Archive for nigeriang

Nigerian interbank rates rise on cash shortage

Nigerian interbank rates rise on cash shortage

Nigerian interbank lending rates climbed to 10.25 percent on
average last week, from 9.66 percent the week before, on the back of large cash
outflows to foreign exchange and bond purchases, traders said last weekend.

The secured Open Buy Back held stable at 9.50 percent, 200 basis
points above the central bank’s 7.50 percent benchmark rate and 4.5 percentage
points higher than the Standing Deposit Facility rate.

But overnight placement climbed to 10.50 percent from 9.75
percent, while call money rose to 10.75 percent from 9.75 percent last week.

Dealers said outflows to foreign exchange and other transactions
in the week drained liquidity in the system and pushed up the cost of borrowing
among banks.

Nigeria sold over $600m at its central bank foreign exchange
auctions last week, while a total of N70bn was sold in 3-year and 5-year
sovereign bonds.

“There was inflow from personnel costs to government agencies in
the week, which helped reduced the impact of outflows on the cost of fund in
the market,” one trader said.

The market opened with a balance of about N86bn ($555m) on
Thursday but the market is expected to be short this week because of the impact
of major outflows to foreign exchange and other transactions.

“We see the market becoming short this week and the cost of
borrowing inching up a bit until the next round of budgetary disbursements,”
another dealer said.

The Nigerian market will be closed until Wednesday for the
Easter public holiday and governorship and state assembly elections on Tuesday.

The indicative rates for the Nigeria Interbank Offered Rate
closed higher in tandem with short-term funds, with the 7-day fund rising to
11.15 percent from 10.91 percent a week earlier.

The 30-day fund inched up to 12.33 percent from 12.12 percent,
the 60-day was up to 13 percent from 12.91 percent, while the 90-day dropped to
13.45 percent from 13.60 percent.

REUTERS

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Nadal makes it 501 wins in Barcelona

Nadal makes it 501 wins in Barcelona

After notching his 500th career win on Saturday against Croatian
Ivan Dodig, world number one Rafael Nadal added his 501st win with a final triumph
over David Ferrer, in the final of the Barcelona Open on Sunday.

The 24-year-old therefore became the second-youngest player to
reach the mark behind former world number one Bjorn Borg, who was 23 years and
seven months.

Ferrer has continued to play second fiddle to Nadal as it was
the second loss to his compatriot in two weeks. Spain’s two leading players had
met in last Sunday’s Monte Carlo Masters final where Nadal proved too much for
world number six. Nadal also collected his sixth Barcelona title in seven years
and that follows a seventh title at Monte Carlo Masters last week.

Nadal overcame Ferrer 6-4, 7-5 to win in Monte Carlo and except
for some brief periods in the second set, Nadal was always a class above.
Though Ferrer’s right knee was heavily strapped, he gave it his best shot
though the final score line will not suggest as much.

Unfortunately for Ferrer, Nadal also beat him in Barcelona for
his title wins in 2009 where Nadal won 6-2, 7-5 and in 2008, when Nadal beat
Ferrer in three sets of 6-1, 4-6 and 6-1.

Nadal dominant in
Barcelona

Nadal has now won two consecutive tournaments on clay and
pundits are already wondering if he will be able to go through the clay season
unbeaten. Though his nemesis this year has been world number two, Novak Djokovic
has been out injured since the start of the red clay season.

Nadal broke Ferrer in the third and fifth games of the first set
to take a 4-1 lead before Ferrer broke back but the 29-year old Ferrer could
not follow up the momentum as he capitulated 6-2.

Though Ferrer improved in the second set, he started attacking
the net much more and for a period really troubled Nadal. In a phase he won
four games in succession to take a 4-2 lead but Nadal broke back to 4-3 and
held his serve in an entertaining eighth game.

Ferrer’s calf strain started to affect his game in the ninth game leaving
Nadal with the easy task of coasting home to victory. Nadal also has become the
first player to win two tournaments six or more times in tennis’ open era.

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Flying Eagles rout Gambia for Colombia ticket

Flying Eagles rout Gambia for Colombia ticket

After the hiccup of losing to Cameroun on Thursday, Nigeria’s
U-20 team, the Flying Eagles, beat Gambia’s Young Scorpions 2-0 on Sunday, to
earn a semifinal berth and also a ticket to the 2011 FIFA U-20 World Cup in
Colombia in July.

The first half of the match which was played at Milpark Stadium
was nothing to write home about, though the Flying Eagles looked the more
ambitious but their final pass let them down on many occasions. The Gambian
team led by their captain, Gassama Saikou tried to get the goal that would have
guaranteed them a place in Colombia but the defensive duo of Ogungbe Ganiu and
Arokoyo Gbenga stood the onslaught helped in part by the stand-in-captain,
Ramon Azeez.

The first half ended with the Nigerian team in the ascendancy as
news filtered in that the Ghanaian Black Satellites were in the lead over the
Cameroun team and at that point, Ghana and Cameroun were the teams qualifying
from the group. If the Flying Eagles had played a goalless draw, then the
defending world champions would have salvaged their pride but that was not to
be as the Nigerians scored the goals that were needed in the second half
through Stanley Okoro in the 65th minute and the clincher by Azeez 12 minutes
later.

Little Messi’s entrance

Okoro, who plays for Almeria in Spain and is dubbed ‘little
Messi’ had come on for Kayode Olanrewaju in the 62nd minute and immediately was
into the fray with some smart dribbling. Three minutes after his introduction,
Abdul Ajagun exchanged passes on the edge of the Gambian box with Azeez and the
return pass released Okoro, who slotted a first-time right foot shot past the
Gambian keeper, Camara Musa.

The Gambians tried to pressurise the Nigerian team down the
flanks but Terna Suswan and Blessing Anyanwu, who played at the left and
right-back positions defended their positions very well.

The second goal duly arrived 12 minutes later with another move
on the edge of the box by Uche Nwofor and Terna Suswan. Two-goal hero against
Ghana, Nwofor was then brought down by Savage Baboucarr for a free kick.

The free kick was teed up by Suswan and was blasted in by Azeez
and that was the ticket to Colombia delivered and sealed.

The Flying Eagles however have to settle for second position in
Group B as Ghana and Cameroun drew 1-1 and the Camerounians finished top of the
group with seven points to Nigeria’s six.

In Group A, Mali confirmed their first place by playing a 1-1
draw with Lesotho. They had earlier defeated South Africa and Egypt, 4-2 and
1-0 respectively. Egypt came in second when they defeated hosts, South Africa
1-0.

The semi-final matches will be played at Dobsonville on Thursday with
Nigeria facing Mali while Egypt will face Cameroun while the final will come up
on Sunday.

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Taiwo’s cup gift marred by singing gaffe

Taiwo’s cup gift marred by singing gaffe

Nigerian defender, Taye Taiwo is under investigation by the
French league body (LFP), for chanting a song containing an expletive after
Olympique Marseille’s League Cup final win on Saturday.

Marseille defeated Montpellier 1-0 courtesy of the Nigerian’s
low shot from just inside the area following a poor clearance by the
Montpellier defence following a free kick 10 minutes from time.

Taiwo, who scored the decisive goal in a 2-1 triumph against the
same side in a league game penultimate Sunday, was the first to react after
Montpellier goalkeeper, Laurent Pionnier failed to punch clear Benoit Cheyrou’s
free-kick.

The goal ensured that Marseille became the first team to defend
the League Cup trophy since the re-launch of the competition in 1995.

But after the victors were presented with the trophy, Taiwo took
a microphone and sang, along with Marseille fans, a song aimed at arch-rivals
Paris Saint Germain (PSG).

Asked by reporters what he thought of the incident on Saturday,
Marseille coach, Didier Deschamps replied: “I did not hear it. It will give you
something to write about. The less you write about it, the better it is.”

Investigation

But the LFP have decided to look into the incident which took
place at the Stade de France in Paris, the home city of PSG.

“The French professional league has decided to open an
investigation following Taye Taiwo’s behaviour after the League Cup final
between Olympique Marseille and Montpellier,” the LFP said in a statement on
Sunday.

The statement added: “The league will hand the file to the
(French federation’s) ethics committee.”

Last Saturday’s victory was Taiwo’s fourth title since he joined
Marseille in January 2005 from Nigerian Premier League outfit, Lobi Stars.
Ironically, all the titles have been won in the past 12 months.

He won the League Cup last season following a 3-1 win over
Bordeaux in the final, before going on to win the Ligue 1 title at the end of
the season which marked Marseille’s first league title since 1992.

He was also in the Marseille side which won the French Super Cup
prior to the start of the current campaign before last Saturday’s League Cup
victory.

Last season, Marseille went on to win the Ligue 1 title after
their League Cup triumph over Bordeaux, winning eight of their last 10 league games.
And they will be hoping their latest success spurs them on to another
championship with seven games to the end of the season.

Taiwo is the longest-serving player in the current Marseille
team but his contract runs out at the end of the season.

A host of clubs are currently in the chase for his signature but latest
reports place Italian side AC Milan in the forefront for the Nigerian
international who is renowned for possessing an outrageously powerful shot with
his left boot.

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Adefemi’s remains expected tonight

Adefemi’s remains expected tonight

The corpse of late Nigerian footballer, Olubayo Adefemi is
expected to arrive Nigeria tonight. The defender passed on last Monday
following an automobile crash in Greece on his way to the airport to catch a flight
back to Nigeria.

Now, a week after his death, the defender’s remains is scheduled
to arrive the Murtala Muhammed International Airport, Lagos.

The body will be flown into Nigeria aboard an Alitalia Airline
flight from Rome, Italy and is expected to touch down at about 8pm local time.

Family members, fans and sympathizers of the late football star
will be at the airport to receive Adefemi’s remains.

Officials of the Nigeria Football Federation (NFF), according to
a statement from the Abuja secretariat of the football body, will also be at
the airport to receive the remains of the late footballer which will thereafter
be taken to a morgue in Yaba, a suburb of Lagos.

To be buried Thursday

The statement from the NFF, also disclosed that the late
international will be buried on April 28 in Lagos.

The statement further disclosed that Adefemi’s remains will
lie-in-state at the Sports Hall of the National Stadium in Lagos, while
interment takes place later in the day at the Atan Cemetery, in Yaba.

“It has been confirmed that the player’s corpse would
lie-in-state at the Sports Hall of the National Stadium, Surulere on Thursday
morning before it is committed to mother earth at the Atan Cemetery, Yaba hours
later,” the NFF statement read.

The late Adefemi came into limelight six years ago when current
Super Eagles coach, Samson Siasia led a group of talented Nigerian youngsters
to a second-place finish at the 2005 FIFA Under 20 World Cup in the
Netherlands.

Three years later, he featured in five matches of Nigeria’s
six-match run on the way to a second-place finish at the Beijing 2008 Olympic
Games.

He made his Super Eagles debut on May 29, 2009 in an
international friendly against the Republic of Ireland, and played a role in
securing a place for Nigeria at last year’s FIFA World cup in South Africa.

He was playing for Greek side Skoda Xanthi and had made 24 appearances for
the club before his death.

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POLITICAL MANN: The emergence of Donald Trump

POLITICAL MANN:
The emergence of Donald Trump

American politics may morph even more into prime-time
entertainment with the emergence of a new Republican presidential front-runner:
reality-TV real-estate mogul Donald Trump – best known for his billions,
bravado and big hair.

“I am giving it serious, serious thought,” Trump said as he
blanketed the airwaves with appearances this week. “I am honoured by the
polls.” The polls show that after years of playing the media to publicise his
skyscrapers and casinos, best-selling books and top-rated TV shows – and
apparently also just for the sheer pleasure of it – the outspoken entrepreneur
looks like presidential material to a growing number of Republicans.

One survey by Public Policy Polling finds he’s the top choice
among 26 percent, followed by past presidential candidate Mike Huckabee with
just 17 percent and the rest of the Republican field even further back.

“I sort of feel this is politics gone bonkers, to have Donald
Trump tied for first,” said CNN Analyst David Gergen.

Of course, the election campaign has barely started. Obama has
announced he’ll seek a second term but few Republicans have officially decided.
The party will spend more than a year choosing its nominee and Americans won’t
actually vote until November, 2012.

So some pundits suggest Trump’s only advantage is his high
profile compared to other potential candidates.

But at a time when the Obama administration is struggling to
cut spending and spur economic growth, Trump points constantly to one
potentially persuasive credential: He’s ridiculously rich, with a fortune
estimated at $2.7 billion.

The guy not only knows how to do business, his public persona,
especially on “The Apprentice” and more recently “Celebrity Apprentice,” is
built around the premise that he’s a tough boss.

Obama’s most famous words may the largely abandoned promise
that “yes we can.” Trump’s most famous phrase, echoing from television screens
every week is “you’re fired.” Trump hasn’t decided whether he’ll run or not,
but he’s already announced he’s ready to fund a campaign with $600 million of
his own money.

He’s expected to announce his decision on the season finale of
“Celebrity Apprentice” at the end of May. If he does run, that hit reality show
will almost certainly come to an end, but another much bigger one will only be beginning.

Jonathan Mann presents Political Mann on CNN International each
Friday at 18:30 (CAT), Saturday at 3pm and 9pm (CAT), and Sunday at 10am (CAT).

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Imo opposition candidates form alliance against Ohakim

Imo opposition candidates form alliance against Ohakim

In what may seem the most tactical political manoeuvre against
incumbent Imo State governor, Ikedi Ohakim and the ruling People’s Democratic
Party (PDP) in the state, two main opposition governorship candidates from the
All Progressive Grand Alliance (APGA) and the Action Congress of Nigeria (ACN),
Rochas Okorocha and Ifeanyi Araraume at the weekend announced an alliance
against the re-election of Mr Ohakim.

Addressing newsmen at Amaifeke, the country home of a former
governor of the state, Achike Udenwa, the two men said that all that mattered
was to effect change in the leadership of the state and liberate the state “from
the pains of maladministration.” They, however, noted that there was no issue
of stepping down by any candidate, explaining that either of them has the
capacity of saving the state from total collapse if elected.

Mr Okorocha said there was a need for a collaborative effort to
put an effective check on the PDP in the state; saying the alternative for the
party was rigging and manipulation of the electoral process.

While accusing the state government of wielding undue influence
over the state INEC officials and some of the security agencies, the APGA
candidate urged voters to sustain the struggle for change and not to be cowed
by the intimidations of the ruling party.

“If Ohakim insists on rigging at all costs, we shall stop him at
all cost,” he said.

Mr Araraume said: “It is regrettable, the level of desperation
which the incumbent has resorted to in his bid to secure a second term in
office,” Mr Araraume said. “This clearly shows that the man has nothing more to
offer to Imo people. He is spent. He has given his best, but his best is
clearly not good enough. The simple thing to do is to move over for a more
competent hand to run the state.”

When the hint of the new alliance between APGA and ACN broke at
the weekend, the PDP camp literally turned into a panic mode as series of
meetings were convened to fashion out a counter move. The political adviser to
Mr Ohakim, Rex Anunobi, however said there was no cause for alarm.

“You know this is not the first alliance we have faced in the
course of this election,” he said. “This will also crash like the previous
ones.”

Living with Iheanacho’s
suspension

Mr Anunobi also said the governor will triumph despite sudden
hostility from politicians in the Owerri axis following the suspension of the
minister of the interior, Emmanuel Iheanacho by President Goodluck Jonathan.

A number of people from Owerri zone, where the minister comes
from, are angry over the alleged involvement of the governor in the president’s
decision.

Though Mr Ohakim vigorously denied having a hand in the
minister’s suspension, some of the political leaders in the area accused the
governor and his aides of sponsoring a campaign of calumny alleging that the
minister used security forces to intimidate PDP members in the state during the
national assembly election.

“How can a governor stoop this low just to score a cheap
political point? Even Mrs Kema Chikwe had the audacity to brag publicly over
the suspension of Iheanacho. They upstaged Iheanacho because the people of
Owerri zone resisted the imposition of Kema Chikwe by Ohakim through their
votes,” said Nestor Obisike, an angry chieftain of the PDP from Owerri zone.

Mr Anunobi exonerated his boss of complicity in Iheanacho’s
ordeal, stating that his suspension cannot in anyway affect the voting pattern
in Owerri zone.

“Ohakim has done so much for the people of Owerri who are ever willing to
reciprocate the gesture by voting massively for the governor, whose candidature
alone can constitutionally ensure that an Owerri son occupies the governorship
seat of the state in 2015,” he said.

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The men who want to govern Rivers

The men who want to govern Rivers

The short tenure of Rufus Ada-George as governor of Rivers State
was a political springboard for four young men. Although Mr Ada-George, who was
governor from 1992 – 1993, is no longer a heavyweight when it comes to politics
in the state, the others are still in the play. Peter Odili, who was the deputy
governor; Celestine Omehia, who was Commissioner for Education; Abiye Sekibo
and Rotimi Amaechi played the roles of special assistants to Messrs Ada-George
and Odili respectively.

With the return to civil rule in 1999, Mr Odili served as
governor for eight years – till 2007. Mr Sekibo was Secretary to the State
Government from 1999 to 2003 and Minister of Transport from 2003 to 2006. Mr
Amaechi went to the state House of Assembly, where he served as speaker till
2007; while Mr Omehia played a more low-key role as special adviser to Mr
Odili.

As Mr Odili’s tenure drew to a close, so also did their time of
journeying together, no thanks to conflicting political interests among the
four men, who were leaders of the People’s Democratic Party in the state.

Things fall apart

Mr Ameachi won the primaries to be the party’s flag bearer for
the 2007 elections, but Mr Odili reportedly orchestrated a move that ended with
him being replaced by Mr Omehia. Mr Ameachi went to court and, about five
months after Mr Omehia had been sworn in as governor, the Supreme Court ruled
that Mr Amaechi was the legitimate candidate of the PDP and therefore should be
the governor.

The move created enmity between Messrs Omehia and Ameachi, who
are cousins. It has worsened over time and sucked in Mr Sekibo who, like Mr
Omehia, remained loyal to Mr Odili in the fight against Mr Amaechi.

Three years after, Mr Odili, like Mr Ada-George before him, no
longer wields great political influence in the state. But the activities of the
other three could make or break the relative peace which has returned to the
state after years of militancy and violence. This is because all three are in
the race for Tuesday’s governorship election for the state. And so far, the
campaign has been marred by accusations and counter accusations, with
propaganda seemingly the main weapon now.

Mr Amaechi, 45, is the incumbent governor and the PDP candidate.
He is from Ubima in Ikwerre Local Government Area and his running mate is Tele
Ikuru, who is currently the deputy governor. Mr Sekibo, 53, is governorship
candidate of the Action Congress of Nigeria. He is from Okrika and his running
mate is Serekara Barieeda Wifa. Mr Omehia is contesting under the platform of
the All Progressive Grand Alliance. He is also from Ubima and his running mate
is Tamunosisi Gogo-Jaja, a serving lawmaker.

The odds

Analysing the governorship race, Ukoha Ukiwo, a senior political
science lecturer at the University of Port Harcourt, said the odds favour Mr
Amaechi and the PDP. This, he said, is partly because of “the structure of the
state; the nature of our political economy; everybody that is somebody leans
and gives support to the incumbent”.

He also said Mr Amaechi has become popular over the years
because of his activities as governor. “He [Mr Amaechi] is deemed to have
performed creditably well in different sectors – education, infrastructure,
health,” he said.

Many residents feel this way. Some point to the roads he has
constructed in the past three years; others talk about health care. He is also
credited with restoring peace to the state by his single-minded crackdown on
violent gangs.

Joy Mathias, a cabbie, is pleased by the new schools that dot
Port Harcourt and other parts of the state. “He deserves to continue,” she
said. “No other governor has done the things he has done.”

Not everybody agrees with Ms Mathias. Some young people, such as
Sylvester Emizibo prefer Mr Omehia. “[Mr] Amaechi does things autocratically,”
he said. “He does not consult or listen to people before taking action.”

This sentiment is quite strong among unemployed people in the
state, some of who have been affected by the ban of commercial motorcyclists
and Mr Amaechi’s plan to demolish all illegal structures in the state. A
cabbie, who gave his name as Goodluck, said while Mr Amaechi has score good
grades when it comes to healthcare and education, the bulk of his project is
like “putting a man in a very beautiful house with no food”.

To this set of people, Mr Omehia “is a gentleman”; someone that
will listen to them and who has a soft heart.

In terms of charisma and personality, the two candidates stand
apart from Mr Sekibo. Mrs Mathias thinks “he is the worst” of the lot. While
Goodluck, the driver, feels he has not done much for the people.

“He was a minister of transport, what did he do?” he asked.

Away from their personalities, Mr Ukiwo feels the contest is
between the PDP and the ACN. This view is hard to argue as the ACN has posed
the greater challenge to the PDP in previous elections; APGA did not even get
to field candidates in some federal constituencies in the state. But the ACN
challenge has been a weak one, as the PDP won the three senatorial seats and
all 12 federal constituency elections held in the state. It also recorded landslide
victory in the presidential elections. As it stand, only a merger between
Messrs Sekibo and Omehia can give the opposition any real chance against Mr
Amaechi. Even that might prove ineffective.

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Akunyili threatens to sue electoral officer

Akunyili threatens to sue electoral officer

The All Progressives Grand Alliance (APGA) candidate for Anambra
Central senatorial district and former information minister, Dora Akunyili may
take legal action against a former INEC returning officer and others for
allegedly defaming her character, even if she wins tomorrow’s re-run election.

Reacting to the decision of the Independent National Electoral
Commission (INEC) to have a rerun election in some areas of the district, Mrs
Akunyili said she and her family went through serious emotional trauma owing to
alleged lies against her, especially by the returning officer, Alex Anene who
alleged that he was offered a bribe of N10m, a car and a house to help the APGA
candidate win.

‘My family and I went through a lot. We suffered emotionally and
many people believed their lies. After this election (rerun) which I will win,
I may still go to court against Anene and his sponsor,’ Mrs Akunyili said.

She said the statements by INEC chairman, Attahiru Jega on the
Anambra situation had vindicated her and renewed her faith and confidence in
the Nigerian nation.

“Now the truth is out and we all feel vindicated. It is obvious
Anene was sponsored to malign and cheat and announce fake results in a hotel
room in the night. That person who sponsored him also needs to face the law. I
want the law to take its full course so that people cannot just commit crime
and get away with it,” Mrs Akunyili said. She also called on the police to
arrest all those involved in a smear campaign against her.

Set for rerun

Mr Jega had set up a panel to investigate the Anambra imbroglio
following the release of conflicting results by INEC. INEC also declared the
election inconclusive following cancellation of results in particular areas in
four local government areas.

At the end of investigations, Mr Jega said INEC decided on
organising a rerun election and accused Mr Anene of violating the Electoral Act
by his action. He also called on the police to investigate him.

Although Mr Ngige had initially said he would not take part in a rerun,
after INEC’s decision he is now soliciting for votes. One of the texts sent by
his campaign team reads: “My good people of Anambra State, vote for me in
Tuesday’s rerun election. We won before, we will win again”.

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Attacks on youth corps members worry NYSC boss

Attacks on youth corps members worry NYSC boss

The Director-General of the National Youth Service Corps
(NYSC), Maharazu Tsiga, has expressed worry over the attack on youth corps
members who served as ad hoc staff to Independent National Electoral Commission
(INEC) in some Northern parts of Nigeria after the presidential election.

Mr Tsiga, who spoke to journalists at the weekend in Abuja
during the wedding ceremony of his daughter, Lubabatu, said the NYSC has begun
a head-count of all corps members in the affected areas in order to ascertain
the number of victims in the crisis.

“I am celebrating my daughter today with mixed feelings because
I have my youth corps members in all parts of this country who were involved in
the post-election crisis and some of them may have lost their lives, though we
are yet to confirm the numbers which shall be made public immediately we finish
the head-count of our members,” he said.

The NYSC boss said it was disheartening that despite all the
commendations given to the corps members’ participation in the exercise
nationally and internationally, the rioters decided to attack the innocent
youth.

Ondo evacuates indigenes

The Ondo State government at the weekend embarked on the
evacuation of about four hundred of its indigenes that were stranded in the
north following the violence that erupted in some states.

Out of the evacuees, 276 of were corps members serving the
country under the National Youth Service Corps.

The first set of evacuees arrived Akure, the state capital
yesterday and were subsequently transferred to their respective local
governments and hometowns.

The Permanent Secretary in charge of emergency management,
Kehinde Temikotan, said the state government could not close its eyes and allow
indigenes of the state to be killed over political issues.

“Indigenes of the state residing in Kano, Katsina Kaduna and
Borno states have been directed to converge on Bauchi for easy evacuation,” he
said.

According to him, some of those evacuated would be dropped at
Abuja where some of them have their relatives, while others would be brought to
Akure, the state capital.

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