ran into difficulty and
couldn’t pay you back, will this put you in financial difficulty?
Things happen, unexpected events occur that could mean that you need
money in a hurry. Can your own emergency fund accommodate your
unexpected need as well as your friend’s crisis?

Remember most “experienced” borrowers,
approach several people simultaneously and can end up raising a tidy
sum. Don’t feel obliged to put up the entire amount; a percentage would
help.

Put it in writing

Don’t be too casual about lending
money. It can be a bit embarrassing but it is only decent for a loan
request to come with a repayment proposal. What’s the borrower’s track
record like? Notorious borrowers become known for this, so don’t be the
one to get caught out.

Smaller amounts can be lent without any
documentation but for larger amounts, put something in writing.
Although such a written agreement or promissory note helps to lay out
the general terms of the loan, it is not usually necessary to involve
lawyers.

The name of the lender

The name of the borrower

The loan amount

The date of loan

The date or schedule of repayment

Rate of interest (if applicable)

Collateral (if any)

Penalty for late payment

Both of your signatures

Once you have lent money, try not to
dwell on it and make your friend feel obliged to you as this can strain
the relationship. Don’t change the way you treat the recipient, don’t
expect special favours or change your expectations of them. Be
discreet; the last thing your friend wants is for you to publicize the
fact that you lent them money.

How do you say “no”?

It is better to just say no than to
lend to someone who may not have the ability to pay you back. If you
can’t afford to part with any money at this time, or just feel
uncomfortable about lending, then just say no. Sometimes borrowers can
put you under so much pressure that you succumb. It’s far easier to say
no from the start than to have to hound your friend for the money.

GIVE instead

Borrowing and lending are business
transactions and should generally be treated as such. If this all
sounds too formal or too business like for you, then its best to just
give instead. That way, you are offering only what you can afford, and
have no reason for resentment. If you consider the loan to be a gift,
if it gets paid back, then it’s a pleasant surprise; if it doesn’t, you
weren’t expecting it back anyway.

Central Bank to partner with Malaysia

The Central Bank of
Nigeria has announced its desire to work with the Bank Negara Malaysia
(Central Bank of Malaysia) to seek solutions to and share expertise on
a wide range of issues for the benefit of the banking industry.

Today, the bank
announced that it has signed a memorandum of understanding with the
Malaysian bank with the purpose of sharing skills expertise and
exchanging relevant information that pertain to the banking industry.
The information was revealed in a press statement issued by the Central
Bank of Nigeria yesterday.

The memorandum of
understanding covers the areas of Banking Supervision, Small and Medium
Enterprises (SMEs), Microfinance, Islamic Finance, Monetary Policy,
Development Finance Institutions, External Reserve Management,
institutional arrangement for financial crisis management and
resolution, Foreign Exchange Administration, Performance Management and
Corporate Strategy, Leadership Development and Talent Management.

Seeking direct relevance

The statement
signed by Mohammed Abdullahi, who is head, corporate affairs, of the
regulatory body, said the MOU was signed at the headquarters of the
Bank Negara in Kuala Lumpur during a one-week study tour of Malaysian
financial institutions by the Board of Directors of the Central Bank of
Nigeria between the 22 and 26 March, 2010.

“The study tour
enabled the team to understudy the success of the Malaysian regulator
in the area of financial crisis management which has direct contextual
relevance to the Nigerian situation,” the statement said. “Other areas
of interest to the Central Bank of Nigeria include the stimulation of
economic development through financing SMEs and effective supervisory
framework for microfinance banks.” Malaysia is a developing country
that has achieved widely acknowledged economic success and the Bank
Negara has had an effective financial stability framework since the
Asian financial crisis in the 1990s. Many believe that the banking and
financial reforms the country undertook successfully are the benchmark
for the current banking reforms of the Central Bank of Nigeria.

The team returned to Nigeria last weekend.

Palladium hits two-year peak as gold steadies

Palladium prices hit a two year high on Monday, with traders
citing strong physical buying of the metal for auto use in Japan also sweeping
its sister precious metal platinum to its highest since August 2008.

After volatile trade in Asia, gold prices were steadying above
$1,125 an ounce in sparse activity due to public holidays in some European
countries.

Palladium, used largely in the auto industry for catalytic
converters, rose to $492.50, its strongest since March 2008, and was at $488.50
by 1046 GMT.

“We are seeing strong demand from palladium from the industrial
sector in Japan.

There’s also buying in platinum but it’s not that strong,” said
a physical dealer in Tokyo.

Spot gold stood at $1,126.25 an ounce, compared with $1,124.50
quoted late in New York on Friday.

It had hit an intraday high of $1,126.70 an ounce on a firmer
euro — not far from a two-week high of $1,127.75 seen on April 1 — but could
face stiff resistance at a 6-1/2 week high around $1,144 hit in early March.

Dealers awaited the release of an ISM survey on the U.S.
services sector for March later on Monday, and a policy meeting by the Reserve
Bank of Australia on Tuesday, expected to raise rates by 25 basis points to
4.25 percent.

“We are likely to see a further strengthening of the dollar
ahead,” said Wong Eng Soon, an investment analyst at Phillip Futures in Singapore,
referring to recent economic data such as non-farm payrolls that supported the
dollar.

“All tightening measures, whether they come from Australia or
China, have the effect of lower commodity prices. I am looking at the topside
resistance at $1,140 and a very firm support at $1,110. Gold has more downside
risk.”

U.S. gold futures for June delivery were up 70 cents at
$1,125.80 an ounce. The New York market reopened on Monday after the Easter
holiday.

The euro stood at $1.3478, shedding some early gains, which also
kept a lid on bullion prices.

A solid rise in private-sector hiring in the United States has
raised talk that the Federal Reserve may raise the discount rate again,
providing support to the dollar.

The Fed surprised markets on February 18 when it raised the
discount rate by a quarter point to 0.75 percent.

On platinum, residual support remained after news on March 30
that Lonmin, the world’s third biggest platinum producer, had shut its No. 1
furnace after another incident at the troublesome smelter, with repairs
expected to take over a month.

“I guess the impact of the Lonmin spillage as well as concerns
over a power shortage in South Africa is still limited on platinum. Physical
demand is not so strong but at least funds have been buying continuously,” said
the Tokyo physical dealer.

Spot platinum stood at $1,677.50 an ounce, while silver firmed
to $17.91 Platinum started to diverge from gold in January after showing a
strong correlation with gold prices in the last quarter of 2009.

But physical dealers said some auto makers had shifted to using
more palladium in diesel and gasoline engines because the price was much
cheaper than platinum, while hopes for a further recovery in the global auto
sector also boosted demand.

Palladium and platinum ended the first quarter 17 percent and 12
percent higher respectively, surpassing the single-digit gains posted by gold
and silver.

Opposition leaders hail Atiku’s return to PDP

Opposition leaders hail Atiku’s return to PDP

The exit of the former presidential
candidate of the Action Congress, Atiku Abubakar and his supporters
from the party is a “good riddance to bad rubbish”, Jide Awe, the Ekiti
State chairman of Action Congress, said yesterday.

Mr. Awe said people such as Mr.
Abubakar, who recently announced his return to the Peoples Democratic
Party (PDP), would find it difficult to remain in the progressive camp.

The AC leader also said the exit of the
former vice president from the party will not affect its performance in
the 2011 general elections.

“Consistently, I have been saying that
Atiku as a capitalist will find it very difficult to settle down in a
progressive camp,” he said.

“If he is moving back to PDP, to me, it
is good radiance to bad rubbish because, ideologically, Atiku is not
fit to be in any progressive camp judging from his background.

“Atiku’s staying with AC is like taking
a fish out of water. It is obvious that the AC saved him from the
humiliation and rescued him from political crisis in 2006 and the AC
has satisfied its conscience as party. We saved him from a very
difficult situation.

“The exit of Atiku will not affect the
fortune of AC in the 2011 general elections because we have a lot of
progressives in the North who are ready to come home to their normal
base.”

Jackson Adebayo, the Director of
Communication and Strategy for the Ekiti State chapter of the PDP,
however described the vice president’ decision as “courage of a
political icon and astute political leader.”

“Everybody in the PDP is waiting for
his return to the party. It is an advice to other opposition members
and those aggrieved to make sure that they come back to the party,” he
said.

Meanwhile, a leading member of the
Action Congress from the North East region of the country, Yusuf Buba
said that Mr. Abubakar has not officially informed the party of his
defection and described the proposed defection as a wrong step.

“I don’t think it is reasonable at this
time, because the country needs a strong opposition at this time. I
don’t support the politics of if you cannot beat them you join them. It
is not the best thing to do.” He said.

Also, the Conference of Nigerian
Political Parties (CNPP) described Mr, Abubakar’s return to PDP as a
blessing to the progressives.

According to its National Chairman Maxi
Okwu, “the defection will enable true progressives in Nigeria to work
toward achieving their goals. It would have been impossible for the
progressives to take over power in Nigeria with people like Atiku whose
ideologies differ from theirs”.

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