http://nigeria70.com/nigerian_news_paper/rss/BDAY Nigeria '70 Businessday Nigeria RSS Feed en-us Thu, 09 Sep 2010 18:18:35 GMT Thu, 09 Sep 2010 18:18:35 GMT http://blogs.law.harvard.edu/tech/rss Nigeria '70 info@concept47.com http://nigeria70.com/nigerian_news_paper/flight_disruptions_in_europe_get_even_worse/206206 British aviation authoritieshave extended a ban on flights over England for six more hours into Saturday morning but say restrictions over Scotland and Northern Ireland are being lifted.and Wales The National Air Traffic Servicesaid in a statement that the British flight ban now stretches to 7 a.m. local time (0600GMT, 2 a.m. EDT). The ban affects all of London's five airports, including Heathrow, Europe's busiest. The company says overseas flights can now depart and arrive at airports in Scotland and Northern Ireland, but that did "not mean that all flights will operate”, reports the Associated Press. Volcanic ash blanketed parts of rural Iceland on Friday and left a widening arc of grounded aircraft across Europe, as thousands of planes stayed on the tarmac to avoid the hazardous cloud. Travel chaos engulfed major European cities and the U.N. warned of possible health risks from falling ash. Anxious Polish officials fretted that the ash cloud could threaten the arrival of world leaders for Sunday's state funeral of President Lech Kaczynski and his wife, Maria, in the southern city of Krakow. So far, President Barack Obama, Russian President Dmitry Medvedev and German Chancellor Angela Merkel are among those coming and no one has cancelled. Kacyznski's family insisted they wanted the funeral to go forward on Sunday. Eurocontrol, the European air traffic agency, said the disruptions that upended travel in Europe and reverberated throughout the world Thursday were even worse on Friday, with only 11,000 flights expected to operate instead of the usual 28,000. It said delays will continue into Saturday as the ash cloud moves south and east. Travelers jammed train stations and hotels in key European cities. Rose Teunissen, a spokeswoman for Dutch train company NS Hispeed, said extra trains were put on and lines to buy train tickets at Amsterdam's Schiphol Airport were so long the company was handing out free coffee. Thalys, a high-speed joint venture of the French, Belgian and German rail companies, was allowing passengers to buy tickets even if the trains were fully booked. "We think we can help a lot of passengers get closer to their final destinations," said Thalys spokeswoman Patricia Baars. Aviation experts said it was among the worst disruptions Europe has ever seen. "We don't have many volcanoes in Europe," said David Learmount of Flight International, an editor at the aviation publication. "This one is right out there on the extreme edge of what you would consider Europe — but the wind was blowing in the wrong direction." Fri, 16 Apr 2010 09:41:46 GMT http://nigeria70.com/nigerian_news_paper/ac_faults_jonathan_over_statement_on_inec/205943 Reacting to Acting President Goodluck Jonathan’s statement during his just-concluded US trip, the Action Congress (AC) has accused him of sending wrong signals to Nigerians and the international community with his unbridled comments over some elections organised by the Independent National Electoral Commission (INEC) in recent times. In a statement issued in Lagos on Thursday by its national publicity secretary, Lai Mohammed, the party also said Jonathan’s comments amount to a contempt of court, as the Anambra State Governorship Election Tribunal is due to begin proceedings on Monday. “The elections which Dr. Jonathan referred to during his interview with CNN are apparently those in Akoko Edo, Anambra and the FCT, all held under his watch “In the first instance, saying the Anambra governorship election was well conducted, a few days before the tribunal on that election is supposed to open its proceedings, is capable of biasing the mind of the judges. This is very unfortunate coming from the acting president. “Secondly, how can the leader of a democratic nation say that election in which over 83 percent of voters were disenfranchised - as was the case in the Anambra election - was well conducted? That statement is wrong in fact and in law,’’ AC said. The party also disagreed that the FCT election last weekend was well organised, saying it suffered from the same INEC-perfected booby traps - like voters not finding their names on the register and election materials arriving late - as in other polls. AC reminded the acting president that the best impact he could make in the few months remaining to the end of the tenure of the present administration is in the area of electoral reform. “There is a thin line between perception and reality. The moment Nigerians begin to feel that Dr. Jonathan is not committed to electoral reform, he would have succeeded in shooting himself in the foot, even before he acts on the reform,’’ the party said. Thu, 15 Apr 2010 20:21:46 GMT http://nigeria70.com/nigerian_news_paper/fg_to_establish_diaspora_commission/205941 …to harmonise contributions of Nigerians living abroad The Federal Government has said it would soon establish a Diaspora Commission that will help harmonise the contributions of Nigerians living in the Diaspora with a view to ensuring proper documentation of their input in the affairs of the nation. Addressing the Nigerian community at the Nigerian Embassy in Washington, United States at the close of his four-day working visit to the US, Acting President Goodluck Jonathan said the establishment of the commission will enable government have proper records of their contributions. Remittances from Nigeria in Diaspora contribute significantly to the nation’s economy. The money they send home helps stabilise foreign exchange demand, provides opportunities for employment and is used for educating relatives. “We want to upgrade it to the level of a commission to coordinate experts in the Diaspora. We want to raise it beyond a department in foreign affairs. We are looking at establishing the commission before the end of this administration, in the next 12 months,” he said. Jonathan underscored the roles and contributions of Nigerians in the Diaspora, saying that they have become some of the best in their chosen professions across the globe. He said the government will continue to acknowledge the contributions of these men and women, noting that the Federal Government was very grateful for what they stand for across the world. The acting president reassured them of the readiness of the government to continue to improve on its image abroad so that Nigerians in the Diaspora can continue to hold their head high wherever they find themselves in the world. He urged Nigerians living in the US not to relent in making positive contributions towards nation-building, noting that the task of swapping the negative perception about Nigeria in some quarters with a positive image requires collective responsibility. He was emphatic that “the 2011 elections will be better than previous ones held in Nigeria since the restoration of democratic rule in 1999.” Jonathan told the Nigerians at the interactive meeting that the Federal Government was taking very bold steps to ensure that the dilapidated infrastructure in the country are rehabilitated and made functional, noting that unless that was done, no investors would be willing to invest in Nigeria. “The compelling need to introduce a concept to ensure efficiency in the sector informed my decision to personally oversee the ministry of power,” he said. On the fight against corruption, Jonathan appealed to Nigerians in the Diaspora not “only shun corruption but join in efforts to combat it. You have roles in this crusade, including acting as whistle blowers and providing relevant information to track and prosecute corrupt Nigerians.” Ade Adefuye, Nigerian ambassador to the US said the acting president’s visit to the US has given tremendous boost to Nigeria’s image abroad, stressing that the development would go a long way in restoring confidence back for Nigerians in Diaspora. Earlier in the day, Jonathan was special guest at a luncheon organised by the Corporate Council on Africa (CCA) where he described the recent signing of the Nigeria-US Bi-National Commission agreement as a historic feat in Nigeria-US relations. “The Bi-National agreement demonstrates the determination of our two governments to increase and strengthen bilateral cooperation on a vast array of issues of mutual interest. Both the USA and Nigeria have a responsibility to ensure its success,” the acting president stated. During his meeting with members of the Congressional Black Caucus in the US Congress, Jonathan appealed to them to prevail on the US government to help stem the tide of proliferation of small arms and light weapons in Africa. The acting president who met with the members at the Capitol Hill, Washington DC, on Wednesday challenged the caucus to come up with a draft bill for the control of the dumping of small arms and light weapons in Africa. “Africa is the dumping ground for small arms and light weapons and it is the major cause of crisis in the continent. If these arms are not freely dumped it will go a long way in checking the wave of violence in the continent. Nigeria has paid duly. Our worry is the economic devastation it is causing the whole continent,” he said. The acting president, who told the caucus that he was in the US on the invitation of President Barack Obama, to participate in the Nuclear Security Summit, noted that he decided to meet with the group as a mark of respect and appreciation for the good work they are doing in relation to Africa. “I felt and hold it a duty to spend some time with you my fellow brothers and sisters. We thank you for your concern on Africa and the roles you are playing in protecting the race. We can proudly say that it has paid off. The initiators of this struggle, I am sure that wherever they may be will be glad to see Afro-America as US president,” Jonathan said. Donald Payne, chairman of the caucus, said they were elated to receive the acting president because of the positive changes he has effected in Nigeria since he took over as acting president on February 9, 2010. Thu, 15 Apr 2010 20:21:46 GMT http://nigeria70.com/nigerian_news_paper/africans_worried_about_future_religious_conflict/205940 …concerns in Nigeria, Rwanda higher More than a quarter of people in sub-Saharan Africa worry about future conflict along religious lines, though concerns in Rwanda and Nigeria are even higher, according to a new survey on religious attitudes released Thursday. The Pew Forum on Religion and Public Life, which conducted the survey, however, found that unemployment, crime and corruption are of greater concern to Africans than future religious conflict. But the survey found that in Nigeria and Rwanda — countries that have suffered from vicious sectarian conflict — 58 percent in each country fear future bloodshed. The survey, which involved interviewing 25,000 people in 19 sub-Saharan African countries, found that in many cases fear of religious conflict were tied to fears of ethnic conflict. “For many in Africa, religion and ethnicity are very closely connected in that basically they see the two working together in terms of their concern about violence,” said Luis Lugo, director of the Pew Forum on Religion and Public Life. Acting President Goodluck Jonathan echoed those views in a BBC interview late Tuesday when he was asked what his government is doing about violence in Jos, Plateau State where more than 500 people have been killed, this year. Jonathan said that people indigenous to the central Nigerian city of Jos and its surrounding region are mainly Christians and feel that people who have migrated there from other parts of Nigeria dominate commerce. Some of those people are Muslims and when the two groups fight, it assumes “religious connotations.” “So if anything touches a settler who is a Muslim it will be interpreted as if they are attacking the Muslims,” Jonathan told the BBC. “And if the settlers that are Muslims touch the indigenous population that are Christians it will be interpreted as the Christians are being attacked.” In January, 300 people, most of them Muslims, were killed in Jos and its surrounding villages. In March, more than 200 people were killed in what are predominantly Christian villages in the same area. That violence, though fractured across religious lines, often has more to do with local politics, economics and rights to grazing lands. The survey also found that in 17 of the 19 countries covered, 40 percent of respondents were concerned about religious extremism, particularly within their own faith. Less than a quarter of them believed that large numbers of Muslims support extremist groups like al-Qaeda. In most cases, researchers found that Christians and Muslims held similar views on the level of support for al-Qaeda. But in Ghana, the survey found that Muslims are three times more likely to say fellow Muslims support al-Qaeda than Christians. The group conducted the survey, titled ‘Tolerance and Tension: Islam and Christianity in Sub-Saharan Africa,’ between December 2008 and April 2009. The organisation conducted the survey because sub-Saharan Africa is “the most important meeting place between Christianity and Islam anywhere in the world, so if we are going to probe issues of inter-religious understanding and inter-religious engagement, this is a good place as any to begin,” said Lugo. Thu, 15 Apr 2010 20:21:46 GMT http://nigeria70.com/nigerian_news_paper/fg_promises_to_ease_textile_trade_barriers/205939 Jibril Martins-Kuye, new commerce minister, has promised to ease trade barriers in the country’s textile industry within the next few months, a ministry official said on Thursday. Martins-Kuye, who was appointed by Acting President Goodluck Jonathan, last week, said Nigeria is burdened by numerous trade obstacles. “On textiles, give me a few weeks to sit down in the office so we can address the (trade problems). As an industrialist with many decades of experience, I know where the shoe pinches,” Martins-Kuye said earlier this week, according to video provided to Reuters by the ministry. Nigeria currently bans imports of finished textiles and designs, a restriction aimed at giving domestic manufacturers a chance to thrive. But industry sources say the removal of trade restrictions would make the industry more competitive and create opportunities for global brands looking to invest in one of the world’s least-tapped markets. Rapid urbanisation and a fast-growing middle class are providing investment opportunities in sectors ranging from retailing to banking. Equity fund Actis and South Africa’s Rand Merchant Bank said last month they had agreed to help finance a $100 million shopping mall in Ikeja, a sprawling middle-income neighbourhood of Lagos. South African retailer, Shoprite, was also planning 70 new shops in Nigeria within the next decade, at least 20 of them in Lagos, said Michael Chu’di Ejekam, the head of West Africa real estate for Actis. Thu, 15 Apr 2010 20:21:46 GMT http://nigeria70.com/nigerian_news_paper/10_000_new_jobs_imo_indigenes_fault_n2_000_scratch_card_for_application/205938 …say it’s a rip-off of poor, unemployed youths Criticisms have trailed Imo State government’s job vacancy advertisement published in a national newspaper where it said it seeks to create 10,000 new jobs asking applicants to purchase scratch card at the cost of N2, 000 from designated banks to enable them access online application. Respondents are also worried that Imo government has been unable to pay workers their dues, wondering where it will get the money to pay the new 10,000 youths it is planning to employ. Thu, 15 Apr 2010 20:21:46 GMT http://nigeria70.com/nigerian_news_paper/over_86_percent_nigerians_earn_less_than_2_daily_report/205937 •More than 90 percent lack access to good housing Over 86 percent of the Nigerians live below poverty level and earn less than two dollars per day, a United Nation’s Human Development Index (HDI) has shown. In addition, 90 percent of the citizenry who are regarded as poor lack access to good housing. Nduese Essien, minister of lands, housing and urban development, unveiled the report at a meeting held in Abuja with heads of departments and parastatals of the ministry. She expressed concern over the increasing level of poverty in the country. “The implication of this is that over 86 percent of Nigerians cannot afford a house valued at N1.5 million even if they invested 100 percent of their earnings over a period of 10 years. Obviously, this is a very unlikely scenario as no one can save 100 percent of his earnings. However, the above picture offers a vivid view of the enormous task that lies ahead of us,” the minister said. “The task of providing decent and affordable housing, planned development of our cities and towns and the management of our land resource are never easy. But you made invaluable contributions that have resulted in the achievements we have made as a country so far.” Nduese explained that the ongoing reforms initiated by the present administration led to the creation of the new ministry, adding that the emergence of the ministry of lands, housing and urban development was in consonance with the National Policy on Housing which explicitly states that housing is man’s second most important need, next only to food. In her assessment of the implementation of various policies especially in the area of housing delivery, urban renewal, slum upgrading and land management by past administrations, the minister expressed displeasure over the unsuccessful implementation of housing policies by previous administrations that led to the huge housing deficit of about 17 million. “I make bold to say that Mr. Acting President and indeed Nigerians fell that we have not done enough in housing delivery, urban renewal, slum-upgrading and land management. This may have led to the gradual loss of relevance as the ministry faded from a full-fledged to an appendage of the works, housing and urban development ministry. “In fact, there have been occasions when the ministry risked being scrapped entirely. We should therefore commend Acting President Goodluck Jonathan, for showing so much foresight in restoring the ministry to its former status and use this opportunity to build houses for our people, create opportunities for our cities to grow and flourish and provide the basic opportunities for Nigerians to access land based on the provisions of the enabling laws. “Although you might have faced a lot of problems in the cause of carrying out the mandates of the ministry, I still believe that we can do more to satisfy the yearnings of our people. “While inaugurating the Federal Executive Council on Tuesday, Mr. Acting President had harped on the need to deliver on the promise of good governance by showing competence, honesty of purpose, patriotism and selflessness in the business of governance. “As I stand before you today, those words have re-echoed in my mind and I think you should feel my pulse and take the stand to work towards the actualisation of the common good of our people. I expect no less from you, because our success and failure depends entirely on the measure of service we offer in the daily discharge of our duties.” Thu, 15 Apr 2010 20:21:46 GMT http://nigeria70.com/nigerian_news_paper/nnpc_adopts_eight_month_timeline_for_contract_awards/205936 •To reduce cost variation, boost investment In a major review of its contract process, a timeline of eight months has been fixed within which contract procedures should be concluded in the Nigerian National Petroleum Corporation (NNPC). The measure which is being applauded by stakeholders is envisaged to boost investment in the oil and gas industry and reduce the level of inflated contracts in the state oil company. Essentially, the measure has the objectives of radically reducing the contract circle and limiting the possibility of cost variation of the contracts. This would be a huge relief on the country’s lean resources which is being frittered away through unscrupulous decisions embedded in unnecessary bureaucratic log jam. Several billions of dollars have been lost to contract variations. It is believed that most of the contracts executed would have cost less than half of their eventual cost but for the convoluted procedure for awards that created the platform for routine upward review of contract values. BusinesDay gathered that it was the need to ensure the successful implementation of the local content policy of the government that also necessitated the latest action of the NNPC as stakeholders had insisted that for the local content policy to be successful the contract circle must be shortened Under the new arrangement, the process of awarding contracts would not be more than eight months as against a situation whereby contract processes take over 24 months to be concluded. Due to the long delay, contract costs get escalated more that 100 percent, jobs suffer set back and could take more than three years to be executed albeit at ridiculously high costs. The long contract circle has become a major issue in the industry with major oil investors being forced to relocate to Angola, a country they claimed provides a more conducive investment environment. A former external affairs manager with Shell Petroleum Development Company, Eddy Wikina, said it would usher a new era for the oil and gas industry if the reform is successfully implemented. He believes it can be done as the Nigeria Liquefied Natural Gas company project contract circle does not go beyond six month before being awarded. Wikina said with a shorter contract circle, investors would be able to plan their investment programmes just as it would reduce the level of corruption. But an operator of one of the major oil service companies who spoke to BusinessDay said that the same statement has been repeated severally and that it would be interesting if the promise is fulfilled. “I don’t I know if it is lack of resources that has made the NNPC to delay the award of contracts for so many years and at the end of the day the contracts would end up not being awarded because the price would have been so high that there would be no alternative but for the contract to be abandoned. He said that the NNPC and the international oil companies have the experience and the needed expertise to execute the award process within six or eight months but for reasons that cannot be fathomed, the award process would take more than two years. Thu, 15 Apr 2010 20:21:46 GMT http://nigeria70.com/nigerian_news_paper/volcanic_ash_forces_cancellation_of_virgin_atlantic_ba_arik_flights_to_uk/205935 A huge ash cloud from an Icelandic volcano that turned the skies of northern Europe into a no-fly zone has forced the cancellation of flights from Nigeria to Britain. The cancellation is part of the global disruption of international flights after the volcano began erupting on Wednesday for the second time in a month from below the Eyjafjallajokull glacier. It hurled a plume of ash six to 11 kilometres into the atmosphere, and this spread south east overnight. The UK and Irish airspace management shut the airspace at 12.pm on Thursday as a result of the ash cloud from the volcano which is spreading over northern Europe To this end, Virgin Atlantic and British Airways have cancelled their flights from Lagos into London while Arik said its flights into London are still being delayed as at press time. Passengers that arrived the Murtala Mohammed international airport, Lagos for Virgin Atlantic morning flight were turned back as they were informed that the UK airspace has been closed due to the harsh weather condition. Kudi Scott-Egbene, spokesman for Virgin Atlantic, told BusinessDay that affected passengers that needed to be booked into hotels have been accommodated adding that two of its flights are expected to depart Lagos today and may airlift the passengers when the airspace is opened . British Airways on its part said in Lagos that NATS, the body in charge of aeronautical information services, has issued a warning that flights should not operate into any London airport after 11.30 am on Thursday. A statement signed by Ame Lawani of Quadrant Company said “NATS has closed all London airports due to the dense volcanic ash over the UK. As a result, all airlines schedules will be impacted and we will therefore not be able to operate services after 11.30am from these airports until further notice. Air Traffic Controllers direction is that it is prohibiting aircraft entering certain parts of airspace over the UK. The European air safety organization said the disruption, the biggest seen in the region, could last another two days and a leading volcano expert said the ash could present intermittent problems to air traffic for six months if the eruption continued. Volcanic ash contains tiny particles of glass and pulverized rock which can damage engines and airframes and an Icelandic volcanologist said on Thursday the eruption was growing more intense. Britain barred flights in its air space, except in emergencies, until at least 0600 GMT on Friday, with a flight returning soldiers from Afghanistan having to be held in Cyprus. Thu, 15 Apr 2010 20:21:46 GMT http://nigeria70.com/nigerian_news_paper/nigeria_gets_positive_response_from_jonathan%E2%80%99s_us_visit/205934 •World Bank to mobilise investors for Nigeria •Procter and Gamble to invest $150 million Barely 72 hours after Acting President Goodluck Jonathan met with Robert Zoellick, president of the World Bank and top management of the world financial body, a number of multi-national companies and multilateral investors have indicated interest in investing in Nigeria. Leading the pack is global marketing giant, Procter and Gamble, which is concluding plans to plough about $150 million into the Nigeria country. The pledge from the company and the readiness of others represent the initial direct response to Jonathan’s first foreign trip which was to attend a nuclear summit in the United States of America but took on the added garb of an investment drive. The World Bank had at the meeting with Jonathan said it has increased its portfolio investment in Nigeria to $400 million and pledged to partner with the Federal Government in critical areas of the economy and also help mobilise investors for the country. The critical areas where the World Bank has promised to assist the country are power, mass transit, Niger Delta, energy, asset management, stolen assets recovery (STAR) programme and private investment drive. In an exclusive interview Olusegun Aganga, minister of finance, in Washington, at the end of the four-day working visit of Jonathan to the United States, told BusinessDay that the multinational marketing giant and other companies have already indicated interests in investing in Nigeria, a development he described as “very positive”. “Today, Procter and Gamble told me that they are prepared to invest $150 million in Nigeria. This is a positive development and we are very happy that during this short visit of the acting president things have started taking shape like this. We are happy and ready to open our doors to investors,” Aganga said. He disclosed that “there are a lot of other companies that are equally interested in coming to Nigeria to invest. The meeting with the World Bank has been very good and they have been very supportive and they are willing to help Nigeria”. He told BusinessDay that his follow up meeting with the international financial body on Tuesday was very positive noting that he would be making a return trip to Washington to unfold government’s action plan in the areas of interests. “We are so excited that things are just happening in so short a time. The support we are getting from the international community is tremendous”, the minister said disclosing that the international financial institution has reaffirmed its commitment to helping Nigeria recover its stolen assets under the STAR programme and ensure that such monies are wisely invested for the overall good of the citizenry. Aganga told our reporter that the World Bank has equally pledged to help mobilise foreign direct investments (FDI) into the country using their IOC to talk to other investors to come to Nigeria to invest. “They are very interested in assisting us and coming to invest in Nigeria. I can tell you that the meeting has been very positive,” he said. He disclosed that the World Bank is already waiting for Nigeria to unveil its action plan in the areas of support and partnership noting that when all the programme fully take off, the Nigerian economy would get a boost and create employment opportunities. Thu, 15 Apr 2010 20:21:46 GMT http://nigeria70.com/nigerian_news_paper/travel_chaos_as_ash_closes_air_space/205837 European countries shut their airspace one after the other Thursday as a cloud of volcanic ash wafted over from Iceland and posed a danger to flights. Airspace over the United Kingdom was due to be closed for six hours from midday but air authorities later extended the closure until at least 7 a.m. BST (2 a.m. EDT) Friday. Ireland, Sweden, Norway, Belgium, Denmark and the Netherlands also announced the closure of their air space, authorities in each country said. CNN reports that Norway also closed its ocean territory and canceled helicopter flights to off-shore oil installations, according to Avinor, the Norwegian agency responsible for the Norwegian airport network. Franceplanned to shut eight airports in the country's north from 5 p.m. CET (11 a.m. EDT) , followed by a further 16 airports at 11 p.m. CET (5 p.m. EDT) including Charles de Gaulle airport in Paris. Around 3,000 flights across Europe were expected to be affected by the closures, according to Eurocontrol, the intergovernmental body that manages European air travel. Many airports were already shut and flights were grounded across the United Kingdom on Thursday because of the ash, which came after an eruption under an Icelandic glacier early Wednesday, airport authorities said. The ash cloud came from an eruption of a volcano beneath Iceland's Eyjafjallajokull glacier early Wednesday. The eruption -- the latest in a series that began on March 20 -- blew a hole in the mass of ice and created a cloud of smoke and ash that went high into the air. The volcano was still active Thursday, creating floods in the area and producing a lot of volcanic ash, a spokesman for Iceland's Department of Civil Protection and Emergency Management told CNN. The disruption was causing havoc for air travel around the world. "There will be an immediate impact today in terms of passengers not being able to travel," said independent air transport consultant John Strickland, of JLS Consulting in England. "The key thing is we don't know how long it's going to last ... but even if that were to be resolved, it will take some significant time for airlines to recover." Finland's air space remained opened but was "heavily restricted" according to airport controller Finavia. Thu, 15 Apr 2010 13:04:35 GMT http://nigeria70.com/nigerian_news_paper/reps_probe_alleged_mismanagement_of_n200bn_agric_loan/205628 ...say it is in a particular bank yielding interest Gbenga Makunjuola, chairman, House of Representatives Committee on Agriculture, said in Umuahia on Wednesday that the alleged mismanagement of the N200 billion fund for agricultural loan was now under investigation. Makunjuola told newsmen that the investigation became necessary following insinuations that the fund, which was floated by the CBN for the development of commercial agriculture, was kept “in a particular bank where it is yielding interest”. “The House has mandated the Committee on Agriculture to investigate the matter because the allegation is that the money is being kept in a certain bank and that it has been yielding interest and we need to find out the rationale behind it. “The Governors’ Forum is agitating for the early disbursement of the fund and up till now the money has not been released,” he said. Makunjuola said that he was not aware of any rural or commercial farmer in the country who had accessed a kobo out of the fund. “Apart from this fund, the immediate past minister of agriculture also gave us information that the Federal Government had set aside another N6 billion research fund. “The minister informed us that it was a competitive research fund for all research institutes in the country, but the unfortunate thing is that none of the research institutes has benefited from the fund,” he said. Makunjuola said that it had become necessary for the government to dip into the Special Intervention Fund or what it called the Natural Resource Fund to establish a modern research and Bio-technology Centre for agricultural activities in the country. He said that from the achievement the National Root Crops Research Institute (NRCRI), Umudike had made in bio-technology over the years that it had become imperative for a modern Bio-technology Centre to be established in the country. “Now that Nigerians have come to terms that there is need for bio-technology in agriculture and with the modest achievement of NRCRI in this area such centre should be established in Umudike to enhance its efforts. “The importance of research is for development and when established, this centre will be the brain behind research programmes in agriculture. “When this is established, technology will be transferred to the rural farmers, who are the end users and our crop production will increase,” he said. The executive director of NRCRI, Kenneth Nwosu, said that time had come when level of appropriation for research institutes in the country should be tied down on their output and contribution to national development. Nwosu said that the institute was working hard to transform to a Centre of Excellence in root and tuber crop development and research in Africa. “Our constraints have been inadequate funding, water and power because capital and overhead funds allocated to us are inadequate,” Nwosu said. (NAN) Wed, 14 Apr 2010 20:24:29 GMT http://nigeria70.com/nigerian_news_paper/ribadu_downplays_reports_of_a_new_government_appointment/205627 Former chairman of the EFCC, Nuhu Ribadu, has downplayed reports that Acting President Goodluck Jonathan is considering him for a strategic appointment. “I do not know about that I do not think I have any comments on that,” Ribadu told newsmen on Wednesday in Washington D.C. The former EFCC boss was present at a breakfast meeting held at the Center for Global Development (CGD) in Washington D.C., where Jonathan was the special guest. Ribadu confirmed that he met privately with the acting president on his arrival to the U.S. on Sunday. “Of course, I am one of the several Nigerians who are celebrating his coming here and he is giving us a new opportunity of partnership with the U.S. and I am happy to be part of it. “We look forward to a wonderful relationship that will be fruitful and beneficial to our own people and the U.S.,” he said. The former EFCC chief, whom the Federal Government recently withdrew a case of non-declaration of asset charge pending against him before the Code of Conduct Bureau (CCB), said he was looking forward to returning to the country soon. Ribadu, who said he was still enjoying his stay in the U.S, described his current job at CGB as: “a big and massive pay job.” “I earn over 10,000 dollars a month, better than what I have ever earned in my life. “I am so happy where I am. But here is not my country, my country is Nigeria,” he said. Wed, 14 Apr 2010 20:24:29 GMT http://nigeria70.com/nigerian_news_paper/shell_suspends_production_of_100_000_bpd_oil/205626 …over repairs Shell Petroleum Development Company (SPDC) says it has suspended production at its EA field, offshore western Niger Delta. The field produces 100,000 barrels of crude oil per day. Shell spokesman, Precious Okolobo, told newsmen in Port Harcourt on Wednesday that the field, a joint venture, was temporarily shut down for repairs. “The Shell Petroleum Development Company’s joint venture-operated EA field offshore western Niger Delta has been temporarily shut down as a precaution. “This is to facilitate repairs to the equipment which connects the floating, production, storage and offloading (FPSO) facility and ‘Sea Eagle’ with the mooring platform,” he said. Okolobo explained that the equipment was scheduled for overhaul in May 2009, but bad weather forced its postponement. “Production of some 100,000 barrels of oil per day has been deferred,” he said, but did not say when the repairs would be completed. Meanwhile, crude oil declined for a fifth day as the International Energy Agency boosted its forecast for non-OPEC supplies and U.S. inventories were estimated to climb, raising concern that the markets are oversupplied. “We’re seeing a lot of growth out of the U.S., Russia and Canada, responding to high prices,” said Brad Samples, a commodity analyst for Summit Energy Inc. in Louisville, Kentucky. “Investments that were made leading up to 2008 are coming to fruition.” Crude oil for May delivery lost 30 cents, or 0.3 percent, to settle at $84.05 a barrel on the New York Mercantile Exchange. Earlier, it touched $82.51, the lowest level since March 31. Prices have risen 68 percent in the past year. Crude oil peaked at a record $147.27 a barrel in July 2008. Prices dropped 31 cents from the settlement after the American Petroleum Institute reported at 4:30 p.m. that U.S. crude-oil stockpiles rose 1.41 million barrels to 354.4 million. Countries outside the Organization of Petroleum Exporting Countries will raise output by 600,000 barrels a day this year to average 52 million barrels a day, the IEA said in its monthly market report. That’s 220,000 barrels a day more than estimated last month. The agency’s global oil-demand forecast was 30,000 barrels a day higher than in last month’s report. “The current price is way ahead of fundamentals,” said Eugen Weinberg, senior analyst with Commerzbank AG in Frankfurt. “It reflects positive future developments too much. As investors become aware of economic risks, they might trim their bets.” Wed, 14 Apr 2010 20:24:29 GMT http://nigeria70.com/nigerian_news_paper/i_didn%E2%80%99t_oppose_atiku%E2%80%99s_return_to_pdp_says_nyako/205625 Governor Murtala Nyako of Adamawa on Wednesday said he never objected to former Vice President Atiku Abubakar’s plan to return to the PDP. Aminu Iyawa, senior special adviser on media to Nyako, had on Saturday issued a statement saying the governor and Atiku had yet to reconcile their differences. Iyawa further stated that “no reconciliation meeting ever took place between Nyako and Atiku, and no reception of whatever kind is being organised for Atiku’s return to PDP.” But Nyako told journalists on Wednesday at Yola International Airport on his return from Abuja that he did not object to Atiku’s return to the party. “What I said was that I am not aware of the date of reception said to have been planned by some governors and of which it was alleged I would be the chairman. “I am not aware of the objection, but what I want to say is that he (Atiku) is a big man, because they are coming back to the party, there must be some degree of security. “But quite frankly, what we hear from them is that when they come back, they will take control of the party or destroy it. “What we hear from them is not complimentary because it seemed that their coming back does not mean that we are going to work together for the progress of the party.” Wed, 14 Apr 2010 20:24:28 GMT http://nigeria70.com/nigerian_news_paper/ogbulafor_asked_to_save_job_mend_fence_with_aggrieved_pdp_members/205624 Vincent Ogbulafor, national chairman of the ruling People’s Democratic Party (PDP), has been advised to move round and appease aggrieved party members to stave-off his looming removal from office. Wed, 14 Apr 2010 20:24:28 GMT http://nigeria70.com/nigerian_news_paper/jonathan_confers_with_un_secretary_general_on_political_situation_in_nigeria/205623 Acting President Goodluck Jonathan on Tuesday in Washington met with UN secretary-general, Ban Ki-Moon, where they discussed political situation in Nigeria and other regional issues. The meeting was held on the sidelines of the just concluded Nuclear Security Summit which ended on Tuesday. An authoritative source, who was at the meeting, said that the UN secretary general told the acting president that he was considering a working visit to Nigeria before the end of the year. According to the source, the two leaders discussed extensively on issues such as, regional security, the recent crisis in Jos, the situation in the Niger-Delta and Nigeria’s progress towards achieving the UN Millennium Development Goals (MDGs). They also discussed the recent political developments in Nigeria and agreed on the need for a free, peaceful and credible election in 2011. The source said Ban underscored Nigeria’s role to international peace and security, being the largest contributor to UN peacekeeping missions across the world. The secretary-general also discussed the continuing efforts to attain the social and economic targets for human development under the Millennium Development Goals (MDGs). He informed the acting president of a high-level summit that will be held on the MDGs in September just prior to the start of the General Assembly’s annual General Debate. Ban also commended the country’s representative at the UN, Joy Ogwu, describing her contributions at the UN Security Council as invaluable. The source quoted the acting president as assuring the UN secretary general that every effort would be put in place to ensure credible elections in 2011. Wed, 14 Apr 2010 20:24:28 GMT http://nigeria70.com/nigerian_news_paper/gunmen_kidnap_akpabio%E2%80%99s_chief_driver_kill_security_aide/205622 Unknown gunmen on Wednesday shot dead a security operative attached to Akwa Ibom State governor, Godswill Akpabio’s office while his official driver was abducted during the operation. Wed, 14 Apr 2010 20:24:28 GMT http://nigeria70.com/nigerian_news_paper/come_out_of_hiding_efcc_tells_ibori/205621 •Court restrains commission from arresting former governor Four hours after declaring him wanted, the Economic and Financial Crimes Commission (EFCC) has advised James Onanefe Ibori, former governor of Delta State, to come out of his hiding. Elsewhere in Asaba, the embattled former governor secured a restraining order barring the anti-graft agency from arresting him. The restraining order was issued following an ex parte order granted Ibori by an Asaba High Court. Joined as respondents in the suit are the Attorney General of the Federation, the EFCC, Inspector General of Police and the director, State Security Service (SSS) as the first, second, third and fourth respondents respectively In the ex-parte motion filed by Ibori’s counsel, Augustine Alegeh (SAN) on April 12, he prayed the court to stop the applicant’s harassment pending the hearing and determination of the applicant’s substantive suit The affidavit of urgency in support of the motion ex-parte and the further affidavit in support of the motion ex-parte were sworn to by Champion Oboh. Presiding judge, I. N. Buba ordered that the motion on notice be served on all respondents before ordering that the motion on notice be taken on the 19 April, 2010 The EFCC had on Tuesday declared the former governor wanted in connection with alleged corruption and money laundry while in office, alleging fresh incriminating evidences against the former governor. Responding to Ibori’s contention that his being declared wanted was politically motivated, Femi Babafemi, EFCC’s head media, said the former governor knows quite well that the commission had been looking for him for over four weeks. Babafemi said when it was becoming increasingly difficult to locate him, the commission decided to get in touch with officials of Delta State government to extend the invitation to the former governor. “Precisely on March 22, 2010, our operatives investigating the case involving James Ibori visited Delta State and met with state officials in Government House, Asaba to help the Commission get in touch with Ibori to honour our invitation. “Through the same state officials, Ibori got back to our operatives on March 25, 2010, to ask that our operatives should return to Delta to interview him in the Government House instead of him coming to the EFCC office, Abuja. “The leadership of the Commission rejected the trap and insisted Ibori should honour our invitation by coming to our office in Abuja”, he stated. Babafemi noted that it is obvious that Ibori has gone into hiding since then. “As such, our decision to declare him wanted was based on our previous contacts with him and not on the letters being referred to in the advertorial,” Babafemi said. “We also like to state that it is presumptuous to express concerns about the Commission re-investigating a matter for which Ibori had earlier been discharged by a court in Asaba. Our invitations to Ibori have nothing to do with the case decided by the Asaba court as the Commission has already appealed that ruling. We need him to answer questions based on fresh allegations bordering on official corruption and money laundering. “We therefore want to assure James Ibori that the Commission respects the rule of law and individual rights and we will treat him with decorum as demanded by the law,” he stated. Wed, 14 Apr 2010 20:24:28 GMT http://nigeria70.com/nigerian_news_paper/investors_target_stocks_with_robust_cash_flow_low_bank_credit/205620 Investors in stocks who had their fingers burnt during the market plunge are strategically taking position in shares of companies that have robust cash flow and less dependent on bank credits. The implication is that the over 24 percent growth in the market between January and March this year may have been driven largely by these stocks belonging to the consumer, construction and stable banks. Afrinvest Research shows that in January alone, the market recorded 8.5 percent growth, 10.36 percent in February and 24.8 in the first quarter. A BusinessDay study of the market shows that in the first quarter of the year, there was huge investors’ interest in food and beverages sector. For example, Northern Nigerian Flour Mills, Flour Mills of Nigeria, Dangote Flour, Cadbury and Nigerian Bottling Company led to 85.90, 67.61, 86.60, 98.93 and 52.19 percent appreciation respectively. Stocks of companies in the cement business also received good patronage. For instance, investors renewed entries into Ashaka Cement, Cement Company of Northern Nigeria (CCNN) and Benue Cement boosting their share prices by 80.62, 76.40 and 41.82 percent respectively. Shares of consumer goods producing companies like PZ Cussons Nigeria and Unilever barreled in price by 25.4 and 61.08 percent respectively. Analysts, however, believe that following banks’ less inclination to lending, especially to the real sector, shares of companies that are dependent on bank loans may receive less patronage. The banks considered healthy by the Central Bank rode on the back of reported excess liquidity in their vaults. According our study, Access Bank was stronger by 47.5 percent, Skye Bank 44.62 percent, Zenith Bank 39.48 percent and GT Bank 34.82 percent. Ayodele Akinwunmi, head, FSDH Securities, believes rock bottom prices of these banks and growth expectation are responsible for the upward trend. Although a good number of the banks are not lending to bolster their interest income, some analysts are of the view that the drastic reduction in interest payment due to low deposit rates or cost of funds appears to make up for this. Akinwunmi does not share this view. According to him, there are some over head costs that could have declining effects on bank earnings on the short run. For him, non financial stocks will remain the driving force. This is in line with general investors’ perception that stocks of companies that produce necessities will remain investors’ target for now following low appetite for risks. Afrinvest Research team believes stocks of consumer goods producing companies will continue to emerge as investors’ attraction. While the market was at the trough, investors were still harvesting robust returns from non financial stocks through capital gain. A recent market analysis by BusinessDay shows that between December 2008 and December 2009 which marked one of the worst periods of the market, in spite of the infrastructural deficiency, non financial stocks including those of manufacturing companies emerged resilient. CCNN, for instance, appreciated by 164.8 percent. BCC was 133.9 percent stronger while PZ gained N128.9 percent. Unilever appreciated 92.02 percent as Nestle was up by 22.22 percent. This period also coincided with the time banks recorded their worst performances. But three months into the current year, and following CBN’s reform measures, stocks of banks adjudged healthy by the apex bank are staging a rebound. Kalto Mukuru, head, research, Renaissance Capital, attributes the resurgence in bank stocks to the on going CBN reform that is building confidence in the sector. Kato who shares the sentiment that investors are more attracted to shares of companies with good cash flow, points out that banks’ sources of earning, deposit rates and yield from the bond market, may not be strong enough for sustained growth in earnings for now. Wed, 14 Apr 2010 20:24:28 GMT http://nigeria70.com/nigerian_news_paper/law_allows_me_ibb_others_to_contest_presidency_jonathan/205619 Acting President Goodluck Jonathan said every Nigerian, including himself and former military president is free to contest the 2011 presidential election. Jonathan who fielded questions from Christian Amanpour on her programme on the American news channel, Cable News Network (CNN), said the constitution does not bar anybody from standing for any elective office. “There are options for me if I want to contest. I can contest as a vice president under anybody. I can contest as a president, because the laws allow me. But that is not my priority now.” On Babangida, Jonathan said: There is no law stopping Babangida from contesting. Babangida and any other military head of state is very free to contest.” “For now, I don’t want to think about it, because the circumstances of the day are quite worrisome. I came in as the vice president to run with President Yar’Adua, of course, getting close to period of election, he took ill. And I have to take over under somewhat controversial circumstances. Only last week, I reconstituted the cabinet. So let us see how Nigeria will move forward first. “I had a similar experience when I was governor of my state. I said nobody should ask me whether I will contest election or not. I must first of all see whether the state is moving. If the country is not moving, what will I tell Nigerians I want to contest? Jonathan said nothing in the law stops Babangida or any other former military leader from contesting, saying that it is the Nigerian people that would decide who gets elected. The acting president, however, acknowledged the understanding within the ruling People’s Democratic Party (PDP) which had zoned the presidency to the north. On Iwu, he agreed that there had been concern both in Nigeria and the international community on the suitability of the INEC chairman. He said what was important was to have a system that guarantees free and fair election irrespective of whoever is the chairman of the electoral body. Speaking with the BBC early yesterday, Jonathan, who became acting president on February 17 following a unanimous proclamation by the National Assembly, said he saw his ailing boss, President Umaru Yar’Adua last on the day he left for Saudi Arabia. “In terms of the last time we really had sustained discussions, that was 26 November - I think so”, he said in BBC interview” Asked if he had seen the ailing Yar’Adua since he was smuggled into the country unannounced about two months ago, the acting president said “no” and again responded in the negative when asked if he had spoken to Yar’Adua. Jonathan also said he was yet to see the personal physician of the ailing president to know the latest on the health condition of Yar’Adua saying “I have not seen him and he has not come to me but I have been able to discuss with the wife (Turai) twice and some of his aides”. On electoral reforms, he promised that changes would be made, but stated that Maurice Iwu, the chairman of the Independent National Electoral Commission (INEC) whom the US government has advised should be dropped, is not the main problem with the country’s present electoral system. Wed, 14 Apr 2010 20:24:28 GMT http://nigeria70.com/nigerian_news_paper/lcci_laments_credit_squeeze_has_taken_toll_on_businesses/205216 …urges unlocking of credit market to boost economic activities The Lagos Chamber of Commerce and Industry (LCCI) in its review of first quarter of 2010 said there was severe credit squeeze which took its toll on businesses in the country during the period under review. Speaking through its president in an interactive session on Tuesday in Lagos, Femi Deru said the credit squeeze brought about reduction in capacity utilisation of many manufacturing concerns and that capacity of many firms to source raw materials was impaired. The LCCI boss said many consumer product distributors could not access credit to order products and that there was abandonment of projects by contractors who could not get funds to complete them. The real estate and petroleum businesses were not spared, according to Deru. He said: “There is slump in the real estate business as funding was not forthcoming for new property developments. There was also a demand for properties, especially at the upper end of the market. Petroleum product importers were severely constrained by funding challenges”. The LCCI position on the first quarter of 2010, ties up with Ayo Teriba’s prediction at the beginning of this year. According to Teriba, a financial analyst, “the first quarter of 2010 will be a reflection of second quarter of 2009”. For him, “the cash crunch that manufacturers are experiencing now (2009) will continue in the first quarter of 2010”, saying things would, however, ease up in the second quarter of 2010. Teriba’s argument has thus played out. Average capacity utilisation in the industry is just a little over 40 percent. Capacity was even low before the embattled banks came to compound it. It would be recalled that the banks pushed their funds to the oil and gas sector and the stock exchange market and met their waterloo. Muda Yusuf, director-general, Lagos Chamber of Commerce and Industry (LCCI); Ike Abugu, president, Nigerian Association of Small and Medium Enterprises (NASME), and Toki Mabogunje, chief executive, Toki Mabogunje & Company, a company that grows small businesses, also held the same view in their individual capacities in separate exclusive interviews with BusinessDay. Femi Deru revealed at the interactive session that the outcome of LCCI’s recent survey on the impact of the banking reforms on credit “lends credence to his position”. According to him, “Over 95 percent of the respondents claim that access to credit was impaired in the first quarter. If this trend continues, the consequences for the economy would be devastating.” For Deru, therefore, “there is an urgent need to unlock the credit market for economic activities to regain momentum”. Tue, 13 Apr 2010 20:01:54 GMT http://nigeria70.com/nigerian_news_paper/senate_reaffirms_support_for_jonathan_denies_move_to_impeach_yar%E2%80%99adua/205215 …says no division in upper chamber The Senate on Tuesday reaffirmed its support for Acting President Goodluck Jonathan, just as it denied claims that it was planning to start impeachment proceedings against ailing President Umaru Yar’Adua. It also claimed that some people want to cause disaffection in its rank by promoting a phantom division among senators into groups loyal to the acting president and those who are not. Some newspapers had reported that the National Assembly was about to start impeachment proceedings against Yar’Adua following alleged moves by some senators and members of House of Representatives loyal to Jonathan to ease out Yar’Adua and make Jonathan the substantive president. Ayogu Eze, chairman, Senate Committee on Information and Media, on Tuesday denied that some federal lawmakers had a meeting where a decision to impeach Yar’Adua was taken. He said “the Senate, under the mature leadership of Senate President David Mark, is solidly behind the acting president and the new political dispensation which the Senate spear-headed along with other stakeholders. “The doctrine of necessity was the brainchild of the Senate, clearly and unambiguously led by the Senate leadership, which indeed came up with the ingenuous explanation of substituted transmission of notice of leave, anchored on the tenets of that doctrine”. Eze said “the Senate has noticed attempts by faceless and cowardly spin-doctors to cause disaffection in its rank by promoting a phantom division among senators into groups loyal to the acting president and those who are not. “These same forces have ceaselessly continued to propagate phony meetings in the media with a view to drawing attention to themselves and possibly hoodwinking Nigerians. “The doctrine of necessity which empowered the acting president to take on the full powers of that office was the creation of the entire Senate, and indeed the National Assembly. “It is therefore curious that the media has persistently created the impression that this was the handiwork of a handful of individuals. “No single individual or handful of individuals can appropriate the work of the Senate”. Tue, 13 Apr 2010 20:01:54 GMT http://nigeria70.com/nigerian_news_paper/ac_asks_fg_to_stop_attacks_killings_in_jos/205214 …hails Jonathan over INEC Following pockets of skirmishes reported in Jos, Plateau State of late, opposition Action Congress (AC) on Tuesday asked the Federal Government to take a decisive step to stop the continuing but slow motion violence in the city. Lai Mohammed, national publicity secretary of the party, said the continuing attacks and counterattacks - though not on a scale large enough to attract national and international outcry - have confirmed fears that people have become so inured to the killing of fellow human beings that they are no longer shaken by such deaths, irrespective of the number of people involved. It said the Nigerian government must show that it puts a great value on human lives and that the lives of its citizens are very important to it, just like it is in other climes. “Some 29 people died in a mine blast in West Virginia, United States, and President Barack Obama has called for an inquiry. 21 protesters died in a clash with security agencies in Bangkok and the Thai Prime Minister has apologised and ordered the military to withdraw. “Here, in Nigeria, people have died in multiples of 100 in Jos since January and it is business as usual. This must stop. No nation will respect us when we have no respect for our own lives. If we don’t respect our people, how can others respect them?” AC queried. “While the US can go to war over the life of a single citizen, it seems that nothing will happen even if all members of our National Assembly are abducted. It is high time we started taking human lives seriously,” the party said. It said the tepid attempt made so far to prosecute the alleged perpetrators of the killings in Jos in January and March are not enough to convince the victims and their families that the government can protect them or ensure that such dastardly acts are not repeated. “The lack of will on the part of the government to stop the violence has emboldened the people behind the violence and forced the people to take laws into their own hands by seeking to avenge the killings of their kinsmen,” AC said. Meanwhile, the Lagos State chapter of the Action Congress (AC) has commended Acting President Goodluck Jonathan on his assurance that the Independent National Electoral Commission (INEC) would be reorganised. In a statement released in Lagos, Joe Igbokwe, spokesman of AC in Lagos, said “what is needed to reclaim the confidence of Nigerians in the electoral system is a team of patriotic and credible Nigerians who are equipped to withstand the undue pressure Tue, 13 Apr 2010 20:01:54 GMT http://nigeria70.com/nigerian_news_paper/ogbulafor_fingers_nnamani_wabara_masari_na%E2%80%99abba_others_as_plotting_his_sack/205213 …as Ciroma calls for caution Embattled national chairman of the ruling Peoples Democratic Party (PDP), Vincent Ogbulafor, on Tuesday in Abuja fingered Ken Nnamani and Adolphus Wabara, both former Senate presidents; Ghali Na’Abba and Aminu Bello Masari, former speakers of the House of Representatives as plotting to remove him from office. The PDP chairman also pointed accusing fingers at ABC Nwosu, Onyeama Ugochukwu, former governorship aspirants in Anambra and Abia states, respectively, and a member of the House of Representatives, Gbenga Elegbeleye as among those planning his removal. But Adamu Ciroma, former finance minister, has called for caution. Ogbulafor has been battling on all fronts as he was yet to enjoy the confidence of Acting President Goodluck Jonathan who has not taken him into confidence in all his decisions since the National Assembly empowered him as acting president. Ciroma, who was chairman of the committee that conducted the 2008 PDP national convention, on Tuesday, cautioned against any plan to dissolve the Ogbulafor-led executive committee of the party. He told newsmen that the Ogbulafor-led NWC “is credible and competent enough to conduct primary elections for the party at all levels”, but said Ogbulafor’s fate in office as national chairman should be determined by the forthcoming mid-term convention. The former finance minister said: “I cannot see why the Ogbulafor-led NWC should not be allowed to handle the next election. They have performed creditably and they are the winning executive. The chairman and his team were elected at the last convention of the party. “In fact, I can talk about it because I conducted the election. The next time to talk about their tenure will be in the next convention. The next convention is in fact only intended to consider vote of confidence on the chairman of the party. If the party voted no confidence, it means that he will not last long in the party, but if the party members express confidence”, it means he will continue. “But, I think it’s a good thing to allow the leadership of the party to conduct the next election, because, I am a democrat, but, if the majority in the party feel that they want to change the leadership, of course, they can,” he said. Sunny Iroche, one of the arrowheads of the PDP Reform Forum, angling for the removal of Ogbulafor said that the aim of the group championing for reforms within the party was to rescue PDP from drifting and ensure that the ideals of the founding fathers are sustained. Tue, 13 Apr 2010 20:01:54 GMT http://nigeria70.com/nigerian_news_paper/babangida_lists_conditions_for_political_stability/205212 Ibrahim Babangida, former military president who is eyeing the presidential ticket of the Peoples Democratic Party (PDP) for next year’s general election on Tuesday stated that there can only be political stability in the country when those freely elected, govern in accordance with the rule of law as enshrined in the Nigerian constitution. Babangida, who was represented by Alwali Kazir, a retired General, gave this position at the opening of an international conference on ‘political stability and democratic imperatives in a dynamic international environment’, organised by National Institute for Policy and Strategic Studies (NIPSS), Kuru in Abuja. Babangida, who is under pressure from civil rights bodies seeking answers to why he annulled the 1993 presidential election, is also being queried for the way he handled the windfall from the Gulf war during his tenure. He said “the stability of our democracy does not mean the stability of the power of those elected to serve us. There can only be political stability in a democracy if those freely elected rule in accordance with the rule of law as enshrined in the constitution. “Nigeria is still a state in evolution. It needs commitment on the part of political leadership to do the right thing for the people and to put national interest above self, sectarian and ethnic interests. Leadership is the most important element in need to building a nation. Tue, 13 Apr 2010 20:01:54 GMT http://nigeria70.com/nigerian_news_paper/obama_presses_world_to_lock_down_nuclear_materials/205211 …fears it will be catastrophic if al-Qaeda acquires it US President Barack Obama told world leaders on Tuesday to agree on locking down atomic bomb materials to prevent the “catastrophe” of nuclear terrorism. Hosting a 47-nation summit in Washington, Obama also pressed China to back UN sanctions against Iran over its controversial nuclear power programme. Amid mixed signals from Beijing, Chinese President Hu Jintao told the summit that Beijing “firmly” opposes atomic weapons proliferation, while backing civilian uses. Obama pushed leaders at the meeting — the biggest summit hosted by a US president in more than six decades — “not simply to talk, but to act” on securing what are popularly dubbed loose nukes. Leaders at the summit were expected to issue a joint communiqué pledging coordinated action. The US president wants the world’s military and often loosely guarded civilian stockpiles of uranium and plutonium to be accounted for and secured within four years. “Nuclear materials that could be sold or stolen and fashioned into a nuclear weapon exist in dozens of nations,” Obama said. He said radioactive material just “the size of an apple” would be enough to kill thousands of people. “Terrorist networks such as al-Qaeda have tried to acquire the material for a nuclear weapon, and if they ever succeed, they would surely use it,” Obama said. “It would be a catastrophe for the world — causing extraordinary loss of lives, and striking a major blow at global peace and stability.” Mexico gave Obama’s initiative a boost Tuesday by agreeing to give up weapons grade uranium. Ex-Soviet Ukraine and Canada on Monday made similar pledges, as did Chile earlier. The two-day gathering also saw Obama meet privately on Monday with Hu over Iran’s nuclear programme, which Washington says is masking a secret bomb-making drive. The United States is pushing for new UN sanctions against Iran, which insists it has no military programme, but needs nuclear power. The support of China, a big economic partner of Iran and also a veto-wielding member of the UN Security Council, is crucial to the US plan. On Tuesday, China’s foreign ministry reaffirmed its long-held skepticism about the need for sanctions, saying that “pressure and sanctions cannot fundamentally solve” the standoff. But the White House was optimistic about chances of getting China on board. A German diplomatic source on Tuesday also said China was “more open” to the idea. Hu’s strong statement at the summit was scrutinised for signals about China’s position. “We firmly oppose nuclear weapons proliferation and strongly support efforts to enhance international nuclear security,” he told the summit. Hu added that China backs “the equal right of all countries to the peaceful use of nuclear energy.” Hu said the UN nuclear watchdog, the IAEA, should have “the leading role” in nuclear security worldwide. The New York Times reported that Obama was offering to help China maintain steady fuel deliveries if sanctions against Iran led to a disruption of oil supplies. Iran defiantly said it was organising its own nuclear conference to be held in Tehran on Saturday and Sunday with foreign ministers from 15 countries. The conference was being held following a “collective will of some independent and free-willed nations to genuinely confront the use of nuclear weapons in today’s world,” Iranian foreign ministry spokesman, Ramin Mehmanparast, said, without naming the countries. French President Nicolas Sarkozy, who is in Washington, said meanwhile that his country could never give up its nuclear weapons “on a unilateral basis, in a world as dangerous as the one in which we live today.” Pakistan’s Prime Minister Yousuf Raza Gilani, who controls the Islamic world’s only declared nuclear arsenal, also rebuffed calls to halt production of fissile material. Instead, Gilani made a new pitch to the United States — which relies on Pakistan in its campaign against Islamic militant groups — to support the blackout-plagued nation in developing civilian nuclear power. The United States and Russia, meanwhile, were to sign an accord Tuesday on eliminating plutonium reserves, enough “for several thousand nuclear weapons,” according to the State Department. Tue, 13 Apr 2010 20:01:54 GMT http://nigeria70.com/nigerian_news_paper/jonathan_to_constitute_economic_team_next_week/205210 Only people prepared to deliver will come on aboard - Aganga Strong indications emerged on Tuesday that Acting President Goodluck Jonathan will next week formally constitute the National Economic Team to drive the economic focus of the government. A top presidency source who spoke on the condition of anonymity told BusinessDay on Monday that the decision to quickly reconstitute the team was a fallout of the meeting the acting President had with the World Bank in Washington, the United States which harped on the need to fast-track infrastructure development in the country. Jonathan had secured a firm commitment from the World Bank on Monday, after a meeting he had with the global financial institution’s top management, that it would support and partner Nigeria in the areas of infrastructure development, power, rail, energy, capacity building, infrastructure support in the Niger Delta and Lagos and urban water. “I can confirm to you that the economic team would be constituted next week” the source stated, adding that the acting president wants the government “to hit the ground running. There is no more room for delay because the time within which this administration is expected to perform is short and any further delay would be dangerous.” The economic team to be chaired by Olusegun Aganga, minister of finance, according to the acting president “must help to fast track the process of our development as this is the most important task in the life of our nation. Our present and our future depend on it”. Aganga confirmed to BusinessDay, on the sidelines of Jonathan’s meeting with the World Bank management in Washington DC on Monday that there was urgency in the move to constitute the team. Although he declined to disclose names of those who would be joining the team, he however said he expects the best hands to come onboard because of the urgent need to move the economy forward. According to him, “I expect people with result, people who are prepared to deliver on target to come on board. I expect the very best. The acting president is capable of selecting these sets of people to be on this team”. Asked if administrative bottleneck would not delay the constitution of the team, the minister said, “I do not think so. There is no more time to waste. He must hit the ground running”. Tue, 13 Apr 2010 20:01:54 GMT http://nigeria70.com/nigerian_news_paper/proposed_universal_banking_unsettles_microfinance_banks/205209 •Operators canvass for more consultations and inputs from stakeholders The proposed three tier categorisation of banks by the Central Bank of Nigeria (CBN) may sound the death knell for microfinance banks (MFBs) with the lowest of the tiers expected to dominate the segment hitherto reserved for MFBs. The proposal, which will come into effect next year would witness the dismantling of the existing configuration of banks as they would operate based on areas of competence such as specialised, mortgage, regional, international banks among others. Analysts said the proposal may be a direct disapproval of the activities of the microfinance banks which are facing crisis of confidence as a result of either closures or inability of some to honour their financial obligations to their customers. The MFBs, off-shoots of the moribund community banks, were basically expected to contribute to alleviation of poverty through credits to the poor in the society. However, BusinessDay investigations have revealed that rather than operating in areas that would be accessible to the poor, they opted for high brow areas which led to high cost of operations and the consequent inability to meet their financial obligations to their customers. However, when the new policy comes into operation next year, analysts are of the opinion that microfinance banks may be relegated to the background. Their fear is borne out of the fact that based on the experience of most customers that have lost their hard earned savings to MFBs, they would rather prefer the specialised banks. Besides, their current capital base of N20 million and N1 billion for unit and state microfinance banks respectively are far cry from the present N15 billion proposed for regional banks which may directly challenge the MFBs. Industry watchers believe that the micro savers who have already lost confidence in microfinance banks will now find succour in emerging specialised banks. Indeed, further investigations revealed that already operations of most of the microfinance banks have been crippled by the crisis in the banking industry typified by the take over of management of eight banks with the sacking of their chief executives while two others are in the wings with expectations that they would meet specified requirements by CBN. According to a source, “now that the CBN has decided to come up with specific banks with specific target audiences and markets, such as agriculture, investment banking, microfinance banking, regional banking, Islamic banking among others, which entail fresh recapitalisation of the sector, competition is imminent in the industry and that could expose microfinance banks to serious danger.” In his view, Martins Nwankwo, managing director, Ikorodu Division MFB, the development is improper as it will have adverse effects on the economy generally. Godwin Ehigiamusoe, executive director, Lift Above Poverty Organisation (LAPO), was of the opinion that various segments of the economy and regions will have access to adequate financial services. Privately capitalised and managed agricultural banks will meaningfully grow the rural economy, he said, adding that regulation and supervision of various categories could be challenging except there is sufficient decentralisation. But to Michael Barleon, managing director, AB Microfinance Bank Nigeria Limited, the categorisation may not hurt the MFBs “I do not expect any effect on microfinance, neither positive nor negative.” This division in specialised institutions can be overcome by higher equity contribution and is working in some places, depending on the political will. I assume it is done because some feel that specialised banks are easier to supervise. There, I have strong doubts”. Uche Ubani, managing director, Peniel Microfinance Bank Limited said: “The policy may be good but should be subjected to wide consultation and input from all stakeholders. It should also be reserved for new entrants into the banking business who should make a choice of the type of license to apply for. Universal banking is working in some other countries of the world, we should identify what problems our system is having and try to rectify them and make it work. “It is my opinion that we should not destroy what we have in place in order to start afresh. Every system is prone to having its challenges, but the operators must learn and correct any observed errors while strengthening the system on an on-going basis. Scrapping Universal banking and going back to categorisation would amount to our going backwards to 10 - 20 years ago”. Tue, 13 Apr 2010 20:01:54 GMT http://nigeria70.com/nigerian_news_paper/efcc_declares_ibori_wanted_over_n44bn_fraud/205208 After repeated accusations of lethargy and indifference in acting allegations malfeasance against James Ibori, the Economic and Financial Crimes Commission (EFCC) on Tuesday the former Delta State governor wanted over a N44 billion fraud and other corruption charges.. In a statement in Abuja, the EFCC explained that “following persistent public enquiries over the status of the case involving the former governor, we will like the public to know that James Ibori is wanted by the Commission for interrogation”. “In this regard, letters of invitation have been sent to his known addresses in Lagos and Abuja while a court warrant has equally been obtained for his arrest”, the statement added. However, Ibori, a senior member of the ruling People’s Democratic Party (PDP) and close associate of ailing President Umaru Yar’Adua, said he not been contacted by the EFCC for questioning. A high court in Asaba had in December dismissed charges against Ibori of looting more than $85 million during his eight-year tenure as Delta State governor. The EFCC has said it would appeal the ruling. Ibori who decried the tactics being employed on the matter by the EFCC, lamented that the effort was a “political harassment that demands for vigorous legal challenge so that Nigeria is not ruled like a fiefdom – and that is what I will give”. Ibori in a press statement by Tony Elemunor, his media assistant, dismissed EFCC’s claims on having made efforts to contact him. Tue, 13 Apr 2010 20:01:54 GMT