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Business activities
resumed on Thursday at the Calabar branch of the Central Bank of
Nigeria which was sealed on Wednesday by the Cross River Board of
Internal Revenue Service over tax default allegedly for five years.

Officials of the
state Internal Revenue accompanied by security agents on Wednesday
afternoon ordered all staff to close and locked up the office entrance.
But the staff questioned that their Pay As You Earn (PAYE) which is
deducted monthly by the CBN management is not remitted to the state
government’s coffers.

According to
Akumaye Adie, the Revenue Service Director of PAYE, the amount which
was more than Nl00 million was reduced to N56 million following a
waiver on interest and penalty granted to the bank. The CBN was,
however, said to have paid N30 million but “refused” to pay the balance
of N26 million in spite of repeated demands and representations by BIRS
officials.

But, Mr. Adie, told
News Agency of Nigeria (NAN) that the CBN branch was reopened on
Thursday following a commitment by its management that the money would
be paid next week.

Besides, he said
that the unsealing of the bank was also facilitated by consideration
given to the plea of all the banks in Calabar.

He said, “The
management of CBN had a long discussion with our chairman and at the
end they promised to pay the money next week, unfailingly.

“In fact, the way
the agreement was reached, the money will be remitted to us on Monday
or Tuesday,” he said. He, however, said that if the bank failed to pay
the money as promised, “We may have to go back and seal the place
again”. The News Agency of Nigeria reports that normal business has
resumed at the apex bank which is located on Calabar Road, in the state
capital.

Divine Edim, a
director with the revenue service, who led the operation, said they
decided to shut down the CBN branch because “it has not settled its
liabilities with the state government. These among others include PAYE
which is deduction of income of staff to pay as tax to the host state
government”.

Mr. Edim revealed
that the outstanding PAYE to the state government for the period under
review was N26.5million, adding that this amount may be more as it
covers only 2005 to 2008. When that of the last two years is added, the
bank will be indebted more.

“The management of
CBN”, according to him, “said it is processing the relevant documents
in order to pay. This action is a follow up to series of
correspondence, meetings and even telephone calls all of which yielded
no results. We have documents to show”.

Since the federal
government ceded 76 oil wells of the state to Akwa Ibom state, Cross
River has embarked on an aggressive revenue drive to shore up its
revenue base and thus be able to meet its budgetary commitments.

Some operators at
the Nigerian Stock Exchange (NSE) have said that the prosecution of
infraction practices in the market will serve as deterrence and reduce
criminal activities at the exchange.

Bola Oke, a finance
analyst at WealthZone Limited, an investment management company, said
the work of “the law enforcement agencies is extremely important in the
investigation and prosecution of criminal cases” following the naming
of some perpetrators of sharp practices in the market.

Some market
analysts say the successful prosecution of such criminal cases will
undoubtedly, serve as deterrence and reduce criminal practices in the
market.

A recent case was
the suspension of Diamond Securities Limited, a dealing member of the
NSE, on Wednesday, by the Securities and Exchange Commission (SEC)
after it “observed unprofessional conduct by the company.” A suspension
which the SEC said would “remain in force until the company is cleared.”

Egbo Amaechi, an
executive member of the Shareholders Association of Nigeria, said a
country that has an “infraction-free” character would attract more
foreign investors because “its exchange will serve as a barometer to
measure the performance of country’s economy.”

Mr. Amaechi said
the success of the market reforms by regulators will further boost
investors’ confidence, provide integrity, good corporate governance,
and sound regulatory framework.

‘Broker-dealer monitoring’

Meanwhile, SEC
recently said it is currently engaging the NSE management to be more
responsive to ‘broker-dealer monitoring,’ while it has set up a
committee of both institutions to work out the modalities for the
process.

Arunma Oteh, SEC’s
director general, said the success of the process with the NSE, a Self
Regulatory Organisation (SRO), will restore investors’ confidence in
the nation’s capital market. Ms. Oteh said SEC will also place strong
responsibilities on other SROs in monitoring brokers-dealers and
enforcing their rules.

“In this regard,
the capacity of the SROs and trade groups shall be enhanced to
complement the monitoring and enforcement activities of the SEC,” she
said. “The SROs must be alive to their responsibilities in dealing with
complaints affecting broker dealers. In other jurisdiction, such
complaints are primarily handled by them which free the statutory
regulator to deal with other important market issues. As part of the
market reform, the SEC will develop a framework for SROs to deal with
such complaints under its oversight with sanctions for failure to
effectively discharge these responsibilities.”

Ms. Oteh also revealed that the Commission was strengthening relationship with law enforcement institutions.

“We believe that
closer collaboration will improve understanding and capacity of law
enforcement agencies to expeditiously handle capital market matters and
strengthen the Commission’s zero tolerance policy on infractions,” she
said.

Market rebound

Meanwhile, after six days of losses, market indices bounced back to profitability on Thursday.

The indices for
measuring market performance, the market capitalisation and the
All-Share Index, at the close of proceedings yesterday appreciated by a
1.07 per cent each.

The market
capitalisation recorded over N67 billion gains on Wednesday’s figure of
N6.220 trillion, to close at N6.287 trillion; while the All-Share Index
gained 275.76 points up from 25,573.66 basis points to close at
25,849.42.

A total of 48
stocks appreciated in price on Thursday compared with the 30 recorded
the previous day while 27 stocks shed their prices; lower than 51
recorded on Wednesday.

Nigerian interbank lending rates
eased to 1.16 percent on average this week from 7.33 percent last week after
about 390 billion naira in monthly budgetary allocations to states and local
governments was injected into the system, traders said on Friday.

The secured Open Buy Back (OBB)
eased to 1.05 percent from 6.5 percent, after initially dropping to 1.10
percent on Wednesday when part of the funds hit the system.

Overnight placement fell to 1.20
percent from 7.50 percent, while call slipped to 1.25 percent from 8.0 percent.

The finance ministry announced
the disbursal of 750 billion naira from the federation account to the three
tiers of government — federal, state and local — on Monday, but part of the
funds meant for states and local governments came into the system between
Wednesday and Thursday, helping to ease the tight liquidity in the market.

“The system closed with a
surplus balance of about 310 billion naira, this is more than sufficient to
keep the system liquid for the coming week,” one dealer said.

Banks in sub-Saharan Africa’s
second biggest economy depend largely on monthly cash inflows from budgetary
disbursals to its agencies to fund their operations.

Africa’s biggest energy producer
shares oil revenues between federal, state and local governments each month in
order to pay salaries, fund development projects and keep government running,
providing the bulk of liquidity in the economy.

The federal government’s portion
of the funds is kept with the central bank, while that of the other two tiers
goes in the accounts with retail banks.

Dealers said the cost of
borrowing among banks could remain stable next week despite plans by the
central bank to sell treasury bills at the secondary market in a bid to reduce
the impact of excess liquidity on the economy.

Though
Nigeria ranks high as one of the nation that deploys troops for the
United Nations (UN) peacekeeping mission, it has failed to benefit from
the agency’s procurement system.

Sean Purcell, the UN Chief, Peace Keeping Section, said this at a
workshop in Lagos to sensitise Nigerians on the need to register as
vendors for the organisation. The Ministry of Foreign Affairs and the
Centre for Trade Practitioners organised the workshop.

Mr
Purcell disclosed that the UN Procurement Department (UNPD)’s
expenditure has doubled to close to $4billion in the last four years,
but the participation of Nigerians company has drastically reduced.

“In 2009, the UNDP spent $3.6billion on purchases and just $500,000 was what came from Nigeria businesses,” he said.

The
UNPD is saddled with the responsibility of purchasing materials
utilised by UN missions across the world on either peacekeeping or
political mission. The materials range from food, fuel, pharmaceutical
supplies, freight services, air transportation, construction and
engineering services amongst many other services and skills.
Individuals and corporate organisations of member countries of the UN
are allowed to bid for the supply of the materials.

Mr
Purcell revealed that 10 companies are registered with the UNDP from
Nigeria, and noted that the workshop was organised to get Nigerian
companies to register with agency “so that the UN can know what you do
and what you have to offer” adding that “to win a contract with the UN,
you must be a registered vendor.”

He
noted that the UN has 78 different agencies and the UNDP deals with at
least “25 per cent of the entire UN procurement system.”

How to register

Florence
Marie Owonibi, a Nigerian with the UN Procurement Section, New York,
took the participants through the 14-stage process of how to register
as a vendor on the UNDP’s portal, noting that the registration is
“absolutely free.”

Mrs
Owonibi said that transactions vary for vendors from level 1 which
involves expenditure of less than $200,000 to Level 5 of above
$5million, noting that “the registration process has been revised to
let business owners choose businesses that suits their capacity.”

Other
benefits of being a registered vendor, is “the regular supply of
adverts from agencies within the United Nations Global Market Place
(UNGMP)” she added.

Martin
Uhomoibhi, the permanent secretary for the foreign affairs ministry,
noted that despite the price Nigeria has paid in all its services to
the UN “both in human and material resources, Nigeria has not
benefitted significantly in the UN activities” and that other countries
have taken full advantage of the full UN Procurement process.

Mr
Uhomoibhi enjoined all regulatory agencies in the country to ensure
that made in Nigeria goods meet the UN standard because “it is only on
that level that Nigerian goods would be considered” he said.

An
industrialist at the workshop asked if the UN will give certain
considerations to Nigerian companies due to peculiar challenges faced
in the country when competing with other nations citing power failure
which occurred six times during the event. But Mr Purcell responded
that “all the 192 member nations of the UN are evaluated on the same
level.”

For registration, please visit http/www.ungm.org/info/Publications.aspx

Buying a property is likely to be one
of the most significant investments you will ever make; it also comes
with much excitement and emotion. Whether you are a first-time buyer,
or someone who has bought and sold several times, real estate investing
is very involving and requires thorough research, careful planning and
attention to detail. Here are some steps to guide you as you consider
investing in real estate.

Be realistic and stay within your budget

Most people have to borrow to buy
property. Your financial history will be key to your securing a
mortgage so it is important to get your finances in order before you
apply. Be realistic about your financial situation and be clear about
how much of a down payment and monthly mortgage payments you can
actually afford before you start pouring over all the beautiful homes
that you’ve been dreaming of.

An online home mortgage calculator is a
useful tool that will help you to determine your borrowing capacity.
You can input your loan term, interest rate and loan amount to deduce
the monthly repayment amount. Remember that spending more than you can
afford can cause a huge strain on your finances; if you default on your
mortgage, you could face foreclosure. If you can’t really afford to buy
a house just yet, there is nothing wrong with renting.

Try to get a pre-approval

It is useful to approach your lender
and run some numbers in order to obtain a loan pre-approval. Whilst
this is just a first step in the whole process, it will give you an
indication of what credit you can realistically obtain within your
budget; with these numbers in hand, you can start to take a look at
homes within your price range. A pre-approval also provides the added
comfort that when you finally identify the right property, you should
be able to quickly put the financing in place.

Identify a good estate agent

Choose your real estate agent
carefully; a tested, dependable, responsive and experienced
professional who comes recommended, will make the whole process easier.
A good agent can bring their experience and expertise to bear as they
should have sound market knowledge and be a good source of useful
current information and trends in the housing market. Interview some
agents and work with one that you feel comfortable with. Your estate
agent will discuss your requirements, likes and dislikes and preview
several properties in order to narrow down choices based on your
selected criteria.

Location, location, location

We’ve all heard the adage “location,
location, location.” The value of property is largely dependent upon
its location. Neighbourhoods change; market conditions, community
issues, the local economic and political environment, poor enforcement
of regulatory policies; these can all affect an area adversely and
diminish property values considerably and are critical to the success
or failure of such an investment.

Good schools, as well as a proximity to
shops, the business district and other important destinations, will
have a huge impact on the resale value of your property. Repeated
visits to your neighborhood of choice at different times of the day,
will give you a good feel and help you to come to a decision. As far as
possible, try to do some research on the areas current prospects as
well as about plans for it over the coming years; this will help you to
avoid buying a property that may not be in demand in future.

Arrange an inspection

Home inspections are important because
they determine the condition of the property and any repairs needed.
When you have narrowed down your choices, it is worth arranging for a
thorough inspection of the properties to help you avoid any expensive
surprises that may show up soon after the purchase. If the inspection
reveals the need for major repairs it may be possible to have further
price negotiations or for you to insist that the seller completes the
repairs before you close.

Think long term

Never rush into buying a property; if
you are impatient you are more likely to make a bad decision. Real
estate is a relatively illiquid asset and should be viewed as a long-
term investment. It can take a long time to sell a property
particularly if there is a liquidity crunch or if you are holding out
for the “right” price. Like stock market investing, real estate goes
through up and down cycles. Whilst there are boom periods in which one
can re-sell quickly, it is those who invest over the long term that are
most likely to reap the benefits from this investment class.

The real estate and mortgage markets can be somewhat complex. The
more prepared you are, and the more information you have the better. By
working with experienced professionals, and following through with a
sound plan, you are more than likely to find the property that meets
your needs.

It is left to
conjecture whether last week’s stalemate among members of the
Federation Accounts Allocation Committee (FAAC) could be blamed on
fiscal recklessness on the part of the nation’s economic managers, or
attributable to legislative incompetence on the part of the National
Assembly, or both.

The late President
Umaru Yar’adua, had last November proposed a N4.079 trillion “fiscal
stimulus budget” for year 2010, computed on assumptions pegged on oil
benchmark of $57 per barrel and production capacity of 2.088 million
barrels per day (mbpd).

However, in the
wisdom of the National Assembly, the final appropriation for 2010 had
to be reviewed upwards to about N4.9 trillion, with the assumptions on
benchmark oil price adjusted to $67 per barrel, while average daily oil
production capacity was raised to 2.35 mbpd. But, not a few Nigerians,
who understand the unpredictable behaviour of oil prices, faulted their
optimism and the wisdom to tamper with the initial proposal.

Unrealistic estimate

Oladiran Fawibe,
executive chairman, International Energy Services Limited (IES), said
then that the new benchmark price was high and unrealistic, considering
the volatility in prices at the international oil market, arguing that
it could have been safer if it was pegged at between $50 and $55 per
barrel.

With oil price
hovering at about $80 per barrel at the time the budget was passed,
perhaps, their estimation was that an average of about $20 accrual in
the nation’s Excess Crude Account (ECA) from the export of every barrel
of oil daily indicated in the budget would be enough to justify the
increase.

Going by recent
revelation that each member of the House of Representatives is asking
for an increase in his quarterly financial allocation from N27million
to N42million, while their Senate counterparts are demanding for about
N100million, analysts say the decision to adjust the assumptions in the
budget may have been influenced more by political considerations than
anything else.

Besides, the
continuous dependence on the ECA by the three tiers of government has
also affected the drive for alternative sources of revenue to handle
developmental activities. In recent times, the ECA has become the last
resort for governments for augmentation in budget in times of economic
difficulties. As at July 2009, the foreign component of the account,
which had a balance of over $20.01billion at the beginning of the year,
had gone down to about $11.2 billion.

Augmentation and more augmentation

By October, the
figure came down to about $9.2 billion after about $2 billion was
withdrawn as stimulus package for the economy in the wake of the
Central Bank of Nigeria (CBN) reform agenda in the banking system. Remi
Babalola, the minister of state for finance, told journalists last
January that about $5.5 billion was withdrawn from the account to
augment the shortfalls in the budgeted revenue during the year.

Between July and
December, the domestic ECA, which had a balance of about N322 billion,
was run down to about N1.47billion, attracting an alarm by the Revenue
Mobilisation Allocation and Fiscal Commission (RMAFC) against attempts
by the three tiers of government to deplete the account.

In spite of this,
another N51.85 billion was withdrawn as budget augmentation for January
this year; another $2 billion the following month, and $1.5 billion
last March for the same purpose. At the FAAC meeting last week, Ibrahim
Dankwambo, the accountant general of the federation, had said that the
balance in the account, prior to the disbursement of about N339.627
billion to augment the arrears of allocation to the three tiers of
government for January to April stood at about $5.193billion. A
breakdown of the figures indicates that about $4.6billion is in the
foreign excess crude account, while N89billion is in the domestic
excess crude account.

The rejection of
the FAAC technical committee recommendation that members shared the
allocation of N498.3billion for April alone and allow the arrears of
N736.985billion for January to March to be paid subsequently over the
course of the year, because of insufficiency of balance in the ECA to
support any augmentation merely threw up a controversy about the
fallacy of the assumptions in the budget.

Did the nation’s
economic managers not anticipate that the country would get to the
stage where the ECA would not be able to support the profligacy of the
government at all levels?

But, indications
are that the nation ran into the crisis because the law makers took for
granted that oil price would nosedive from the levels above the $80 per
barrel threshold attained early this year to where it is today.

As at last Wednesday, the price of Organisation of Petroleum
Exporting Countries (OPEC) basket of crude crashed to $66.84 per
barrel, the lowest level since January, before rising marginally to
$68.21 the following day and $70.48 on Friday, apparently as a result
of the order by the United States that British Petroleum (BP) should
shut down its operations in the Gulf of Mexico following the spill
accident involving its offshore oil production facility in the area.

Gas supply to key
power plants in the country currently stands at about one billion
standard cubic feet, according to Diezani Alison-Madueke, the Minister
of Petroleum Resources, who described the volume as the highest all
time capacity.

Mrs. Alison-Madueke
told members of the Senate and House of Representatives Joint
Committees on Gas Resources at the weekend that her ministry was
committed to ensuring regular electricity supply nationwide, adding
that with gas supply at the highest level, the traditional power plants
would not have any problem generating electricity for the people.

Though she said her
immediate concern was how to sustain this level of gas supply through
the repair and maintenance of the nation’s gas infrastructure, she
added that the short term plan was to stabilise power supply in the
country to such a level that would enable consumers plan their
businesses with some level of predictability.

Apart from ongoing
short term projects designed to facilitate the injection of about 325
million standard cubic feet per day to the national gas production
level by the end of 2010, she said the federal government was exploring
other means of boosting gas supply in the country.

On the
implementation of the National Gas Master Plan, Mrs. Alison-Madueke
said it would be moved into the operations stage where it would create
a basis for sustained growth in the sector.

Osita Izunaso, the
chairman of the Senate Committee on Gas Resources, said that the Joint
Committee’s decision to invite the minister was to enable them share
her views which will ensure that the executive and legislative arms of
government do not work at cross-purposes, as well as put the gas sector
on the right footing.

Igo Aguma, the
chairman of the House Committee on Gas Resources, said the Joint
Committee felt that it needed to be updated on critical issues in the
sector such as the level of the implementation of the Gas Master Plan
and the current state of Brass and Olokola Liquefied Natural Gas
projects.

The lawmakers also sought to know the state of the finances of the
Nigerian Liquefied Natural Gas (NLNG) in Bonny Island, Rivers State,
and lodgment of revenues realised from the export of the commodity as
well as the profit realised from government’s investment in the project.

The Financial
Services Regulation Coordinating Committee (FSRCC) has issued stricter
guidelines to monitor margin trading and thereby avert a repeat of the
abuses and sharp practices that bedevilled margin trading in the run up
to the recent capital market collapse.

The committee
issued the new rules on trading when they met on Friday May 21, 2010
with representatives of all member agencies in attendance. Among other
issues extensively discussed, the committee noted the need to issue
clear-cut rules and guidelines on margin trading, to prevent further
abuses of the trade.

The New Guidelines

As part of the new
measures, the committee decided that banks aggregate exposure to margin
lending shall not exceed 10 per cent of total loans and advances.
“However, banks are advised to be more prudent by adopting lower
exposure limits. Banks with exposures in excess of the 10 per cent
limit are required to submit to the CBN clear plan of how they intend
to wind down their exposure in compliance with the prudential limit”.

It also stated that
bank shares shall not be used in margin trading. “For the avoidance of
doubt and clarification, the shares of banks would continue to be used
as collateral for bank lending. Thus, the restriction placed on bank
shares are only in respect of margin trading”.

It added that
operators who are interested in Margin trading are also required to
build capacity for margin trading and in this regard are to put in
place adequate technology and expertise that will facilitate on-line
real-time trading, market surveillance and prompt rendition of
regulatory reports.

Operators are
required to open dedicated margin trading account and are to observe at
all times a maintenance margin limit of 120 per cent. They are equally
expected to put in place robust framework for margin trading, which
should include definition of margin and internal rules and procedure
for trading, consistent with regulatory requirements.

Banks are also required to appoint Margin Compliance Officers.

All operators
interested in margin trading are to apply to the Securities and
Exchange Commission (SEC) for re-certification while in the case of
banks and other financial institutions under the purview of the CBN,
are to apply to the CBN for such recertification.

Understanding margin trading

A margin is a
collateral that the holder of a position in securities or its
equivalent has to deposit to cover the credit. Margin trading is buying
stocks without having the entire money to do it. Margin is a high-risk
strategy that can yield a huge profit if executed correctly, just as
one can lose both the borrowed and the owned if things go wrong.

Investopedia, a
Forbes Digital Company, describes buying on margin as borrowing money
from a broker to purchase stock. “Margin trading allows you to buy more
stock than you’d be able to normally”.

To trade on margin,
a margin account, different from a regular cash account is needed, in
which you trade using the money in the account.

The Committee noted
the fact that most operators that suffered losses in margin trading
lacked the capacity, technology and framework to embark on margin
trading, factors that contributed immensely to the fate they suffered
and the spiral effect during the financial market meltdown.

The Central Bank
however stated that a comprehensive guideline is to be issued in due
course and full compliance is expected on or before September 1, 2010.

An Ibadan-based
estate consultant, Sufian Kazeem, has warned governments at all levels
in Nigeria against additional increase in workers’ wages, saying move
will further plunge the country into more crises.

“Salary increase is
not the solution to the problems of Nigeria and her citizens. In fact,
it will bloat the inflationary trend in the country. If the minimum
wage is fixed at N1 million a month today, it will not solve our
problem; it will add more to it,” he said.

Mr. Kazeem, whose
company manages late Moshood Abiola’s estate in Oyo State, made his
position known during a chat in Ibadan on Monday. He stated that rather
than increasing the wages all the time, the country should take
advantage of her rich vast land and huge population to engage in
massive farming in order to solve the ravaging hunger and boost her
foreign exchange earnings.

He said the nation
will achieve tremendous leap in its quest to solve hunger and empower
her citizens financially, if it engages in high profile farming in
which every aspect of the economy will be involved.

To achieve this, he
suggested that all government parastatals and corporate organisations
must be compelled to engage in farming to maximise the use of the
nation’s vast land, saying Nigeria has all potentials to feed her
population and produce enough food for the entire African continent.

According to him,
the government can make corporate organisation, particularly the
multinationals, which have benefited so much from the nation’s economy,
pay back to the nation by compelling them to engage in mechanized
farming, and be prepared to sanction any of them who defaults.

He wondered why the
prisoners whose terms of punishment include hard labour could not be
made to farm and produce food for themselves and the nation, adding
that rather than made them to produce food for themselves, Nigeria
still spends billions of naira to feed them, even when they have erred
the system.

Mr. Kazeem also
advised that the nation should work out a legislation that will ban
politicians from holding any political office beyond the age of 70
years as, according to him, the absence of such rule has made it
possible for the same set of people to be at the helm of affairs in the
country, to the detriment of the system and its people.

“Anybody who
reaches the age of 70 years must be retired from politics. He should be
barred from having direct involvement in decision making. They could be
allowed to participate at the advisory level. But they must be told to
leave the stage for younger ones who will inject fresh blood and ideas
to the system,” he said.

The Toyota Land Cruiser SUV has transformed over the years from
its rugged all weather off-roader identities into a vehicle that connotes an
all luxurious presence. For a vehicle which rolled out its first set in 1951,
it has gone through lots of improvement in designs and technology.

The 2010 Toyota Land Cruiser stands as a good exhibit, showing
how advanced and matured the vehicle has grown and evolved into. The vehicle
now stands as a rare breed among other SUVs, with an undisputable blend of
rugged capabilities and comfortable driving.

The 2010 land cruiser, no doubt, stands as an ideal choice.

Design

The 2010 Toyota land cruiser has a slightly bigger size,
compared to other SUVs. It comes with dimensions of 194.9 inch length, 77.6
inch width, and 74 inch height.

The full size luxury SUV has a sleek image, with vibrant colours
like grey, red, gold, green, blue, white, and black. The car has got style and
class. It has big bulgy front lights and back lights, and steps on a standard
18-inch alloy wheels.

The inside of the vehicle can be classified as heaven, with its
fully comforting characteristics. The eight passenger seat car has a third row
which is mainly for kids, due to its cramped nature and low seats; neither do
they fall flat or removable. High-quality materials make up the interior, with
proper trims and finish. Accessories like telescopic steering wheels, driver
memory functions, leather upholstery, quad-zone automatic climate control, and
power heated front seats contribute to its classy design. It comes packed with
great entertainment features like JBL audio system with Six-CD changer and 14
speakers, Bluetooth streaming audio and auxiliary audio/USB port, and USB jack
for MP3 and iPod connectivity.

Engine Power

The 2010 Toyota Land Cruiser is a vehicle driven by a powerful
engine. It comes with a 5.7-litre V8 engine that produces up to 281 horsepower
and 401 Ib-ft of Torque. The full time 4WD (four wheel drive) has high and low
range gearing system which fully supports and enhances its off-road
capabilities.

The engine integrates with a six-speed automatic transmission.

Safety

A lot of standard safety features have been installed and built
into the 2010 Toyota Land Cruiser. Some of these include antilock disc brake
(with brake assist and multi-terrain programming), full length side curtain air
bags, and active front head restraints. Others are front and second row side
airbags, driver and front passenger knee air bags, and stability control.

Price

The 2010 Toyota Land Cruiser stands for a price of $ 65,970 (N9,
895,500).