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Improved cooperation and collaboration, regular experience
sharing, technical support, and replication of good practices among
anti-corruption agencies would enhance efforts to root out corruption menace in
the Economic Community of West African States (ECOWAS), president of the
regional body’s commission, Victor Gbeho, has said.

Speaking at the formal launch of the Network of National
Anti-Corruption Institutions in West Africa (NACIWA) in Abuja on Wednesday, Mr.
Gbeho expressed the belief that the harmonisation of the various
anti-corruption laws of member-states would help ensure that the region does
not become a safe haven for corruption.

The successful stamping out of corruption, the ECOWAS leader
said, would contribute immensely to the regional effort toward the
consolidation of stability and good governance, noting Nigeria’s exemplary
actions to encourage anti-corruption institutions to work together to rid the region
of perpetrators of corruption.

Drawing attention to the challenge anti-corruption crusade is
facing in the region, particularly the relationship between corruption and
crime, Mr. Gbeho pointed out that laundered money is often known to be used to
sponsor human and drug trafficking, illegal oil bunkering, smuggling,
importation of small arms and light weapons, as well as other forms of economic
sabotage and subversive activities.

Cooperation is the key

Though he noted a reduction in criminal activities in recent
times due to the intervention of the ECOWAS and the international community,
Mr. Gbeho said unchecked corruption is likely to fuel it further.

“Sharing of information on movement of suspects and
harmonisation of policies aimed at ensuring peace, stability, and development
in the region is in line with the ECOWAS vision 2020 strategic objectives,
which seek to enhance peaceful coexistence and stability in the region by
2020,” he noted.

Attorney General and Minister of Justice, Mohammed Adoke, said
the formal take off of NACIWA is a major milestone in the effort by ECOWAS to
institutionalise the fight against corruption through regional network in
member states of the region.

Reviewing the operations of NACIWA since it began in 2009, Mr.
Adoke said it has not only fostered closer multilateral relationships among
anti-corruption institutions, but also encouraged mutual assistance and cross
border support against the vice.

“Through NACIWA, ECOWAS would have more voice in collectively
determining the best strategies to employ in their fight against corruption, by
taking advantage of better methodologies available in sister-countries and
outside the region to leverage on capacity-building opportunities,
collaboration in prevention, investigation and prosecution of corrupt people
and institutions, to assist one another in enhancing the capacity of
operational staff to contribute to the development of a stable, prosperous, and
peaceful region,” the minister said.

Deputy head, European Union, Kazimierz Romanski, said the formal
signing of the NACIWA constitution and election of its executive committee were
significant steps to strengthen effective mechanism to prevent and eradicate
corruption in the region, adding that the network has already succeeded in facilitating
the process of ratification of the ECOWAS protocol on the fight against
corruption, as well as promote sustained inter-state cooperation on the issue.

Reaffirming EU’s support to ECOWAS strategies to consolidate
good governance and regional stability as pre-condition to a successful
regional economic integration and human development, Mr. Romanski said their
countries are ready to help promote initiative towards good governance, in
order for there to be genuine rule of law as fundamental shared values of their
partnership with Africa.

“The fight against corruption cannot be isolated from the wider
governance agenda, nor is there a one-fit-all solution to fight corruption. The
support to the implementation and follow up of international and regional
conventions at the country level should also be considered as the fight against
corruption,” he declared.

The launching of the NACIWA network paves the way for the
implementation of its three years work plan on its practical framework, with the
objective of outlining priority areas for implementation in the current year.

The chairman, however, did not throw more light on how the regional body
intends to make all these measures work, as such plans in the past have been
frustrated by bureaucracy.

It is the season
for political campaigns and a deep reflection of the political process
portends grave danger for our future as a nation.

This is due to the
fact that our politicians are yet to become tangible brand assets.
There is nothing that clearly differentiates one politician from the
other. A brand has a personality and character. What is the character
of our political brands? The character we see is violence, vandalism,
and all sorts.

It is important for
branding to form an integral part of our political process. Branding
should be the fulcrum of political marketing. The brand concept has
analytical value and we should place our political brands on the front
burner of national critique and public dissection.

One notable feature
of our political communication is that we have over deployed the mass
media model at the expense of consumer model. There should be a
paradigm shift from mass media appeal to focus more on the needs of the
consumers.

The media is awash
with all sorts of campaign adverts without any derivable benefits for
the people. What, then, is the key message by our political brands?
There is no single message that we can hold on to because they are
bereft of strategic thinking.

Our politicians
have not realised the need to build an enduring brand over the years.
Conscious efforts have not been made to transform themselves into
tangible brand assets for the people. They do not realise that a good
brand name is a tremendous asset. Many have not taken this as very
critical to their political careers.

Ojo Maduekwe, the
former minister of foreign affairs, showered encomiums on Babatunde
Fashola at the last International Bar Conference. Governor Fashola was
described as a good symbol of governance, despite the fact they shared
different political ideologies.

To an average
Nigerian, the Fashola brand represents dynamism and vibrancy in
governance. The Fashola political brand is one that focuses on service
delivery and tangible offerings for the consumers. What we need is
iconic political brands that stand tall to offer both functional and
physical benefits to the generality of the citizens.

Several of our
politicians are always caught in the web of using quotes of famous
political brands during campaigns. The names of Martin Luther King,
Winston Churchill, etc, are always adopted but these global leaders
developed their brand personalities and decades after their death, they
still resonate with the global audience. Why have our own political
brands not risen to global prominence?

Until our political
brands transform from being pedestrian in outlook and to tangible
instruments of value and benefit, we will continue to dance round the
circuit of misrule.

Our perceptions of
our political brands are stereotyped. It has always been a negative
belief that they never deliver on promises. This is due to their
antecedents and our perception of their political activities that
border on violence and corruption.

Some of our
politicians do not even measure up to standard. Some of them do not
even possess the requisite skills and mental faculty to occupy the
exalted offices they aspire to. The issue of political debates is not
one we can wish away. The debates have once again brought to the fore
the fact that several of our politicians are mere jesters.

One can see clearly
that the thinking and thought patterns of the politicians do not align
with the expectations of the people. Without any iota of doubt, Ibrahim
Shekarau has, through the debates, positioned himself as a unique
political brand.

It has become more
expedient than before for our politicians to develop their personality
and project a more positive brand image. What we need are political
brands that have tangible offerings for the people, which will last a
lifetime. Our political brands need to be reinvigorated to meet the
yearnings and aspirations of their consumers.

The onus is now on
brand strategists to create credible brands out of our politicians. If
not, there will be a continuous disconnection between the political
brands and their audience.

The market capitalisation of equities at the Nigerian Stock
Exchange yesterday further depreciated by 0.30 per cent after plunging the
previous day.

The market capitalisation of the 194 First-Tier equities closed
on Thursday at N7.866 trillion after opening the day at N7.890 trillion,
reflecting N24 billion losses. About N77 billion has been lost since
transaction began this week.

Stockbrokers at GTI Capital, a stockbroking firm, said,
“Increase in the numbers of blue chip companies (most capitalised stocks) that
featured on the losers’ chart contributed to the downturn.”

Also, analysts at Proshare Nigeria Limited, an investment
advisory firm, said the continuous downward trend could be attributed to “the
intense sell activities” by investors, adding that the sell pressures were
“very dominant in some blue chips stocks” in sectors like banking, building
materials, breweries, and foreign listings.

The number of gainers at the close of trading session on
Thursday closed lower at 19 stocks compared to the 23 recorded on Wednesday,
while losers closed higher at 35 stocks, as against the 31 recorded the
previous trading day.

Costain West Africa and Aiico Insurance topped the price
gainers’ table with an increase of five per cent and 4.88 per cent, to close at
N5.67 and 86 kobo per share, respectively. Transnational Corporation, the most
trading stock for the day, and Continental Reinsuarnce followed on the gainers’
table with an increase of 4.72 and 4.55 per cent, to close at N1.11 and 92 kobo
per share.

On the flip side, United Bank for Africa, Starcomms, Goldlink
Insurance, and Wema Bank led the price losers’ chart with a loss of five per
cent each, to close at N7.60, 76 kobo, 57 kobo, and N1.33 per share,
respectively.

Active sub-sector

At the close of trading yesterday, the Conglomerates sub-sector
led the most active sub-sectors’ chart with 2.509 billion volumes of shares,
valued at over N2.815 billion. Volume in the sub-sector was driven by
Transnational Corporation, PZ Cussons, and UAC Nigeria.

Trading activities in the banking sub-sector followed with
137.096 million volumes of shares, valued at over N1.196 billion. Volume in the
sub-sector was driven by Access Bank, Zenith Bank, United Bank, and Guaranty
Trust Bank.

The insurance sub-sector was third in the chart. Investors in
the sector exchanged 37.505 million volumes of shares, valued at over N21.798
million. Deals in shares of Universal Insurance Company, Aiico Insurance,
Goldlink Insurance, and Guaranty Trust Assurance boosted volume in this
sub-sector.

A few more banks have released their 2010 year end results, some
of which have fallen below the expectation of industry watchers.

Diamond Bank on Tuesday posted a profit-before-tax of N4.227
billion from a loss of N12.4 billion in 2009, while profit after tax rose to
N1.33 billion from a loss of N8.17 billion in 2009.

However, gross earnings were down 16 per cent to N91 billion for
the 12 months period ended 31 December, 2010 (from N108 billion, 12 month
period ended 31 Dec 2009). Net interest income was also down 16 per cent to
N49.0 billion (from N42.2 billion in 2009).

The bank’s total assets down 9 per cent to N594.8billion (from
N650.4 billion in 2009), total loans to customers down 5 per cent to N312.2
billion (from N329.8 billion in 2009), while customer deposits were down by 15
per cent N412.0 billion (from N482.0 billion in 2009).

‘Nightmarish’ performance

Some finance experts have, however, expressed their
disappointment at the bank’s figures, saying it is “much worse than expected”.

“This result pales substantially when stacked against our
forecasts. Although gross earnings were 7.7 per cent ahead of our forecast of
N84.5 billion, both profit before tax (PBT) and profit after tax (PAT)
overwhelmingly under performed our forecasts of N10.2 billion and N7.1 billion
by 53.3 per cent and 81.2 per cent respectively. We are constrained to call
this a really poor bottom line performance. The bank, expectably, did not
propose any corporate actions in the wake of what is a nightmarish
performance,” Afrinvest, a finance firm, said.

Industry watchers say the bank may have had to take a
substantially larger impairment in the form of provision for bad loans, given
the really poor margins on display as they do not expect such a ‘massive’
deterioration in operating margins.

The bank declined speaking on the figures when contacted by our
reporter, saying its reaction would be based on a statement it issued on
Tuesday.

In the statement, Uzoma Dozie, ED Corporate Banking, Diamond
Bank, said: “In compliance with our enhanced risk management policies, the
Corporate Banking unit continued to unwind positions carried over from the economic
slowdown in 2009. This has enhanced liquidity and reduced NPLs. Provisions are
starting to come back to normal levels as the economy returns to its pre-2008
growth path. This bodes well for the unit as we take up new opportunities
arising from telecoms and government infrastructure spending in 2011.”

In a similar industry move, First City Monument Bank said
yesterday its pre-tax profit rose to N9.02 billion in 2010 from N856.6 million
the previous year, and declared a N0.35 dividend per share while gross earnings
rose to N62.67 billion from 35.79 billion naira in 2009, according to a Reuters
report.

Stanbic IBTC’s gross earnings in its 2010 year end reports
declined by 5.1 per cent (from N59.8 billion to N56.7 billion), while PBT and
PAT grew by 30.8 per cent (from N10.3 billion to N13.5 billion) and 16.2 per
cent (from N8.1billion to N9.5 billion) respectively, when measured against the
corresponding period in 2009.

Afrinvest says the bank’s gross earnings decline could be
attributed to its aggressive growth play on the Nigerian market that may have
seen it give up some yield on interest bearing assets.

The Federal Inland
Revenue Service (FIRS) yesterday said that the project to computerise
the nation’s tax system is billed to take off with the full
implementation of the Unique Taxpayer Identification Number (UTIN)
system in April next year.

The computerisation
system, which the service has been championing in conjunction with the
Joint Tax Board (JTB) in the last four years, is expected to become
available for taxpayers’ registration at pilot locations in November,
while nationwide operations are billed for April 2012.

Indications are
that the pilot phase of the system would become operational in eight
locations in the six geopolitical zones of the country, including
Lagos, Rivers, Delta, Adamawa, as well as the Federal Capital Territory
(FCT), Abuja.

Indications towards
the planned take off of the new tax system is coming just as the JTB
has renewed the call on the National Assembly to accelerate the process
towards the passage of Personal Income Tax (PIT) Bill as soon as they
reconvene from recess, to facilitate the realisation of the objectives
of the proposed law.

The PIT Amendment
Bill, which has been pending before the National Assembly for the last
three years, finally sailed through legislative deliberations before
the close of the 6th Legislative Assembly.

The call for the
passage of the law, which was amongst eight-point decisions at the
124th Meeting of the Tax Administrators in Abuja, would give some
relief to taxpayers, as it seeks to reduce the current rate from 20 per
cent to 17.5, even as government is convinced that the amendment would
also improve the tax compliance of taxpayers generally.

On the
administration of the existing PITA provisions, the Board urged all
federal, states and local government Ministries, Departments and
Agencies (MDAs) to ensure that the provisions were strictly adhered to
by deducting adequately all Pay-As-You-Earn (PAYE) taxes of their
employees.

Approved taxes

Ifueko
Omoigui-Okauru, FIRS chairman, in a communiqué after the meeting, said
the members also resolved to sustain their ongoing fight against
multiple taxation by increased public awareness campaigns at all levels
of government, including the publication of the list of approved taxes
and levies on a sustainable basis.

Similarly,
discussions on the proposed Enhanced New Drivers Licence scheme ended
with a resolution that adequate awareness about its take off on April
18 this year, even as the Board commended the initiative of the
Students’ Tax Advisory Initiative (STAI), while urging Nigerian youth
to take active interest in taxation as a fiscal policy option for
building a better Nigeria.

With these
resolutions, some of the member states may have shifted position on
their earlier subtle opposition to the proposed amendment of the Bill
in view of what they believe were its likely negative effects on their
Internally Generated Revenue (IGR) profile.

Some governors,
particularly those with High Internally Generated Revenue (IGR)
profiles, had begun moves to ensure that the proposed amendment to the
PITA was considered simultaneously with the proposed amendment of the
Value Added Tax (VAT) law, which they believed would offset some of the
revenue losses their states might suffer as a result of the amendment
of the former Bill.

The PIT is imposed on the income of all Nigerian employees or residents who derive income in Nigeria and outside Nigeria.

Africa’s leading telecommunications company, MTN, extends its commercial partnership with Cable News Network (CNN) International this month.

MTN’s new cross-platform advertising campaign built around the network’s flagship Africa, ‘CNN Marketplace Africa’, launches this month. This proximity to a programme which focuses on business at the crossroads of where Africa and the global marketplace converge, offers MTN a high profile platform to showcase its support of African and emerging market commerce.

This campaign marks the latest development in the long-standing commercial partnership between the two companies – MTN was the exclusive sponsor of the ‘2010 South Africa World Cup Updates’, and has also featured brand advertising campaigns on the international network.

Rani R. Raad, Senior VP and MD, Ad Sales and Business Development, CNN International, said “We’re delighted that Africa’s largest communication company extends its commercial relationship with CNN, building on the success of its World Cup Updates sponsorship in 2010.

“International business decision makers are increasingly looking to regions like Africa for economic inspiration and resource, and the telecommunications sector is recognised as one of the most innovative business hotspots on the continent.”

“MTN’s success story on the continent is testimony to the growth possibilities that Africa has. Ours is only just one, though. There are numerous other success stories out there, and by entering into this venture with CNN International, we are hoping to shine the world’s spotlight on Africa’s often understated commercial opportunity,” said MTN Group marketing executive, Jennifer Roberti.